With project failure rates in Botswana relatively high, the Local Entrepreneurship Agency has decided to set up a business initiative ÔÇô Kutla Incubation Centre ÔÇô with the aim to tackle the dearth of entrepreneurial skills amongst the out of school youth and the disadvantaged groups in the society.
According to LEA, the launch of the Kutla Incubation Centre is meant to instill entrepreneurial and judicious acumen mainly for people starting up their own businesses.
Although the government has over the years provided citizens with funding to aid in start up costs, the project failure rate has remained high. LEA deputy CEO of client services Masego Gwaila-Madanika says the incubation centres will provide participants with the essential business skills which are imperative for fledgling businesses.
Participants will undergo a four month training during which critical business information and skills will be disseminated to individuals. According to LEA, once participants complete the Incubation project, SMME development in Botswana will get a boost in terms of marketing, credit acquisition, technology and information. LEA is also adamant after completion of the training, “30% of the trainees are expected to set up their own businesses, while 70% will be looking for employment, after having acquired critical, practical skills which make them employable”.
Amongst other things, the initiative will also aid in wealth creation, employment generation, poverty eradication, provision of critical skills and economic diversification.
The programme will also play an instrumental role especially in empowering the “potential beneficiaries of Government schemes before disbursement of funds to reduce project failure rates”.