Stellenbosch University (SU) is creating a space for hopeful entrepreneurs to convert imaginative energy into a profitable reality – all they need is a good idea and the willingness to put in the hours required to develop their idea into a viable business.
This is the message that was conveyed at the launch of the 2013 Stellenbosch Idea Competition (SIC) on Wednesday 20 February. The competition is the brainchild of a team at SU’s InnovUS (the University’s technology transfer company) and in collaboration with Nucleus (a network of student entrepreneurs) it promises to be even bigger and better than last year.
Students can enter in one of three categories and win their share of R100 000: develop a fresh business idea, find a specific solution for a challenge set by one of the competition’s industry partners or write an Android app.
“Stellenbosch University is doing a great deal to ensure that students have the opportunity to explore their entrepreneurial talents in and out of class. As young entrepreneurs we are privileged to be part of an institution that is at the forefront of innovation. This opportunity presented to students and staff will encourage them to actively take part in what the University has to offer,” said Mr JD Labuschagne, a business developer at InnovUS.
“Exposure, opportunities, prize money.” This is what the competition offered Jackie van Wyk, one of last year’s 11 winners. She spoke at the event attended by prospective entrepreneurs and told that they are being handed an opportunity on a silver platter.
“It is free. It only asks your time and you receive so much support.”
Jackie created Africhance Tutors, a business that offers private, one-on-one, custom-designed Afrikaans lessons to clients. By making use of a network of tutors, the company provides valuable work opportunities for a variety of people, including students studying Afrikaans and retired teachers. By the time she entered SIC, Jackie had already been offering tutoring classes for three years and had four people working with her. After the competition her business expanded to include 36 tutors and four administrative staff members.
Another 2012 winner, BComm student Jonathan Nel, described the competition as life-changing. Although he decided not to continue with his business idea – Campus Tab – he said the knowledge and experience he gained were invaluable.
He described himself as a serial entrepreneur and said he has developed several other ideas.
“Making use of this opportunity will definitely be worth your while but you have to be willing to put in the time and your friends have to be willing to listen to all your ideas.”
A third contestant, Dawfre Theron, whose business Munch (cell phone app and website which provides information on daily specials at restaurants in Stellenbosch) is steadily growing, said SIC played in huge role their success and the prize money made it possible to develop the necessary internet infrastructure.
“Young entrepreneurs will benefit from entering the competition. The business knowledge and skills we gained from the mentorship programme as well as the technical knowledge made a huge contribution,” he said.
Keynote speaker Dr Edwin Hertzog, non-executive chairman of Mediclinic International, told students that they were fortunate to be offered this kind of support and mentoring and encouraged them to take part in the competition.
“The road an entrepreneur travels on can be very fulfilling and rewarding. However, it certainly is not only moonshine and roses!” he warned.
Dr Hertzog started the Mediclinic Corporation in 1983 and built it up to become Mediclinic International. He shared some of his experiences.
“I grew up in a home where one was encouraged to work, to make decisions and to accept risk. I also got the impression that it is satisfying to build up a company and that is financially beneficial when the company is successful.”
He learnt some important lessons on the sports field: “It taught me how to win and lose and how to handle setbacks like injuries, it taught me how subjective the rulings of referees or judges can be, the importance and influence of spectators and the important and often unfair role that ordinary good luck can play. The “bounce of the ball” or “the rub of the green” can often make the difference between winning and losing … and one just has to accept this.”
Dr Hertzog studied medicine and became an anaesthetist but was later asked by Remgro to research the viability of a private hospital in the northern suburbs of Cape Town. Eventually, Mediclinic Panorama was built.
Dr Hertzog wondered whether he could be regarded as an entrepreneur.
“Money was given to me to develop a hospital. Entrepreneurs’ money often comes from family or friends because banks are too regulated or risk-averse to make money available. It might seem easy to receive money from a benevolent institution or family member, but it comes with great responsibility. I felt I did not dare fail because it wouldn’t only cause financial damage but also negatively influence my personal relationships, further development of my career, etc.”
Dr Hertzog also asked whether one always need a bright, new idea or innovative product. Sometimes a good business idea is an improvement on an existing model, he said. He also spoke about the importance of surrounding yourself with a good team and appreciating those employees who keep the wheels turning. He mentioned the importance of adapting to a changing environment, keeping your eyes open for growth opportunities and dealing with competition.
He warned that not all people are willing to operate in such a highly competitive environment and wished the contestants good luck.
The competition runs from February to August.
Liaise with Christina Harvett at 021 808 9028 or
cmh@sun.ac.za for more information or visit
www.sun.ac.za/sic.
