Scale Up Youth Entrepreneurship
of the world’s population is under 35.
Source: United Nations Population Division, World Population Prospects Report, 2022
⬇
Today’s young entrepreneurs are tomorrow’s employers
As more youth enter the market each year, they shape trade routes, economies and societies. We must commit to provide them with the networks and skills to grow, succeed and lead.
“We have a new generation of MSMEs coming into global trade that understands that the future is more inclusive, more connected and more sustainable. Rest assured: The future of global trade is in good hands with today’s youth.”
Pamela Coke-Hamilton, Executive Director, International Trade Centre
million
new jobs are needed by 2030 to absorb the growing workforce.
Source: World Bank Group, 2022
⬇
Betting on young entrepreneurs is a path to prosperity
To keep pace with rising youth population numbers, developing economies need to scale up employment opportunities. With over 90% of new jobs coming from small businesses in low-income countries, betting on entrepreneurship is the only path to prosperity.
of youth view climate action as vital.
Source: PWC Global Youth Outlook, 2022
⬇
Empower youth to invest in humanity’s future
Young people are driving the push for a more sustainable world, including where they work, what they produce and what they consume. The success of young entrepreneurs is integral to the sustainability of our planet.
“Being a startup and young entrepreneur, I come with ideas. I want to save the planet. I want to work with individuals or companies who understand that we need to give back to society and be sustainable for future generations.”
Divej Mehta, Managing Director, Inmate, India
Adjust business ecosystems
Supporting entrepreneurs takes an ecosystem. They take many forms, from early-stage incubators, accelerators, co-working spaces and universities to traditional business institutions like chambers of commerce and banks. Good business environments bring together a wide range of organizations, institutions and mentors to help entrepreneurs thrive.
The challenge to established institutions: reach out to young people, engage with universities to tap into entrepreneur communities and adapt existing practices.
The challenge to early-stage organizations steeped in disruptive entrepreneurial culture: reach out to legacy institutions and formal business networks.
If it takes a village to raise a child, it takes a wider community to support young entrepreneurs at scale.
“Collaboration is everything, agility is everything to ensure young entrepreneurs are able to scale. Let’s all mentor each other. There’s value and knowledge that everyone has, and collectively, we can grow ecosystems.”
Neo Mosimane, Founder, Lebone Enterprise Development Agency; Ye! Community Advisor, Botswana
Creative listening, tailored solutions
Listen to business using surveys, interviews and networking events. Supporting entrepreneurs must begin with understanding their needs.
Every enterprise is different and the unique contexts of their market, products and leadership all play a role. If there were a clear recipe for success, every business would be on its way to the Fortune 500.
When it comes to understanding business success, and where pitfalls can spell failure, there is no replacement for experience. As much can be learned from failure as from success. Peers are an overlooked well of learning. As different entrepreneurs explore their own paths to success, they build a library of different experiences from which other entrepreneurs can learn.
“Youth need to be engaged and they are disruptive. Networks are critical and must be very much connected to what’s happening in reality. Let’s make it profitable for them so that they enjoy doing business.”
Allan Majuru, CEO, Zimtrade, Zimbabwe
“I encourage successful businesspeople to mentor young entrepreneurs around the world, and for countries to prioritize creating startup ecosystems that bring opportunities to young entrepreneurs to scale up.”
Vedant Gandhi, Founder, RecycleX, India; Previous Youth Ecopreneur Awards winner
Global competitions scale up youth entrepreneurship
Young entrepreneurs at the World Export Development Forum cited pitch competitions as a powerful way to scale up youth entrepreneurship. The impact of such competitions goes far beyond prize awards. Competitions help entrepreneurs refine their business models, perfect their messaging and connect to investors and mentors.
Such events are also a perfect crucible for budding entrepreneurs to engage in direct competition, as they will inevitably have to on the open market. By simulating real market competition, entrepreneurs are able to test themselves and their business models, learn from the experience, and improve accordingly even before launching their products to the public.
“Winning the 2022 Youth Ecopreneur Awards really helped us a lot. Preparing for our pitch really helped us refine our business model and actually build the venture into a competitive proposition. It also gave us a very good spotlight in the social impact sector in India. Third, that visibility helped us make partnerships. Me and my co-founder were able to build an ecosystem of like-minded entrepreneurs. For example, we were able to partner with a social entrepreneur who is building sustainable, low-income housing. Our company’s eco-bricks were a great sustainable material for constructing their buildings.”
Vedant Gandhi, Founder, RecycleX, India; Previous Youth Ecopreneur Awards winner
Case study:
Youth Ecopreneur Awards at the World Export Development Forum
Youth entrepreneur competitions have been a key feature of the World Export Development since 2017, focusing on startups with positive social or environmental impact.
ABOUT US
The International Trade Centre is the joint agency of the World Trade Organization and the United Nations. We promote trade-led growth in developing countries.
CONTACT
SHARE THIS PAGE
Copyright: International Trade Center, unless otherwise indicated.