LED objectives focus on local opportunities that will enhance economic growth through the identification, establishment and support of typically new enterprises. This demands an effective incubation network and implementation support. Through the incubation network new business registration can be accelerated, job creation stimulated, business services offered and relationships built with enterprises in the economic mainstream. The architecture of the incubation network is the key to form a viable framework for a range of services to inexperienced entrepreneurs running small businesses.
The incubation network can:
- Introduce local business advisors who focus on the requirements of the region,
- Record the activities of enterprises active in a local area,
- Identify new business opportunities,
- Generate business plans
- Produce financing and funding applications,
- Register businesses and create jobs,
- Provide business support and business services and
- Ensure growth and prosperity of new business owners.
Once established, this initiative:
- Can mobilize a range of small enterprises,
- Support each one on an ongoing basis through key information gathered,
- Is sustainable through services income and
- Builds cash and equity for replication.
Uys du Buisson has been involved in a range of community development initiatives for more than 25 years and is regarded as an expert in ICT4D, economic development and monitoring and evaluation. Uys provides strategic inputs on Local Economic Development for REED.