19.03.24

YBI announces launch of The Future Lab to support underserved young people in Türkiye to start and scale a business

Youth Business International (YBI) is pleased to announce the launch of The Future Lab, implemented by our member in Türkiye, Habitat Association, with support from YBI and funded by Standard Chartered Foundation as part of Futuremakers by Standard Chartered, the Bank’s global youth economic empowerment initiative to provide skills development opportunities to boost employability and business training to encourage entrepreneurship.

The Future Lab project started in January 2024 and will run until December 2027, striving to empower 672 young entrepreneurs (aged 18 – 35) through intensive support. The project places special emphasis on supporting underserved entrepreneurs, including those from low-income backgrounds, women, and individuals with limited access to resources and opportunities. Furthermore, dedicated efforts will be directed towards supporting young entrepreneurs in earthquake-affected zones, including Kahramanmaraş, Hatay, Adıyaman, Osmaniye, Gaziantep, Şanlıurfa, Malatya, Diyarbakır, Adana, Kilis, and Elazığ. The Future Lab aims to support young entrepreneurs to build businesses that embrace sustainability, inclusivity and social impact and develop products and services that support these values with a focus on sustainability, digital transformation and the circular economy.

The Future Lab represents the evolution of the existing Futuremakers entrepreneurship programme in Türkiye, Transforming SMEs, which between January 2022 and October 2023 supported over 1,700 young people to improve their business knowledge and skills, with over 260 supported microbusinesses still in operation six months after receiving support and over 270 jobs created by these businesses.

The project has been restructured to deliver greater economic impact for participants and address the intricate challenges within the Turkish entrepreneurship landscape. It comprises two main components: the Future Lab Entrepreneurship Programme, catering to early-stage MSMEs without prior investment, and the Future Lab Accelerator, supporting more established businesses in expanding operations and sustaining jobs. Both components will be complemented by activities fostering a vibrant and collaborative entrepreneurial community. Additionally, Standard Chartered employees will volunteer as mentors, sharing valuable knowledge and insights and supporting project participants to grow their network.

Anita Tiessen, CEO of Youth Business International (YBI), said:

“Youth entrepreneurship can be a transformative option for young people to gain economic independence, shape economies and create jobs. But for too many young people entrepreneurship remains out of reach. We are pleased to continue our work with Habitat and Standard Chartered Foundation to empower those whose entrepreneurial opportunities have been limited by their socio-economic conditions , including women and people from low-income backgrounds, with the skills and support they need to start and scale successful businesses and build a more inclusive entrepreneurial ecosystem in Türkiye.”

Sezai Hazır, Board Chair of Habitat, said:

“As a social impact and development-oriented NGO, Habitat knows that the development of a society depends on young people playing a strong part in socio-economic life. Supporting young entrepreneurs and shedding light on their paths is one of Habitat’s biggest goals. Therefore, we are proud to be part of Futuremakers. The Futuremakers initiative is currently helping young entrepreneurs from around the world to write their success stories. The aim of The Future Lab, implemented by Habitat with support from YBI and funded by Standard Chartered Foundation, is to support young entrepreneurs in Türkiye and empower them to become a strong part of this large international ecosystem.”

Kaşif Atun, CEO and Head of Corporate, Commercial and Institutional Banking, Türkiye, Standard Chartered, said:

“We are pleased to be continuing our incredibly important partnership with Youth Business International and Habitat Association to support even more inspirational young people on their entrepreneurship journey. We hope to build on this success with The Future Lab to drive greater impact for entrepreneurs and the wider entrepreneurial ecosystem.”

Read the full press release here.

Other Articles

View all
20.03.24

Exploring end to end inclusive support for entrepreneurs

06.03.24

Inspiring inclusion for women’s business empowerment

04.03.24

Generation for change: Shaping the future of youth entrepreneurship

Those who make it possible

View all
JPMorgan Chase & Co

JPMorgan Chase & Co

Accenture

Accenture

Standard Chartered Foundation

Standard Chartered Foundation

Google.org

Google.org