The private sector plays a key role in economic growth, innovation and employment. Economic research conducted by EMEA experts and others shows that Micro-Small and Medium Sized Enterprises (MSMEs) provide two thirds of all formal jobs in developing countries, and up to 80% in low-income countries. One very important aspect for the development of the private sector is entrepreneurship in creating employment and whether there is an environment conducive to it. In particular, entrepreneurship is likely to play a key role in lifting the youth out of unemployment or preventing them from becoming unemployed after graduation. Entrepreneurship is a multi-dimensional concept and must be well anchored in economic policy to maximize its potential for economic development and employment creation.
EMEA Entrepreneurship and MSMEs initiative aims to:
- Perform surveys and research with the focus on high-value added start-ups, social business, creative cultural sectors;
- Promote best practices on entrepreneurship (particularly for women and youth);
- Grant prizes for entrepreneurship for youth and women;
- Support entrepreneurs financially and enhance their capacity via targeted training;
- Develop and contribute (to) international networks; and
- Provide policy recommendations.