DEVELOPMENT: City Expands Business Initiatives
Recent Western Cape Business News
Cape Town Entrepreneurship Week (CTEW), a City of Cape Town initiative, will be held from 15 to 21 November in Cape Town. It forms part of the Cape Town Activa initiative. This City initiative seeks to ensure that all stakeholders which can contribute to dynamic entrepreneurial growth have access to shared information and work with each other to promote development.
“The City believes that by fashioning an economic environment in which investment grows, more jobs can be created,” says Alderman Belinda Walker, Mayoral Committee Member for Economic, Environmental and Spatial Planning at the event to announce the 2011 CTEW.
The CTEW identifies various entrepreneur development institutions in the city and facilitates development between academic institutions, venture capital funders, sector development bodies and entrepreneurs.
The 2011 CTEW will incorporate an expanded three-day conference and expo which will be held at the Cape Town City Hall, as well as a range of community satellite events such as workshops and seminars to equip aspirant entrepreneurs with practical information. The conference will also highlight key factors required for a city to nurture an enabling environment for existing and aspirant entrepreneurs.
“From a destination, tourism and economic development point of view, Cape Town is a strategic hub for South Africa and Africa. With Cape Town Activa and the CTEW, every person in Africa who has a business idea and who needs a launch-pad should know that they can come to Cape Town. This city must be known as having the best-developed entrepreneurship eco-system in the country,” says Ald Walker.
As one of the practical applications by Cape Town Activa, the City is to assist a local venture capital fund manager, PoweredbyVC, to implement its programme that was selected as one of 11 winners of the 2011 Living Labs Global Competition. The Competition aims to identify innovative strategies to address major socio-economic issues.
PoweredbyVC was selected as one of 11 winners from 317 entries from across the globe.
According to Eben van Heerden, CEO of PoweredbyVC, their concept is a new ‘hybrid’ venture capital funding model that combines the proven best practices of a traditional venture capital fund with a new 'business cultivator' funding system for a sustainable impact on innovation, job creation and growth. This second generation venture capital fund will combine funding, business angel investment, incubation and entrepreneurship development initiatives into a structured ecosystem to the benefit of emerging entrepreneurs and providers of funding alike.
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