Learn more about the key takeaways from the session! What was the Session about?

This session focused on the financial and investment barriers young entrepreneurs face when launching and scaling their ventures. Young entrepreneurs worldwide encounter challenges such as restrictive regulatory frameworks, risk-averse lending practices, and the lack of tailored financial products, creating significant obstacles to accessing funding and investment opportunities. The discussion also explored ideas for effective advocacy strategies, emphasizing collaboration with public and private partners to influence policy reforms that enhance young entrepreneurs’ access to diverse financing and investment options. Participants worked together to develop practical recommendations to address these challenges at local, national, and international levels, with the goal of empowering young entrepreneurs to access the resources they need to succeed globally.

Objectives of the Session:

1. Participants identified major policy barriers that young entrepreneurs face, including regulatory, financial, and systemic challenges.
2. Participants learnt from real-life case studies of young entrepreneurs who have successfully navigated or challenged existing policy frameworks, sharing and highlighting innovative strategies and approaches.
3. The session explored effective advocacy strategies young entrepreneurs, public and private partners employ to influence policy reform and create supportive ecosystems for start-ups.
4. Participants collaborated to brainstorm actionable policy recommendations and solutions that can be pursued at local, national, and international levels to support young entrepreneurs better.

Objectives of the Series: 

Strengthen the enabling environment for youth entrepreneurship as a means to strengthen democracy globally. Insights from each session in this series will be captured and analysed, and a summary brief will be developed. This will inform a video spotlight report and a policy paper with recommendations on how the private sector and governments can better support youth entrepreneurship.

Key takeaways from the session:

Takeaways

• Policy Barriers Identified:
  
  • Lack of financial support despite welcoming policies in some regions.
  • High taxes and absence of youth involvement in decision-making processes.
  • Inconsistent and complicated business procedures hinder ease of doing business.
  • Insufficient budget allocations for youth-led startups and lack of innovation.
  • Corruption and unstreamlined procedures hinder entrepreneurial growth.
  • Challenges: restrictive policies on international business, talent drain, and insufficient infrastructure.
• Collaborative Needs:
  
  • Public-Private Partnerships to support young entrepreneurs.
  • Curriculum amendments focusing on practical over theoretical knowledge.
  • Simplification of business processes and regulatory frameworks.
  • Provision of grants over loans to reduce barriers for young entrepreneurs.
  • Addressing systemic corruption to create a fair playing field.
• Access to Resources:
  
  • Lack of mentorship, business training, and accessible incubators for rural entrepreneurs.
  • Logistical and infrastructure challenges, especially for tech-based startups.
  • Educational systems often neglect entrepreneurship and market preparation.

Recommendations

• Innovative Policies for Youth Startups:
  
  • Implement streamlined systems for business registration and operation.
  • Foster intergenerational dialogue among young entrepreneurs, educational institutions, and governments to establish associations representing startup interests.
  • Create digital platforms to promote connectivity and advocate for policy reforms.
• Key Collaborations:
  
  • Partner educational institutions with programs that include entrepreneurship education and regulatory policy literacy.
  • Support educational reforms focused on entrepreneurship programs with government funding.
  • Encourage the development of coalitions of young entrepreneurs to influence policymaking.
• Accessible Programs and Funding:
  
  • Offer grants instead of loans to support early-stage business ideas.
  • Develop training and mentorship initiatives to prepare young entrepreneurs for business management.
  • Promote the use of technology to access funding and markets, leveraging digital platforms and social networks.
• Facilitating Market and Talent Access:
  
  • Create legal frameworks allowing startups to operate in international markets.
  • Design incentives to retain local talent and improve managerial skills among youth.
  • Invest in physical and digital infrastructure to support tech startups and small businesses.

Moderator of the session

Daniel Orogo

Speakers of the session

Charmaine Co Leong

Hailemelekot Asfaw

Niraj Khanal