With unemployment levels remaining high in Zimbabwe as the revival of industries remains a serious challenge, a youth organization in Gweru has come up with a business incubation initiative which could be useful in the setting up of successful business ventures that can help to create jobs.
Every year, thousands of Zimbabwean youths graduate from the country’s tertiary institutions but as industry continues to struggle, most of the graduates end up on the streets, many of them joining the informal sector.
Although government has set up a fund to help youths start their own businesses, most complain that the funds are not easily accessible as they struggle to come up with viable business projects.
Like most young people, 27 year-old Glorious Makumbe says she struggled over the years due to lack of employment opportunities.
It is such a situation that spurred Glorious to come up with a business incubation initiative known as Global Appeal for Accelerated Youth Empowerment and Development (GAAYED).
Glorious says the country needs a lot of foreign direct investment to resuscitate industries and create job opportunities for thousands of unemployed youths.
But he remains confident that the business incubation initiative can still be successful despite the prevailing depressed economy, partly pinning his optimism on the fact that some renowned business people sit on the board of his organisation.
Among the board members are businesswoman Divine Ndhlukula, Merchant Bank chief executive officer, Charity Jinya, and business executive, Pattison Sithole.
Business incubation has been used in the starting up of companies or business enterprises with considerable success in developed countries like Britain and the United States as well as in the emerging global economic giant, China.
Economics lecturer Martin Charumbira of the Midlands State University says the reason why most start-up businesses fold or fail to grow is because of lack of requisite expertise on the part of the owners.
Charumbira believes business incubation could help most of such start-ups to thrive and grow big.
Gweru-based businessman Trust Chikohora, who is secretary general of the Comesa Business Council and a past president of the Zimbabwe National Chamber of Commerce, believes that business incubation could be useful in Zimbabwe.
Some experts also believe that even with the most brilliant economic blueprint, Zimbabwe’s economy will remain crippled until the country mends its relations with western nations and multi-lateral financial institutions.
Balance of payment support and foreign direct investment would help boost the economy thereby creating employment.