I'm here today to launch our 1000X1000 Challenge; a challenge to implement and nurture 1000 businesses across the Western Cape within the next year.

This is a pilot scheme to begin tackling the huge problem of unemployment in our province. The Challenge proposes to make available R1000 each to 1000 unemployed people to start businesses. And, what's more, it is promising to ensure that citizens from every municipality in the Province and all parts of the City are given an equal chance to participate.

In essence, we are inviting unemployed people to participate in this Challenge, in which those with the best business ideas will receive a loan of R1000 for a period of six months. We'll get a panel of experts to judge the ideas. Where necessary we will invite entrants to an interview if their idea is short-listed. The best 1000 will be invited to take up the R1000 Challenge. The rest is up to them. Participants can expect to increase their skills level and learn how to link with the formal sector and mainstream economy. Whoever uses the R1000 to best effect to start a business, will receive an extra R5000 towards their new venture.

The 1000X1000 Challenge differs markedly from other Provincial initiatives to support small businesses in that winners will be mentored throughout their development by the RED Door, the Province's recently-launched one-stop shop for supporting small business.

S-M-M-Es are just one of the elements crucial to economic development in the Western Cape, because S-M-M-Es have the ability to create jobs for more than just the owners of the businesses. This job creation has a direct impact on reducing Provincial unemployment. Therefore, by recognising the importance of S-M-M-Es to a healthy economy, the 1000X1000 Challenge will extend opportunity, especially to youth and the chronically unemployed.

Unemployment in the Western Cape is about 23.1%; about 450,000 people. That's a lot of people. Chief among them are youth and older adults who have a mismatch of skills for the modern economy. We are constantly working to make inroads into redressing unemployment, and have identified support of S-M-M-E entrepreneurial activity as one of the avenues open to us.

Research shows that small businesses have the capacity to create between 50,000 to 60,000 jobs a year, so you can see why I am keen for unemployed micro entrepreneurs to get involved in this Challenge. They are some of the most resourceful people out there, always identifying opportunities even when they lack the capacity to sustain them. We know that what they do will translate into jobs so this 1000x1000 Challenge is, in a way, about making that possible.

What we as a Province hope to get out of this Challenge is a renewed vigour and optimism among our unemployed, and especially our youth. We want this Challenge to give form to the depth of talent we know is out there, because the Western Cape is home to incredible entrepreneurial activity; activity that is much higher than in other provinces.

And if this pilot project is successful, I will seek the funding to run another challenge and increase the number of unemployed people participating.

This Challenge and the RED Door Initiative are just the beginning of the Provincial roll-out of our BEE implementation plan. It will deliver on our iKapa Elihlumayo strategy of promoting increased economic growth, employment and economic participation for all to make concrete the Premier's vision of the Western Cape as A Home for All.

So how will the Challenge work? Well Tembeka Mhlekwa, our Chief Director of Economic Development and Tourism, will walk you through the process, but the short answer is that starting today we will launch a Province-wide print and radio advertising campaign. Applicants will 45 days to submit entries. The 1000X1000 Challenge is offered to those who do well in each district municipality and five regions within the city, and the overall winner will be announced at an awards ceremony in November.

I am very excited about the 1000X1000 Challenge and I urge you to help us spread the word. The more people we can reach the greater the potential economic and employment benefit to all of us.

Now I'd like to ask Tembeka Mhlekwa, Chief Director: Economic Participation, to walk you through details of the 1000X1000 Challenge.