The outcome of the ANCs long-awaited KwaZulu-Natal conference was a win for the Thuma Mina crowd. (Delwyn Verasamy/M&G)
FNB Business in partnership with Endeavor South Africa launched the FNB Business Innovation Awards to recognise and celebrate companies that continue to forge unique ways of doing business.
The criteria for businesses that wanted to participate focused on three areas: development impact, business innovation and fitting in with FNB and Endeavor. “Development impact” refers to whether the businesses exhibit high-growth potential and the capacity to add substantial economic growth as well as strong potential to create a number of high-value jobs. “Business innovation” is judged on whether the company can demonstrate real innovation that has the potential to change the way an industry operates locally or internationally. Finally, the companies must be interested in accepting advice and support from FNB and Endeavor as well as contributing to the Endeavor network.
The winner of the FNB Business Innovation Awards will get an opportunity to participate at the coveted two-day International Selection Panel (ISP). The ISP is an exclusive panel where top business and industry leaders interview candidates about their businesses and potential for high-impact growth, and then deliberate on whether or not the candidates should become Endeavor Entrepreneurs.
In essence, the ISP selection process is akin to a two-day immersion course in business practice. The insight and wisdom that panellists bring to the process never fail to inspire candidates and observers alike. Whether they are chosen or not, entrepreneurs describe the selection process as a life-changing experience that provides them with the tools to take their businesses to the next level.
The process takes place over two days. During Interview Day, candidates “pitch” their businesses to a panel; and the panel responds with a series of probing questions relating to finances, talent management, corporate strategy, general business administration, marketing, etc. Once it has sufficient information about the candidate and the business, it is able, on Deliberation Day, to consider the suitability of the candidate.
The questions panellists will want to answer are: is this business truly innovative; is it scalable; can it create a large number of jobs; will it contribute to the economic growth of the country? And, is the entrepreneur a role model who will help to sustain the entrepreneurial ecosystem in the future?
Only 2% of entrepreneurs who enter the selection process are selected. This means that only those entrepreneurs with the biggest dreams, the greatest potential to create companies that matter and grow, and the highest likelihood to inspire others are chosen.
Once chosen, entrepreneurs gain access to a network that is extensive and includes the Endeavor SA board and the Endeavor global board as well as the global senior advisors.
Technology businesses do not necessarily have a better chance of being selected as overall winners of the FNB Business Innovation Awards. “We believe that innovation occurs in many ways: products, business models, services and these can all occur in what one might call a ‘traditional’ business,” says Howard Arrand, provincial head for FNB Business Banking in Gauteng.
Start-ups or small businesses are excluded from participating in the awards, but with good reason: the FNB Business Innovation Awards focus on maximising impact in high-quality, sustainable job creation. FNB sees this as an innovative way of providing a platform and support for high-growth businesses that will contribute significantly to changing South Africa’s economy for the better.
By supporting scalable businesses, the Awards and partnership with Endeavor are in line with FNB’s and FirstRand’s vision of creating a better world through growing job creation significantly. In order to create 1 000 jobs, it is estimated that you would have to support 751 new micro enterprises, 37 new SMMEs or rather support five SMEs that grow into large enterprises, which why FNB is supporting this size of business that has a better chance of surviving and growing.
But what happens to entrepreneurs who participate in the selection process and are not selected? The selection process is structured in such a way that it adds significant value to all the entrepreneurs. The panellists — business leaders and experts — do an in-depth analysis of each enterprise and individual feedbacks are later given to entrepreneurs. Therefore, entrepreneurs who end up not moving through to the next phase of the Endeavor process still gain a lot of value out of the interactive engagement. In addition, they are encouraged to review their businesses in line with the recommendations given to them and are then welcome to apply again.
Endeavor relies on donors and a network of business leaders to support and stimulate entrepreneurship. It welcomes new mentors who are industry experts, leading executives, academics and entrepreneurs. Mentors screen, analyse and engage with entrepreneurs.
Mentors also gain immense value from their association with Endeavor by gaining access to a global network of business leaders, potential clients, as well as the satisfaction of contributing to the development of South Africa.
Managing director of Endeavor South Africa, Catherine Townshend says: “The depth of innovation among SA’s entrepreneurs is often understated and this process certainly brought some of the country’s amazing entrepreneurs to the fore. We believe that every business that went through this process will walk away with a clear sense of what they need in order to scale and create even more jobs.”
The winner of the FNB Business Innovation Awards will be announced on June 4. The overall winner will get an opportunity to present their business ideas at the prestigious International Selection Panel in San Francisco later this year.