WHITE HOUSE FACT SHEET ON GLOBAL ENTREPRENEURSHIP

FROM:  THE WHITE HOUSE 
November 20, 2014
FACT SHEET: Global Entrepreneurship Summit

President Obama elevated entrepreneurship to the forefront of the United States’ engagement agenda during a historic speech in Cairo in 2009.  The Administration has delivered on this commitment, greatly expanding support for entrepreneurship and economic opportunity around the world.  Signature achievements in the past five years include:

The United States has played a prominent role in organizing five Global Entrepreneurship Summits (GES) that have elevated entrepreneurship on the global agenda and inspired new generations of innovators to choose entrepreneurship as a profession.  These Summits have opened up new markets for products and encouraged policymakers to break down barriers to business, such as the draft law currently being developed by the Moroccan Government to create a legal status for startups.
The Administration has invested in over 1000 initiatives and programs promoting entrepreneurship around the world, many of which are focused on generating opportunities for women and youth and increasing access to capital for entrepreneurs.
The Unites States sends some of America’s top entrepreneurs abroad through the Presidential Ambassadors for Global Entrepreneurship.  Begun earlier this year, the Ambassadors have already met with entrepreneurs and promoted entrepreneurship on four continents.
The United States’ Global Innovation through Science and Technology (GIST) Initiative has helped young scientists from throughout the Muslim world generate more than $80 million in revenue for their companies.
The Administration has committed roughly $3.2 billion to support micro, small, and medium sized enterprises and mobilized $80 million in private capital for startup accelerators in the developing world through development financing institutions and programs.
This year’s GES in Marrakech, Morocco brings together nearly 4,000 entrepreneurs and business, government, and thought leaders.  The United States’ delegation is led by Vice President Joe Biden and includes several cabinet members, heads of agencies, and senior U.S. Government officials.  With a focus on technology, this year’s Summit gives participants the opportunity to discover some of the latest trends and tools driving the next wave of innovators.  For the first time, the Summit has a day dedicated to the specific challenges and opportunities relevant to women entrepreneurs, as well as a day-long program for young entrepreneurs.

Committing to a Bold New Goal to Spark Global Entrepreneurship

Building on the past five years of enhanced support for entrepreneurship, today, the Vice President announced that the United States has committed to a bold new goal to expand economic opportunity for all, especially women and youth.  Bringing together the U.S. Government’s most exceptional entrepreneurship programs, the United States will spark $1 billion in new private investments over the next three years for entrepreneurs worldwide, including social entrepreneurs.  Half of these investments will be generated by women and young entrepreneurs.  In addition, the United States is issuing a call to action to other organizations, companies, and countries to build on this goal.  The Ewing Marion Kauffman Foundation already pledged its support to this effort, announcing today that the new Global Entrepreneurship Network (GEN) would generate additional investments for entrepreneurs.  One of the first GEN operations will be in Morocco.

Expanding Entrepreneurship in the Middle East and North Africa

To support Morocco’s demand-driven professional training strategy, the Millennium Challenge Corporation (MCC) is expected to invest an estimated $50 million in public-private partnerships that provide students with the skills employers need.  Starting in January, MCC and the Moroccan Government will solicit ideas from the private sector, government, and civil society to develop public-private training partnerships.  Pending MCC Board approval and Congressional Notification, the program will be included as part of a new compact agreement that is expected to be signed in 2015.

Through the Middle East and North Africa Investment Initiative, the U.S. government is launching new partnerships with the Shell Foundation in Iraq to provide financial and practical support to small and medium sized businesses run by entrepreneurs.  In Lebanon, through a new partnership with Berytech, the U.S. government will provide early capital and advice for entrepreneurs, as well as mentoring, business networks, and other support as they grow and create even more jobs and economic activity.

As announced by the Vice President today, the United States and Volvo are partnering to establish a training academy for entrepreneurs in Morocco.  The academy will train 150 students each year from Morocco, Côte d’Ivoire, and Senegal, focusing on maintenance of industrial and commercial equipment.  Training will also include technology and general business skills to prepare graduates to enter the modern workforce – either employed by local or multinational companies like Volvo, or as entrepreneurs running their own businesses.

