THE answer to the above question is an unambiguous YES!
From a youth investment forum at the beginning of this year to millions of dollars from financial institutions, including the Caribbean Development Bank, for funding youth enterprises in Saint Lucia, the significance of youth entrepreneurship cannot be overstated, particularly for a developing nation like Saint Lucia.
The significance of investment in the youth goes back several years as governments, some more than others, have appreciated that nurturing young entrepreneurs presents an unparalleled opportunity to accelerate economic growth, drive innovation, and address some of the most pressing social challenges in Saint Lucia.
It has been proven in other countries that youth entrepreneurship is a vital engine for economic growth as young entrepreneurs are often at the forefront of starting new businesses, creating jobs, and stimulating economic activity. In many developing nations, where unemployment rates are alarmingly high, particularly among youth, fostering entrepreneurial endeavours can catalyse economic resurgence. These young business owners create jobs for themselves and others, helping reduce unemployment and poverty levels.
This much was seen at the Saint Lucia /Taiwan Partnership Trade Show held earlier this month at the Pavillion in Rodney Bay. We were warmly surprised at how young Saint Lucians were not just open to new ideas and adaptable to change, but how comfortable they were with the latest technologies and their eagerness to incorporate these into their business ventures. This propensity for innovation can only lead to technological advancements that can propel Saint Lucia forward. No doubt Saint Lucia, as a developing country, can benefit immensely from the fresh perspectives and innovative solutions that their young citizens/entrepreneurs bring to the table, driving sectors like tech, agriculture, and renewable energy.
We are aware that entrepreneurship among the youth also holds the promise of significant social impact. Many young entrepreneurs are motivated by a desire to address societal issues such as education, healthcare, and environmental sustainability. By developing businesses that tackle these challenges, they not only contribute to economic development but also promote social cohesion and community development. This dual impact is essential for creating a more equitable and sustainable society.
This is why we support the Youth Employment Agency, the Technical and Vocational Education and Training (TVET) of the Government, the various programmes at the Sir Arthur Lewis Community College, the workshops and start-up enterprises which focus on youth development in various areas, all of which to encourage youth entrepreneurship and empower young people with the skills, knowledge, and confidence to pursue their passions and ideas. This empowerment is crucial for their personal development and for fostering a generation of leaders who are equipped to drive future growth. Furthermore, entrepreneurial education and support can build capacity within the country, creating a more skilled and adaptable workforce.
In a globalised economy, developing nations, like Saint Lucia must remain competitive. What we are seeing and pleading with successive governments to hold fast to and encourage is the role youth entrepreneurship can play in promoting a culture of innovation and resilience. Saint Lucia’s youth have shown that they have a global outlook and are adept at identifying international opportunities, Julien Alfred and others come to mind. By supporting the endeavours of our youth, Saint Lucia can position itself as a hub of innovation and entrepreneurship in the OECS and beyond.
We have seen that youth entrepreneurship can truly flourish. For that to happen, however, it requires a supportive environment. We encourage the government to continue the active role it has played and continues to play in creating an enabling environment through access to finance, mentorship programmes, entrepreneurial education, and favourable regulatory frameworks. Investment in infrastructure and technology is also critical to support young entrepreneurs in realising their full potential.
In conclusion, while some of us may think that youth entrepreneurship is just a pathway to individual success, it is more than that. Youth entrepreneurship is a strategic imperative for national development. By harnessing the energy, creativity, and resilience of young entrepreneurs, developing nations like Saint Lucia can unlock a powerful force for economic growth, social progress, and global competitiveness.
The time to invest in and support youth entrepreneurial endeavours is NOW.