NAIROBI, Oct. 24 (Xinhua) -- The new generation of African entrepreneurs has embraced ventures that are not only profitable but also help improve access to basic needs like food, clean water, shelter and education, a continental forum heard on Wednesday.
Delegates attending the Africa Youth Conference in Nairobi agreed that social enterprises that are largely owned by the youthful population are reshaping sustainable development in a continent grappling with hunger, poverty, inequality and climate change.
Fatuma Namutosi, founder of an Ugandan start-up, said businesses that address pressing societal needs have struck a chord with African youth as they become part and parcel of the continent's transformation.
"The social enterprise space in Africa is expanding as the youth leverage on technology, innovations and seed capital from different sources to venture into businesses whose primary goal is to address needs of the community," said Namutosi.
She noted that improved macro-economic environment, digital literacy and government support have sparked growth of social enterprises in Africa.
The three-day Africa youth conference, whose theme is prioritizing investments in African youth within the Post-2015 Agenda, aims to explore innovative ways this demographic can be engaged to catalyze economic growth and social renewal in the continent.
Yale Gbadamosi, a Nigerian entrepreneur, said Africa is the next frontier for growth of social enterprises thanks to the demographic dividend and proliferation of home-grown innovations.
"There are amazing stories of youth-led enterprises in many parts of Africa which are on the frontline of providing answers to chronic challenges like inadequate water supply, urban pollution and unemployment," said Gbadamosi.
He urged African governments to strengthen partnership with the private sector in order to address skills mismatch, financing and knowledge hiccups that have undermined growth of businesses that promote social good.
Benjamin Luta, a Kenyan brand strategist, said youth-led social enterprises that are promoting access to clean water, renewable energy, education and farm inputs have resonated with the African populace.
"It is evident that socially conscious business ventures are ahead of the curve in a continent, whose bulk of the population lives below the poverty line," said Luta.
He stressed that skills upgrade, mentorship, technology and market linkages are key to enhancing sustainability of youth-owned social enterprises in Africa.
