Inoxico is a fintech company focused on helping businesses to optimise their trade credit profitability. It primarily works to help large companies extend credit to business customers and derive returns on working capital deployed. By using an advanced analytics platform and their unique set of business payment data, it can determine appropriate credit risk approaches quickly and accurately. Today Inoxico is at an exciting point in its growth journey. The company is steadily increasing its market share, and recently qualified for funding from FNB’s Vumela Enterprise Development Fund. But just two years ago Inoxico’s future was uncertain, as Dominique Pitot, Inoxico’s CEO, explains. “Shortly before the Covid-19 pandemic hit we had realised that we had to make a big pivot or die trying. We were marginally profitable, but we weren’t building a sustainable business. We were looking for a programme that would help us, and FNB’s Accelerator Programme came highly recommended.” The FNB Accelerator Programme The FNB Accelerator Programme is designed to enhance the ability of Small and Medium Enterprises (SMEs) with exceptional potential to scale up successfully. The programme, delivered by Edge Growth Accelerate, aims to increase the SME scale-up success rate by driving critical management behaviour changes to promote job creation and to unlock further and improved capital, talent, and support. The FNB Accelerator Programme focuses on gazelles: SMEs with significant potential for growth. They typically have a large prospective market, an innovative product, and impressive leadership. “I’ve been exposed to other programmes,” Dominique says, “And I haven’t found any that are better than this programme. The FNB Accelerator programme strikes exactly the right level of detail: it’s not too broad to be relevant, but you also don’t get bogged down in specifics. Above all, it is realistic: it is tailored to what will result in concrete improvements.” The power of best practice According to Dominique, the key to Inoxico’s ability to leverage the programme effectively was the realisation that an entrepreneur doesn’t have to reinvent the wheel. “There is often an attitude amongst entrepreneurs that because they’ve had an innovative idea in one field, they have to approach each granular aspect of running a business with the aim of reinventing it. The programme taught us the power of leveraging established good practice. If you apply the framework properly and fully you get the most out of it. Cleverness is overrated! Have the humility to admit you don’t have all the answers, do things properly, learn from the experts, and you’ll avoid many of the pitfalls you would otherwise have stumbled blindly into.” Avani Manilal, SME Development Solution Strategist at FNB Commercial agrees, saying “Dominique and the rest of the Inoxico leadership really impressed us through their discipline and commitment to implementing the programme best practices. That discipline was a huge factor that has undoubtedly counted towards their success. It also demonstrates the value of a business that can successfully leverage the technical support from a contextually relevant programme, improve the maturity of the business, and then as a result, move to the next stage of the FNB enterprise development ecosystem and become eligible for Vumela funding. Inoxico is a great example of how financial and non-financial support work together to build scalable businesses with huge potential.” The benefit of experience In addition to the nuts and bolts of the programme, the mentoring component made an enduring impression on the Inoxico leadership. “We’d had this near-failure experience,” Dominique recalls. “I was dealing with a lot of pressure, and I couldn’t fully share my situation with anyone. Having the right mentor allows you to work through big problems with someone who understands your journey. If I hadn’t had that monthly sounding board and reality check, I would have become lost in my thoughts and frustrated by things I didn’t need to focus on. Mentoring also gives you the courage to follow through on the ideas that are applicable and that have promise. The experience was valuable enough that we have kept the relationship going with the mentor post the programme.” A validation of their hard work Inoxico’s focus today is on honing its product fit and exploring new markets, and the company seems on the cusp of a very promising growth trajectory with their new platform. Dominique explains: “The hard part was getting our first customers. We achieved that last year. Now we can focus on expansion and effectively integrating our services into client environments. We’ve managed to hit some huge milestones and the feasibility of the solution has been proven, so now we just must focus on implementation. The progress we have made, and the funding we’ve received from Vumela, are fantastic validations of the hard work we’ve put into developing a scalable business.”
