9 June 2023
In a recent impact study conducted by Black Umbrellas, a Cyril Ramaphosa Foundation partner entity that implements an incubation programme to develop small Black businesses, emerging entrepreneurs cited gaining support from the business development incubator as one of the contributors to their growth.
The study found that more than 70% of SMMEs agree to have seen growth since joining business programmes offered by development accelerators like Black Umbrellas, which provide small businesses with the training, mentorship and support needed to develop the business management expertise and technical knowledge required to operate and compete effectively.
Black Umbrellas’ SMME development programmes have proven instrumental in supporting emerging entrepreneurs. They offer a comprehensive range of developmental support services, including business coaching, mentorship, e-learning, access to co-working space and accounting services. These services contribute to improving the profitability, scalability, and sustainability of businesses.
Since its inception in 2005, Black Umbrellas has supported almost 3 000 small businesses in a wide range of industries, including furniture manufacturing, catering, waste collection and management, green commerce, and IT solutions. Its goal has always been to pave a path towards growth and success. Black Umbrellas-supported businesses have collectively generated about R3.3 billion in turnover and created and preserved over 12 000 jobs. When done right, SMME development is a powerful enabler to fulfil the role of small business.
Established large corporations also have a role to play in developing small businesses and winning as a result. By assisting small businesses with gaining access to much-needed expertise and resources, large corporations not only show support for these businesses, but may also benefit from the innovation they offer and diversify their supply chains.
Investing in small businesses is essential for unlocking their full potential, stimulating innovation, increasing productivity, and creating more job opportunities, particularly for marginalised groups. Support for the development of SMEs fosters economic growth and social inclusion and helps reduce poverty.
For more information on the services provided by Black Umbrellas visit www.blackumbrellas.co.za