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The changing face of entrepreneurship

Ganesh Rasagam's picture


Members of the World Bank Group’s Innovation & Entrepreneurship team – along with two of the entrepreneurs supported by the team (with their affiliations in parentheses) – at the Global Entrepreneurship Summit. From left to right: Temitayo Oluremi Akinyemi, Loren Garcia Nadres, Natasha Kapil, Kenia Mattis (ListenMi Caribbean), Ganesh Rasagam, Charity Wanjiku (Strauss Energy), Komal Mohindra, Ellen Olafsen.


What do you picture when you hear of new technologies and hot startups? Perhaps a trendy office space overlooking the Golden Gate Bridge and tech moguls from San Francisco? Well, think again.

At the recent Global Entrepreneurship Summit (GES) in Silicon Valley — an annual event hosted by President Barack Obama and attended by nearly 700 entrepreneurs — one message came across clearly: Great ideas come from anywhere. And, increasingly, they’re coming from talented entrepreneurs who are overcoming the odds in cities like Nairobi, Kenya or Kingston, Jamaica.

Increasing internet and mobile-phone access is bringing new opportunities to young entrepreneurs from developing countries. More than 40 percent of the world’s population now has access to the internet and, among the poorest 20 percent of households, nearly 7 out of 10 have a mobile phone.

Businesses that can take advantage of the widespread use of digital technologies are growing at double-digit rates — in Silicon Valley, as well as in emerging markets. Ground-breaking technologies and business ideas are flourishing across the world, and a new, more global generation of tech entrepreneurs is on the rise.
 
The potential impact — economic and social — is significant. Entrepreneurs have a powerful ability to create jobs, drive innovation and solve challenges, particularly in developing economies, where technology can address old inefficiencies in key sectors like energy, transport and education.
 
“[I]n our era, everybody here understands that new ideas can evolve anywhere, at any time. And they can have an impact anywhere,” said John Kerry, the U.S. Secretary of State. “In my travels as Secretary, I have been absolutely amazed by the groundbreaking designs I’ve seen, by the ideas being brought to life everywhere — sometimes where you least expect it.  By the men and women striking out to create new firms with an idea of both turning a profit as well as improving their communities.”
 
But for many of the brightest minds in developing countries, entrepreneurship is not an easy path.

As President Obama said during the Summit: “It turns out that starting your own business is not easy. You have to have access to capital. You have to meet the right people. You have to have mentors who can guide you as you get your idea off the ground. And that can be especially difficult for women and young people and minorities, and others who haven’t always had access to the same networks and opportunities.”


President Barack Obama on stage at the Global Entrepreneurship Summit with Mark Zuckerberg and entrepreneurs.
 

Weekly wire: The global forum

Roxanne Bauer's picture

World of NewsThese are some of the views and reports relevant to our readers that caught our attention this week.

Boston Review
The power to accuse someone of a grave crime on the basis of hearsay is a heady one. I have done it, and I faced the consequences of being wrong. Twenty years ago in the Nuba Mountains of central Sudan, I met a man, Chief Hussein Karbus, whose murder I had reported three years earlier. He was introduced to me by the man I had accused of ordering his death, a leader of the Sudan People’s Liberation Army. The mistake had appeared in a report I authored for Human Rights Watch; it was the kind of error that human rights researchers sometimes make and rarely admit. The three of us sat together and laughed about it. Not all such missteps turn out so well.
 
Foreign Policy
They call it “the Internet of Things” — the rapidly growing network of everyday objects equipped with sensors, tiny power supplies, and internet addresses. Within a few years, we will be immersed in a world of these connected devices. The best estimates suggest that there will be about 60 billion of them by the year 2020. We’ve already seen internet-accessible sensors implanted in dolls, cars, and cows. Currently, the biggest users of these sensor arrays are in cities, where city governments use them to collect large amounts of policy-relevant data. In Los Angeles, the crowdsourced traffic and navigation app Waze collects data that helps residents navigate the city’s choked highway networks. In Chicago, an ambitious program makes public data available to startups eager to build apps for residents. The city’s 49th ward has been experimenting with participatory budgeting and online voting to take the pulse of the community on policy issues. Chicago has also been developing the “Array of Things,” a network of sensors that track, among other things, the urban conditions that affect bronchitis.
 