In partnership with Spain, the U.S. government is providing a $7 million credit guarantee to help finance a state-of-the-art cold storage facility at the Tanger-Med port in Morocco.  The cold storage facility will fill a crucial gap in the agriculture value chain in Morocco, enabling increased agricultural exports to key markets and facilitating job creation across the sector.  This effort supports the U.S.-Morocco Free Trade Agreement and Morocco’s agricultural modernization strategy.

Enhancing Networking and Resources for Entrepreneurs

To deepen engagement and networking among entrepreneurs, GIST has partnered with nine investment, entrepreneurial, education, and corporate organizations to create GIST Net (www.gistnetwork.org).  This global, user-driven online platform will connect science and technology entrepreneurs in emerging economies and provide them with the ongoing resources and mentorship they need to collaborate, seek funding, and grow their businesses.  GIST Net will keep science and technology innovators informed on the latest news, trends, and industry insights and enable them to connect with each other and experts around the globe.  This public-private partnership gives science and technology entrepreneurs access to wide-ranging resources, such as interactive learning tools, mentors, potential financing, and advice, thanks to the intellectual and creative contributions of the U.S. Department of State, Ewing Marion Kauffman Foundation, Founder Institute, Gust, NestGSV, NovoED, Ponscio, Stanford Technology Ventures Program, TechWadi, and VentureWell.  Additionally, GIST and Global Entrepreneurship Week will expand the 1 Million Cups entrepreneurial education program globally.  1 Million Cups facilitates a weekly, in-person forum at which entrepreneurs present their startups to a diverse audience of mentors, advisors, and their peers and receive feedback in a safe environment, helping them to advance their businesses.

Presidential Ambassador for Global Entrepreneurship and Coursera Co-Founder and CEO, Daphne Koller, has developed a new online series of courses for entrepreneurs.  The Coursera Specialization in Entrepreneurship will focus on training entrepreneurs how to develop a business model, discover customer insights, enhance sales and marketing techniques, and pitch their venture.  The entrepreneurship curriculum allows for students to generate an innovative new venture concept or enhance their existing concepts.  At the end of the course, students will create an investor pitch.  Through a competitive process, leading concepts will be evaluated for funding by experts and investors.  The Specialization in Entrepreneurship was created in partnership with University of Maryland, College Park.

Salman Khan, a Presidential Ambassador for Global Entrepreneurship, has launched a new set of free online tutorials through Khan Academy for creating and designing a website – a critical first step for most entrepreneurs in the 21st century.

Launching the J. Christopher Stevens Virtual Exchange Initiative

Increased connectivity is inspiring global citizenship, driving young people to seek connections with peers outside of their communities, and encouraging them to tackle local and global challenges.  The United States is committed to cultivating a new generation of globally-minded youth, and announced today a major contribution to this effort.  The J. Christopher Stevens Virtual Exchange Initiative, a multilateral public-private partnership, will strengthen engagement between young people in the Middle East and North Africa and in the United States as a lasting tribute to the legacy of Ambassador Chris Stevens.

The J. Christopher Stevens Virtual Exchange Initiative will use technology and online tools to achieve the largest-ever increase in people-to-people educational exchanges between the United States and the broader Middle East.  Through intensive, structured online engagements between youth at various education levels, the Initiative will equip more than one million youth with the skills and aptitudes they need to succeed in the 21st century and lessen the potential for global misunderstanding.

A number of governments have expressed their intent to contribute to and partner with the United States on this Initiative.  To date, the Kingdom of Morocco and the governments of Algeria, Qatar, and the United Arab Emirates have joined the United States in making financial pledges totaling over $31 million over the next five years.  In addition, the Initiative will involve foundations and private sector partners, including Microsoft and GoPro.  The J. Christopher Stevens Virtual Exchange Initiative will be kicked off with a pilot project early next year in Morocco.

U.S. STATE DEPARTMENT OFFICIAL MAKES REMARKS AT GLOBAL ENTREPRENEURSHIP SUMMIT

 

The artificial peninsula and islands that make up Palm Jumeirah in Dubai as seen from the International Space Station. This massive earthwork is reclaimed from Dubai's Persian Gulf coast. Advertised as "being visible from the Moon," the palm-shaped structure displays 17 huge fronds framed by an 11-km (7 mi) protective barrier. It is the first of three residential and commercial palm-shaped projects being undertaken in Dubai. Image courtesy of NASA.

