G20 at risk of los­ing en­tre­pre­neur­ial and job-cre­at­ing cul­tures

Financial Mirror (Cyprus) - - FRONT PAGE -

Gov­ern­ments must com­mit to and en­act tar­geted ed­u­ca­tion poli­cies that sup­port fu­ture gen­er­a­tions of youth en­trepreneurs, or else they risk los­ing out on years of jobs growth and new forms of in­no­va­tion, warns a new re­port by EY,

The study re­leased along­side this year’s G20 Young En­trepreneurs’ Al­liance (G20 YEA) Sum­mit in Tur­key, pro­vides six ac­tion­able pol­icy rec­om­men­da­tions for G20 gov­ern­ments to con­sider that would help con­struct and nur­ture cul­tures of high-im­pact entrepreneurship over a sus­tained time pe­riod.

The re­port builds on re­cent EY re­search out­lin­ing the ur­gency needed to drive entrepreneurship to the top of the job-cre­ation pol­icy agenda. Youth un­em­ploy­ment re­mains high at 16% across the G20. But youths in the G20 still re­main op­ti­mistic with 65% as­pir­ing to be en­trepreneurs and run their own busi­ness at some point in their ca­reers. De­spite these as­pi­ra­tions, only 15% of en­trepreneurs be­lieve their coun­try has a cul­ture sup­port­ive of entrepreneurship.

At over 80%, there is over­whelm­ing sen­ti­ment among this group for gov­ern­ments to raise aware­ness of en­trepreneurs as job cre­ators and teach skills in schools and univer­si­ties to en­cour­age busi­ness star­tups and in­no­va­tion. This ap­proach would im­prove at­ti­tudes to­ward their work — cre­at­ing more hos­pitable con­di­tions in es­tab­lish­ing busi­nesses. EY re­search un­der­scores that in cul­tures where tar­geted public poli­cies on ed­u­ca­tion and job-train­ing are more preva­lent, these mar­kets de­velop entrepreneurship and in­no­va­tion as en­gines of eco­nomic growth.

To ac­count for this pol­icy gap, the re­port lays a clear path for G20 gov­ern­ments to es­tab­lish en­tre­pre­neur­ial cul­tures of high im­pact. This starts with ed­u­ca­tion pol­icy that pro­vides coun­tries with an in­sti­tu­tional frame­work that can “su­per­charge” the en­tre­pre­neur­ial ecosys­tem and drive sus­tain­able gains.

“With high youth un­em­ploy­ment in some G20 coun­tries and with ever-present de­mands for in­no­va­tion, sus­tain­abil­ity and so­cial in­clu­sion, gov­ern­ments are in­creas­ingly fo­cused on chan­nel­ing sup­port to high-im­pact entrepreneurship among youth. In piv­ot­ing ed­u­ca­tion to fo­cus on the tools and skills nec­es­sary, poli­cies can sup­port a cul­ture sup­port­ive of entrepreneurship through a youth’s life­time. The chal­lenge then for pol­i­cy­mak­ers is to un­cover best-in-class poli­cies to foster real i mprove­ment in en­tre­pre­neur­ial cul­ture in their re­spec­tive economies,” ex­plained Rohan Ma­lik, Emerg­ing Mar­kets and Deputy Global Gov­ern­ment and Public Sec­tor Leader at EY.

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