COSTECH youth business innovation Challenge set for launch next month

24Jun 2019
The Guardian Reporter
The Guardian
COSTECH youth business innovation Challenge set for launch next month

THE Tanzania Commission for Science and Technology (COSTECH) is set to launch phase two of business plan innovation challenge aimed at creating employment to the youth.

The challenge conducted under the Tanzania Digital Innovation Youth Empowerment Programme (TADIYE) will be announced on July 1 and will involve thousands of youth aged 15 to 35 years, a press statement issued yesterday says.

This follows successful implementation of phase one which was was completed on Friday June 14, 2019 in which 150m/- was disbursed to 15 young entrepreneurs in the country to support their business and innovation ideas.

“The aim of the project is to create employment and giving youth opportunities to explore their entrepreneurial talents,” the project reads in part.

Before submitting a business plan the youth go through a trining session through the Internet using TADIYE training manuals. Only those who complete five modules are allowed to submit their business plans, the press release said. Shortlisted candidates with the best business plans go through further training to enable them refine their plans before being given starting capital of up to 20m/-.

Since January 2019 about 70,000 youth throughout the country have accessed TADIYE training manuals through the Internet, the statement said.

The project that is funded by the Royal Danish Embassy in the country has set aside 300mn/- to finance business ideas for youth in two phases with the fist have ended.

In the project, 25 business plans were shortlisted and participants given further training to refine their plans. At the final presentation in June 14 2019 about 16 presentations were selected and given capital amounting to 20mn/- each as initial capital.

A recent report by United Nations Department of Economic and Social Affairs released in February this year warned that high youth unemployment rates in developing countries like Tanzania stand on the way of the countries’ development initiatives.

Tanzania aspires to become a middle income country by 2025 through industrialization.