Policy Guide on Youth Entrepreneurship

1 2 3 York Geneva, 2015 44 designations employed presentation material imply expression opinion part United Nations legal status country, territory, city area, authorities delimitation frontiers boundaries. Material publication freely quoted reprinted, acknowledgement requested, copy publication quotation reprint UNCTAD secretariat. publication edited externally. Note UNCTAD/DIAE/ED/2015/1 © Copyright United Nations 2015 rights reserved 5 Policy Guide Youth Entrepreneurship developed UNCTAD collaboration Commonwealth, building organisation’ expertise entrepreneurship policy youth entrepreneurship . prepared team led Fiorina Mugione comprising Fulvia Farinelli, Lorenzo Tosini, Stephania Bonilla-éret, Alejandro Rubias- Hernandez Peter Navarrette, supervision Tatiana Krylova. James Zhan guidance. Jane Wangui Muthumbi served principal consultant. report benefitted advice inputs Katherine Ellis, Director Youth Affairs Division Commonwealth. stages preparation, team benefitted comments inputs received Rajkumar Bidla, Richard Bolwijn, Monica Carcó, Sueli Giorgetta, Cristina Martinez, Laurent Mieiville, Jeffrey Petty, Anton , Abhik Sen Merten Sievers. financial contribution Commonwealth consultancy costs developing report gratefully acknowledged. report edited Prof. Cletus . Dordunoo. Neo Mothobi Matsau, CEO Bamboo Innovation Ecosystem, Louise Sawyer, Executive Creative Director Bamboo Innovation Ecosystem, responsible graphic lay . Acknowledgements 6 Guiding Framework Youth Entrepreneurship developed UNCTAD collaboration Commonwealth. prepared team led Fiorina Mugione comprising Fulvia Farinelli, Lorenzo Tosini, Stephania Bonilla-éret, Alejandro Rubias-Hernandez Peter Navarrette, supervision Tatiana Krylova. Jane Wangui Muthumbi served Director Youth Affairs Division Commonwealth. Rajkumar Bidla, Richard Bolwijn, Monica Carcó, Sueli Giorgetta, Laurent Mieiville, Jeffrey Petty, Anton , Merten Sievers. develop-ing report gratefully acknowledged. report edited Prof. Cletus . Dordunoo. Neo Mothobi Matsau, CEO Bamboo Innovation Ecosystem, responsible graphic lay . Preface youth entering working population offer prospects decent wage. Harnessing entrepreneurial talents young people easing constraints labour market vital employment generation inclusive growth. Current demographic trends explosion youth unemployment forcing youth entrepreneurship centre global policy discussions post-2015 development agenda. Gripping development rights young people, empowering , priority Commonwealth United Nations. International Year Youth 2010-2011, led UN Secretary-General task UN Volunteer Programme establish Unit Youth, UN Inter-Agency Network Youth Development Commonwealth part includes young people policy work high level meetings Commonwealth Heads Government Commonwealth Youth Ministers. focus Youth core stand- element Commonwealth Secretariat’ strategic plan. Youth entrepreneurship priority Commonwealth’ work years, driving programmes Commonwealth Youth Credit Initiative, Commonwealth Alliance Young Entrepreneurs. Commonwealth global leader developing Youth Development Index professionalising youth work. Policy Guide Youth Entrepreneurship developed jointly UNCTAD Commonwealth, important contribution efforts United Nations system Commonwealth developing countries transition economies design policies programmes, establish institutions promote youth entrepreneurship, providing foundation achieving job creation development, expansion growth youth-led enterprises. Guide builds UNCTAD Entrepreneurship Policy Framework (EPF), launched Doha including implementation UNCTAD’ Empretec Programme Commonwealth Youth Credit Initiative. valuable support policymakers efforts promote youth economic empowerment. .. Kamalesh Sharma Commonwealth Secretary-General Mukhisa Kituyi UNCTAD Secretary-General 7 Preface Summary . Introduction 14 II. Policy Guide Youth Entrepreneurship 17 • Formulating national entrepreneurship strategy • Optimizing regulatory environment • Enhancing entrepreneurship education skills development • Facilitating technology exchange innovation • Improving access finance • Promoting awareness networking III. Assessing Effectiveness Youth Entrepreneurship Policies 85 IV. Conclusions 88 Annex 90 Bibliography 95 Figure 1 18 Figure 2 20 Figure 3 38 Table 1 11 Table 2 19 Table 3 29 Table 4 35 Table 5 50 Table 6 60 Table 7 74 Table 8 86 Contents 8 CAAYE ICT NEET UNCTAD CYCI ITC OECD YBI CYMM MFI TVET YES Commonwealth-Asia Alliance Young Entrepreneurs Information Communication Technologies (Youth) Employment, Education Training United Nations Conference Trade Development Commonwealth Youth Credit Initiative International Trade Centre Organization Economic Development Cooperation Small Medium Enterprises Youth Business International Commonwealth Youth Ministers Meeting Micro-Finance Institution Technical Vocational Education Training Youth Entrepreneurship Sustainability CGAP ILO NFTE UNIDO CYFI MENA SME YEA ENYA MSME UNCDF Consultative Group Assist Poor International Labour Organization National Foundation Teaching Entrepreneurship United Nations Industrial Development Organization Child Youth Finance International Middle East North Africa -20 Young Entrepreneurs Alliance Enterprise Network Young Australians Micro, Small Medium Enterprises United Nations Capital Development Fund Acronyms 9 Summary response challenges high youth unemployment, UNCTAD, collaboration Commonwealth, developed Policy Guide Youth Entrepreneurship. designed support countries develop effective policies unleash potential youth entrepreneurship. primarily intended resource tool policy-makers, guide relevant decision-makers intergovernmental international organizations NGOs development agencies involved youth entrepreneurship. Recognizing unique aspiring young entrepreneurs, Policy Guide Youth Entrepreneurship, builds UNCTAD’ Entrepreneurship Policy Framework, identifies key priority areas policy focus impact youth. challenges young people face start grow businesses, guide identifies specific measures policy area recommends actions policy makers create enabling entrepreneurial ecosystem young people. section Policy Guide Youth Entrepreneurship outlines process formulating integrated national youth entrepreneurship strategy. highlights key elements significant impact youth entrepreneurship countries developing strategies. Stakeholders engaged development strategy roles process identified. Examples youth entrepreneurship strategies developed (Colombia, South Africa Wales) cases implementation Commonwealth Youth Credit Initiative . Recognizing young people face considerable barriers regulatory environment, framework examines key bottlenecks impede young entrepreneurs starting growing businesses, including complex regulatory processes high business registration costs. case study Italy’ Simplified Regulation, , illustrates implementation measure aimed encouraging young people start businesses. measures include minimizing stigma business failure, facilitating restarts. Orienting business development services provide services young entrepreneurs essential ensuring obtain adequate support. Effective entrepreneurship education key ensuring young people acquire competencies skills pursue entrepreneurship lay groundwork developing culture entrepreneurship. Concerted efforts integrate entrepreneurship education regions. UNCTAD’ Empretec programme introduces entrepreneurship young people, UN programmes International Labour Organization’ (ILO) Business. Building capacity teachers inculcate entrepreneurship skills students critical ensuring entrepreneurship integrated education system. addition, strengthening capacity vocational training apprenticeship systems equip young people skills pursue entrepreneurship -employment. 10 Technology innovation important drivers economic development. Business incubators accelerators Start- Chile India’ Start- Village emerged provide conducive environment nurtures innovation. Investments technological infrastructure create foundation thriving digital economy provide impetus spread innovation ensure young people access knowledge competencies skills exploit technology create commercial products services. Access finance binding constraint young people start grow business. Collateral requirements, high banking fees, inadequate youth-friendly products lack financial literacy key bottlenecks young people. Measures ensure financial inclusion young people undertaken countries. , Kerala Finance Corporation Bhatariya Yuva Shakti Trust India provide collateral-free loans young entrepreneurs. addition, financial institutions increasingly orienting services meet young people. Child Youth Finance International, increases access financing young people Youth Business International -served young entrepreneurs funding start grow businesses. establishment funds purpose stimulating innovation catalyzing development entrepreneurial ecosystem support innovation designed benefit disadvantaged groups discussed, programmes Aflateen Commonwealth Financial Literacy Programme, increasing financial literacy young people. Enhancing capacity financial sector serve youth-led start-ups critical ensuring young people access relevant financial services. Finally, societal attitudes entrepreneurship, fear failure, insufficient promotion entrepreneurship opportunities, lack platforms foster young entrepreneurs’ engagement lack access markets barriers undermine efforts create culture entrepreneurship. report highlights importance events Global Entrepreneurship Week showcasing role entrepreneurship society. case study Commonwealth-Asia Alliance Young Entrepreneurs (CAAYE) illustrates importance youth entrepreneurship network platform engage young entrepreneurs entity advocates young entrepreneurs Asia. , initiatives YouthTrade .. link youth-led enterprises businesses buy YouthTrade certified products, support young entrepreneurs access markets. essential develop platforms facilitate opportunities engage young people promote development youth entrepreneurship networks associations advocate behalf young entrepreneurs. table summarizes main impediments faced young entrepreneurs policy recommendations address . document devotes section policy area, checklist key questions case studies countries, key messages identified case studies. 11 Table 1. Summary impediments impact young entrepreneurs recommended actions policymakers • Mainstream entrepreneurship awareness primary school level • Promote entrepreneurship electives, extra-curricular activities visits businesses secondary school level • Support entrepreneurship courses, programmes chairs higher education institutions universities • Promote vocational training apprenticeship programmes • Promote experiential learning-- methodologies • Encourage entrepreneurship training teachers • Promote entrepreneurship educators’ networks • Introduce strengthen youth-oriented youth-friendly business development services • Encourage tailored local material, case studies role models, foster interactive, -line tools • Promote training ICT skills youth • ICT technologies youth, marginalised young people • Implement policies support technology incubators, & labs cluster development • Support work opportunities young people existing business incubators, knowledge hubs science parks • Encourage university-based research commercialization entrepreneurship centres support youth-led innovation facilitate skill acquisition young people • Invest innovation grants, tax breaks incentives encourage public-private partnerships university-industry collaboration • Foster youth-led businesses’ skills development market access business linkages • Support youth-led businesses mentorship large buyers Policy Areas Optimizing regulatory environment Impediments young entrepreneurs • High business registration costs • Complex regulatory procedures • Distrust regulatory environment • Limited knowledge regulatory issues, copyright, patent trademark regulations Main Recommended Actions Policymakers • Benchmark time cost starting business • Balance regulation standards sustainable development objectives • Review , , simplify regulatory requirements (.. licenses, procedures, administrative equirements) • Enhance ICT-based procedures business registration reporting • Introduce transparent information fast-track mechanisms -stop shops bundle procedures • contract enforcement easier faster • Carry information campaigns regulatory issues • Guarantee property protection Enhancing Entrepreneurship Education Skills Development Facilitating technology exchange innovation • Inadequate integration entrepreneurship education system • Limited practical experiential opportunities • Lack / limited orientation enterprising attitudes, behaviours skills teachers • Limited / poor quality business development services • Lack ICT skills • Inadequate infrastructure (physical workspace, digital infrastructure, access reliable cheap electricity) • Insufficient technological readiness • Limited linkages youth-led start-ups growth-oriented entrepreneurs investors Continued page 12 Table 1. Summary impediments impact young entrepreneurs recommended actions policymakers • Highlight talent young entrepreneurs, benefits supporting / investing • Support recognition failure part learning succeed • Support youth entrepreneurship competitions awards • Promote knowledge exchange established business people aspiring young entrepreneurs • Encourage development young entrepreneurs’ peer networks • Leverage social media communication tools platforms • Reaching deploying information business opportunities youth • Promote entrepreneurship opportunities national, regional local level Policy Areas Improving Access Finance Impediments young entrepreneurs • Inappropriate / lack youth- friendly financial products • Excessive restrictions (age requirement open bank account) • financial literacy levels • High credit collateral requirements Main Recommended Actions Policymakers • Facilitate development youth-friendly financial products, including mobile banking technologies • Inform young people youth-oriented financial services, including informal lending viable financing options • Undertake financial sector reforms aimed increasing financial inclusion • Support establishment credit bureau • Promote youth-oriented financial literacy training • Support public-private partnerships aimed building financial sector’ capacity serve start-ups • Recognize business development support mentoring lieu traditional collateral • Implement policies promote access finance youth Promoting Awareness Networking • Negative societal attitudes entrepreneurship • Insufficient promotion role models • Underdeveloped young entrepreneurs’ networks • Insufficient promotion entrepreneurship opportunities Source: UNCTAD Commonwealth Continued previous page 13 14 . Introduction Globally, young people aged 15 24 world population (17%) (UN World Population Prospects: 2012 Revision). Africa, youth comprise population (20%); Asia (18%); Latin America Caribbean (17%), Oceania (15%); North America (14%), Europe (12%) (UN, 2012). terms gender distribution, globally, female youth outnumber male counterparts small margin. majority young people globe live urban areas differences regions. - Saharan Africa, , large proportion young people live rural areas. Globally, young people facing tremendous challenges, notably, unprecedented levels unemployment developed developing countries spurred 2008 economic crisis. 2008 crisis, number unemployed youth soared estimated 73.4 million young people—12.6 percent total youth population, representing increase 3.5 million 2007 2013, projected rise 12.8 percent total youth population 2018 (ILO, 2013). 15 , proportion youth employment, education, training (NEET) increased substantially. OECD countries, , number NEET youth increased 2.1 percent reach 15.8 percent 2008 2010, Latin America, number NEET youth remained high 19.8 percent 2006, placing youth region greater risk labour market social exclusion (ILO, 2013). High unemployment young people limited individuals levels education. countries, large proportion young people graduate university unable find employment, prompting highly educated individuals leave countries search opportunities . Brain drain, emigration skills, significant challenge developing world. acute -Saharan Africa, South Asia Small Island Developing States, lose thousands highly educated skilled individuals developed countries year, contributing severe shortage skilled labour, negative consequences economies. higher female unemployment rate compared male rate. disparity, , pronounced regions North Africa Middle East, extent, Latin America Caribbean (ILO, 2013). addition, young women earn compared male counterparts, developing countries, young women engage unpaid family work. , groups young people levels education, young people disabilities young people reside rural areas experience higher unemployment contexts. Young people majority quality jobs, tend earn pay, informal economy. developing countries, young people underemployed poor, working poor primarily engaged agriculture, reflecting lost opportunities attend school acquire skills education raise future productivity earnings (ILO, 2012). National action plans youth employment account dimensions investment, enterprise development labour legislation. UNCTAD’ World Investment Report 2014 analysed key challenges maximizing positive impact minimizing risks drawbacks public private investment SDGs (Sustainable Development Goals) sectors. raised attention weak absorptive capacity developing countries, suggesting adequate policy responses encourage facilitate entrepreneurship, support technology, human resources skills development promotion linkages clusters incubators economic zones support business creation SME development SDGs sectors. ILO (2008), main elements active labour market policies include labour- market training, career guide, job-search assistance, job-placement programmes, labour- market information, public works community services, employment subsidies, entrepreneurship programmes. Promoting youth entrepreneurship potential contribute social development offers young people opportunity increase earnings -employment, create jobs , raising living standards , reducing poverty building sustainable livelihoods (YBI, 2013). 16 , social entrepreneurs Evans Wadongo promote innovation local communities. Wadongo, young Kenyan winner 2012 Commonwealth Youth Award, invented environmentally-friendly solar lamp recycled materials, established workshops manufacture lamps, creating jobs local young people. Mwanga Bora (meaning good light) solar lamp cheaper safer alternative kerosene lamps rural urban homes lack access electricity. 