Ricochet News

LignoTech South Africa gives entrepreneurship a boost in the right direction

NOVEMBER 8, 2016
LignoTech South Africa gives entrepreneurship a boost in the right direction

Umkomaas based company LignoTech South Africa has partnered with The Hope Factory as part of their BEE spend to support SME’s and informal businesses to grow and develop.

LignoTech South Africa is committed to the development of local communities and black-owned enterprises and believes that The Hope Factory play a crucial role in enabling this to occur,” says Tarryn Wicks, Financial Manager of LignoTech South Africa.

The Hope Factory, part of the Nation Building division at the South African Institute of Chartered Accountants (SAICA) was founded in 2001 and provides value driven Enterprise and Supplier Development as well as Socio Economic Development programmes.  They exist to grow people, develop businesses as well as impact communities through their unique mentorship model while adding value to their funders.

Says CEO of The Hope Factory, Annie McWalter “We are delighted that LignoTech has chosen to partner with us in building economic transformation through empowering black entrepreneurs, and developing informal businesses. Their Enterprise Development and Socio Economic Development contributions will certainly make a big difference in the lives of many. “

Mentorship from experienced entrepreneurs is at the core of The Hope Factory’s holistic Enterprise Development programme.  What is unique about the programme model is a three tiered focus on 1) business skills and strategy development; 2) the leadership and entrepreneurial skills of the business owner; and 3) a strong focus on financial excellence in the business with the entrepreneur’s financial upskilling.  The ‘Personal Development in Business Programme’ offered for Socio-Economic Development, aims to grow and educate informal business owners, equipping them with the vital skills and knowledge to formalize their businesses.

South Africa has a high failure rate of small businesses; 71% actually fail within the first year, but statistics also show that 70% of businesses that are mentored are more likely to succeed than those without help. It is support from companies like LignoTech South Africa that is igniting hope in our nation through mentorship and growing sustainable SME’s.