In an effort to develop sustainable entrepreneurial businesses in South Africa, in late 2012 the DTI launched the Incubator Support Programme (ISP), encouraging private sector partnerships with government to support incubators to develop micro and small businesses.
At the time of the launch, Trade and Industry Minister, Rob Davies said that "This is one of the best platforms that a country can use to promote broader economic participation, uplift the country's entrepreneurial base and encourage start-up activities." As a highly respected operation in the field of entrepreneurial development in South Africa, the Micro Enterprise Development Organisation (MEDO) is proud to announce that the organisation has secured the first two incubators in the country.
"We plan to apply for more. We really want to accelerate micro and small business growth which I believe is absolutely essential to economic growth and job creation in this country. Eighty percent of the Japanese economy was established on small start-ups – mom and pop shops – and with commitment and effort it could be the same for us here," says MEDO CEO Judi Sandrock.
The first two incubators will focus on the ICT and the mining and heavy industries sectors, providing valuable training and support to businesses that can service and supply these industries.
The ISP aims to see businesses nurtured into sustainable enterprises that are graduated into the mainstream economy and that can provide employment and contribute to economic development. It is believed that the successful enterprises will have the potential to revitalise communities and strengthen local and national economies.
Davies said at the launch that the programme is envisaged to bring enterprises from a survivalist stage and informal economy into being the main players in the mainstream economy.
