How Riversands Incubation Hub Aims To Foster Inclusive Economic Growth Through Developing Small Businesses
How Riversands Incubation Hub Aims To Foster Inclusive Economic Growth Through Developing Small Businesses. Established in 2015, Riversands I-Hub is a ground-breaking initiative with the ambition to foster inclusive economic growth through the development of small business. The Hub stimulates the local economy by offering a range of enabling small business development services and resources. This includes world-class physical infrastructure, growth orientated business services and a vibrant ecosystem. Today its 40 000 square metre campus is home to +150 businesses, with a growing off-campus ecosystem.
Riversands I-Hub campus is located in Johannesburg, South Africa adjacent to the township of Diepsloot on one end and luxury housing estates on the other. The comparison between the two areas is stark, bringing to the fore its deep-seated purpose of building a more inclusive society.
High potential SMEs are accommodated at Riversands for a period of up to three years at a low cost rental with entrepreneur-friendly leasing terms and a full range of business services and resources available. The campus is home to +150 small businesses. Apart from infrastructure, business owners can also access. Leadership & strategy – Setting the vision & direction; Marketing & sales – Bringing products & services to market; Systems & operations – Efficient delivery of products and services and Premises – A professional working environment at an affordable price, flexible lease terms, infrastructure and an entrepreneurial community.
The company’s vision is to be a leading entrepreneurial ecosystem, the go-to platform for small businesses to accelerate their growth and build strong, sustainable businesses. Its mission is to create a powerfully enabling platform of services and learning experiences, be seen by potential investors and customers as the place to find up-and-coming South African businesses and to collaborate with local and international business and academia.
The company also runs what it calls an “entrepreneur-driven” business incubation model. This is a semi-structured incubation model that is not prescriptive. The model encourages the entrepreneur to be in the driving seat when navigating the Hub’s services and resources. In its opinion, the process of continuously trying to figure out what the business needs and having the initiative to fully leverage available resources, is a key attribute for any serious entrepreneur.
