The Rise of Black Start-Ups and Social Entrepreneurship in South Africa
Thursday, September 8, 2016
With tough economic times and unemployment rising in an ever-changing world that is becoming more democratised, it is no surprise that there is a rise in black start-ups and social entrepreneurship. The reality for most black entrepreneurs is that they venture into entrepreneurship not of out career luxury, but rather out of the need to survive economically. Their long-term objective is not to create wealth, but merely to keep the business afloat while living off the profits.
On the other hand, there are a few fortunate entrepreneurs who are focused on growth and being revolutionary, who are driven by the competitive nature of the business and the ability to create long-term value – they use the business as a platform to change the world.
One might wonder, so who are these black start-ups and social entrepreneurs?
The majority of start-up founders in South Africa are between the ages of 25-35, with most of them coming from corporate backgrounds. From a Ventureburn start-up survey there are 66% white founders, 17% black, and the remaining 17% are made up of other races. In terms of ownership by gender, 68% are male, 6% are female, and the remaining 27% are male/female partnerships.
Source: Bizcommunity.com (link opens in a new window)
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