According to the UN, SMMEs represent more than 98% of formal business, while The Brenthurst Foundation reports that these enterprises employ 50-60% of our labour force and contribute 34% towards GDP.
However, despite their crucial role, South African SMMEs face numerous challenges, including access to funding, market saturation, and regulatory complexities. The UN reports that South Africa has a higher SMME failure rate than the global average, with 70-80% of small businesses failing within five years.
In response to these challenges, Aions Creative Technology, a local venture builder (VB), through its partnership with Telkom FutureMakers to support the growth and success of promising black-owned, youth led start-ups, has added five more to its stable:
SpaceSalad Studios : A studio for gaming and creative content.
Delivery Ka Speed: A township food delivery service.
Welo: A platform that connects corporate clients with top-tier healthcare professionals and employee wellness initiatives.
The Awareness Company: A risk mitigation software company that provides real-time, automated awareness.
Credipple: A talent marketplace for trusted creative and digital professionals.
These start-ups were chosen through a rigorous selection process and will receive funding and support from Aions, enabled in part by the R58 million awarded by Telkom FutureMakers to Aions in 2023.
Aions, founded in 2022 by Mitchan Adams, who is also a co-founder of the fintech success story Ozow, is committed to leveraging B-BBEE funding from local businesses to rapidly build local start-ups into scalable, sustainable businesses. With their vision being to stimulate economic growth and reduce unemployment, Aions provides start-ups with access to capital, skills, and market expertise from seasoned entrepreneurs.
Kerryn Campion, COO of Aions emphasises that start-ups in South Africa face significant challenges, but with managed capital investments, strategic planning, mentorship, and digital advancements, they can navigate these challenges more effectively. Aions is proud to partner with Telkom FutureMakers to support the growth of promising start-ups and contribute positively to the South African economy”.
“Aions aims to bring more small businesses to market and foster innovation in key sectors. While our funding model includes investments from South African corporates and partnerships like the one we have with Telkom FutureMakers, we have Aions Exchange, a unique online ‘mini stock exchange’ that enables ordinary South Africans to invest in Aions-supported start-ups from as little as R50,” says Champion.
