ADDIS ABABA – Panelists participated in the Global Entrepreneurship Week organized by the Ethiopian Entrepreneurship Development Instituteemphasized the urgent need to foster an entrepreneurial mindset among the younger generation to drive development.
Allan and Gill Gray Philanthropies Country Leadin Kenya Roselyn Marandu-Kareithi (PhD), highlighted the importance of listening to and giving space and empowering youth to cultivate their entrepreneurial skills.
She noted that Africa has significant potentials in both services and production, given its growing population and expanding market opportunities.
According to Roselyn, creating a supportive entrepreneurial ecosystem requires addressing several key factors, with access to funding being paramount. Entrepreneurs need capital to launch and grow their ventures, which can be sourced from investors, venture capitalists, or government grants.
She believed that a favorable policy environment is essential so that governments should implement policies that support entrepreneurship and small businesses, including tax incentives, simplified business registration processes, and investment in infrastructure.
Access to markets is also crucial for startups, enabling them to sell their products and services, Roselyn said, noting that building networks with larger businesses and establishing new marketplaces can facilitate this access. Furthermore, education and training programs are vital to equip entrepreneurs with the necessary skills and knowledge for success.
Ethiopia is on the right track, with reports indicating a 20 percent growth in startups and strong leadership support for entrepreneurship. The potential to industrialize Africa through enhanced entrepreneurship in Technical and Vocational Education and Training (TVET) is promising.
Burayu Polytechnic Dean Amsalu Merga stressed the importance of moving away from traditional approaches. He mentioned that the public has provided training to TVETs and stakeholders to promote entrepreneurship among the youth.
Currently, the environment is favorable for entrepreneurs and aspiring business owners, thanks to leadership recognition of entrepreneurship’s importance. To achieve the goals of the Institute, Amsalu said that collaboration is essential to advance the entrepreneurial mindset. The leadership must intensify efforts to nurture the growth of entrepreneurship.
Global Entrepreneurship Week (GEW) is celebrated annually in Ethiopia, marking its 10th year and 16th year internationally. The event promotes entrepreneurship globally, with this year’s theme being “Entrepreneurship is for everyone.” The Ethiopian Entrepreneurship Development Institute plays a crucial role in organizing activities that encourage innovation, support startups, and foster an entrepreneurial culture throughout the week.
BY MENGISTEAB TESHOME
THE ETHIOPIAN HERALD WEDNESDAY 27 NOVEMBER 2024
