CUT students praise short financial literacy course

Students from the Central University of Technology (CUT) in the Free State are singing the praises of a programme that helped them get a better understanding of being entrepreneurs, especially when it focused on financial literacy.

The five-day training that plunged them into the dynamic business world left them equipped with cutting-edge insights.

Six students from CUT were handpicked to join their peers from nine other universities at the face-to-face Technological Higher Education Network SA (Thensa)-DSI Entrepreneurship Training Programme. Held in Cape Town, this immersive experience aimed to furnish participants with the skills and strategies vital for thriving in the ever-evolving business landscape.

According to CUT spokesperson Seithati Semenokane, the students learned insights through research, market analysis and the development of technical, managerial and personal proficiencies.

“The programme’s highlight was affording students the chance to pitch their business concepts to potential investors, financiers and business experts, fostering an environment of invaluable feedback and refinement,” Semenokane elaborated.

From their six candidates, three emerged from the crucible of learning bearing awards. Students had to pitch ideas for business, where they would be judged on not only their creativity but on their financial plans and outlines.

Among the winners were Masego More, 23 and Aphiwe Sogiba, 26, both from Bloemfontein.

More claimed the award for Most Financially Viable Business for her groundbreaking project, Vermi Village, while Sogiba secured the award for Most Innovative and Creative Business Idea.

Currently pursuing mechanical engineering at CUT, More’s passion for the field ignited when she was 14. She was selected by the university to represent them in the entrepreneurship programme, which greatly strengthened her financial understanding.

“What resonated most with me was mastering financial management in business. Coming from an engineering background, my knowledge of financial studies wasn’t really known; I didn’t know much. This was certainly an amazing experience, especially when one wants to do their own business,” More said.

More said she was nervous when it came to pitching to the judges. 

“You only had five minutes to explain your idea to this panel and it was nerve-wrecking because you want to cover everything, you want to make sure that your idea makes sense and that the initiatives and financial methods  are also good. I was really nervous, especially considering we call that situation a dragons den,” said More.

More recently won the National Championships at the Sandton Convention Centre, in Johannesburg.

Sogiba, currently pursuing a postgraduate degree in project management, completed his bachelor’s in science just last year. While working on a business idea that had been simmering, he found transformative guidance through the programme.

“The programme was helpful because of the guidance I received there. I had noted a problem in our country in regard to technology or machines that are used to provide proper sanitation in water. I came up with a product to build that would solve this problem but I didn’t have the finance for it. They advised me to first apply for intellectual property and to sharpen my skills more when it comes to business, and this is how I got the award.”

He said the prototype to build his machine would cost close to R150,000 and he was determined to make his plan come to light. 

“The next thing to do is to do what exactly they told me to do. I am excited and inspired, my plan going forward is to take this business idea and turn it into a viable business as after pitching this idea investors have shown interest in it because we use river water every day, especially in the rural areas. I came back very motivated, and the programme really opened my eyes on the broad aspect of my product,” said Sogiba.