Xero has opened applications for its inaugural Xero Beautiful Business Fund, with more than R8,000,000 in funding available globally.
Four South African Xero small business customers will each win R250 000, with an additional R545 000 available in each category should a South African winner receive a global prize.
The Xero Beautiful Business Fund is open to Xero small business customers in South Africa, Australia, Canada (excluding Quebec), New Zealand, Singapore, the UK, and the US and will recognise companies who are eager to take the next step in various aspects of their business.
Colin Timmis, country manager of Xero South Africa, says: “I’m constantly inspired by the optimism and ambition of the self-made businesses that are at the heart of the South African economy. However, they often face barriers to growth and access to funding can be a huge hurdle. We are pleased to be able to provide this funding to help small businesses invest in areas where they may not have had the cash to do so.”
There will be four winners in South Africa, one for each category, and these will be determined by a judging panel consisting of industry leaders Lornelle Jonas, MD of E’lique Advisory; Nick Dreyer, co-founder of Veldskoen; Yaeesh Moosa, head of marketplace at Takealot; Colin Timmis, country manager Xero South Africa, and Xero employee judge Kabir Thakor.
A total of 28 regional winners, one from each region for each category, will be determined by regional judging panels before being put forward to the global judging panel to select the global winner for each of the four categories.
The global judging panel for the inaugural Xero Beautiful Business Fund includes Laurie McCabe, co-founder and partner of SMB Group; Becca McClure, transformation director of BDO Global; Jeanne Grosser, global head of partnerships at Stripe; John Hummelstad, Locatrix CEO; Sukhinder Singh Cassidy, Xero CEO; and Nigel Piper, Xero executive GM: customer experience.
There are low barriers to entry. To apply, Xero small business customers will need to submit a 90-second pitch video and complete a brief written form for as many categories as they want:
* Innovating for sustainability: for small businesses who want to take the next step on their sustainability journey. For example, it could be to move to sustainable packaging, implement energy-efficient equipment or carbon-neutral transport.
* Trailblazing with technology: for small businesses seeking to innovate. This could include digitalising parts of their operations or integrating new emerging technologies.
* Strengthening community connection: for small businesses or non-profits who strive to give back to their communities. It could be to contribute to philanthropy, social good, or make an impact on the community in a meaningful way.
* Upskilling for the future: for small businesses seeking to support training and development of themselves or their employees.
Each submission should be future-focused and detail how the funding would benefit the small business.
Full submission criteria and details are on the website. Submissions will close on 6 October 2023. Winners will be announced later this year.