Resources for Social Entrepreneurs

Browse through ‘Resources For Social Entrepreneurs‘ and explore reports; publications; podcasts; social impact, finance, knowledge resources; and practical tools that can assist you in taking your social enterprise to the next level.

Click here to download.


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INTERNAL Job Opportunity: Events Co-ordinator Bertha Centre

*Please note that only applications from suitably qualified members of the permanent and temporary UCT staff will be considered.

The Bertha Centre for Social Innovation and Entrepreneurship based at UCT’s GSB is looking for a competent and experienced Events Co-ordinator. The individual would work as part of the Centre’s Marketing and Communications team.

The main purpose of this position is to co-ordinate all of the Bertha Centre’s events in line with and in support of the Centre’s Marketing and Communications strategy. All event associated tasks, conducted on behalf of the Bertha Centre are to be actioned within GSB and UCT policies and procedures.

Apply here.

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Job opportunity: Researcher for Health Systems Entrepreneurship at Bertha Centre

The Bertha Centre for Social Innovation and Entrepreneurship is seeking the services of a researcher to work with the Bertha Centre team, and the Health Systems Entrepreneurship project manager, to codify the knowledge gained during 2017 and to advance this research agenda.

Project Name Health Systems Entrepreneurship
Contact Point Katusha de Villiers <>
Start Date As soon as possible.
End Date December 31, 2018
Number of days Estimated to be at 30 days level throughout 2018
Submission guidelines

·   1-2 page proposal outlining approach to managing the programme and meeting deliverables

·   High level budget with estimated days and rates

·   Profile of individual involved

·   CV and sample of previous writing piece

·   Deadline 20 April 2018

In early 2017, the Bertha Centre received funding from Johnson & Johnson based on a proposal that aimed to look at the health systems integration of organizations with m-health innovations. Specifically focused on providing support to organisations that are using mobile technology to deliver quality services at the frontlines of health care delivery and improve community health outcomes, Phase I of this project enabled the Bertha Centre to use and leverage its expertise, relationships, history of success and wealth of academic and practical talent to drive social innovation in health among a key set of mobile health organisations in Africa.

Through this new area of work, entitled Health Systems Entrepreneurship, the Bertha Centre was able to develop an understanding of how social innovation organisations in Africa are working towards greater integration of their interventions across and within health systems, and how this contributes to an articulated understanding of health systems integration work.

A total of four (4) organisations using mobile technology health innovations to improve community health outcomes in East and West Africa were selected following a limited call to pre-identified organizations demonstrating impact, with efficient utilization of technology, the ability to scale and measure, and importantly with the potential capacity to meaningfully engage with government. A further two (2) organisations were selected to function as learning partners to this cohort and to the Bertha Centre during this first phase of the project.

The scope of work includes the following key areas:
1. Review, organise and codify the research gathered during Phase I of the Health Systems Entrepreneurship project
2. Develop a short-form, descriptive case study based on knowledge and research undertaken during Phase I of the Health Systems Entrepreneurship project
3. Develop and draft a submittable paper based on the key themes uncovered during Phase I of the Health Systems Entrepreneurship project
4. Identify and document further research opportunities (in collaboration with the project manager
5. Develop a forward-looking research agenda (in collaboration with the project manager)

1. Organise existing research in an appropriate reference manager programme i.e. upload documents to shared drive
2. Review and codify existing research
3. Draft first general outline of case study
4. Finalise case study
5. Draft first general outline of submittable paper
6. Finalise submittable paper
7. Document outlining case study research options and research agenda outline


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Bertha Centre Collective #1 in partnership with the McNulty Foundation

Today’s structural problems — globalisation, displacement, automation — are compounded by social strains — extremism, disinformation, sexism, racism. There is a moral imperative to lead with conscience and purpose, to defend ethics, to prove that change and consensus is possible, and to pioneer more equitable futures.

