Why buy the equipment and technology your company needs for its day-to-day operations when you can rent both, even if you are a small, medium or micro enterprise (SMME)? “Only if you are never likely to be concerned about your cash flow”, was the answer partners DJ Kumbula and Zakhe Khuzwayo came up with before founding the rental and asset management company, InnoVent, in 2003.
Both had qualified as chartered accountants after completing their articles at PwC in Johannesburg and joined the staff of Rent Works, the largest independent rental and asset-management company in South Africa. While there, DJ and Zakhe quickly realised two things: they could come up with an offering that was more cost effective for their clients; and they could find a profitable use for perfectly good equipment that was being discarded by most companies in the industry.
DJ and Zakhe put their heads together and created a two-phase moveable asset rental and management company, which rents new equipment to corporates and used equipment to the SMME market.
This gives corporate clients competitive prices through residual financing in phase one of its business model, while reaching a previously underserved market in phase two.
Endeavor and Innovent
A group of MIT students conducted a study working closely with Dj and Zakhe to develop a new lucrative sales channel for the Qrent business in emerging markets.
By selling IT hardware to the employees of large corporate companies in these markets Innovent can avoid the laborious process of doing individual financial background checks.
“Endeavor is not about collecting a pay check, it is about utilizing the network and resources to enable your business to scale”