Shattered Glass Ceilings, Still Standing
This Women’s Month, MiWay celebrates women are leading in traditionally male-dominated sectors – and who make a big success of it too! Women have been making breaking barriers for generations, yet there are still many industries and sectors which tend to be ‘preserved’ for men. But even in those areas, exceptional women are showing that they truly can make a contribution in these industries. Take Selinah Mtilene, who runs Diamond Panelbeaters in Mabopane, near Pretoria. Selinah was a traditional woman, who believed that it was the men who needed to wear work overalls while women stayed in the kitchen. But that all changed as she shared the challenges of running a business with her husband, who operated a backyard panel-beating business. Over a period of 11 years, Selinah developed such a passion for the motor industry that she quit her office job to lead Diamond Panelbeaters in partnership with her husband. After 3 years in the venture as partner, he left the business, and Selinah now runs it on her own. Selinah found running the business tough, especially when it came to accessing finance. After her 3-year stint as a solo business owner, Selinah was forced to return to a full-time job so that she could obtain a personal loan to buy the necessary equipment. During that period, she relied on her assistant, Valencia Khoza, who ran the business while she was working. “Having a woman I could rely on, and a fixed income to steady the course, I grew in self-confidence and at the same time, my confidence in the strength of women also grew,” she says. She mentions, however, that the lack of women in the field meant there was little support from what she refers to as “a sisterhood’, commonly found in women’s social circles and family networks. “Regardless of how long or how hard the road was, I couldn’t and didn’t allow myself to lose focus,” Selinah advises. “As my biggest client account since 2019 MiWay gave me the opportunity to really spread my wings, to fly. Today, Diamond Panelbeaters still employs Valencia, but we also have 48 professionals who are employed full-time! Yes, mine is a success story against the odds, but we need more, especially the stories of women, like me, who are using their small businesses as a vehicle to create employment opportunities and, ultimately, to alleviate poverty.” Pretoria-based Gillian Grobler is another mbokodo (Nguni word for “rock”) who, by her own admission, “stumbled into telecommunications by chance”, and went on to make a success of it against all the odds. A secretary by profession, Gillian was fascinated by her fiancé’s state-of-the-art telephone he carried under his arm when he came home from work one night. He went on to tell her that one of his business contacts was hoping they would be interested in setting up a local branch selling that type of equipment. Knowing first-hand how painful it was to spend days with a phone lodged between neck and shoulder while typing, they knew there would be a market for phones with functional design, including the option of a speaker. The couple agreed, and opened their business a few months later “financed” by no more than R30 000 worth of stock from the supplier. “I never imagined that 34 years later I would still be a salary maker, not a salary taker,” Gillian says. The challenges of starting and running a business cannot be underestimated, she says. She faced the biggest one of all when her husband was given a terminal diagnosis but, as she says, the hurdles are never-ending, and “one must simply persevere”. Gillian already knew that most offices are run by secretaries and personal assistants, women, really. She leveraged this insight and her extensive sisterhood of highly competent women to achieve her business goals: connecting with office executives, mostly men, as potential clients for their new telecommunications venture. When it comes to broken glass, Mumtaz Moola is an expert, more specifically in the motor glass industry. When the founder of MyGlass approached her with an offer to join the company’s leadership team, for Mumtaz, the decision was easy. He was clear about his vision to transform his business by empowering and enabling women in a sector which is not represented by women business owners, instead only women in administrative roles. “That conversation ignited my passion to not only be a woman leader, but also to inspire more and more women to sink their teeth into the male-dominated motor glass industry,” Mumtaz remarks. She joined MyGlass in 2016 as a director and shareholder. “As an approved vendor on a panel of service providers to a major insurance company, I made it my business to learn and understand the ins and outs of this niche sector. And I had to learn fast, especially since I was committed to bringing more women into this industry.” Mumtaz believes that women need to be given the opportunity to own businesses, “but this can only be realized in an environment conducive to growth, acquisition of business and technical skills”. MyGlass currently one of Miway’s biggest woman-owned fitment centres. …
Ebooks – Leading Ladies and Mompreneurs
