Mashaba to mentor new blood

Xolile Bhengu

Xolile Bhengu

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.