Now in its fourth year, the FNB Enablis Business LaunchPad - reportedly the country's largest business plan competition for entrepreneurs - has more than doubled the pool of funding for the winners to R50-million in 2008. Previous winners' businesses, ranging from fleet management software to food processing, have been funded with millions of rands as a result of the competition.
The competition offers a unique opportunity to “homegrown” entrepreneurs with business ideas, or existing businesses that are struggling to grow, and who find it difficult to raise funding through normal commercial channels.
“Working capital is the lifeblood of a business, yet thousands of entrepreneurs who have great good, viable ideas struggle to get their business off the ground because they can't get funding, or the cost of funding is too high,” says LaunchPad 2008 director Martin Feinstein - called “Mr Small Business” for his extensive involvement in supporting entrepreneurs.
The competition will select 30 winners from 100 finalists, who will be chosen from entrants throughout South Africa. The finalists will present their business ideas to a panel of judges in Johannesburg made up of experienced South African and international entrepreneurs. Winners will also receive laptops, cellphones, software, business training and membership of the Enablis entrepreneur network.
An innovation this year is that all entrants will be able to check their business plan score and the judges' comments on the website after the competition has closed.
Entry forms are available from the competition website, www.launchpad2008.biz or by phoning the competition helpdesk on cell +27 (0)83 913 3362. Entrants need to register on the site or with the helpdesk before submitting their business plan, and a range of business plan tools and resources are available on the site.
LaunchPad 2008 is also running a series of 28 practical business planning workshops around the country for entrants, and seats at these events can be booked on the website or via the helpdesk.
The competition is a non-profit project and Enablis is a registered S.21 company and registered with SARS as a non-profit public benefit organisation.
