Thursday, July 18, 2024

Young entrepreneurs call for easier access to finance

Youth entrepreneurship in Mozambique is gaining prominence as an alternative for tackling the challenges of the labor market and boosting the country’s economic development. However, young entrepreneurs face a number of obstacles, from excessive bureaucracy to limited access to finance.

Vasco Cossa, entrepreneur and creator of a system that produces gas using chicken manure, highlights the complexity of the process of legalizing companies in the country, which discourages many young entrepreneurs. In addition, the lack of specific training in entrepreneurship and business management and limited access to modern infrastructures and advanced technologies make it difficult for young companies to compete.

Nivaldo Thierry, entrepreneur and fashion designer, shares similar challenges, including a lack of infrastructure and access to advanced technologies, along with a shortage of specialized training and guidance to effectively manage businesses.

Eduardo Sithole, entrepreneur and founder of GENESIS – Comércio & Serviços, highlights the lack of knowledge and experience as additional obstacles for young entrepreneurs to compete in the market.

In addition to the difficulties related to the business environment, access to finance is a major concern for young entrepreneurs. The demands of financial institutions, distrust of businesses started by young people and the bureaucracy involved in the process of applying for credit are pointed out as the main challenges.

In terms of solutions, young entrepreneurs highlight the need for more transparency and accessibility to investment funds, incubators and business accelerators. In addition, they emphasize the importance of the government guaranteeing quality and universal education to train the next generation of entrepreneurs.

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