Helping young entrepreneurs build their business
Youth unemployment is a major challenge worldwide. In developing countries several factors explain youth unemployment. First the hiring freeze at the state level and the low capacity of the private sector to generate jobs that has led to an imbalance between labor supply and demand. This explains the situation of unemployment and underemployment observed in many developing countries. Second the education system which does not meet the need of youths regarding the job market. Very few young people receive professional or technical training and this training does not allow them to have easier access to employment or to create small and medium-sized enterprises for self-employment. Young people who are currently searching for a job are two to three times less likely to find it than those of previous generations. Third and finally, the financial system doesn’t play an effective role in financing economic activity. In general there is insufficiency and mismatch between the supply of financial services and financing needs. The financial architecture excludes a significant proportion of the population, especially young people, from having access to funds to finance their activities. The conditions required to have access to funding (imposed by financial institutions) are too restrictive for the young people (interest rates, guarantees, etc.).
Youth Entrepreneurs Partners (YEP) aims at reducing youth unemployment by offering young entrepreneurs a platform that helps them create and manage successfully their enterprise. YEP reduces the training barrier among youths and helps them translate their ideas into bankable businesses. At YEP, youth benefit from Training, Mentorship and Seed-funding.
YEP supports young people in the job creation process. The overall objectives of YEP is to reduce youth unemployment by providing them services tailored to their needs for achieving their micro-projects. Specifically, YEP :
- Train young people in the job creation process;
- Help young people develop their business plans;
- Support young people’s innovations and business opportunities by helping them finance their micro-projects;
- Increase the number of micro-projects financed by financial institutions by improving the quality of the applications submitted by young entrepreneurs;
- Contribute to increase state incomes by encouraging the integration of small and medium businesses created by young people into the formal sector for taxation.