On the 28th of February, the Bertha Centre hosted its first Collective for 2018: Make Yourself Useful- Turn your ideas into action at the UCT Graduate School of Business in Cape Town, South Africa. Guest speaker was Réjane Woodroffe, founder of the Bulungula Incubator in the Eastern Cape, and winner of the 2014 McNulty Prize. Réjane’s commitment to purpose-led work has taken her to one of South Africa’s remotest regions, where she has done significant proof- of-concept work on whole-community upliftment based on principles of recognition and respect for different paradigms of poverty, and of ability. In doing so, she has developed a model of engagement that empowers and energises communities, and gets real results.

Speakers also included Dr. Francois Bonnici (Director of the Bertha Centre), Nina Sawhney (programme manager for the John P. and Ann Welsh McNulty Foundation) and Ann Lamont (interim executive director of the Africa Leadership Initiative and a McNulty Prize laureate).

“Lose the fear, just go, find ways to contribute to your community because that’s your space as a human, get involved”-Rejane Woodroffe on becoming proximate and systems change.

Listen to the full audio of the event below:

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About: Bulelwa Makalima-Ngewana

The Bertha Centre, MTN Solution Space and UCT Graduate School of Business welcomes, Bulelwa Makalima-Ngewana: 

The former CEO of the Cape Town Partnership, Bulelwa is a town planner with extensive experience in managing and coordinating public-private partnerships for area based management. An urban revivalist at heart, she has spent the last twelve years with the Cape Town Partnership managing, developing and promoting Cape Town’s Central City as an economically thriving, creative and valued public and private space in which to live, work and play.

Prior to joining the Cape Town Partnership Bulelwa Ngewana was the Senior Manager for Africa programs at the Centre for Conflict resolution. In this role she led teams of conflict resolution and mediation practitioners contracted to assist with peace building efforts in key African countries.

As the CEO of the Cape Town Partnership Bulelwa Ngewana was a key role player in developing Cape Town’s Central City Development Strategy (CCDS) in 2008, which puts forward a shared vision to guide future developments in Cape Town until 2018. She also led the Cape Town Partnership strategy – Cities are for people- which saw the growth of an economically vibrant arts, culture and creative sector in downtown Cape Town. She also led the team that bid and secured the designation of Cape Town as World Design Capital in 2014 bid.

As a practising urbanist Bulelwa subscribes to the idea of building cities and communities around places which leads inspired citizens to collectively reimagine and reinvent public spaces as the heart and soul of every community. Thus strengthening the connection between people and the places they share resulting in a collaborative process through which communities can shape their public realm in order to maximize shared value.

Bulelwa is a member of the board of a number of national and international bodies. These include – Pragma Holdings and she is currently a chair of Pragma Africa board. She is also a board member of the International Downtown Association (IDA- USA), Placemaking Leadership Council (USA) an ambassador for the Cape Town International Convention Centre, member of the World Design Capital 2016 International Advisory Committee for Taipei and a World Cities Summit Young Leader.

Bulelwa is a member of the UCT council, Chairs the University Buildings and Development committee and represent UCT Council on the Baxter Theatre Board.

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The Bertha Centre for Social Innovation and Entrepreneurship was established as a specialised unit at the UCT Graduate School of Business (GSB) in 2011, in partnership with the Bertha Foundation, a family foundation that works with inspiring leaders who are catalysts for social and economic change.

Through this partnership the GSB strengthens its commitment to transformation and equality and UCT’s strategic goal to address key development challenges facing Africa. The Bertha Foundation supports activists, storytellers and lawyers across the world, who are working to bring about social and economic justice, and human rights for all. The Bertha Scholars at the GSB are part of this global Bertha Foundation network.

Dr François Bonnici is the founding Director of the Bertha Centre, and also a member of the GSB Faculty. In his academic role, he has developed new curriculum, courses and degree programmes as well as research on social entrepreneurship and social innovation over the last 15 years.

Over the last two years Dr François Bonnici has been the Principal Investigator on a body of research work on social entrepreneurship and systems change, culminating in the launch of the report in partnership with the Schwab Foundation entitled “Beyond Organizational Scale: How Social Entrepreneurs Create Systems Change” which was downloaded over 5,000 times: This research also provided the basis for the development of an Executive Education course called Social Entrepreneurship and Systems Change at the UCT Graduate School of Business, and the cases used in a Harvard Kennedy School Executive Education Course on System Leadership.


