Participants at the event, held on November 29, 2012, at the India International Centre in New Delhi, included MasterCard’s Division President, South Asia Mr. TV Seshadri, representatives from Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), the Ministry of Youth Affairs, and representatives from IYF and CCFID.
Attendees learned about progress being made by the Young Entrepreneurs initiative, a program supported by IYF, MasterCard, and CCFID that is designed to address the urgent need to increase support for youth entrepreneurs in India. To date, 388 youths have received comprehensive entrepreneurship training and links to financial capital, with many of them currently operating businesses such as computer and mobile phone repair shops, internet cafés, handicraft stalls, and tailoring shops. 70 of these youths have also received in-depth mentoring from local professionals who are experts in banking, product design, and small business development.
“The Young Entrepreneurs program has helped me to realize my potential and has given me confidence to fight poverty and support my family” says Amit, a program participant in Delhi. “Today I am trying to set up my own business, something I thought I would never be able to do. Thank you for supporting me and showing me a new way of life.”
Each year, as many as 12 million young people in India enter the labor market seeking jobs that can support themselves and their families. However, the Indian economy only creates about one million new jobs in the formal sector every year. Young Entrepreneurs is designed to help address these challenges.
“We are pleased to see so much progress being made by the graduates of this program as they launch their own small businesses and create new jobs in the community,” said William S. Reese, President and CEO of the International Youth Foundation. “Thanks to this collaboration with MasterCard Worldwide, CCFID, and IYF, we are helping to support India’s next generation of smart, innovative entrepreneurs.”
The meeting served to update attendees about how the Young Entrepreneurs program is working to break the barriers to success for India’s young people and also introduced a number of young entrepreneurs who have benefited from the program. Two panels of experts also discussed the benefits of financial inclusion for youth, how entrepreneurship can positively impact young people’s lives and prospects, and how these efforts can be further supported by local companies and government agencies.
“We believe entrepreneurship skills are one way for individuals to overcome barriers to financial inclusion and we are proud to support this initiative which empowers Indian youth to achieve positive economic outcomes for themselves, their families and their communities. Since its inception in April 2012, the program has succeeded in helping train 388 Indian youths, as well as providing them with the financial assistance needed to operate their own business,” says T.V. Seshadri, division president, South Asia, MasterCard Worldwide.
About the Young Entrepreneurs Program
The International Youth Foundation (IYF) and the Community Collective Society for Integrated Development (CCFID), in partnership with MasterCard Worldwide, are working together to implement Young Entrepreneurs, a two-year initiative to increase support for youth entrepreneurship in India. It will provide 700 youths aged 15 to 29 with multi-faceted support to launch or grow their own small enterprises. The program operates in Delhi and Mumbai, and offers participants business and life skills training, ongoing technical assistance and links to mentors in the business community. In addition, aspiring young entrepreneurs enrolled in the program gain access to financial capital through a revolving loan fund supported by MasterCard.
About the International Youth Foundation
The International Youth Foundation (IYF) invests in the extraordinary potential of young people. Founded in 1990, IYF builds and maintains a worldwide community of businesses, governments, and civil-society organizations committed to empowering youth to be healthy, productive, and engaged citizens. IYF programs are catalysts of change that help young people obtain a quality education, gain employability skills, make healthy choices, and improve their communities. To learn more visit www.iyfnet.org.
About the Community Collective Society for Integrated Development (CCFID)
Community Collective Society for Integrated Development (CCFID) is a livelihood promotion organization, working to promotes diverse sustainable livelihood opportunities and facilitates their access to financial resources to build up local economy, reduce unemployment and develop community level institutions for decision making.
Founded in 2004, CCFID has been involved with young people through- employability skills, entrepreneurship support for the underprivileged, emergency response and preparedness- disaster management, community based natural resource management, life skills, financial inclusion and research. For more about CCFID please log on to www.ccfid.org .
About MasterCard Worldwide
MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the conversation on Cashless Conversations Blog and subscribe for the latest news.
