Corporate partnerships are critical for success
Online retailer OneDayOnly.co.za has stressed that supporting entrepreneurs should go beyond ticking boxes but rather making a positive impact on businesses and a meaningful difference in the lives of the individuals behind them.
While 75% of startups consider partnerships with corporates critically important to their success, with a further 63% anticipating that these relationships will gain even greater importance in the future. In South Africa, however, corporates’ support for entrepreneurs is lacking and must be urgently remedied by the country’s businesses.
Vital roles
Jonathan Spencer, Brand and Campaign Manager at OneDayOnly.co.za stresses the vital role that corporate entities must play.
“Established companies have a moral responsibility to assist those striving to build a future for themselves.
“By doing so, they can ignite a ripple effect that extends far beyond individual businesses, spurring job creation and fuelling economic growth. Currently, micro, small and medium enterprises employ 50% to 60% of South Africa’s workforce and contribute around 34% to the country’s GDP. One can only imagine the impact that could be made if these entrepreneurs received the help they need to flourish,” Spencer said.
Spencer points out that this doesn’t necessarily have to mean a financial investment.
“Sharing resources, lending expertise, providing exposure, and leveraging networks can be equally valuable. And this is not a one-sided partnership. Corporates that work with entrepreneurs gain access to fresh ideas and innovative products that can boost their revenue and provide a competitive edge.”
Mentorship
Spencer emphasises that whether corporates empower entrepreneurs through mentorship, invest in their growth with funding, collaborate on supply chain initiatives, or advocate for favourable policies, they can catalyse entrepreneurial growth.
This can create new opportunities both for themselves and the business owners they support. In turn, these entrepreneurs can create more jobs and contribute even further to the country’s economic growth.
“South Africa’s future rests in the hands of its entrepreneurs. But for this potential to be fully realised, corporates must step up. The time for action is now,” Spencer said.
