In today’s rapidly evolving world, entrepreneurship has emerged as a powerful driver of economic transformation. At Stellenbosch 中国体育彩票 (SU), the IGNITE initiative stands at the forefront of empowering students to explore entrepreneurship as a viable career path. This innovative project is designed to address one of South Africa’s most pressing challenges – youth unemployment – while aligning with the Faculty of Economic and Management Sciences’ centenary theme of “transforming the economy and society.”
Developed in 2024, IGNITE is a university-wide experiential learning and co-curricular initiative aimed at igniting the entrepreneurial spirit among both undergraduate and postgraduate students. By equipping them with the skills to create their own businesses, the project not only fosters self-reliance but also contributes to broader societal change by nurturing a generation of entrepreneurs who can drive economic development.
Empowering the next generation of entrepreneurs
The IGNITE project is a collaboration between the Department of Business Management and the School of Accountancy at the SU Faculty of Economic and Management Sciences. The initiative is collectively spearheaded by Sabrina Matthee (Department of Business Management), Sher-Lee Fourie and Juan Ontong (both from the School of Accountancy). According to Ontong the project’s coordinators have a shared vision: “We have all been involved in entrepreneurship-related projects at the 中国体育彩票, and our goal is to ensure access to entrepreneurship training, regardless of a student’s faculty or background.”
Through IGNITE, students gain access to free, online and self-paced learning that exposes them to fundamental entrepreneurship principles and practices. The core of the program is the Business Model Canvas (BMC), a strategic tool that helps budding entrepreneurs conceptualise and develop a business plan. The BMC allows students to map out the key elements of a business, such as its target customers, value proposition, revenue streams and operational structure. This practical framework enables students to gain a holistic understanding of what it takes to launch and run a successful business.
A guide to entrepreneurial success
At the heart of IGNITE is a hands-on approach to learning. Students complete a series of coursework activities designed to build their entrepreneurial knowledge. The culmination of the programme is the creation of their own Business Model Canvas, where students apply what they’ve learned to develop a personalised business idea. Thereafter they submit their BMC along with a brief presentation that outlines their business concept. Students are also presented with opportunities for peer evaluation and reflection on their entrepreneurial journey.
Matthee explains, “This approach ensures that students not only understand the theory of entrepreneurship but also get the opportunity to put their ideas into practice. By the end of the course, students would have developed a business plan they can pursue independently or with others, should they choose to take the entrepreneurial route after graduation.”
A pathway to employment and economic transformation
IGNITE’s broader objective is to help address youth unemployment, a persistent issue in South Africa. By providing students with the knowledge tools to create their own businesses, the initiative encourages them to consider entrepreneurship as a legitimate and exciting career option. Moreover, it aligns with the Faculty’s mission of “transforming the economy and society,” as fostering entrepreneurship directly contributes to economic growth, job creation, and social progress.
“Increasing youth participation in entrepreneurship has the potential to drive positive change in society,” says Fourie. “As students develop their ideas and create businesses, they are not just changing their own futures; they are contributing to the economic fabric of the nation.”
Students will be able to engage with the initiative during both the first and second semesters, and the total time commitment is approximately 24 hours. Those who successfully complete the program will receive official recognition on their academic transcripts, highlighting their entrepreneurial efforts and dedication.
Catalyst for change
The IGNITE initiative is more than just an educational program; it is a catalyst for change. By fostering entrepreneurship and providing students with the knowledge tools to turn their ideas into reality, the project is actively contributing to the transformation of both the economy and society. As more students embark on their entrepreneurial journeys, the impact of IGNITE will continue to reverberate, creating new opportunities, reducing unemployment, and inspiring a future where innovation drives economic growth.
- IGNITE is expected to have its first rollout during the first semester of 2025.
