The Group of 20 (G20) is one of the world’s most important economic groups; it has been witnessing a remarkable development in the field of entrepreneurship in recent years. This development has led to the creation of many start-ups, SMEs as well as drumming up interest in innovation and technology.
In G20, there are numerous investment opportunities and entrepreneurship collaboration. Start-ups can take advantage of these opportunities, and collaborate with other G20 companies and international institutions to develop successful business models. All the above contributes to the upgrading of the world’s economy.
His Royal Highness Prince Fahad bin Mansour bin Nasser bin Abdulaziz is currently the President of the G20 Youth Entrepreneurs’ Alliance (YEA) Summit which is held in conjunction with the G20 Leaders Summit annually.
The G20 YEA Summit will be held in July 20 in India’s capital, New Delhi, for three days. More than 5 thousand entrepreneurs and business leaders worldwide are expected to take part in the event.
As a Saudi entrepreneur and investor, Prince Fahd bin Mansour enjoys a record of solid achievements; he was influential in launching and accelerating startups through a business portfolio spanning from digital technologies to logistics to meet the current needs of global and local markets, paving the way for new ideas and opportunities. He established the “Entrepreneurship Vission”- a non-governmental organization interested in collaborating with entrepreneurs. The organization supports the creation of an entrepreneurial environment. It is also member of the G20 YEA, hosting and organizing the current summit.
“Entrepreneurship Vission hosts the G20 YEA Summit Group in Saudi Arabia and seeks to promote entrepreneurship as a powerful driver of economic renewal, job creation, innovation and social change. In this regard, the Alliance of Entrepreneurs is collaborating with G20 countries to promote entrepreneurship among the youth, sharing information among nations, creating positive policy change and building a global network of young entrepreneurs’ supporters in conjunction as well as creating a global entrepreneurial environment.
The Global Entrepreneurs’ Alliance Summit takes place in the presence of hundreds of the world’s leading entrepreneurs who issue statements to G20 leaders. It is held every year in different G20 member states alternately.
On his part, His Royal Highness Prince Fahad bin Mansour bin Nasser bin Abdulaziz confirmed his honour in chairing the Twentieth G20 YEA Summit, stressing his keenness to cooperate closely with the leaders and delegations of the Alliance in India, expecting the event to attract hundreds of participants from around the world.
His Royal Highness Prince Fahad urges governments to introduce economic incentives to support inclusive economic growth, which will be led by young entrepreneurs in their communities globally.
The G20 YEA Summit will review files of entrepreneurship as a source of innovation and resilience.
The G20 YEA was founded in 2010 as the largest global network of young entrepreneurs with companies that support them. The Alliance’s secretariat supports a growing global network of thousands of emerging entrepreneurs in the 20 most important countries in the world which represents 90% of the world’s total output, 80% of the world’s trade volume, two-thirds of the world’s population, and half of the Earth.
It aims to understand and share the approaches that help young people to grow, succeed and compete globally. It consists of leading entrepreneurial organizations across the G20 countries. Young entrepreneurs analyse the obstacles and propose solutions in the form of recommendations to improve policies and changes. These proposals are later presented to G20 heads of state. The YEA meets each year before the G20 Leaders Summit in the host country to provide support by demonstrating the importance of young entrepreneurs to the member states throughout the year.
G20 support for entrepreneurship and start-ups is expected to continue in the future. The Group will adopt initiatives and programmes aimed at promoting innovation and technology, improving the business environment globally and encouraging SMEs.
One of the major initiatives supporting entrepreneurship at the G-20 is “Entrepreneurship and Innovation” which aims to improve the business environment and promote entrepreneurship by providing support, finance, training and guidance to start-ups. The initiative’s main objectives are: to strengthen international cooperation, share experiences and knowledge, and develop policies and legal frameworks to improve the business environment.
The initiative includes several projects and subprogrammes targeting start-ups in various fields such as: information technology, communications, energy, environment, health, education, agriculture and creative industries. It also includes financial and technical support, training and mentoring for start-ups, and opportunities for the exchange of expertise, knowledge and international cooperation.
Together with the “Entrepreneurship and Innovation” initiative, the G-20 also offers other programmes and projects that support entrepreneurship and strengthen the business environment globally. The programmes embrace the “Improving the Business Environment” which aims to uphold business laws, regulations and procedures and facilitate the creation of SMEs.
Programmes to support G20 entrepreneurs
The G20 has been launching many programmes and competitions over the past five years to support entrepreneurs, encourage them to develop their ideas and turn them into successful projects on the ground. They include:
- Youth Empowerment Programme
It aims to provide the necessary support to entrepreneurs, enabling them to develop their entrepreneurial skills and transform their ideas into successful projects on the ground.
- G20 Worldwide Project Competition
Through the G20-year project competition, the group is keen to provide the required support to start-ups, encouraging them to develop their projects and turn them into successful ones.
- Social Entrepreneurs Programme
Recently, the Group launched the Social Entrepreneurs Program, which aims primarily to support social entrepreneurs, and motivate them to develop their ideas and turn them into successful projects.
How does the G20 plan to strengthen the Entrepreneurship field?
The G20 seeks to support entrepreneurship, and encourage entrepreneurs to turn their ideas into successful projects through plans and strategies aimed at providing financial, legislative, technical, training and media support to SMEs, start-ups and entrepreneurs.
One of the plans formulated by the G-20 is to strengthen leadership capacities by providing training, technical and media support to SMEs, start-ups and entrepreneurs to develop their skills and improve their entrepreneurial performance.
The Group is also working to provide financial support to SMEs and start-ups through the establishment of entrepreneurship support funds and the provision of small and medium-sized loans. The support stimulates companies and SMEs to expand and grow.
The Group also promotes innovation and technology and encourages startups to invest in the technological field by providing them with the necessary technical and financial support.