Township businesses invited to compete for R1m prize

Township entrepreneurs are invited to enter the Standard Bank Kasi SME Pitch Challenge, where small businesses will compete for a R1m prize.

Applications for the provincial rounds opened on Wednesday and will close on May 22.

Ten entrepreneurs from all provinces will be shortlisted to pitch their businesses before a panel of judges. The provincial winners will receive R50,000, while the first and second runners-up will each get R10,000.

Naledzani Mosomane, the bank’s head of enterprise and supplier development, said the nine provincial winners, with one first runner-up, will form a Top 10 that will advance to the national finals.

“The Top 10 participants will also gain access to a Standard Bank enterprise and supplier development pitching masterclass, designed to refine their business models, storytelling, and presentation skills before the finals later this year.”

Mosomane said the Kasi SME Summit, which celebrates its fourth anniversary this year, provides entrepreneurs with the tools, networks and platforms needed to grow their businesses sustainably.

The criteria include:

• 51% or more black-owned;
• businesses in South African townships;
• a valid BBBEE certificate or sworn affidavit;
• a registered business with CIPC;
• participants must be 18 years or older and have a valid tax certificate for the business;
• the business must have been operational for a minimum of two years before the date of the competition; and
• have a total annual revenue of less than R50m.

Interested SME entrepreneurs must visit the Standard Bank Kasi SME Pitch Challenge to apply.

Mosomane said the Kasi SME Summit has evolved into a platform that helps township entrepreneurs grow and gain national exposure, adding that the pitch challenge gives small businesses an opportunity to showcase their innovation and resilience.

She added that township businesses play a vital role in local communities and the wider economy, and the bank hopes to help entrepreneurs expand beyond their immediate markets through funding, mentorship, knowledge sharing and national visibility.

To enter visit Standard Bank Kasi SME Pitch Challenge

Sowetan