Thank you to Western Cape Government and Nedbank for a great morning. It is always fun to rub shoulders with the 1%. Targeting innovation is a excellent theme. As a footsoldier for the open source movement, I have found that there is no better methodology for fostering innovation than the open source methodology. Sadly this is not the route that is followed by the WC Government. Getting to open source takes determination, because an army of proprietary software salesmen is there to stop you. The next time someone fronting for a global tyrant is trying to sell you a software solution you would do well to heed this message – There are no salesmen in an open source project.
Sandile Shabalala, Adrian Dubru, Nedbank
Captonians have always felt that Nedbank is ours. Your ideas are sharp and innovative. This has to be why Nedbank is now rising as fast as it is. As a global community we still face the problem that the doors to unsecured lending are closed to Small Business. In the TurboCASH Project we currently advance over $2 M per month into this market. Please take a look at my ideas on how to solve SME financing using peer to peer and open source – TurboCASH Loans
Adrian good to meet a fellow WBS alumni. As an impoverished MBA student in 1979 I owe my kickstart to Nedbank. See What they forgot to teach you at the WBS
Isaac Matshego, Nedbank
Great presentation on the economics of the Western Cape. Thank you for refreshing me on sovereignty. We would do well to heed the caution that Capital and not Government is sovereign. Your presentation was the highlight of the morning for me. Whereas most speakers at the workshop used the platform to bandstand their own mission, you gave us valuable information. Economics is a dark science and most outsiders cannot grasp why economists are reluctant to go along with the rah-rah-jolly-hockeysticks solutions. It is really encouraging to see a young person with such a mature grasp of the facts.
The weakness with your analysis is that it focused on flows and omits stocks. It matters little that the financial services grow at 6% when the biggest physical asset of the WC – by far - is property. This current administration shares the dubious reputation with the National Party of 1992 to be the only Government in 40 years that introduced negative equity to the Cape Property market. To raise rates, while property values fall is disingenuous. Without rising property prices, the growth of equity is hampered and there are no sources of finance for start up or even mezzanine innovation.
I always enjoy listening to you, because you stand out in Government as rational approachable , with the self confidence to be open to criticism. It is a hard pill to swallow that in the world of today the interest of wealth creation for the masses is no longer consistent with that of job creation. Don't shoot me I am only the messenger. Welcome to The Rollerball Economy
Helen Zille, Patricia De Lille, Mary Carlyle
Upton Sinclair said, “It is difficult to make a man understand, when his salary depends on not understanding it.”
The rosy picture of SMEs that you paint in your presentations is very different to the situation on the ground, where most Capetonians of all levels have failed to advance their wealth under your administration. Unemployment in the Cape has risen dramatically under your watch.
Capital is an in-out-hop-on-lover, not interested in family issues and hungry children and worse it is a fickle mistress. Without return it will move on. Even with return it will move on simply to balance the risk of its portfolio. Green economies that do not present the Capetonion risk takers with returns that exceed buying shares in the JSE will go nowhere. Right now you are way off the mark. This is why in most other countries in the world, windmills abound and in the Cape there are only tales about Eskom.
You took R 6 Billion off the shareholders to build your stadium. Now that it is unprofitable, you are making out as if it was a problem that you inherited. In the private sector for this, you would have been fired, your house taken and your kids sent to a government school. When you turn the stadium into profit, I will be the first to congratulate you and take your business advice seriously. Until then sadly, your 6 figure salaries are derived from the waning fortunes of Capetonians and not from the profits that you generate.
It is always inspiring talking to you. Please never leave this city. In your presence, you make an old man feel young.
Leon Meadon, Donovan Goliath, David Botha
At the TurboCASH Project we work every day to help SMEs start and expand their businesses. Find our technology for free at www.turbocash.net
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