The event drew leaders from business, government and academia into a collective mission to transform young people from job seekers into job creators.
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From left, Chancellor Geraldine Fraser-Moleketi, DVC People and Operations, Luthando Jack, DVC Engagement and Transformation Professor Andre Keet, Mandela University Africa Hub (MUAH) Director Prof Thobekani Lose, Minister Stella Ndabeni, Patron of the MUAH, Michael Ajukwu, Vice-Chancellor Prof Sibongile Muthwa, Samsung South Africa's Simon Lee and Chair of Council Judge Nambitha Dambuza.
Held at the Boardwalk Hotel and Convention Centre in Gqeberha under the theme ‘Towards Human Flourishing: Changing the World through Entrepreneurship’, the launch brought together an extraordinary network of partners united by a belief that entrepreneurship is one of the most powerful tools available to address youth unemployment and strengthen the national economy.
During the fundraising gala dinner, more than R10-million was pledged in financial support, as well as significant in-kind contributions including mentorship, internship programmes, business consulting and enterprise development support.
Minister for Small Business Development, Hon. Stella Tembisa Ndabeni delivered the keynote address, later pledging a significant amount to the Fund alongside the Small Enterprise Development and Finance Agency (SEDFA), underscoring government’s commitment to building an entrepreneurship-led growth path.
Minister Ndabeni stressed how expanding the country’s base of micro, small and medium enterprises is essential to inclusive economic participation, noting that millions of new MSMEs are needed to drive employment and long-term growth.
“This Chancellor’s Entrepreneurship Fund is more than a programme. It is a practical tool to address youth unemployment in the Eastern Cape and beyond, to help graduates apply their qualifications and professional skills, and to create pathways for meaningful economic participation,” she said.
“The timing is excellent with rising youth unemployment in the province, and geo-political headwinds which threaten the automotive sector.”
The Fund, which is a legacy initiative of Chancellor Geraldine Fraser-Moleketi, is designed to support students, graduates and community-based entrepreneurs through the Mandela University Africa Hub (MUAH) by providing not only funding but mentorship, networks and enterprise development support.
Proudly witnessing a vision come to life, Dr Fraser-Moleketi framed the moment as both urgent and hopeful.
With youth unemployment among 15 to 24-year-olds reaching nearly 70% when discouraged work-seekers are included, she described the country’s youth bulge not just as a crisis, but as the greatest economic opportunity of the century.
The central question, she said, is clear: Will this generation be seekers of jobs or creators of them?
“The question before us is not whether this youth bulge will shape our future, but how. Will they be a generation of dependents, or a generation of wealth creators? Will they be seekers of jobs, or the creators of them?”
The Chancellor’s Entrepreneurship Fund seeks to ensure the latter.
Businesses, from small enterprises to large corporates, responded positively, committing not only to support the Fund in spirit, but put their money, skills and services where their mouth is.
Chief executive officer and president of Samsung South Africa, Simon Lee, announced an estimated R3.6-million commitment through the Samsung Innovation Campus – marking the beginning of a three-year partnership focused on equipping students with critical Fourth Industrial Revolution skills.
“Entrepreneurship is not just a pathway to economic growth, but a catalyst for societal progress and human development,” he said.
“By partnering with Mandela University, we aim to equip young minds with the skills, knowledge and opportunities they need to thrive in an ever-changing world.”
The partnership will support training in coding and programming through the University’s Centre for Entrepreneurship Rapid Incubator (CfERI).
The evening also highlighted the crucial role of alumni and young business leaders in building an ecosystem of opportunity.
Renowned business leader, Michael Ajukwu – who was recently appointed Patron of MUAH – echoed the Chancellor’s call for collective responsibility and action.
“We must move in one direction and do the best we can; not just for Mandela University, but for every young African star looking for a way forward,” he said.
Recounting his interaction with students earlier in the day, when he delivered a masterclass themed ‘Changing the World through Entrepreneurship’, he said those who had benefitted from opportunities have a duty to plough back.
“If Nelson Mandela University gave you a foundation, you have a duty to look back and give back.”
Ajukwu was among those who expressed their tangible support, committing to a “significant six-figure” pledge, while MUAH Director Professor Thobekani Lose pledged R250 000, and the Alfred Nzo Agricultural Incubator committing mentorship and training, and R100 000 in sponsorships and events.
Adapt IT Education’s pledge included R300 000 worth of procurement value from your small and medium enterprises, and 30 internship opportunities prioritising software development, 4IR and project management areas.
Local small businesses, including the Kasi Investment Group, made significant in-kind pledges, adding to the impact of the entrepreneurial support ecosystem.
Nelson Mandela University, widely recognised as a national leader in entrepreneurship, has already incubated almost 60 small businesses – creating more than 100 jobs – through its Centre for Entrepreneurship Rapid Incubator, contributing to job creation and local economic development.
The new Fund strengthens this pipeline by creating a sustainable capital pool that will enable young entrepreneurs to establish, grow and scale their ventures.
As Deputy Vice-Chancellor Luthando Jack noted in the build-up to the launch, entrepreneurship must become more than an option, but a lifeline.
The launch of the Chancellor’s Entrepreneurship Fund is not a once-off fundraising success, but the beginning of a long-term movement.
The Chancellor called on business leaders, alumni, philanthropists and institutions to partner in shaping a future where a young person’s destiny is determined not by circumstance, but by the power of their ideas.
The invitation is now extended to more organisations to join this growing movement through financial support, mentorship, expertise and opportunity, to help turn a generation of job seekers into one of job creators because when young entrepreneurs flourish, so does the nation.
Contributions can be made via Chancellor's Entrepreneurship Fund