26 May 2014

Tanzania: Youth to Compete for Business Capital

DAR ES SALAAM Young Entrepreneurial Challenge (DARECHA), a micro- venture capital fund has introduced business ideas and ventures competition for young people engaged in small and medium entrepreneurship to help them raise capital.

DARECHA Director, Mr Julius Shirima, told reporters in the city at the weekend that the competition targets young people between 15 and 30 years old, saying they should write business proposals indicating their capital and turnover.

"The business proposals attached with competition forms should be submitted to Darecha offices before July 18," he said. Mr Shirima pointed out that the candidates with successful proposals would be required to present them during a grand event on September 9 and event would be attended by different international investors.

"About 30 successful candidates will present their business proposals before different international investors who will be able to pick local traders to partner with them in potential areas for investment," he said.

Mr Shirima noted that Darecha has also been running Youth Business Ideas Competition (BICY) and that the competition involves youth aged between 16 and 25 in streets, high schools and universities.

"Each year, since 2009, a certain number of highly qualified finalists are chosen to attend one week of entrepreneurship training but only ten presents their ideas in front of a panel of well experienced judges," he said.

"Darecha believes in the ideas of young people, and believes with right networking, exposure, education and guidance they can develop their ideas and create a great, long lasting contribution to the society," he said.

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