KZN Business Sense News

Applications for DAC Accelerator open

The Durban Automotive Cluster (DAC) is delighted to announce the opening of applications for its Business Accelerator. This ground-breaking programme is spearheaded by the unwavering support of the eThekwini Municipality and leading automotive industry giants, including Toyota South Africa Motors, Hesto Harnesses, and Toyota Boshoku South Africa.

The DAC Accelerator is focused on driving localisation, empowering Black industrialists, and developing commercial partnerships with high-potential enterprises in the South African automotive sector. Its ultimate goal is to facilitate positive commercial and transformational outcomes for both lead enterprises and participating small and medium-sized enterprises (SMEs), unlocking growth and fostering economic development.

Why Apply to the 2024 Accelerator?
Kyle Ballard, Head of the Accelerator, believes that this is a “once-in-a-lifetime” opportunity for SMEs across South Africa to take their business to the next level, saying. “The DAC Accelerator is designed to empower established Black South African-owned SMEs who have what it takes to supply industry giants within the local automotive sector, offering a unique pathway to growth and success.”

In addition to six months of hands-on mentorship with some of South Africa’s top industry leaders, qualifying businesses will also gain access to various other benefits. These include:
• Several big customers actively seeking new, local suppliers
• Expert support from industry leaders to enable business scale and growth
• Capital and investment opportunities to unlock potential
• A chance to win cash prizes

How does it work?
1. To qualify, your company must meet the following criteria:
• Currently or aiming to offer products or services to industrial customers
• South African-owned business
• 51% or more Black ownership
• Annual turnover of R50 million or less
• Registered with CIPC
• Tax compliant
• Operational for at least two years

2. Aspiring SMEs looking to become suppliers to participating customers are encouraged to take note of the criteria being sought in potential, local vendors, including:
• Strong engineering design capabilities
• Reliable quality assurance processes
• Healthy cash flow management competencies
• Strong preference for world class manufacturing leadership competencies as well as IATF and ISO9001 compliance

3. The SMEs will be screened, with a shortlist of the most promising businesses, invited to several stages of capacity building, culminating in an opportunity to pitch their business to senior decision makers from the participating automotive industry customers, as well as several investors.

4. Where commercial opportunities between high-potential SMEs and the participating lead firms are identified, several phases of upgrading will then follow, focused on unlocking new sales and business scale.

The DAC encourages all interested qualifying Black-owned SMEs across the country to apply before the closing deadline of 15th April 2024. Follow this link: https://bit.ly/3Um8mVA