South Africans have a history of innovation. This includes successful entrepreneurs in rural and township economies and tech start-ups that went global. Many of the most innovative ideas fail because small businesses don’t have access to the market or resources necessary to take them off the ground. Many entrepreneurs now have access to Business Accelerator to bypass these barriers and unlock their potential.
Paige Sherriff is the Project Manager at the eThekwini furniture cluster (EFC). These programs connect SME’s with the support and information they need to accelerate their progress towards business success. The EFC launched the Business Accelerator Program to recognise the potential impact it can have on the local furniture industry.
Participation in the Business Accelerator Programme Has Five Benefits
Paige explains that the EFC Business Accelerator connects high-potential furniture manufacturers’ businesses located in KZN with large South African-based companies. This enables them to achieve effective growth through market access, standards upgrading and capital investment.
Paige states that the EFC Accelerator closely resembles the international Accelerator models and the highly successful Durban Chemical Cluster Accelerator. “Accelerator Programs are becoming more popular in multiple manufacturing sectors because they can achieve permanent results and real change for both industries as well as SME’s.
Here Are Paige’s Top Five Reasons To Join An Accelerator if You Are An SME:
1. Speed And Momentum:
An Accelerator is a tool that can help SMEs at all stages of their growth. An Accelerator Programme can help you think bigger, regardless of whether you have hit a roadblock or encountered a problem. You may find that the Accelerator Programme is your personal trainer who takes you to the next level you could not have imagined. SMEs have the opportunity to access the Accelerators and its expertise, which can accelerate them towards a contract or partnership.
2. Making Connections:
A Business Accelerator(Newchip Accelerator Reviews) offers many benefits, including making new connections and building relationships. Participants are like-minded individuals who want to increase their company’s potential for growth. This creates a wonderful customer environment, meeting your competition, building better supplier relationships, and even finding new business partners. Potential customers may be found years ahead of your procurement team.
3. In-Depth Analysis And Recommendations For Customer Needs:
SMEs often struggle to understand the specific needs of their customers. Customers can speak to Business Accelerator directly about their needs and tell them exactly what they want. Participating companies can present their proposals to the same clients, possibly opening up the door to business or closing deals. Learn more:Â Newchip Reviews
4. An ecosystem For Support:
Business Accelerators often include support systems like mentorship from industry experts. These are usually included in the package and offer quick access to industry experts who know the industry’s challenges and solutions. This information is concentrated and will help you speed up your business growth. Instead of reinventing the wheel, leverage their years-old wisdom to grow your company in an even more strategic and calculated way.
5. Building A Network:
The support doesn’t end just because the Accelerator Program ends. Business Accelerators foster long-lasting relationships. The alumni network is also available to you to seek out talent, find investors, or get feedback as you work on your business or any other project in future.
Participating in the Business Accelerator directly translates into value for companies that want to unleash their growth potential. Paige says they can play an important role in shaping and driving business success. They also offer a range of valuable and ongoing resources for participants.” Paige ends.
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