GOVERNMENT DIRECTORY

sector can itself be the primary generator of economic development.” Other philanthropists provide vital venture capital to young entrepreneurs who have bright ideas but lack the means to see them to commercial fruition. Grocery wholesaler Nathan Kirsh, a self-made billionaire from Swaziland worth $3.1 billion, has provided start-up capital for more than 10,000 people opening small businesses across Africa and the Middle East. Thakkar’s Mara Launch Fund offers venture capital for start-up and early-stage businesses. Unveiled in Uganda last year, the fund has since extended its reach to Tanzania, with plans to open in Nigeria and South Africa. At present, up to $12,000 in capital is on offer to African business- es. “Funding has been the missing link but with Mara Launch Uganda Fund we have completed the ecosystem for supporting young entrepreneurs,” says Thakkar. It can be said that start-up capital is extremely vital for the growth of businesses on the continent, advances in technology can only but play a big role in such. Nigerian banker, Jim Ovia, had the latter in mind when he founded the Youth Empowerment and ICT Foundation. Information and communication technology (ICT) now generates 7 percent of Africa’s GDP, with the market predicted to be worth upwards of $150 billion by 2016. Keen to involve young Nigerians in this growth, Ovia’s foundation awarded $320,000 in grants to 10 “techpreneurs”, to develop their own technology businesses. It can be said that start-up capital is extremely vital for the growth of businesses on the continent, advances in technology can only but play a big role in such. Nigerian banker, Jim Ovia, had the latter in mind when he founded the Youth Empowerment and ICT Foundation. Information and communication technology (ICT) now generates 7 percent of Africa’s GDP, with the market predicted to be worth upwards of $150 billion by 2016. Keen to involve young Nigerians in this growth, Ovia’s foundation awarded $320,000 in grants to 10 “techpreneurs”, to develop their own technologybusinesses. set up as well as mentoring programmes to help bright young individuals from disadvan- taged communities to get a foot in the door of the modern business world. Research shows that there are many examples such as Aliko Dangote, the richest man in Africa and Nigeria’s first billionaire, worth an estimated $20.2 billion. Among his estimated $35 million in donations in 2012 alone, Dangote pledged $2 million to the Young Global Leaders programme, a World Econom- ic Forum initiative that identifies nascent talent. Dangote went on to make a statement at a recent charity event, “We should give while we are alive and also when we are young and capable. We should all be problem solvers and ready to make people happy when the opportunity comes.” Also priming young African entrepreneurs is Nigerian banker, Tony Elumelu, whose eponymous foundation has disbursed $6.3 million for the cause. Among other programmes, the foundation runs monthly Twitter tutorials for aspiring entrepreneurs. Its goal is to “prove that the African private Continued.... PAGE 312 ULTIMATE COMPANIES IN SOUTH AFRICA TM