Why young entrepreneurs are so important

Thousands of young entrepreneurs from 43 countries across the world took part in a series of online and onsite dialogues as part of the Road to Lima 2015 activities. The inclusion of youth in such an important process was possible thanks to the World Bank Group and the Young Americas Business Trust (YABT).

During this global consultation, young entrepreneurs mentioned that they still face challenges when starting their own businesses, such as access to funding, education and trainings, better infrastructure, and networking opportunities.

However, young people did also share with us life-learning lessons as entrepreneurs and explained us how entrepreneurship has evolved over the past years in their home countries. Today, we are proud to share an overview of the #youthbiz global campaign where 2 million young people across the globe were engaged.

The World Bank and YABT have worked together over the past months to provide a global platform to voice young people´s recommendations and experiences through their own stories about their opportunities; government programs; and entrepreneurship philosophy.

In doing so, we aimed to raise awareness about young entrepreneurs´ increasing role in guaranteeing sustainable growth and shared prosperity in their countries and worldwide.
For the global consultation, we included three channels to facilitate significant participation from every continent. These channels consisted of 3 global dialogues in three languages (English, Spanish and French); thirteen national dialogues (Latin America, Africa and the Caribbean); and 3 virtual consultations (English, Spanish and French).

Their participation in this global consultation demonstrated that entrepreneurs are drivers of innovation, economic growth, and keen to make a positive change in their societies. By dismantling monopolies, creating new demands, and tackling old problems with new technology, young entrepreneurs prove to foster more competitive economies and are enablers of shared prosperity, while adapting more rapidly to ever more globalized societies.

They are also the source of innovative solutions that governments and private sector need to address current and future development challenges, especially since the international community is enforcing the new Sustainable Development Goals in January, 2016.

Programs, such as the Ideas for Action Competition and the Young Americas Forum are clear examples of how governments, private sector and youth can work together effectively to make a positive impact in developing countries.

Regardless of their language, level of education or nationality, young people see entrepreneurship as a means to achieve social and economic development.  In order to succeed their start-ups, create jobs, and have a significant impact in their home countries, the serious commitment from their governments, and the private and financial sector in their home countries is a must.

In the upcoming Annual Meetings of the World Bank and the International Monetary Fund in Lima, Peru, a flagship event “Young entrepreneurs as Drivers of Sustainable Growth” led by World Bank President Jim Jong King will address these and other issues.

This flagship event will count on the participation of young entrepreneurs; governments; private sector and international organizations decision-makers. But more importantly, it will feature the recommendations made by thousands of young entrepreneurs across the world that took part in #youthbiz campaign.

This post first appeared on The World Bank’s Latin America & Caribbean Blog. Publication does not imply endorsement of views by the World Economic Forum.

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Author: Luis Viguria is an international professional with more than 14 years of experience working with young people and entrepreneurs around the world.

Image: A woman with a book sits on a bench. REUTERS/Lisi Niesner.