The top entries for the seventh instalment of the City of Cape Town’s annual #YouthStartCT Entrepreneurial Challenge were announced at the official launch of the initiative last night.

The entrepreneurial challenge encourages young people between the ages of 18 and 35 to submit their existing businesses, which already creates employment opportunities for youth, or business ideas, which include employment opportunities for young people.

‘The #YouthStartCT entrepreneurial challenge gives young people an opportunity to prove themselves, grow their business and spread economic wealth. The finalists announced will all receive business and entrepreneurial training which will help them become leaders in their field,’ said the City’s Mayoral Committee Member for Community Services and Health, Councillor Patricia van der Ross.

‘To empower and assist these ambitious young members of our community is truly a privilege, as these are willing and driven residents who want to grow a business to further support the youth in Cape Town with much needed employment opportunities. I am so encouraged to know that these individuals will now be receiving the mentoring and training to take their business ideas forward,’ said Deputy Mayor, Alderman Eddie Andrews.

#YouthStart was born from research around the challenges young entrepreneurs face, including:

• Access to capital, equipment/tools and space (many work from home)

• Limited experience and mentorship/guidance

• Limited confidence and contacts to promote their business

The top entries will be offered five weeks of after-hours mentoring and training to help them assess whether there is a place in the market for their products and services, and will participate in weekly elimination rounds

Later this year, the top three will be announced at a gala event and receive prizes, which include cash money, electronic devices, business support and access to a network of partners that will provide the winners with business support and mentoring.

‘Our young people are innovative, but to have a successful business they need more than money. Mentoring, and developing business acumen will help them be leaders and better map their way to success,’ added Councillor van der Ross.

Source: City Of Cape Town