The Old Mutual Entrepreneurship Ecosystem seeks to promote entrepreneurship through a holistic approach that encompasses the above-mentioned interventions at schools, financial education training and non-financial business support. These interventions include mentorship and training for SMEs in the value chain. The desired outcome is an enterprise that leaves an Enterprise Supplier Development (ESD) programme empowered to survive and thrive in the business world. Monitoring and evaluating these enterprises are essential to track growth and success, but also to identify areas of weakness that need further intervention.
There is a need to build both technical skills as well as overall business management skills. Old Mutual believes that effective enterprise and supplier development can best be achieved through partnerships that leverage incubators and accelerators as well as government programmes and/or initiatives.
Old Mutual believes that making a real impact in increasing the potential salary-earning or employable workforce requires a multi-faceted approach:
- Integrate skills training into early education to instil an entrepreneurial mindset and encourage innovation. The world is changing and the skills required to be productive are changing as well.
- Stipulate clear regulations and a commitment to quality interventions at policy level to incentivise skills development and skills transfer from large corporates to small businesses.
- Drive a holistic approach to skills development. Mentorship, networking and overall business acumen are skills that can make a business stand out from its competitors.
When the above work harmoniously together, as an effective and efficient ecosystem, reliant on each other's strengths and support mutually beneficial objectives, the likelihood of success is increased.
Source:
Old Mutual
Old Mutual (Owner)