Dr Bonnici is now seeking the services of a service provider or freelance consultant to work with him as a Senior Researcher to deepen the knowledge base of academic and practitioner literature, codify the knowledge gained over the last two years, and advance this research agenda.


The scope of work includes the following objectives and deliverables:

  1. Expand and finalise a Literature review on Social Entrepreneurship & Systems Change
  2. Organise in a shared drive the academic and practitioner literature related to Social Entrepreneurship & Systems Change
  3. Knowledge Management for Bertha-developed teaching cases, teaching notes & case studies related to Social Entrepreneurship & Systems Change
  4. Develop short-form, descriptive case studies from the long-form Schwab teaching cases
  5. Identify and reach out to other business schools and faculty globally who are seeking to conduct research in this area and/or use the case studies

Identify and document further case study research opportunities and develop a forward-looking research agenda on Social Entrepreneurship & Systems Change.

Project Name Social entrepreneurship & systems change research and knowledge management
Contact Point François Bonnici <>
Start Date As soon as possible.
End Date 10 April, 2018
Number of days Estimated to be at 42 days level through research period
Submission guidelines

·  1-2 page proposal outlining approach to the research and meeting deliverables

·  High level budget with estimated days and rates

·  Profile of individual(s) and/or organization involved

·  CV and sample of previous writing piece

·  Application Deadline Friday 2 February 2018, 12h00 midday SAST

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RFP: Scholarships Programme Manager, UCT GSB



The Bertha Centre for Social Innovation and Entrepreneurship was established as a specialised unit at the UCT Graduate School of Business (GSB) in 2011, in partnership with the Bertha Foundation, a family foundation that works with inspiring leaders who are catalysts for social and economic change.

Through this partnership the GSB strengthens its commitment to transformation and equality and UCT’s strategic goal to address key development challenges facing Africa. The Bertha Foundation supports activists, storytellers and lawyers across the world, who are working to bring about social and economic justice, and human rights for all. The Bertha Scholars at the GSB are part of this global Bertha Foundation network.

The Bertha Scholarship covers full or partial costs of a wide variety of programmes at the UCT Graduate School of Business. These include the MBA (both full-time and the modular programme) and the MPhil in Inclusive Innovation. The Bertha scholarship is open to innovators, entrepreneurs, out-of-the-box thinkers, system-entrepreneurs, change-makers, social activists and cross-disciplinary candidates from any field provided they are actively involved in the exploration of social, environmental and/or economic justice using innovative approaches. In doing this, we aim to diversify the student body at the GSB, investing in their journey to increase their social impact as their career evolves.


 The Bertha Centre is seeking the services of a service provider or freelance consultant to work with the Bertha Centre team and communities to manage its scholarship programme and as such contribute the design and delivery of the 2018 Bertha Scholarship support programme, including the management of the scholarship communications (internally and externally), organising of scholar retreats and coordinating the scholarship application process for 2019.


The scope of work includes the following key areas:

  • To support new and current Bertha Scholars on behalf of the Centre, assisting to navigate them to the necessary support within the Centre and throughout the GSB during 2018
  • To lead the substantive design and implementation of the scholarship support programme, including the design and implementation of two scholarship retreats for current scholars in 2018
  • To support the alumni committee organizing the additional all-alumni retreat on behalf of the Centre, to ensure they have the necessary motivation, information, resources and support to hold a successful end of year retreat for all current scholars and alumni
  • To lead the scholarship communications strategy and liaise with the Bertha Centre communications team to ensure sufficient information sharing, inclusion of scholars in events, newsletters etc
  • To coordinate the scholarship application and selection process for 2019 scholars in conjunction with the relevant Bertha Centre staff
  • To liase with the administrative and events coordinators in the Bertha Centre to execute aspects of the support programme
  • To document the scholarship programme calendar and process for future years


