Durban — Six youth-owned enterprises will be awarded and celebrated at the groundbreaking Inkunzi’isematholeni Youth in Business Awards ceremony which will take place at the Durban International Convention Centre on Friday.
Ithala Development Finance Corporation launched the Inkunzi’isematholeni programme in 2014 with the aim to tackle unemployment by encouraging the youth to consider self-employment.
Ithala reputation: management group communications and marketing, Sitandiwe Dimba, said Inkunzi’ isematholeni promotes innovative business thinking among the youth with regards to identifying gaps in the market, and developing new concepts in the knowledge and green economies.
“This is to ensure that youth come up with sustainable business concepts which promote a holistic view on business by looking after profits, people and natural resources. This initiative provides incubation and start-up support in their journey to becoming seasoned entrepreneurs,” she said.
Dimba said a total of six youthowned enterprises will be awarded and celebrated at the awards ceremony.
The overall winner will walk away with R100 000
1st Runner-up – R25 000.
2nd Runner-up – R25 000.
Three regional winners will each be awarded R50 000 to support their businesses.
Dimba said since the inception of the programme in 2014, it had reached over 2000 youths in towns across the province.
To date, more than R6 million has been invested in the programme.
In the 2019/20 leg of the Inkunzi’ isematholeni Youth in Business competition, a total of nine workshops reaching 1 086 youths were delivered throughout the province at the following districts:
• Zululand District at eDumbe Local Municipality.
• uMzinyathi District at uMsinga Local Municipality.
• uMhlabuyalingana District at Mbazwane Local Municipality.
• Mtubatuba Local Municipality.
• Abaqulusi District at Vryheid Municipality.
• Harry Gwala District at Greater Kokstad Municipality.
• uMsunduzi District at Pietermaritzburg.
• uMgungundlovu District at Mpendle Local Municipality and
• Ethekwini Metro.
“A total of 293 entries were received which was a positive growth from 250 entries that were received in 2018,” said Dimba.
She added that the 2022/23 leg of the Inkunzi’isematholeni Youth in Business programme was rolled out this financial year during Youth Month, reaching 196 youths in the following districts:
• Harry Gwala District at Greater Kokstad Local Municipality.
• Zululand District at Ulundi Local Municipality.
• uThukela District at Alfred Duma Local Municipality.
“The majority of youth who attended the workshops have business ideas and require financial support to start businesses.
“However, it is important to note that there were also informal businesses which are not registered due to lack of information,” said Dimba.
The MEC for the Department of Economic Development, Tourism and Environmental Affairs, Siboniso Duma, will on Friday deliver the keynote address at the Inkunzi’isematholeni Youth in Business Awards.
Daily News