MAJOR BOOST FOR SMALL BLACK MEDIA AND ADVERTISING AGENCIES
MAJOR BOOST FOR SMALL BLACK MEDIA AND ADVERTISING AGENCIES
18 January 2024
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The Media Development and Diversity Agency’s (MDDA) Economic Development Fund (EDF) kicked off its twelve (12) month mentorship programme for small black media and advertising agencies focusing on Finance and HR Management. The mentorship programme is aimed at identifying Finance and HR obstacles faced by the SMME’s and to create customised and relevant interventions to help equip them to develop systems and compete effectively in the media and advertising industry.
The EDF emerged from fines that the Competition Commission issued against major media companies that were involved in anti-competitive behaviour within the media industry in 2015 and today the fines are being utilised to transform the sector and create a lasting impact in the media and advertising sector.
An agreement was signed between the Competition Commission and the offending companies for them to pay fines to the MDDA for the establishment of the fund over a three (3) year period.
Beneficiaries of the fund are start-up black-owned SMMEs in the media and advertising industry. The media owners were this week inducted into the mentorship programme with a gap analysis session marking the beginning of their year long journey of business support.
The fund focusses on achieving transformation within the advertising and media industry through a variety of funding programmes, including,
• Bursaries to study media or advertising qualifications at tertiary institutions and individuals requiring post qualification experience to participate in the advertising industry.
• Individuals requiring assistance with sponsorship for mentoring or training in areas of media, advertising business fundamentals and Human Resources processes.
• Black owned small media or adverting agencies requiring assistance with start-up capital.
• Black owned small media and advertising agencies requiring assistance with sustainability funding.