  1. Ongoing individual support to Bertha Scholars on their academic programme (throughout 2018)
  2. Support for Scholars engagement with Bertha Centre, its programmes and events – (throughout 2018)
  3. Develop a Scholars profile document for external use
  4. Contributing of relevant scholarship information, and up to date Bertha Scholar and alumni profiles towards new and updated website pages
  5. Design, develop and host two Bertha Scholar retreat for current scholars in March and August 2018
  6. Support the alumni community to design, develop and host a final alumni retreat in November 2018
  7. Draft a minimum of three news items developed about scholars – blogs, newsletter, articles etc (throughout 2018)
  8. Manage the scholarship selection process for 2019 complete with scholars selected for next academic year (June – December 2018)
  9. Overview document and calendar for scholarship support process for future years
Project Name Bertha Scholarship Programme
Contact Point Katusha de Villiers <>
Start Date As soon as possible.
End Date December 31, 2018
Number of days Estimated to be at 75 days level throughout 2018
Submission guidelines

·  1-2 page proposal outlining approach to managing the programme and meeting deliverables

·  High level budget with estimated days and rates

·  Profile of individual(s) and/or organization involved

·  CV and sample of previous writing piece

·  Deadline Extended to 5 February 2018, 08h00am


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City of Cape Town Outcomes based-contract launched

The City of Cape Town is embarking on an innovative approach to boost skills development and employment opportunities for residents through an outcomes-based tender that is a first of its kind for the City.

A key need in our economy is to improve the skills of our people for real jobs. It is thus essential that skills training can be proved to be appropriate for Cape Town’s needs.

Usually, the specifications to service providers are very prescriptive in terms of the methods used to deliver the required service. What sets the City’s outcomes-based tender apart, is that it focuses on results (outcomes) rather than the associated activities and tasks to deliver the end result.

‘One of the challenges we face as a city is the high number of unemployed residents. In addition, we are confronted with an economic growth environment that does not always result in the creation of a significant number of new jobs. For this reason, we cannot afford to proceed with a business-as-usual approach.

‘We have to constantly evolve and innovate to deliver value for our residents. We thus have to extract more value from our service providers to deliver better results. This places us and our service providers under increasing pressure to remain competitive through innovation in the current economic climate. Although a first for the City of Cape Town, outcomes-based contracting is gathering pace locally and globally,’ said the City’s Executive Deputy Mayor, Alderman Ian Neilson.

The proposed outcomes-based tender aims to support economic inclusion, achieve a more productive workforce, reduce the number of discouraged work seekers, and engage businesses in integrated employment plans.

The City’s intention was clearly articulated at a briefing session held this week for prospective service providers.

‘We are looking for a strategic partner who must deliver a workforce development solution that is responsive to the changing labour markets. The successful bidder is expected to present and deliver an outcomes-based, high impact three-year plan to develop residents’ skills further and increase the current employment rate. We would like to acknowledge the Bertha Centre for Social Innovation and Entrepreneurship which was instrumental in designing this innovative tender,’ added Alderman Neilson.

Essentially, this contracting method means that the service provider will only be paid once they have placed residents into education, training, or employment opportunities. The more sustained placements made, the more they stand to earn from the City of Cape Town. In this way, the City will only pay for success.

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Legal training for impact investing

Representatives of the Centre for Applied Legal Studies (WITS), Bowman’s and the UCT GSB Bertha Centre have been engaging in conversations about impact investing legal practice in recent months. The collective identified that that Deborah Burand (Grunin Center for Law and Social Entrepreneurship, New York University) would be Johannesburg in November and resolved to utilise the opportunity to establish a two-day convening on the subject. A group of lawyers, impact investors and regulators met to discuss South African legislation and how the legal profession can support the growth of impact investing.

Executive Summary


Crowding in more capital & Regulation 28

  • South Africa has more potential regulatory levers for driving impact investment than available in the US where regulation has had a ‘chilling effect’ on capital commitments.
  • Draft explanatory guidance on the use of Regulation 28 in South Africa have been developed but not been formally issued. Indications are a lack of prioritisation for impact investments, as opposed to inherent complexity or a need for further policy development, is the key constraint.
  • Instead of developing policy inputs the emphasis may need to shift toward establishing and showcasing opportunities to utilise the legislation (e.g. exploring CIS vehicles) and establishing better accountability mechanisms.

