By Charles W. Corey
Staff Writer
April 27, 2010. Washington, DC - Twenty-three entrepreneurs - including 11 women - from 10 African countries attended the Presidential Summit on Entrepreneurship. Five of that group discussed with America.gov the importance of entrepreneurs to a country's economy and offered their reaction to the summit. All agreed that education and skills development are crucial.
Ibrahim Moukouop, who is president of Megasoft, a software management and Internet development company in Cameroon, praised the summit as a good idea that brings entrepreneurs together from Africa and worldwide to discuss common issues and network for business opportunities.
To promote entrepreneurship across Africa, he said, four things must happen. First, authorities must "fight against fraud" and promote a transparent business environment. Second, promoting education at all levels is important because to flourish, businesses need an educated work force. Third, he said, improved infrastructure and expanded telecom networks are essential. "There is not enough infrastructure" now to aid business in Africa, he said. And fourth, access to capital is key, along with prompt payment to small businesses.
In particular, Moukouop said, Africans need risk capital or venture capitalists who will invest in new business ideas, as well as a system of patents and copyrights to protect ideas for projects. That is important, he said, because when you seek financing from a bank, "you are always afraid the bank will steal your project idea" or business plan.
Moukouop said it is important for African governments to understand both the crucial role entrepreneurs and businesses play in contributing to a country's economic growth and development, and the urgent need to fight corruption at all levels.
He said the summit has featured great panelists but added that he would liked more time for discussion, networking and an exchange of information on access to capital.
Amadou Baro, a social entrepreneur from Mauritania, agreed that education is the key for successful entrepreneurs and a country's long-term economic development. Being a successful entrepreneur depends on having the right skills, and Baro teaches many of those basic skills in a program in one of the toughest neighborhoods in Mauritania's capital city.
Alamine Ousmane Mey, chief executive officer of Cameroon's Afriland Bank, called the summit a great opportunity to network with a wide range of bright, experienced business people.
With the plan for another summit next year in Turkey, Mey said this can be a successful movement to "engage with the Muslim community and the entrepreneurs who shape the world and contribute to change the world."
It is entrepreneurs, he said, "who generate wealth, create jobs and advance our continent, our economies and our world."
To reduce poverty, he said, you must create wealth, and that is done through entrepreneurs who are ambitious, educated and skilled. "We need to celebrate these people who are doing a terrific job," he said, and also celebrate social entrepreneurs, who give back to their community.
Mey believes that entrepreneurs can foster the economic growth and development that ultimately will solve problems of insecurity, instability, war and terror worldwide.
Leila Mohamed Bouamatou, whose family runs a foundation to help the blind in her country and advises youth on skills and education, is head of the treasury department at Générale de Banque de Mauritanie in Mauritania. She said she has been impressed with those attending the summit, and said that she is seeing more and more young people getting motivated to go into private-sector business.
"Unfortunately, what a lot of African countries are facing is a lack of education," she said. And without education, people do not have access to the skills needed to prosper.
Rehmah N. Kasule is the chief executive officer of Century Marketing in Uganda, a company that does branding and marketing and mentors children to be future leaders.
A large proportion of the Ugandan population is younger than 30 years old, Kasule said, so skills teaching is critical to the country's economic growth and development. "The only way we can make a better future for our country is with [teaching] our children" the skills of economic independence and employment. "We want them to become job creators instead of job seekers."
One hundred thirty-seven people have graduated from her program and gone on to be business managers or leaders, she said, with about 20 percent becoming entrepreneurs, starting their own businesses. "In the past, it used to be someone would finish the program with the mindset 'I want to look for a job,' now whenever they finish, they feel like they want to be their own boss."
Kasule said she has been pleased with the diversity at the conference. "There is a lot of diversity among the people, and if we really sit down and tap into each other's resources, I think the only way is up."
President Obama hosted the summit, which featured plenary sessions on important issues, including technology and innovation, access to capital, unleashing youth and women's entrepreneurship, mentoring and networking, fostering a culture of entrepreneurship, promoting and enabling business, and social entrepreneurship.
Some 250 entrepreneurs from around the world attended, along with a host of American entrepreneurs, business executives and top U.S. government officials.
Participants came from Afghanistan, Albania, Algeria, Australia, Austria, Bahrain, Bangladesh, Brazil, Brunei, Cameroon, Canada, China, Denmark, Djibouti, Egypt, Finland, France, The Gambia, Germany, India, Indonesia, Iraq, Israel, Jordan, Kazakhstan, Kenya, Kosovo, Kuwait, Kyrgyzstan, Lebanon, Libya, Madagascar, Malaysia, Mauritania, Morocco, Netherlands, Niger, Nigeria, Norway, Oman, Pakistan, the Palestinian Territories, Paraguay, the Philippines, Qatar, Russia, Saudi Arabia, Somalia, Spain, Sweden, Switzerland, Syria, Tajikistan, Tunisia, Turkey, the United Arab Emirates, Uganda, the United Kingdom, the United States and Yemen.
Source: U.S. Department of State
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