Host Mudiwa Gavaza is joined by Justin Rovian Naidoo, chief investment officer at MyGrowthFund Venture Partners
Justin Rovian Naidoo, chief investment officer at MyGrowthFund Venture Partners. Picture: SUPPLIEDOur host Mudiwa Gavaza is joined by Justin Rovian Naidoo, chief investment officer at MyGrowthFund Venture Partners.
Despite being one of the country’s largest sources of employment, small businesses continue to struggle to source and access funding for their operations.Naidoo says there is more money — such as foreign capital — available to fund such businesses, however barriers are artificially put in place to make access difficult.
He says the economic and political landscape is often cited as the reason capital can’t get into the country, “but the truth is that we have more than enough capital in SA or willing to come into the country.” “The problem is that corporate capture is rampant. The cheap dollar and euro liquidity-seeking decent emerging market yields are held captive and hoarded by a few major players in key industries.”Naidoo calls this state of affairs ‘corporate capture’, singling out the Enterprise Supplier Development programmes put in place by corporates, those making R50m or more, to support and grow small businesses — as one of the main culprits.
Topics of discussion include: corporate capture defined; problems around enterprise supplier development; ways in which to improve the current status quo; an explanation of fiscal dumping; ways in which small business can access more funds; and the place of a Startup Act in SA as a tool for increasing investment into innovative small businesses.
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