The National Development Plan 2030 recognises the critical role played by SMMEs in promoting inclusive economic growth and job creation and it is expected that 90% of the 11 million jobs will be created by SMMEs. Innovation is at the core of creating competitive and sustainable enterprises that will contribute to economic growth and job creation. There are however a number of factors that are constraints to the establishment and growth of sustainable enterprises such as lack of preparedness, access to finance, access to markets, unaffordable rental property and strategy misalignment.
The West Coast College has established the CFERI through funding provided by the Small Enterprise Development Agency (SEDA) to promote youth entrepreneurship and mitigate the constraints associated with the failure of youth owned start- up and early stage enterprises within the first three years of establishment. We aim to support start-up and early stage previously disadvantaged entrepreneurs with resources and services to increase their success which is measured by profitable and self- sustaining growth- oriented ventures that will contribute to the creation of jobs and economic growth in the West Coast District.
Our programme is offered over three years, six months of which will consist of training and coaching in various aspects of business, innovation, feasibility analysis, product development, compliance (CIPC, SARS, CSD registration) leading to the establishment of an enterprise that is operational and the development of a bankable business plan. Clients will be expected to attend a 3 –hour session once every week for six months. The second part of the programme extends over 30 months with ongoing support in the form of coaching, mentorship, training, assistance with accessing funding and markets etc. to achieve growth and inattentiveness.