Section 12J

  • Practitioners are finding ways to circumvent some of the restrictions of the Venture Capital Company (VCC) form – including workarounds for investing in real estate and the practice of spreading deals over multiple vehicles to circumvent ticket-size restrictions.
  • There are no similar tax benefited fund structures in the USA but work has been done to create specialised forms for social enterprises. However, these forms are largely based on state as opposed to federal law and have not been well tested in the courts to date.
  • There are concerns the VCC regime may not be extended past 2021 and collaboration with existing lobby groups such as SAVCA may be beneficial to assure its longevity and relevance for impact investments. The ILO also has an upcoming convening in Cape Town that will have corporate forms for social enterprise as one area of investigation

Data Protection

  • Data protection is topical in the US as impact oriented initiatives such as impact bonds have been finding it difficult to navigate data protection laws when proving their impact. There is increasing recognition that programme beneficiaries may not find contractual information on use and ownership of their personal information accessible.
  • South Africa has data protection laws in place but concerns about unauthorised transfers of personal information are still relevant. At times, it appears that inappropriate usage of data may be ignored as a minor concern relative to impact organisations’ wider social benefit mission.
  • This matter needs to be flagged as an area of concern going forward but most social enterprises in South Africa are likely not yet at a point where navigating the data protection landscape for impact reporting purposes is the pressing concern.

Securities legislation

  • French solidarity funds, which enable up to 10% of a pension-fund beneficiary’s contributions to go towards an impact mandate, are an interesting example of liberalising access to impact investments.
  • A domestic solidarity fund would be an interesting area to explore. However more work is required to gauge what the best institutional home of such an offering would be as trust in public sector bodies and major private financial institutions that host pension funds is low at present.
  • Legislation, along with legal action, sectoral mobilisation, and education on fiduciary duty, can be a lever for driving greater accountability amongst trustees and asset consultants.
  • It is also useful to research how effective self-regulation mechanisms can be established – possibly with a view towards formally incorporating them into law further down the line.

Transformation and impact investing (BBBEE)

  • There is significant competition for social impact funding in South Africa and the principles of transformation, embedded in BBBEE legislation, can be utilised as a tool to more effectively channel funding towards socially impactful investment.

Training and research

Training Programmes

  • The tools available to lawyers for impact deals are the same as for commercial transactions, however their application in evaluating risk-return is starkly different to ensure protection of the social yield

Legal clinic and partnerships

  • To be effective, clinic pedagogy must be immersive and requires substantial supervision of law students by a registered candidate attorney.
  • It is imperative for South Africa to build a legal community of practice to crowd-in expertise and promote efficient and effective lawyering around specialisations, such as impact investing.

Research Framework

  • Establishing new journals or seeding new ones can be a means of encouraging legal scholarship on impact investing.
  • NYU’s recent research has also been in areas including corporate governance arrangements, practices used to embed impact objectives in legal agreements and processes for implementing amendments to existing impact investment agreements.


  • Monitor upcoming changes to the legal environment and lobby regulators to accord greater urgency to issuing guidelines that facilitate the flow of institutional funds to impact investing
  • Research options and proposed amendments for widening use of the VCC form in impact investing and support initiatives lobbying to extend it past 2021
  • Research the enabling role of creating a dedicated social enterprise corporate form in South Africa.
  • Research mechanisms for driving reporting and accountability against both existing legislation (e.g. NDP, and Regulation 28) and new approaches such as self-regulating mechanisms.
  • Seek to maintain an awareness of the need to drive data protection in impact investing even as initiatives to support improved impact transparency evolve.
  • Develop collateral such as questionnaires that enables commercial lawyers to introduce impact investing lens to clients interested in investing for impact.
  • Develop mechanisms that can be used to enable social enterprises to access a greater share of enterprise development funding in the face of considerable competition from more traditional SME’s.
  • Map the wider landscape of stakeholders that may be able to provide resources (e.g. host a secretariat) or funding towards legal training initiatives e.g. Business Leadership SA, SAIFAC (at the constitutional court), DAAD or other university faculties.
  • Develop a roadmap for establishing a legal clinic involving engaged law faculties e.g. at the University of the Witwatersrand or the University of Pretoria and establishing collaborations between local and NYU legal clinics for cross border transactions.
  • Develop an impact investing legal executive education course for lawyers in partnership with existing reputable legal training providers e.g. Thomson Reuters Foundation and NYU. To be developed alongside Professor Deborah Burand.