FROM:  U.S. STATE DEPARTMENT
Remarks at the Global Entrepreneurship Summit
Remarks
Thomas Nides
Deputy Secretary for Management and Resources
Dubai, United Arab Emirates
December 12, 2012

Thank you, Deirdre and Anne for that kind introduction. Good afternoon to you all, and thank you all for being here today. And for the opportunity to speak about a topic that is near to my heart and essential for the future of our world.

I’d like to thank Dubai’s leadership and the UAE government for organizing this event. They have been outstanding partners in promoting global entrepreneurship. A special thanks to His Highness Sheikh Mohammad for joining us later today. And greetings to Ambassador Otaiba, the UAE’s representative in Washington, and to Ambassador Corbin, who represents us here. The UAE’s leadership on this event has been simply exceptional – and we wish Dubai well on future events, such as its bid for Expo 2020.

This city is a testament to the power of what is possible when big dreams and out-of-the-box ideas get the chance to become reality. Human skill and innovation can reach its tallest heights.

Now, I realize some of you might be wondering what the U.S. Deputy Secretary of State is doing at an entrepreneurship summit. But having split my career between business and government, I actually feel right at home. All my favorite kinds of people are together here in one room.

Entrepreneurship is a priority for the Obama administration, and has been since its earliest days. In Cairo, back in 2009, President Obama spoke about the need to overcome mistrust that has hindered political and economic cooperation in the past. To look instead toward a future built on mutual interests and mutual respect. Entrepreneurship is an area where our goals are in clear alignment.

In today’s world, we can’t separate our global economic policy from our foreign policy. For the State Department, that understanding is at the heart of what we call Economic Statecraft. We have to position ourselves to lead in a world where security and prosperity are shaped in boardrooms and on trading floors as well as battlefields. So we are using economic tools to advance our foreign policy goals, and we are using foreign policy tools to accelerate global economic renewal. Entrepreneurship lies at the center of this strategy.

Entrepreneurship is about the human drive to do something new and different. It keeps our societies vital and resilient. Anyone with a good idea and the willingness to work hard can improve the way we live - and make some money to boot.

Moreover, the biggest challenges facing our world today can only be solved with widespread innovation. Combating climate change. Finding sustainable clean energy solutions. Solving global health crises. These are worldwide foreign policy priorities that need more than new resources. They need new ideas and creative problem-solvers adding their shoulder to the wheel.

All around the world, stability and economic opportunity go hand-in-hand. The recent democratic transitions in this region reaffirm the importance of broad-based economic advancement for all of a country’s citizens. And nothing creates new opportunities like entrepreneurship. Here in the Middle East, unemployment numbers are already too high, particularly among young people. And it will take 50 to 100 million new jobs over the next 8 years just to keep it from rising any higher. This is a problem in Europe, Asia, Africa and every region of the world. We can’t hold the line on youth unemployment, much less improve it, without a laser-sharp focus on entrepreneurship.

The good news is that the world’s leaders understand that entrepreneurship is vital. That’s why President Obama has a global engagement agenda centered on entrepreneurship. That’s why Secretary Clinton is putting economic statecraft at the top of our diplomatic agenda. It’s why the leaders of the UAE have organized this important event. And that’s why I’m here.

The bad news is, we haven’t totally unlocked the system to enable entrepreneurs to unleash their talents and help us build a more stable and more prosperous future. That’s why all of you are here. It’s why you spent yesterday making connections, talking about the barriers you face, and discussing practical solutions we can put forward to amplify the impact of entrepreneurship around the world.

And it’s why this is the third time we’ve held this conference – and why we’ll continue to do so. First in Washington, then last year in Istanbul, and now here in this hub of commerce connecting Europe to the Middle East to Southeast Asia. Each time, we bring together people from the business world, from finance, from government, from civil society to build partnerships and strengthen ties. This summit links up American economic leadership with the innovation and entrepreneurial energy that is brimming over in this region of the world.

Because let’s face it: entrepreneurship is hard. It takes incredible determination, long hours, and a lot of trial and error to come up with a game changing innovation. Entrepreneurs need all of us working together to make it easier for them to succeed.

