Entrepreneurship and Innovation Summit: Highlighting youth empowerment and technological solutions

On October 18, 2024, the Vaal University of Technology’s Advanced Diploma in Public Relations (PR) students successfully organized an Entrepreneurship and Innovation Summit. This landmark event gathered a dynamic mix of entrepreneurs, innovators, and industry experts. This event, designed to foster entrepreneurship and innovation, offered a platform for knowledge sharing, collaboration, and networking to enhance the skills and insights critical to entrepreneurial success.

Keynote speaker Mr Kelebone Rantsho, representing the Department of Small Business Development (DSBD), delivered insights into the South African government’s sustained efforts since 1994 to reshape the nation’s socio-economic landscape. “The government has taken the initiative to combat poverty, unemployment, and inequality,” Mr. Rantsho stated, emphasizing the mandate to support youth entrepreneurs with financial assistance. He highlighted the pressing need for innovative solutions within the technology sector, particularly as it grapples with the adverse effects of load-shedding on large entities across the country.

Mr. Rantsho shared details of government-supported programs designed to uplift and develop entrepreneurial ventures, particularly for youth. Programs like the Small Enterprise Development Agency (SEDA) and Small Enterprise Finance Agency (SEFA) serve as critical resources for aspiring entrepreneurs. SEDA, for instance, circulates vital information on Business Development Management (BDM) and offers initiatives such as the Entrepreneurship Support Programme (ESP) and Supplier Development Programme (SDP) to aid businesses in various growth phases. Meanwhile, SEFA advocates for financial support for entities demonstrating sustainable job creation, especially those combating poverty through innovative approaches.

SEDA’s offerings encompass support at various stages of a business’s lifecycle, from initial advice to advanced training. Through their regional branches, they offer:

• Business Advice and Information: Guidance on essential business operations and practices.
• Small Enterprise Training: Skills development for emerging business leaders.
• Business Registration Assistance: Support with formal business registration processes, including Companies and Intellectual Property Commission (CIPC) registration.

SEDA’s Business Start program also provides tools for those ready to launch, including business planning, counselling, access to funding, and comprehensive business support.

SEFA, on the other hand, emphasizes funding initiatives. By piloting financial support for businesses that meet internal due diligence requirements, SEFA aims to strengthen enterprises that create sustainable employment opportunities. SEDA and SEFA are committed to elevating South Africa’s youth-driven business landscape.

Another keynote speaker was Mr. James Segooa, Executive Manager at the Township Economic Revitalization (TER) Unit, who shared the inspiring work of “eKasiLabs.” This initiative is modelled after the Tshimologong Innovation Precinct to drive innovation and entrepreneurship within Gauteng’s township communities. Through events like Startup Weekends, Hackathons, and business boot camps, eKasiLabs provides an innovation-centered environment for emerging township businesses.

Mr. Segooa explained the different types of innovation that eKasiLabs fosters:

• Breakthrough Innovation: Solving deeply rooted challenges that, when resolved, mark significant advancements. An example he gave was the potential development of an ARV cure for HIV.
• Sustaining Innovation: Enhancing existing solutions to maintain a competitive edge, focusing on skill-building to address recurring challenges.
• Disruptive Innovation: Enable smaller players with limited resources to enter the market and attract overlooked customer segments, creating unique competition in established markets.

In conclusion, the Dean of the Faculty of Human Sciences, Dr Lazarus Maleho, commended the PR students for their hard work in organizing such a thought-provoking event and expressed gratitude to the guest speakers for their impactful presentations. The summit stood as a testament to the power of collaboration between academia and industry, equipping students and attendees with the knowledge and inspiration to drive South Africa’s economic growth.