PROJECT BACKGROUND AND RATIONAL
The townships economy in South Africa have an important role to play in the development of the South African economy as it provides a security net for people who cannot participate in formal employment. The township economy of the City of Ekurhuleni (CoE) contribute over 158 000 (14%) of jobs, which is quite significant given the over 31, 8% unemployment rate CoE is experiencing. The CoE has a large untapped urban informal (township economy) sector largely residing in townships that is lagging in terms of development. According to the Gauteng Township Revitalisation strategy, townships will play a substantive role in the transfer of wealth and reconstruction of the economy. Innovative businesses originating from the township, along with other SMMEs will be positioned as the core of economic engine that will create jobs and employment. This present a great opportunity for organizations like GBI to partner with PMU: RISP to explore these untapped opportunities in townships like Kwa Thema where GBI is currently operating.
Key Objectives of the plartform.
- Initiate, promote, support and mentor innovative technology focused SMMEs through implementation of innovation-driven activities
- Establishment of a competitive and inclusive multi-stakeholder innovation platform to allow innovators and industry to work together
- Improve access to seed funding by leveraging partnerships with both public and private sector organisations
