The Global Entrepreneurship Monitor report – 2013, has recognized that South Africa is the second worst performing country in the world in entrepreneurship and innovation.
According to the report on entrepreneurship (April 2013) South Africa has a 14% rate of intentional entrepreneurs amongst 18-24 year olds only 5% are involved in early stage entrepreneurial activity. Recession around the world also means that entrepreneurship is becoming more important for many youth in countries like USA, Spain, Portugal, and China,and the UK.In South Africa the university system is not developing the estimated 600,000 students Sidebar content.
More than 50% are black youths into more entrepreneurially minded students in all disciplines, as there is a need to become brave entrepreneurs as the job market is becoming more
limited for them. The youth at universities need a space to take the first step to become these brave entrepreneurs.The youth need the encouragement to follow their dreams and become true innovators.
Through the university network there are an estimated 600,000 students every year at 23 universities and this means a massive opportunity for SA students to take on the world as entrepreneurs. The BE-BOLD system creates a space where young university based entrepreneurs and people surrounding the universities can take the first step by presenting new ideas in a safe space. At least 75% of the youth are black owned businesses. The Pitch sessions encourage youth whether ideas are accepted or not and provide feedback to every young person as well as ongoing mentorship. This supportive system will develop a new brand of innovative entrepreneur.
Training and mentoring of select businesses will occur Viability analysis of these businesses with a MVP (Minimum Viable Product) model. The Final Intervarsity Competition will create the environment for national publicity for young entrepreneurs.
To create the Network of universities with Student driven entrepreneurship societies
Hold 100 pitch sessions with 1000 Pitches over 9 months at 14 universities
Select a 100 prize winners who will win R1,000
Give Feedback to all 1000 pitches
10%-15% new businesses with a brand 100 new innovativebusinesses started.
75% will be black owned businesses.
Mentoring and training of 100 innovative new businesses
Testing and viability analysis of 100 innovative new businesses
The Final Intervarsity Competition:
National winner: Prize