Ethiopia can be considered as a suitable country for international organizations to work jointly with the government due to several factors. The Ethiopian government has demonstrated its willingness to collaborate with international organizations and promote investment and partnerships. It has implemented various policies and initiatives to attract foreign direct investment and foster a favorable business environment.
Apart from this, the country’s economic potential, infrastructure development, human capital, renewable energy potential, and focus on financial inclusion make it an attractive destination for international organizations like STEM Power and VISA to work jointly with the government. Collaboration in these areas can contribute to Ethiopia’s economic growth, job creation, and sustainable development goals while providing opportunities for the organizations to expand their operations and make a positive impact.
STEMpower, a leading non-profit organization dedicated to promoting STEM education, and Visa, a global payments technology company, are proud to commemorate the successful completion of their three-year partnership in Ethiopia. Together, they have been instrumental in empowering the youth with essential skills in entrepreneurship, business management, and financial literacy. Through their collaborative efforts, more than 2,600 young men and women have received comprehensive training, resulting in the establishment of 59 start-ups and contributing to job creation and economic growth in the community.
The joint project between STEMpower and Visa aimed to equip young innovators and aspiring entrepreneurs in Ethiopia with the necessary tools and knowledge to succeed in the business world. Over the course of three years, these ambitious individuals received comprehensive training, coaching, and mentorship. The program’s focus was on nurturing entrepreneurship skills, fostering business management acumen, and promoting financial literacy among the participants.
The project has had a profound impact on the lives of the youth involved. Through their dedication and hard work, 59 start-ups were established, showcasing the entrepreneurial spirit and potential within the community. These new ventures have contributed to job creation and economic growth, empowering young entrepreneurs to become drivers of change in their society.
To celebrate the achievements of the young entrepreneurs, STEMpower and Visa have recently hosted an event here in Addis Ababa. The event provided a platform for program participants to share their inspiring stories, industry experts to provide valuable insights, and a display of the successful start-ups established through the project. It was a momentous occasion that highlighted the transformative power of education, mentorship, and collaboration.
On his remark during the occasion, State Minister for Labor and Skill, Nigussu Tilahun highlighted the positive impact of the project on Ethiopian entrepreneurs and job creation. According to him, the project has provided opportunities for thousands of Ethiopian entrepreneurs to establish their own businesses and generate employment directly or indirectly.
Through enabling individuals to become entrepreneurs, the project has likely contributed to economic growth and development in Ethiopia. Entrepreneurship plays a crucial role in fostering innovation, creating jobs, and stimulating economic activity. When individuals start their own businesses, they often hire employees, thereby expanding the job market and reducing unemployment rates, he noted.
Furthermore, he emphasized the government’s commitment to follow up and support the project. This commitment indicates that the government recognizes the importance of entrepreneurship and job creation in the country’s economic development. By pledging support, the government aims to ensure the sustainability and growth of these entrepreneurial endeavors.
Simenew Keskes (PhD), the Country Director at STEMpower, expressed immense pride in the project’s impact on the lives of Ethiopian youth. He emphasized the significance of providing young people with the skills and resources necessary to pursue their entrepreneurial dreams and make positive contributions to their communities.
Abel Tefera, the Project Manager at STEMpower for his part, extended heartfelt appreciation to the coaches, trainers, judges, and partners who played a pivotal role in the project’s success. Their support in providing suitable training venues created a conducive learning environment for the young entrepreneurs.
Abel further expressed the organization’s readiness to register 1000 women Ethiopian entrepreneurs from the January 1, 2024. According to him, after taking essential trainings, couching and the competition, winners will receive startup money award from the project coordinators. He also announced that they will work on women and physically disabled youths in collaboration with IBM and Embassy of Finland in Addis Ababa.
Visa, as a global payments technology company, recognizes the importance of financial inclusion and creating opportunities for underserved individuals. Yared Endale, a Country Manager at Visa Ethiopia, highlighted the company’s commitment to expanding access to formal financial services and understanding the financial needs of diverse populations. Through collaborations with organizations like STEMpower, Visa aims to deliver tailored local market solutions that empower individuals and uplift communities.
The collaboration between STEMpower and Visa to empower young entrepreneurs in Ethiopia holds significant economic advantages for the country. By equipping youth with essential skills in entrepreneurship, business management, and financial literacy, the project has fostered a culture of innovation and enterprise. The establishment of 59 start-ups through the program has contributed to job creation and economic growth, providing opportunities for employment and income generation.
These young entrepreneurs bring fresh ideas, creativity, and a drive for success, which can lead to the development of new industries and increased productivity. Additionally, the emphasis on financial literacy equips these individuals with the knowledge to effectively manage their businesses and make informed financial decisions, which in turn strengthens the overall economy. The economic benefits of empowering young entrepreneurs extend beyond the immediate impact, as their ventures have the potential to attract investment, drive innovation, and contribute to Ethiopia’s long-term economic development.
Seble Geremew, a beneficiary of the STEMpower-Visa entrepreneurship project, expressed her deep gratitude for the invaluable opportunity she received. She emphasized that the project has been a life-changing experience, providing her with crucial skills and resources to pursue her entrepreneurial dreams. She further highlighted how the comprehensive training, coaching, and mentorship provided through the project have equipped her with the knowledge and confidence to start her own business.
As to her, the support she has received in developing her business plan, refining her entrepreneurial skills, and navigating the financial aspects of running a company. Acknowledging that without the STEMpower-Visa project, she may not have had the means or guidance to establish her own startup, she stated that she has also created job opportunity for other youths in her “Conte Pastry” around Bole Medhanealem, Addis Ababa.
Ezedin Kamil, another fortunate entrepreneur who benefited from the STEMpower-Visa project, is grateful for the incredible opportunity he has received. He expressed his appreciation for the comprehensive training, coaching, and mentorship provided through the project, which played a pivotal role in his entrepreneurial journey. According to him, the project equipped him with essential skills in entrepreneurship, business management, and financial literacy, enabling him to turn his innovative ideas into a successful startup.
He also emphasized how the support and guidance he has received from the project mentors and coaches helped him refine his business plan, develop strategies, and overcome challenges along the way. Highlighting the impact that the project has had on his personal and professional growth, empowering him to create his own job and contribute to the local economy, he further expressed his excitement for the future.
STEMpower, a pan-African charity with a decade-long commitment to promoting STEM education, plans to expand its operations further. In 2024, the organization intends to reach more than ten new countries while strengthening its existing STEM Centers in countries like Ethiopia, Burundi, Cameroon, Ghana, Liberia, Kenya, Mozambique, Rwanda, Sierra Leone, South Africa, South Sudan, Somali land, Tanzania, Uganda, and Zimbabwe. This expansion will enable STEMpower to provide hands-on STEM programs and entrepreneurial support to an even broader range of students across Sub-Saharan Africa.
The collaboration between STEMpower and Visa in Ethiopia has proven to be a resounding success, empowering thousands of young entrepreneurs and driving economic growth in the country. By providing comprehensive training, coaching, and mentorship in entrepreneurship, business management, and financial literacy, the project has nurtured a culture of innovation and enterprise. The establishment of 59 start-ups and the creation of job opportunities demonstrated the transformative impact of education and collaboration.
BY HIZKEL HAILU THE ETHIOPIAN HERALD WEDNESDAY 27 DECEMBER 2023
