"Entrepreneurship is a way of looking at the world and seeing not just obstacles, but opportunities; not just the world as it is, but the world as it could be, and then having the confidence, the determination, and the resources to move those worlds closer together An entrepreneur is anyone with the imagination to conceive of a new product, process, or service, and the ability and persistence to turn that idea into something real." – Hilary Clinton, closing remarks Entrepreneurial Summit, April 2010
The first Millennium Development Goal has as one of its targets to halve the proportion of people whose income is less that $1 day, including women and young people. The United Nations has noted that:
- The global economic crisis has slowed progress, but the world is still on track to meet the poverty reduction target
- Prior to the crisis, the depth of poverty had diminished in almost every region
- Deterioration of the labor market, triggered by the economic crisis, has resulted in a decline in employment
- As jobs were lost, more workers have been forced into vulnerable employment
- Since the economic crisis, more workers find themselves and their families living in extreme poverty
PSD’s work in entrepreneurship supports this MDG and its target for improving employment and income for the most vulnerable groups. The development of entrepreneurs and innovations can create new economic growth drivers in a country and employment for many. It is a complex process that is more than implementing business plan competitions. Entrepreneurs need a supporting ecosystem that gives them access to markets, skills and financing. At the same time entrepreneurs need the skills and confidence to find new markets that will drive their growth while receiving the right financing and support to fuel the growth. Youth entrepreneurs are especially in need of a supportive environment.
PSD associates have supported entrepreneurs to develop new products, enter into new markets locally and internationally and find key financing and skills. This work has included working with local stakeholders in developing environments that supports entrepreneurs. PSD associates have worked on programs that support entrepreneurs, their institutions and/or developing angel networks in Egypt, Pakistan, Jordan, Armenia, Saudi Arabia, and Kosovo.