Last week, the Competition Commission South Africa hosted a workshop to address funding challenges faced by historically disadvantaged entrepreneurs (HDPs) seeking to establish an online presence. Participants included government funding agencies such as the National Empowerment Fund (NEF) and Industrial Development Corporation (IDC), alongside representatives from the B-BBEE Commission, the Department of Small Business Development, financial institutions, venture capitalists, and industry associations like the Banking Association South Africa and SAVCA.
The initiative followed findings from the 2023 Online Intermediation Platform Market Inquiry, which highlighted a critical funding gap for HDPs, particularly at the pre-revenue stage.
Opening the session, Andile Gwabeni, Acting Divisional Manager of the Advocacy Division at the Commission, stressed the importance of promoting inclusive growth and creating job opportunities within digital markets.
Commission representatives Daniela Bove and Sewela Moshoma presented recommendations aimed at bridging the funding gap, focusing on skills development, mentorship, market access, infrastructure, human capital, and financial support for HDP startups.
Facilitators Nomalungelo Mthiyane and Bekithemba Qeqe engaged stakeholders in discussions to gather insights on existing funding initiatives and strategies for overcoming pre-seed and pre-revenue barriers.
The workshop provided a platform for collaboration, with participants committed to developing actionable solutions for fostering inclusivity and growth in South Africa’s digital economy.