17 II. Policy Guide Youth Entrepreneurship Policy Guide Youth Entrepreneurship, developed UNCTAD collaboration Commonwealth, aims supporting policy-makers developing countries transition economies design policies programmes establish institutions unleash potential youth entrepreneurship, providing foundation achieving job creation development, expansion growth youth-led enterprises. guide, takes account ongoing challenges facing young people, including unemployment, poverty gender disparities, aligned global development goals, including draft post-2015 United Nations (UN) Development agenda identifies promoting entrepreneurship, decreasing number unemployed youth increasing number young people obtain vocational technical skills high priority goals. starting point framework, important point universally agreed- definition term ‘youth’. definition varies widely countries, international organizations entities funding agencies youth associations. UN, instance, defines youth young men women aged 15–24. Commonwealth, hand, defines youth individuals aged 15–29. countries, definition youth varies considerably, age range spanning 12 ( African countries) extending age 35. definition youth valid, purpose framework, term refer young people aged 15–24. document builds Commonwealth Guiding Framework Youth Enterprise, resource tool designed assist governments implement youth enterprise development programmes, UNCTAD’ Entrepreneurship Policy Framework (EPF), supports policy- makers developing countries designing initiatives, measures institutions promote entrepreneurship. Policy Guide Youth Entrepreneurship 6 priority areas policy measures direct impact youth (Figure 1). noted , EPF, 6 priority areas numbered sequentially, operational perspective addressed time holistic manner. 18 Figure 1. Key components Entrepreneurship Policy Framework Source: UNCTAD, 2012 guiding principles policy recommendations contained sections designed support policymakers efforts promote youth entrepreneurship. noted recommendations action contained tables youth-specific, exception measures related regulatory framework. horizontal nature applied entrepreneurs order maintain equal level playing field. noted recommendations area entrepreneurship education skills development replicate EPF, measures targeted youth specificities. 19 Source: UNCTAD Commonwealth importance youth entrepreneurship stimulating economic development job creation, innovation competitiveness, countries, potential fully harnessed. designing youth entrepreneurship policy, size fit national socio-economic context specific development challenges faced country large degree determine approach youth entrepreneurship development. section explores key elements formulating national entrepreneurship strategy targets youth (Table 2), sequence steps required implement strategy institutional operational perspective (Figure 2). 1. Formulating National Entrepreneurship Strategy Table 2. Formulating National Entrepreneurship Strategy Policy Areas • Identify country specific challenges • goals set priorities • Ensure coherence strategy national policies • Strengthen institutional framework • Measure results, ensure policy learning Recommended Actions • Map current status entrepreneurship country • Identify country-specific entrepreneurship opportunities challenges • Identify youth group • Define strategies achieve specific goals reach specific target groups • Develop prioritize actions • Align entrepreneurship strategies development strategy private sector development strategies • Manage interaction create policy synergies • Designate lead institution • Set effective inter-agency coordination mechanism clarify mandates • Engage private sector stakeholders • Define clear performance indicators monitor impact • Set independent monitoring evaluation routines • Incorporate feedback lessons learnt Youth-Specific Measures • Undertake comprehensive situational analysis youth entrepreneurship ecosystem • Identify youth cohorts’ • Utilize cross-cutting cross-sectoral approach defining strategies achieve youth goals reach youth cohorts • Align youth entrepreneurship strategies national youth employment skills development • Establish youth advisory body articulate youth issues • Engage young entrepreneurs youth-led networks development strategy • Promote collection youth entrepreneurship data national surveys/assessments 20 Figure 2: Sequence Steps Implementation Youth Entrepreneurship Strategy Source: UNCTAD Commonwealth 21 initial step process formulating national youth entrepreneurship strategy, conduct assessment existing entrepreneurial ecosystem. assessment entrepreneurial ecosystem entails mapping measuring features purpose identifying opportunities challenges, goal determining elements addressed policy options. situation analysis youth entrepreneurship ecosystem require gathering baseline information— qualitative quantitative data, serve foundation developing youth entrepreneurship strategy. market size access finance binding constraints economies, elements constrain entrepreneurship differently, depending type economy. Similarly, concentration youth population rural urban areas influence entrepreneurship, market size, infrastructure, health, education training, specialized research training services, technological readiness business sophistication constraints countries predominantly rural population. aspects entrepreneurial environment policy-makers understand include dominant characteristics young entrepreneurs context. regions, young entrepreneurs concentrated stages entrepreneurial pipeline. regions .., young people aged 18–34 adults nascent entrepreneurs ( enterprises formative stages), entrepreneurs ( manage active business existence 3–42 months) (YBI, 2013). Africa largest proportion nascent businesses (30%) owned young people, Latin America Caribbean (18%), Asia Pacific South Asia (11%), European Union (9%), .. (12%), Middle East North Africa (MENA) region 8 percent businesses (YBI, 2013). Youth homogenous group. Young people’ circumstances vary widely age cohort, gender education level geographical location, socio-economic factors. addition, young people , capacities expectations, encounter barriers labour market. Young girls women, persons disabilities immigrant, minorities migrant youth face additional difficulties. Policy-makers understand cohorts youth contexts develop specific policies address constraints. private sector, plays important role enterprise development academic institutions —schools, colleges universities provide entrepreneurship education, involved process. Youth development organizations networks work young people -hand knowledge — Commonwealth-Asia Alliance Young Entrepreneurs (CAAYE) -20 Young Entrepreneurs Alliance (YEA)— engaged ensure young people partners collaborators development strategy young people beneficiaries (Box 1). Identify country-specific challenges 22 • Regional: Commonwealth Youth Ministers Meeting (CYMM) platform advancing Commonwealth youth agenda consultation issues facing young people Commonwealth. identifying challenges, CYMM sets benchmarks youth development Commonwealth, reports member countries’ performance youth issues facilitates sharing knowledge good practices. • Regional: Pacific Youth Development Framework cross-border, cross-sectional cross-generational collaboration agencies youth development Pacific region, including Secretariat Pacific Community, Commonwealth Youth Programme Pacific Youth Council. 2014–2023 Framework identified entrepreneurship addressing high youth unemployment Pacific region. Based results assessment situation analysis, dialogue involving stakeholders discussed previously convened determine set stage identification priorities pursued. important note objectives identified goal-setting priority identification phase determine aspects youth entrepreneurship strategy, institutional set specific policy measures (Box 2). , South Africa’ Youth Enterprise Development Strategy (YEDS) 2013-2023, identified promoting youth entrepreneurship accelerating growth youth-owned operated enterprises capable increasing -employment young people objectives, designed address high unemployment young people country. Led Department Trade Industry, South Africa’ YEDS 10-year plan identified mentorship coaching, incubation, business infrastructure support, financing promoting awareness key enablers youth entrepreneurial ecosystem. strategy, youth cohorts require special policy considerations prioritized. young people rural areas young black South Africans, recommended Broad-Based Black Economic Empowerment legislative framework. countries steps encourage young people engage social entrepreneurship. growth social entrepreneurship, recognition opportunity create social , reflects growing importance social enterprises addressing pressing issues communities fostering inclusive growth social inclusion, Box 1. Examples policies initiatives identify country-specific challenges Source: UNCTAD Inventory, www.unctad.org/epf goals set priorities 23 • Colombia: Colombia Joven Emprende 2013 youth entrepreneurship strategy President’ Programme Youth aims promote culture entrepreneurship young people. • Fiji: Fiji’ National Youth Policy integrated youth enterprise objective small enterprise key area focus country’ 20-year youth development strategic plan. • Global: International Trade Centre (ITC) developed Strategic Framework Plan Action Youth Trade Programme. • South Africa: South Africa’ Youth Enterprise Development Strategy (2013–2023) identified youth entrepreneurship priority. Promoting youth-owned operated enterprises capable contributing economic growth, creating jobs fostering innovation key activities. • Regional: Commonwealth Plan Action Youth Empowerment (PAYE) (2007–2015) youth enterprise sustainable livelihoods core areas focus. plan incorporated member countries’ national strategic plans youth policies. • Wales: Launched 2004 cycle, Wales’ Youth Entrepreneurship Strategy (YES) aims equip young people aged 5–25 entrepreneurial skills attitudes raise aspirations fulfil potential choices future working life. Source: UNCTAD Inventory, www.unctad.org/epf remaining profitable sustainable. , .. exploring extending tax incentives order entrepreneurs, including young people, develop initiatives serve social purpose. Similarly, initiatives Jeun’ESS France encouraging young people engage social enterprise. Box 2. Examples policies initiatives goals set priorities 24 Source: UNCTAD Inventory, www.unctad.org/epf Youth entrepreneurship “stand area” isolated single ministry. countries entity responsible youth affairs, Ministry Youth, important role development youth entrepreneurship strategy. , stakeholders jurisdiction technical expertise ministry play role defining objectives implementation monitoring strategy, including key public private sector entities areas finance, education, science industry, trade agriculture, regulatory agencies, part strategy development phase (Box 3). effectiveness entrepreneurship development strategies depends () elements strategy integrated (ii) aligned development strategies (iii) national competitiveness private sector development policies. Harmonization strategic processes pursued national ministries national commissions crucial exploit synergies. , South Africa’ Youth Enterprise Development Strategy (YEDS) 2013-2023 aligned National Youth Policy, Growth Plan Framework, Framework Gender Women Economic Empowerment, -operatives Development Strategy, Integrated Small Business Development Strategy National Industrial Policy Framework, enterprise-related objectives. Ensure coherence entrepreneurship strategy national policies • Wales: Wales’ Youth Entrepreneurship Strategy encompasses key areas including education, finance, awareness innovation. strategy aligned national education policies enterprise entrepreneurship embedded education system age 5 Welsh Baccalaureate, employability entrepreneurship skills essential part students’ core education. • Zambia: Zambia’ 6th National Development Plan endorsed entrepreneurship measures outlined country’ Micro, Small Medium Enterprises (MSME) Policy (2008– 2018). plan aims create culture entrepreneurship citizens facilitate development entrepreneurship skills promoting entrepreneurship training levels education system. Box 3. Examples initiatives ensure policy coherence national policies 25 Source: UNCTAD Inventory, www.unctad.org/epf important step developing youth entrepreneurship strategy designating lead institution coordinate youth entrepreneurship. role lead agency coordinate activities stakeholders involved development strategy, facilitate strategy’ development defining objectives needed implementation, mobilize resources ensure strategy’ effective development implementation. important emphasize lead entity designated coordinate youth entrepreneurship ideally strong youth-led advisory body articulate youth issues action (Box 4). Strengthen institutional framework • Botswana: Ministry Youth, Sport Culture, Department Youth, mandate oversee implementation National Youth Policy National Action Plan Youth. Entrepreneurship development integral part Ministry’ activities, include administering National Youth Development Fund young people funding economic activities. • Sri Lanka: Ministry Youth Affairs Skills Development’ Small Enterprise Development Division building entrepreneurial skills young people supporting unemployed youth engage entrepreneurship Vocational Training Division providing technical vocational training technical vocational education training (TVET) system. Box 4. Examples policies initiatives strengthen institutional framework effective inter-agency mechanism coordinate activities related youth entrepreneurship established. role identify mandates, competencies responsibilities institutional partners, including public private sector pertinent stakeholders. order develop effective youth entrepreneurship strategy, relevant line ministries finance, economic development, education, trade, labour, innovation, agriculture stakeholders included development. lead entity work close collaboration stakeholders integrate youth entrepreneurship policy-making, planning programme delivery mechanisms social, economic political spheres determine strengthen stakeholders’ capacity address young people’ issues. 26 instance, Youth Employment Network (YEN), coordinates inter-governmental interagency cooperation promoting youth policies employment, foster information exchange build awareness efforts develop economic opportunities young people networks. Similarly, intergovernmental sector raise awareness development youth entrepreneurship frameworks platforms networks. Commonwealth Heads Government Youth Ministers’ Meetings ideal platforms share information development youth entrepreneurship strategies Commonwealth discuss issues young entrepreneurs Commonwealth facing. Similarly, youth-led networks facilitate information exchange youth entrepreneurship networks. addition, networks advocating young entrepreneurs local, national international levels platforms share information youth entrepreneurship. traditional platforms meetings, workshops conferences policy dialogue, communication strategies appeal effective reaching young people social media platforms (Facebook, Twitter, .), schools, extra-curricular activity platforms, , . Measuring results important aspect strategy. strategy succeed, implemented effectively. Clear performance indicators identified outset. comprehensive, regular monitoring impact youth entrepreneurship policies, programmes measures undertaken. addition, lessons learned youth entrepreneurship programmes, initiatives measures part feedback mechanism communicated stakeholders. regard, management information system facilitate data capture track performance developed. part process, specific benchmarks indicators youth entrepreneurship developed data elements collected (Box 5). Defining performance indicators demonstrate change occurring crucial. Examples indicators collected show contribution youth entrepreneurship presented Section III. Measure results ensure policy learning 27 Source: UNCTAD Inventory, www.unctad.org/epf • Regional: African Union’ African Youth Decade (2009–2018) Plan Action: Accelerating Youth Empowerment Sustainable Development identifies youth entrepreneurship indicators member states track order assess progress. • Regional: European Union (EU) Youth Strategy indicators assess share - employed youth attitudes entrepreneurship young people, assessed number youth express interest starting business. indicators include number NEET youth. • South Africa: part development Youth Enterprise Development Strategy, youth entrepreneurship data system developed. tracks young entrepreneurs’ performance assesses effectiveness strategy monitoring targets gaps. Box 5. Examples policies initiatives measure results ensure policy learning 28 • tools assessing national youth entrepreneurial environment • mechanisms promote dialogue youth entrepreneurship • youth entrepreneurship embedded national policy framework promote entrepreneurship policies designed encourage youth entrepreneurship • youth entrepreneurship policy closely coordinated national policies specific measurable objectives designed encourage youth entrepreneurship • lead entity (ministry institution) responsible coordinating development youth entrepreneurship strategy advisory body advocate young entrepreneurs • youth entrepreneurship policy deliberately target cohorts youth • government routinely assess impact youth entrepreneurship policy measures • government support independent policy evaluations youth entrepreneurship • annual (periodic) report status youth entrepreneurship • mechanisms promote cross-sectoral collaborations youth entrepreneurship mechanisms monitor evaluate progress youth entrepreneurship Formulating National Youth Entrepreneurship Strategy: Checklist key questions 29 Source: UNCTAD’ EPF Barriers business environment complex business registration procedures, high costs business taxes licenses complex tax regulations obstacles deter aspiring young entrepreneurs, developing countries, starting registering businesses. Ensuing informality results significant loss tax revenues governments, hinders youth businesses’ capacity grow. section explores key elements actions optimizing regulatory environment entrepreneurs, including young entrepreneurs. measures related optimizing regulatory framework horizontal applied entrepreneurs order maintain equal level playing field. , recommendations action contained table youth-specific, replicate contained EPF. , aspects related youth discussed facilitation measures ease youth understanding start grow business. Table 3 synopsis. Table 3. Optimizing regulatory environment 2. Optimizing Regulatory Environment Policy Objectives • Examine regulatory requirements start-ups • Minimize regulatory hurdles business start-ups Policy Options • Benchmark time cost starting business • Benchmark sector- region-specific regulations • Set- public-private dialogue regulatory costs benefits • Balance regulation standards sustainable development objectives • Review , , reduce regulatory requirements (.. licenses, procedures, administrative requirements) • Introduce transparent information fast-track mechanisms -stop shops bundle procedures • Enhance ICT-based procedures business registration reporting • Build