Supporting entrepreneurs in business, youth in financial savvy

Bursaries to drive growth

These entrepreneurial bursaries will help fund the tools and skills needed for the business to develop and will be focused on doubling revenue over a two-year period.

"I don't believe that South Africans celebrate our entrepreneurs enough. If they are the answer to job creation and innovation, then surely we should celebrate them," says Pavlo Phitidis CEO of Aurik, a business development and acceleration firm.

Phitidis says that while entrepreneurship remains a major creator of jobs in South Africa, there needs to be more support systems in place for business magnates. "We have worked with well over 500 entrepreneurs, from those in start-up businesses to those generating turnovers of R100m plus and not once have we ever seen anyone do it alone. All had help and found the support they needed when they needed it, yet in this country we so often remain too proud to seek help when we need it."

"What I like about this competition is that it is scalable and dynamic," says Finweek editor, Marc Ashton, explaining that while the initial phase of the competition is focused on Gauteng based entrepreneurs there are opportunities to expand to other regions.

The competition has a unique crowd sourcing and fundraising element attached to it in the second six-month period and will make use of social media to allow readers and the competition to champion the businesses they are backing.

The progress of the finalists will be tracked through the magazine and regular feedback will be shared through the print, online and entrepreneur events.

For more details on the competition, go to www.aurik.co.za/accelerators-campaign-nomination.

Inspiring youth

Old Mutual and Loocha, a youth empowerment magazine, have identified that South African youth does not have practical understanding of money nor the tools to manage their money and believe a series of seminars could offer needed advice.

The seminars will be hosted every three months nationally to inform, educate, motivate and empower the youth on financial freedom and career opportunities. The magazine's business relations manager, Shalate Teffo, says the seminars' attendees will comprise students from many educational institutions including persons with disabilities, young professionals that have recently joined corporates and young entrepreneurs. With sessions promoting the 'Big 5 Secrets of Money Management', the audience will be able to unlock the key to funding their future.

"We have invited representatives from established companies to participate as panel speakers for the seminars, to address the youth on how to excel in their sphere of career," says Teffo.

Furthermore, entrepreneurs will provide invaluable advice on how to overcome challenges that they were faced with when venturing out on their own. Motivational speakers will comprise a crucial element of the seminars, providing a tangible platform for youth empowerment.

One of its most crucial objectives is to bridge the information gap between the youth, government and industry. Loocha has collaborated with the National Youth Development Agency (NYDA) to talk on employment opportunities, internships, applications for bursaries and the like. In the past, the youth has been motivated to embark upon their careers but have had trouble about who to approach and how to go about the process.

"We aim to reach disadvantaged youths by also conducting the seminars in areas where they would not have immediate access to this kind of information," she concludes.

For more information, go to www.loocha.co.za.