Business Day TV spoke to Mudiwa Gavaza from Business DayJuly 03, 2026 at 4:53 pmA start-up is not just a business idea with a registration number. It is a living, breathing engine of growth, fuelled by funding, innovation and risk. And here lies the fundamental difference between a start-up and a small business. Start-ups are built for scale and designed for speed and disruption, typically with the backing of venture capital or angel investment. Yet in South Africa we are failing to cultivate a culture where these start-ups are born, grown and retained. Picture: 123/RF Local venture capital firm E Squared Investments invested more than R300m in South African start-ups last year. The investment comes as early-stage businesses continue to face a challenging funding environment. Business Day TV spoke to Business Day’s Mudiwa Gavaza about the state of South Africa’s start-up ecosystem, investor appetite and where venture capital is flowing.