Global Entrepreneurship Week commits to support young entrepreneurs

Global Entrepreneurship Week has come to an end with commitments from governments and several organizations to support young African entrepreneurs as the continent seeks to bank on its biggest resource for economic growth. Sean Henry Drake, Founder and entrepreneur at the Wealth Project, joined CNBC Africa to discuss what needs to be done to enable the youth and young entrepreneurs on the continent to succeed in their ventures. According to Drake, capacity building, training, and development around entrepreneurship are critical for job creation. However, he emphasized that the opportunity for supporting young entrepreneurs is not limited to Africa alone, but is a global one. Drake highlighted three key areas that need to be addressed to ensure the success of young entrepreneurs: quality, access, and relevance of entrepreneurship training and development. He pointed out that millions of people on the continent lack access to education, presenting a substantial market for entrepreneurship training. Drake emphasized the need for a shift in the education model to provide more relevant and unconventional training methods that align with the fast-paced environment. Additionally, he stressed the importance of focusing on soft skills such as leadership and communication. Drake also touched upon the recent Africa Investment Forum where $32 billion worth of deals were reached in Johannesburg. While the figure is significant, Drake raised concerns about how much of this money is actually allocated towards supporting entrepreneurs and fostering economic growth. He highlighted the need for clarity on the investments going into entrepreneurship, especially considering Africa's young population, a significant portion of which is engaged in the informal sector. Drake mentioned the upcoming launch of 'Investor Magnet,' a platform aimed at providing entrepreneurs with the necessary financial and strategic tools to turn their ideas into reality and scale globally. The initiative seeks to bridge the gap between innovative ideas and tangible outcomes, ultimately contributing to the growth and development of entrepreneurship in Africa.