Canadian Youth Business Foundation

Canadian Youth Business Foundation

November 03, 2011 21:37 ET

Young Entrepreneurs from Around the World Propose Practical Solutions to the G20 Leaders Addressing the Economic Crisis

NICE, FRANCE--(Marketwire - Nov. 3, 2011) - For the past three days, more than 400 entrepreneurs from the G20 countries – including a Canadian delegation of 31 young entrepreneurs – gathered at the G20 Young Entrepreneur Summit in Nice, France to officially call upon the G20 Leaders to formally recognize the role of entrepreneurship in its place at the forefront of global economic renewal.

The Summit concluded that entrepreneurship – and more specifically, young entrepreneurs – is a critical engine for innovation, growth and employment, both in developing and mature countries. The G20 YES identified more than 200 best practices successfully implemented by governments, associations and private sector corporations that will help to remove barriers to entrepreneurship and strengthen the three pillars identified as being of critical importance in boosting entrepreneurship: the development of fertile "ecosystems," clear financing vehicles for each stage of development and the cultivation of an entrepreneurial and risk-taking culture.

The Summit concluded with a formal request to the G20 Leaders to recognize in their final statement the importance of supporting entrepreneurship as a vital solution to the current economic crisis. The Summit also proposed that the G20 Leaders engage in a collaborative process with their governments to develop an "Entrepreneurs' Declaration" alongside a pragmatic action plan to boost entrepreneurship within and across the G20 countries. The Entrepreneurs' Declaration would be based on five founding principles:

  1. That G20 governments would recognize the socioeconomic role of entrepreneurship and the importance of encouraging the next generation of entrepreneurs and their role in job creation.
  2. That G20 governments would commit to implementing national and international policies that foster entrepreneurship and innovation.
  3. These policies would leverage traditional and nontraditional forms of capital (e.g. private savings and public guarantees, including those from multilateral organizations) to support entrepreneurs as they found and grow their businesses.
  4. These policies would recognize and address the unprecedented demographic and economic challenges we face in all our nations, in particular youth unemployment.
  5. The proposed measures would encourage entrepreneurship within and across G20 countries without distorting the marketplace or fostering unfair competition.

"At the Canadian Youth Business Foundation (CYBF), we have always recognized that young entrepreneurs are driving force in Canada's economy and are instrumental in ensuring robust and sustainable growth in Canada," says Vivian Prokop, chief executive officer of CYBF and founding chair of the G20 Young Entrepreneurs' Alliance (G20 YEA) and organizers of the Canadian delegation. "Following this summit, we look forward to working with the governments and private sector partners to ensure that our country has the critical foundation of support needed provide both the resources and voices to young business owners from coast to coast."

CYBF hosted the inaugural G20 YES in June 2010, where the primary outcome was the formation of the G20 YEA, an international network of like-minded organizations supporting youth entrepreneurship.

To read the complete 2011 G20 Young Entrepreneur Summit Communique, please click here.

About the G20 Young Entrepreneurs' Alliance (G20 YEA)

The G20 Young Entrepreneurs' Alliance is a collective of leading entrepreneurially-minded organizations representing the G20 countries who seek to promote youth entrepreneurship as a powerful driver of economic renewal, job creation, innovation and social change. The Alliance was founded as a movement to engage the G20 leaders in the cause of youth entrepreneurship, share information across borders, affect positive policy change and create a global network of young entrepreneur advocates while building a collaborative entrepreneurial environment worldwide. Find out more at www.g20yea.com.

Canadian Youth Business Foundation – Canada's Entrepreneur Gateway

The Canadian Youth Business Foundation (CYBF) is the 'go to' place for youth entrepreneurship. As a national charity, we are dedicated to growing Canada's economy one young entrepreneur at a time. We look at character not collateral, when providing youth, age 18-34, with pre-launch coaching, business resources, start-up financing and mentoring. We help them launch and sustain a successful entrepreneurial business.

Contact Information

  • CYBF Media Contact:
    Rachel Azagury
    Senior Manager, Marketing and Communications
    416-408-2923 x2111 or Cell: 647-834-2923
    razagury@cybf.ca
    www.cybf.ca