29 SEPTEMBER 2017
Young Entrepreneurs Embark on a New Journey
On September 27th, three young entrepreneurs, aged 14 to 17 years old, were awarded seed capital by Regency Foundation’s BUSINESS ignite program to start their new ventures.
Regency’s pilot program, BUSINESS ignite, started with the intention of sparking business thinking in the minds of the South African youth, and culminated into each learner submitting a business plan for their new venture. But the program came to a close with a big surprise for 3 young entrepreneurs.
At the beginning of the program, the youngsters were unaware of the prospect of actually receiving any funding for their ideas. But their innovative business plans showed a lot of promise, and hence, a panel of judges deliberated in detail to select the top three candidates, Sisipho Mbenenge, Mihle Mlungwana, and Sinalo Xasa, to receive seed funding and an opportunity to take their ideas to action.
The three winners had ideas of starting a graphic design company, a bakery, and a day care, and were ecstatic to receive the award. In fact, unaware of his upcoming award, Sinalo Xasa, who’s idea was to start a graphic design and video editing company, was looking to buy a camera from the Mbekweni Youth Centre the very same day. When his name was called to receive a camera as part of his seed funding, he was jubilant. The award took him by surprise, and he was excited to finally be able to start his graphic design company, Phenomenal Art Team (PAT).
The BUSINESS ignite program was an exciting start for all the youngsters, and their creative business plans showed that they have taken a promising step in the right direction. They have been awarded a very unique opportunity, and it will be exciting to see what new heights they are able to reach.
21 SEPTEMBER 2017
Investing in South Africa’s Young Entrepreneurs
On September 27th, 18 young entrepreneurs, aged 14 to 17 years old, will gather for an award ceremony at Mbekweni Youth Centre in Paarl, Cape Town, where three of the best teams will receive awards to start their new venture and put their business plans to the test.
Regency Foundation Networx started Business Ignite with the intention of sparking business thinking in the minds of the South African youth. The program focuses on developing entrepreneurial skillsets in youngsters by teaching them concepts of research and marketing, finance and costing, and business plan development. It also empowers them to connect with mentors in their local environments from whom they can learn and get support along their business journey.
At the end of the program, the youngsters were divided into groups to develop and present their business plans for a chance to receive start-up capital. The creative business plans included a car washing service, landscaping, bakery, day care, and graphic designing. A panel of judges reviewed and deliberated over the business plans in detail in order to identify the top three which showed the most potential and in which they felt confident to invest.
The program’s goal was to encourage entrepreneurial thinking in every participant, and through the innovative business plans presented, it is clear that these youngsters have taken a promising step in the right direction.