Entrepreneur Fund: has potential, could do better

President Zuma made much of his May 9^th announcement of a new fund to finance entrepreneurs. It’s the first tangible deliverable of the collaboration government and business promised after their emergency meeting convened in February, prompted by the fallout from Nenegate.

The DA’s 2014 election manifesto called for the formation of a National Venture Capital Fund. How does this new fund stack up?

Zuma and Finance Minister Pravin Gordhan, and business at large, are relieved South Africa has so far avoided the dreaded ratings downgrade. The announcement came just three days after Moody’s retention of its investment grade rating for the country, seemingly emphasising government and business in partnership are serious about supporting small businesses and the important role they play in creating jobs and stimulating growth. 

Declaration on the Appropriations Vote - Small Business Development

This evening in the debate on the budget votes for all government departments I made the following declaration on behalf of the DA:

The Department of Small Business Development can rightly be accused of fiddling while South Africa burns.

The DA will support all efforts and money spent on policies and programmes which deliver real, measurable and positive returns.

This Department has not yet demonstrates these returns, therefore we cannot support its budget.

Budget speech in Parliament today - New entrepreneur fund has potential but business must demand concessions in return

Watch the debate on YouTube here - scroll through to halfway through the video, this is where the debate begins, after the Energy debate.

Chairperson, Minister, Deputy Minister, members of the portfolio committee, honourable members, visitors in the gallery - good afternoon.

First let me acknowledge and welcome my guests, Vuyisa Qabaka and his group of young mentees from Nyanga East. Vuyisa, through his example as a successful entrepreneur and commitment to building the next generation of entrepreneurs, is showing the way towards a more prosperous South Africa. Malibongwe!

Chairperson, the Department of Small Business Development is approaching its second birthday. At our first EPC I portrayed our minister as Cinderella and urged her to avoid the clutches of her ugly sisters, Ministers Davies and Patel, whose antagonism to business is well known. Rather, she should be outspoken as the first truly business-friendly minister in the cabinet.