Having the technology to power a nation forward can be very liberating, but very often the best ideas and businesses need a bit of financial help to get them off the ground and running. It is for that exact reason that FNB and Silicon Cape signed a three year (R1 million a year) strategic partnership that will fund and provide resources to tech businesses in need of a boost.
“The partnership with Silicon Cape advances our contribution to creating an enabling environment for SMEs in South Africa. Through its diverse membership, Silicon Cape has been at the forefront of efforts to minimise barriers in doing business among tech-entrepreneurs. The partnership will also enable us to share best practice and contribute towards better positioning of tech businesses to potential investors,” said Stephan Claassen, FNB’s business provincial head of the Western Cape, in a press statement.
The initiative will have long-term goals that will see the improvement of the technology businesses ecosystem, which will in turn provide a platform for tech businesses community to share resources and ideas as well as form collaboration projects.
“FNB’s endorsement is an immense vote of confidence for tech-entrepreneurs and every startup business in the Western Cape as well as the rest of South Africa. Big business has a crucial role in ensuring that entrepreneurs have the necessary support to create jobs and boost economic growth. FNB’s backing will certainly bolster our efforts to build a better ecosystem for tech-entrepreneurs. This investment and long-term commitment will enable Silicon Cape to scale and build additional value in our ecosystem,” said Silicon Cape’s Alexander Fraser in a press statement.
Currently Silicon Cape has over 8 500 registered members, which makes it one of the biggest entrepreneurial systems in Africa.
The news of the partnership comes almost two months after the Industrial Development Corporation (IDC), National Youth Development Agency (NYDA) and small enterprise finance agency (sefa) have expanded its reach into the Western Cape, and has set aside R1 billion at prime less 3% to provide a fund for youth-owned businesses in the province with the aim of creating jobs.
[Source – FNB, Image – CC by 2.0/Dietmar Temps]]