entrepreneurs’ confidence regulatory environment • Guide entrepreneurs start- administrative processes • Ensure good governance • contract enforcement easier faster • Establish alternative conflict resolution mechanisms • Guarantee property protection • Reduce bankruptcy stigma facilitate -starts • explicit link regulatory requirements public-services, including business support services • Carry information campaigns regulatory requirements • explicit link regulatory requirements public-services, including business support services • Assist start-ups meeting regulatory requirements 30 countries steps create enabling environment conducive enterprise development minimizing hurdles start-ups. implementation electronic procedures, elimination minimum start- capital requirement establishment -stop shops bundle procedures enhanced regulatory environment. Technology increasingly harnessed facilitate formalization processes. countries electronic registration, formalizing business involves procedures, takes time costly. Singapore implemented internet-based business registration system, BizFile, easier, efficient expensive register start-ups. Information updated 30 minutes filing compared 14–21 days implementation web-based system. Registering business takes 15 minutes, 24 hours prior implementation web-based system, fees register business halved $100 $50. Bangladesh, Brunei, Botswana, Cyprus, Dominica, India, Kenya, Malta, Pakistan, Rwanda, Sri Lanka, Samoa, , implemented online business registration procedures (World Bank, 2014). Eliminating minimum capital requirement start business enhance regulatory environment aspiring entrepreneurs, , young people lack access start- capital. countries, measures targeted youth-led enterprises. , January 2012, Italy introduced simplified registration procedure youth-led start-ups allowed young entrepreneurs 35 years register limited liability company negligible share capital. year implementation measure, 12,000 youth-led businesses registered 17,000 jobs created. Minimize regulatory hurdles business start-ups establishing regulatory environment conducive business, including youth-led enterprises, important identify regulations essential businesses function. Formalization essential component establishing enterprise. , processes involved formally registering business prove burdensome young people, discouraging starting businesses. Facilitating formalization start-ups create conditions enable entrepreneurial ecosystem conducive development youth-led enterprises. Business registration procedures, specifically, number days takes register business cost registration process administrative legal fees, predictors formalizing business indicators ease business specific country. World Bank’ Business 2014, Canada Singapore, procedures required formally register, short time frames formally register business registration costs easier start operate business. Conversely, numerous procedures lengthy time frames formally register business, high registration costs unfavourable regulatory environment start operate business. important regulations affect young people, minimum age bank accounts loans. Examine regulatory requirements start-ups 31 Similarly, Botswana United Kingdom minimum capital requirement start business. , costs business registration reduced eliminated altogether, making easier entrepreneurs register businesses. World Bank Business 2014, South Africa reduced notary fees registering business, Lesotho simplified start- processes eliminating notarization requirements introducing standardized articles association. World Bank, 189 economies studied Business 2014, 99 minimum capital requirements 39 eliminated requirements years. Minimum capital requirements significantly slow entrepreneurship. Paid minimum capital, varies 1$ Germany $58,000 Myanmar, fixed amount account firms’ economic activities, size risks. requirements purpose protecting consumers creditors hastily established potentially insolvent firms. study carried Japan demonstrated removal capital requirement facilitated creation businesses. removal introduced trial period selected sectors, led change Corporate Law Japan 2005, applied companies (Nagaoka, Flamm, Kondo, 2009). case removal capital requirements, , monitor start-ups, protecting consumers creditors enforcement mandatory disclosure information, corporate governance monitoring, setting favourable interest rates loans start-ups, contractual provisions bond indentures loan agreements. Fast-track mechanisms -stop shops facilitate formalization start- ups. countries, including Cameroon, Canada, Ghana, Lesotho, Malta, Mauritius, Namibia, Rwanda, United Kingdom, established -stop shops. critical ensure young entrepreneurs informed regulatory environment requirements. step step checklist administrative processes entrepreneurs encounter registration phase helpful young entrepreneurs navigating processes. El Salvador, online portal, Mi empresa, information requirements start-ups. measures enhance regulatory environment young entrepreneurs include increasing availability enhancing capacity business development services assist young people navigating administrative processes. , creating window dedicated assisting young entrepreneurs -stop shops possibly extending grace period enable young entrepreneurs comply administrative procedures regulatory requirements enhance entrepreneurial ecosystem youth. 32 Build entrepreneurs’ confidence regulatory environment transparent regulatory system clear rules compliance insolvency effective mechanisms resolving disputes build entrepreneurs’ confidence regulatory environment encourage engage economic activity. Transparent universal rules enhance entrepreneurial ecosystem young people stimulate youth- led start-ups. countries, , property rights adequately defined protected. Registering property time consuming costly endeavour. , processes property registration unclear. Poor enforcement copyright, patent trademark regulations greatly disadvantage young people uninformed unfamiliar regulations, resources networks fight justice. young entrepreneurs generally lack knowledge poorly informed property rights trademark regulations, adequately protect businesses, potentially find litigation individuals businesses copyright infringement. Simpler procedures, effective administration time limits, fixed registration fees, online registries property transfer taxes reduce burden registering property (World Bank, 2014). Bankruptcy laws countries unreasonably punitive business failure. Weak insolvency regimes, characterized lack effective dispute mechanisms, result negative consequences unresolved debts. Inexpensive transparent procedures facilitate debt repayments encourage lending, contributing survival viable businesses. Severe penalties failure greatly impact young entrepreneurs’ willingness engage business economic confidence generally. overcome stigma filing bankruptcy, closing business business failure, Young, group advocates young entrepreneurs European Union launched ‘Fail 2 Succeed’ campaign aimed encouraging young entrepreneurs embrace business failure learning requirement future success part campaign, showcases testimonials “famous failures”. counselling young people starting businesses, important educate young entrepreneurs importance good governance. Business development services play important role educating young entrepreneurs business integrity effective institutions role business environment instilling young people importance paying taxes contribution economy. UK, , young entrepreneurs earn significant income months launching businesses entitled Working Tax Credits. evolving nature regulatory environments, young entrepreneurs apprised ongoing rules regulations. Information regulatory environment disseminated young entrepreneurs youth-friendly platforms social media, young entrepreneurs’ networks ( section 6). Similarly, training workshops, seminars informational campaigns provide -needed counselling regulatory environment. 33 Guide entrepreneurs start- administrative process Guiding young entrepreneurs start- phase fundamental. essential ensure effective mechanisms place young entrepreneurs navigate administrative processes. Efficient business development services provide youth support part broader assistance programme (Box 6). Ontario Canada’ Small Business Enterprise Centres, , provide students participating province’ flagship Summer Company programme young entrepreneurs business support, evaluating idea developing business plan. , initiatives UNIDO’ Innovation, Development & Entrepreneurship (IDEA) assists youth-led growth-oriented SMEs formalization process, closing gap informality, defining characteristic youth-led enterprises. countries, mentors playing important role facilitating formalization helping young entrepreneurs understand procedures regulatory requirements involved operating businesses, organizations. Increasingly, financial institutions providing supports, financing young entrepreneurs. Small Industries Development Bank India (SIDBI), principal financial institution promotion, financing development MSMEs, links entrepreneurs portals website, information redress public grievances. Source: UNCTAD Inventory, www.unctad.org/epf • Canada: Ontario’ Small Business Enterprise Centres provide business support young entrepreneurs, evaluating idea developing business plan. • Tanzania: Tanzania Private Sector Foundation equips young entrepreneurs aged 25–35 practical knowledge skills start operate business. part follow- services, foundation assists young entrepreneurs register businesses obtain license. Box 6. Examples programmes policy actions guide entrepreneurs start- phase enhance benefits formalization 34 • procedures required registering business • long register business cost start business elements pose barriers young entrepreneurs • special regulatory provisions youth-led businesses • fast-track mechanisms -stop shops bundle procedures ICT-based administrative procedures • services ( business development services) supports (.. mentors) assist young entrepreneurs meeting regulatory requirements, understanding importance Optimizing regulatory environment: checklist key questions 35 Owing lack entrepreneurship education education systems’ curricula, young people learn acquire skills entrepreneurship. entrepreneurship education , entrepreneurship offered part subjects. , mismatch skills young people acquire school labour market demands, contributes high youth unemployment. Strengthening capacity young people gain entrepreneurial competencies create enabling environment, build entrepreneurial culture young people prepare adapt jobs exist. section explores key elements identifies actions enhancing entrepreneurship education skills. noted recommendations area entrepreneurship education skills development replicate contained UNCTAD’ EPF targeted youth specificities. Table 4 synopsis. 3. Enhancing Entrepreneurship Education Skills Development Source: UNCTAD Commonwealth Table 4. Enhancing entrepreneurship education skills development Policy Objectives • Embed entrepreneurship formal informal education • Develop effective entrepreneurship curricula • Train teachers • Partner private sector Policy Options • Mainstream entrepreneurship awareness entrepreneurial behaviours (.. risk , teamwork behaviours, .) primary school level • Promote entrepreneurship electives, extra-curricular activities, career awareness seminars visits businesses secondary school level • Support entrepreneurship courses, programmes chairs higher education institutions universities • Promote vocational training apprenticeship programmes • Promote link entrepreneurship training centres • Prepare basic entrepreneurial skills education material • Encourage tailored local material, case studies role models • Promote experiential learning methodologies • Foster interactive -line tools • Ensure teachers engage private sector entrepreneurs support initiatives bring entrepreneurs educational establishments • Encourage entrepreneurship training teachers • Promote entrepreneurship educators’ networks • Encourage private sector sponsorship entrepreneurial training • Link business entrepreneurship education networks • Develop mentoring programmes 36 Integrating entrepreneurship formal informal education systems step ensuring young people acquire competencies skills enable entrepreneurs. entrepreneurship education effective, integral part student’ experience add-, focus inculcating entrepreneurial mind-set promoting -employment viable career option, .. encourage innovation ensure students develop confidence, flexibility, enterprise awareness, resilience risk-orientation outset. ensure entrepreneurship effectively integrated education, stakeholders, including Ministry Education ministries, Youth, Science, Export/Trade, Technology Labour, entities public private sector, schools, academic institutions, business development services NGOs support young people, , engaged entrepreneurship education. Entrepreneurship education start early age, curriculum adapted levels education system – primary, secondary tertiary levels. primary school level, entrepreneurship focus soft skills, informed risk-, team work. Students encouraged creative engage hands-, practical activities. secondary school level, entrepreneurship education focus informing students -employment career option. Students develop -cognitive skills, entrepreneurial knowledge, skills attitudes gain experiences starting business. addition, engage real-life projects provide opportunity exercise problem-solving leadership skills understanding risk reward. addition, enterprise skills embedded lessons, business classes. tertiary level university vocational training environments, entrepreneurship education focus providing training students broad range disciplines, including science technology. secondary school students, university students taught -cognitive skills entrepreneurs create successful businesses resourcefulness, creativity, flexibility, determination, critical thinking, decision-making, leadership focus, function fast-changing workplace. countries measures integrate entrepreneurship education. Nigeria, entrepreneurship part secondary school curriculum entrepreneurship studies compulsory subject university undergraduates, Rwanda, entrepreneurship offered Ordinary (-Level) Advanced Level (-Level) secondary school effort ensure educational outcomes aligned labour markets’ . education systems offer opportunities practical experiential learning teamwork learning, part, relationships educational institutions business community (school industry partnerships, combination classroom learning structured --job experience) -developed, lacking altogether. time, support structures business development services networking opportunities aimed linking young entrepreneurs practical skills lacking countries poorly developed . Embed entrepreneurship formal informal education 37 Promoting entrepreneurship vocational training ensure young people acquire essential business skills part training. Entrepreneurship integrated countries’ technical vocational education training systems (TVET). Formal TVET systems provide formal education, training assessment skills required workplace schools, colleges, institutes, polytechnics workplaces registered training organizations, offer form certification qualification. , Australia’ nation-wide vocational education training (VET) offered public technical education (TAFE) system private community training providers, secondary schools, combines apprenticeship programmes. TVET programmes countries vary considerably operations effectiveness providing skills responsive labour market demands, programmes strengthened meet sector-specific . Entrepreneurship training integrated countries’ vocational schools ensure young people equipped requisite skills enter -employment, -contracting small business. Kenya, entrepreneurship education compulsory examinable subject technical vocational schools. Business (KAB) offered Kenya’ TVET, referred TIVET—Technical, Industrial, Vocational Entrepreneurship Training, reflect integration industrial components entrepreneurship programme. 38 Figure 3: Entrepreneurship education formal informal education Source: UNCTAD Commonwealth Programmes International Labour Organization’ Business (KAB), training programme entrepreneurship develops entrepreneurial skills, attitudes mind-sets young people aged 15–25 prepares entrepreneurial careers, making inroads bridging gap delivering entrepreneurial skills young people. KAB aimed trainers teachers schools, vocational training universities 10 modules cover duration 80–120 hours (Box 7). 39 Business (KAB) entrepreneurship education programme seeks introduce young women men world business entrepreneurship. KAB’ objective contribute creation enterprising cultures young people ILO member states. programme inculcates enterprising qualities initiative, innovation, creativity risk young people raising awareness opportunities challenges entrepreneurship - employment increased understanding role youth shaping future. KAB package geared teachers public private general secondary education, vocational technical training institutions higher education, young people aged 15-24 enrolled institutions target group. programme’ objectives : • Develop positive attitudes sustainable enterprise, -employment social entrepreneurship; • Create awareness enterprise -employment career option young people; • Provide knowledge practice desirable attributes starting operating successful enterprise; • Prepare students employees improved understanding business; • Ensure young people received training KAB positive approach entrepreneurship inclined create business. KAB comprises facilitator’ guide, learner workbook 10 modules. Module represents key area entrepreneurship divided topics. Risk , negotiation, team work business games integrated programme, making learning fun, inspiring interactive. KAB students option establish operate school business social enterprise school year. programme introduced 50 countries Latin America, Africa, Middle East, Central, East South East Asia. integrated entrepreneurship education curricula countries, , KAB taught select schools institutions. Internal impact evaluation studies shown KAB training positive impact participants’ knowledge, skills, attitudes starting business 18 months completing programme. encouraged young people aware -employment future career option. asked preferred sector work, KAB participants prefer public sector jobs prefer private sector. • Module 1: Enterprising • Module 2: Entrepreneurship • Module 3: entrepreneurs • Module 4: entrepreneur • Module 5: find good business idea • Module 6: organise enterprise • Module 7: operate enterprise • Module 8: steps entrepreneur • Module 9: develop ’ business plan • Module 10: social entrepreneur Box 7. ILO’ Business Source: www.knowaboutbusiness.org 40 Junior Achievement educates students grades -12 workforce readiness, entrepreneurship financial literacy experiential, hands- programme, effective increasing critical thinking problem-solving skills elementary school participants knowledge personal finance, business economic concepts middle school participants. KIVA, online lending platform connects online lenders income individuals entrepreneurs, education initiative aimed -12 educators, high schoolers college students microfinance entrepreneurship teaching tools enhance young people’ knowledge poverty alleviation. Programmes Ontario Global Edge provide enterprising college university students practical experience SMEs world Student Placements Enterprises Education, knowledge transfer programme ..’ network science technology centres, student entrepreneurs gain real business start- experience studying university, bridging gap entrepreneurship knowledge. private sector important role play entrepreneurship education. Business provide young entrepreneurs opportunities gain knowledge -needed experience entrepreneurship. instance, Kickstart, entrepreneurship development programme launched Botswana’ Kgalagadi Breweries Limited, young entrepreneurs aged 18– 30 business skills training, mentoring start- capital required start expand existing business. Operated group private sector companies, programme, tenth year, young entrepreneurs business support aligns aspirations successful inculcating culture entrepreneurship young people Botswana. Apprenticeship programmes provide young people opportunities learn technical skill trade workplace ensuring skills gained relevant workplace. Quality apprenticeships offer pertinent skills workplace, levels youth unemployment national level. order equip apprentices skills needed business environment, formal apprenticeship programmes countries strengthened provide entrepreneurship skills technical skills. Australia, , apprenticeships entrepreneurship education integrated VET system, enabling apprentices gain formal technical knowledge hands- business knowledge workplace assignments. Programmes provide mentoring opportunities young entrepreneurs essential enhancing business capabilities. Young entrepreneurs developing countries limited access experienced entrepreneurs business leaders discuss business-related matters. UNCTAD’ Empretec capacity-building programme technical behavioural training, facilitates access mentors (Box 8), Youth Business International’ model. 41 Empretec capacity-building programme United Nations Conference Trade Development (UNCTAD). Started 1988, programme operates 36 countries world assisted 340,000 entrepreneurs network local market-driven Empretec centres. effort address common challenges affecting young entrepreneurs, Empretec centres developed initiatives aimed meeting young entrepreneurs countries. Peace Victoria Nyero- Omar Al-Assi young entrepreneurs trained Jordan Uganda. Omar Al-Assi (Jordan) Omar 23-year young man. Prior starting business, Omar worked year production line furniture-making factory. Realizing job offered limited prospects, Omar decided start business. Uncertain turn idea ‘business’, Omar enrolled Business Development Centre, Jordan’ Empretec centre’ Entrepreneurship Training Workshop, , beginning real business journey: “Empretec taught feel pain starting scratch enjoy future achievements. workshop entrepreneurial competencies needed start business beginning success. Empretec gave confidence young aspiring entrepreneur trainers motivated pursue dream achieve goals, answer.” completing workshop, Omar started venture working employee. Prior launching business, conducted market research realized lot learn fully understand business hiring staff. learning process, unable handle growing orders , Omar began hiring staff. Located Madaba, firm employs 9 people. Omar proud contribute generating employment opportunities local young Jordanians. Peace Victoria Nyero- (Uganda) Peace Victoria Nyero-, young Uganda woman, participated Business Enterprise Start- Tool (BEST), Enterprise Uganda, Empretec’ local implementing partner. BEST -day training programme helps young entrepreneurs build confidence - barrier limits young people’ entrepreneurial initiative - equips practical tools start business. attending -day training, Peace Victoria’ confidence grew, belief giving boost needed venture -employment. important lessons learnt training, resources wisely finding ways save money investing business, handy. Peace Victoria started poultry enterprise $50 savings. - attitude positive mind-set, started thriving business sector largely dominated men mature women country, proving hard work skills attitude, young people compete business succeed. Source: www.enterprise..ug/.htm Box 8. UNCTAD/EMPRETEC beneficiaries Uganda Jordan Source: http://www.bdc.org.jo/Youth_Entrepreneurship__Career_Path_Program.aspx 42 Initiatives offer entrepreneurship education tailored young entrepreneurs engaged specific sectors essential (Box 9). Argentina’ Ministry Agriculture, Livestock Fishing (Ministro de Agricultura, Ganaderia Pesca) implemented Young Rural Entrepreneurs project providing entrepreneurship skills young entrepreneurs rural parts Argentina. Similar programmes Kenya, Madagascar, Rwanda Uganda providing young people rural areas requisite skills. labour markets change sectors emerge, important ensure young people prepared advantage opportunities emerging sectors. Pacific region, , Pacific Organic Ethical Trade Community Tonga National Youth Congress engaging young entrepreneurs interest organic farming, including providing training organic farming support facilitating certification requirements, obtaining equipment accessing markets order engage effectively organic sector. emerging sectors promising opportunities young people include technologies renewable energy fields; tourism creative industries. • Australia: Club Kidpreneur --profit social entrepreneurship organization encourages entrepreneurial thinking primary school children. programmes provide experiential learning, business literacy opportunity learn develop business skills. • Global: International Youth Foundation, youth development organization, partnership Microsoft, offers Build Business, -learning -person instruction training programme designed young people start businesses, including information business planning, start- financing business concepts. • Global: UNIDO’ Productive Work Youth initiative assists young entrepreneurs establish businesses financially appraise business idea UNIDO’ financial appraisal software (COMFAR). programme helps aspiring young entrepreneurs seeking establish enterprise analysis markets chains, identify sectors chains high potential young entrepreneurs. • Global: IFAD’ PROSPERER initiative training apprenticeship opportunities young people Madagascar’ rural areas local SMEs. initiative, young people gain knowledge skills enable establish enterprises. Box 9. Examples programmes policies embed entrepreneurship formal informal education 43 • Zealand: Young Enterprise Trust offers opportunities experiential enterprise education financial literacy students Zealand. Established 1981 Youth Enterprise Scheme, programme encompasses enterprise activities aligned Zealand Curriculum. • Pakistan: YES Network Pakistan, partnership British Council’ Skills Employability programme, training entrepreneurship young people aged 16–21 studying TVET institutions. • Regional: Junior Achievement-Young Enterprise Europe (JA-YE), Europe’ largest provider entrepreneurship education programmes, young people primary secondary schools, university experiences promote skills, understanding perspective succeed global economy. • Trinidad Tobago: Youth Business Trinidad Tobago, accredited member Youth Business International (YBI), assists young people support launch businesses. • United Kingdom: Hub Youth Academy, initiative Impact Hub, programme designed teach young entrepreneurs 18-25 develop social business. Source: UNCTAD Inventory, www.unctad.org/epf Develop effective entrepreneurship curricula Developing effective curricula teaching tools essential step enhancing entrepreneurship education skills young people. effective curriculum build individual’ competencies skills build entrepreneurial mind-set enhance ability recognize opportunity. United Kingdom, , Quality Assurance Agency Higher Education (QAA) supports educators development entrepreneurship curricula students develop enterprising behaviours, attributes skills entrepreneurial mind-set. Ireland’ National Foundation Teaching Entrepreneurship’ Youth Entrepreneurship Curriculum innovative creative approach teaching entrepreneurship. young people entrepreneurship business skills encourages creatively initiative developing implementing business ideas (Box 10). International organizations supporting governments endeavours. United Nations Industrial Development Organization (UNIDO)’ Entrepreneurship Curriculum Programme (ECP) designed assist students secondary, technical schools universities identify implement business opportunities communities, learn 44 save, innovate, invest grow, technology. private sector supporting governments’ efforts aimed ensuring young people equipped advantage future opportunities. Chevron partnered government Angola UNIDO introduce entrepreneurship curricula country’ secondary school system. part initiative, teachers trained deliver entrepreneurship education officials implement entrepreneurship curriculum Angola’ secondary schools. curricula developed meet entrepreneurship specific sectors. • Global: Making Cents International’ Agriculture Enterprise Curriculum designed empower farmers commercially-minded approach farming activities enhance rural entrepreneurs’ business skills understand broader aspects agri-business agricultural chains. • Global: UNIDO’ Entrepreneurship Curriculum Programme (ECP) designed enhance ability young people identify economic opportunities skills creativity, innovation, planning leadership. ECP implemented countries, including Mozambique, 160 schools implemented programme, thousand teachers trained teach entrepreneurship. 100,000 students trained entrepreneurship education. • Kenya: Equity Bank developed agricultural business curriculum designed young farmers engage enterprise development. • Nicaragua: Sistema de Aprendizaje Tutorial (SAT) curriculum designed train young people primary school level education prepare engage agri-business. • United Kingdom: UK’ Enterprise Education QAA developed guidelines teaching enterprise entrepreneurship education curriculum. • Wales: Wales’ Department Education Skills developed ‘Essential Skills’, curriculum places emphasis initiative, independence, creativity, flexibility. Box 10. Examples programmes initiatives developing effective entrepreneurship curricula Source: UNCTAD Inventory, www.unctad.org/epf 45 Teachers play important role inculcating entrepreneurship knowledge skills. , instances, teachers deliver aspects enterprise education settings -specialists training area enterprise. , lack inclination, confidence ability teach enterprise effectively. teach entrepreneurship effectively, teachers understand key entrepreneurial attitudes skills require training entrepreneurship order promote skills, focusing experiential learning project work, identifying answers, providing students solutions. goal, EU launched Entrepreneurial School Project (Box 11). Train teachers Box 11. Examples train--teacher programmes initiatives • Global: ILO’ Business (KAB) geared teachers public private general secondary education, vocational technical training institutions higher education, young women men aged 15–24 enrolled institutions target group. • Global: UNIDO’ Entrepreneurship Curriculum Programme (ECP) train- trainer component geared training teachers teach entrepreneurship. • Macedonia: 1,000 teachers teach primary, secondary tertiary levels Macedonia trained entrepreneurship education. • Regional: Entrepreneurial School Project EU initiative designed train teachers 22 countries Europe entrepreneurial teaching methods. “Virtual Guide Entrepreneurial Learning” tools methods support entrepreneurial teaching learning launched. • United Kingdom: UK’ Enterprise Educators collaboration National Conference Enterprise Education, host International Enterprise Entrepreneurship Conference (IEEC), platform transfer knowledge enterprise entrepreneurship education educators. Source: UNCTAD Inventory, www.unctad.org/epf 46 Business leaders, entrepreneurs, banking finance experts important role play enterprise education providing understanding business enterprise, transferring valuable knowledge students, inspiring future entrepreneurs. Inviting business leaders entrepreneurs school classrooms share knowledge experiences operating enterprises inspire young people. ‘enrichment days’ .. schools students opportunities immerse activities acquire utilize business skills. .., Business Community (BiTC) brokers partnerships business schools specific geographical area Business Class programme, allowing schools define priority areas, , enterprise employability, receive support businesses -year period. private sector provide opportunities real world experience problem- solving internships job shadowing opportunities students, allowing young people improve employability skills, meeting demands workplace. Private sector engagement skills development apprenticeships Australia, Canada, Zealand .., deemed critical strengthening TVET’ capacity provide demand-led skills meet sector-specific . India established National Skill Development Corporation (NSDC), public-private partnership mandate enhance, support coordinate private sector initiatives skills development. private sector key role play provision mentors support young people establishing business, understanding navigating regulations challenges, managing growth. Mentoring programmes properly structured managed, ensure safety young people, facilitate positive, productive sustainable experience young entrepreneur mentor. Business development services role play entrepreneurship education. - developed youth-oriented business development services young people acquire requisite technical business skills start grow business build existing knowledge (Box 12). Partner private sector 47 • Brunei Darussalam: Brunei Entrepreneurship Education Scheme (BEES), initiative Ministry Education conjunction Brunei Shell University Brunei Darussalam, delivers enterprise training schools operates cooperative fish farming project allowing young people gain practical knowledge run business. • Germany: German Federal Association Young Entrepreneurs implemented programmes link students teachers local entrepreneurs businesses effort raise awareness stimulate interest entrepreneurship. • United Kingdom: Founders4School programme teachers organize visits founders successful businesses schools share knowledge inspire students. Similarly, Swansea’ Building Enterprise Education brings business industry, entrepreneurs, finance experts educators colleges universities develop coordinated enterprise programme schools universities Swansea. • Global: Enablis Entrepreneurial Network, public-private partnership launched 2002 part -8 Summit promising entrepreneurs Africa South America opportunity scaling enterprises personalized learning, mentoring coaching networking opportunities, established entrepreneurs working capital financing ensure develop fullest capacity. Box 12. Examples programmes actions partner private sector Source: UNCTAD Inventory, www.unctad.org/epf 48 • entrepreneurship recognized subject education curriculum primary, secondary tertiary levels education entrepreneurship integrated subjects disciplines • policies promote entrepreneurial skills training schools educational settings • programmes formal education system designed meet youth --school; youth rural areas; immigrant youth; youth ethnic minorities; girls young women; youth disabilities; youth college/university; youth informal sector disadvantaged youth (homeless -risk youth) • interactive experiential teaching approaches entrepreneurship integrated education system • entrepreneurship integrated curricula vocational, technical commercial schools apprenticeship training • entrepreneurship curricula materials classroom case studies integrated materials • academic institutions business development support services encouraged provide training, counselling, diagnostic advisory services young entrepreneurs • mentoring coaching supports develop young entrepreneurs’ skills • teachers’ awareness skills entrepreneurship adequate standard teachers trained encourage entrepreneurial attributes students Enhancing Entrepreneurship Education Skills Development: checklist key questions 49 Unprecedented developments technology innovation, , rapid growth information communication technologies (ICT) capabilities, created interesting opportunities young people. ICTs refer computers, mobile phones broadband technologies, technologies learn skills enhance employability, ICTs develop products, services processes improve existing . Young people’ ICTs create innovative products services 21st Century documented. Access affordable technology schools (software hardware), access training availability infrastructure (reliable affordable internet), essential ensuring young people full advantage technologies. access facilitated, ICTs play important role reducing inequality fostering social inclusion. , limited access ICTs young people origin increasing digital divide. Table 5 presents synopsis actions stimulate technology innovation foster diffusion ICTs young people. 