On Saturday 12 August, the world celebrated International Youth Day, acknowledging the boundless potential and impact of young people to shape a brighter future for us all.
The day serves as a global reminder that we must engage, support and empower the younger generation as they pave the way for positive change.
In the Western Balkans, the EBRD, along with Luxembourg, Sweden and Italy via the Central European Initiative, recently launched its flagship Youth in Business programme across the region, which has since reached as many as 1,000 youth-led businesses and counting.
We recently caught up with three programme beneficiaries from Kosovo, Montenegro and Serbia who shared their inspirational stories with us.
Reaching for the stars
Founded in 2015 in Pristina, Kosovo, StarLabs develops customised software, web and mobile applications and offers business process outsourcing and support services to international markets.
Hana Qerimi, co-founder and visionary CEO of StarLabs, says, “We are so grateful for the support we have received from the EBRD’s Youth in Business programme – from helping with financing for a franchising consultant, through attaining certifications in international standards to improving our managerial processes, we have raised our credibility both inside and outside the country as well as improved the customer service delivery for our clients”.
Overcoming imposter syndrome
According to recent findings, over a third of young people suffer from imposter syndrome at work. This crisis of confidence means that starting a new business and overcoming that barrier can be a challenge, especially if you are crippled by self-doubt.
For Hana, the journey has not been easy, but having self-belief has been critical to her success. She says, “At the start, I had to do many tasks that I did not enjoy, requiring me to overcome my anxieties and insecurities. I felt I had to conceal these feelings and present myself as strong and confident to others. It was challenging, but I knew that it was necessary to show strength and confidence as a leader in the business. Looking back, it feels like we were selling diamonds without having anything in our hands.”
Hana had the courage to give up her secure full-time job and jump into a business that had never been tested before in the local market: trusting in the idea and believing that she had what it took to run a company, whether it paid off or not.
Hers is not a case in isolation but a common experience among fellow start-ups: that of resilience and determination being two key ingredients of early success.
A familiar story
In Serbia, Termo Group CEO Jelena Ivković had a similar experience. She says, “When you are an entrepreneur – especially a young one – you are at the top of the hierarchy and can feel exposed. There is no one to tell you that something is good or bad, and you are responsible for the key decisions that can affect your company and staff. The EBRD’s Youth in Business programme is amazing for the support it offers, as it recognises you and evaluates your ideas critically, yet vindicates those that are inspiring and important. It is a bonus that the programme provides a financial incentive for implementation, so the satisfaction is great.”
Termo Group constructs cleanrooms, predominantly for the pharmaceutical industry – a traditionally male dominated sector in which Jelena has carved out a reputation despite not being taken seriously initially.
Youth support
Based in Montenegro, ProGroup implements low voltage, multimedia and automation systems and its CEO, Dragoje Vukić, says that EBRD support was essential in getting his business off the ground during the Covid-19 pandemic.
“Many financial institutions we approached when we started were not very receptive and usually asked for guarantees that any new start-up would struggle to provide,” he explains. “With the EBRD, we had that support from the very beginning, and they helped us to create a marketing and sales strategy, which improved our reputation and put our brand in the consciousness of potential clients.”
Youth, the vanguard of progress
The youth of today are not merely the leaders of tomorrow but the spearheads of progress in these challenging times.
Their fresh perspectives, creativity and inventiveness have the potential to bring about transformative solutions to the issues we face, as well as igniting inclusive growth in our economies.
It is therefore essential to recognise the importance of providing the tools, opportunities and resources with which they will flourish. Encouraging youth-led projects, supporting entrepreneurship and creating an environment for growth are all essential steps in nurturing this untapped potential.
The EBRD’s Youth in Business programme enables young entrepreneurs to access critical financing, business advice and other non-financial services: increasing their productivity and helping them to scale-up their businesses.
This unique, integrated approach provides technical assistance to banks and microfinance institutions that then on-lend to MSMEs run by these young entrepreneurs, accelerating the formation of new ventures that may not otherwise have seen the light of day and helping them to realise their full potential.
The future
From entrepreneurialism to activism and community engagement, the youth are at the forefront of change across the economies in which we invest.
In celebrating International Youth Day and supporting this new generation of entrepreneurs through the Youth in Business programme, we are affirming our commitment by providing them with the right support and opportunities to unlock their immense potential as catalysts for progress, innovation, sustainable change and economic development.
The Youth in Business programme is proud to help foster a world where the dreams and aspirations of the younger generation can become a reality.