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Commonwealth Secretariat

Commonwealth Secretariat

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  • 1. Youth EnterprisesYouth Enterprises Are The Key to BuildingAre The Key to Building a Better Worlda Better World Investing in Youth Entrepreneurship & EnterpriseInvesting in Youth Entrepreneurship & Enterprise Why and How?Why and How?
  • 2. If I said the CountryIf I said the Country AustraliaAustralia What would be theWhat would be the First Picture in Your Head?First Picture in Your Head?
  • 3. Now if I asked you to Think of SydneyNow if I asked you to Think of Sydney What would that be the First Picture in Your Mind?What would that be the First Picture in Your Mind?
  • 4. Physically bothPhysically both SydneySydney and Australia areand Australia are in the Same Geographyin the Same Geography But in your Mind they areBut in your Mind they are in Two Different Places!in Two Different Places!
  • 5. The Point I am making is thatThe Point I am making is that there is a Far Greater Connectthere is a Far Greater Connect between Cities than Countriesbetween Cities than Countries And the Youth are Talking!And the Youth are Talking! London – Paris – New YorkLondon – Paris – New York Seoul – Beijing – TokyoSeoul – Beijing – Tokyo Port Vila – Honiara -- SuvaPort Vila – Honiara -- Suva
  • 6. There is far more Connectivity BetweenThere is far more Connectivity Between the Youth than is Realizedthe Youth than is Realized
  • 7. – World Citizens are busy. They want things easy toWorld Citizens are busy. They want things easy to buy and understandbuy and understand – Increasingly people want convenience and speed of operationIncreasingly people want convenience and speed of operation – Citizens are looking for healthy foods and productsCitizens are looking for healthy foods and products to reduce ageingto reduce ageing – People today are somewhat more aware of environmental issuesPeople today are somewhat more aware of environmental issues – People do extensive research and sometimes know more about thePeople do extensive research and sometimes know more about the products than their retailerproducts than their retailer – This time around people are spending less since theThis time around people are spending less since the global financial crisesglobal financial crises The New GenerationThe New Generation is about Being Right Here and Right Nowis about Being Right Here and Right Now
  • 8. Global TreGlobal Trends are Impactingnds are Impacting NeedNeeds and Wantss and Wants Dictating what and where will be bought:Dictating what and where will be bought: – RFIDs continue to increase in retail applicationRFIDs continue to increase in retail application – Customer Centricity reemphasizes ‘made for me products’Customer Centricity reemphasizes ‘made for me products’ but also increasing merging of sectors (books + cafe)but also increasing merging of sectors (books + cafe) – World population will be increasingly representedWorld population will be increasingly represented by ageing Baby Boomers and Generation Yby ageing Baby Boomers and Generation Y (for this discussion I will limit to Singapore Statistics)(for this discussion I will limit to Singapore Statistics)
  • 9. Singapore Population is AgeingSingapore Population is Ageing Resident PopulationResident Population Continues to GrowContinues to Grow Old Age Support RatioOld Age Support Ratio is Reducingis Reducing Life Expectancy at BirthLife Expectancy at Birth is Increasingis Increasing
  • 10. LFPR Will Continue to RiseLFPR Will Continue to Rise (lLabour Force Participation Rate)(lLabour Force Participation Rate) Age PyramidAge Pyramid Labor Force Participation RateLabor Force Participation Rate http://www.singstat.gov.sg/stats/visualiser/population/population.htmlhttp://www.singstat.gov.sg/stats/visualiser/population/population.html
  • 11. Singapore just like Most CitiesSingapore just like Most Cities
  • 12. Timing is Ripe for Focus onTiming is Ripe for Focus on Youth BusinessesYouth Businesses Pre-financial crises corporations were all about:Pre-financial crises corporations were all about: – Consolidating for bigger market sharesConsolidating for bigger market shares – Commanding bigger geographic footprintsCommanding bigger geographic footprints – They were mostly concerted on diversification:They were mostly concerted on diversification: – Short-term gainsShort-term gains
  • 13. TheThe SinSingapore Statistics Favored Youth Start-upsgapore Statistics Favored Youth Start-ups • GDP up 10.6% in 3Q 2010GDP up 10.6% in 3Q 2010 • CPI up 3.5% in Oct 2010CPI up 3.5% in Oct 2010 • Total Trade up 15.0% in Oct 2010Total Trade up 15.0% in Oct 2010 • Index of Industrial Production up 31.0% in Oct 2010Index of Industrial Production up 31.0% in Oct 2010 • Retail Sales up 0.3% in Sep 2010Retail Sales up 0.3% in Sep 2010 • Total Population was 5.08 million in Jun 2010Total Population was 5.08 million in Jun 2010 • Employment was 3.08 million in Sep 2010Employment was 3.08 million in Sep 2010 • Unemployment Rate (SA) was 2.1% in Sep 2010Unemployment Rate (SA) was 2.1% in Sep 2010
  • 14. Timing Is Ripe for Focus onTiming Is Ripe for Focus on Youth Business’Youth Business’ Post-crises it is now about:Post-crises it is now about: – Having braved the worstHaving braved the worst – Appreciation for more accountability and less complicationAppreciation for more accountability and less complication – Having less time now consumers never want to be treated inHaving less time now consumers never want to be treated in the same waythe same way – Public consensus is in search of a fair deal and sustainabilityPublic consensus is in search of a fair deal and sustainability – Public questions corporate social missionsPublic questions corporate social missions
