This project will provide 1,100 disadvantaged youth with comprehensive skills training and support to become successful entrepreneurs. Among other activities, the project will offer participants business and life skills training, access to financial capital through a revolving loan fund, ongoing technical assistance and links to mentors in the business community.
Every year 10-12 million young people enter the labor market in India. However, the Indian economy creates only approximately 1 million new formal sector jobs each year; therefore, 90% of youth are forced to find work in the informal sector with accompanying low income levels.
The crisis of jobs for youth can only be mitigated by addressing the skills gap while tapping the entrepreneurial spirit among young people to create new jobs. Many youth are ideal entrepreneurs, with the energy and idealism needed to propel them to overcome obstacles and develop innovative solutions to urgent local problems. IYF is responding to the crisis by equipping disadvantaged youth to become successful entrepreneurs through comprehensive training and support and access to finance.
Supporting young entrepreneurs has a significant ripple effect in their families and communities. Youth who are able to escape the cycle of poverty through entrepreneurship can better provide for their families. Additionally, these businesses can positively impact the community through its services and goods as well as potential employment opportunities. These youth can also act as role models and mentors to other aspiring entrepreneurs.