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Applications are open for South Africa’s Entrepreneur of the Year competition, recognising local entrepreneurs who through their businesses drive growth, create jobs, and contribute towards economic development in the country.

Now in its 28th edition, the Entrepreneur of the Year competition – hosted by Sanlam and Business Partners – grants awards for five categories, namely emerging entrepreneur; small business entrepreneur; medium business entrepreneur; job creator of the year; and innovator of the year.

Prizes valued at ZAR2 million (US$136,176) will be awarded to the winners, including cash prizes of ZAR425,000 (US$28,938); as well as mentorship, support, networking opportunities, and media exposure.

“While the country has recently experienced tough economic conditions that may not necessarily enable SMEs [small and medium enterprises]to grow, opportunities do exist for those entrepreneurs who continue to identify gaps in the market and transform these into viable businesses,” the organisers said.

“We need to make a concerted effort to recognise and honour these entrepreneurs who continue to inspire others to venture into the world of business.”

Two further awards will be granted at the discretion of the judging panel; to a lifetime achiever, and a judge’s prize.

“The judges are looking for entrepreneurs that have succeeded against the odds, either by carving out a niche market for the product or service offering, or by succeeding in a very competitive environment. Perseverance and endurance, innovation and agility are some of the qualities we look for in the entrepreneur,” the organisers said.

There are also a number of quantitative measures that will be taken into account by the judging panel, such as turnover growth, profitability, owners’ equity growth, positive cash flows and job creation.

Applications can be made here, until June 16.

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