Support 50 low-income South African street vendors, young aspiring entrepreneurs, and small-scale business owners with free business guidance, support, and training at local computer centers so they may learn to develop sound business plans and build the businesses that will increase their profits, create jobs and strengthen their communities. In its first 3 years, thanks to the Citi Foundation, One Global Economy has trained more than 1000 participants in business planning and digital literacy
What is the issue, problem, or challenge?
With unemployment rates over 25% in South Africa, more than half of the entrepreneurs in Durban and Johannesburg start businesses out of necessity. Many live below the poverty line. South Africa ranks below other developing countries in entrepreneurial productivity. Street vendors and aspiring small-scale entrepreneurs need financial literacy, business planning, and digital literacy training so they may learn to build enterprises that create jobs and spur economic growth in the community.
How will this project solve this problem?
The South Africa Street Entrepreneurs Mobile Initiative is a training and networking entrepreneurship program designed to support the development of South Africa's small-scale entrepreneurs and street vendors that includes in-person educational workshops and text message-based communication to strengthen participants' business, financial planning, digital literacy, and life skills. The program teaches how to build a business plan and use digital tools to launch and grow a business.
Potential Long Term Impact
Participants will display a mix of the following: they will open bank accounts, create business plans, increase savings for business growth by 25%, monitor bank accounts online and/or through SMS, access government and/or private local services for education and/or financial support using the Internet, increase profits by 20%, increase new business opportunities, and find jobs that support their entrepreneurship goals. OGE is proud to partner with Siyafunda CTC for long-term community impact.
Total Funding Received to Date: $6,965
Remaining Goal to be Funded: $3,035
Total Funding Goal: $10,000