Accelerating youth innovativeness, entrepreneurship and financial inclusion for Africa’s development

Entrepreneurship-regional context Vibrant entrepreneurial spirit in Africa but with many uncertainties

Entrepreneurship is acknowledged as one of the drivers of sustainable economic growth because entrepreneurs create new businesses, drive and shape innovation, speed up structural changes in the economy, and introduce new competition – thereby contributing to productivity. Entrepreneurship can drive job creation and contribute to economic growth that is inclusive and reduces poverty. Figures: The distribution of the youth as potential, intentional, entrepreneurs and non-entrepreneurs in sub-Saharan countries, 2013

Youth in agriculture Percentage of youth businesses per sector, by gender, sub-Saharan Africa, GEM 2013 Actual job creation by popular sector, sub-Saharan Africa, 2013

Where can youth play a role--- e.g. expanding the use of machines

Broader opportunities in agriculture for youth entrepreneurship Agriculture has opportunities for youth in modern off-farm opportunities

Role of universities Universities have a key function to drive innovations that stimulate entrepreneurship and facilitate transitions to meaningful agribusiness

RUFORUM’s experience

A new Initiative for Africa

AYIF-Africa Entrepreneurship & financial inclusion Business innovation & incubation Transformational Universities & private sector Empowered African youth With diverse opportunities Accelerating youth innovativeness, entrepreneurship and financial inclusion for Africa’s development (AYIF-Africa)

Support establishment of 20 (10 science, technology and innovation and 10 social-enterprise incubation hubs) incubation hubs in African Universities to support advancement of business incubation, acceleration and entrepreneurship. Support at least 5000 African University students in entrepreneurship, enterprise development and innovation acumen development Support at least 1000 African students business start-ups through the Students Enterprise Scheme (SENS) for acceleration Provide student start-up entrepreneurs with business and entrepreneurship mentorship skills and enhanced capacity building to stay in business beyond the second birthdate

Discussion issues What is a new direction for youth empowerment in Africa Technology incubation vs social-entrepreneurship incubation, why way forward? Financial inclusion; how do we facilitate youth participation? What is the type of the university that can deliver these aspirations? Any models of reference that can work and how do we design a unique approach that works and can be a reference for the continent?

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