Global Entrepreneurship Week

Each year in November, 10 million people from more than 180 countries come together to participate in a variety of events as part of Global Entrepreneurship Week (GEW). The brainchild of the Ewing Marion Kauffman Foundation, it is the world’s largest celebration of entrepreneurship. Founded in 2008, GEW has grown exponentially, uniting individuals, organizations, educational institutions, and businesses to promote entrepreneurship, inspire new ideas, and encourage economic growth. Throughout the week, there is a focus on the benefits of entrepreneurship, including job creation, economic development, and innovation.

Awareness and engagement

Indeed, one of the goals of GEW is to raise awareness about the role that entrepreneurs play in society. In doing so, it also expands the scope beyond the traditional hubs like Silicon Valley to create a vision of an entrepreneurial ecosystem that includes smaller cities and under-represented communities. There is a variety of activities that are part of the week every year, such as competitions, panel discussions, workshops and conferences. Due to this diversity, there is something for entrepreneurs at every stage of their development.

The celebration is also not limited to one type of entrepreneur. Instead, it is aimed at social enterprises, tech start-ups, local small businesses and large-scale global ventures. In this way, it unites people from diverse backgrounds, regions and fields.

Impact on economy

It is largely acknowledged that entrepreneurship is a source of economic growth and job creation. Other benefits include increased innovation and productivity, as well as boosting standards of living. Events such as GEW are a source of motivation for individuals who are considering entering the world of entrepreneurship, as they are able to witness successful role models, learn about promising business ideas and network with potential investors and partners.

In a rapidly changing global economy, entrepreneurship is viewed as a potential response to challenges such as underemployment, unemployment and poverty. It also contributes to resiliency by promoting a successful mindset and empowering people to find creative solutions to social and economic problems. Another positive aspect is the creation of new businesses.

Aside from these economic benefits, there are also social gains to be made from GEW. This is because it serves as a platform to discuss important issues such as sustainability, gender equality and inclusion,  and how entrepreneurs can act as agents of change in these areas. Participants are also encouraged to explore the other ways in which their businesses can positively contribute to society.

Key themes of Global Entrepreneurship Week 

To ensure that the discussions, activities and events are tied to real-world issues that reflect the current entrepreneurial landscape, GEW selects a specific theme each year that highlights one area.

An important focus is women’s entrepreneurship and the unique challenges women face in accessing capital, building networks and navigating the business world. The organizers of GEW are acutely aware of the need for gender equality and aim to create opportunities for women to thrive. This is reflected in the events that provide specific support and encouragement to women, thereby fostering an inclusive environment.

Another recurring theme is youth entrepreneurship. By leveraging technology and digital platforms to launch businesses, create social change and drive economic growth, young people today demonstrate a greater entrepreneurial spirit. GEW includes initiatives such as pitch competitions and mentorship programs that provide youth with the resources and support to turn their visions into reality. This focus is vital in shaping a diverse and dynamic ecosystem of the future.

Collaboration

A fundamental component of Global Entrepreneurship Week is collaboration and partnerships. This involves governments, educational institutions, corporations, non-profits and entrepreneurs playing a part in organizing events, contributing funding, offering mentorship and sharing knowledge.

Among these partnerships is the one between universities and research institutions, which often host events to unite students, academics and entrepreneurs in order to exchange knowledge and analyze new ideas. This often results in peaking the students’ interest in exploring entrepreneurship as a viable career path.

Another outcome is entrepreneurs gaining access to the resources they need, such as funding, marketing expertise and distribution networks as a result of their partnerships with corporations and other businesses. This creates a strong link between start-ups and larger companies and opens up new opportunities.

Impact on local communauties

Despite being a global event, many of the activities that are part of GEW are focused on local and regional issues and provide the chance for entrepreneurs to connect with others in their immediate neighbourhoods. This engagement fosters a sense of community and builds an environment where they can look into solutions to their specific challenges. In the case of entrepreneurs from developing countries, this could be access to clean water, renewable energy or affordable healthcare. In more developed regions, GEW encourages the growth of high-tech start-ups and digital innovations.

The future of GEW

The need for innovation, creativity and entrepreneurship has never been greater. This means that GEW will continue to be a vital platform for showcasing the importance of entrepreneurship in shaping a sustainable and equitable future.

In order to expand its reach, GEW will integrate digital platforms and virtual events to connect across borders and overcome geographical limitations. This will also help to continue to grow the network of entrepreneurs, mentors, investors and supporters.

Global Entrepreneurship Week is not just a series of events, it’s a movement that inspires individuals around the world to employ an entrepreneurial spirit by thinking creatively, taking risks and bringing their innovative ideas to life. GEW will continue to play a rule in the future of the global economy and local communities, as it fosters collaboration and promotes inclusion.