JOHANNESBURG, 1 August 2009 – The Youth Entrepreneurship Program (YEP) has been launched in South Africa in association with the Dad Fund and various institutions of higher learning in the United States of America (USA). YEP has been launched as an initiative to assist young entrepreneurs to harness their leadership skills and to sharpen their business skills by offering exchange and mentorship programmes with USA-based tertiary intuitions and businesses.

The first step in the YEP is the commencement of the recruitment and selection stage of suitably qualified individuals throughout South Africa through a merit-based open competition. Thereafter the screening process will follow, and then the selection of all participants, prior to their departure for the USA. The selection of the participants should take into account the types of businesses that are available for placement/job shadowing in the US. Applicants in the following industries are encouraged to enter: events; tourism; service provision and education.

South African youth are invited to submit their applications to secure a position in the first intake of 15 students. The opportunity is available to young graduates / business owners between the ages of 21 and 35. All applicants must have an average of at least 60% in their chosen field of study; they must also be available for an annual leadership camp if so required.  Furthermore, each successful applicant will have to have demonstrate that they are in need of financial assistance; applicants must be available to work for designated institutions during holiday periods or after completion of the programme, depending on the size of the award made; applicants must demonstrate a commitment to volunteerism prior to the application or submit a proposal of proposed volunteer/community activity throughout the bursary period. Applicants will also be graded on their personal attributes, which must include excellent academic performance; excellence in sporting performance; community involvement and outreach as well as high levels of perseverance.

“YEP has been launched in an effort to promote leadership and particularly youth leadership as this has been identified as being sorely lacking in local communities, especially in all spheres of business and church,” said   Lyndon Barends, founding member of the Dad Fund.  “Through the inception of YEP, we are confident that we will be able to make a profound difference in the lives of many young leaders, and ensure that the future of South Africa’s business is solidified and crystallized through the youth”. YEP will award 15 bursaries for young entrepreneurs to further their business studies, and travel abroad to work within similar businesses, as part of a skills transfer program.

Commenting on the standard of young entrepreneurs in South Africa, Barends believes that a lot of work needs to be done to bring South Africa to a globally recognisable and acceptable standard. “There is no shortage of capital however, what has emerged in applications for finance is a poor grasp of essentials that are necessary for a financier to extend a loan. This is where education can play a key role; aspirant entrepreneurs need to know certain essentials, such as how to write a business plan and how to present a budget before they succeed in obtaining backing,” added Lyndon. He believes that even though South African big business is involved in economic development there is still also a lack of information and opportunities for learning.

The initial phase of the competition runs from 1 September to 31 October 2009, followed by a rigorous selection process with one-on-one interviews with all judges. 15 participants will finally be selected, and they will undergo training during the months of November and December 2009. These 15 participants will undergo an orientation day in January 2010, the objective of which is to introduce the applicants to each other; offer each participant introductory information; distribution of the YEP program information; brief on what to expect upon arrival in the USA; as well as a motivational session. Thereafter, the participants will travel together to the USA for their exchange program.

About Youth Entrepreneurship Program (YEP)
The Youth Entrepreneurship Program (YEP) has been founded through the Dad Fund, in conjunction with the Sierra Nevada University and College; The Unite States Fund; and the Northern Nevada International Centre. YEP aims at giving young entrepreneurs the opportunity of mentorship with businesses and tertiary institutions based in the United States of America. This will be done by offering a 6 week mentorship / exchange period for South African entrepreneurs to be placed with specific institutions as part of a skills development program. The first intake of participants in the YEP is scheduled to travel to the USA in February 2010.

About Dad Fund
The Dad Fund was founded in 2003 in Johannesburg, South Africa as a means to offer opportunities to previously disadvantaged individuals with entrepreneurial aspirations. The fund was founded by Lyndon Barends.  The Dad Fund has been named after Daniel Arthur Douman (DAD) who was an outstanding leader who touched the lives of many while serving within the education system during the apartheid era in Cape Town.