Samsung Empowers Young Future Entrepreneurs Through Intensive Week-long Training

In celebration of its Foundation Day on November 1, 2024, Samsung Electronics reaffirmed its global commitment to community service with a series of impactful corporate social responsibility (CSR) initiatives. In South Africa, Samsung marked this milestone by launching several programmes aimed at empowering youth and driving sustainable social change.

One of the key initiatives took place through a strategic collaboration with Tshimologong Precinct in Johannesburg and the University of the Western Cape (UWC). Together, they hosted a week-long Accelerated Training in Entrepreneurship from 4 – 8 November 2024, to equip young emerging entrepreneurs with the tools and knowledge to succeed in business.

The programme was designed for past beneficiaries of Samsung’s software development and technician training programmes and supplemented by young entrepreneurs in the community. A total of 23 participants were selected through a rigorous assessment process conducted by Tshimologong and UWC. The participants were enrolled in two separate 5-day entrepreneurship boot camps: one hosted at Tshimologong Precinct for 11 beneficiaries, and the other at UWC for 12 beneficiaries.

This initiative aligns with Samsung’s commitment to empowering South Africa’s youth by fostering entrepreneurial skills and providing them with the necessary resources to create their own opportunities. The boot camps provided in-depth training in business management, financial planning, and pitching to investors, all designed to prepare participants for success in the competitive business landscape. A handful of Samsung South Africa employees also volunteered their time to share some important skills and lessons with the young up-and-coming entrepreneurs and the topics they covered included finance, legal and compliance, digital and corporate marketing, and sales.

At the conclusion of the boot camps, the participants had the opportunity to pitch their business ideas for seed funding to help get their ventures off the ground. Six were selected as the winners (top three from Tshimologong and UWC respectively) and will receive support in their ventures for a period of six months, in the form of business coaching and mentoring and other non-financial backing. The funding that the six winners are going to receive totals R1 million and will be allocated to support critical operational needs such as equipment, furniture, rental costs, and other business expenses. The seed funding will be distributed by Tshimologong and UWC to ensure it is used as intended and supports the participants’ growth.

The Accelerated Training in Entrepreneurship was created as part of Samsung South Africa’s Equity Equivalent Investment Programme (EEIP), a programme designed to advance local economic participation and support Black-owned businesses. Moreover, it falls within Samsung’s broader Broad-Based Black Economic Empowerment (B-BBEE) strategy, which aims to create sustainable value for South Africa’s economy and empower historically disadvantaged communities.

Lenhle Khoza, B-BBEE and Transformation Manager at Samsung South Africa said through initiatives like this, Samsung continues to invest in young South Africans and help pave the way for a more inclusive and innovative society. “We are thrilled to celebrate Foundation Day in South Africa by helping young entrepreneurs take the next step toward realising their business dreams. By providing both the training and the resources necessary to succeed, Samsung is making a long-term investment in the future of the country’s economy, and we look forward to seeing how these young entrepreneurs will continue to make a positive impact in their communities.”