THE top innovative concepts of leading South African companies will be presented at a showcase on Thursday ahead of the announcement in the evening of the country’s best big and small company innovators in the country.
The inaugural Accenture innovation index received 190 entries from a range of companies and, after a rigorous selection process over many months, the top seven companies will compete for the two major awards, one for a big company and the other a small company.
As South Africa’s economy struggles under the weight of unemployment, strikes and poor growth, a number of smaller companies have surprised the adjudicators with their ability to overcome challenges — of the top seven, four are small companies.
Meganomics chief economist Colen Garrow says South Africa needs to hear more about successes among smaller companies as these are the companies that should be creating growth. "Often it is the smaller player with a bright idea that can grow quicker than the old dinosaurs — this is where the growth of the economy ought to be happening, yet we don’t really see the support for these companies."
The support of organisations such as the Industrial Development Corporation (IDC), which helps fund entrepreneurs starting new enterprises, is considered important for smaller players.
It was announced in May that a subsidiary of the IDC, the Small Enterprise Finance Agency (Sefa), would make R1.7bn available over the next five years for the development of youth enterprises as one of the new initiatives to boost growth.
The IDC recently held an Innovation Hub to help companies market their ideas and receive input on often-overlooked aspects such as protecting intellectual capital.
"In emerging markets it is very prevalent that smaller and medium-sized companies drive the growth. You begin lagging if the smaller players don’t come through, but they need the support as it is not only about access to capital, but also the cost of that capital," says Mr Garrow.
The short-listed innovation concepts were screened by TransUnion and selected on the scores achieved through an online entry process.
Before the evening awards, game-changing products, services, solutions or processes that lead to enhanced stakeholder value will be presented to the public from 11.30am at Urban Tree in Kramerville, Sandton.
"The Accenture Innovation Showcase is a unique opportunity to see the variety of innovation that has been driven in the South African market," Accenture South Africa CE William Mzimba says.
"It also presents the opportunity to directly engage with the concept originators, discover how these innovations are enhancing the quality of life of South Africans, and explore opportunities for cross-collaboration or adoption."
The Innovation Master categories were open to any organisation regardless of size or industry, and explore how innovation is managed in an organisation. The entire innovation ecosystem within an organisation, from human resources and social systems, to branding, marketing and product development, was examined.
Two big banks — Absa and First National Bank (FNB) — will showcase their leading concepts.
Absa will display both its new-generation ATMs, which offer cardless banking, and Potentiate, its new transactional product targeted at entry-level career graduates and professionals, which features future technology such as near-field communication for tap-and-go payments.
FNB says its strategy is customer centricity, and innovation is both a value and strategic pillar deployed in support of this strategy. FNB has delivered more than 8,160 fully implemented innovations since 2004, and says "we will continue to innovate, as innovation is a lifelong journey rather than a destination".
FNB says it relies on its employees to "be curious, obsess about mastery, have courage, be adventurous and root for the team", and so provides the space to contribute, offer work that is challenging and deliver empowerment that makes a difference.
"The overriding aim of the Accenture innovation index is to measure, promote and reward innovative ideas and commercial concepts across the public and private sectors in the South African marketplace," Mr Mzimba says.
"On Thursday evening, we will recognise local innovation role models who are making a meaningful contribution to a better South Africa, and provide unique insights into the innovative behaviours displayed by South African organisations."
The 12 adjudicators include innovation thought leaders, CEOs of larger companies and entrepreneurs, while an interactive panel discussion will feature Science and Technology Minister Derek Hanekom.
The four small companies in the running are Esse, GlobalTrack, Paperright and Smoke Customer Care Solutions, while Altech is also competing for a master award.
Accenture South Africa CE William Mzimba. Picture: JEREMY GLYNN
THE top innovative concepts of leading South African companies will be presented at a showcase on Thursday ahead of the announcement in the evening of the country’s best big and small company innovators in the country.
The inaugural Accenture innovation index received 190 entries from a range of companies and, after a rigorous selection process over many months, the top seven companies will compete for the two major awards, one for a big company and the other a small company.
As South Africa’s economy struggles under the weight of unemployment, strikes and poor growth, a number of smaller companies have surprised the adjudicators with their ability to overcome challenges — of the top seven, four are small companies.
Meganomics chief economist Colen Garrow says South Africa needs to hear more about successes among smaller companies as these are the companies that should be creating growth. "Often it is the smaller player with a bright idea that can grow quicker than the old dinosaurs — this is where the growth of the economy ought to be happening, yet we don’t really see the support for these companies."
The support of organisations such as the Industrial Development Corporation (IDC), which helps fund entrepreneurs starting new enterprises, is considered important for smaller players.
It was announced in May that a subsidiary of the IDC, the Small Enterprise Finance Agency (Sefa), would make R1.7bn available over the next five years for the development of youth enterprises as one of the new initiatives to boost growth.
The IDC recently held an Innovation Hub to help companies market their ideas and receive input on often-overlooked aspects such as protecting intellectual capital.
"In emerging markets it is very prevalent that smaller and medium-sized companies drive the growth. You begin lagging if the smaller players don’t come through, but they need the support as it is not only about access to capital, but also the cost of that capital," says Mr Garrow.
The short-listed innovation concepts were screened by TransUnion and selected on the scores achieved through an online entry process.
Before the evening awards, game-changing products, services, solutions or processes that lead to enhanced stakeholder value will be presented to the public from 11.30am at Urban Tree in Kramerville, Sandton.
"The Accenture Innovation Showcase is a unique opportunity to see the variety of innovation that has been driven in the South African market," Accenture South Africa CE William Mzimba says.
"It also presents the opportunity to directly engage with the concept originators, discover how these innovations are enhancing the quality of life of South Africans, and explore opportunities for cross-collaboration or adoption."
The Innovation Master categories were open to any organisation regardless of size or industry, and explore how innovation is managed in an organisation. The entire innovation ecosystem within an organisation, from human resources and social systems, to branding, marketing and product development, was examined.
Two big banks — Absa and First National Bank (FNB) — will showcase their leading concepts.
Absa will display both its new-generation ATMs, which offer cardless banking, and Potentiate, its new transactional product targeted at entry-level career graduates and professionals, which features future technology such as near-field communication for tap-and-go payments.
FNB says its strategy is customer centricity, and innovation is both a value and strategic pillar deployed in support of this strategy. FNB has delivered more than 8,160 fully implemented innovations since 2004, and says "we will continue to innovate, as innovation is a lifelong journey rather than a destination".
FNB says it relies on its employees to "be curious, obsess about mastery, have courage, be adventurous and root for the team", and so provides the space to contribute, offer work that is challenging and deliver empowerment that makes a difference.
"The overriding aim of the Accenture innovation index is to measure, promote and reward innovative ideas and commercial concepts across the public and private sectors in the South African marketplace," Mr Mzimba says.
"On Thursday evening, we will recognise local innovation role models who are making a meaningful contribution to a better South Africa, and provide unique insights into the innovative behaviours displayed by South African organisations."
The 12 adjudicators include innovation thought leaders, CEOs of larger companies and entrepreneurs, while an interactive panel discussion will feature Science and Technology Minister Derek Hanekom.
The four small companies in the running are Esse, GlobalTrack, Paperright and Smoke Customer Care Solutions, while Altech is also competing for a master award.
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