4. Facilitating Technology Exchange Innovation 50 Source: UNCTAD Commonwealth Table 5. Facilitating technology exchange innovation Policy Objectives • Support greater diffusion ICTs • Build bridges public bodies, research institutions private sector • Support high-tech start-ups • Promote inter-firm networks spread technology innovation Policy Options Youth-Specific Measures • Promote training ICT skills youth • ICT technologies programmes youth, marginalised young people ( schools ) • Encourage university-based research commercialization entrepreneurship centres support youth-led innovation facilitate skill acquisition young people • Support work opportunities young people business incubators, knowledge hubs science parks • Promote initiatives support budding young technology entrepreneurs • Foster youth-led businesses’ skills development market access business linkages • Support youth-led businesses mentorship large buyers • Launch awareness capacity-building campaigns ICT • Stimulate introduction ICT business • Support development -line mobile market information platforms • Provide training ICTs target groups • Identify joint research activities designated participants beneficiaries • Promote PPPs mixed public/private structures diffuse innovation • Promote institutional synergies sectoral level • Develop market friendly university-industry collaboration • Establish high-tech business incubators, knowledge parks science parks • Build networks knowledge–incentive sectors leading science experts academics world • Give researchers innovators streamlined access cost-effective patent protections • Promote horizontal linkages cluster development • Promote business linkages supplier development • Facilitate start-ups commercialize innovation • Provide assistance standardization quality certification networks local enterprises (including social environmental standards) 51 developing countries, considerable effort devoted ensuring access ICTs, , access computers. Rwanda, instance, distributed 200,000 laptops students 400 primary schools part Laptop Child initiative. Similar plans underway Kenya government committed providing laptop child attending primary school country’ public school system. Pakistan, Ministry Youth Affairs developed computer literacy programme disadvantaged youth. Mobile Youth Computer Literacy Awareness programme enhances capabilities young people rural underdeveloped regions Pakistan providing training ICTs. , ICTs enabled people socially- disadvantaged backgrounds participate digital economy. Individuals basic ICT literacy increasingly participating emerging areas outsourcing, crowdsourcing, micro finance. Efforts ensure young people obtain skills competencies needed engage global economy. Technology companies Cisco, Microsoft, Google, Facebook, Intel, IBM, Hewlett Packard Apple providing opportunities young people advanced ICT skills resources supports ensure acquire needed skills develop relevant solutions customers improve businesses. Programmes Microsoft’ YouthSpark provide training ICTs entrepreneurship opportunities young people developing countries, acquire skills prepare compete technology field 21st Century workplace. Online mobile-based platforms harnessed promote -commerce countries, including people bottom economic pyramid developing world. Mobile phones increase SMEs’ efficiency productivity. launch -Pesa, mobile-based money transfer service individuals businesses send receive money Kenya, mobile technology increasingly relied facilitate business transactions. , -Saharan Africa, young entrepreneurs rural areas mobile phones obtain market information prices produce long distances market locations, providing understanding prospects buying selling goods. Increased access mobile technology reach remote communities conduct business. Pacific region, , access mobile technology reduced isolation widely-dispersed region, easier cheaper business region. , growing availability mobile phones created economic opportunities young people region. entry mobile phone operator Digicel Papua Guinea 2006, work opportunities previously -existent created, transforming lives unemployed young people work agents selling digital air time. Support greater diffusion ICTs 52 Source: UNCTAD Inventory, www.unctad.org/epf • Global: Cisco Networking Academy equips young people skills needed build, design, maintain computer networks. Students develop foundational skills ICT acquiring vital 21st-century career skills problem solving, collaboration, critical thinking. Cisco operates 9,000 academies 170 countries worldwide. • Global: Samasource enables young people margins society develop skills technology enable increase earning power lift poverty. • Global: UNIDO, partnership Hewlett-Packard, implementing global programme entrepreneurship IT education equips aspiring young existing entrepreneurs Africa, Middle East, Asia Latin America hands- business IT skills start, operate run grow enterprises. • United Kingdom: GSMA’ Mobile Employment fosters launch youth-led employment services learning training, connecting platforms, salary payments, employee registrations secures helplines employment advisors. • United Kingdom: Jaguar Land Rover’ Inspiring Tomorrow’ Engineers programme designed promote learning engagement science, technology, engineering mathematics (STEM) young people. Inspiring Tomorrow’ Engineers: Young Women initiative encouraging young women pursue careers engineering, challenging outdated ideas women’ participation -traditional careers STEM. Box 13. Examples programmes policy actions support greater diffusion ICTs youth Young people harnessed Internet create economic opportunities (Box 13). platform enabled entrepreneurs, geographical location, establish online businesses access larger geographically diverse markets. Soko, online store founded women, , Catherine Mahugu, young Kenyan entrepreneur, links web consumers global artisans developing world. important note -Saharan Africa Small Island Developing States, internet’ potential trading space remains largely underutilized partly infrastructure ICTs countries underdeveloped. Initiatives Pacific Regional Connectivity Programme providing high-speed broadband enhancing connectivity region, bridging digital divide, stimulating economic growth social development. 53 development clusters sectors generate opportunities young people acquire skills capabilities, young entrepreneurs, access markets. Tech City, , technology cluster London supports digital entrepreneurship enhancing capacity technology-based start-ups Silicon Roundabout area London, instrumental growth youth businesses .fm, Dopplr TweetDeck. Tech City links young entrepreneurs investors provide financing businesses facilitates linkages .. Trade Investment, enabling young entrepreneurs access markets. Clusters spread technology innovation facilitating knowledge exchange, product promotion commercialization research. located close proximity academic institutions, partly benefit highly-skilled labour institutions provide, clusters, turn, young people employed firms sector academic institutions build skills employment. ICT cluster Waterloo, Ontario, home Canada’ - ICT businesses Blackberry-maker, Research Motion (RIM), case point. University Waterloo, supplies ICT sector highly-skilled specialized labour force, strong support entrepreneurship, enabling spin- companies Sybase hire young people, emerge (Wolfe, 2009). Public-private partnerships spread technology innovation. partnership Silicon Valley entrepreneurs Tanzania’ Commission Science Technology (COSTECH) technology incubator, , spreading technology innovation building capacity young Tanzanian software developers create businesses strong growth potential. , programmes UNIDO’ Productive Work Youth, facilitate business linkages youth-led SMEs established firms, youth-led enterprises develop businesses create jobs. addition, UNIDO assisting young people involved Tanzania’ cashew nut chain improve earnings providing community-level enterprises technical equipment pre-processing plants upgrading technology processing plants, spreading technology innovation (Box 14). Tailored policies related Intellectual property (IP) ICTs play important role entrepreneurial journey youth. Young entrepreneurs translating innovation market . instance, protect mobile application, software promising prototype Intellectual Property rights refer patents, prototypes, utility models, trademarks, domain names, service marks, geographical indications, layout-designs topographies integrated circuits, . Copy rights relate design website software artistic creations (animations, cinematographic works videogames, ). Complex common transactions related IP ICTs young entrepreneurs include licensing development existing software. Promote inter-firm networks spread technology innovation Intellectual Property Policies serving ICT entrepreneurship innovation 54 Source: UNCTAD Inventory, www.unctad.org/epf • Canada: MaRS District Canada forged partnerships private sector commercialize publicly-funded research ICTs, health life sciences, clean energy social enterprises. • Malta: ICT Gozo Cluster facilitates inter-firm networks local ICT businesses international ICT enterprises. exchanges, foster technology transfer, product promotion commercialization ICT &, spread technology innovation. • Global: UNIDO’ Productive Work Youth’ programme facilitates business linkages youth-led SME established firms youth-led SMEs develop enterprises create jobs. • United Kingdom: Tech City UK Alliance aims accelerate growth digital businesses cities .. Box 14. Examples programmes policy actions promote inter-firm networks spread technology innovation Technological innovation integral essential component development enabling entrepreneurial ecosystem. innovation effective, government, academia private sector, provide crucial support development entrepreneurial ecosystem, work collaboratively achieve mutual goals. Government plays important role encouraging research technology transfer providing environment supports commercialization science technology. Academia, hand, involved technology transfer promoting commercialization Building bridges public bodies, research institutions universities, private sector regard, Innovation Policy Platform (IPP) developed World Bank OECD, provide policy practitioners world tool learn innovation policy, conceptual - aspects, tailored developing developed countries. Additionally, World Intellectual Property Organization (WIPO) SMEs Entrepreneurship Support Division develops solid platform SME-related content assists governments build national capacity manage IP early stage research results, commercializing, licensing establishing start- business. Finally, instilling IP notions existing curricula engineering computer science faculties, protecting IP originating graduation projects students academics large young entrepreneurs. 55 Source: UNCTAD Inventory, www.unctad.org/epf • Canada: Networks Centres Excellence (NCE), Centres Excellence Commercialization Research (CECR), building bridges public-private research commercialization partnerships supporting projects areas health, energy/natural resources, ICT, environment. • Kenya: Nokia Research Centre, conjunction University Nairobi, established research -contracting lab university. • Singapore: National University Singapore promotes industry collaboration, technology transfer commercialization innovations developed institution’ researchers students, technologies research spin-offs developed university stimulating growth start- companies. • Tanzania: IBM partnered University Dodoma area cloud computing. Box 15. Examples programmes policy actions build bridges public bodies, research institutions universities, private sector DEMO Africa public-private alliance established enhance strengthen start- innovation ecosystems continent. links start-ups Africa venture capitalists, investors, technology acquisition specialists IT buyers globe. launching pad Africa’ innovative enterprises, DEMO Africa offers start-ups variety areas agriculture, health, education, manufacturing, retail, media entertainment, communications, transport logistics, energy, finance banking, water sanitation, waste management recycling opportunity launch products technology ecosystem. flagship initiative LIONS@frica, DEMO Africa, collaboration Microsoft, USAID, .. Department State Start- Weekend launched Liberalizing Innovation Opportunity Nations (LIONS@FRICA). launch, DEMO African alumni generated $8 million investment, business partnerships unique mix positioning, opportunity (networking, fundraising), training exposure launch pad offers. research, including development spin- enterprises. .., science enterprise parks established 12 universities spurred entrepreneurship commercialization science technology, parks’ strong & base, highly skilled workforce centres innovation, providing impetus start- growth, cases leading development high-growth enterprises. private sector, hand, plays important role investing commercialization science technology bringing ideas market place (Box 15). 56 Business incubators popular model stimulating start- growth job creation youth. located close proximity universities research institutes provide technological support access -needed -, business incubators provide start-ups critical stages development workspace community indefinite time period. Business incubators housed National University Singapore’ (NUS) Enterprise Centre Canada’ Ryerson University’ Digital Media Zone, , offer array services supports young entrepreneurs, including resources skills, helping spur innovation. tremendous growth, business incubators vibrant developed countries hold developing countries. instance, Rwanda’ Kigali Institute Science Technology established Technology Business Incubator Facility support primarily youth-led technology-focused start-ups. workspace models business accelerators time-bound, intense programmes support digital start-ups turning good ideas , scalable digital businesses, culminating ‘demo day’ start-ups . ilab Blue Chilli Australia provide young people business workshops, mentoring supports, TechStart, innovative social enterprise ICT equipment, IT training skills, employment opportunities. Similarly, -shared working hubs, workspace model, support start-ups providing entrepreneurs structures convene discuss ideas rent office space. feature large cities Amsterdam, Johannesburg, Melbourne, Mexico City, San Francisco Sydney, , -shared working spaces promote innovation collaboration. Initiatives JA-YE Europe’ Start Programme, encourage young people college university develop start-ups areas study, collaboration faculty provide complementary competencies, noteworthy. addition, academic institutions play role promoting entrepreneurship supporting entrepreneurial student organizations work start-ups. IDEA Network Australia’ University Queensland, assists aspiring young entrepreneurs develop ideas successful ventures facilitates linkages young entrepreneurs business incubators, angel investors, venture capitalists experts business technology fields, . Competitions play role fostering development start-ups (Box 16). Trinidad Tobago, government supporting innovation idea 2 innovation i2i competition. Launched 2012 Council Competitiveness Innovation (CCI) Ministry Planning Sustainable Development, competition designed encourage young entrepreneurs develop innovations commercially viable impact country’ social economic development. Support high-tech start-ups 57 Source: UNCTAD Inventory, www.unctad.org/epf • Chile: Startup Chile programme created Chilean Government implemented InnovaChile seeks attract early-stage high-potential entrepreneurs launch enterprises global platform. • Colombia: International Park Creativity (IPOC) promotes innovation creativity young people Colombia encouraging exploit science technology purpose developing inventions, products innovative concepts global impact. • Global: Microsoft’ BizSpark promising start-ups software, support, visibility community. • India: Start- Village business incubator targets aspiring young entrepreneurs support develop technology products start businesses. Kerala government, conjunction Start- Village, supports youth-led entrepreneurship sponsoring trips Silicon Valley .. promising young entrepreneurs participating Start- Village. • Nigeria: Information Technology Developers Entrepreneurship Accelerator (iDEA) Nigeria workspace, training, mentoring access capital entrepreneurs success start-ups Nigeria’ ICT sector. • Regional: Start- bootcamp, 3-month acceleration programme Europe, connects start-ups community mentors advisors. programme operates European cities, theme, culminates start-ups showcasing ideas top angel investors venture capitalists funding Investors’ Demo Day. Box 16. Examples programmes support high-tech start-ups 58 • awareness capacity-building campaigns ICT aimed youth • policy promote diffusion technologies marginalized young people youth-led SMEs • government encourage support linkages university-industrial partnerships • government provide support infrastructure engage public-private partnerships establish business incubators, clusters, networks science parks science technology commercialization • government encourage girls pursue science, technology, engineering mathematics Facilitating Technology Exchange Innovation: checklist key questions 59 5. Improving Access Finance Access finance key constraint entrepreneur, , aspiring young entrepreneur interested starting business. Lenders view young people risky investments typically lack bank accounts; credit history work history, generally insufficient collateral guarantees secure loans lines credit. Aspiring young entrepreneurs carrying student debts tend face greater difficulties secure financing. Table 6 synopsis actions improve access finance youth. 60 Table 6. Improving access finance Source: UNCTAD’ EPF Policy Objectives • Improve access relevant financial services terms • Promote funding innovation • Build capacity financial sector serve start-ups • Provide financial literacy entrepreneurs encourage responsible borrowing lending Policy Options Youth-Specific Measures • Inform young people youth-oriented financial services, including informal lending viable financing options • Shift lenders’ perception collateral include ideas, business support, mentoring, psychometric tests . • Facilitate linkages youth-led start-ups growth-oriented entrepreneurs investors • Facilitate development youth-friendly financial products • Support development youth-friendly mobile banking technologies • Promote youth-oriented financial literacy training • Develop public credit guarantee schemes • Stimulate creation private mutual guarantees • Promote FDI financial services, supply chain finance (‘factoring’) leasing • Facilitate collateral-free loan-screening mechanisms • Encourage equity ‘risk capital’ financing modalities • Provide incentives attract venture capital investors business angels • Provide performance-based loans incentives innovation green growth • Facilitate intellectual property collateral • Establish national financial charter • Promote public-private grants technical assistance expand lending activities (.. financial service provision post offices ‘proximity lenders’; banking technologies reach rural areas) • Set financial accounting literacy • Expand private credit bureau public registry coverage • Undertake supervision financial products offered social micro-entrepreneurs 61 Improve access relevant financial services terms Young entrepreneurs rely personal savings assets, salaries, obtain funds friends family ( loans donations) launch ventures. reports suggest youth (41.5%) Asia Pacific South Asia, majority youth (62%) China obtain funding family friends (Global Entrepreneurship Monitor 2013; YBI 2013). Young people Latin America Caribbean Middle East North Africa (MENA) region primarily rely personal sources fund businesses. , counterparts -Saharan Africa resources finance ventures. Contrary perception young people risky investments, ample evidence young people bankable. study micro-finance institutions Indonesia, young people’ loan repayment rate higher clients. Similarly, lessons learned implementation Commonwealth Youth Credit Initiative Guyana, India, Mozambique Namibia showed young people bankable respond positively responsibly supports ( Box 23). Ensuring access relevant financial services enhance entrepreneurial ecosystem young entrepreneurs. Providing young people relevant financial products tailored business essential. instance, young people operating small enterprises access soft loans, grants subsidies, operating high-growth businesses require innovation grants, & loans angel finance. , survey young entrepreneurs -20 countries suggests gender differences regard financing , female entrepreneurs prioritizing grants access incubators male counterparts prioritize tax breaks education-related initiatives (Ernst Young, 2013). Traditional sources financing loans ensure youth funds start operate businesses. Financial institutions offer range loan products young people, including collateral collateral-free products. Collateral-free loans ideal young people meet financial institutions’ collateral requirements. India’ Kerala Finance Corporation’ collateral-free loan scheme young entrepreneurs borrow interest-free loans repayable 5 years 48 months instalments, repayments exempted year. effort meet young people’ financial individuals lack collateral, financial institutions devised alternatives collateral requirements psychometric tests screen prospective loan applicants assess risk likelihood repaying loan. Prior launching unsecured SME Quick Loan facility, Standard Chartered Bank initially piloted psychometric tests prospective borrowers Ghana, Kenya, Tanzania Nigeria subsequently extended loan programme Botswana, Lesotho, Malawi, Mozambique, Namibia, South Africa, Swaziland, Uganda, Zambia Zimbabwe. Youth Business International’ evaluation programmes number countries show percentage business years 74 percent, substantially higher average start- success rates. 