Samsung South Africa has announced its EEIP (Equity Equivalent Investment Programme) plans, aimed at empowering previously disadvantaged South Africans, with a focus on women and youth-led startups. The programme initiatives are set to strengthen black economic empowerment through enterprise development, thus boosting economic growth and job creation.
The programmes are formulated to make a measurable difference and are aligned to the overarching objectives of the NDP Vision for 2030 and the Gauteng Township Economy Revitalisation Strategy. The aim is to find and support — through grant funding — high potential entrepreneurs to help them grow their businesses sustainably. In addition, a focus on establishing black businesses in the heart of townships has been prioritised.
“As a global leader in mobile and consumer electronics, our extensive experience and deep technical skills can be leveraged to empower South Africans to harness the power of technology to be leaders of the fourth industrial revolution. Samsung is firmly committed to growing South Africa through socioeconomic change, and welcomes the submissions of those who want the opportunity to create a more inclusive and prosperous society,” says Hlubi Shivanda, Director: Business Innovation Group and Corporate Affairs at Samsung South Africa.
The R280 ($16.7mn) million Equity Equivalent Investment Programme, launched in May 2019, is aligned with Samsung’s global mission of Enabling People which helps them discover and develop their full potential. The EEIP initiative is projected to have a measurable impact on job creation and a contribution of nearly R1-billion to the South African economy at large.
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Building township business
Two accredited service centre entrepreneurs: The Service Centre programme will bring skilled black engineers to townships and peri-urban areas, with sufficient retail footprint to tackle the repair of mobile devices and consumer electronics that are subjected to rapid technological advancement and changing consumer needs. Samsung will provide two selected entrepreneurs grant funding to support their operations, including specialist business development support and access to Samsung’s service repair network.
Two marketing and advertising entrepreneurs: The Enterprise Development programme will contribute to transformation in the marketing and advertising industry, contributing to job creation through entrepreneurship. Samsung will provide support to successful entrepreneurs in the form of grant funding and access to supply chain opportunities to help grow their businesses.
One ICT entrepreneur: The Samsung SA EEIP is searching for a talented black software development business with potential, which can help overcome the challenges faced in the era of the fourth industrial revolution. Samsung will provide grant funding to capitalise the business and access to specialist business development support services.
Ultimately, The Samsung SA EEIP will make a measurable difference to the socioeconomic development of black South Africans.
How to Apply:
Follow the application process below to submit your application
Applications will be facilitated by Samsung’s partner Business Doctors:
Step 1: Apply online by submitting the required documentation (as stipulated on the Business Doctors website)
Step 2: Business Doctors will evaluate all submissions against the published qualifying criteria and shortlist applications for second round of evaluation.
Step 3: Shortlisted candidates will be notified by Business Doctors regarding the next steps in the evaluation process.
Step 4: Successful candidates will be publicly announced.
Apply here
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer