Young entrepreneurs around the globe urge G20 leaders to take action against youth unemployment.
July 22, 2014, Sydney, Australia – As G20 leaders prepare for the 2014 G20-Summit in Brisbane in November this year, more than 400 young entrepreneurs from G20 countries have called on them to put forward effective measures against youth unemployment. Their objective is to formulate strategies to reduce unemployment below 10% by 2030, and install youth entrepreneurship as a solution to unemployment in the post 2015 United Nations Millennium Development Goals through a focus on job creation, youth employment and growth, the central subject of the G20 leaders’ summit.
The G20 Young Entrepreneurs’ Alliance (YEA), a network of young entrepreneurs and the organizations that support them, held its fifth annual Summit in Sydney from July 18-22. The summit communiqué calls on the G20 Leaders, Finance Ministers and Central Bank Governors to focus on entrepreneurship and agree to implement policies, legislation and incentives for ecosystems that support start-ups and sustainable high growth entrepreneurial SMEs, young entrepreneurs and enhance private sector led growth. According to the G20 YEA this agreement should commit to eight specific actions to underpin the pillars of building entrepreneurship ecosystems. The key requests put forward to the G20 leaders include the following action steps:
- Facilitate the development of a methodology for financial institutions to provide affordable finance to SMEs and develop regulations to accommodate the development of new innovative forms of financing.
- Promote close cooperation between the business and education sector.
- Install experiential entrepreneurship education programs in all layers of the education system.
- Implement legislation that incentivizes the commercialisation of innovation and new technology.
- Reduce regulatory and tax burden on labour for both employers and employees as well as reduce tax and regulations for creation of new companies.
- Create a G20 multilateral start-up visa to improve the ability of entrepreneurs to travel and conduct business internationally, and to increase labour mobility.
- Ensure that government procurement processes are made more open to small businesses owned by young entrepreneurs.
- Support the United Nations and ensure there is a major goal in the UN post 2015 development agenda on youth employment and entrepreneurship, especially young women.
There are currently 1.8 billion young people, of which 90% live in developing countries and two thirds of those are underemployed. According to the latest ILO statistics there are currently 73 million youth unemployed, accounting for more than 50% youth unemployment in many countries.
During the summit the delegates have worked out an action plan to fight youth unemployment, containing specific actions that every country has committed to implement in order to improve their entrepreneurship ecosystem and create more high growth SMEs. The Accenture report “The promise of digital entrepreneurship” and EY report part 2 “Avoiding a lost generation: ten key recommendations to support youth entrepreneurship across the G20”, both co-published with the G20 YEA communiqué, provide specific recommendations and best practices to assist all G20 stakeholders.
G20 Young Entrepreneurs Alliance (G20 YEA)
The G20 Young Entrepreneurs’ Alliance (G20 YEA) is a collective of leading entrepreneurship NGOs representing over 500,000 young entrepreneurs across G20 countries and the European Union. The G20 YEA members have already created an estimated 10 million jobs. G20 YEA is building on partnerships and collaboration with governmental, business and civil society stakeholders such as the OECD, ILO, UN Millennium Campaign, B20, Y20, EY, Accenture and all official G20 engagement groups. In 2014 over 400 young entrepreneurs and leaders from all G20 countries and 14 observer nations, selected to represent the voice of the world’s future business leaders, attended the G20 YEA Summit in Sydney.
G20 Young Entrepreneurs’ Alliance Summit, Sydney, Australia The G20 Young Entrepreneurs’ Alliance Summit in Sydney, Australia, is a gathering of young entrepreneurs aged 18-40 and entrepreneurship-focused organizations from the G20 countries. Hosted by The Centre for Entrepreneurship, it provides valuable input to government leaders to assist in driving sustainable global economic growth, exchange ideas and to foster international partnerships and collaboration. The G20 YEA Summit is an official program of the G20 Young Entrepreneurs’ Alliance.
For more information, visit www.g20yeasummit.com