Black industrialists finally defined, City Press, Business
Additionally, a black industrialist must “provide strategic and operational leadership”, take “personal risk”, stay in the business for a long term and act “entrepreneurially”. That means the industrialist must identify new opportunities and develop ways to exploit them, reads the policy's definitions section. The definition seems designed to exclude the passive partnerships that often seem to characterise BEE transactions. Those who qualify “should have extensive experience, operations and a track record in their respective or envisaged industrial sectors and value chains”. The policy paper makes frank judgements of government's success with black empowerment thus far, criticising the state-owned development finance institutions (DFIs) for favouring established white businesses and stating that black people's participation in state procurement is “surprisingly low”.