SA requires over 49,000 SMEs to generate 11m jobs
To meet the National Development Plan (NDP) target of creating 11-million jobs by 2030, South Africa needs over 49,000 SMEs growing at a rate of 20% per annum.
In comparison, the country would need 8.2-million small and micro-enterprises to create the same number of jobs.
This was revealed through the Endeavor jobs calculator, a global tool developed by the International Labour Organisation (ILO), National Statistics Agencies and Endeavor Insights, which takes into account the factors essential for job creation.
Endeavor SA MD Catherine Townshend said: “Endeavor believes that by providing support to scale up businesses by helping them think bigger and make more informed decisions, they are able to multiply their success.
“Based on South Africa’s urgent need to create jobs at a rapid scale, it is clear that the country needs more support for businesses that have the potential to scale and create jobs much quicker than micro-enterprises or start-ups,” she said.
SA needs a realistic approach.
“Our active portfolio of 22 South African Endeavor entrepreneurs created nearly 5,000 new jobs in 2014 and contributed over R1-billion to the local economy.
Mike Vacy-Lyle, CEO of FNB Business said that in 2014, FNB with Endeavor SA, introduced the FNB Business Innovation Awards to showcase innovation among scalable business in South Africa.
The winner will have an opportunity to present their business ideas to global business leaders at Endeavor’s International Selection Panel (ISP) in San Francisco.”