Enhancing The Entrepreneurship Framework In South Africa

Entrepreneurship sets the pace for economic development by creating employment, spurring innovation, creating effective means of resource utilisation and improving the socioeconomic wellbeing of the citizenry. This paper establishes the need for policy reform in the area of entrepreneurship by proposing the adoption of a national technology-based entrepreneurship policy in South Africa. The central research question to be answered is what elements within the national entrepreneurship framework of South Africa need to be improved to develop a robust ecosystem of innovative, high-growth start-ups and entrepreneurship. The results of this paper should assist South African regulators in spurring employment, economic growth and innovation. A survey of university academics, innovative entrepreneurs and members of anchor institutions found that the most significant barriers to technology or digital entrepreneurship in South Africa are: i) unfocused national entrepreneurship strategy; ii) suboptimal regulatory environment to facilitate innovation; iii) lack of networking and global connectivity; iv) lack of support for entrepreneurs; v) lack of access to adequate financing. The findings suggest the need for policy reform in the area of entrepreneurship, directed at facilitating high-growth, technology-based entrepreneurship aimed at promoting innovation and creating jobs.