On Saturday, August 12, the world celebrated International Youth Dayrecognizing the unlimited potential and impact of young people to shape a better future for us all.
This day serves as a global reminder that we must engage, support and empower the younger generation as they lead the way for positive change.
In the Western Balkans, the EBRD, alongside Luxembourg, Sweden And Italy via the Central European Initiativerecently launched its flagship product Young people in business program across the region, which has since reached up to 1,000 youth-led businesses, and counting.
We recently met three program beneficiaries from Kosovo, Montenegro and Serbia who shared their inspiring stories with us.
Reaching for the stars
Founded in 2015 in Pristina, Kosovo, Star Laboratories develops custom software, web and mobile applications and provides business process outsourcing and support services to international markets.
Hana Qerimi, co-founder and visionary CEO of Star Laboratoriessaid, “We are very grateful for the support we have received from the EBRD Youth in Business program – from helping to finance a franchise consultant, to obtaining certifications to international standards and improving our management process, we have increased our credibility inside and outside the country. as well as improving customer service delivery for our customers.”
Overcoming imposter syndrome
According to recent findings, more than a third of young people suffer from imposter syndrome at work. This crisis of confidence means that starting a new business and overcoming this obstacle can be a challenge, especially if you are paralyzed by doubt.
For Hana, the journey hasn’t been easy, but having confidence in herself has been essential to her success. She says: “In the beginning, I had to do a lot of tasks that I didn’t enjoy and that required me to overcome my anxieties and insecurities. I felt like I had to hide these feelings and present myself as strong and confident to others. It was a challenge, but I knew it was necessary to demonstrate strength and confidence as an industry leader. Looking back, it’s like we were selling diamonds without having anything in our hands.
Hana had the courage to give up her secure full-time job and take on a business that had never been tested before in the local market: she had confidence in the idea and believed she had what it was necessary to run a business, whether it was profitable or not. or not.
This is not an isolated case but an experience common to other start-ups: that of resilience and determination being two key ingredients for early success.
A familiar story
In Serbia, Jelena Ivković, CEO of Termo Group, had a similar experience. She says: “When you are an entrepreneur – especially young – you are at the top of the hierarchy and can feel exposed. No one tells you if something is good or bad, and you are responsible for key decisions that can affect your business and your staff. The EBRD’s Youth in Business program is remarkable for the support it offers, as it recognizes you and critically evaluates your ideas, while promoting those that are inspiring and important. It is an advantage that the program provides a financial incentive for implementation, so satisfaction is high.
Termo Group builds clean rooms, mainly for the pharmaceutical industry – a traditionally male-dominated sector in which Jelena built a reputation despite not being taken seriously at first.
Support for young people
Situated at Montenegro, Pro Group implements low voltage, multimedia and automation systems and its CEO, Dragoje Vukić, says EBRD support was key to getting his business off the ground during the period COVID-19(female pandemic.
“Many of the financial institutions we contacted early on were not very receptive and generally asked for guarantees that any new start-up would struggle to provide,” he explains. “With the EBRD, we had this support from the start, and they helped us create a marketing and sales strategy that improved our reputation and introduced our brand to potential customers. »
Youth, vanguard of progress
Today’s young people are not only the leaders of tomorrow but also the spearheads of progress in these difficult times.
Their fresh perspectives, creativity and inventiveness have the potential to bring transformative solutions to the problems we face, as well as trigger inclusive growth in our economies.
It is therefore essential to recognize the importance of providing them with the tools, opportunities and resources with which they can thrive. Encouraging projects led by young people, supporting entrepreneurship and creating an environment conducive to growth are all essential steps to developing this untapped potential.
The EBRD’s Youth in Business program provides young entrepreneurs with access to essential financing, business advice and other non-financial services: increasing their productivity and helping them grow their businesses.
This unique, integrated approach provides technical assistance to banks and microfinance institutions who then lend to MSMEs led by these young entrepreneurs, thereby accelerating the creation of new businesses that otherwise may not have seen the light of day and helping them to realize their full potential. .
The future
From entrepreneurship to activism and community engagement, young people are at the forefront of change in the economies in which we invest.
By celebrating International Youth Day and supporting this new generation of entrepreneurs through the Youth in Business programme, we affirm our commitment in providing them with the support and opportunities needed to unlock their immense potential as catalysts for progress, innovation, sustainable change and economic development. .
The Youth in Business program is proud to help foster a world where the dreams and aspirations of the younger generation can come true.