Celebrating Youth Entrepreneurship in Africa

Photo on: Entrepreneur

Every year in the month of August, two crucial international days are celebrated:? Entrepreneurs’ Day and International Youth Day. These occasions offer a moment to reflect on the immense potential of the growing youth population and entrepreneurship in Africa. Over 60% of Africans are under 25 years old, and 19% are between 15 and 24 which highlights the immense opportunities for youth engagement. Consequently, youth entrepreneurship is a necessity for Africa's prosperity and sustainable development.

Young entrepreneurs drive economic growth , spark innovation, and foster social change by challenging the status quo and creating jobs.

We will shine the spotlight on the remarkable young entrepreneurs who are contributing to Africa’s development. We will explore the importance of youth-led businesses, the obstacles they face, and how they can be better supported to make meaningful impact in their communities and fuel Africa’s economic growth.?

Youth Entrepreneurship: The Backbone of Africa's Economy

Youth-led enterprises are crucial to the African economy. These businesses are not just ventures but engines of growth, job creation and local economic growth. They address societal challenges, from unemployment to access to education and healthcare, offering innovative solutions that are tailored to the unique needs of their communities.

They represent the spirit of resilience and excellence, often thriving in environments where resources are scarce. Their contributions are invaluable in driving competitiveness and shaping the continent's future.

Spotlight on Africa's Young Changemakers

Let’s take a moment to celebrate some of the remarkable young entrepreneurs who are making an impact across the continent. These changemakers are not just building businesses; they are inspiring a new era of African innovation and crafting solutions that will shape the future of Africa:

A Journey of Twists and Turns

Despite these success stories, young entrepreneurs in Africa still face significant challenges in their quest to transform various industries through business innovations. Securing funding is a known hurdle, with many entrepreneurs struggling to access the capital needed to scale their businesses amidst the global decline in investor funding.

Infrastructural deficiencies particularly poor transportation networks and unreliable power supply hinder the growth of Africa young entrepreneurs. Inadequate road, rail, and port infrastructure can increase the cost and complexity of moving goods, impacting supply chains and market access. Frequent power outages and high energy costs as experienced in most African countries can severely disrupt operations, especially for manufacturing and service industries.?

Navigating Africa’s regulatory and bureaucratic landscape can be particularly challenging for young entrepreneurs due to the complexity, inconsistency, and often poor communication of laws and regulations. Market access and competition can pose significant challenges for young African entrepreneurs. Many African countries have relatively small domestic markets, limiting potential customer bases. Expanding into other markets often involves complex logistical and regulatory hurdles, further complicating the entrepreneurial journey. Additionally, entrepreneurs often compete with informal businesses that bypass taxes and regulations, enabling them to offer lower prices. This can lead to unfair competition and disrupt market dynamics, creating challenges for formal businesses and impacting overall economic stability.

Furthermore, educational gaps also present a challenge, as there is often a clear disconnect between academic education and practical skills required for entrepreneurship. Due to these systemic barriers, many young people graduate from educational institutions with theoretical knowledge but lack the hands-on experience needed to succeed in the business world.

Levelling the Playing Field for Africa's Young Entrepreneurs

To foster a thriving entrepreneurial ecosystem for young people, governments and institutions must take the lead in providing an enabling environment, right balance of policy and regulatory oversight backed by empirical evidence. This environment should also actively involve private sector participation, particularly in providing young entrepreneurs with access to affordable financing. Micro-loans, grants, angel and venture capital investments can significantly boost capital support for these entrepreneurs. Additionally, infrastructure development is crucial for creating a conducive environment where young entrepreneurs can operate effectively. Improving roads, transportation, power supply, and digital connectivity not only reduces operational barriers but also facilitates business expansion. Furthermore, educational reforms are needed to equip young people with the skills and knowledge essential for entrepreneurial success. Entrepreneurship curriculums should bridge the gap between theory and practice, offering practical business training that enhances young people's entrepreneurial readiness and skills through initiatives such as hands-on entrepreneurial skills training, apprenticeships , internships, technical and vocational education, and mentorship programs. Young entrepreneurs themselves are key players in shaping the future of Africa's entrepreneurial ecosystem.? They can advocate for policy changes that address their challenges by engaging with government officials, participating in public forums, and leveraging social media to raise awareness of their challenges and needs. This can help create a more favourable environment for both current and future generations. Additionally, building partnerships with local and international organisations, fostering peer collaboration, and serving as role models can further inspire and catalyse positive change within the entrepreneurial ecosystem, contributing to a more dynamic and resilient business environment across the continent.

