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InnoVent is a two-phase moveable asset rental and management company. The company derives value from second-hand assets by re-renting them to the SMME market – allowing it to offer corporate clients very competitive pricing through residual financing in phase one of its business model while reaching previously underserved markets in phase two. Founded in 2003 by DJ Kumbula and Zakhe Khuzwayo, Innovent particularly works in the blue chip private sector.
DJ and Zakhe followed very similar education and career paths. Both become Chartered Accountants after completing their articles at PriceWaterhouseCoopers in Johannesburg. In 2001, they started working together at RentWorks, the largest independent rental and asset management company in South Africa. While there, the two noticed certain problems. They saw an opportunity to develop the rental model further to target the SMME market. They developed a business plan and search for an equity partner, which they found in Sasfin Bank.
In phase one, InnoVent offers large corporations cradle-to-grave rental and asset management solutions, facilitating financing through South African banks for their chosen assets. Its residual pricing strategy is also quite strong.
In 2008, InnoVent established the Qrent division to develop the phase two rental business, providing quality, second-hand equipment to the underserved SMME market.
The two are excellent role models for other aspiring entrepreneurs in South Africa.
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