Township economies are the heartbeat of South Africa’s entrepreneurial spirit, yet they often go unrecognised. These vibrant hubs of commerce and innovation contribute significantly to our country’s economic landscape, but many township entrepreneurs continue to face challenges in accessing resources and gaining visibility. Did you know that South Africa’s township economy is valued at over R900 billion? It’s a staggering figure that underscores its potential to drive growth and create jobs. (Source: Township Economic Review)
This reality came alive for me at the 6th Annual Township Economy Summit and the inaugural Township Economy Awards, held in Tembisa on 21–22 November 2024. Hosted by the Township Entrepreneurs Alliance (TEA), the event was a celebration of resilience, creativity, and transformative leadership.
Themed “Inclusive Economic Future,” the summit provided a platform for entrepreneurs, government officials, and corporate leaders to collaborate on actionable strategies that address the unique challenges within township economies.
“The township economy is at an intersection of growth and transformation. When we come together, we can make an impact,” said Lizzy Mogale, Managing Executive for Insights and Advisory at Nedbank, during her keynote address.
Key Takeaways from the Summit
The summit spotlighted seven industries critical to township growth: Green Economy eKasi, Manufacturing, Transportation, Backroom Market eKasi, Retail & Agriculture, and Technology & Innovation. Through panel discussions and keynotes, these sectors were brought to life with powerful insights:
- Green Economy eKasi: Hleziphi Siyothula, founder of Mtshizana, stressed the importance of aligning with partners who share your vision.
- Manufacturing: Fulton Ramaphakela, CEO of Vimba Group, shared his journey of self-employment since 1996, highlighting the power of leading supply directly to consumers.
- Technology & Innovation: Freddie Mahhumane, founder of KasiD Township Delivery, echoed the need for educational reform to lay the foundation for innovation.
“Do not despise small beginnings. Do everything to get your brand seen,” urged Sheldon Tatchell, founder of Legends Barber, inspiring entrepreneurs to persevere.
Celebrating Excellence
The Inaugural Township Economy Awards 2024 honoured outstanding businesses and individuals who have made meaningful contributions to their communities. The big winner of the night was Godiragetse Mogajane, founder of Delivery Ka Speed, who took home three awards, including Youth Entrepreneur of the Year.
“This is a testament to hard work and believing in your vision,” Mogajane shared.
Other inspiring moments included:
- The Chairman’s Award presented to Thulani Ntshuntshe, a former TEA Kasi Pitching Challenge winner whose journey has come full circle.
- A heartfelt keynote from Dr. Thami Mazwai, advocating for second-generation entrepreneurs to mentor the next wave of business leaders.
- Ritha Zwane, founder of Imbizo Shisanyama, reminding youth entrepreneurs to dream big and seek guidance from those who have walked the path.
Looking Ahead
Bulelani Balabala, founder of TEA, closed the event with a stirring call to action:
“You can show someone how to rethink the space. Together, we celebrate the achievements of township entrepreneurs and look forward to greater innovation in 2025!”
As I walked away from the summit, I couldn’t help but feel inspired by the tenacity and creativity of these entrepreneurs. They are not just building businesses; they are reshaping communities and redefining possibilities.