Mcebisi Jonas resigns a day after addressing the AHI SME Indaba

This morning we heard the news that former Deputy Finance Minister Mcebisi Jonas has resigned as an MP. Yesterday I attended the AHI SME Indaba in Centurion where Mr Jonas gave possibly his last public address as an MP. It was striking in its frankness about the dangers facing SA today.

I sat Tweeting like mad as a substitute for making notes, but the gist of what he said confirms what we all suspected about the state of capture South Africa finds itself in.

In South Africa, "politics and economics are inextricably linked" he said. Economist Dawie Roodt's comments after his speech highlighted Jonas' emphasis on politics rather than a focus on economic policies, the latter being what you would expect from a former deputy minister of finance.

Launch of the Chance Glassworks Heritage Trust

This afternoon, the Chance Glassworks Heritage Trust launched at the Sandwell Council offices in Smethwick, near Birmingham.

The Trust is the brainchild of local businessman Mark Davies, who quickly assembled a first class team of professional advisers and a board representing diverse interests with a strong commitment to rejuvenating this historic site. I was honoured to be invited to act as Patron of the Trust, being the great great great nephew of founder Robert Lucas Chance.

The Trust's website can be viewed here.

Reply to question on issuing of business visas reveals SA is not a business-friendly or Start-Up Nation

Below is the reply I received to a written question put to Minister of Home Affairs, Malusi Gigaba, which reveals just how anti-business South Africa has become.

Business Day picked up the reply and published a story on it yesterday - see it here.

Apart from the fact that no visas were issued for any type of business, the Minister was unable (or chose not) to answer the question about the sum of investment made into the country resulting from the issuing of visas in the past.

I am going to be pursuing this issue as it pertains directly to South Africa's relative attractiveness as an investment destination. 

Yet again we are presented with concrete evidence that our government speaks with forked tongues - last week opening a one-stop-shop investment hub, this week showing its true colours in its anti-business stance by refusing new and existing businesses to bring in vital skills the country so desperately needs.

Press statement: Department of Small Business Development to underspend by between R96 and R125 million

Date: 24 March 2017 Release: Immediate Type: Press Statement In the Portfolio Committee on Small Business Development this week, it was revealed that the Department of Small Business Development is projected to underspend on its 2016/2017 budget by between R96 and R125 million due to incapacity, poor programme implementation and problems with transferring functions from the Department of Trade and Industry. This projected underspend represents a staggering 7% to 9% of its budget. Recent statements by Minister of Small Business Development, Lindiwe Zulu, claiming that she needs more money to fulfil her mandate are absurd if she cannot even spend what has already been budgeted.

Global Entrepreneurship Congress cavalcade rolls into town

Last week the Global Entrepreneurship Congress cavalcade descended on South Africa, making a two-city stop in Johannesburg and Cape Town. Billed as the biggest entrepreneurship get-together of its kind, it reportedly attracted 7 000 delegates from 160 countries. Judging by the variety of attires I brushed past in the Sandton Convention Centre over the two days I attended that was hardly an exaggeration.

GEC is one of several initiatives and programmes of the Global Entrepreneurship Network, including Global Entrepreneurship Week, the Global Entrepreneurship Index, the Global Business Angels Network and Start Up Nations, “aimed at creating one global entrepreneurial ecosystem”.

Deputy President Cyril Ramaphosa gave the keynote address, while Mayor of Johannesburg Herman Mashaba welcomed us all to the host city, giving a taster of how he intends transforming Johannesburg into an entrepreneurial powerhouse.

Launch of the Chance Glassworks Heritage Trust film and workshop

For those of my readers living in the UK, and have an interest in the firm of Chance Brothers, founded by my great great great uncle Robert Lucas Chance, there is still time for you to book tickets to attend the launch of the Chance Glassworks Heritage Trust promotional film and workshop at Sandwell Council offices on March 28th.

See this newsletter put out by History West Midlands magazine for more details.

For the past two years, the Trust has been painstakingly working on its grand project, which is to restore, preserve and redevelop what remains of the Chance glassworks, which date to before 1824, when Robert Lucas Chance purchased the site. The Trust approached me to be its Patron, which I was honoured to accept. On most of my several visits to the UK since then I have paid a visit either to the site, or met with Mark Davies, the Chairman, and other members of the Board to check on progress and contribute whatever I could to the success of the project.

This is an incredibly exciting project, and received a major boost last month when it got a financial injection from Sandwell Council to pay for the completion of the business plan and fundraising activity. The Trust aims to raise in the region of £25 million (around R400 million) to fulfil its vision, which includes the construction of a 30 metre high lighthouse topped with a working Chance lens, which will have the distinction of being the furthest lighthouse from the sea anywhere in the world!

I will post a link to the video after 28th March so readers can find out more about the Trust and its grand vision.

SME Fund slowly starts coming to life

On Friday I had my first meeting with Quinton Dicks, newly appointed CEO of the SME Fund established as part of the CEOs Initiative. This initiative came into being early last year, shortly after Pravin Gordhan's reappointment as Finance Minister and was an attempt by business and government to avert the ratings downgrade which was hanging over the country like the proverbial axe.

Discovery's Adrian Gore and Bidvest's Brian Joffe were put in charge of the entrepreneur fund workstream, charged with raising R1,5 billion to be invested in high-growth potential SMEs. In May my colleagues Geordin Hill-Lewis (Trade and Industry shadow minister) and Michael Cardo (Economic Development shadow minister) met with Gore, Joffe and Lisa Klein, the fund's interim CEO, to find out more about it and get a progress report. In preparation for the meeting I sent them a briefing note which I reproduce below.

In the intervening months the Fund has created a website and appointed Dicks as CEO. Importantly, it has not received the R1,5 billion matching funding promised by government when the fund was announced. There was no mention of it in the budget tabled last month, and I have sent a written question to Minister Gordhan asking why not.