The 2012 competition will also feature a series of fourteen national workshops in six of South Africa's provinces, where crucial entrepreneurial skills will be provided to attending business owners.
"Besides the chance to win prizes worth R1 345 000, which includes cash prizes of R 200 000, finalists and winners are able to expand their networks and receive invaluable exposure for their businesses," says Nimo Naidoo, project manager of the competition.
"For example, one of our 2011 winners has won new business worth more than R1 million per annum, as a result of having participated in last year's competition."
Key aim
She says one of the key aims of the competition is profiling the success and significant job creation achievements of entrepreneurs from across South Africa. "We believe this plays a crucial role in elevating the standard of entrepreneurial activity, as well as fostering a national entrepreneurial spirit that directly translates into job creation."
She says recent studies show that South Africa is lagging behind many of its competitors when it comes to entrepreneurship.
According to the 2010 Global Entrepreneurship Monitor, in 2010, South Africa ranked 27th out of 59 countries on entrepreneurial activity, with its Total Entrepreneurial Activity (TEA) rate of 8.9% being below the average (11.9%) of all participating countries.
"Despite these worrying statistics, South Africa's entrepreneurial status has in fact improved year-on-year and there are some truly innovative small to medium-sized business owners that are playing their part in stimulating our economy. However, both government and the private sector need to do more when it comes to funding and fostering an entrepreneurial culture in our country, in order to address our unemployment cycle," she concludes..
To enter, download entry forms online at www.eoy.co.za or interact with fellow entrepreneurs and entrants on social media platforms Twitter and Facebook.
