Entrepreneur Scoops Old Mutual Funding to Develop Biofuel Enterprise
(BizCommunity) At an event held on 27 May 2017, Old Mutual Foundation, in partnership with Red Bull, announced Thabang Mabapa as the winner of their “business pitch challenge”
A combined judging panel from Old Mutual and Red Bull met on 11 May to interrogate the submissions, with their key criteria being innovation, business viability and the potential for job creation. The most compelling submission and winner of the R100,000 enterprise development funding were Mabapa’s project Selokong Sa Dimelana.
The Limpopo-based project involves growing castor seed crops with the engagement of small-scale local farmers for the commercial production of castor seed oil as an alternative biofuel. As Mabapa says, “I regard myself more as an energy farmer than a chemical engineer.”
The Red Bull Amaphiko programme’s focus on supporting young people in the social entrepreneurship and SMME sector made it an ideal partner for Old Mutual. After the initial selection by Red Bull of the 16 Amaphiko social entrepreneurs in the 2015 cohort, Old Mutual provided each with R10,000 seed funding, opened an Old Mutual Money Account for them and coached, advised and mentored them during the 18-month programme. Key to the process was assisting the young entrepreneurs to draw up a financial plan for themselves and their business. Additionally, the Old Mutual Foundation offered R100,000 enterprise funding to the winning contestant for the purposes of business expansion and job creation. READ MORE