Venture capitalist Vusi Thembekwayo has launched a mentorship programme, #Top40, under MyGrowthFund (MGF), a company he launched recently to find and nurture high-growth black entrepreneurs through funding, incubation and enterprise development platforms.
Applications for #Top40 are open for entrepreneurs generating R1 million annual revenue and are looking to grow. The selected 40 businesses will undergo an 18 month mentorship programme with Thembekwayo and a group of professionals who specialise in Finance, Marketing, HR and IT.
“Our experience has taught us that most [businesses die] at the growth phase, and this is typically after a year in operation. We want to help businesses that have hit the ceiling scale up their businesses and progress to the next level,” says MGF CEO Vusi Thembekwayo.
Thembekwayo said part of the requirement for the mentorship programme was audited financial statements. Strict performance targets would be set for the businesses to maximise value and output for the entrepreneur.
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“Success is about habits, most entrepreneurs fail because they have poor habits. Over the 18 months, MGF will implement systems in the business of the beneficiary entrepreneur that will ensure success habits such as practical financial and cash flow scheduling; robust market access systems that are scalable and measurable and people management, rewards and motivation systems to ensure the entrepreneur maximises their single most important asset, their people,” adds Thembekwayo.
