Vusi Tembekwayo And Boitumelo Mofikoe Announce Top 40 Entrepreneurs To Enter My Growth Fund Mentorship ProgrammeStatistics showing that most start-up businesses reportedly fail in the first two to three years of operation was challenged on September 15 by two respected South African entrepreneurs. Forty entrepreneurs who had overcome the most common challenges facing start-ups, were brought together by My Growth Fund on the Friday evening
“You have to humble yourself to your own destiny. Until you do, that which is due to you will not find you.” – Vusi Thembekwayo
My Growth Fund
My Growth Fund is a first of its kind mentorship programme seeking out high growth entrepreneurs with the vision to assist them through funding, incubation, and enterprise development along with a “mission to build 300 sustainable businesses by 2030”. My Growth Fund was founded by business maverick Vusi Thembekwayo. Thembekwayo pulled in serial entrepreneur Boitumelo Mofikoe.
The Top 40 initiative under My Growth Fund was introduced in May this year when the team announced their new venture. High-Growth SMMEs from all over South Africa were invited to present their business profiles for an opportunity to be selected as one of 40 entrepreneurs to undergo 18-month mentorship with Thembekwayo and Mofikoe, along with CEO’s of listed companies that partnered with My Growth Fund.
The My Growth Fund founders went through a lengthy selection process of about two months, scrutinising more or less 3 000 applications. The criteria required the businesses to have had an annual return of one million rand or more and to have been running for at least two years with audited financial statements. Managing Director, Mofikoe recalls long hours of hard work to select the top 40 businesses they believed they could assist grow in a period of 18 months.
Top 40 Entrepreneurs
The Top 40 entrepreneurs were announced at an elegant event themed ‘Phantom of the Opera’. The selected businesses industry background varied with some being engineering, architecture, digital agencies, accounting, and marketing companies forming part of the programme. Some of the issues faced by the successful entrepreneurs that led them to apply for participation in MGF were in the areas of access to market, finance, and the struggle to take their business to the next level. The group of entrepreneurs are grateful for the opportunity and look forward to working with the My Growth Fund team. Mentorship, guidance, support and the credibility that came with associating with the founders were identified as some of the key benefits of the programme that the Top 40 looked forward to. The entrepreneurs received a welcoming gift on stage handed over by Mr. Mofikoe.
Advice From The Founders
Thembekwayo advised the entrepreneurs to, “Show up. Be hungry. Be willing.” He closed off with these words directed to the entrepreneurs, “You have to humble yourself to your own destiny. Until you do, that which is due to you will not find you.” Mofikoe wants the entrepreneurs to know that My Growth Fund is fully committed. “We exist for them. It’s not about saying that we’re going to help them and we’re limiting them to a 9-5 Monday to Friday. It’s about going over and above the call of duty and making sure that entrepreneurs are solid and have everything they need.”
The event was hosted at the Capital Empire in Sandton, where the excited top 40 entrepreneurs also received an inspirational message veteran businessman Dr. Richard Maponya, presented by his son, Roy. Dr Maponya has endorsed MGF by accepting the position of honorary patron of the venture capital fund. Maponya says Thembekwayo’s vision of entrepreneurship resonates with his own ideas of the type of initiatives needed to take the South Africa economy forward. “I am eager to lend my support and champion your organisation’s objectives as you seek to unlock funding opportunities, provide access to markets and accelerate business growth in revenues, technical competence and personal leadership,” Dr Maponya says in his acceptance letter to Thembekwayo.
My Growth Fund promises great success for the forum, the entrepreneurs, and all parties involved look forward to seeing the end result.