62 UK, StartUp Loans, publicly-funded loan programme, loans repayable 5 years young entrepreneurs aged 18–30. Created support Department Business, Innovation Skills, programme equips aspiring entrepreneurs support launch business, including funding, resources start- toolkit access mentors. Launched 2012 initial allocation £40 million (approximately $68 million), 2013, UK government additional allocation £34 million (approximately $58 million) programme, significant investment entrepreneurship. Micro-finance loans option young people seeking financing businesses. Numerous micro-finance institutions provide funds young entrepreneurs. Globally, efforts promote financial inclusion world’ poor led growth micro- finance institutions provide affordable financial services previously unbanked underserved people. Consultative Group Assist Poor (CGAP), global partnership 34 organizations, promotes financial inclusion world’ poor ensuring 2.7 billion unbanked considered valued clients country’ financial system access high-quality, convenient affordable financial services. Commonwealth Youth Credit Initiative (CYCI) model credit training support unemployed young people select countries Africa, Asia Caribbean. part programme, assessment credit training undertaken young people taught credit management. examples programmes tailored underprivileged youth include BRAC, Bangladesh-based NGO operates youth microfinance programme loans education training young people poor marginal households Uganda. Equity Group Foundation, established Kenya’ Equity Bank largest microfinance provider East Central Africa, financial services young people living rural areas. Facilitating guarantees ensures young entrepreneurs access relevant financial services. Dominica Youth Business Trust (DYBT), established CYCI model, partners financial institutions provide funds aspiring young entrepreneurs launch operate businesses. Evidence suggests -traditional, informal forms guarantees ideal meeting young people’ financial . Alternatives formal guarantees personal references, solidarity group guarantees, borrowing savings account furniture, deemed viable young people. India, Bharatiya Yuva Shakti Trust (BYST), youth entrepreneurship initiative collateral-free financing underprivileged youth aged 18–35, partnered Indian Bank Bank Baroda established partial credit guarantee scheme covers 80 percent loan. Increasingly, efforts improve access financing young people engaged specific sectors. India’ Ministry SME administers credit initiative— Prime Minister’ Employment Generation Programme linked subsidy schemes provide financing start-ups manufacturing. Similarly, Youth Social Innovation Canada, administers Capital Fund financial -financial support young entrepreneurs establish grow social enterprises. 63 Cooperatives viable option young people seeking financing ventures. Generally, young people engaged cooperative borrow level savings. , young people borrowers, cases, parents act guarantors loans. Cooperative schemes offer wide range financial products young entrepreneurs, including mix formal informal guarantees, appeal young people. cooperatives viable option young people seeking financing enterprises, poorly governed schemes lack accountability, ineffective supervision weak standards, put clients risk. Efforts ensure financial institutions adhere governance standards. Client protection initiatives Smart Campaign, global initiative auspices ACCION’ Centre Financial Inclusion, aim address weak governance standards implementing client protection principles based transparent pricing, collection practices, avoidance client -indebtedness, privacy client data. initiative trained financial institutions countries client protection principles engaged formalizing participation active associations client protection governance. alternative traditional funding, crowd-funding, individual raise funds individuals groups internet, increasingly, mobile technology social media. platform viable option young entrepreneurs seeking financing start-ups holds promise developing countries, potential countries realized, large part, infrastructure support platform underdeveloped. KIVA, online lending platform, crowd- funding platform connects online lenders income entrepreneurs world modest funding develop business opportunity (Box 17). 64 Source: UNCTAD Inventory, www.unctad.org/epf • Australia: Enterprise Network Young Australians (ENYA) Fund ! nationwide education programme assists young entrepreneurs Australia prepare funding entities resources. • Bangladesh: Padakhep’ Introduction Financial Services programme street children aged 8–18 credit savings services enable initiate income generating activities. • Canada: Futurepreneur Canada ( Canada Youth Business Foundation) aspiring young entrepreneurs aged 18–39 financial support expert advice start businesses. • Global: KIVA, online lending platform, connects online lenders income entrepreneurs entrepreneurs world borrow loans modest amounts. • Global: Youth Business International, global network presence 30 countries, interest-free loans young people aged 18–35 start grow businesses. addition financial support, YBI mentoring financial management young entrepreneurs. • Kenya: Kenya’ Youth Enterprise Development Fund flexible collateral loans highly competitive rates young people aged 18–35 enterprises. Fund’ loan products include sector-specific loans aimed special business projects group loans young people start expand business. • Papua Guinea: Bank Papua Guinea established Centre Excellence Financial Inclusion mandate address financial access financial education. Box 17. Examples programmes policies improve access relevant financial services terms 65 Innovation widely considered driver economic growth stimulates competitiveness job creation, growth start-ups high-growth firms. Considered strategy solving countries’ economic challenges, innovation features prominently governments’ agendas, attracting considerable investment public private sector. Funding innovation largely -traditional sources angel financing venture capital, . Angel investors played crucial role spurring enterprise development raising capital support promising start-ups, funding directed technology start-ups. India’ Start- Village Angel Fund financing promising start- companies, including youth-led businesses participating Start- Village business incubator. Venture capital source funding growing popularity increasingly support innovation area technology. -Ventures Africa, , invested ICT SMEs East Africa Silicon Valley-based / Ventures, helped support development incubator, COSTECH, Tanzania. examples include VC4Africa, largest online resource linking investors promising entrepreneurs, partnerships 600 angel early-stage venture capital investors 159 countries. venture capital funds largely technology, support innovation areas agriculture. Nepal, instance, SME Venture Fund funding support development agricultural innovation centre SMEs. cases, funds established sole purpose stimulating innovation, , promote high-growth start-ups. Zealand’ Start- Fund grants support innovative start-ups emerging researchers budding entrepreneurs participating country’ Accelerator Programme. , funds established support innovation specific sectors. ..’ Social Innovation Fund, public-private initiative funds encourage social entrepreneurs develop solutions local problems, . , programmes Small Business Innovation Research (SBIR) .., encourage small business explore technological potential provide incentives enable entities benefit commercialization, helping stimulate high-tech innovation. Similarly, Initiatives Entrepreneurship Programme Innovation Caribbean (EPIC) playing important role promoting innovation high-growth enterprises mobile climate technology sectors Caribbean (Box 18). Promote funding innovation 66 Source: UNCTAD Inventory, www.unctad.org/epf • Canada: Ontario Emerging Technologies Fund supports innovation clean technology, life sciences, health technologies, digital media ICTs. , College-Industry Innovation Fund (CIIF) Canada designed researchers universities acquire state---art infrastructure successfully carry important research forest engineering, plant tree biology mechanical engineering. • Mexico: Programa de Incubadoras de Negocios para Jovenes (PROJOVEM) business incubator young entrepreneurs rural areas temporary support start grow microenterprise SME, including supporting establishment agri-businesses alternative tourism enterprises. • Regional: Entrepreneurship Programme Innovation Caribbean (EPIC) year programme funded Canadian Government seeks build enabling ecosystem foster high-growth sustainable enterprises mobile sector climate technology Caribbean. • Regional: Horizon 2020, EU’ Research Innovation programme aims address inequality social exclusion research innovation variety areas, including addressing issues NEET youth region stimulating engagement girls science, technology, engineering mathematics (STEM). Box 18. Examples policies initiatives promote funding innovation inclusive innovation aims address inequality social exclusion grows importance, funding required support encourage development innovations benefit bottom economic pyramid. India’ National Innovation Council established India Inclusive Innovation Fund 2013 catalyze development entrepreneurial ecosystem designed support innovation geared disadvantaged groups society. rise ‘impact investing’, investments ‘ companies, organizations, funds intention generate measurable social environmental impact financial return’ (Global Impact Investing Network), provide avenues finance young entrepreneurs. 67 key concerns lending money young entrepreneurs lack experience business skills. age, young people type business experience, track record business skills financial institutions require prove creditworthiness. addition, financial institutions financial products suitable young people. study undertaken financial inclusion Pacific region suggests financial institutions region lack business model expansion financial services meet diverse young people products specifically targeted groups young people. Existing financial products young people designed meet inadvertently lead defaults loan payments lack comprehension financial products, discouraging young people applying financial support. Boosting capacity financial sector serve youth-led start-ups improve access finance young people. Government play role helping financial institutions banks, credit cooperatives, private equity venture capital understand young people’ . Child Youth Finance International (CYFI) partnered financial sector develop child youth-friendly financial products. Sri Lanka’ Hatton National Bank developed financial products, including micro-savings, micro rural financing young people (Box 19). Build capacity financial sector serve start-ups 68 Source: http://childfinanceinternational.org/movement/ Child Youth Finance International (CYFI) leads world’ largest movement dedicated enhancing financial capabilities children youth. Launched April 2012, movement reached 18 million children 100 countries. CYFI leverages expertise innovation network global organizations, including world’ leading financial institutions, international NGOs, multilateral bilateral organizations, foundations, renowned academics, children youth. , CYFI launched online platform called Ye! links young entrepreneurs , experienced coaches, tools, resources investment opportunities support growth enterprises. CYFI’ objective increase economic citizenship children youth providing children youth aged 8- 18 knowledge wise financial decisions, opportunity accumulate savings, skills find employment earn livelihood, ultimately break cycle poverty. aims empower children youth world, , vulnerable marginalized increasing financial capability, enhancing awareness social economic rights, improving access financial services order build assets invest futures. Box 19. Child Youth Finance International Offering young people opportunity open manage savings account, CGAP cites good practice helping young people build stake financial future, enhances credibility financial institutions access financing. Lowering age limit young people age 16 open bank account; instituting child proxy system parents legal guardian open account behalf young person 18, accepting alternative forms identification boost capacity financial institutions serve youth-led start-ups, enhancing young people’ access financing. , mobile technology provide financial services young people living rural areas, unbanked, promising. United Nations Capital Development Fund (UNCDF), UN’ capital investment agency world’ 48 developed countries Africa Asia, partnership MasterCard Foundation, assisting micro-finance institutions (MFIs) design deliver high-quality financial services, including financial education young people age 18 - income areas YouthStart initiative. initiative Uganda designed youth- friendly products: Girls’ Choice, Teen Classic Youth Progress, increasing access , demand-driven financial -financial services -income youth. Mobile money play integral role increasing access basic financial services base economic pyramid. GSMA’ Mobile Money Unbanked (MMU) partnered 19 mobile operators financial industry accelerate availability 69 affordable, safe, convenient financial services millions previously unbanked customers. Similarly, CGAP, Technology Business Model Innovation initiative, exploring extending financial services poor innovative technologies area branchless banking (Box 20). Box 20. Examples programmes policy actions boost capacity financial sector serve start-ups • Australia: Commonwealth Bank’ Youthsaver account aimed young people age 18. parental consent required children age 16 open operate account, young people aged 16 eligible open operate account independently. services child youth-friendly extent minimum deposit monthly maintenance fees withdrawal fees Commonwealth Bank’ system. • Global: GSMA’ Mobile Money Unbanked (MMU) partnered mobile operators financial industry deliver affordable, safe, convenient financial services millions previously unbanked customers. • Global: UNCDF, partnership MasterCard Foundation, assisting MFIs design deliver high quality financial services young people YouthStart initiative. • Regional: Australia Zealand Bank (ANZ Bank) extended mobile banking income individuals living rural areas Solomon Islands, Samoa, Tonga Vanuatu. • Singapore: OCBC Bank’ FRANK savings account young people aged 16–29 save transact account. • Sri Lanka: Hatton National Bank developed financial products, including micro-savings, micro rural financing young people. • Papua Guinea: Bank Papua Guinea working financial institutions Pacific region develop financial products young people. • Uganda: FINCA Uganda, regulated deposit- microfinance institution developed loans savings products young people 24 rural urban districts countrywide. Star Girl product, targets girls aged 10–19 school participate -managed groups, encourages clients manage finances responsibly. Source: UNCTAD Inventory, www.unctad.org/epf 70 countries, lack financial literacy barrier financial inclusion. developing countries, population bank account, largely attributed education levels base economic pyramid geographic remoteness people living rural areas. Limited education barrier accessing utilizing formal financial services appropriately, limits people’ capacity advantage financial opportunities informed choices improve financial -. Promoting financial literacy enhance financial inclusion enable young people access appropriately financial services. countries regions, efforts promote financial literacy young people. , Commonwealth deployed financial literacy programme member countries Caribbean, Pacific, -Saharan Africa delivered programme students 89 schools Ghana. numerous programmes provide financial literacy young entrepreneurs. Aflatoun, global organization financial literacy education young people aged 6–18 developed Aflateen, Social Financial Education programme young people aged 15 18 inculcates financial knowledge skills experiential activities. Business development services provide financial literacy training, young people. , focus programmes augment young people’ money management skills encourage borrow spend responsibly. Mennonite Economic Development Associates (MEDA), international economic development NGO, young people financial education training entrepreneurship life skills designed start viable enterprise obtain skills needed identify secure decent work opportunities. countries, financial institutions providing young people training financial literacy. Australia’ Commonwealth Bank Foundation, , delivers StartSmart workshops young Australians, HSBC’ Finance Life programme, young people Australia practical financial knowledge. Initiatives UNCDF’ Pacific Financial Inclusion Programme (PFIP), partnership public private sector entities, increasing financial inclusion underserved individuals Pacific region, banked regions world. programme Provide financial literacy entrepreneurs encourage responsible borrowing lending Mobile technology harnessed adapted increase access finance youth. Programmes CYFI’ school banks work stream promote application mobile banking technology creating access formal channels saving schools facilitate provision financial access noteworthy. countries steps ease restrictions young people’ access financial services. .., federal age-related restrictions opening bank account. Philippines’ Central Bank facilitated creation Kiddie Account young children 7 years open savings account. , child proxy systems parent guardian open account behalf young person 18, instituted. 