Winners of youth entrepreneurship competition

Mano Muthusamy

The programme attracts youth with innovative and sustainable business concepts and provides incubation and start-up support in their journey to becoming seasoned entrepreneurs.

Winners

Luthando Msomi from Umlazi and Busisiwe Mntungwa from Hammarsdale were pronounced the winners of the 2014/15 competition that ended recently. Out of 115 entries, the finalists were selected on the basis that they met the requirements to present a solid business concept, whilst also making evident their desire to become successful entrepreneurs. The submissions varied within the technology and green (recycling) sectors.

The panel of judges were impressed by the winning business concepts:

1. Msomi - inventor of a portable cooking instrument that can be used indoors and outdoors, which will not require electricity, gas and/or paraffin; and
   
2. Mntungwa - implemented an innovative method of farming potatoes (with the help of Enactus UKZN students) that substantially decreases operational costs and water usage, especially considering the country's water crisis.
   

Further details on the concepts that were submitted will only be divulged when the winners have registered their companies and gone through the process of patenting and acquiring SABS (South African Bureau of Standards) approval.

Entrepreneurial support

"Whilst government and the private sector play an active role in job creation, entrepreneurship will also become the core component in growing the economy," says Mano Muthusamy, the corporation's Acting Business Finance Executive. "Youth needed to build their confidence to take risks and identify unique and sustainable business opportunities."

The World Economic Forum Global Risk 2014 report estimates that more than 50% of young South Africans between 15-24 are unemployed.

"Exposure to entrepreneurship education, starting from a young age and continuing through adulthood into higher education, as well as reaching out to those economically or socially excluded is imperative if we are to create an entrepreneurial province. Education and access to information will play a vital role in cultivating entrepreneurial behaviour and fostering innovation."

Ultimately, the objective is to enable aspiring entrepreneurs to turn their creative concepts into operational businesses by providing start-up capital and the necessary business support to help them launch, manage and run their businesses successfully. The programme is committed to assisting with the following critical business elements:

• Business-related advisory support
  
• Feasibility study
  
• Business plan development
  
• Funding of the winning business idea
  
• Engagement with other stakeholders to garner further investment in the winning business operation