Please contact for further information on this work stream.

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Early stage finance consultation series

Executive summary


The Bertha Centre team is providing a secretariat for the National Task Force on Impact Investing. One of the key recommendations that are emerging is around Early Stage Finance of SMEs (not only for social enterprises but for SMEs across the board). We met with 20 practitioners across public and private sector in JHB and CT to discuss the objectives outlined below. All agreed there is a case for collaboration as long as it is focused and action orientated.

This is the first part of a consultation series we hope will culminate in the formation of a working group.

The barriers and opportunities discussed was organised around building the pipeline, designing appropriate tools and vehicles ad unlocking capital. The most pressing barriers according to the group around the table, were the lack of financial literacy and deal readiness, the lack of appropriate fund management models and the need to create blended finance instruments to crowd in non traditional capital. Thus the talk around potential solutions attempted to address those issues.

Next steps

  1. Discuss outcomes of this process with wider group of stakeholders
  2. Develop research framework to explore fund management models
  3. Engage with other researchers mentioned on their initiatives
  4. Bring a stronger fintech presence into the conversation

Barriers and problem statement

Problem statement: Efforts to support early stage, growth potential enterprises to obtain appropriate financing are not progressing as quickly and efficiently as they could be

It was noted that the problems in the survey appeared to be very sophisticated compared to the simple and yet fundamental issues that exist in the local market.

a) Building pipeline

Most of the barriers to ESF in the pipeline revolve around the capability of the entrepreneur. Attracting and training talent from school upwards is not the task of the National Task Force but a sustainable model of finances those activities could be.

Low financial literacy

  • Entrepreneurs are very revenue driven, but do not focus enough on the cash flow. Often entrepreneurs don’t even need investment but rather they need to better understand their cash flow.
  • Incubators create a reliance on an accountant within the incubator – this disempowers the entrepreneurs to do their own work. As a result, graduated entrepreneurs do not understand accounting principles and finance. Incubators need to improve their entrepreneurs’ understanding of the back and front end of the business, rather than just how to sell. They should empower independence rather than create dependency.
  • Small businesses often do not understand business modeling, and are doing hobbies than skill- and needs- based businesses.
  • There is little practical or moral incentive to pay back government loans. There is no culture around repayment which sets up bad habits and track record for future funding rounds
  • Investment readiness and prototype testing is a big gap. It is not enough to understand and present a business plan.


  • Poor management and entrepreneurial capability, rather than entrepreneurial capability on its own. Management issues and operational issues are a concern.
  • Since businesses are small, those people are a vital component. Access to people with the right skills is critical
  • Poor management and entrepreneurial capability, rather than entrepreneurial capability on its own. Management issues and operational issues are a concern.
  • Lack of access markets (for township entrepreneurs, this is access to formal markets; for tech entrepreneurs, this is access to international markets).
  • Lack of propensity to become entrepreneurs.
  • Lack of innovative mindset and shared vision

b) Financial tools and vehicles

 Mismatch between investor and investee expectations

  • Poor communication between those in formal and informal economy. Investors have made very little effort to address financing gaps in the informal market eg Spaza shops and taxis.
  • Being within the community and having an on-the-ground presence is often necessary, to ensure that entrepreneurs are repaying loans.

