What makes a successful entrepreneurial ecosystem? How can institutions foster a culture that promotes innovation and entrepreneurship at all levels of society?
Recently, Absa and the Gordon Institute of Business Science (GIBS) have taken significant steps to address these questions with the launch of their new Chair in Entrepreneurship. This article delves into the key components, implications, and potential outcomes of this groundbreaking initiative.
Absa and GIBS Join Forces
The Introduction to the Chair in Entrepreneurship
On August 14, 2024, Absa, a leading financial services group, and GIBS, part of the University of Pretoria, announced the establishment of a Chair in Entrepreneurship. This partnership aims to ignite Africa’s entrepreneurial spirit and drive research across the continent. The primary goals include fostering job creation, promoting innovative business models, and contributing to the economies of various African nations through well-researched and practical entrepreneurial initiatives.
Objectives of the Partnership
The establishment of the Chair in Entrepreneurship is built around several objectives:
- Incubation Hub: Setting up school-based incubation hubs to nurture entrepreneurial spirit and skills among youth.
- Practice-Based Research: Cultivating a research environment that bridges the gap between academic theory and practical application.
- Thought Leadership: Generating thought-provoking leadership content that can shape the narrative around entrepreneurship.
- African Entrepreneurship Index: Creating a comprehensive index to track and promote entrepreneurial activities across the continent.
Dr. Steven Zwane, the Managing Executive of Corporate Citizenship at Absa Group, underscored that this funding reinforces Absa’s commitment to financial inclusion through entrepreneurship. He emphasized that the initiative would support job creation and economic growth while addressing the larger issues related to entrepreneurship in Africa.
School-Based Incubation Programme
A Focus on Youth Empowerment
The partnership aims to target young, entrepreneurially-minded individuals within schools. One of the critical components is positioning entrepreneurship as a viable career option for high school students and recent school leavers. The programme is focused not only on developing entrepreneurial skills but also on creating hubs of entrepreneurial activities within schools.
Key Elements of the Programme
- Training Advocates: Training teachers to become advocates for startups and entrepreneurial thinking.
- Scalable Implementation: Developing scalable models to be implemented not only in South Africa but also in partner schools in Kenya and Ghana.
Professor Louise Whittaker, the Deputy Dean of GIBS, stated that leveraging the collective expertise in business education and financial services would create impactful opportunities for aspiring entrepreneurs. This synergy aims to build a robust framework that youth can rely on to innovate and succeed.
Expanding Horizons: Pan-African Coverage
Absa’s Social Impact Approach
Dr. Zwane elaborated that scaling the coverage across Absa’s pan-African markets is intrinsic to the social impact approach. The initiative is not confined to South Africa; it includes collaborations with universities in East and West Africa to ensure research-based entrepreneurial interventions. This broadened scope is expected to have a lasting impact on the entrepreneurial landscape across the continent.
Enhancing Research Partnerships
The partnership aims to build strong research collaborations with institutions in East and West Africa. By promoting practical scholarship and innovative thought leadership, the goal is to connect theoretical concepts with real-world applications, particularly in the African context. This approach will empower both scholars and practitioners to contribute significantly to various forms of scholarly output, including events, white papers, research papers, and thought leadership articles.
The Absa African Entrepreneurship Index
Launching a Comprehensive Index
One of the standout elements of this collaboration is the creation of the Absa African Entrepreneurship Index. Scheduled to be launched in 2025, this index will incorporate data and insights from schools in Ghana, South Africa, and Kenya. The objective of the index is to provide a robust data-driven framework that will enable entrepreneurial action to thrive across the continent.
Objectives of the Index
The Absa African Entrepreneurship Index aims to:
- Data Collection: Gather relevant data to track entrepreneurial activities and outcomes.
- Actionable Insights: Provide insights that can be used to fuel entrepreneurial action and policy-making.
- Promote Best Practices: Highlight successful entrepreneurial initiatives and practices that can be replicated in different regions.
Driving Sustainable Entrepreneurial Growth
Bridging Theory and Practice
One of the primary goals of this partnership is to bridge the gap between theory and practice. This will be achieved through initiatives that promote practical scholarship and innovative thought leadership. The focus is on connecting theoretical concepts with real-world applications, particularly in African entrepreneurship.
Practical Scholarship
By marrying academic research with practical application, the partnership aims to drive sustainable entrepreneurial growth across the continent. Scholars and practitioners will have opportunities to contribute to a myriad of scholarly outputs which can influence policy-making and entrepreneurial practices.
Thought Leadership and Innovation
Generating thought leadership content that can shape the entrepreneurial narrative is another critical goal. This includes developing white papers, research articles, and other scholarly works that can serve as valuable resources for aspiring entrepreneurs and policymakers alike.
The Broader Implications for Africa
Economic Growth and Job Creation
Ultimately, the collaboration between Absa and GIBS is focused on driving economic growth and job creation. By fostering a vibrant entrepreneurial ecosystem, the initiative aims to create job opportunities, stimulate economic activities, and drive the overall growth of African economies.
Community Prosperity
Dr. Zwane concluded that the vision of this collaboration is to create a future where innovation flourishes, businesses thrive, and communities prosper. By focusing on youth and leveraging the collective expertise of both institutions, the initiative aims to drive positive change and shape a brighter future for Africa.
Conclusion
The launch of the Chair in Entrepreneurship by Absa and GIBS marks a significant milestone in promoting entrepreneurship across Africa. With a strong focus on youth empowerment, practical scholarship, and innovative thought leadership, this collaboration is poised to drive sustainable entrepreneurial growth and economic prosperity across the continent. Through initiatives like school-based incubation hubs and the Absa African Entrepreneurship Index, the partnership aims to create a robust framework for entrepreneurial success that transcends borders and impacts various African markets.
By aligning their goals and leveraging their respective strengths, Absa and GIBS are setting the stage for a new era of entrepreneurship in Africa—one that promises to transform communities, create jobs, and drive economic growth on an unprecedented scale.