Youth Business International and Global Entrepreneurship Network launch Youth Entrepreneurship Trends and Policy Framework

Today, in Nairobi, Kenya at Youth Business International (YBI)’s Global Youth Entrepreneurship Summit, YBI and the Global Entrepreneurship Network (GEN) launched the Youth Entrepreneurship Framework. The framework will equip policymakers and entrepreneur support organizations with fresh perspectives and actionable steps to empower a new generation of founders.

In an era marked by rapid technological advancements and shifting economic landscapes, young entrepreneurs find themselves at the forefront of innovation and change. However, they also face substantial challenges to turn innovations into profitable and scalable businesses. More than ever, they are choosing to start businesses with green and social missions at their heart – driving a generation for change and making stronger support mechanisms increasingly critical.

The Youth Entrepreneurship Framework is the product of interviews with a range of experts across the global youth entrepreneurship ecosystem including representatives from UNCTAD, Orange Corners, World YMCA, Commonwealth Secretariat, NFTE and Argidius Foundation, and extensive research into the latest research and best practices in youth entrepreneurship. In particular, this framework builds upon the ground-breaking work of UNCTAD’s Policy Guide on Youth Entrepreneurship published in 2015.

The framework brings a fresh perspective on harnessing the opportunity of youth entrepreneurship. It is presented as both a global authority into the state of youth entrepreneurship, laying out trends in challenges preventing young entrepreneurs from thriving and barriers halting their growth. It includes 50 actionable recommendations for policymakers and entrepreneurs support organizations to adopt in their work to tackle challenges facing the ever-increasing cohort of youth starting green and social businesses. Each recommendation is tied to a case study in GEN’s Atlas – the world’s largest compendium of entrepreneurship policies, which serves as a tool for policymakers, advisors and opinion leaders to learn about previously implemented policy models, entrepreneurship strategies and public-sector-supported programmes.

“This groundbreaking report enables our members, governments and policy makers to harness the potential of young people and propel youth entrepreneurship globally.

At YBI we see the potential of young people every day to act as a force for good when they are provided with the tools and environment to allow their businesses to grow. I’m looking forward to seeing the impact this framework has in supporting our members and others to advocate for the changes needed to accelerate inclusive youth entrepreneurship globally.”

Anita Tiessen, CEO of Youth Business International

“This work stems from our shared belief in the transformative power of youth entrepreneurship,” added Jonathan Ortmans, president of the Global Entrepreneurship Network. “The insights in this framework will support GEN’s community of policy leaders and ecosystem builders across 200 countries and territories to strengthen support for youth employment, entrepreneurship, and ultimately, their economies.”

The report identifies four emerging trends in youth entrepreneurship. These include:

• the need to enable necessity-based entrepreneurship in the context of the youth unemployment crisis,
• the rapid growth of green entrepreneurship and the specialist support and policies required,
• the rising importance of meaningful work for Gen Z and Millennial business owners, and
• the strong desire of young people to pursue community-driven initiatives that deliver social impact.

Four main categories of barriers are preventing youth from reaching their entrepreneurial potential: skills and opportunity for young people to develop them; complicated and inaccessible business environments; access to finance and financial health; and adequate support services. To address these challenges, the report breaks the barriers down by the stage of the entrepreneurial journey and aligns recommendations accordingly.

For more information and to access the framework, please visit here