3Dot360 Organics, Khaltsha eSports Academy and SN Poultry each received a cheque for R20,000 at an event at 10X head office in Cape Town this December. They will also receive practical support in the form of partnerships between the entrepreneur and various 10X employees, who will share their knowledge, skills and networks in an attempt to help the businesses scale.
“What we are hoping to do is to help them to grow from start-ups to be leaders in their respective industries,” says Khwezi Jackson, Corporate Social Initiative Champion at 10X and a key member of the team that created the 10X Your Business programme.
“We believe that financial services businesses should assist small businesses to grow. Bringing more South Africans into the economy means a lot more than those individuals being able to support their families. It makes our economy more sustainable and, at the end of the day, that is good for all of us.”
Working with the Social Development and Early Childhood Development Directorate at the City of Cape Town, 10X identified the three entrepreneurs from those who took part in the city’s YouthStart Challenge at the beginning of 2022. The YouthStart competition, an annual entrepreneurial challenge created by the City of Cape Town, aims to provide young Capetonian entrepreneurs with support to get a business idea off the ground, or to build an existing business.
The competition is open to entrepreneurs aged 18-35 years old who have a business idea or a start-up that has been in business operation for three years or less. Importantly the idea or business should focus on creating sustainable employment opportunities for youth.
Working with three of the entrepreneurs who submitted entries to this challenge earlier in the year, the 10X Your Business programme is offering financial support as well as practical help and mentoring.
Kuhle Tutuka, Fund Accountant at 10X Investments, said offering assistance and support that goes beyond the businesses’ financial needs is what makes this programme stand out for her.
“The 10X Your Business initiative aims to add noticeable value to the businesses by offering not just money, but access to the different resources and knowledge that it takes to make a business successful,” she said. “Recognising and adding value to these small businesses will not only contribute to South Africa’s economy but, most importantly, to the betterment of the community in which they operate.”
Jackson agreed, adding: “Not only do businesses like these deliver goods and services to their communities, they also provide meaningful employment.”
10X’s Chief Operating Officer Caroline Naylor-Renn said she was proud to be part of the initiative. “It is very important that we help South Africans to grow not only their own personal finances but also the economy. With unemployment above 30% we are proud to do our little bit to help entrepreneurs to grow their businesses and to employ more people in their community.”
Jackson added: “The harsh reality in these communities and so many others in South Africa is that too many people are without a job, with the numbers especially depressing when looking at youth unemployment. This programme is giving 10X employees a platform to roll up our sleeves and get involved in being part of the solution.”
Even as 10X transforms itself beyond its roots as a start-up boutique retirement business into a fully-fledged asset manager, Jackson says, the company “believes that small businesses are the heart of successful communities”.
“In fact, most economists agree that digging ourselves out of the unemployment hole in which we find ourselves will not be done by government or big businesses alone. Small and medium-sized enterprises, which have huge capacity to provide jobs in local communities as they scale, have a key role to play.”
The three businesses selected for the inaugural programme of 10X Your Business are:
3dot60 Organics, an organic fruit and vegetable supplier, in Thornton. Jean-Pierre Higgins’ business idea is to produce affordable fruit and vegetables using hydroponics, a sustainable way of farming. The business is currently in inception phase; the funding will be used to buy equipment. The key aim of the business is to offer more affordable fruit and vegetables to the community as well as to create jobs to alleviate the unemployment problem.
SN Poultry, a poultry farming business in Delft founded by Sisamkele Ndudula. The business specialises in organic, grain-fed broiler chickens. It currently operates from Delft but is looking to expand operations to other locations to meet demand as its customer base is expanding.
Khaltsha eSports Academy, an online gaming and training centre In Khayelitsha, founded by Mandile Mtendeshe. The business set out to help bridge the digital gap that exists between township and suburbs. It offers gaming sessions as well as organising tournaments for gamers to play as individuals or in teams. Mandile was inspired to create an environment where children would have a safe space to acquire a skill. He hopes that some of them will go on to compete at the highest level. Spending their time at the centre instead of on the streets, local children are kept safe from unsavoury elements and the risk of being drawn into illegal activities. Mandile is planning to use the money to upgrade his gaming offering as well as the venue.
Jackson says: “We are excited to assist these start-ups, whether to get them off the ground or to expand their operations. We want to see them play a key role in Delft, Khayelitsha and Thornton, providing services as well as employment opportunities in the community. We are proud to play a role in empowering our brave entrepreneurs to chase their dreams and build successful organisations and provide employment to others.”
The content herein is provided as general information. It is not intended as nor does it constitute financial, tax, legal, investment, or other advice. 10X Investments is an authorised FSP (number 28250).
