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Avoiding a lost generation - ten recommendations for the G20 on tackling youth unemployment through entrepreneurship. Part 2.

Avoiding a lost generation - ten recommendations for the G20 on tackling youth unemployment through entrepreneurship. Part 2.
Place and year of publication
London and Sydney , 2014
Author
EY © 2014 EYGM Limited
No of pages
48 pages
Topic
  • SME policy
Views
1212.
Document ID
8742

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Avoiding_2.pdf Avoiding_2.pdf 3 885,89 Kb 10.10.2017

Summary:

Ahead of the G20 Young Entrepreneurs’ Alliance (YEA) summit in Sydney between 18-21 July, EY has launched Avoiding a lost generation – ten key recommendations to support youth entrepreneurship across the G20. The report, put together in collaboration with the G20 YEA, identifies and analyzes the different youth unemployment issues faced by countries across the G20 and seeks to offer actionable recommendations, as well as providing examples of successful entrepreneurship schemes and policies already in place. The G20 YEA summit will feed recommendations into the G20 Leaders’ Summit taking place in Brisbane in November, which has a clear focus on global employment.

Youth unemployment remains high, at 16% across the G20 nations. Encouraging entrepreneurship is widely seen as one of the solutions to the problem, thanks to the jobs a vibrant entrepreneurial organization can create. Indeed, recent EY studies show that entrepreneur-led businesses will create more jobs than large corporates over the coming year – with 76% of entrepreneurs saying they’ll expand their workforces in 2014 compared to 31% of senior executives at large corporates.

Recognizing that there is no one-size-fits-all solution is key to the report’s findings, which analyzes the different challenges faced by G20 countries using a new methodology which helps countries identify where to look amongst fellow G20 members for the right solutions to the issues they face.

The report includes analysis of schemes currently in place across the G20 and beyond to develop 10 key recommendations for action that will be presented to the G20 YEA Summit, these are:

  1. Create funding mechanisms, either government run or government backed, that make mentorship and financial education a condition of funding.
  2. Create strong relationships, and provide incentives, with venture capitalists, incubators and business angels to develop or create initiatives that enable alternative sources of capital.
  3. Sponsor start-up growth with low-cost funding for targeted groups.
  4. Create a new class of loan for small businesses and young entrepreneurial firms that offer targeted funding to meet expansion capital needs.
  5. Encourage investment in start-ups by offering tax benefits.
  6. Encourage top international talent by changing visa rules and offering funding support.
  7. Simplify and streamline tax administration to ease administrative burdens on young entrepreneurs.
  8. Create a positive narrative around entrepreneurship to help engage young people from an early age.
  9. Encourage and foster hubs, incubators, accelerators and networks to bring relevant talent together.
  10. Create the foundation for a regional entrepreneurial ecosystem to flourish.

Table of contents:

Welcome      01
Executive summary       02
Setting the scene           12
Access to funding     20
Tax and regulation     30
Entrepreneurship  culture    36
Developing an entrepreneurial  ecosystem    40
Diagnostic  methodology            44

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