Thursday, 13 April 2017: When clinical engineer Masego Mohajane, entered her company, M-Squared Medical, in the 2016 Eskom Business Investment Competition (BIC), she didn’t know how much of an impact her decision would have on her business. While she only made the final stage of the competition, it is the ripple effect of participating in it that is still making things happen for her and her team.
Johannesburg-based M-Squared Medical started operating in 2014 and caters for General Practitioners, specialists and hospitals. The company sources, refurbishes, sells, maintains and leases various brands of ultrasound equipment. Though ultrasound is their core business, the company also deals with a wider range of diagnostic and therapeutic medical equipment as well as medical consumables.
"When I heard about the BIC, I saw it as a good opportunity to assess our progress as a young business amongst other small black-owned enterprises. What I could not anticipate however, was just how many doors participating in the competition would open for us, especially exhibiting at the Small Business Expo, which was part of the prize of being a finalist," says Mohajane.
"The exhibition gave us an opportunity to expand our database and start partnerships with various local visitors that came to our stand. We managed to convert 15% of the stand visitations into sales. We have also expanded our national footprint and managed to take our business into three additional provinces. We have also entered into partnerships with various intercontinental partners within the sub-Saharan region. All this has helped us increase our annual turnover by 30% and expand into other markets," she says.
While it would be hard to quantify the benefits gained from the level of exposure that Mohajane’s company received after participating in the BIC and the Small Business Expo, it is clear that it has helped them take their business to another level and be more competitive in their industry. Following their exposure in the competition, M-Squared Medical was selected with 17 other medical technology businesses to take part in the Discovery Entrepreneurs MedTech Silicon Valley Programme. The 18 companies spent a week in San Francisco, USA, exploring the latest in global technology-driven innovation.