Creative, innovative, giver and a game changer are words that best describe Envisionit Capital Solutions’ managing director Terence Naidu. With over 17 years in financial services with a specific focus on deal funding and structuring, hedge funds, private equity, and securities lending related, Terence is the Bruce Lee of the financial sector.
With notable accolades under his belt which among others include being nominated for the EY Entrepreneur of the year - Southern Africa competition in 2015, as well as being featured in the Association of Black Securities and Investment Professionals (ABSIP) Black Book of Game Changers 2013-2016, speaker and panelist at the Ivy League University, Wharton Business School’s Africa conference in 2013 and most recently a finalist for the 2018 Entrepreneur of the Year demonstrates ample evidence that Terence is a force to reckon with in the financial sector.
With less than a decade since starting and operating Envisionit, his company already has a turnover of 25 million rands annually, signalling tremendous growth and progress in the company.
While Terrence has successfully built himself a thriving business within the financial sector, his success, however, did not happen overnight. Like many other successful entrepreneurs, his rise to the top was not a smooth sail. Born and raised in KwaZulu - Natal, Terence’s childhood was no less different than many of the other children who grew in his township neighborhood. When he finished school he wanted to study accounting so he could work in financial markets. To cover the tuition fees he had to juggle between full time jobs and studying part-time. An experience that would shape him to be the man that he is today and fuel a passion for social development.
While he had no idea which courses to pursue due to a lack of guidance, he took on various financial subjects that interested him with the hope that they will eventually lead him to achieve his ultimate ambition. After working full time at a shipping company Terence embarked on a journey to the UK where he worked at a cable television company. He later joined a large American oil company called Amoco, which was the largest industrial merger at the time, joined forces with British Petroleum. During his tenure at these various companies overseas, he observed, learned and researched as much as he could and was determined to come back home to South Africa with a vision and desire to bring back all the knowledge and experience he has gained while overseas.
Upon arrival from the UK, he worked for the leading sports marketing brand, Nike and Peregrine Capital (South Africa’s first and longest running hedge fund), where he embarked on his career in financial markets.
However, it was only when he started working for Sanlam that his desire to tap into the entrepreneurial world became more vivid.
Like many successful technology businesses, Envisionit Capital Solutions was successfully launched in 2010 from his garage. He credits this experience as a very important lesson in his entrepreneurial venture, as he was the sole employee, and had to learn everything there is about his business, quickly.
Even before his business made significant profits, Terence’s next mission was to establish a bursary foundation that would give back to previously disadvantaged South Africans by funding their tertiary education. This led to the birth of The Envisionit Bursary Foundation which was started in 2011 and has to date supported 20 graduates with 30 students from around the country being funded in 2019.
"When I established the business I made a promise to myself that a percentage of profits generated within Envisionit would put toward a good cause and what better cause than education? When I researched I realised that as is the case with many NGOs, whenever you donate to them only a certain percentage of your donation actually goes to the ultimate beneficiaries. With this in mind I decided to establish our own NGO where 100% of the donations received reach our beneficiaries. This gave Envisionit a purpose beyond just the profit motive," explains Terence.
Envisionit’s tax-exempted foundation is based on the 'Pay it Forward' concept, so when their beneficiaries complete their studies, not only do they get assistance with the first steps towards starting their new careers, but they are also challenged to help others in the way that they have been empowered.
Terence adds that one of the most important things to help develop a country is to invest in it. He says that more South African businesses need to realise that investing back into the country is not an expense but rather an investment. He points out that social investment into the country via education to develop more skills and encourage entrepreneurship will help grow the economy.
“We love this country, we truly do. Everything we do at Envisionit is driven by how we could benefit the country. With that in mind, we established Envisionit E-Escrow (www.escrow.africa) which essentially creates trust between strangers and recently launched the world’s first escrow app. By using Envisionit E-Escrow as your third party payment provider, we ensure a buyer gets what they paid for and a seller/ service providers get paid on delivery. No more scammers, no more corruption and no more waiting to get paid," concludes a compassionate Terence.
Another of the projects that Envisionit runs is called the Envisionit Prize, a challenge that promotes collaboration by providing incentives. The purpose of the challenge is to identify a countrywide or global issue and afford the greatest South African minds an opportunity to develop a sustainable and cost-effective solution to this issue. To learn more visit www.eprize.africa
Vital Stats
Featured entrepreneur: Terence Naidu
Key Players: Malebo Maloka (Financial Manager)
Age: 42
Company name: Envisionit Group of Companies
Year founded: 2010
Turnover: R25 million
Start-up funding: Self-funded