IMM Institute unveils plans to help drive entrepreneurial success

According to CEO Irene Gregory, the institute no longer only caters to marketing businesses, but also those in the supply chain and business management industries as sectors converge in the digital age.  

In addition, it seeks to provide an environment in which entrepreneurs and small business owners can network and be guided by other organisations within the larger IMM Institute membership body. 

Explaining the SMME Associateship and Innovation Hub, Gregory says: “Small-, micro- and medium-sized enterprises are the bedrock of our economy, accounting for 60% of all jobs but only 40% of gross domestic product. To help lift the economy towards the 5% economic growth we need to create even more jobs, it is imperative that SMMEs be given a space in which to thrive.”  

South Africa’s National Development Plan anticipates SMMEs creating 90% of all jobs, requiring 3.2-million new SMMEs be formed in the next seven years, according to a white paper published by 22 On Sloane, a startup campus, in January 2024. 

“What we aim to do is, within one year of launching this at our Annual Conference in October, have a dynamic SMME Associateship base of at least 200 small businesses, entrepreneurs and startups,” states Gregory.  

“At the same time, these small businesses will be given access to an SMME Innovation & Creativity Hub that will provide support and development for our SMME Associates, offering a range of high-quality valuable resources and support services to drive their business growth.” 

Many benefits for small businesses 

She adds that small businesses will benefit from being able to tap into online learning courses that cover aspects spanning personal development, wellness and financial literacy, through to complete business development.  

“We want to enable people to learn how to come up with an idea that will make money and take that concept through to a business plan,” she explains. 

In addition to this, the institute’s more established members – those with 10 years of operation or more – will act as a mentor to the smaller companies.  

“It’s also entirely feasible that such relationships also result in business arrangements being created,” Gregory points out. 

In the Innovation & Creativity Hub, SMME Associates will have access to an office environment without having the expense of setting up their own physical space. Not only does this allow for economy of scale, but it also brings like-minded people together so they can share ideas and solutions to challenges, while allowing them to forge relationships. 

“By providing a collaborative space, comprehensive resources, and a robust network of mentors and investors, the Hub will act as a catalyst for business success and sustainability. We are committed to nurturing talent, driving creativity, and creating a thriving ecosystem where ideas can flourish and enterprises can scale,” Gregory says. 

An additional incentive is the potential to be awarded the prestigious Entrepreneur of the Year Award. Nominations for this close on 31 August, with supporting documentation to be provided no later than 15 September. 

“These sparkling individuals will be honoured, alongside awards to celebrate those who have made a laudable contribution to the marketing and supply chain sectors, at the annual IMM Institute Excellence Awards in Sandton on 17 October,” notes Gregory. 

You can find out more about the IMM Institute and its offerings, as well as the 2024 Excellence Awards, here.