71 increasing access quality, affordable financial services income rural households SMEs Pacific Islands. Young people acquire financial literacy knowledge means competitions. Samoa, financial literacy competition, MoneyWi$, encourages young children primary school aged 3–8 learn money. Victorian Government, partnership National Australia Bank Foundation Young Australians, launched $20 Boss programme, young people challenged imagine, design build businesses ground , starting $20 bank. addition, technology-based approaches encourage young people finances responsibly. goHenry, cash card system combined apps, helps young people earn, save spend responsibly parental supervision Visa Buxx Card, reloadable prepaid card helps teens purchases, load cash monitor balances, allowing parents monitor card activity, noteworthy. key constraint lending young people financial institutions’ inability assess creditworthiness. Typically, young people tend credit history age, impedes accessing financing financial institutions. Establishing credit history enhance young people’ ability access financing. establishment credit bureaus countries exist important step path helping young people build credit (Box 21). 72 • Brunei: Money programme young children aged 7–11 Economics Success children aged 10-14, delivered Junior Achievement Brunei, teach children financial literacy. • Chile: Emprendejoven technology train teachers financial literacy entrepreneurship curriculum share ideas, lessons lessons learned. • Fiji: Fiji Development Bank (FDB) financial literacy students secondary school part Commercial Studies curriculum. addition, Bank’ Invest Smart Task develops students’ attitude investing savings ensure future financial wellbeing. • Global: Junior Achievement Worldwide’ Banks Action young people opportunity learn principles banking industry. , young people participate Banks Action programme, participate international Banks Action Challenge apply classroom knowledge. • Kenya: Equity Group Foundation financial literacy training youth women Kenya. training focuses savings, budgets, debt management, financial negotiation, banking services, micro-insurance. • Regional: Commonwealth’ financial literacy programme deployed Commonwealth member countries Caribbean, Pacific, Africa. • Singapore: OCBC Bank offers financial literacy young people aged 16–29 account holders. Box 21. Examples programmes policy actions provide financial literacy entrepreneurs encourage responsible borrowing lending Source: UNCTAD Inventory, www.unctad.org/epf 73 • government steps improve access finance youth • financial services, designated specific cohorts youth .. --school; youth rural areas; immigrant youth; youth ethnic minorities; girls young women; youth disabilities; youth college/university; youth informal sector disadvantaged youth • financial services designed meet young entrepreneurs engaged specific sectors • measures encourage established, commercially viable, sustainable high- performing institutions lend youth-led start-ups SMEs • public-private funds young entrepreneurs incentives venture capital, impact investing development networks business mentors supporters including business angel networks serve youth • financial service provision young entrepreneurs technologies (mobile banking) / encouraged • formal courses financial literacy young people • financial services linked entrepreneurship / skill based training enhance young entrepreneurs’ credence lenders business viability Improving access finance: checklist key questions 74 6. Promoting Awareness Networking Young people’ perceptions entrepreneurship shaped environment live, youth perceived, role labour market, . survey undertaken Youth Business International, young people aged 18–34 geographical regions perceive entrepreneurship good career choice, 70 percent youth Latin America, Middle East North America - Saharan Africa; 65 percent European Union 62 percent Asia Pacific South Asia positive views entrepreneurship career option. section explores actions promote awareness networks young entrepreneurs. Table 7 synopsis. Table 7. Promoting awareness networking Source: UNCTAD Commonwealth Policy Objectives • Highlight entrepreneurship society address negative cultural biases • Raise awareness entrepreneurship opportunities • Stimulate private sector led initiatives strengthen networks entrepreneurs Policy Options Youth-Specific Measures • Encourage development young entrepreneurs’ peer networks • Support youth entrepreneurship competitions awards • Support recognition failure part learning succeed • Highlight talent young entrepreneurs, benefits supporting / investing • Leverage social media communication tools platforms • Reaching deploying information business opportunities youth • Promote knowledge exchange established business people aspiring young entrepreneurs • Support activities build young entrepreneurs’ business advocacy skills • Launch entrepreneurship outreach awareness campaigns national, regional local levels collaboration stakeholders media spaces public dialogue communicate support entrepreneurship • Disseminate information entrepreneurship, including social entrepreneurship, impact economy • Publicly celebrate entrepreneurship role models involving entrepreneurs policy dialogue processes sensitize government officials • Organize information career fairs, fora summits business opportunities, including specific economic sectors specific business models micro-franchising • Facilitate business exchange platforms, business portals, fairs, business associations clubs • Advertise business opportunities linked national sustainable development strategies related incentive schemes • Support private sector-led campaigns • Engage diaspora community local entrepreneurship networks 75 order shift mind-sets entrepreneurship societal level dispel cultural biases, , negative perceptions entrepreneurship career choice, crucial highlight entrepreneurship contribution promoting socio-economic development job creation poverty alleviation. Conferences summits highlight entrepreneurship young people’ talents utmost importance. Highly visible events Kauffman Foundation’ Global Entrepreneurship Week (GEW) play critical role promoting entrepreneurship development reaching existing members encouraging aspiring young entrepreneurs launching businesses. Similarly, events held national level Barbados National Entrepreneurship Summit, bring youth aged 18 30 early start- phase, play important role nurturing inspiring young entrepreneurs. Commonwealth-Asia Alliance Young Entrepreneurs (CAAYE)’ annual summit, brings entrepreneurs speakers countries Asia region, opportunity young entrepreneurs learn established entrepreneurs, build capacity networks support trade ( Box 23). Similarly annual conference G20 Young Entrepreneurs’ Alliance (YEA) develops policy recommendations targeted G20 leaders, providing platform networking capacity building. Intergovernmental meetings Commonwealth Heads Government Meeting Commonwealth Youth Ministers Meeting important venues advancing Commonwealth youth agenda consultation issues facing young people Commonwealth. years, fora platform member countries discuss role youth entrepreneurship addressing youth unemployment networks CAAYE advocate young entrepreneurs. important promote dialogue networks active area youth entrepreneurship, including youth entrepreneurship organizations, youth employment organizations, business associations, youth-led organizations stakeholders education, business sector, NGO community. networks play important role supporting development entrepreneurial culture identifying ways promote youth-focused entrepreneurship objectives. South Africa’ Youth Development Network (YDN)— national network comprising youth development organizations—helps foster collaboration essential tackling youth unemployment developing synergies order advocate interests young people. Recognition awards create visibility attractiveness entrepreneurship inspire young people pursue , investors policy-makers recognize support young entrepreneurs. Anzisha Prize, Africa’ premier award young entrepreneurs, playing important role raising awareness innovative young African entrepreneurs. Launched 2011, Anzisha Prize recognizes young people developed innovative solutions address pressing problems communities. Shell LiveWire Young Business Start- Award annual country-based competition recognizes rewards young people successful business. award Highlight entrepreneurship society address negative cultural biases 76 raises profile young entrepreneurs recognized, creates awareness entrepreneurship viable career option young people, Youth Business International’ (YBI) Young Entrepreneurs Award recognizes achievements successful young entrepreneurs YBI network. Rolex Awards Enterprise—Young Laureates recognize young enterprising people aged 18 30 undertaken major challenges improve lives protect planet. Foundation Young Australians’ Young Social Pioneers programme supports select cohort Australia’ brightest emerging social entrepreneurs innovators, enhancing social change purpose, building networks support, developing business skills capabilities drive successful purpose-driven ventures. Business Plan Competitions encourage young entrepreneurs showcase business ideas innovations, raise awareness youth-led entrepreneurship. ILO Business Plan Competitions, held annually countries world, showcase outstanding businesses ideas business plans. Increasingly, initiatives addressing underlying psychological, social economic barriers hinder young people pursuing entrepreneurship. Show Creativity, competition launched YES Network Pakistan partnership British Council young people experiment ideas develop social enterprise projects, helps grapple overcome barriers linked entrepreneurship fear failure. Communication tools indispensable highlighting importance entrepreneurship (Box 22). Positive media attention entrepreneurs change attitudes perceptions entrepreneurship showcasing positive role models highlighting importance entrepreneurship economic development. proliferation TV shows Apprentice, Dragon’ Den Shark Tank showcase budding entrepreneurs presenting ideas established entrepreneurs, play important role affirming role entrepreneurs contribution society, , changing societal perceptions entrepreneurship. Platforms television web initiative, Chat Planet, global forum young people aged 15–24, communication technologies, , social media platforms—Facebook Twitter, immensely popular young people, effective highlighting entrepreneurship. 77 Source: UNCTAD Inventory, www.unctad.org/epf • Australia: Enterprise Network Young Australians (ENYA) supports participation young people enterprise development raises awareness youth entrepreneurship blog. • Global: Seedstars World Swiss-based global competition raises visibility high-quality startups emerging markets. Startups pitch ideas regional events, finalists proceeding World event Switzerland meet potential investors partners. worldwide winning startup receives equity investment $500,000. • Pakistan: British Council sponsors Youth Social Enterprise Award Challenge promote entrepreneurship young people aged 16 21 studying Technical Vocational Education Training (TVET) institutions Pakistan. • Trinidad Tobago: Ministry Planning Sustainable Development supports idea 2 innovation – i2i competition aims encouraging young entrepreneurs develop innovations commercially viable impact country’ social economic development. • United Arab Emirates: Abu Dhabi Council Economic Development holds annual entrepreneurship awareness campaign designed inspire educate young people entrepreneurship. includes workshops, business idea competitions. • United Kingdom: Enterprise UK’ Mark Challenge, UK’ largest -day enterprise competition students secondary school college, brings young people develop innovative entrepreneurial ideas response issue. • United Kingdom: UnLtd, leading providers support social entrepreneurs, carries campaigns UK promote social entrepreneurship Higher Education sector. partner universities receive funding Awards pot social venture creation tailored support. 2009–2011, £1 million campaign funded supported creation 200 social ventures staff students 70 universities England. Box 22. Examples initiatives highlight entrepreneurship society challenge negative cultural biases 78 Raising awareness entrepreneurial opportunities essential ensuring young people access relevant business information endeavours promoting culture entrepreneurship. Networks play important role raising awareness entrepreneurship opportunities. international level, networks emerged important drivers business performance. Youth-oriented business associations Junior Chambers Commerce, Youth Business International, Youth Entrepreneurship Associations Clubs play important role linking young entrepreneurs entrepreneurs facilitating international trade. instance, young entrepreneurs countries—Bangladesh, Brunei, India, Malaysia, Maldives, Pakistan, Singapore Sri Lanka, attended CAAYE Summit’ sector-oriented business--business (B2B) meetings, established connections entrepreneurs Asia identified business opportunities. CAAYE instrumental facilitating trade bilateral missions young entrepreneurs countries Asia (Box 23). Raise awareness entrepreneurship opportunities Commonwealth-Asia Alliance Young Entrepreneurs (CAAYE) network young entrepreneurs organizations support : Bangladesh Youth Leadership Centre, Federation Chamber Commerce Industry Sri Lanka, Young Entrepreneurs Forum (Pakistan), Malaysia Graduates Entrepreneur Association, Young Entrepreneurs Association Brunei, Singapore Indian Chamber Commerce Industry, Junior Chamber International (JCI) Maldives JCI Petaling Jaya (Malaysia), Young Indians (India) Nepal Young Entrepreneurs Federation. CAAYE’ goal champion young entrepreneurs local, national, regional international level, measurable progress development entrepreneurship ensure future prosperity. CAAYE engages governments, media, public, relevant stakeholders member organizations, activities include: - supporting young entrepreneurs Commonwealth-Asia region; - building promoting culture entrepreneurship young people; - creating network member countries young entrepreneurs mentoring, advisory relevant support services, network trade opportunities; - contributing human capital development education & training young entrepreneurs; - providing relevant information entrepreneurship access financing young entrepreneurs, Box 23. Commonwealth-Asia Alliance Young Entrepreneurs (CAAYE) 79 Source: http://www.caaye./ - influencing policy mechanisms promote enhanced ecosystem youth entrepreneurship. strong advocate young entrepreneurs Asia region, CAAYE convenes advance Commonwealth Heads Government Meeting relevant Commonwealth Ministerial forums identify issues policy recommendations meetings. representative young entrepreneurs region, network acts collective voice presents unified perspective issues affecting young entrepreneurs. addition, Alliance advocates young entrepreneurs economic fora ASEAN-China Young Entrepreneurs Forum, . 2013, CAAYE led discussion financial inclusion young entrepreneurs summit organized Child Youth Finance International (CYFI), panel youth entrepreneurship Commonwealth Business Forum. CAAYE facilitates trade bilateral missions young entrepreneurs Asia. October 2013, Pakistan’ Young Entrepreneurs Forum hosted delegation 22 young entrepreneurs India. mission, culminated signing Joint Declaration aimed building bridges countries, opportunity young people largest economies Asia subcontinent strengthen business ties committing action plan advocates policies promote trade. CAAYE holds flagship annual summit goal recognize support youth entrepreneurship development, ensuring ventures socially responsible financially sustainable. sector-oriented business--business (B2B) meetings, cover wide array sectors, young entrepreneurs build expand business linkages identify business opportunities. CAAYE partnered ILO recruit -coaches (entrepreneurs, professionals, academics academic institutions) provide young entrepreneurs business support advice guide young people process setting businesses finding solutions specific business challenges. November 2013, Commonwealth Heads Government endorsed replication CAAYE Commonwealth regions. 80 addition raising awareness entrepreneurship opportunities, networks playing important role shifting mind-sets. Girls Tech, global social enterprise offers girls women tools resources enhance professional careers aspirations area technology entrepreneurship, encouraging pursue careers - traditional fields, , changing mind-sets gender involvement technology field. Similarly, events Sci-preneurship: 24-hour Student Contest supported Junior Achievement-Young Enterprise (JA-YE) Europe, important promoting innovation creativity, encouraging young people integrate entrepreneurship Science, Technology, Engineering Mathematics (STEM). national level, Youth Entrepreneurship Sustainability (YES) country networks playing important role raising awareness entrepreneurship opportunities fostering culture entrepreneurship young people. Pakistan, instance, YES Network Pakistan, partnership British Council, helping young people aged 16–21 attending TVET institutions cultivate entrepreneurial spirit engaging social enterprise activities enable tackle challenges communities. essential leverage grassroots organizations networks raise awareness entrepreneurship highlight benefits entrepreneurship. Cross-country networks Nehru Yuva Kendra Sangathan Volunteers India, broad countrywide reach, raising awareness entrepreneurship opportunities sharing information benefits schemes young entrepreneurs, Katutura Youth Enterprise Centre raises awareness entrepreneurship opportunities young people disadvantaged backgrounds Namibia. fora raise awareness entrepreneurship opportunities. Events Global Forum Innovation Entrepreneurship raise awareness build support entrepreneurship area technology, Google’ -Africa series raises awareness company’ products opportunities developers. Similarly, events hosted Global BizSpark essential providing young people access supports angel investors finance enterprises mentors provide advice establishing operating businesses. Fairs aimed showcasing young entrepreneurs’ innovations important raising awareness youth-led entrepreneurship. Europe, Junior Achievement—Young Enterprise (JA-YE) Europe—hosts annual fair, JA-YE Trade Fair, young entrepreneurs display innovations products. Communication plays important role raising awareness entrepreneurship (Box 24). Traditional media television press, digital media—websites social media platforms Facebook Twitter, important vehicles reach young people deploy information entrepreneurship, including educational opportunities, financial resources market information. countries regions, young people Facebook, Twitter social media raise awareness entrepreneurship. annual CAAYE Summits widely covered online social media real time, allowing young people world participate events. Internet showcase young entrepreneurs’ businesses. Kenya’ Equity Bank, conjunction Google, launched channel YouTube—African Success Story: Generation successful young entrepreneurs showcase businesses. Child Youth Finance’ Ye!, online portal brings young entrepreneurs aged 16 30, important fostering peer--peer support linking young entrepreneurs tools, resources opportunities support growth enterprises. 