In an attempt to create South Africa’s next generation of CEOs‚ a Johannesburg businessman is about to put 10 inexperienced entrepreneurs in charge of his businesses.

 

Gary Bannatyne‚ managing director of The Digital Academy‚ says his Street Business School turns the education model on its head by giving “students” the chance to learn how to be business owners and get paid for it.

Bannatyne is driven by doing things that matter. With an extensive background in enterprise development, he has been instrumental in inspiring and shaping the lives of young people and start-up businesses across Africa. His passion lies in using technology for social change.

“We have launched Street Business School, the first-ever school for entrepreneurs, with the aim of creating more opportunities for young South Africans. We need to support more young talent to enable them to become job creators. Our future as a country lies in small businesses, and we are playing our part in growing the space,” says Gary Bannatyne, MD and co-founder of Street Business School.

Ten students are selected for the programme per annum. Their studies will be fully funded and they’ll have an existing business to “take and break” over the period of three years.

“The business needs to be pushed to failure or success. If the performance of the individual does not conform to the fast-moving pace and culture of Street Business School‚ the individual will be exited‚” says the school’s website.

Once the business is commercial, the entrepreneur will be offered share options on an annual basis (typically 20%). After three years of successfully creating a stable and scalable business, the entrepreneur will generally leave with a 60% majority shareholding of their business and a strong team.

Entrepreneurs that do not perform well will exit with nothing but experience at any point during the programme.

“They will be making managerial decisions within the first year‚ so they will be doing the hiring and firing as well‚” said Bannatyne.

The first group of students‚ who start next month‚ will get a ‘salary’ of up to R4 000 a month‚ food and accommodation. Bannatyne said his company‚ Street Capital‚ which helps entrepreneurs to fund and start businesses‚ had accumulated too many business ideas — many of them patented — but had too little time and manpower to build them.

“We have been faced with the challenge of trying to find the right entrepreneurs to head up businesses for us. We provided a test case with one of our staff where he was able to take an opportunity from us and take it to market to achieve commercial viability.”

“We are also in a position where we know what works and what is required. We are at a stage where we are going live with high-potential business concepts that we would otherwise not hand over to anyone.”

Most of the businesses run by the students would be in the technology field‚ though businesses were also available in retail and manufacturing if they were a better fit with successful candidates.

Gary Bannatyne


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Sources: Street Business School | Times Live

About the Author

Brent Lindeque is the founder and editor in charge at Good Things Guy.

Recognised as one of the Mail and Guardian’s Top 200 Young South African’s as well as a Primedia LeadSA Hero, Brent is a change maker, thought leader, radio host, foodie, vlogger, writer and all round good guy.

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