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What It Takes to Build an Accountable Future With Young Entrepreneurs

14 December 2022

By

Ke Lin

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2 min read

Co-Author: Stefano Pighin

“Looking back, I translated those values, such as No Child Labour, Build an Inclusive Environment and Transparent Communication of our Product, in my business operations.” Laressa, founder of Suri The Goods (Indonesia), a natural skincare brand that empowers indigenous women farmers from the Minang ethnic group.

When young people get inspired to become entrepreneurs, prototype their ideas and test them for product market fit, they don’t expect an easy path. Figuring out business models, understanding their customers and getting the words out for their products, are their daily wrestles. Rarely do they anticipate the challenges of an unfair business environment. Yet those challenges are undeniable.

Corruption hinders innovation, increases the cost of doing business, and discourages young entrepreneurs from operating with integrity. Moreover, it creates severe financial, operational and reputational risks to young entrepreneurs. They might be forced to pay bribes or face unnecessary obstructions from government officials.

According to a survey done in 2014 by the World Economic Forum’s Partnering Against Corruption Initiative and the UN Office on Drugs and Crime, 72% of millennials – youth between 18 and 34 in this survey – believe corruption is holding back their country. An equal number think it is causing lost opportunities for their generation.

In 2019, together with 25 entrepreneurs and 5 ecosystem enablers, Youth Co:Lab and Fairbiz team of UNDP Bangkok Regional Hub developed a Business Integrity Toolkit for Young Entrepreneurs. The Toolkit is a knowledge product that provides guidance for start-up companies to prevent, detect, and take action against unfair business practices.

“People think only corporations have time to develop standards of operations, code of conduct etc. So there is a lack of resources and support for a startup founder like me to learn more about business integrity. ” Laressa continued to comment. “What I realised is that communicating my values and being consistent with them, has business returns. My customers and partners have developed stronger trust and brand recognition because of it.”

This year, the Toolkit has been made more accessible to the ecosystem. “I asked entrepreneurs what they would do when facing challenges such as red flags, conflicts of interests, etc. And they told me, they would just search for that specific topic, because they don’t have time to go through the whole toolkit.” says Diane Eustaquio (Philippines), the designer behind the 2022 Toolkit.

As an enabler and ex-Director of IdeaSpace, which runs an accelerator to support early stage tech startups, Diane believes it is important to discuss business integrity with founders. “I’ve been inspired by an analogy I had heard recently – Running a startup is like building a house. Floors, walls and roof – those are visible items that we can see, similar to business operations. But, the values of founders, inclusive company cultures, and other invisible elements are the foundation. We don’t see them, but they are essential, especially if we are to scale our businesses later on. ”

Check out the Digitized Toolkit here .

About Youth Co:Lab:

Youth Co:Lab positions young people front and center in order to solve the region’s most pressing challenges. Co-created in 2017 by the United Nations Development Programme (UNDP) and the Citi Foundation, Youth Co:Lab aims to establish a common agenda for countries in the Asia-Pacific region to empower and invest in youth, so that they can accelerate the implementation of the Sustainable Development Goals (SDGs) through leadership, social innovation and entrepreneurship. Youth Co:Lab has supported 28 countries and territories across Asia and the Pacific.

References

A. Environmental Stewardship
To protect the environment, we organize programmes like mangrove nursery and Reforestation, Coastal and River Clean-Up, Community Based Environmental Solid Waste Management, Environmental IEC Campaign and Eco-Academy

B. Food Security and Sustainable Livelihood
To ensure a sustainable livelihood for the community, eco-tourism include Buhatan River Cruise Visitor Center Buhatan River Mangrove Boardwalk are run by the community. Others include Organic Vegetable and Root crops Farming, Vegetable and Root crops Chips and by-products Processing and establishing a Zero waste store.

C. Empowered Communities
To empower the community, we provide product and Agri-Enterprise Development Training, Immersion and Learnings Exchange Program, Earth Warrior Training and Community Based Social Entrepreneurship Training

Author

Ke Lin

Youth Entrepreneurship and Innovation Coordinator, UNDP Bangkok Regional Hub

Ke Lin(Linka) joined the UNDP Bangkok Regional Hub on December 2016. Since then, she has been coordinating national youth entrepreneurship and innovation activities with more than 20 countries under Youth Co:Lab in Asia-Pacific region.

Before joining UNDP, she worked as the business development manager for a social enterprise in Hong Kong called Inter Cultural Education for 2 years. She ran programmes such Social Innovation Trip and Asia Pacific Youth Exchange with young people from all over Asia. She has been playing an active role in grass-root led entrepreneur ecosystem in China and Thailand as the facilitator of Startup Weekend and Asia Pacific Youth Exchange.

She has a master degree in Interpreting and Translation in Hong Kong Polytechnic University (English and Chinese).

Since June 2020, together with two of her friends, she co-founded a community based tourism startuped, Storius.

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