instances, the path is not as clear-cut as it is often perceived. In entrepreneurship, as in any career, mentorship is a necessity. This is where business incubators step in. Derrick believes that “a small business cannot be expected to remain a start-up for 15 years. It should be set on a path that will allow it to break out of this mould as it grows. For example, a 22-seater bus may carry three passengers on its first trip. Ultimately, however, it needs to get to a point where it carries 22 passengers on every trip. It is the same with new businesses.” Getting funding remains one of the main obstacles that faces most newly formed businesses, however, funding doesn’t
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necessarily absolve all the other challenges that come with running a business. The flipside of the funding coin is dependent on the type of business one is looking to kick-start. There are entrepreneurs that have successfully started their businesses without necessarily being funded, operating at a minimal cost. “It is very critical that a business receives constant mentoring even after the incubation; it is important for incubators to continue to offer their help in this regard,” affirms Lara. Incubation: Success Stories The Seed Academy was involved in a
collaboration with Microsoft to help source and identify 300 suitable entrepreneurs to be part of the Foundational Entrepreneurial Training programme. The programme’s key focus was to assist these entrepreneurs in helping to build their businesses, specialising in Information Communication Technology, so that these entities can be equipped to be members of Microsoft’s ICT supply chain. The highly intensive ten-week program was instrumental in bridging the gap between the technology giant Microsoft and entrepreneurs who would have never had the opportunity before to be a supplier for the multinational company.