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The Young Entrepreneur Program
The Young Entrepreneur program was a state-funded co-financing initiative aimed at promoting entrepreneurship among young people in rural areas in Georgia.
What are the main aims and objectives?
The Young Entrepreneur program aimed to promote entrepreneurship among young people in rural areas and support their business initiatives. Its main objective was to provide necessary funding and support to help young entrepreneurs overcome financial obstacles when starting their own businesses. The program also sought to generate investment and economic activity in rural areas, increase the income of beneficiaries, and create new job opportunities. Overall, the program's goals aligned with national priorities for agricultural and rural development as well as global Sustainable Development Goals related to reducing hunger, improving education, promoting gender equality, and fostering economic growth.
How does the program work?
The program was structured to provide comprehensive support to young entrepreneurs, consisting of three main components: pre-financing support and training, co-financing (financial assistance), and post-financing technical assistance.
The program was built around a co-investment that provided 40% of the total investment from the Rural Development Agency while the beneficiary was responsible for raising the remaining 60% of funds. Co-financing was available for both agricultural and non-agricultural activities, though about 85% of grants went to agricultural projects. To be eligible recipients had to be young entrepreneurs registered in Georgia, aged 18-35 for males and 18-40 for females.
What is the overall cost?
From 2018-2021, the program distributed approximately 9.5 million GEL (approx. $3.5 million) in co-financing to young entrepreneurs.
How was it implemented?
The Young Entrepreneur program was created as a state initiative to support and promote entrepreneurship among young people in rural areas. It was established by the Ministry of Environmental Protection and Agriculture of Georgia (MEPA) in response to the challenges faced by the Georgian agricultural sector and the lack of new ventures and business projects initiated by youth.
The program was designed to address one of the major obstacles young people face when trying to start their own businesses: lack of finances. It was developed as part of a broader strategy to support rural development and agricultural growth in Georgia, aligning with both the Agricultural Development Strategy for 2015-2020 and the Rural Development Strategy for 2017-2020. These policy documents were connected to global priorities, specifically the Sustainable Development Goals.
Funding for the Young Entrepreneur program came from multiple sources. The NNLE Rural Development Agency provided 40% of the co-financing from the total investment, while the remaining 60% was financed by the beneficiaries themselves. Additionally, the program received support from international donors, including the Denmark International Development Agency (DANIDA) and the International Fund of Agricultural Development (IFAD). These donors allocated a grant of 4 million 110 thousand GEL to support the program's implementation.
What impact has been measured?
An academic evaluation of the program found:
- 241 young entrepreneurs benefited from the program
- The total investment generated by the program, including both government co-financing and beneficiary contributions, was estimated at 24.6 million GEL.
- the average annual income of selected beneficiaries in 2020 increased by 80% compared to 2018
- Around 85% of grants were distributed to the agricultural sector, with the remaining 15% going to the non-agricultural sector, specifically the hotel industry
- 61% of beneficiaries were male, while 39% were female.
- 153 participants received education support via training
- Pre-finance support in the form of consultations was provided to 1,429 participants across the country to increase awareness about the opportunity.
What lessons can be learned?
Based on the evaluation of the Young Entrepreneur program, several key lessons can be learned:
- Relevance and alignment with broader goals is important. The program was highly relevant as it aligned with national agricultural and rural development strategies as well as global Sustainable Development Goals.
- Setting clear targets and indicators helps measure effectiveness. The program achieved or exceeded its planned targets for number of beneficiaries supported each year.
- Efficient implementation is possible with proper planning. The program was implemented efficiently, using less budget than planned while still meeting targets.
- Combining financial and technical assistance can be effective. The program provided both co-financing and technical support before and after financing, which contributed to its success.
- Regional inclusiveness needs attention. The program had challenges with regional inclusiveness, with the majority of beneficiaries (63%) coming from one region (Kakheti). More even distribution across regions may be beneficial.
- Gender balance can be promoted through program design. By having different age eligibility for men and women, the program supported gender equality to some extent, though male beneficiaries still outnumbered females.
- Sector focus should align with country priorities. The program's focus on agriculture, especially viticulture and winemaking, aligned well with Georgia's competitive advantages.
- Income impact can be significant. Beneficiaries reported an average 80% increase in income from 2018 to 2020, indicating the program's potential for economic impact.
- Demand may exceed capacity. The program received around 1100 applications but could only finance about 22% of them, suggesting high demand for such support.
- Ongoing support and linkages to other programs can enhance sustainability. Beneficiaries had opportunities to participate in other government programs, supporting long-term sustainability.
- More research-based decision making could improve outcomes. The authors recommend more in-depth investigation of reasons behind success or failure of funded projects to inform future decisions.
- Technology focus could be beneficial. The authors suggest future programs should be more oriented towards ventures using modern technologies to enhance competitiveness.
