UN Global Compact has submitted a report that seeks to raise awareness regarding the importance of entrepreneurship and job creation for young people

Young people comprise one quarter of the total world population. A figure never seen before and that generates an unprecedented social and economic impact. Young people can bring to the world a new vision and perhaps, propose solutions to some of the most serious problems affecting the planet.

However, youth unemployment, which affects 75 million according to ILO data, is becoming an important problem at an economic level in addition to the social consequences of an unemployment situation affecting an entire generation. Nevertheless, many young people are not prepared to sit around doing nothing and they have decided to start a business and create employment for themselves and for others.

Hence, the report submitted by the United Nations Global Compact, which encourages people to believe in companies created by young people. These entities, which are usually less than five years old, are creating the greatest rates of youth employment. They also have a very positive effect on competitiveness at regional and national levels.

But, how can we support to these new companies? Here are some initiatives taken from the new report by the United Nations Global Compact:

  • Inspire: Share stories with young people that will inspire them and so they can witness actual cases about how companies were established, their development, and the results of transforming an idea into a market business.
  • Educate: Help in the development of business plans and provide feedback on possible business models.
  • Fund: Help young entrepreneurs to obtain funding from banks and other lenders.
  • Sponsor: Develop sponsorship programmes to connect businesses with related functions to a new business.