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Newly launched VUT Economic Activation Office to stimulate local economic development
25 JULY 2024 | STORY THABISANG THEBEEAPELO. PHOTO NALEDI NKOSI.
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The Vaal University of Technology hosted the official launch of the much-anticipated Economic Activation Office (EAO) on 19 July at the Desmond Tutu Great Hall. The theme of the event was “Empowering Economic Growth,” highlighting the university’s dedication to promoting economic development, entrepreneurship and innovation.
The event, coordinated by Mrs. Onica Matsheke, featured an impressive lineup of speakers, including faculty members, successful alumni entrepreneurs, and representatives from esteemed organizations such as the National Youth Development Agency (NYDA), Economic Development and Human Development (EDHD), and the National Empowerment Fund. These speakers shared their expertise, real-world experiences, and the crucial “secret sauce” to entrepreneurial success.
The keynote address was delivered by Mr. Benjamin Shefu, an alumnus and former president of Enactus. “Today we are faced by economic freedom and having to start a business is one of the most important thing to discover”, he said.
Throughout the event, guests were exposed to a variety of information and inspiration. Faculty members discussed the most recent economic theories and practices, while alumni entrepreneurs offered their adventures and solutions for overcoming obstacles in the business world. Representatives from the NYDA, EDHD, and NEF provided useful information on the resources and support available to aspiring entrepreneurs.
”The unemployment rate in South Africa currently is 32.9%, meaning out of 100 employable people, especially the youth, 33 of them are unemployed. This means we must depart from teaching our students for employment purposes only we must teach them to become employers and that happens through the area of entrepreneurship”, said Prof Chengedzai Mafini, acting DVC for Teaching and Learning, in his welcoming words.
Exhibition stands in the foyer included a wide range of initiatives and organizations, including New Venture Creations, Centre Version, Bait by Logan, Turning Heads Salon, Mr. Local Art, and the NEF , among others. These stalls provided attendees with a glimpse into innovative business ideas and support mechanisms available to aspiring entrepreneurs.