start a new airline in the current economic climate
Actually, it's the perfect time to start a new low cost in SA. Nationwide have left a gaping hole in the market, and only smart entrepreneurial skills combined with a strong sense of business will prove this venture a success. These kinds of LCC's are not competing with SAA and Mango directly (that's where Comair and Kulula come in), but in direct competition with 1time (who don't have a similar competitor in the market, yet).
Well done, and good luck, Vino.