Attending WBAF media briefing were Economic Development cluster chairperson councillor Thembo Ntuli, WBAF Board of Directors Chairman Baybars Altuntas, convenor Sonto Mayise, EDTEA HOD Nhlakanipho Nkontwana and TKZN CEO Nhlanhla Khumalo. Picture: Steven Makhanya
Durban will be hosting the World Business Angels Investment Forum (WBAF) in November, which will provide opportunities for business start-ups and other entrepreneurs to grow their businesses through accessing finance provided by the Angels network forum.
WBAF board of directors chairperson Baybars Altuntas said as the second-largest economy of South Africa, Durban was well-positioned to be this year’s host. He said he was glad that Durban was chosen to host the event on November 21 and 22.
Altuntas acknowledged that accessing finance was difficult for small business entrepreneurs.
“The hosting of this event will bolster the economic development of the KwaZulu-Natal region, especially the City of Durban,” said Altuntas.
“At WBAF 2023 we will allocate a special area where 100 selected startups from 42 countries, scale-ups, and high-growth businesses will each have an area to showcase their business, and to pitch their businesses on the global fundraising stage.”
Altuntas said governments have responded to the health, social and economic effects of the pandemic, therefore digitisation has been recognised as being of paramount importance and relevance in ensuring continuity of access to financial services.
He said the congress will feature round-table discussions that will provide a platform for entrepreneurs and angel investors to explore what start-ups will go through in post-pandemic times. The ultimate goal was that start-ups and SMEs are enabled to emerge from the pandemic period even stronger than they were before it, Altuntas said. He said an entrepreneur seeking finance from the Angels forum must be of sound standing, smart, and have good business ideas and a sound business acumen.
“It should be noted that by providing finance to start-ups and other entrepreneurs, the Angels forum will be making an investment, not funding, therefore they must be able to pay it back when their business is able to make financial returns.
“To qualify for finance, local startups will have to have a local investor, or a local Angel network that they are linked to, through whom they must be able to apply for the Angels business investment finance.”
KZN Economic Development, Tourism and Environmental Affairs (Edtea) head of department Nhlakanipho Nkontwana said the congress will upskill rising entrepreneurs with knowledge of what it means to grow a business and make it sustainable.
“This conference is vital in the growth of our economies through the SMMEs. These will provide the youth and the unemployed with opportunities to turn their lives around. The conference will also create opportunities for upcoming entrepreneurs, not only in South Africa but in other countries as well. It will also provide clear and concise ideas for those wanting to start their own businesses, for them to be true entrepreneurs,” Nkontwana said.
Economic development cluster chairperson Thembo Ntuli said: “This is testimony that our city is resilient, after the devastating floods and the July unrest – both events that almost brought our economy to its knees.”
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