Empowering Entrepreneurship And Innovation In SMEs

By Daphine Mabhiza

Zimbabwe is laden with entrepreneurs, as studies on employment in the country show that informal entrepreneurship accounts for close to 90% of the nation’s workforce. A total of 3.4 million businesses have been established in Zimbabwe, of which 71% are sole proprietors, 24% are micro enterprises employing 1–5 workers, and 4% are small businesses. This informal economy has contributed to the country’s GDP significantly in different areas including agriculture, technology, retail and others. However, the biggest challenge entrepreneurs face is a lack of support and guidance.

Stanbic Bank Zimbabwe identified these challenges and created the Incubation Hub to support Zimbabwean entrepreneurs with training and support programs through the Incubation Hub. The incubator has programs which capacitate and upskill existing entrepreneurs and start-ups. This is achieved through a model which is based on pillars that include ideation, incubation and acceleration. The Hub also provides a nurturing, instructive and supportive environment for entrepreneurs at different stages of the business life cycle. This is a place for SMEs to come in, work and share on innovative ideas for their existing or upcoming businesses.

Located in Harare on the edge of the city centre, the Incubator Hub was opened in 2018, closed because of Covid-19, and later reopened in March 2022. The Hub is a vibrant co-working space that provides entrepreneurs, and freelancers a space to work and connect with like-minded individuals. With unlimited WIFI and comfortable seating, the Incubator Hub is where young and talented individuals birth their business ideas and ideas become a reality.

Stanbic Bank works to provide support to these skilled individuals through knowledge and networking.

“The reception has been good. Although Covid-19 affected our progress, we have worked to get back the momentum”, commented Paidamoyo, the Hub’s Coordinator who has worked closely with the Hub’s users, offering the support they need for their business to go from incubation level to becoming fully established.

Many budding entrepreneurs and remote workers use the Hub and have greatly benefitted from the support. “The reception has been good, although Covid-19 affected our progress, we have worked to get back to momentum”.

Many budding entrepreneurs and remote workers use the Hub and have greatly benefitted from the support, providing professionals with a free working space to conduct business and a dedicated space for teams to work in a designed and well-decorated space that offers comfort to users throughout the day.

A huge benefit for start-ups is the opportunity to acquire contacts and connections with other professionals from different industries, helping them grow their business and gain insight into different markets, which can be very difficult for those starting out. Stanbic also organises initiatives for networking such as the Women’s Dendere, a women’s event that was hosted in March for female entrepreneurs to learn from each other and discuss the challenges they may be facing in starting a business. Whether it is meeting people at such events, or introducing oneself to others over coffee, the hub offers a space to share knowledge and gain partnerships.

A Warm Atmosphere To Steer Ideas Along

The Hub was created to be a comfortable workspace, with optimal lighting, bathroom facilities and an amazing aesthetic set to maximise productivity. It is an efficient meeting space bearing an outer terrace, where one can get to decompress while enjoying a dose fresh air while connecting with others. Working from the Hub gives users a healthy work-life balance between their workspace and personal spaces, helping them to associate the Hub with productivity, which is extremely beneficial for mental health. The Hub offers users access for a minimum of 2 hours.

Tawanda Takure is the founder of Footnote, a digital marketing agency that works with brands in Zimbabwe and South Africa. He started working at the Hub in October last year and has enjoyed the many benefits the Hub has to offer growing his business by taking advantage of the plethora of networking opportunities. “The Hub has helped me connect very well with fellow entrepreneurs who I’ve managed to share experiences and ideas with so far,” Tawanda says.

Stanbic’s Incubation Hub empowers young entrepreneurs with the resources they need to make a difference, helping people develop the skills and confidence to go from an idea to a fully functioning business, become innovative and powerful influencers of change, and is slated to produce the next wave of leaders in business and beyond.