A total of 100 young entrepreneurs have been selected as finalists for the #YouthStart challenge in Cape Town, which will see them receive business training and stand the chance of securing funding.
Disrupt Africa reported in March the City of Cape Town’s Social Services Directorate launched the #YouthStart Challenge, aimed at assisting people between the ages of 18 and 35 in developing their existing businesses or startup ideas.
The competition is an accelerator programme for startup entrepreneurs and supports youth capacity development and job creation. It has now confirmed 100 entries will be offered 10 weeks of after-hours mentoring and training via the Absa “Ready to Work” programme to help them assess whether there is a place in the market for their products and services.
The Small Enterprise Development Agency (Seda) will also offer the selected entrepreneurs customised non-financial services, while the best 10 startups will be offered a place in Absa’s financial literacy programme. Seed capital and further training will be available for the three overall winners.
“This is not something that we, as government, can do alone. We are grateful to our partners from the private sector and institutions that are assisting us to change the odds and transform the lives of young people in Cape Town,” said Cape Town mayor Patricia De Lille at the ceremony marking the selection of the 100 entrepreneurs.
“We are extremely proud of these partners for stepping up to the plate and assisting the youth through this corporate social investment. And we call it an investment because when we give to the youth it is society at large that benefits. It is the key to unlocking the potential within them, allowing them to become citizens who can contribute to the greater good.”
