Promoting Youth Entrepreneurship for Job Creation & Growth in Africa
Read All PostsWhat are the keys to ensuring young entrepreneurs in Africa gain the skills and access to financing they need to succeed? How can youth-led businesses stimulate much-needed job creation? These were among the questions explored during a recent conference convened by the International Youth Foundation (IYF) entitled “Youth Entrepreneurship: Promoting Job Growth in Africa" in Dar Es Salaam, Tanzania.
The two-day event brought together more than 90 key stakeholders, including IYF leadership, representatives from the US Agency for International Development (USAID) and African youth-serving institutions (YSIs), and young entrepreneurs from the region. Support was provided by The World Bank’s Global Partnership for Youth Employment, of which IYF is global secretariat. Its goal: to build and disseminate evidence on youth employment outcomes and effective programs to help address the challenges facing young people in their transition to work.
“Fifty percent of Africa’s population is under 25 years old,” said Peter Shiras, IYF Executive Vice President, Partnership Development, in underscoring the necessity of job creation and growth on the continent. “Given the imbalance between the number of young people entering the labor market and the opportunities available, there is a tremendous need—and opportunity—for youth entrepreneurship to create jobs.”
“When you account for young people that are underemployed—a chronic issue in Africa—the global youth unemployment rate triples,” said Tim Donnay, Deputy Mission Director, USAID/Tanzania, who participated in a panel discussion on regional trends, along with representatives of the Department for International Development (DFID) and the African Development Bank. “In terms of growth, entrepreneurship represents a critical path forward for young Africans, their communities, and their local and state economies,” he added.
During a series of interactive workshops, representatives of African YSIs shared lessons and best practices on how to strengthen entrepreneurship programming and spur new business growth and development. Sessions covered topics related to identifying entrepreneurial talent, developing curricula and training models, connecting entrepreneurs to financing, and helping small businesses grow.
Youth also shared their experiences and needs when it comes to building successful enterprises. Myke Rabar, CEO of Homeboyz Entertainment in Kenya told the story of his journey in growing a small DJ business into a highly-respected, regional event management firm. Recognizing the importance of providing ongoing support to youth-led businesses, further sessions looked at factors that contribute to successful mentoring programs.