Supporting youth-led businesses is a cornerstone of Africa's future. All hands need to be on deck to advocate for enabling policies that empower young entrepreneurs. The continent's prosperity and resilience depend on the creativity and innovation of its youth. Let us invest in their dreams, nurture their talents, and unleash their potential. The future of Africa is in the hands of its young entrepreneurs.

Stay tuned for more updates and insights as we continue to explore the fascinating world of African entrepreneurship. We look forward to continuing this journey with you in future editions. Your growth matters to us! Your journey matters to us! Discover the opportunities below to level up your skills and unlock new opportunities.

Opportunities

GLOBAL FACT CHECK FUND

The Global Fact Check Fund, managed by the International Fact-Checking Network (IFCN) at the Poynter Institute, supports fact-checking initiatives worldwide to combat misinformation. Funded by Google and YouTube, the program offers grants across three categories—BUILD, GROW, and ENGAGE—tailored to the different needs of fact-checking organisations. The BUILD category provides $25,000 for day-to-day operations, GROW offers $50,000 for new initiatives, and ENGAGE grants $100,000 for significant expansions.? Fact-checking organisations that are verified signatories of the IFCN Code of Principles or endorsed by signatories are invited to apply.

Deadline: 3rd of September 2024

UNIVERSITY OF BRITISH COLUMBIA MASTERCARD FOUNDATION SCHOLARS PROGRAM 2025 FOR STUDY IN CANADA (FULLY FUNDED)

The University of British Columbia (UBC) is accepting applications for the 2025 Mastercard Foundation Scholars Program, which offers fully funded education to 351 academically talented young people from Sub-Saharan Africa. The program aims to develop the next generation of African leaders by providing access to high-quality education, fostering community engagement, and supporting dignified work and personal development. Eligible applicants must be under 35, hold a bachelor's degree, demonstrate leadership potential, and commit to returning to Africa to contribute to their communities. Benefits include full tuition, living expenses, health insurance, and access to a global alumni network.

Deadline: October 31st, 2024.

CREATE - GREENAFRICA SCHOLARSHIP 2024

The CREATE-GreenAfrica project, funded by the EU's Intra-Africa Academic Mobility Scheme, is now accepting scholarship applications from graduate students in African universities. This initiative aims to enhance climate-oriented skills across Africa by supporting full-degree programs and short-term mobility for M.Sc . and PhD students. African students residing in Africa and interested in enrolling at host institutions in Tanzania, Ethiopia, Zimbabwe, Ghana, Nigeria, South Africa, or Denmark are encouraged to apply. Female and disadvantaged candidates are particularly encouraged to apply. The scholarship includes a monthly subsistence allowance (€1,230 for PhD students, €890 for M.Sc . students) and covers research costs, travel, insurance, and tuition fees.

Deadline: 6th September 2024

MEST AFRICA CHALLENGE 2024

The MEST Africa Challenge 2024 is a Pan-African pitch competition for early-stage technology startups. The competition offers participants the chance to win $50,000 in equity, gain global recognition, and access mentorship and support from MEST Africa's community. Agritech startups based in Benin, Cape Verde, C?te D’Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mauritania, Nigeria, Senegal, Sierra Leone, Mali, and Togo, that have at least $5,000 in monthly recurring revenue and have raised less than $1 million in funding, are invited to apply.

Deadline: 4th October 2024

GEN F ENTREPRENEUR IN RESIDENCE PROGRAM 2024 FOR YOUNG AFRICAN ENTREPRENEURS

Powered by Founders Factory Africa, this program is looking for exceptional founders and aspiring entrepreneurs, professionals transitioning from corporate environments, and tech solution developers passionate about addressing Africa’s largest problems. Participants will engage in a 12-week sprint, working closely with venture builders to refine their concepts. Approved startups will receive access to studio services to launch their ventures and up to $250,000 in funding upon internal approval.?

Deadline: Ongoing

Stay tuned for more updates, articles, and opportunities by visiting our website: www.eyecity.africa

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Stay tuned for more updates, articles, and opportunities by visiting our website: www.eyecity.africa