As we came to an end of Global Entrepreneurship Month, November 2022, we reflect back on two of the key themes that have been highlighted through the Global Entrepreneurship Network (GEN). The two major themes being education and ecosystems, which speaks to the power of education in shaping the way we educate entrepreneurs and developing an entrepreneurial ecosystem, by highlighting the collaborative efforts of strategic partners for maximum impact on both entrepreneurs and the economy.
Against these two GEN themes, The Hope Factory is incredibly passionate and committed to play an active role in both, through its contribution to knowledge transfer to entrepreneurial individuals through its Socio-Economic and Skills Development interventions/programmes. In addition, The Hope Factory’s contribution to a healthy growing entrepreneurial ecosystem with strategic partners, mentors, beneficiaries and the access to new markets and funding.
Who we are: Role players in enhancing economic contribution and financial independence
The Hope Factory (THF) has been in existence since 2001, and formalised in 2004, with a core focus on assisting people to become financially sustainable through their own economic activity. It forms part of the Learning and Development and National Imperatives division of the South African Institute of Chartered Accountants (SAICA). THF is a registered Non-Profit Company and registered Public Benefit Organisation, with a Level 1 B-BBEE rating
“Almost 20 years on, we remain focused on developing South African citizens through our programmes and projects towards measurable socio-economic impact,” comments Jolandi Peterson, Business Development Manger at The Hope Factory
Key for The Hope Factory, has been the focus to upskill individuals with an ability to create income for themselves. We will now take a closer look at a targeted case study on a Micro-business programme in which we partnered with the ASISA Foundation in 2019.
In 2019 THF partnered with the ASISA Foundation, a Non-Profit Organisation founded by the Association for Savings and Investment South Africa (ASISA), with The Hope Factory implementing the ASISA Foundation’s Financial Literacy and Micro Enterprise (FLAME) Programme in King Williams Town (KWT), Eastern Cape.
The programme empowered beneficiaries from previous disadvantaged communities with basic entrepreneurship and financial literacy skills to foster financial capability and enable greater economic activity. The objectives were guided by the UN’s Sustainable Development Goals (SDGs) in seeking to alleviate poverty through enhanced financial literacy, improved financial capability and wellbeing, business skills development, increased economic participation, financial inclusion, and income generation opportunities through the development of sustainable emerging businesses.
The 2-year programme came to a close in 2021 with 14 graduates in Qonce, Eastern Cape The Hope Factory has since since then taken a closer look at where the graduates are today, one year after they had exited the programme.
• All of the micro-businesses surveyed are still trading as well as seeing a steady increase in sales
• All of the businesses surveyed have received an increase of new customers
• 91% of the businesses are SARS and CIPC Compliant
• 7 of the micro-businesses are saving regularly
• 8 of the micro-businesses have secured brand new contracts up to the monetary value of R1 322 919,32
• 1 of the micro-businesses have also secured grant funding to the value of R500 000
*The above stats were taken from a survey from 11 of the 14 post-programme graduates.
What the above impact depicts is that not only are the micro-businesses still going strong and contributing economically, but they have taken what they have learnt and are practicing the healthy habits of growth on a steady trajectory to future long-term sustainability.
Closing comment by Annie McWalter, CEO of The Hope Factory, “Small business and entrepreneurship continues to be South Africa’s hope for the future. As we celebrate every one of our programme beneficiaries in this greater global recognition during Global Entrepreneurship month, we are thrilled to see continued growth, development, and economic contribution from our post-programme graduates. It takes grit and determination to follow your dreams as a business owner, we are so proud to be part of your growth journey to success.”
By Kelly Pretorius, Marketing at The Hope Factory