So let me share with you some of the ways the United States is helping to overcome the barriers entrepreneurs face when they are just starting out.

First, entrepreneurs, especially young entrepreneurs, often lack the skills and support networks they need to turn their ideas into successful businesses. So we have launched a series of programs to match promising innovators with mentors and training opportunities to build their skills, their business savvy, and their networks.

President Obama and Secretary Clinton announced the first of these programs, the Global Entrepreneurship Program, in 2010. Since then, the program has served tens of thousands of entrepreneurs in over 120 countries. Another recent example: our Global Innovation through Science and Technology program, or GIST, runs start-up boot camps and business plan competitions to spark creativity and inspire young entrepreneurs to pursue their dreams. GIST takes great innovators from around the world and immerses them in America’s business hotspots – from New York to Silicon Valley – connecting them with mentors and investors that can help them realize their ambitions.

We recently invited the 2012 GIST award winners to the White House to hear their impressive stories of achievement. But they were just the tip of the iceberg – all told, GIST’s programs have trained over 2,500 startups and linked 75,000 tech developers to business training and mentors. And GIST is not alone. Other programs – like Oasis 500 in Jordan – do similar, important work.

A second barrier that entrepreneurs need help to overcome is gaining access to capital. This is particularly true for women entrepreneurs who often face additional hurdles to access financing.

In the Middle East and North Africa, countries need investment to fuel broad-based economic growth. Our programs are helping draw investment from America’s private sector. Just a few months ago, our mission chiefs in Algeria, Libya, Morocco and Tunisia met with CEOs from American tourism companies like Hilton, Hyatt and Carnival Cruises to discuss new investment opportunities. We’ve led investor delegations to the Middle East through Partners for a New Beginning and our Global Entrepreneurship Program, which have inspired participants to launch their own investment funds to support businesses in the region. Last year, the Overseas Private Investment Corporation authorized up to $2 billion to catalyze private investment in the MENA region. And we are working to fuel small business expansion with new initiatives like the Egyptian-American and the Tunisian-American Enterprise Funds, which will help firms access capital, stimulate private investment, and encourage two countries in the midst of political transition to build open, competitive markets.

Finally, entrepreneurs can’t just go it alone. They need a business and regulatory environment that encourages them to take risks and understands that failure is just part of the process. They need open, free, and fair policies that don’t play favorites—and that protect intellectual property and provide legal certainty. These are critical elements to increase investor confidence and jumpstart growth in any country.

We promote these conditions every day in our work with foreign governments as a core pillar of our economic statecraft agenda. We have hundreds of economic officers at American embassies and consulates around the world who wake up every day asking how they can help people like you.

So it should be clear that entrepreneurship is serious business, and that we take it seriously. But because I am a recovering businessman, I personally know something my government colleagues may not – that entrepreneurship can also be deeply rewarding. To see something grow from an idea on paper to a potentially world-changing enterprise is thrilling. There is the inevitable agony of setbacks along the way and the incredible happiness of bringing something new into the world – and possibly even making some money. That’s true whether you grew up in Duluth, Minnesota, like I did, or here in Dubai, or in any city or village in the world.

As Secretary Clinton often says, talent is universal, but unfortunately opportunity is not. We are working to expand opportunity everywhere, every day. Because when opportunity takes root, we see lives improve. Communities and societies come together. More men, women and young people find meaning and dignity in their lives. That is the future we are fighting for, one entrepreneur at a time. So I encourage all of you continue this important work.

With that, I’d like to turn the floor to the head of the Malaysian delegation. Malaysia has witnessed a dramatic economic transformation in recent decades through the dynamic innovations of its people and support of its government. Like the UAE, Malaysia understands and values entrepreneurship and has harnessed technology to drive economic growth. Here to discuss his country’s experience with entrepreneurship is Deputy Finance Minister Senator Dato’, Dr. Awang Adek Hussin. From his time at Malaysia’s Bank Negara, to his chairmanship of the National Utility Company, to his current post in Prime Minister Najib’s cabinet, Dr. Awang has great expertise to share with you today. Please help me give a warm welcome to the Deputy Finance Minister of Malaysia, Dr. Awang. Thank you.