Digital transformation and expanding access to modern technology have been game changers for entrepreneurs worldwide as they opened up doors to a global target market. Further, the digital revolution provides entrepreneurs with access to powerful tools transforming how factors of production are deployed in earning a living.
However, with the rapid advancements in technology, it can often take time for entrepreneurs to learn how to harness the power of this technology optimally. To remain at the forefront of innovation, MANCOSA has launched its METAcadamy, a futuristic business incubator programme aimed at harnessing the power of the Metaverse.
Increasing importance
The Metaverse is a contemporary phenomenon that has rapidly overtaken the world. Whilst a unified, single definition of the Metaverse is yet to arrive, many organisations and individuals already occupy space in the Metaverse, creating value through Non-Fungible Tokens (NFTs) and futuristic experiences daily.
Businesses are increasingly shifting digital budgets to metaverse-related activities across almost every industry. According to McKinsey research, more than $120 billion was invested into metaverse companies in 2022, which was more than double the $57 billion invested in 2021. According to Statista, commerce across the Metaverse is anticipated to experience a steady annual growth rate of 40.72% between 2024 and 2030.
Another McKinsey report indicates that the enthusiasm surrounding the Metaverse can potentially drive $5 trillion in value creation by 2030. This statistic is forcing companies to actively experiment with metaverse commerce.
With the above statistics in mind, how do we take the Metaverse business experimentation to the next level? How do companies engage on the Metaverse purposefully?
A South African first
The growing importance of the Metaverse is undeniable. The Statista report adds that South Africa is experiencing a surge in adopting Metaverse technologies, with virtual reality experiences and digital art gaining popularity among a growing tech-savvy population.
It is, therefore, crucial for entrepreneurs to be empowered to increase their core competencies on this platform.
The MANCOSA METAcademy is a two–week business incubator programme designed to propel incubates from the universe into the Metaverse. METAcademy will be the first programme in South Africa, founded by an institute of higher learning to empower existing and aspiring entrepreneurs with first-hand and practical insights into value creation in the Metaverse.
The METAcademy will harness the futuristic skills of entrepreneurs in a way that will allow them to optimise their presence in the Metaverse. Some of the skills that will be harnessed through the METAcademy include:
- Creating business ideas that will prosper in the Metaverse
- Testing digital business assumptions;
- Initiating partnerships with digitally driven organisations; and
- Creating value for stakeholders, utilising cutting-edge, technology.
The METAcademy is a two-week boot camp that Metaverse experts will run. Applications are open to the general public and will close in mid-March. MANCOSA will select ten entries from the general public to participate in the programme, which is being run free of charge. The programme will be run in mid-April for two weeks.
Embracing entrepreneurship
The METAcademy is one of the innovative ways that MANCOSA embraces a view of entrepreneurship and a digital future. Diversifying the South African economy is the only way that we will address the current economic crisis, and entrepreneurship can drive this change.
MANCOSA has several formal and short learning programmes that provide entrepreneurs with the necessary skills to propel their businesses into tomorrow. In addition to the METAcademy, MANCOSA runs several business incubators and personal development sessions, where mentorship and guidance are provided to provide entrepreneurs with additional skills associated with the experience of running a business.
Roxanne Bosch,
Director: Monitoring and Evaluation, Innovation, Student Success and Registration Support at MANCOSA