Tech trends: What the rest of 2022 has in store for the industry
PRESS RELEASE – 24 AUGUST 2022 Tech trends: What the rest of 2022 has in store for the industry Since the beginning of 2022, several trends have emerged as newsworthy front-runners. CTO Wayne Yan and architect Saša Slankamenac atSouth African specialised software development firm Dariel, take a closer look at Web3, passwordless authentication, artificial intelligence and machine learning as three trends likely to make the biggest impact in the coming months. Starting with the most sensational – Web3 Some may be disappointed to discover that Web3 is not going to yield any practical results over the next six months. Furthermore, under its broader, hyped definition, it resembles platform-centralised internet Web2.0 of Facebook, Google and Amazon notoriety mainly due to consolidation in the cryptocurrency field by exchanges dominated by Binance, Coinbase, MetaMask, and OpenSea. Conceptually Web3 remains interesting in the sense of being decentralised. However, it is five years away from practical results. While initial investment and proof of concept research dust settles, an approach for the qui bono problem is not clear. This is something all decentralisation initiatives face – namely the value needs to be to individual nodes of the network, rather than to a concentration of a small number of entities; the latter being the established model for investors. Moving next to plain ol’ security – passwordless authentication. Security – the neglected middle child stuck between its more seductive siblings hacking and crypto. Most won’t get too excited with steady improvements to security. Nonetheless, consistent to form, security steadily continues making progress with initiatives such as multi-factor authentication (MFA). Is passwordless authentication MFA? No. MFA uses more than one authentication factor to verify a user’s identity. MFA systems may use fingerprint scanning as a primary authentication factor and one-time pin message-sending as secondary. The use of two terms interchangeably has come about because many MFA login systems started using passwordless as their secondary authentication factor. Widespread passwordless adoption could become a ubiquitous industry standard and further impact web and mobile applications outside of Microsoft’s enterprise ecosystem, as user expectations are normalised with this round of adoption. Lastly, artificial intelligence and machine learning It has been five years since OpenAI announced its natural language neural network model, Generative Pre-trained Transformer in February 2018, when the world was a different place. Since then, the world and AI/ML have been through a couple of radical cycles of change. While most of us were distracted by big world events over this period, and most advances in the field of Artificial General Intelligence (AGI) remained in the domain of research – AI/ML began delivering on its promise with practical applications in the market. AI/ML is close to a point at which technology is commoditised, simplified, or abstracted and finds itself in the hands of the man in the street. Within five short years, it has gone from initial investment proof of concept research to demonstrating practical, for-profit services and, what we are observing in the industry now is the ability for AI/ML to automate new kinds of customer interactions as services. This will give a competitive advantage to market players able to capitalise on subscription-based offers. The Biggest Pain Point As always, the biggest and most pressing operational pressure for large organisations remains maintaining a balance between running and upgrading in-place systems while managing projects to introduce new ones. A point complicated further with a high-demand job market and exacerbated by accelerating specialist fragmentation in the labour pool. This pain point in emerging markets is especially pronounced as the attraction of both foreign currency as well as permanent residency are huge. Specialists in different spheres are required to collaborate with more techniques and approaches for a broader set of technologies in order to keep up with increasing complexity of the modern technology stack. To illustrate, “full stack development” up until recently implied a single role responsible for the delivery of a fully functional software system, its deployment and ongoing maintenance. This designation no longer covers software delivery that additionally includes cloud, infrastructure as code, security, data engineering, data science and the governance and compliance it entails as even more new sub-disciplines continue to emerge. Technical expertise required to hone skills like this is coming from an increasingly shrinking pool of resources pressured by demand from overseas markets facing similar circumstances and looking abroad with offers of work visas and payments in dollars, pounds and euros. …
Google Wallet brings secure payments to South Africa
Google has launched Google Wallet in South Africa. From today, South Africans can look forward to a safer, simpler and more helpful experience when transacting. …