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Empowering Youth Through Business Incubation: The BizFarm Approach

BizFarm aims to combat high youth unemployment and support entrepreneurs through effective business incubation. With over 80% failure rates among small and medium enterprises (SMMEs), issues such as low education and skill levels, particularly in maths and science, pose significant challenges. By providing essential services like office space, mentoring, and access to finance, BizFarm creates a supportive environment for entrepreneurs. This partnership-driven model enhances the success rate of SMMEs, which is vital for job creation and economic growth, addressing the urgent need for sustainable employment solutions.

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Empowering Youth Through Business Incubation: The BizFarm Approach

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  1. How can Incubators help Youth? Atul Padalkar BizFarm July 2012

  2. IntroductionBizFarm Corporate Film

  3. Key Challenges • High Failure rates of SMMEs (80%+) • Low Education / Skills base • Maths & Science in particular • Mindset • Institutional Arrangements • Regulation/s & RedTape • Industry Support and Buy-in Business Incubation improves SMME Success rate (NBIA)

  4. Arab spring • A revolutionary wave of demonstrations and protests occurring in the Arab world that began on 18 December 2010 • Protests considered to be inspired by the Arab Spring have taken place on every inhabited continent, with varying degrees of success and prominence

  5. Developing Entrepreneurs New Venture Expansion New Venture Development Economic Literacy Financial Literacy Emotional Literacy

  6. Supporting BEE SMMEs Mindset

  7. The ‘BizFarm’ Concept • A Partnership of Stakeholders • Multiple Sectors • Supporting Entrepreneurs will grow them • Growth of Entrepreneurs will create jobs • Growth of jobs will grow the economy • Sustainable in the Long term

  8. Support Services • Office Space • Meeting Rooms, Reception, Internet, Office Services • Virtual Office • Resident Office • Coaching and Mentoring • Access to Finance • Market Access Support Support • Networking Opportunities • Business Skills Training

  9. Key Learnings Working Principles • Sustainability is very important for Incubators • “Free” is very expensive • Users will pay for good value • Bizfarm Office pm Virtual : R 250. Resident R 999 • Tea/Coffee: R2.50/cup. Telephones @ actual • Employment is created by successful SMMEs • Main Determinants: • Lean Setup Costs, Lean Operating Costs • Way Forward: Partnership

  10. Way Forward How can we create more employment through Business Incubators?

  11. Thank You Contact us at: www. bizfarm.co.za Telephone: 031 201 7444 357, Che Guevara Road Glenwood Durban 4001

  12. High Unemployment Rate • There are 1.1 billion people – 1 out of every 3 people in the labour force – who are either unemployed or living in poverty • Youth unemployment rose from 11.7% in 2007 to 12.7% in 2011 • Small enterprises account for 60-70% of jobs in most countries • Studies indicate Incubators have a positive impact on increase in number of Businesses and jobs

  13. Youth Ticking time bomb • MrVavi said last night unemployment — especially of the youth in SA — was a ticking time bomb. • Urgent strategy is needed to deal with unemployment to prevent Tunisia-style uprising.

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