FATE Foundation Joins the Youth Business International Network
On the 26th of January, through a live video conference call, Adenike Adeyemi, the Executive Director, FATE Foundation and Andrew Devenport, CEO, Youth Business International (YBI) signed a joint strategy document and a Memorandum of Understanding that will enable the two organisations jointly expand and enhance entrepreneurship support for thousands of under-served young entrepreneurs (18 – 35 years) across Nigeria to start sustainable businesses, to fulfill themselves, and create jobs and stronger communities.
Established in 2000, YBI is an international network of non-profit organisations operating in 42 countries seeking to tackle global youth unemployment by enabling young entrepreneurs. successfully start up and grow in business through a combination of training, mentoring, access to finance and other business development services. As at 2015, YBI’s members had provided 51,284 young people with practical training and 19,463 young entrepreneurs were supported to start or grow their own business.
FATE Foundation, also founded in 2000 has a mission to foster wealth creation by promoting business and entrepreneurship development among Nigerians. To date, FATE has graduated 5,192 aspiring and emerging entrepreneurs and trained over 71,488 youth on entrepreneurship.
Given the strong convergence of mission statements, the joint YBI and FATE strategy is focused on the following objectives:
- Develop and deliver integrated start-up support to Nigerian youth: Training, Mentoring, Access to finance, and tailored Business Support Services.
- Develop relevant strategic, resourcing and delivery partnerships to ensure the effective and efficient delivery of high quality services that can be sustained over time.
- Support significant numbers of young entrepreneurs in a scale-able model.
- Significantly engage women and focus on achieving a gender balance.
- Create jobs and successful businesses.
Through support in technical assistance, knowledge sharing, development of common tools and quality standards, and joint resource-raising promoting long-term sustainability, FATE intends to enhance the partnership to further develop her in-class and virtual entrepreneurship training programmes; improve mentoring, access to finance and other business development support services for youth entrepreneurs while being more efficient with data collection and impact assessment to ensure desired objectives to start, grow and scale businesses which create jobs and have socio-economic impact are achieved.