Asia is currently undergoing significant shifts in its youth population dynamics. Projections indicate a decrease in the number of youths aged 15 to 24 in Asia and the Pacific, from 718 million in 2015 to 711 million by 2030 and further to 619 million by 2060 (United Nations Department of Economic and Social Affairs, 2015). Despite this decline, Asia will continue to maintain the highest youth population compared to other regions, as are the young entrepreneurship trends in the APAC region.
The Asia-Pacific is experiencing a growth in entrepreneurial activities, fueled by a young and tech-savvy generation dominated by Millennials and Gen Z. These young entrepreneurs have brought countless innovative ideas and a passion for disrupting traditional industries. Their focus? Digital solutions and a commitment to social impact are transforming the economic landscape, creating new opportunities for growth and empowerment.
The vast population of youth, numbering over 60 million aged 15 to 34 in Indonesia alone (as mentioned by Sujala Pant, Deputy Resident Representative, UNDP Indonesia, in Youth Co:Lab Summit 2023), presents immense potential for entrepreneurship led by young people to drive economic progress and social change. Many factors have driven their ambition, ranging from skills to capital.
With a generation raised alongside technology, today’s young adults have an innate knack for utilizing digital tools and platforms to establish and expand businesses at an accelerated pace. Their familiarity with technology enables them to streamline processes, reach broader audiences, and adapt swiftly to changing market dynamics, facilitating quicker business growth and scalability.
This digital fluency not only enhances operational efficiency but also fosters innovation, allowing young entrepreneurs to capitalize on emerging opportunities in the digital landscape.
However, young entrepreneurs have to face a real challenge in the industry to thrive, influenced by various factors. Access to tangible resources, like finance, and intangible resources, such as knowledge obtained through interaction with other entrepreneurs, significantly affect their entrepreneurship journey. Networking typically enhances the chances of survival and expansion for fledgling and emerging businesses. However, during the initial business phase, entrepreneurs often depend more on support from extended family and social connections than professional networks.
The emergence of crowdfunding platforms and angel investors has simplified the process for young entrepreneurs to obtain funding for their ventures. These avenues provide accessible opportunities for budding founders to showcase their ideas and attract financial support from a diverse range of individuals and investors.
It is considered a democratization of funding, allowing for greater inclusivity in the entrepreneurial ecosystem and empowering young innovators with the resources needed to turn their visions into reality.
Moreover, the support from these platforms and investors provides financial backing and often brings valuable mentorship and networking opportunities, further nurturing the growth and success of young businesses.
Other than that, young entrepreneurs (Millennials and Gen Zs) prioritize impact over traditional notions of means to do business, allowing them to impact society positively.
This year, Bakti BCA has teamed up with KUMPUL.ID in Bakti BCA Scholarship Program to empower over 700 university students across Indonesia to gain access to a series of entrepreneur mentorship and workshops. This program is developed to support the young generation to become the next future entrepreneurs. Along with other entrepreneurship programs in 2024, KUMPUL.ID will accelerate the growth for young entrepreneurs and prepare them with every tool and skill needed to empower the nation’s economic growth.
Empowering Youth, Empowering Economy
With a large population of digitally-native youth and a rapidly evolving digital ecosystem, we are again reminded not to overlook the significance of empowering young entrepreneurship talents. Many pressing challenges, from environmental sustainability and healthcare access to urbanization and poverty alleviation, require innovative solutions. Young entrepreneurs are uniquely positioned to address these challenges with creativity, agility, and a willingness to take risks. By supporting their endeavors, we can unlock new pathways for social impact, driving positive change and improving the lives of millions across the region, unlocking more opportunities for growth, innovation, and competitiveness in the digital economy.
Supporting young entrepreneurs helps nurture vibrant entrepreneurial ecosystems, especially in the Asia-Pacific region. We create an environment where young startups can thrive, collaborate, and scale their ventures by providing access to resources, mentorship, and funding. These ecosystems drive economic prosperity and attract talent, investment, and innovation from around the world, positioning the region as a hub for young entrepreneurship and innovation on the global stage.
As we in KUMPUL.ID believe, young entrepreneurs will become the catalyst for innovation, social impact, and inclusive growth within our ecosystem.
by Adhitya Putra & Afrisa Maya
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