The future is digital and the COVID-19 global pandemic accelerated this transformation. No job across every industry is exempt from digitalization. Already, we are witnessing assembling-line employees working side-by-side with autonomous robots, telecom equipment installers interacting with connected vehicles and GPS routing, retail workers are filing online orders for in-store pickup and taking payments from IoT devices, and healthcare workers see patients using video conferencing and keeping electronic health records.

The rate of digital transformation due to the pandemic lockdowns was substantial and companies will continue to move forward with
digitalization at an accelerated pace. Across industries, businesses are evolving in spite of the unplanned change to remote work requirements and increased broadband use is just one indicator. According to the World Economic Forum (WEF), 50% of all employees will need reskilling by 2025, as the adoption of technology increases.

The National Development Plan (NDP) recognizes that the labour market of South Africa needs to be responsive to the challenge of simultaneously expanding employment opportunities, raising living standards, and reducing inequality. The National Integrated Small Enterprise Development (NiSED) master plan aims to respond to this challenge and the Small Enterprise Development Agency (SEDA) recently issued a call for the establishment of Township Incubator/Accelerator and Digital Hubs.

Today, innovation and entrepreneurship have become the prime drivers of economic growth for an innovation-based economy. A key measure is the establishment of technology-driven incubators/accelerators to nurture nascent ventures by providing counseling and facilitation services together with smart workshops and share office facilities.

The government, the private sector, venture capital, and communities each have special roles to place in stimulating the venture creation process. Most successful incubation/accelerator arrangements in the world especially in China, Brazil, and India have been customized to the local conditions and culture. The performance of these arrangements has been enhanced through benchmarking and continuous learning. With more than 3 500 incubators worldwide today the establishment of a virtual World Incubation Network is underway.

Follow Business Cloud Solutions on LinkedIn, for more information on this new business incubation initiative and how this could benefit your business.