Fund management models

  • Fund management structures are not inherently sustainable – fund management models are not appropriate
  • High amounts of TA required which need to be funded
  • Deal sizes are too small to raise larger funds and small funds are not sustainable
  • A lot of skill required at investor level because of the complexities in the market. Difficult to afford staff who can address this complexity successfully
  • The 2 and 20 model is outdated
  • Fund manager talent tricky to find
  • 90% of pipeline comes from networks but without adequate staffing it is difficult to expand networks – time constraints. This requires a diverse team with different networks.
  • Pipeline and fund management model are therefore interlinked

Acceleration and investment

  • There needs to be a clear link between acceleration and investment – in other words accelerators should be rated on whether the companies they support go on the raise investment and grow
  • There is a conflict of interest if accelerators are investing in their own investee companies

c) Unlocking capital

  • There is lots of money but it requires too much risk mitigation in order to be deployed.
  • Alternative credit scoring is required to reach a significant percentage of SMEs requiring finance. Most have no collateral.
  • Government funders tend to distort the market and do not have adequate recoupment processes. This encourages poor habits and false expectations. Much money has been wasted in this way.

Key areas where further research efforts can be focussed in advance of presentation to National Task Force

a) Building pipeline (eg start up development, accelerators, TA providers, transaction advisors)

Use data to inform intervention design

  • Create platform or use existing platform and feed in information
  • SEFA and FinFind currently working to collate information
  • Privately driven and publicly funded
  • EDI process at DSBD currently happening and could support efforts

Match investors and investees

  • Use data to understand criteria of both parties
  • Use spectrum of financial instruments available (can tap into international research on best fit)

Improve financial literacy and investment readiness

  • Simplify and standardise using technology platform
  • Simply accounting and make bank of accountants available
  • Ensure incubators have access to platforms
  • Standardise terminology

Reduce cost of investment

  • Lower cost of BDS, lead generation, deal readiness and due diligence. Impact investment should be considered a specific sub sector in this process and treated according to it’s own characteristics.
  • Create platform where data can be shared
  • Reimagine the ways leads are generated and shared
  • Ensure incubators or those picking up enterprises afterwards are making sure companies are deal ready
  • Mentor need to be high quality and paid for them to be of value
  • Use technology eg MyBucks for due diligence
  • Risk flagging tool to be used by investors to alert others to potential bad deals

Improve acceleration models

  • Focus on the link between acceleration and investment
  • Enclude and ANDE are doing research on this topic: what is working?

b) Financial tools and vehicles (eg alternative vehicle structures (eg Holdcos) and instruments (eg mezz, royalty etc)

Create alternative fund management model

  • Research on local and international models of fund management – create 8 page document that includes: 1. Local model mapping (archetypes – VC/ED/Evergreen etc)2. International model mapping (especially in emerging markets) 3. Recommendations 4. Impact specific considerations
  • Bring LPs and GPs into the conversation and include in problem solving process. Approach with consolidated viewpoint for discussion.
  • Lobby capital providers to allow different fee structures (eg DFIs)
  • Include local pension funds, SASME, SEFA, Jobs Fund and international funders (DDGF, Shell, OM, Palladium) in the discussion
  • Innovative models could include TA sidecars, 3rd party supplementation and impact incentives
  • SAME may be commissioning research on fund management models – don’t duplicate

c) Unlocking capital (eg Angels, foundations, DFIs, ED funds, government with catalytic models eg first loss etc)

There are mixed perceptions as to how much money is available. As a percentage of GDP is much lower than similar economies. There is therefore a need to attract capital into the space.


  • More blended models, more concessional finance, more first loss capital
  • Tap more foundations, pension funds, institutional investments


  • International and local research: e.g. Shell Foundation, evidence of how much catalytic funding is required.
  • Demonstrating test cases that work: e.g. Social impact bond, SEFA’s direct investment vs wholesale investment
  • Real incentives to provide first loss capital – i.e. tax incentives or codes of good practice, section 30C, etc.

Actions of a collaborative

  • Identify new pools of capital – expanding past corporates
  • Foundations – only 5% of grant money currently goes to entrepreneurship with the bulk going to education and health. Blended models could be encouraged. Build test case to influence other institutional investors eg DFIs
  • Banks are unlikely to crowd in because of risk profile
  • Institutional funding – currently low risk appetite and uptake of alternative assets (PE and VC specifically)
  • Develop blended finance instruments – attract different forms of capital


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