With a 90 percent failure rate for startups, young people could be forgiven if they concluded that founding a business, especially during such a turbulent time for the global economy, would be too risky an option.
“But there’s a 10 percent chance of improving people’s lives,” retorts business management student Daniel Wu, boldly adopting the “glass is a little full” approach. “If no one takes that 10 percent chance, then no one will succeed in the future.”
Mr. Wu’s project to create a digital skills platform for rural youth to teach them AI and software skills reached the finals of the Innovation Youth competition organized by the United Nations Industrial Development Organization (UNIDO).
This earned him an invitation to attend the UNIDO Global Industry Summit in Riyadh where, on Wednesday, he participated in a session focused on the Youth Parliament, a global debate platform jointly organized by UNIDO and the Saudi Ministry of Industry and Mineral Resources (MIM).
The many young entrepreneurs present at the Summit were brimming with enthusiasm and keen to make the most of the networking opportunities on offer, with the chance to meet mentors, policy makers and potential investors.
The program included a series of interactive dialogues; innovation highlights and mentoring sessions. Young delegates presented pioneering solutions in renewable energy, circular economy practices and digital manufacturing. These exchanges provided an opportunity for policymakers and industry leaders to engage directly with young people, exploring how their ideas can be scaled and implemented in various contexts.
Daniel Wu, finalist of the Youth Innovation Competition organized by the United Nations Industrial Development Organization (UNIDO).
“We know how our generation thinks”
They will have to maintain this positivity in the face of statistics: in addition to the high failure rate, they are also hampered by a thin track record, compared to older entrepreneurs. That doesn’t deter Wu, who says young people are worth investing in because of the unique perspective they can offer.
“We grew up with computers, with the Internet, and we know how people interact with different types of content. We have a good understanding of how our generation, the next big market segment, thinks, which is why we have a better advantage over older investors.
By dedicating an entire day to youth, the Global Industry Summit sent a clear signal: the future of the industry will be defined not only by established leaders, but also by the creativity, determination and resilience of the next generation. In Riyadh, this future was given a powerful voice.
Publicado anteriormente en Almouwatin.
