In celebration of the Women’s Month 2025 theme of the North-West University (NWU), “Empowered to Lead: NWU Women Shaping the Future”, the Technology Transfer and Innovation Support (TTIS) office proudly showcases the achievements of women innovators who are transforming society through practical solutions. Leading this charge is Prof Erica Derbyshire, a chartered accountant and academic, whose pioneering research has resulted in the Financial Literacy Survival Toolkit, a practical resource designed to equip owners of small and micro enterprises with essential financial skills.

Owner financial literacy continues to be one of the most significant challenges for small and micro enterprises in South Africa. Many promising businesses, despite having strong products or services, loyal customers and dedicated entrepreneurs, fail because owners lack the necessary financial knowledge and competence to manage cash flow, debt, bookkeeping, taxation and investment decisions. Recognising this gap, Prof Derbyshire dedicated her PhD studies under the leadership of Prof Jaco Fouché in the Faculty of Economic and Management Sciences to understanding the financial literacy needs of small and micro enterprise owners and developing a solution to help businesses thrive.

The result is the Financial Literacy Survival Toolkit, a structured nine-chapter workbook that simplifies complex financial concepts into practical, real-world lessons. The toolkit covers key areas such as budgeting, bookkeeping, tax compliance, investment decisions and sustainable growth strategies. Entrepreneurs who apply these principles are more likely to improve cash-flow management and debt management, become aware of behavioural biases that hinder effective decision-making, make informed business decisions, and increase the resilience of their businesses.

Prof Derbyshire, who has since moved on to the University of Johannesburg, was also recognised as the NWU’s 2024 Research Innovation Impact Award recipient, further cementing the significance of her contribution to research-driven societal impact.

Reflecting on the significance of women innovators in society, Prof Derbyshire said: “As women innovators, we create solutions to real-world problems. With the support of the NWU TTIS, our innovations can reach their full potential and make a real impact in society.”

The toolkit has already been piloted in real business environments with promising results. Participants reported enhanced financial decision-making and compliance with legal and tax obligations, proving that financial literacy is a critical factor in the success of small and micro enterprises.

The TTIS office at the NWU has played a key role in transforming this research into a practical tool for society. By offering expertise in commercialisation, legal processes and administrative support, TTIS ensures that innovations like Prof Derbyshire’s toolkit reach the people and enterprises that can benefit most.

“This toolkit is a prime example of how research can make a tangible difference in society. Our role is to ensure that innovations like this reach the communities and enterprises that need them most. By supporting women-led innovations, we are not only driving entrepreneurship but also building more resilient businesses across South Africa,” said Dr Janine Chantson, chief director of TTIS at the NWU.

The Financial Literacy Survival Toolkit is now available for licensing and integration into entrepreneurship training programmes nationwide. The NWU TTIS invites partners in the public and private sectors to collaborate and maximise the impact of this woman-led innovation.

Those interested in licensing or partnerships are encouraged to contact Charlotte Mashaba at Charlotte.Mashaba@nwu.ac.za or call +27 18 285 2136.

Prof Derbyshire’s work exemplifies how women innovators are shaping South Africa’s future through practical, research-driven solutions that empower communities, strengthen businesses and create lasting economic impact. Her Financial Literacy Survival Toolkit is more than a workbook, it is a celebration of women-led ingenuity and a pathway to sustainable entrepreneurship.

Prof Erica Derbyshire and Prof Jeffrey Mphahlele