Innovative Finance
August 1, 2024
Context and Issue
Youth Entrepreneurial Skills for Advancing Employability and Income Generation Program in Georgia” YES-Georgia was structured so Crystal Fund, as the prime implementer, provided training in entrepreneurial and business skills and operate a Youth Micro Equity Fund providing capital to young people to establish and operate small businesses. YES-Georgia is an innovative institutional model for the delivery of entrepreneurial skills and startup financing to youth and women by institutionalizing a network of Young Entrepreneurs’ Schools in seven cities of Georgia (Tbilisi, Gori, Kutaisi, Zugdidi, Batumi, Akhaltsikhe, and Telavi).
Solution
The activity established a viable youth mentorship program that provides continued support to YES-funded start-ups. The activity also established an entrepreneurship curriculum taught in 30 schools, and approximately 3,000 entrepreneurs received training, and about two-thirds were female. The activity mobilized US$230,000 from private and public sector funds to support youth-owned and start-up businesses.
Impact
The activity benefitted about 1,500 youth and women by supporting new businesses and creating jobs. Key informants from a qualitative study highlighted several challenges related to youth entrepreneurship and job creation related to skills, poor infrastructure in rural communities, lack of affordable and accessible financing, and minimal networking opportunities.