SEDA promotes economic development in South Africa by supporting small enterprises and helping them grow. Through subsidiaries like SAMTI, they can reach targeted sectors within the wider economy. SAMTI targets SMMEs within the tooling industry of the Free State Province, assisting in the growth and development of their businesses. The process is as follows:
After prospective tenants have submitted their applications to the SAMTI programme, they will have to give a brief presentation to the panel during an interview. To assist in protecting the client’s intellectual property, they will enter into a non-disclosure agreement with SAMTI.
Based on their presentation and interview, the prospective tenant will be rated. This will determine whether or not they qualify for the incubation process. In the case of a client not meeting the requirements, a report will be written and the client must be referred to a relevant institution.
Once a client’s business idea is approved and the contract signed, they become a project of SAMTI. This process includes a period of business development services, support, coaching and mentorship given to kick-start and run the business.
By being accepted as a project of SAMTI, clients graduate into tenants with registered businesses.
All businesses that take part in SAMTI’s programme are expected to graduate. Once they are sufficiently developed and generate enough profit, they must move on to make way for new ventures and SAMTI projects.
The incubation process takes about three years to complete. Once this time has passed, successful tenants should be able to operate without the assistance from SAMTI. Enough support is given to tenants throughout the process that once the three years have passed, tenants should be well established.
By participating in SAMTI, tenants will have had plenty networking opportunities as well as had opportunities to attend industry workshops, gaining valuable knowledge in doing so. Graduates are considered successful and sustainable tooling design enterprises serving the Agriculture and Mining industries in the Free State Province.