Bonngoe Capital, chaired by the Executive Chair of Empowerdex Vuyo Jack, is an organisation which is boldly moving into the South African market with a mission to foster entrepreneurship by providing real opportunities for aspirant businesspeople. The company is investigating opportunities to provide the necessary capital and expertise to ensure the establishment of successful and sustainable enterprises through a venture capital fund.

According to Jack, Bonngoe Capital’s primary vision is to accelerate empowerment while unleashing creativity. “ South Africa is a country that is alive with potential – however, turning the potential into action has been a stumbling block owing to limited access to funds and expertise needed to ensure success. Our goal is to fill this gap, facilitating the emergence of economically independent people,” he says.

Noting that the organisation is serious about this strategy, he explains that earlier this year, it took a stake in the SME Survey, and has also forged a partnership with Franchising Plus – which he says is a key element in Bonngoe’s ability to foster successful ventures. “These strategic developments give us the ability to understand and gain insight into the market we seek to serve [through the SME Survey], and then the ability to provide real opportunities through Franchising Plus,” Jack says.

Jack sees franchising as one of the critical factors to the success of BEE. “Franchising is a good catalyst for accelerating BEE because it allows black people to take risk by starting their own businesses but within the tried and tested environment of franchising. Therefore franchising and BEE are synergistic.” he says

Through Franchising Plus, the organisation can provide qualified opportunities for franchise operation, while providing necessary capital through the venture capital fund. Further than that, it will also provide business support and mentoring, including access to financial services and management expertise. “The idea is to provide access to the full range of services and expertise required for the successful operation of a franchise business – it’s a proven model that delivers results and creates jobs,” notes Jack.

Eric Parker, the CEO of Franchising Plus, says that South Africans are not natural entrepreneurs, a claim borne out by the recent Global Entrepreneurship Monitor, which indicates that this country’s entrepreneurial activity is lowest of 34 developing countries reviewed. “We don’t think of creating work, but rather looking for work; the answer to that lies in the franchising model, which has not been well exploited in this country,” he says.

Parker notes that franchising offers several benefits for the aspirant entrepreneur. “It offers a proven brand [he says there are some 400 franchisors in South Africa] with the benefits of effective marketing and support structures. It also offers the opportunity for owner-managers to increase the value they gain from operating their outlets, and gain true economic independence while creating jobs for others,” he says.

About Eric Parker
Eric Parker is a visionary with a passion for entrepreneurship development and an ability to fire up peoples' minds, thus driving projects forward. Eric Parker's 'Road Map to Business Success' is a down-to-earth guide to starting and running a business. His own life is a showpiece of what can be done through innovative entrepreneurship. After studying metallurgy and marketing he became Marketing Director of Kentucky Fried Chicken, was a founding member of Nando's Chickenland, founder of Deloitte and Touche's franchise division and a partner in the Seattle Coffee Company chain - to name a few.

About Vuyo Jack

Vuyo Jack founded Empowerdex with Chia-Chao Wu in June 2001, with the primary aim of accelerating economic development in Africa through use of innovative financing mechanisms. Empowerdex currently conducts economic empowerment ratings and economic empowerment research for companies across all sectors. Bonngoe Capital is a sister company to Empowerdex with appropriate firewalls between the two companies.