The official unemployment rate in South Africa is at 27.6% according to Stats SA. A greater concern is that youth unemployment stands at 55.2% of this official unemployment figure.

The job market is unable to absorb all the young people graduating from tertiary institutions plus those finishing school, resulting in the current issue of high youth unemployment. A further challenge is that the fourth industrial revolution, which is characterized by high level technology and a greater use of robotics, is likely to require fewer people across all fields in all industries.

What then is the way forward in the current climate of high unemployment levels in general, plus even higher youth unemployment levels in particular?

The main feasible solution is for young people to go into entrepreneurship and open their own businesses. Ithala Development Finance Corporation (Ithala), which is a key role player in supporting entrepreneurship through, amongst other things, providing funding and business support to SMMEs in the province of KwaZulu Natal, has been playing a meaningful role in this regard. Ithala's "My Business Indaba" programme specifically focuses on young people through InkunzÍsematholeni Youth in Business Programme which rewards the winner with R200 000 worth of business support.

The Inkunz' isematholeni Youth in Business competition aims to stimulate young people into generating business ideas that are innovative and environmentally friendly. Businesses are created to close a gap in the market and offer solutions to people.

Contemporary business ideas have to encompass environmental issues and be innovative by creating products and services that will be used by consumers of the 21st century, who have more choice and are demanding. Entrants to the competition are encouraged to come up with uniquely innovative ideas that are viable and sustainable.

The competition is currently open and the youth is encouraged to enter by providing a clear description of their business ideas which will operate in the province of KwaZulu Natal. To enter, fill in the entry form which is available at Ithala Head Office, all Ithala SOC Limited branches across the province and online at www.Ithala.co.za.

Entry forms must be dropped off in the Inkunzímatholeni Youth in Business Competition entry boxes available at Ithala Head Office, Ithala SOC limited branches or via email at inkunzi@ithala.co.za. There is ample time for young people to come up with new innovative and interesting ideas as the competition closes on 30 September 2019.