A total of 24 student entrepreneurs under the innobiz DUT Centre for Entrepreneurship and Innovation’s multifaceted incubation programme have been the beneficiaries of close to R1 million in seed funding disbursed by the Durban University of Technology to their businesses. The much-needed funding for the student entrepreneurs will provide them with the necessary capital injection to upscale their enterprises.

The total amount disbursed to the student entrepreneurs’ businesses was R836 000. Ms. Nontokozo Ngcobo, the innobiz Centre Manager, explained that the seed funding process was designed to provide financial support to incubated student entrepreneurs to help them develop and scale their businesses. “The process involves several key steps, ensuring transparency, accountability, and proper utilization of the funds,” Ms. Ngcobo said. Quite critically, Ms. Ngcobo highlighted that the seed funding comes with access to mentors, advisors, and entrepreneurial networks, which are invaluable for young entrepreneurs navigating the startup landscape. “All recipients of the entrepreneurial seed funding from innobiz are required to produce a post seed funding expenditure report demonstrating how the individual entrepreneur has utilized the seeding funding granted to them as per your given milestone or action plan as indicated in the seed funding agreement. “This report will have to include proof of payment or purchase slips as evidence of how the funding has been used,” Ms. Ngcobo highlighted. Speaking to the innobiz Marketing Unit, some of the recipients of the much sought-after seed fund were excited to be given the chance to grow their enterprises through the seed funding given to them by the University.

Ayanda Nyandeni, founder and owner of Adia Cosmetics, explained that the seed funding had already helped her business gain access to a foothold into the marketplace by becoming more visible because the enterprise had initially struggled with its branding and marketing. “We have been able to forge an identity that people can identify us with, and so far, we’ve been able to get branding, get our social media content professionalised and up and running. The funding will also help us get our online store up and running as well. “Having an online store will enable our customers to access us easily in the market, while we’ve also been able to refine our packaging and with the funds that are remaining we’ll also be able to get our labelling done to match the industry regulated and acceptable standard of labels that we can get for our products,” Ms. Nyandeni said.

Ms. Londiwe Gumede, the founder and director of Pikankani Ceiling, Partition and Bulkhead Specialist, said that cash injecting into her business through the seed funding availed by the University and the Centre “I am very grateful for the seed funding because it has opened so many doors for us as a Pikankani, with the money we’ve received we’ve gained a lot as we’ve managed to acquire more equipment for the business as well as uniforms for the staff compliment. “We’ve also been able to service more clients as compared to prior to receiving the seed funding. We are extremely grateful to DUT and innobiz DUT,” Ms. Gumede shared.

Mr. Banathi Sihonqo, the founder of Infinity Soma Wellness Clinic, explained that the seed funding he received assisted business growth for his enterprise. “We’ve managed to purchase equipment and while we had initially started off as a mobile service, but now that we’ve received funding, we have managed to rent office space in Umbilo and that is where we are now offering our services although we are still offering the mobile services too. “We’re now fully operating, and we are very appreciative of the support that we have received from innobiz in terms of growing our business and the mentorship and guidance that we are still receiving in terms of the utilization of the funds we have received,” Sihonqo said.

Zamanyambose Mthethwa, Kasi Elegance Pty (Ltd), a catering services company, explained that the seed funding had already assisted her enterprise to become more competitive with competitors in her space, as it had enabled her to buy critical equipment. “I was able to buy chaffing dishes which are of a high quality, trending, and now I don’t need to borrow chaffing dishes as I now utilize my own which also reduces costs of borrowing. I have also been able to get three events in the space of a month since I received the funding, and I hope I can get more (events) as time goes on,” Ms. Mthethwa said. The injection of seed funding into the various enterprises being run by the student entrepreneurs is a testament to the University’s vision of becoming fully entrepreneurial and producing job creators instead of job seekers.