October 26, 2005
By Tammy O'Reilly
GLOBAL businessman Sir Richard Branson has, for the first time anywhere in the world, lent his name to an educational institution - right here in the heart of Johannesburg.
CIDA City Campus, the country's first virtually free tertiary institution that provides specialised accredited Business Administration degrees to financially disadvantaged students, officially launched the Branson School of Entrepreneurship on Wednesday, 26 October.
Marking the occasion, Branson, along with leading South African and British entrepreneurs, literally left his footprints behind when he placed his feet in concrete to represent "walking in the footprints of global entrepreneurs".
These symbols of inspiration will be placed at the entrance of the school at 27 Harrison Street.
Richard Branson flanked by leading South African entrepreneurs Ciko Thomas, Yvonne Chaka Chaka and Matthews Phosa
The building, donated and renovated by First National Bank, will be named the Nelson Mandela First National Bank Building, as it was here that the former president held meetings in his early years.
The rationale behind establishing the school was to assist qualified students in starting up and managing their own businesses, said CIDA's CEO, Dr Taddy Blecher, at a press conference at the Nelson Mandela Foundation in Houghton.
"The South African economy is dependent on entrepreneurial activity for creating economic growth and jobs, yet very few young South Africans choose to start a business after their studies," said Blecher.
"A myriad of reasons explains this, including the lack of role models, no access to capital or training to help them identify viable business opportunities and the misconception that starting a business is for those who have no other choice. The school has been created to tackle these issues and arm financially disadvantaged students with entrepreneurial skill."
All students will study a module in entrepreneurship in their first year. Thereafter, students will able to specialise in entrepreneurship, entering the Branson School of Entrepreneurship in their second year at CIDA.
The school will also focus on campaigns that boost the image of entrepreneurship as an attractive and viable career and will also offer students modules in social entrepreneurship that aims to address social issues.
"Being an entrepreneur is not only about making money," advised Branson. "You can also tackle social problems with an entrepreneurial mind. No one should develop Aids; no pregnant mother should be passing on HIV to their babies; and millions should not be dying of malaria. These are just some of the issues that we will lead the school into discussing."
He pointed out that only two percent of entrepreneurs in South Africa have success with their businesses. "That's a perilous situation, especially if you consider that many of them have some formal education in entrepreneurship."
Having a school like this will give people a better chance, he added. "Many will succeed and many will fail, but the confidence with which they leave there will be unparalleled."
Branson hoped that the students, by studying companies such as Virgin and working with the companies' staff, learn that taking a great idea and having the courage to run with it can build great 21st century businesses. "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."
Start up funding for the venture comes from Virgin Unite, the charitable arm of the Branson's Virgin Group.
"We have come a very long way in this country. We overcame apartheid but the next stage of the struggle in South Africa is the need for economic democracy. We can only truly be free when we build an equal economy."
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