  • 15. Investment inInvestment in Youth Businesses'Youth Businesses' The Recent World-Wide Economic CrisesThe Recent World-Wide Economic Crises has Helped Consolidated Consumerhas Helped Consolidated Consumer and Business Conventionand Business Convention Paving the Way forPaving the Way for A New Wave of Business EnterpriseA New Wave of Business Enterprise
  • 16. ““Keep the Money Local”Keep the Money Local” AttitudeAttitude The Fundamental Attitudinal ChangeThe Fundamental Attitudinal Change We Need to AchieveWe Need to Achieve mindset mind-set mentality outlook
  • 17. ““Keep the Money Local” AttituKeep the Money Local” Attitudede If we imagine the any economy to be a bucket withIf we imagine the any economy to be a bucket with money pouring in from various sectorsmoney pouring in from various sectors Then it makes good sense for us:Then it makes good sense for us: – To make sure that we minimize leaks outside our economyTo make sure that we minimize leaks outside our economy – To ensure that within this economy the money changes handsTo ensure that within this economy the money changes hands as many times as possibleas many times as possible Encouraging local expenditure provides jobsEncouraging local expenditure provides jobs and income for Singaporeand income for Singapore Ensuring a secure longer term future for local economiesEnsuring a secure longer term future for local economies
  • 18. Benefits of DevelopingBenefits of Developing Youth BusinessYouth Business • Building local economyBuilding local economy • Ensuring local jobsEnsuring local jobs • Protecting home-grown character and prosperityProtecting home-grown character and prosperity • Saving time, money and local environmentSaving time, money and local environment • Ensuring local product diversityEnsuring local product diversity • Protecting local servicesProtecting local services
  • 19. Youth Business isYouth Business is a Country Investmenta Country Investment
  • 20. The Organizational DifferenceThe Organizational Difference the Youth Business Programsthe Youth Business Programs Must PreserveMust Preserve Youth BusinessYouth Business Regular BusinessRegular Business In youth business the kids grow up andIn youth business the kids grow up and leave but the fundamentals prevail.leave but the fundamentals prevail. In all cases the structure must supportIn all cases the structure must support the originalthe original goals and valuesgoals and values
  • 21. Youth Business StrategyYouth Business Strategy Requires SupportRequires Support
  • 22. If Youth Business isIf Youth Business is to be Successfulto be Successful Governments & NGO’s RoleGovernments & NGO’s Role Need to promote and develop YouthNeed to promote and develop Youth Business as sustainable enterprises thatBusiness as sustainable enterprises that address Social and Economic needsaddress Social and Economic needs through the principle of self and mutual helpthrough the principle of self and mutual help so as to foster a more resilient societyso as to foster a more resilient society Strategic IntentStrategic Intent Elevate & Establish Youth Business byElevate & Establish Youth Business by dominating society mindsharedominating society mindshare and perceptionsand perceptions
  • 23. The Sequence of Shifts the MovementThe Sequence of Shifts the Movement and Program must Evolveand Program must Evolve Youth BusinessYouth Business a Jump Starta Jump Start Youth BusinessYouth Business as a Tangibleas a Tangible Business ResourceBusiness Resource In each CityIn each City Youth BusinessYouth Business Operating on aOperating on a ConnectiveConnective NetworkNetwork City-CityCity-City
  • 24. The AudiencesThe Audiences the Program Must Impactthe Program Must Impact
  • 25. 4 Young Entrepreneurs4 Young Entrepreneurs 1 Dream1 Dream 2.5 Million Singapore Dollars2.5 Million Singapore Dollars
  • 26. Spring SingaporeSpring Singapore • Financing SchemesFinancing Schemes – Business Angel Funds (BAF)Business Angel Funds (BAF) – SPRING Startup Enterprise Development Scheme (SPRING SEEDS)SPRING Startup Enterprise Development Scheme (SPRING SEEDS) – Technology Enterprise Commercialisation Scheme (TECS)Technology Enterprise Commercialisation Scheme (TECS) – Young Entrepreneurs Scheme for Start-ups (YES! Start-ups)Young Entrepreneurs Scheme for Start-ups (YES! Start-ups) http://www.spring.gov.sg/Entrepreneurship/FS/FS/Pages/young-entrepreneurs-scheme-start-ups.aspxhttp://www.spring.gov.sg/Entrepreneurship/FS/FS/Pages/young-entrepreneurs-scheme-start-ups.aspx
  • 27. 174 Start-Ups174 Start-Ups Receive Seed Funding HelpReceive Seed Funding Help THE Government last yearTHE Government last year committed over $10 millioncommitted over $10 million to help invest in moreto help invest in more than 20 start-ups under Spring Singapore's Start-up Enterprisethan 20 start-ups under Spring Singapore's Start-up Enterprise Development Scheme (Seeds).Development Scheme (Seeds). That brings toThat brings to 174 the total number174 the total number of firms that have received funding supportof firms that have received funding support through Seeds since it was introduced in 2001.through Seeds since it was introduced in 2001. So far, more than half of theSo far, more than half of the $110 million set aside for Seeds$110 million set aside for Seeds has been allocatedhas been allocated to local start-ups, as part of efforts to groom globally competitiveto local start-ups, as part of efforts to groom globally competitive companies by providing vital early funding.companies by providing vital early funding. According to enterprise development agency Spring Singapore, 20 Seeds start-According to enterprise development agency Spring Singapore, 20 Seeds start- ups have since been able to generate over $1 million a year in revenue.ups have since been able to generate over $1 million a year in revenue.
  • 28. Thank You fprThank You fpr Your Kind AttentionYour Kind Attention I Will Do My Best toI Will Do My Best to Answer Your QuestionsAnswer Your Questions mauricewilliams.esq@gmail.commauricewilliams.esq@gmail.com