A national competition being promoted in Durban by InvoTech, a proudly DUT
innovation and technology business incubator together with Seda
KwaZulu-Natal is offering a remedy for that. The Seda Small Business Stars
Competition, an exciting new business plan competition is offering R4
million rand in prize money to aspiring entrepreneurs.

Nomonde Masoka, Senior Public Relations Practitioner at DUT said the
competition which was launched in November last year has attracted over 4600
entries nationally.

The competition aims to encourage new business ventures, assist start-up and
early stage businesses to improve their business models, gain skills and
access new business and support networks.

“It was also established also to promote the brand (Seda’s) and image as
well as its products and services. Business Report, SA fm and Raizcorp are
the competition sponsors,” said Masoka.

Masoka said entrepreneurs are encouraged to enter the competition because
they stand a chance to win prize money and gain skills and access to
businesses and support networks. InvoTech staff would not only assist with
entering the competition, but provide guidance with developing a business
plan and refining of business ideas.

“There are a lot of exciting ventures implemented since the launch of
InvoTech in 2011. We (InvoTech) continue to attract the attention of
influential stakeholders and innovative business concepts ranging from
chemical, manufacturing, construction, food industries, and so on. InvoTech
incubator is now seen as the champion in the innovative technology
industry,” said Masoka.

InvoTech will be hosting a series of workshops to help entrants develop
strong and bankable business plans.

In judging the participants, Masoka said judges will look at experience and
the business or business idea. The judges will want to see that the business
plan addresses a real market opportunity, that it has the potential of being
commercially viable and that the participant has good understanding of the
industry and what it will take to start or run the business effectively.

“The overall winner receives R50 000 in cash and the provincial winners will
each receive R15 000. All winners receive laptops and Microsoft 2010
software, Seda support vouchers worth R60 000 each. Four winners selected
for Raizcorp business development Programme to the value of R250 000 each. A
total of 40 winners will be selected in the competition,” said Masoka.

The closing date for entries is 29 February. Provincial winners, four from
each province, totaling 36 will be selected on March 14. Provincial winner
awards will be on 28 March while national winners will be selected and
awarded on 13 April. Four Special winners – Best Youth, Female, Disabled and
Job-creation – will also be awarded.

Enquiries about workshops can be forwarded to Miss Nons Khanyile at
khanyilen@dut.ac.za or by calling her on (031) 373 6792