Mashaba to mentor new blood
THE Umsobomvu Youth Fund has roped in veteran businessman Herman Mashaba to head its business mentorship programme.
Umsobomvu formally launched its two-year-old Volunteers in Action programme yesterday and named the Black Like Me founder as its patron.
The programme offers support for youth and female-owned businesses and seeks to curb the trend of failure of start-up businesses in their first two years.
Umsobomvu said six out of 10 businesses failed in the first 18 to 24 months of starting.
Malose Kekana, Umsobomvu's chief executive, said: "The failure rate of start-ups remains too high, and most entrepreneurs do not have the capital to pay for business consulting fees.
"The initiative provides support and encouragement to young entrepreneurs.
"It is also a tool to evaluate business successes and failures - in order to see where further developments could be made," Kekana said.