We are excited to announce the launch of the 2016 Entrepreneur of the Year® competition sponsored by Sanlam and BUSINESS/PARTNERS!
Now in its 28th year, this renowned competition pays homage to courageous South African entrepreneurs who dedicate themselves to their enterprises / businesses driving growth, creating much needed jobs and contributing towards economic development in the country.
The contribution of local entrepreneurs to the South African economy is widely underestimated: small and medium enterprises (SMEs) contribute close to 50% of South Africa’s gross domestic product (GDP) and generate more than 60% of new jobs created in the economy.
While the country has recently experienced tough economic conditions that may not necessarily enable SMEs to grow, opportunities do exist for those entrepreneurs who continue to identify gaps in the market and transform these into viable businesses. We need to make a concerted effort to recognise and honour these entrepreneurs who continue to inspire others to venture into the world of business.
Last year’s competition winners are examples of those who have succeeded in their industry and possess true entrepreneurial spirit – persevering no matter how impossible it may seem at times.
The 2015 Entrepreneur of the Year® overall competition winners, Gil Oved and Ran Neu-Ner, co-owners and founders of The Creative Counsel (TCC), were recently awarded the All Africa Business Leaders Award (AABLA), which recognises game changers on the continent. They were also acquired last year by French advertising giant, Publicis, in a deal understood to be the biggest in South African agency history. Most importantly, this year TCC launched an incubator programme for black-owned businesses as a way to inspire and grow the next generation of entrepreneurs.
2015 Innovator of the Year and Medium Business Entrepreneur of the Year® title winners, Nadir Khamissa & Ahmed Shaazim Khamissa – owners and founders of Hello Group – were also recognised by the EY Southern Africa World Entrepreneur awards platform due to their remarkable tenacity and determination in building a leading business in the local fintech space.
Why do we run this competition? Let’s look at the statistics…
The average level of employment generated per entrepreneur is very low, with only 4.5% of South African entrepreneurs offering employment to 20 or more employees. However, the positive impact that entrepreneurs can have on job creation is huge (as illustrated above), and in order to activate this potential, SMEs need more support and acknowledgement.
This is supported by the latest Global Entrepreneurship Monitor (GEM) 2015 / 2016 Global Report which states that while, on average, 42% of working-age adults in the monitored economies see good entrepreneurial opportunities in their markets, as many as one-third of potential entrepreneurs are constrained from starting a business due to the fear of failure.
This reveals that South Africa needs to pro-actively address this fear of failure by creating an entrepreneurial ecosystem that celebrates entrepreneurs’ hard work and achievements. An environment where entrepreneurship is promoted as an aspirational career path and viable employment option, rather than a back-up plan to unemployment.
With this competition, we want to celebrate and promote excellence in entrepreneurship. When SMEs are established and grow, new employment opportunities are created, staff is trained and skills are developed, company profits increase and ultimately the economy flourishes as a result.
Why should entrepreneurs enter?
The Entrepreneur of the Year® competition, sponsored by Sanlam and BUSINESS/PARTNERS, is a platform to reward and acknowledge entrepreneurs’ hard work. Prizes valued at R 2 million can be won, which includes cash prizes of R425 000. Competition winners will also receive valuable mentorship support, networking opportunities and national media exposure.
What are the categories?
- Emerging Entrepreneur
- Small Business Entrepreneur
- Medium Business Entrepreneur
- Job Creator of the Year
- Innovator of the Year
There are also two additional Entrepreneur of the Year® award categories that can be awarded at the discretion of the judging panel, namely:
- Lifetime Achiever
- Judges Prize
Please see more on each of the categories’ requirements here.
What are the judges looking for?
The competition will continue its search for entrepreneurial talent in all sectors of the economy. The judges are looking for entrepreneurs that have succeeded against the odds, either by carving out a niche market for the product or service offering, or by succeeding in a very competitive environment. Perseverance and endurance, innovation and agility are some of the qualities we look for in the entrepreneur.
There are also a number of quantitative competition measures, such as turnover growth, profitability, owners’ equity growth, positive cash flows and job creation that play a part in the competition’s judging process.
How can you enter?
Entrepreneurs interested in entering the competition can download entry forms online at http://www.eoy.co.za/entry-form/ as well as interact with fellow entrepreneurs and entrants on the competition’s social media platforms www.twitter.com/@EOY_SA and www.facebook.com/EOY.SA.
The closing date for the competition is National Youth Day, 16 June 2016.