A long overdue follow up to my article on the broken entrepreneurial ecosystem in South Africa. A year has passed and the conversation has not been mummed, if anything it’s more alive now then ever before.
Before we start fixing the system we need to admit that it’s broken. I think many within the ecosystem realize what’s wrong with the system but everyone seems to be just talking and writing about what’s wrong and how to fix it, but very few are actually applying the fixes that’s being talked about. So here’s my attempt at fixing the issues. It’s going to need some collaboration with all the ecosystem players but it starts with me, as an entrepreneur; a product of various incubators, accelerators, ED programs, multiple competition entries, inaugural Dragons Den SA appearance and 2time SA Innovation Summit/inventors garage entrant/participant. Yes, I am a self-confessed serial incubatee...and why...I just didn’t get what I needed (although I received other brilliant interventions I didn’t think I needed). The one thing lacking from my experience was that I wasn’t asked about my history within the system, what I learnt, what worked and what didn’t work. Even though the building blocks were there, there wasn’t a continuation of the journey I’ve already embarked on.
So where do we start fixing the system? It starts with us, entrepreneurs who have made it and those that are still on thee way there. Let’s eliminate the accelerator, incubation and BBBEE scorecards (ED) syndrome and answer the question, What can I do to help? Initiatives such as www.smemovement.org is part of that driving force in the ecosystem. I’ve joined the equation by offering the lessons I’ve learnt during my journey thus far. Being a sound board, making introductions to those doors that almost closed on me. Passing on the lessons I’ve learnt and being a sponge to absorb the frustrations that others have faced and replying with solutions. It’s hard to admit as an entrepreneur that we aren’t always doing the right things or ready for the right interventions but I’m admitting my short comings and working on them daily. I used to complain about funding and access to markets but frankly I’ve been knocking on the wrong doors, some of my efforts were correct but too soon for the stage that I was in my venture. I have no regrets being a bit ahead of my time with some of the interventions I needed and those will be helpful for when I eventually reach that stage.
To further answer the question of how do we fix the entrepreneurial ecosystem in SA, consider the following agile approach that’s doable immediately
- It starts with us as Entrepreneurs to not break the system. Know where we’re at within our journeys and be honest about it.
- Have more A&Is that are run by serial or current entrepreneurs
- If there has to be an Accelerator or Incubator involved, they must Have more strict selection criteria
- Backup learning interventions with incentives for graduating out of the embryo stages of entrepreneurship and transitioning into other more successful scaling businesses or corporates as Intrapreneurs meanwhile getting accreditations that carry weight in the traditional corporate world as qualifications still mean something to a number of hiring companies
- Strengthen relations with more established angel networks around the globe
- Stop giving office space and WiFi to every entrepreneur applying to a programme. We are yet to see how this has increased the number of successful entrepreneurs exponentially.
- All players within the ecosystem must learn how to fail fast and move on.
- Institutions such as III (institute of inventions and innovations - www.iii.org.za) should provide oversight to A&Is to help in eliminating unscalable ideas. This will also help innovators to quickly navigate their next moves.
I’m sure there are many other interventions that’s required to fix the system but before we do, let’s re-evaluate what’s really broken and start by applying one of the 4 Agreements...doing our best!