Do you have a business in ICT and financial services sector? Here is a competition worth R4.2 million

If you have a business in the Information and Communications Technology (ICT) and financial services sectors, Old Mutual is offering a competition in which you could walk away with a share of R4.2 million prize money.

The financial services group launched its second edition of the SMEGo Pitchathon on Tuesday in Johannesburg for businesses in the two sectors.

This is Old Mutual’s initiative to support small and medium-sized enterprises (SMEs) in South Africa, as the sector plays a significant role in providing employment opportunities. There is a high rate of small businesses failing in the first five years, with the common denominator being a lack of funding.

What does the competition require?   

Nobesuthu Ndlovu, director of SME at Old Mutual Corporate, said they are looking for businesses that already have a track record, which includes the number of employees, the business’s turnover, and other key factors.

Another key focus area for entrepreneurs to highlight when entering the business is the solution their business aims to achieve.  

Through the competition, 14 businesses will be awarded R300 000 each towards their business needs.

ALSO READ: Challenges and opportunities for SMEs in 2025  

What has the competition achieved?

For 2024, 10 businesses were awarded R300 000 each. Lindiwe Shibambo, founder of Maid4U, and Lebogang Maloisane, founder of Softmeetz, used their share prize from 2024 to pay for operational costs, keeping their businesses afloat.

During the launch, a panel discussion around “Addressing crucial issues in financing black – owned businesses in the ICT and Financial Service sectors in South Africa” was held. It featured entrepreneurs who have walked the journey of struggling with funding.

Ndlovu highlighted that there is a disconnect between SMEs and lenders because some of these businesses lack a sufficient track record to secure funding. Therefore, they are seeking solutions to address the 5% approval rate that SMEs face in securing funding.

Competition helps with employment

She said she started her business while still a full-time employee because she wanted to help combat the high rate of unemployment. She has a business in fashion, and raised the question “if one business can employ 150 people, imagine how many people 10 businesses will employ?”

“The Old Mutual SMEgo Pitchathon is more than just a competition – it is about creating an ecosystem where great ideas can grow into scalable, sustainable businesses.”

SME support

Pali Lehohla, the former statistician-general, added that the number of black businesses receiving funding is concerning.

“Government funding vehicles do not feature; banks are at 5% since 2001. SMEs are being funded by family and friends. This is the source of funding for businesses.”

He said that during the Covid-19 pandemic, R200 billion was made available for businesses, but only a small portion of that money was distributed.

“Even in times of crisis, there is no urgency to address a critical growth vehicle for SMEs. Following the Covid-19 pandemic, there has been no reflection on how we can improve this process. It also speaks to the fact that we are not a learning nation”

ALSO READ: Entrepreneurship a solution to youth unemployment – but there are challenges

Innovation is key

Thabang Mkhuma, Technical Advisor at the MICT SETA, emphasised that innovation is at the heart of economic growth.

He said he has noted how many people are worried that the fourth Industrial Revolution will take their jobs, but that is not true, as tech is here to enhance, not replace.

“The only way the fourth Industrial Revolution will take your job is if you do not upskill yourself,” he added.

Innovating creates entrepreneurs. “We have adopted the triple helix model of innovation that involves academia, government and the industry to collaborate to foster innovation”

Benefits of tech

Talifhani Banks, CEO of Analytics X, spoke about the introduction of cell phones and how they have contributed to society for the better. Stating that any technological innovation will be for the betterment of society.

The panellists were asked if tech is the answer. To which they replied yes.

They emphasised that entrepreneurs can explore how technology can be utilised to enhance education and increase employment opportunities.  

How to enter

Applications for the Pitchathon open on June 24 and close on August 15, 2025.

The Live Pitch events will be held on 17 September in Johannesburg and 19 September in Cape Town.

Pre-qualifying criteria include 51% black ownership, an annual turnover of R500 000, and a minimum of six months trading history.

To enter, visit www.oldmutual.com/pitchathon. 

NOW READ: Mid-year financial check for SMEs: Tips to prepare for the next six months