Forty aspiring entrepreneurs are a step closer to realising their business dreams following their selection as finalists in the Eastern Cape Business LaunchPad competition.

The Business LaunchPad – the largest business plan competition ever run in the province – is aimed at identifying promising business ideas and small businesses for funding by the Eastern Cape Development Corporation (ECDC), which is sponsoring the competition.

40 finalists from throughout the province

The 40 finalists, who hail from every corner of the province, now get the chance to present their business ideas in person to one of six panels of judges. The winners will then receive priority consideration for funding, and will be announced at the provincial SMME summit in November.

Noludwe Ncokazi, Executive Manager of Development Services at the ECDC, said: “Entrepreneurship is really alive and well in the Eastern Cape, judging by the response we have had. These finalists have been selected from several hundred entries, and we have seen some very innovative ideas and business plans, from co-operatives through to sophisticated technology businesses.”

No free funding in competition

The competition does not offer cash prizes or grants, as the objective is to get start-ups funded on commercial terms so they do not get used to “free” funding.

“Those businesses who receive grants or funding that comes without any obligation very seldom develop the business and financial management principles that are essential for a sustainable enterprise,” says the project director, Martin Feinstein. Feinstein has run business plan competitions in most of the country’s provinces.

A third of the finalists come from East London

Almost half the entrants are women, with 30% coming from East London, 21% from PE and the remaining 49% from other parts of the province.

62% of the finalists are black, 10% are coloured and 29% are white.

Around two thirds of the finalists have entered with business ideas, while 34% of finalists have already started their business and are looking for working capital to expand.

The finalist judging will take place at the Premier King David Hotel over 8 and 9 September.

The judging panels will be comprised of a wide range of small business funders, mentors, business advisers as well as a number of accomplished entrepreneurs. The organisations that will be represented on the panels include, among others, the Border Kei Chamber of Commerce, Seda, National Youth Development Agency (NYDA), Walter Sisulu University, the Businesswomens’ Association, Nafcoc and Buffalo City.

THE 2009/10 BUSINESS LAUNCHPAD FINALISTS

Agriculture:Johnny Prins (East London), Bongani Xaba (Johannesburg), Gary Frans (Tsitsikamma), Nosipho Mdingi (Butterworth), Welcome Tshetu (Butterworth).

Business and personal services:Stanthen Mzimba (Mthatha), Bulelwa Ngumbela (East London), Thabo Motale (East London), Silette de Bod (Port Elizabeth), Tamsanqa Zozo (Mthatha), Richard Wernberg (Port Elizabeth).

Construction: Elliotlose Mazeleni (King William’s Town), Lindiwe Hlekani (East London).

Craft, creative and culture:Asanda Futshane (Port Elizabeth), Valerie Barbour (East London).

Green:Bonisile Beja (Port Elizabeth), Brenda Pierpoint (Port Elizabeth), Giel Faber (Cape Town), Deidre Freeman (East London).

Information Technology:Vuba Nobubele (East London), Anique Ravat (Uitenhage), Hilarius Mzimela (Uitenhage), Litha Fatsha (East London)

Manufacturing:Patrick O’Brien (Brits), Stefan Oosthuizen (Port Elizabeth), Ntobeko Mayezana (East London), Eddie McCosh (East London), Mabhuti George (Queenstown).

Media and marketing:Fortunatus Vukile (Qugney), Nobaxolisi Cutu (Johannesburg), Amelia van den Heever (East London), Amanda Matshaya (East London).

Tourism:Mzomhle Mapatwana (Tsolo), Lucille Ferreira (Cradock), Lwando Poni (Mthatha), Singiswa Dikweni (Mthatha).

Transport and logistics:Zola Ngwevela (East London), Victor Michaels (Port Elizabeth), Lwando Norman (Johannesburg).