Page 7 - CSERI Annual Review Report 2023/2024

DURBAN UNIVERSITY OF TECHNOLOGY
MESSAGE FROM THE DUT CENTRE FOR SOCIAL ENTREPRENEURSHIP RAPID INCUBATOR DIRECTOR: MR SOLOMON NYAMURIMA
It is an honour for me to reflect on a year marked by incredible achievements, a constant pursuit of excellence, and unwavering dedication to
our purpose. The fiscal year 2023/2024 has
been one of significant growth and impact, setting new standards in our efforts to empower entrepreneurs and encourage socioeconomic development in our communities.
CSERI outperformed the SEDA and the DUT KPIs in the fiscal year 2023/2024. Our Centre has consistently met and exceeded these targets, demonstrating our
commitment to building a strong entrepreneurial ecosystem. Among the most significant milestones were the creation of 22 SMMEs, 26 new jobs, and 367 sustained jobs. We also provided full business development support to 276 clients, allowing them to improve their business acumen and operational efficiency while surpassing our expectations significantly. 219 clients reported an increase in turnover of greater than 5%, demonstrating the impact of our incubation and support programs. These achievements reflect the commitment of our team and the tenacity of the entrepreneurs we support. However, we faced hurdles, particularly in navigating the everchanging economic landscape and guaranteeing the long-term viability of our programs in the midst of budgetary constraints.
CSERI launched many strategic projects aimed at driving innovation, capacity growth, and community engagement. We successfully launched the Launch League program for ideation stage entrepreneurs, which has resulted in significant development for the 64 SMMEs who participated. Participating in events such as the Durban Business Fair and the Hollywood Bambelela Business Awards provided our entrepreneurs with exposure, funding, and vital industry connections. We also organised a series of workshops on strategic marketing, business legal compliance, risk management, and personal development, all with the intent of equipping our entrepreneurs with the resources and expertise they need to succeed. These initiatives have not only strengthened our Centre’s services but have also helped our entrepreneurs achieve greater success in their specific fields.
CSERI is poised for future growth and impact. We aspire to expand our incubation program by offering virtual incubation and to keep providing significant support to our graduates, ensuring that they remain competitive and innovative. We also plan on strengthening our working relationships with key stakeholders such as SEDA, DUT, and other industry partners in order to better leverage their resources and expertise for our entrepreneurs’ benefit. We will also continue improving our Maker Space and customised Enterprise Supplier Development (ESD) initiatives to drive innovation and sustainability for the Centre and our clients.
CSERI’s success is directly linked to the continuous support of its stakeholders. I am grateful to SEDA, DUT, and our numerous partners for their contributions to our success. We are devoted to open and transparent communication, and we welcome new partnerships that support our vision to foster entrepreneurial excellence.
In subsequent years, we will launch new programs such as the DUT Enterprise and Supplier Development Program, the W&R SMEs Skills Development Program, and an entrepreneur
ANNUAL REPORT 2023/2024 5