Page 67 - CAO 25th Ann Coffee Table Book

student to attend university. This student pays the money back once they have graduated and are working, and then ‘pay it forward’ by sponsoring someone else. We implemented a sustainable bursary fund that supports students starting in our bridging programme right through to higher levels of education. We then give them a job that generates money for them and for the school. By the time they graduate, they’ve paid back 50% of the true cost of their education. Once they are working, they pay back the remaining 50%. We also run businesses employing graduates to run different aspects of the institution. This generates profit, which covers between 40 and 50% of our budget. And it’s working.
But we’ve also learned that while ‘free education’ may be a solution, it isn’t enough. The HRDC reports that only 13 million South Africans are currently employed, a number that needs to reach 24 million by 2030. Where
are these 11 million jobs going to come from? The answer might surprise you. It’s not big business. Today, 70% of employed South Africans work for organisations with 50 staff or less. I believe that job creation lies in investing in entrepreneurship and small businesses. I believe that entrepreneurship is the key to reducing poverty, unemployment and boosting the economy. But we’ve got a long way to go. Only two in 100 small businesses survive longer than three years. Why? Because our education system fails them – we don’t prepare young people to be successful entrepreneurs. It’s time to move our universities over to this way of thinking and teaching.
We need to create understanding and open new dialogue to unite and innovate. We need to invest in holistic education that actually develops a person’s full potential to turn them into leaders. It needs to be experiential so that they can do something practical
I’m here to tell you that the idea that education can pay for itself is possible. It’s not going to happen overnight. It’s not going to be easy
but it’s already happening all over the world. And it’s already happening right here in South Africa.
in their workplace. They need help with job placement because young people don’t have networks. And we need to find new, sustainable economic models so that higher education can pay for itself.
So far, we’ve put 15 000 kids through a full degree or some form of higher education system and into jobs with a 98% job placement, of which 4 500 are entrepreneurs. And we continue to track their progress. We estimate (conservatively) that these graduates are supporting 70 000 families between them but are going to earn over R23 billion in their future careers – all without a cent from government with students paying just R200 per month.
We’ve all got to evolve; we’ve all got to change, think differently and innovate. It’s the only way forward. If we can do that, we will change a million lives. We have no choice but to succeed for a truly free and great South Africa.
65