SOUTH AFRICA: The Branson School of Entrepreneurship at CIDA City Campus launched today in Johannesburg by Richard Branson

Record ID: 454524

  • Title: SOUTH AFRICA: The Branson School of Entrepreneurship at CIDA City Campus launched today in Johannesburg by Richard Branson
  • Date: 29th October 2005
  • Summary: PEOPLE SEATED AND LISTENING TO SINGING CHOIR STUDENT CHOIR SINGING IN CELEBRATION
  • Embargoed: 13th November 2005 12:00
  • Keywords:
  • Location: South Africa
  • Country: South Africa
  • Topics: Economic News,Education
  • Reuters ID: LVA8TDZHHPGE2CJAD2LE57I3379Q
  • Story Text: The Branson School of Entrepreneurship at CIDA City Campus, which will actively promote the growth and education of budding entrepreneurs from financially disadvantaged backgrounds, was launched today in Johannesburg by Richard Branson. This is the first time anywhere in the world that Richard Branson has lent his name to a project. CIDA is South Africa's first virtually free tertiary institution and the perfect partner for the new school, which will be situated in an 11 storey building in Harrison Street in the Johannesburg city centre. The building was donated and specially renovated by First National Bank.
    To mark the occasion, Richard Branson and leading entrepreneurs literally left their footprints in stone this morning when they placed their feet in concrete to represent - 'walking in the footsteps of global entrepreneurs'. These concrete symbols of inspiration will be displayed in the entrance of the school building to be officially named Nelson Mandela First National Bank Building, which was Mandela's place of work in his earlier years.
    "I am truly delighted to be opening the Branson School of Entrepreneurship at CIDA. It is my hope that the students learn, by studying companies such as Virgin and working with our staff, that taking a great idea and having the courage to run with it can build great 21st Century businesses," said Branson, who was knighted for his service to entrepreneurship. "The South African economy is dependent on entrepreneurial activity for creating future economic growth and jobs. Currently the economic contribution to South Africa's entrepreneurial sector is below the emerging markets norm and I believe that increasing entrepreneurship in this country is the golden highway to economic freedom - plus it's an exciting and fun way to make a living."
    The Global Entrepreneurship Monitor (GEM) reports that the rate of participation in entrepreneurship among South Africans is low at 6.54% especially compared to other emerging markets. Only 3% of the total population are opportunity entrepreneurs, which is the activity most highly correlated with economic growth. CIDA City Campus and Virgin Unite therefore identified an opportunity to provide financially disadvantaged students with much needed entrepreneurial skills.
    Start up funding for this new venture comes from Virgin Unite, the independent charitable arm of the Virgin Group. Virgin Unite has been working closely with the Nelson Mandela Foundation, several grassroots social organisations and young South Africans to identify and fund projects that can help empower the next generation. The school will also support start-ups and micro-enterprises with mentorship programmes to assist budding entrepreneurs in the early stages of business development. These will be funded through CIDA Seed a venture capital fund established to support successful student and CIDA graduate business ideas.
    The fund, raised by Virgin Atlantic, was started with contributions by two British entrepreneurs, who head two of the fastest growing private companies in Britain; Tom Bloxham, the CEO of the Manchester property developer Urban Splash and Leo Caplan, the founder of the office-systems firm Morgan Brookes. The Branson School also plans to focus on campaigns which enhance the image of entrepreneurship and will offer students subjects in social entrepreneurship aiming to resolve social problems.
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