69% of South African Organisations have been Affected by Economic Crime

Updated on 2 March 2016

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Today's top entrepreneurship and business stories (2 March)69% of South African organisations have been affected by economic crime

South African organisations reported a considerably higher frequency in the incidence of economic crime in comparison to their African and global peers, with more than two in three organisations (69%) indicating that they had been victim to economic crime in the last 24 months. This is according to PwC’s biennial Global Economic Crime Survey issued yesterday.

The 2016 Global Economic Crime Survey interviewed 6,337 participants in 115 countries. In South Africa, 232 organisations from a broad spectrum of industries took part in the survey.

Louis Strydom, Forensic Services Leader for PwC Africa, says: “Economic crime remains a serious challenge to business leaders, government officials and private individuals in South Africa. In this survey, we have found that the trend has remained unchanged from 2014, with 69% of South African respondents reporting that they had experienced economic crime in the last two years.

“When compared to the global statistic of 36%, we are faced with the stark reality that economic crime is at a pandemic level in South Africa. No sector or region is immune from economic crime.”

According to the survey findings, South Africans also exhibited significantly low levels of confidence in local law enforcement agencies, with 70% of organisations believing agencies are inadequately resourced and trained to investigate and fight economic crime. This is almost twice the global rate of 44%.

Pick n Pay launches competition to develop small suppliers

Retailer, Pick n Pay has launched the Boost Your Biz competition which will give 25 micro-, small- and medium-sized enterprises the opportunity to supply Pick n Pay with products and services.

Suzanne Ackerman-Berman, Pick n Pay Director of Transformation, says: “The development of small suppliers is vital to the growth of our economy. Access to the market, coupled with skills development, is the greatest platform that large business can offer those who have been previously excluded from the supply chain.”

According to Ackerman-Berman, Pick n Pay established the Enterprise and Supplier Development (ESD) team to assist emerging farmers and manufacturers in getting their product into the retail supply chain. The ESD gives new entrepreneurs access to funding and training, as well as free workshops where they can enhance their skills to become sustainable suppliers to the retail industry.

Applicants can enter the competition online at www.picknpay.co.za/boostyourbiz. Competition closes 8 April 2016.

Applications for Anizisha Prize now open

The sixth Anzisha Prize application phase is now open, and the search is on to find 12 of Africa’s youngest, most innovative social and business entrepreneurs under the age of 22.

This year there will be an increase in the support available to selected entrepreneurs over the next five years. Each of the 12 finalists will now receive a $7,500 USD fellowship package which includes the Anzisha Week boot camp, mentorship and consulting services, travel opportunities to network and business equipment.

The Grand Prize Winner will take home $25,000 USD, the first runner-up $15,000 USD and second runner-up $12,500 USD. The remaining nine finalists will receive $2,500 USD each.

The prize is open to any African national under the age of 22 with an active project, social venture or for-profit business based on the continent. Applications will close on 15 April 2016

Startup Sponsorshop launches in South Africa

The Sponsorshop, a free-to-access digital ecosystem that connects sponsors with the individuals, events, organisations and agencies, launched yesterday.

The online service aims to streamline the sponsorship process and minimises administrative hurdles for all parties involved by applying filters to search results and offering automated recommendations on which opportunities are best suited to the sponsors’ specified requirements.

“We have developed a service that will completely transform the sponsorship process in South Africa and indeed Africa,” says Matt Fendick, founder of the sponsorshop.

“The platform offers users transparency and access to market information at the click of a button, with the ultimate objective of facilitating authentic connections between rights owners and potential sponsors. It’s a lot like ‘dating for business.”

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