The unemployment rate in most developing countries remains high. Even worse, the youth unemployment rate continues to rise. How can we expect our countries to grow if the most productive population is underutilized? Our parents spend the last bit of their savings to educate us but when we graduate there are no jobs, and even the ones that are there go to the most connected. We, young citizens of developing countries need to put more focus on entrepreneurship as a way to create employment and to ultimately help change the status quo.
How can a country create a culture of entrepreneurship? The cost of doing business in many developing countries is often very high. Furthermore, the policy environment is in need of a big change. The move away from business as usual is needed.
Citizens of countries in the BOP need to invest in their own. The venture capital field in the BOP needs to expand, and we, the citizens of those countries need to be more active. We know and understand our environment and our needs. How about more investment in our people and their ideas instead of only looking at real estate and the stock market? We should not stop at just financial investments. The successful entrepreneurs ought to offer guidance and mentorship to those who are trying to enter the market. The academic environment also needs to participate and lay the much needed foundation in creating an entrepreneurial culture.
Source: The SEVEN Fund
It is time for venture capitalists, entrepreneurs and policy makers from developing countries to recognize their much-needed participation in addressing the needs of the world’s poor. Let us look beyond the traditional investments and help create a culture of entrepreneurship where we address our needs with creative market-based solutions. We need to have more faith in what the entrepreneurs in our countries can bring to the table and invest in our people.