Ending poverty means closing the gaps between women and men

Sri Mulyani Indrawati's picture

A woman in a Niger village cooks for her family. Photo © Stephan Gladieu/World Bank

For the first time in history, the number of people living in extreme poverty has fallen below 10%. The world has never been as ambitious about development as it is today. After adopting the Sustainable Development Goals and signing the Paris climate deal at the end of 2015, the global community is now looking into the best and most effective ways of reaching these milestones. In this five-part series I will discuss what the World Bank Group is doing and what we are planning to do in key areas that are critical for ending poverty by 2030: good governance, gender equality, conflict and fragility, creating jobs, and, finally, preventing and adapting to climate change.

The world is a better place for women and girls in 2016 than even a decade ago. But not for everyone, and definitely not everywhere: This is especially true in the world’s poorest, most fragile countries.
 
It’s also particularly true regarding women’s economic opportunities. Gender gaps in employment, business, and access to finance hold back not just individuals but whole economies—at a time when we sorely need to boost growth and create new jobs globally.

Are billionaires good for growth?

Donna Barne's picture
Rich People, Poor Countries

We are living in a world where the largest corporations are larger and the richest entrepreneurs are richer than ever before – and an increasing number of billionaires are based in emerging countries. Who are these tycoons and how important are they to their economies?

A new book by Caroline Freund aims to answer these questions by examining the characteristics and impact of 700 emerging-market billionaires whose net worth adds up to more than $2 trillion.

Rich People, Poor Countries: The Rise of Emerging-Market Tycoons and Their Mega Firms finds that very large firms are export superstars in their home countries.

In the United States the top 1% of firms account for 80% of exports. In emerging countries, the top 1% account for 50% of exports but that figure is rising rapidly, Freund said at a book launch at the World Bank’s Infoshop on March 23.

Guide to 2015 Annual Meetings webcast events

Donna Barne's picture


The global economy, climate change, infrastructure, the food system – these are just a few of the hot topics that will be addressed in Lima, Peru, in the lead-up to the Annual Meetings of the World Bank Group and International Monetary Fund the week of Oct. 5. 

The annual gathering of ministers from 188 countries takes place just two weeks after a historic vote at the United Nations to adopt Sustainable Development Goals. Government ministers will again discuss the SDGs at the Oct. 11 meeting of the Development Committee of the World Bank Group and IMF.

Behind the Scenes of 'Startupland': A Documentary that Tells the True Stories of Entrepreneurs

Toni Kristian Eliasz's picture


Try to search for stories that feature the growing pains and gains of growth-oriented technology startups – content that is not only entertaining, but of high quality and most important, educating. It is a surprisingly hard task in today's economy, where entrepreneurship is booming again.

The Business Case for Gender: Better Companies, Stronger Economies

Elizabeth Gibbens's picture

Companies that include women among their executives and employees and do business with female entrepreneurs gain in terms of profitability, creativity, and sustainability, speakers said at the World Bank Group’s Gender and the Economy event this week in Washington, D.C.

A convincing business case for gender inclusion was made by H.E. Sheikh Abdullah al Thani, chairman of Ooredoo Group; Cherie Blair, founder of the Cherie Blair Foundation for Women; and Beth Comstock, senior vice president and chief Marketing Officer at General Electric.

“Women are bringing new insights and experiences to workplaces and markets that were previously male-dominated,” said Comstock “Diversity breeds innovation."

Sri Mulyani Indrawati, the Bank Group's managing director and chief operating officer, said closing the economic gender gap and increasing opportunities for both women and men in the private sector are key to ending extreme poverty and boosting prosperity in developing countries.

Climate Tech in Ethiopia? Yes!

Michael Ehst's picture



This week marks the launch of the new, World-Bank supported Ethiopia Climate Innovation Center (CIC). The center joins a global network of CICs and is designed to support local Ethiopian businesses that are responding to the challenges of climate change by providing mentorship, financing, access to markets, and policy support.

Female Entrepreneurship: What Support Programs Should Do (and What They Should Avoid Doing)

Xavier Cirera's picture
Take a look at the nine points listed below, and think about the various support programs for women entrepreneurs that you may be familiar with. Have you seen these factors before?
 
  • Ignore gender differences
  • Create curriculum around PowerPoint (Stand and deliver)
  • Emphasis on existing idea or opportunity
  • Use of big business examples
  • Use of industry standards
  • Reliance on banks as start-up funds
  • Primarily including male instructors and speakers
  • Assumptions about firm size
  • Assumptions about linearity of growth


This is a list of what NOT to do when designing and implementing successful support programs for women entrepreneurs, as suggested by Prof. Patricia Greene of Babson College at a recent presentation at the World Bank Group. Her seminar was the first in a series on "Women Entrepreneurs: A New Approach to Growth and Shared Prosperity."


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