Vodacom has tripled small businesses supported by its innovator trust
BUSINESS TECH / 25 October 2017 - 5.54 / Staff Writer
The Vodacom Group has announced that it is starting to see some seriously positive results from its Innovator Trust.
The trust, first founded in 2014, is an enterprise development programme created specifically for the ICT sector aimed at facilitating growth of SMME businesses.
Image - web
Vodacom granted the Innovator Trust, an independent organisation, a R750 million loan facility to invest in equity structures that yield positive dividends and interest such that they are able to finance the enterprise development programme.
To date, the trust has drawn on R600 million of the facility.
The Innovator Trust primarily uses share dividends and interest earned to fund the trust administration and the various incubation hubs and business school programmes to support established small businesses in the ICT sector to grow both in turnover and job creation numbers.
The Innovator Trust has grown from supporting 18 SMME’s in its first year (2014) to 53 as at 31 March 2017, a substantial growth of 200% over a period of three years.
The turnovers of the SMMEs participating in the programme also increased during the 2016/2017 financial period, while the permanent staff employment numbers increased by 71% during the same period.
“A focus on enterprise creation and development is key to the country’s ICT sector and to this end; we established the Innovator Trust with a clear mandate to accelerate transformation in the sector through the development of Black owned ICT businesses,” said Shameel Joosub, CEO of Vodacom Group.
“We have made solid gains to date and while much has been achieved, a lot of work still lies ahead. Vodacom remains committed to investing in the development of SMME businesses in South Africa,” he said.
LINK - https://businesstech.co.za/news/mobile/207437/vodacom-has-tripled-small-businesses-supported-by-its-innovator-trust/
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER