Start-up company Drip Markets’, buy-and-sell was a platform for pre-loved clothing. It was founded by two College students who were studying abroad and came across a similar idea that has been in practice overseas. Not only does this provide a great Entrepreneurial opportunity, for local unemployed consumers, but through creative ingenuity these two youngsters have turned to social media in order to market their pre-owned clothing. It’s part of student life to buy cool vintage clothing, but they soon realised that the impact of this application was far broader. Drip Markets is not just about creating a platform to sell second-hand clothing; it is also an opportunity to tap into sustainable fashion. Every sale made on the platform removes the need to consume additional resources. So, for example, every time a second-hand T-shirt is bought instead of a new one, 713 litres of water are saved. Drip is also about empowering people to make money and start their own businesses. Anyone can sell their clothing via the app, which is open to buyers and sellers around the country. What distinguishes Drip from other similar platforms is that it is founded by locals, for locals, while providing users with an excellent service.

Explore a project of your choice that has been undertaken by young entrepreneurs in South Africa in order to promote the sustainable development of SMME’s. Critically explore the advantages and disadvantages of sustainable business practice on profits as was the case in the above case-study. Do you think that such inventiveness gains proper marketing exposure for such initiatives, please justify your responses?

Answers to Above Questions on Drip Markets

Answer 1: Sustainable growth and development is highly essential for all types of organisations including small, medium and micro enterprises. There are many such projects in South Africa under Tekken by young entrepreneurs in order to promote the sustainable development of SMMEs. One such project that is selected for the purpose of analysis is Thrift Fest SA, which is an initiative undertaken by the young entrepreneurs with the object of promoting a circular economy by buying and selling second hand thrifted clothing.