Since the 2008 recession, the youth unemployment rate has been consistently higher than that of adults, by more than 20%. While young adults make up between 52% to 64% of the working population, they account for only 42% to 49% of the employed. Against this backdrop Ithala’s Inkunzi’sematholeni Youth in Business Competition is an initiative which has begun to address innovative business thinking a
mong unemployed youth in terms of focusing on, and identifying, new concepts in the knowledge and green economies. Ithala’s Research unit provided an analysis of macro-economic trends covering the key industry sectors in the province, which highlighted a new and exciting focus on the Knowledge and Green economic sectors. The development and enhancement of the knowledge economy is one of the key strategic goals of the KZN provincial government, whilst the growth of the Green economy is line with government’s agenda to encourage and support the youth to come up with innovative ideas within this economic sector. 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. A total of 115 entries were received of which 12 finalists were shortlisted for interviews and two were identified as winners. The submissions varied within the technology and green sectors. Ithala is currently assisting the 2015 winners to turn their creative concepts into fully operational businesses by providing start-up capital and the necessary business support to help them launch, manage and run their businesses successfully. As KwaZulu-Natal’s provincial development agency, Ithala has taken cognisance of the need to promote a spirit of entrepreneurship by encouraging innovative business thinking amongst the unemployed youth and to focus on and identify new concepts through the Inkunz’isematholeni project. The two winning business plans that were selected in the 2014/15 programme are testimony to Ithala’s commitment to enabling entrepreneurial dreams. Luthando Msomi from Umlazi, the inventor of a portable cooking instrument that can be used indoors and outdoors, which will not require electricity, gas and/or paraffin; and Busisiwe Mntungwa from Hammarsdale, who has 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, were pronounced the winners of the 2014/15 competition. Ultimately, the objective is to enable aspiring entrepreneurs to turn their creative concepts into fully 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