81 Source: UNCTAD Inventory, www.unctad.org/epf • Global: Global Youth Innovation Network platform young entrepreneurs disadvantaged backgrounds based rural areas opportunities networking, knowledge sharing collaboration. • Global: Global Innovation Science Technology (GIST) builds entrepreneurial ecosystems 54 countries Middle East, Turkey, Asia Africa identifying, coaching, funding promising technology entrepreneurs flagship competitions, startup acceleration services, online social media platform interactive mentorship programmes. • Kenya: Equity Bank, conjunction Google, launched “African Success Story: Generation ,” channel YouTube successful young entrepreneurs showcase businesses. • Multilateral Initiatives: -20 Young Entrepreneurs Summit held annually advance G20 Summit champion importance young entrepreneurs G20 member nations share experiences practices. summit, organization host country presents report heads executive young entrepreneurs’ recommendations proposals. Box 24. Examples policies initiatives raise awareness entrepreneurship opportunities 82 Business networks support young entrepreneurs embark entrepreneurship providing information guide manage grow businesses. , Equity Bank Kenya links young entrepreneurs successful local international entrepreneurs. Established entrepreneurs provide young entrepreneurs guide advice manage grow businesses. Similarly, UK, HSBC’ Young Enterprise links young entrepreneurs business advisors mentors provide guide support run business. Private sector-led initiatives young entrepreneurs access markets. Chambers Commerce Regional Economic Development organizations link young entrepreneurs established entrepreneurs successful foreign markets, allowing young people gain knowledge expertise expand businesses. Increasingly, private sector promoting awareness kinds skills required 21st Century workplace. Hyundai Motors Europe partnered JA-YE Europe launch pan-Europe initiative, Skills Future, providing young people vocational schools 15 European countries opportunity learn valuable STEM (science, technology, engineering math) skills apply knowledge ways engaging enterprise. Youth-led networks playing important role linking young entrepreneurs established business people. instance, young entrepreneurs 8 countries Asia attended 2013 CAAYE summit Sri Lanka visited large businesses diverse sectors including ceramics, ICT, tea financial services micro enterprises sectors traditional weaving, wooden handicraft, clay mask making gained -hand knowledge enterprises. Similarly, networks YES playing important role supporting young entrepreneurs access markets. YouthTrade, initiative YES .., partnership Conscious Capitalism Institute (CCI), links enterprises operated young people age 35 conscious businesses buy YouthTrade certified products Foods Markets, helping young entrepreneurs grow businesses. , cross-border business exchange programmes Erasmus Young Entrepreneurs, link aspiring young entrepreneur Europe established entrepreneur country enabling aspiring entrepreneur acquire valuable business knowledge prior launching businesses, invaluable aspiring established entrepreneurs opportunity learn ways business identify business opportunities business partners. Caribbean, events Caribbean Idea Marketplace (CIM), business plan competition encourages local diaspora entrepreneurs forge partnerships innovative projects generate employment economic opportunities fifteen Caribbean countries, fostering knowledge diffusion, promoting entrepreneurship. programmes Global Enterprise Project, initiative European Table Industrialists, JA-YE Europe European Schoolnet, raises awareness young entrepreneurs globalization, entrepreneurship skills needed succeed global economy. Online business networks virtual meetings facilitate information exchange young entrepreneurs established counterparts. , Stimulate private sector-led initiatives strengthen networks entrepreneurs 83 Enterprise Borders (EwB), online initiative Junior Achievement –Youth Enterprise (JA-YE) Europe, teaches importance international trade providing young people operating small businesses opportunity create cross-border international partnerships (Box 25). government Malta introduced support measure aimed encouraging supporting entrepreneurs visit international markets meet foreign chambers commerce. • Regional: Erasmus Young Entrepreneurs cross-border exchange programme aspiring entrepreneurs opportunities learn experienced entrepreneurs running small businesses participating countries prior launching business. exchange visiting entrepreneur acquire skills needed run small firm opportunity learn markets. • Regional: Enterprise Borders, online initiative Junior Achievement–Young Enterprise (JA-YE), young entrepreneurs create cross-border partnerships; promote, market export products services JA company, network peers world gain valuable business experience job skills. • .. YouthTrade, initiative YES, helps young entrepreneurs 35 improve distribution capabilities accelerate growth businesses. YouthTrade helps youth-led businesses obtain certification products, gain access markets, connects young entrepreneurs entrepreneurs. Box 25. Examples policies initiatives stimulate private sector-led initiatives strengthen networks young entrepreneurs Source: UNCTAD Inventory, www.unctad.org/epf 84 • government actively promote activities/ campaigns encourage youth entrepreneurship • government, private sector regional/ global intergovernmental organizations actively support networks young entrepreneurs young business leaders • measures public sector raise awareness issues related youth entrepreneurship public officials • young entrepreneurs platforms engage policymakers business leaders • youth entrepreneurship social economic development communicated publicly, public officials • youth entrepreneurship policy priority key part youth employment strategies • government participate / promote entrepreneurship activities Global Entrepreneurship Week • government actively engage public- private partnerships aimed raising awareness youth entrepreneurship events • government actively support competitions, awards ceremonies events publicly recognize young entrepreneurs • efforts promote cross-border networks activities Promoting awareness networking: checklist key questions 85 III. Assessing Effectiveness Youth Entrepreneurship Policies Policy Guide Youth Entrepreneurship assists policy makers creating effective policies support aspiring potential young entrepreneurs. result, order entrepreneurship achieve desired impact development important measure results. section focuses step implementing Policy Guide— indicators evaluate policies measures put place framework. key characteristics: • indicators relevant specific linked policy-makers’ objectives order measure relevant trends; • Data feed indicators readily easy collect; • Data collected periodically timely fashion order monitor situation young entrepreneurs. collection annual data indication policy- makers’ commitment youth entrepreneurship policy formulation, implementation measurement, • Finally, indicators - feasible - comparable countries benchmarking Table 8 illustrative set indicators comply characteristics relevance, availability, timeliness comparability areas Policy Guide Youth Entrepreneurship. 86 Table 8. Indicators measure effectiveness youth entrepreneurship policies Policy Areas OVERALL INDICATORS (Formulating National Entrepreneurship Strategy) Optimizing Regulatory Environment Enhancing Entrepreneurship Education Skills Development Indicators monitor relevant • Number youth-led start-ups created • Youth-led business survival rate (compared ) • Share youth-led start-ups green, high-tech social enterprise • Number quality jobs created youth-led businesses • Taxes collected youth-led businesses • Number young entrepreneurs ranking top 100 net worth country • Number procedures open business; number agencies involved • Number days; costs start close business • Number days register; costs register title property • Timelines dispute resolution • Simplified procedures aimed young entrepreneurs • Start- incentives youth-led businesses • Share secondary high schools universities offering entrepreneurship education/ experiential opportunities • Share apprenticeship, technical vocational schools offering entrepreneurship education/ experiential opportunities • Number start-ups spin- offs universities research programmes • Number patents registered young entrepreneurs • Share private sector entities offering entrepreneurship education/experiential opportunities • Number young entrepreneurs engaged mentoring/coaching support mentors, business executives high-profile entrepreneurs • Young entrepreneurs’ success starting sustaining businesses • Young entrepreneurs’ success promoting social change • Youth employment • Economic impact youth-led entrepreneurship • Ease starting/closing business • Effectiveness judicial system • Availability entrepreneurship education • Higher educational institutions’ success enterprise-relevant research commercializing research results • Contribution private sector • Youth unemployment critical challenge. monitoring success youth entrepreneurship employment, policy-makers forecast unemployment trends. • policies effective, young entrepreneurs face challenges starting engaging business. result, increase businesses owned youth. • entrepreneurship education lead creation successful business ventures. Policy makers develop education policies unleash youth entrepreneurial potential. Continued page 87 Table 8. Indicators measure effectiveness youth entrepreneurship policies Policy Areas Facilitating Technology Exchange Innovation Improving Access Finance Promoting Awareness Networking Indicators monitor relevant • Number (occupancy success/graduation rates) young entrepreneurs science parks/technology hubs, incubators accelerators. • Share youth-led tech intensive start-ups relation total start-ups • Share youth-led tech- intensive startups Venture Capital (VC) funding • Girls/young women engaged science, technology, engineering mathematics (STEM) programmes • Share microfinance/ SME loans young entrepreneurs • Share forms financing young entrepreneurs • Total number angel networks VC invested youth-led SME • Existence youth enterprise development fund trust • Number institutions youth friendly financial products • Credit bureau coverage • Number formal informal financial literacy trainings youth respective occupation rates • Results opinion/attitudinal surveys evaluations awareness campaigns • Number business associations targeted /engaged young entrepreneurs • Number young entrepreneurs’ networks – national regional/ international • Number competitions / awards young entrepreneurs • Availability success facilities promotion youth-led tech intensive start-ups • Success bridging male- female gap science technology • Performance financial sector facilitating loans financial products young entrepreneurs • Support private sector young entrepreneurs • Adequacy financial infrastructure lending young entrepreneurs • Adequacy financial infrastructure meet business young entrepreneurs • Success fostering positive societal attitude young entrepreneurs • Opportunities networking young entrepreneurs • Recognition incentives young entrepreneurs • Data shows access technology innovation, key factor business expansion productivity. • Policy makers review financial status youth lead businesses, accompany lending capacity building support private sector. • Monitoring mindset change removing fears failure increase positive perception entrepreneurship career choice. mindset combined improved networking entrepreneurs tap opportunities. Continued previous page Source: UNCTAD Commonwealth 88 IV. Conclusions Calls policy actions address soaring levels unemployment young people increasingly pressing developing economies developed countries. Lack job opportunities barriers -employment young generations, irrespective educational background, potentially consequences country’ capacity develop sustainable years . Social exclusion constantly growing shares young population pose threats country’ internal stability. Developing enabling entrepreneurial ecosystem young people key unleashing potential youth entrepreneurship foundation creating culture entrepreneurship young people. Policy Guide takes broader view governments develop policies key priority areas create enabling environment young entrepreneurs. examples priority area show concerted policy actions address main impediments faced young entrepreneurs. Youth entrepreneurship strategies developed implemented national level countries policy makers opportunities assess existing entrepreneurial ecosystem, identify opportunities challenges ensuring coherence national policies, develop step--step approach sequenced interventions strategy implementation. youth entrepreneurship broader impact job creation promoting sustainable development, policy-makers enhance regulatory environment young people addressing regulatory barriers specifically hinder young entrepreneurs, crafting policies create friendlier business climate. burdensome regulatory hurdles, coupled absence youth-orientated business development services, discourage young people start business, push young entrepreneurs informality clip wings nascent enterprises. Targeted initiatives, reducing initial capital requirements simplifying accounting regime youth-owned start-ups, turned remarkable increase establishing businesses. public private sectors relevant partners address barriers related education skills development, determine align skills acquired young people labour market’ demands. Initiatives mushrooming countries instil entrepreneurial spirit early age forge positive entrepreneurial mind set integrating entrepreneurship education formal education systems. impact education system generally long term, early assessments conducted point noticeable improvements attitudes, -confidence, skills, .. critical-thinking problem solving, important developing entrepreneurial competencies. Policy-makers leadership role supporting technology innovation providing incentives encourage private sector investment establishing favourable regulatory frameworks crafting policies support development infrastructure needed innovation occur, investing higher education training, research development order spur innovation. Young entrepreneurs common source innovation creative technology ideas turn 89 commercial products services, conducive environment required. Programmes aimed promoting inter-firm networks ( instance, knowledge-exchange initiatives public-private partnerships) building bridges research institutions private sector, potential stimulate establishment growth high-tech start- ups, recognized positive impact job creation. addition undertaking financial reforms, governments, support entities financial sector -governmental organizations (NGOs) explore reduce barriers disproportionate impact young people improve financial inclusion. Access finance widely binding constraints young entrepreneurs. deserves special attention policy makers tackle bottlenecks young people financial support needed start business. main areas intervention identified, act sides financial products services market: programmes increase financial literacy young people ( demand side) initiatives enhance capacity financial sector serve young entrepreneurs ( supply side), meeting peculiar niche entrepreneurs start-uppers. Young people partners collaborators youth entrepreneurship. order role, concerted effort part governments, NGOs private sector required develop platforms engage young people promote development youth entrepreneurship networks associations advocate behalf young entrepreneurs. Similarly, international organizations ILO, ITC, World Bank, UNCTAD UNIDO inter-governmental organizations Commonwealth promote economic activities young people engage young people partners collaborators youth entrepreneurship. years, proliferation awareness-raising events entrepreneurship. Successful global events, replicated national level, catalyse media attention specific times year. Contests, competitions awards young entrepreneurs recognize achievements successful business ideas contribute highlight entrepreneurship society stimulate young people entrepreneurial career. long run, creating enabling entrepreneurial ecosystem young people yield tremendous benefits creating jobs alleviating poverty, reducing social unrest instability fostered economic disenfranchisement. official launch Policy Guide Youth Entrepreneurship, Commonwealth Secretariat UNCTAD commit work areas: • Engagement multiple stakeholders collective action model national levels, promoting supporting ongoing advocacy set- enabling youth entrepreneurship ecosystems, working policy makers, private sector, regulators, financial institutions, NGOs, entrepreneurs’ networks. • Carry joint technical assistance projects develop national youth entrepreneurship strategies action plans. • Liaise international organizations dedicated youth, including participating actively initiatives led United Nations Envoy Youth United Nations Interagency Network Youth Development (IANYD). 90 Botswana Ministry Youth, Sport Culture http://www.mysc.gov.bw/=dept_youth .25 Colombia Colombia Joven Emprende http://wsp.presidencia.gov./ColombiaJoven/ estrategias/Paginas/colombia-joven-emprende. aspx .23 Fiji Ministry Youth Sports http://www.youth.gov.fj/index.php/poli .23 Global International Trade Centre http://www.intracen.org .23 Regional African Union http://summits.au.int/en/17thsummit/news/afri- -youth-decade-2009-2018-plan-action-acceler- ating-youth-empowerment-sustainabl .27 Regional Commonwealth http://thecommonwealth.org/ .22 Regional European Union http://ec.europa.eu/youth/policy/youth_strategy/ index_en .27 Regional Secretariat Pacific http://www.spc.int/ .22 South Africa Department Trade & Industry www.dti.gov.za/news2013/YEDS_ HYPERLINK “http://www.dti.gov.za/news2013/YEDS_ strategy2013.pdf”strategy HYPERLINK “http:// www.dti.gov.za/news2013/YEDS_strategy2013. pdf”2013.pdf .23 .27 Sri Lanka Ministry Youth Affairs Skills Development http://www.youthskillsmin.gov.lk/web/ .25 Wales Big Ideas Wales http://business.wales.gov.uk/bigideas/ .23 Wales Youth Entrepreneurship Strategy http://wales.gov.uk/docs/det/publica- tions/101115yesen.pdf .24 Zambia Zambia 6th National Development Plan http://siteresources.worldbank.org/INTZAMBIA/ Resources/SNDP_Final_Draft__20_01_2011.pdf .24 ANNEX. 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