Wits Business School (WBS) has formalised its partnership with the Services Sector Education & Training Authority (Services Seta) at a special signing ceremony on January 28, furthering public-private-academic collaboration.

The Services Seta has pledged significant financial support for the new Wits Centre for Entrepreneurship to be housed at 47 Main street, in the Johannesburg central business district.

The announcement was made at a handover ceremony, which took place in June last year, during which Wits took ownership of the eight-storey building in the former Anglo American campus in Marshalltown.

The Wits Centre for Entrepreneurship, hosted by WBS, is the result of a collaborative effort by stakeholders who share a vision for the transformation of the Johannesburg inner city from a site of decay and unemployment to a vibrant economic hub which provides a healthy and supportive ecosystem for young entrepreneurs.

“This partnership underscores the transformative potential of collaboration between institutions of higher learning, skills development organisations and the private sector. The establishment of the Centre for Entrepreneurship is testament to the new strategic direction of Wits University post our centenary in 2022, which prioritises research, innovation, and fostering sustainable societal progress,” Wits Commerce, Law and Management Faculty dean Professor Jason Cohen says.

As South Africa’s largest Seta, the Services Seta facilitates and funds programmes that bridge the gap between formal education and training, partnering with public and private learning institutions to fulfil its mandate. Through the Services Seta's Entrepreneurship and Cooperative Development Institute (ECDi), the authority has committed to pool resources, expertise and networks to grow and sustain the Wits Centre for Entrepreneurship.

“South Africa is not only grappling with high levels of youth unemployment but also with the sobering reality of graduate unemployment. This alarming trend threatens to undermine our collective future unless we act decisively and collaboratively. The Services Seta is excited at the opportunity to support Wits’ Centre for Entrepreneurship in its efforts to empower entrepreneurs, create opportunities, and foster sustainable economic growth through strategic partnerships and skills development tailored to grow the sector,” Services Seta acting CEO Andile Sipengane says.

For WBS, the new centre represents an opportunity for role-players to collaborate and pool their resources and expertise towards meaningful change.

“In the decade and a half that WBS has taught and researched entrepreneurship as a core discipline, we have learned that what makes successful and productive entrepreneurship is a healthy ecosystem where private, public and academic sectors play active roles. We are . . . grateful to Services Seta for having the vision to come on board.

"Today’s signing represents a crucial step in the right direction, where multiple sectors come together to create holistic solutions to the big issues this country faces,” WBS head and director Professor Maurice Radebe says.