Recent Updates: 2Q 2015!

Board Members Travel the World to Spread GEN’s Good News

Members of our Board have been traveling around the world to share stories of GEN’s global impact with potential supporters and partners in San Francisco, New York, London, Geneva, and Bermuda.

The Board is proud to advocate for GEN and the 40 microenterprises it has launched to date. These ventures provide a 1,200% income boost to more than 300 youth employees in BoP economies.

GEN is now formalizing the most promising businesses to scale them quickly. These ventures will improve our ability to bring even more impoverished youth into the formal sector as we incubate more businesses, manage their rapid development, and turn over the keys to their employee-owners.

GEN Launches Initiative to Support Youth Entrepreneurs in Lagos

As part of GEN’s evolving strategy to foster a global network of youth-run businesses, we are expanding our reach to launch microenterprises in Lagos—Africa’s fastest growing city.

Lagos generates one-third of Nigeria’s GDP, which is the largest in all of Africa, yet the majority of its residents are excluded from this booming economy:

  • More than 70% of the population lives in slums
  • More than 40% of youths are unemployed
  • More than 60% of economic activity is in the informal sector

The challenge is daunting, but GEN is ready to tackle it head on through a partnership with the Afterschool Graduate Development Center (AGDC) on the Ignite Ideas Contest. With the support of the Lagos state government and First Bank, GEN and the AGDC are equipping 1,000 youth to launch microenterprises through access to interest-free loans of approximately $500 (USD). It’s early days, but 300 aspiring entrepreneurs have already participated in four training sessions. We look forward to their ventures becoming the next scalable enterprises in GEN’s portfolio.

Credit: Austin Abell and Caitlin Noel Flannery James

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