Cape Town - False Bay College, in partnership with Allan Grey Makers and Future Managers, are running the first national entrepreneurship competition for Technical and Vocational Education and Training (TVET) colleges across the country.
The contest aims to tackle the country’s high unemployment rate. It is a three-phase national pitching competition to identify some of the country’s most promising entrepreneurs.
The internal rounds took place at False Bay TVET College campus in Westlake. Steve Reid, the manager of the Centre for Entrepreneurship (CfE) oversaw the competition
“The intent is to have a catalytic event like this where more young people can be encouraged to look at entrepreneurship as a viable life and career option. Unemployment figures strongly indicate the need for opportunities such as this one,” Reid said.
The competition has three categories – “I have a business idea”, “I have a registered business”, and “I have a paying customer”.
There are first- and second-place prizes awarded per category, with R7 000 and R5 000 going to first and second place winners to reinvest in their business.
“When a student enters, they may gather momentum and a ‘taste’ for entrepreneurship. There is support offered by the sponsor in terms of how to pitch, and how to build a compelling case for your idea.
“There are substantial prizes (cash and in kind) as incentives and, most importantly, these events offer a clear window of ‘what may be’ to aspiring entrepreneurs,” Reid said.
The regional competition is scheduled to take place on July 29.
The winners will enter the national competition and gain access to business exposure opportunities where they can win a share of R100 000 in prize money.