Policy highlights:
- Since youth unemployment is still growing, especially in developing countries, quality interventions are needed to support young entrepreneurs. Yet, although many initiatives exist, there is still a gap in the evidence concerning what works best to support young entrepreneurs in different contexts. This report provides an overview of lessons learnt from an extensive research study across Europe, the Caribbean and East Africa.
- A number of recommendations are particularly relevant for policymakers: 1) programmes must include a motivational component that changes mindsets and encourages entrepreneurial attitudes; 2) programme design should be based on sound market understanding to increase the likelihood of beneficiaries’ business success; 3) skills training is a vital component of programmes as it has long term-effects and helps unlock access to finance; 4) interventions should combine vocational and entrepreneurship training, as the two components complement each other and together yield better results; 5) youth entrepreneurship support programmes must be thorough (including one-to-one support) and spread over a longer period of time to create more profitable businesses; 6) programmes should inform young entrepreneurs about alternative funding models (e.g. crowd funding and savings groups); 7) local communities and families must be included in interventions from the start to create local support networks that enhance the likelihood of business success; and 8) monitoring and evaluation should be an integral part of programmes to ensure performance and improvement.
