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Bijoy Ghosh

Mr Lars H. Thunell, Executive Vice-President and CEO, International Finance Corporation, and Ms Lakshmi V. Venkatesan, Founding trustee and Executive Vice-President, Bharatiya Yuva Shakti Trust, at a meeting in Chennai on Wednesday. —

Our Bureau

Chennai, Nov. 11 It is necessary for young entrepreneurs to move from the informal sector to the formal sector to start ventures, as it is shown statistically that the latter grows eight times faster, said Mr Lars H. Thunell, Executive Vice-President and CEO, International Finance Corporation (IFC).

Mr Thunell was delivering the keynote address on Public Private Partnerships for Turning Job Seekers into Job and Wealth Creators organised by Bharatiya Yuva Shakti Trust (BYST), supported by the Confederation of Indian Industry.

Small businesses are recognised as the backbone of the economy and create a large number of jobs, he said.

On the same lines of BYST, IFC is planning to support similar non-governmental organisation in Bangladesh and Indonesia.

Ms Lakshmi Venkatesan, Founding Trustee and Executive Vice-President, BYST, said the vision of the organisation is to support and train 40,000 entrepreneurs in Rajasthan, Bihar, Assam, Jammu & Kashmir in the next five years. BYST has supported 3,000 entrepreneurs and created 20,000 jobs.

BYST growth fund has raised $2.5 million with IFC providing seed funding of $0.50 million.

Small Industries Development Bank of India and high networth individuals have contributed $1 million each.

The fund would invest equity in the business ventures of 10 young entrepreneurs.

BYST is hosting the Global Entrepreneur Week 2009 with the US-based Kauffman Foundation.

The objective of the event is to have a collective global campaign that facilitates sharing of information, networking and outreach to promote jobs and wealth creation through entrepreneurship.

More Stories on : Entrepreneurship | Tamil Nadu

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