The Institute of Business Advisors Southern Africa (IBASA) has inked a deal with global firm GrowthWheel to unlock international best practice to benefit small, medium and micro-sized enterprises (SMMEs).
The 3-year agreement with GrowthWheel South Africa was signed with the support from the Small Enterprise Development Agency (SEDA), an agency of the South African Department of Small Business Development.
IBASA is a non-profit company recognised by the South African Qualifications Authority (SAQA) as an institute responsible for the grading, accreditation and continuous professional development of business advisors, business coaches, and mentors serving the SMMEs in Southern Africa.
“In terms of the agreement, the parties will be sharing best practices to enable the growth and development of SMMEs in South Africa. IBASA’s services, expertise and proven methodologies have been recognized as essential in facilitating entrepreneur growth in South Africa,” IBASA’s CEO, Joseph Tshiwilowilo, says.
He explained that this landmark arrangement with GrowthWheel will adopt IBASA’s proven integrated, well-coordinated Business Incubation model to benefit small businesses.
“There is no better endorsement of IBASA’s role than this agreement”, enthused IBASA’s CEO, proudly.
GrowthWheel is renowned worldwide for providing an online framework used by Business Advisors to empower entrepreneurs and business owners to manage their businesses, grow market potential, mature their concepts and increase operational efficiencies using real-time analytical data.
The organisation was founded in Copenhagen, Denmark in 2005 by serial entrepreneur David Madié based on the idea that there had to be an alternative to the conventional business plan — a better way to support the decision-making and action planning that takes place in companies every day.
In 2010 GrowthWheel incorporated in New York City to launch in the United States, and in 2015 a subsidiary joint venture was created in Johannesburg. Today GrowthWheel has trained and certified more than 2,500 business advisors, incubator managers, business angels and entrepreneurship educators in 48 states in the US and in 35 countries around the world.
GrowthWheel’s groundbreaking and transformative toolbox is essentially a cloud-based platform that facilitates direct interaction between Business Advisors and clients so that companies can optimize their prospects.
Research has shown that businesses grow 70% faster and are sustained for longer when connected to an accredited Business Advisor.
The futuristic agreement took place on the sidelines of the 2nd South African Business Incubation Conference (SABIC) held at Emperor’s Palace in Kempton Park, Ekhurhuleni.
The conference was called at the behest of the Minister in the Department of Small Business Development (DSBD), Lindiwe Zulu.
The seminal SABIC 2018 featured the who’s who from the business, development and tech industries who gathered over two days to explore and deliberate on Business Incubation under the following subthemes:
- Entrepreneurial EcoSystems
- Industry Trends and Innovation
- Funding & Commercialisation
- Digital Disruption
“Getting our partners in the ecosystem to work together will make a positive contribution to small businesses,” SEDA’s CEO, Mandisa Tshikwatamba said.
Seda’s mission is to develop, support and promote small enterprises throughout the country, ensuring their growth and sustainability in coordination and partnership with various role players, including global partners, who make international best practices available to local entrepreneurs.
“With IBASA’s credible members on board and GrowthWheel as our preferred primary incubation framework providing world-class, digital tools, this will benefit young entrepreneurs and bodes well for our vision and mandate as SEDA,” said Tshikwatamba.
In the first quarter of 2018, President Cyril Ramaphosa launched the YES initiative with the primary aim to see more than one million young South Africans being offered paid work experience over the next three years.
The programme, a collaboration between government, business, labour and civil society, places the needs of SA’s youth at the centre of inclusive economic growth. Parties to the agreement see the collaboration between IBASA, GrowthWheel SA, SEDA and the DSBD as a timely intervention that will provide the momentum needed in response to curbing the country’s high unemployment rate.
Representing the co-signatory was the MD of GrowthWheel SA and vice president of GrowthWheel Global Partnerships, Hilton Theunissen.
He was accompanied by founder and global CEO of Growthwheel International Inc. Madié who had flown in to witness the signing.
“IBASA and GrowthWheel SA have now joined forces with strategic partners to enhance efforts by SEDA and President Cyril Ramaphosa’s Youth Employment Services (YES),” said Theunissen.
“IBASA members will play a critical role to help South African Medium Enterprises (SMEs) to turn work-placement opportunities into full-time jobs for youth.”