• Privatisation tweet

    A probe into a tweet by Tesla chairperson and CEO Elon Musk may open pandora's box.

  • State Capture Inquiry

    Nedbank says ex-Mining Minister Mosebenzi Zwane sought to keep Gupta accounts open.

  • Tighter rules

    'Corporate scandals, rumours and innuendo' has prompted the JSE to plan new listing rules.

Loading...

CALCULATOR: See how many SMEs SA needs to create 11m jobs

May 04 2015 14:31

Cape Town - To meet the National Development Plan (NDP) target of creating 11 million jobs by 2030, South Africa needs over 49 000 SMEs growing at a rate of 20% per annum.

In comparison, the country would need no less than 8.2 million small and micro-enterprises to create the same number of jobs.  

CALCULATOR:

See the full calculator here.

The Endeavor jobs calculator

This was revealed through the Endeavor jobs calculator, a global tool developed by the International Labour Organisation (ILO), National Statistics Agencies and Endeavor Insights, which takes into account the different factors that are essential for job creation.

Endeavor is a global entity that specialises in helping high-impact businesses realise their big dreams, which includes scaling their businesses to become dominant players in local or global markets.

“The Endeavor job calculator can estimate how many entrepreneurs, such as businesses, are required to create new employment opportunities,” said Endeavor SA MD Catherine Townshend.

“Endeavor believes that by providing much-needed support to scale up businesses by way of helping them think bigger and make more informed decisions, they are able to multiply their success.

“This in turn has a net positive job-creation impact on the local economy. Based on South Africa’s urgent need to create jobs at a rapid scale, it is clear that the country needs more support for businesses that have the potential to scale and create jobs much quicker than micro-enterprises or start-ups,” she said.

SA need’s a realistic approach

This view is supported by Mike Vacy-Lyle, CEO of FNB Business.

“South Africa has reserved large sums of funds to boost business development,”said Vacy-Lyle. “Therefore, we need to take a realistic approach to ensure that such an investment yields the desired results.

“It is important to note that calling for more investment in scalable SMEs does not mean that micro-enterprises should be neglected, those businesses will still need to be developed, over a longer lead time,” said Vacy-Lyle.

Townshend explained that evidence of maximising the potential of scalable SMEs can be found in the success achieved by Endeavor SA through its network of entrepreneurs.

“Our active portfolio of 22 South African Endeavor entrepreneurs created nearly 5 000 new jobs in 2014 and contributed over R1bn to the local economy. These successes are replicated in other markets and we are increasingly witnessing a global shift towards providing support for scale-ups.”  
 
FNB Business Innovation Awards

Vacy-Lyle said FNB Business is proactively collaborating to unearth the potential of South Africa’s scale-ups.

In 2014, the bank partnered with Endeavor SA to introduce the FNB Business Innovation Awards.

The focus of the awards is to showcase the depth of innovation among scalable business in South Africa.

The recipient of the award will get an opportunity to present their business ideas to renowned global business leaders at Endeavor’s prestigious International Selection Panel (ISP) in San Francisco.”

national development plan  |  sme  |  entrepreneur
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
19 comments
Comments have been closed for this article.
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Did you find Markus Jooste's testimony convincing?

Previous results · Suggest a vote

Loading...