Standard Bank, South Africa has launched two business incubators to train entrepreneurs in business skills and innovations on business development.
According to the bank in a report on ITnewsafrica, the facility will serve as an avenue where entrepreneurs can test, develop their businesses and accelerate with supervisions from the bank’s innovation and enterprise development partners. The incubator will also help business owners with technical support on designs, and prototyping of products.
“Value chains are in urgent need of individual members who can refresh the way they function or what they have to offer,” Jayshree Naidoo, Standard Banks’s Incubator Head, said. “However, new ideas have to prove themselves to be accepted and that carries a price tag. So, training innovators in business skills is one part of a much bigger need for funding, access to resources, and market access.”
Standard bank said the entrepreneurs will also have access to its corporate network. The bank expects 350 entrepreneurs every year to go through the training, including staffs who want to venture into business.
Jayshree, also noted that other virtual incubators in Cape Town, Free State, Limpopo, and KwaZulu-Natal will also contribute to the entrepreneurs’ growth.