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After taking part in the Youth Business Pitching programme in five districts of the Free State, 10 young entrepreneurs battled it out in the Youth Business Pitching programme competition for the provincial prize.
The competition was organised by Department of Small Business Development, Tourism and Environmental Affairs. The aim was to unearth innovative business ideas from youth entrepreneurs and to provide comprehensive support to sustainable growth of such ideas.
Putting money where the mouth is, government now wants to empower the youth.
Youth from various districts had to compete to reach the provincial level of the competition. All those with clear business minds were well rewarded at the local level. The competition has been running for months before reaching the final stage.
“We introduced this concept taking into account number one, very important, the spirit of entrepreneurship. We said well and good young people must be assisted, SMME’s should be supported. But we said we need to inculcate the spirit of entrepreneurship which amongst is competition as they enter the market of trading they also compete amongst the well established. So it will be very key that we develop that particular skill capacity and we said government should tune. Stop throwing money at difficult problems hoping that we will find solutions let’s start them at this point but at the same time provide support on an ongoing basis held hands with them.”
Business funding
The overall winner received business funding and non financial support worth R500 000 after pitching his business idea. Khotso Moloi spent time looking into the insurance industry with its many challenges. Moloi considers himself a solutionist.
His idea was that of a unique car cover during bad rainy weather.
“So the cover is unique because it provides impact resistance to an aesthetic car cover used as part of the vehicle buying experience. So it’s not sufficient to provide impact resistance if there are hailstorms and any other storms.”
The Department of Small Business Development has urged other government departments to have this kind of competition focusing on youth empowerment.
“One of the things we are saying, as we want to strengthen our planning, is invite industry players and sister departments of government, province and national and business,” explains MEC for Small Business Development Thabo Meeko.
The overall winner faced a steep challenge from other nine districts winners who all had their pitch scrutinised by a strict panel of judges.
