National Youth Development Agency (NYDA) is putting measures to support more young people to start businesses


 
24 Mar 2011

As part of addressing the youth unemployment challenges the National Youth Development Agency (NYDA) is putting in place measures to support more young people to start their own businesses. Briefing the Portfolio Committee on Women, Children, Youth and Persons living with Disabilities in Parliament yesterday the NYDA outlined clear measures to bring more young people to participate in the mainstream economy. The NYDA was briefing the Portfolio Committee on its strategic plan and budget for the years 2011–2014, the plans were well-received by the Portfolio Committee.

Entrepreneurship is a critical component towards job creation in the country and is essential in ensuring that young people are able to participate in the mainstream economy. It is reported that small businesses employing less than 50 people currently contribute to 68% of the employed in the South African private sector and we plan to do more in supporting emerging young businesses. In the same spirit young people should do more towards innovation and coming up with ground breaking and viable business ideas especially in the six national priority areas such as the green economy and manufacturing. The NYDA has several measures in place aimed at ensuring that youth owned small businesses thrive in the country.

For the period covering 2012–2014 the NYDA will set aside over R243 million to assist youth owned small and medium enterprises. Over 89000 jobs will be created and/or sustained through the NYDA programmes including the Business Consultancy Voucher (Voucher), Business Opportunities Support Services (BOSS) and Enterprise Mentorship programmes. The NYDA will source business opportunities worth R331 million for BOSS deals, Enterprise Mentorship and Voucher programmes. Through its existing partnership with the Companies and Intellectual Property Registration Office (CIPRO) the NYDA will work to ensure that over 14 000 youth owned companies are registered.

The NYDA established the partnership with CIPRO to enhance accessibility of CIPRO products, particularly registration of businesses for young entrepreneurs that the NYDA services. Meanwhile through the BOSS programme the NYDA links young entrepreneurs to procurement opportunities in the private and public sector. This includes the facilitation of joint ventures as well as procurement opportunities for young entrepreneurs.

Hundred and Fifty Five thousand (155 000) young people will be involved in the National Youth Service programme to provide them with an opportunity to serve their communities whilst gaining skills through structured training. Furthermore over 290 000 young people will be provided with various skills covering critical areas such as business management skills, life skills and job preparedness.

The NYDA will strengthen its Entrepreneurship Education In-school programme aimed at capacitating maths, accounting and business management teachers to infuse entrepreneurship education during lessons. Furthermore as part of our Youth Advisory and Information Service, over 1,6 million youth will be provided with group career guidance.

As a country we need to build on our entrepreneurial culture so that getting into business becomes a conscious decision and not a last resort for unemployed youth.

 

For media enquiries contact:
Siyabonga Magadla (National Youth Development Agency)
Cell: 083 686 9016 

 
Issued by: National Youth Development Agency
24 Mar 2011

 

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