ICT Incubation and youth employment

November 25th, 2013, Published in Articles: EngineerIT

Entrepreneurial development organisation MEDO launched its ICT Incubator in partnership with the Department of Trade and Industries (DTI) in the Maboneng Precinct, Johannesburg on 11 November 2013. This is the first youth incubator in the DTI Incubator Support Programme (ISP), and as such marks the launch of the DTI’s Youth Enterprise Development Strategy.

With roughly 31% of the South African unemployment figure of 24.7% being 15-24 year olds, youth unemployment is clearly a cause for concern. The Youth Enterprise Development Strategy, set over a ten-year period, hopes to increase the contribution of youth owned and managed enterprises to SA’s GDP from its current base of less than 5%, to 15%; increase the number of youth-owned and -managed start-ups in all sectors of the economy from roughly 10% of all new enterprises to 50%, as measured by the Entrepreneurial Activity Enterprise of the Global Entrepreneurship Monitor and  increase the low number of self-employed youth entrepreneurs from the low base of 6% at present, to 20%.

Reaching the Youth Enterprise Development Strategy targets is not exclusively up to the DTI, said Davies, emphasising the role of the private sector in a ten-pillar strategy that can turn these targets into realities. One of these pillars is business incubation for young entrepreneurs, like the MEDO programme.

The MEDO ICT Incubator was built with the help of the DTI ISP grant, which works on a cost-sharing basis, with the DTI paying 50% of the costs. The three-year grant, made available by the DTI, will spend a total of R4,28-billion on this project.

Contact Judi Sandrock, Medo, 010 500 5001, js@medo.co.za

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