Xero, the global small business platform, announced the return of the Xero Beautiful Business Fund for 2024 — an initiative offering more than R8 million in funding to support small businesses and non-profits with their growth plans and help drive future success.
Entries for the Xero Beautiful Business Fund are officially open to Xero small business customers in South Africa, Australia, Canada (excluding Quebec), New Zealand, Singapore, the United Kingdom, and the United States. The entry period will close on 27 August 2024 NZT.
Xero small business customers will need to complete an online form and record and submit a 90-second pitch video to the competition website for as many categories as they would like to enter:
- Innovating for environmental sustainability — For a small business or non-profit who wants to take the next step in their environmental sustainability journey by minimising their environmental impact; enhancing the sustainability of current products or services; or developing new environmentally friendly products or services.
- Trailblazing with technology — For a small business or non-profit that has a ‘future focus’ mindset and is seeking to innovate. These organisations want to set the pace and lead the charge using new and emerging technologies.
- Strengthening community connection — For a small business or non-profit that has a mission or purpose rooted in serving their communities and making a positive impact. It could be to make a difference in the community they serve, support underserved or marginalised groups, or contribute to social good through innovative ideas or solutions.
- Upskilling for the future — For a small business or non-profit that wants to overcome a skills gap, either through upskilling themselves or their employees. These organisations see a path forward with greater access to training and professional development.
Colin Timmis, Country Manager, Xero South Africa said: “After an overwhelming response in 2023, we’re excited to bring back the Xero Beautiful Business Fund again. Our recent State of Small Business Report in South Africa shows that small businesses have big goals and dreams, but access to funding remains a key barrier for them, with 72% tapping into personal funds to support their business. The Xero Beautiful Business Fund is about giving businesses the support they need to take the next big step and invest in their future.”
The inaugural Xero Beautiful Business Fund was first launched on 6 July 2023 to coincide with Xero Day, the company’s anniversary. As Xero celebrates its 18th anniversary this year, the Xero Beautiful Business Fund serves as a way to celebrate small businesses and help them achieve their dreams.
The four winners of last year’s Xero Beautiful Business were Mygrow, a software solution based on neuroscience that builds emotional intelligence in employees, won the ‘Trailblazing with technology’ category. Curate, a platform for content creators, photographers, and videographers to meet clients, won the ‘Upskilling for the future’ category. Constantia Food Club, which connects small local growers and producers, was awarded funding in the ‘Innovating for Sustainability’ category.
Sheryl Ozinsky, co-founder of The Oranjezicht City Farm Market and the 2023 ‘Strengthening community connection’ winner shared: “It’s difficult for small-scale organic farmers to compete with conventional farmers who mostly export or sell to supermarkets. We realised that to grow the number of organic farmers in South Africa, we need more farmers’ markets where they can sell directly to consumers. Winning the Xero Beautiful Business Fund enabled us to develop an online course and a ‘how-to guide’ to starting a farmers’ market, supporting the emergence of more farmers markets in communities across South Africa.”
Regional and global prize winners
The total prize pool offering of more than R8 million will be shared among 28 winners. There will be four winners from each country (one in each category), determined by local judging panels, and each winner will receive R250,000. Of those winners, four will become global winners, determined by a global judging panel, and each global winner will receive an additional R550,000.
For full criteria, details on how to enter, and 2023 winner profiles, please visit the competition website, Entries will close on 27 August 2024 NZT and winners will be announced at the end of October 2024.
