News - New UWC incubator in Bellville targets growth of township businesses

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New UWC incubator in Bellville targets growth of township businesses

Source By www.bizcommunity.com/
2 months ago

Sanlam, in partnership with the University of the Western Cape (UWC), has announced the launch of its first Entrepreneurship Trading Incubator.

Housed in a repurposed post office building in Bellville, this initiative will serve as a physical incubator for small, medium and micro enterprises (SMMEs), providing them with access to new markets, mentorship, and business resources.

Supporting sustainable job creation through SMMEs

Small businesses are critical to South Africa’s economic future. The National Development Plan projects that by 2030, 90% of all new jobs will be created by small businesses, placing SMMEs at the heart of job creation and long-term growth.

Paul Hanratty, CEO of Sanlam, says, "SMMEs are vital to driving sustainable job creation in South Africa. Through the Incubator, we are not only providing township businesses with access to markets but also contributing to the future growth of our economy."

A first for South African universities

The Entrepreneurship Trading Incubator is unique as the first initiative of its kind linked to a university. By providing township SMMEs with physical trading spaces in Bellville’s central business district, this project addresses key barriers to business growth, such as market access and mentorship.

Nine township-based businesses, including Silulo Ulutho Technologies and Brown Girl Creations, have already been selected for the Incubator’s first cohort. These businesses will benefit from affordable trading spaces, expert coaching, and regular networking events, positioning them for long-term success.

Inclusive economic growth at the heart of the initiative

The Incubator is part of UWC’s broader mission to stimulate inclusive economic growth. It targets financial inclusion across gender, race, and age, with a special focus on black-owned businesses.

Manie Regal, UWC’s executive director of finance, adds:

"This incubator is not just about boosting small businesses; it’s about creating a path to economic empowerment for marginalised communities.

"By giving township businesses access to trading spaces in Bellville, we are also contributing to the revitalisation of the area, fostering a more inclusive and vibrant economy."

Hanratty adds, “We call on corporate South Africa to join us in supporting SMEs. Through shared resources, mentorship, and access to markets, we can ensure that our entrepreneurs succeed and contribute to South Africa’s economic future. Now is the time for the private sector to step up and be part of the solution."