Page 5 - CSERI Annual Review Report 2023/2024

DURBAN UNIVERSITY OF TECHNOLOGY
MESSAGE FROM
THE DEPUTY VICE- CHANCELLOR: RESEARCH, INNOVATION AND ENGAGEMENT: PROFESSOR FULUFHELO NEMAVHOLA
It is with immense pride that I present the 2023 - 2024 Annual Report of the Centre for Social Entrepreneurship Rapid Incubator (CSERI) at the Durban University of Technology (DUT). This report encapsulates a year of remarkable growth, transformative impact, and unwavering dedication to fostering entrepreneurship, innovation, and economic empowerment.
At DUT, we envision a future where entrepreneurship is a driving force for sustainable development and social transformation. The work of CSERI is a testament to this vision, as it continues to equip entrepreneurs with the skills, resources, and opportunities needed to create, sustain, and grow their businesses.
The achievements highlighted in this report-ranging from job creation and business incubation to strategic partnerships and community impact-reflect the tireless efforts of our entrepreneurs, faculty, and industry partners. The over 20 SMMEs created, 367 jobs sustained, and the R90 million turnover generated by our supported businesses are not just numbers; they represent real lives changed, communities uplifted, and economies strengthened.
The year 2023 - 2024 has seen CSERI surpass expectations by delivering comprehensive business support to over 276 entrepreneurs, empowering businesses through training, and facilitating strategic engagements such as the Durban Business Fair, the Hollywood Bambelela Business Awards, and the Supplier Development Programme. These initiatives have provided invaluable networking, funding, and market access opportunities, enabling our entrepreneurs to thrive in an increasingly competitive landscape.
Moreover, CSERI’s focus on innovation has been pivotal in preparing entrepreneurs for the evolving economic environment. The Launch League Programme for ideation- stage entrepreneurs, digital incubation platforms, and the
expansion of the Maker Space have ensured that our startups remain agile, competitive, and future-ready.
A key highlight has been the collaboration with DUT’s Procurement Department to train 14 entrepreneurs through the Supplier Development Programme, equipping them to become competitive and sustainable suppliers within the DUT ecosystem and beyond. This initiative exemplifies our commitment to economic transformation and inclusive entrepreneurship.
The role of entrepreneurship in addressing unemployment, fostering innovation, and driving economic growth has never been more critical. At DUT, we recognize that universities must move beyond traditional teaching models and actively cultivate entrepreneurial mindsets. Through CSERI, we are not only training students to think like entrepreneurs but also equipping them with the tools to become business leaders and job creators.
The success stories featured in this report-from rural-based poultry farms and innovative fashion startups to cutting-edge logistics companies and digital enterprises-demonstrate the far-reaching impact of CSERI’s initiatives. These businesses are not only creating employment but are also addressing pressing societal challenges through sustainable business models.
ANNUAL REPORT 2023/2024 3