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Accenture expands partnership with YBI with US$5 million grant

Catalin Parascan
Catalin Parascan

Youth Business International is pleased to announce that our partners at Accenture are expanding their commitment to our network with a new US$5 million award.

This funding will empower YBI to equip 50,000 young people with the skills and support they need to start and grow a business. In addition, Accenture funding will enable YBI entrepreneurs around the world to establish or grow approximately 10,000 start-ups and create an estimated 16,000 jobs.

Extending over three years, this award is also an investment in the capacity, scale and impact of the global YBI network. Accenture’s support and expertise will catalyse investment in our global technology infrastructure and the tools used by our to members share knowledge and replicate effective responses to youth unemployment. The funding will also enable YBI to expand into new territories of high demand and increase network membership from 40 to 65 countries.

This is the third Accenture grant to YBI, reflecting our shared commitment to meeting the challenge of youth unemployment. Each Accenture grant has focused on strengthening a different part of the YBI network, and the longevity of the relationship reflects our shared commitment to challenging the ongoing youth unemployment epidemic.

Our recent Most Significant Change report highlights the impact on YBI members of the last round of Accenture funded Capacity Development.

According to the latest report from the International Labour Organisation (ILO) there are 73 million young people around the world who cannot find work and 43 per cent of the global youth labour force is either unemployed or working yet living in poverty. Since the beginning of our nearly decade-long partnership, Accenture’s support has helped YBI deliver the funding, mentoring, and training to help 38,000 young entrepreneurs build and sustain their businesses. Commenting on the partnership YBI CEO Andrew Devenport said:

“YBI is hugely proud to continue our partnership with Accenture. Working together since 2006 we have been able to deliver much needed support to thousands of young entrepreneurs around the world and this investment in our network represents a significant vote of confidence our achievements. We are on a journey with Accenture as we work to build the world’s most effective network supporting young entrepreneurs and we are delighted that that we will continue to work together.”

The YBI network is a unique global laboratory in which we can test innovative new approaches to meeting the youth unemployment challenge, in a of range economic and cultural contexts. Accordingly, part of this round of Accenture funding will be used to fund 200 Capacity Development projects, and innovation focused responses to youth unemployment, that will eventually be scalable throughout our network and beyond. In addition the grant will engage Accenture local offices around the world with the work of YBI members, providing a valuable opportunity for staff to support YBI activity in their local communities. This grant is an important part of Accenture's Skills to Succeed programme, which is equipping more than 3 million people around the world with the skills to get a job or build a business.

Announcing the partnership Accenture's Managing Director for Corporate Citizenship Jill Huntley said:

“Entrepreneurs around the world are increasingly operating online. YBI needs a network that reflects this shift, embraces digital and drives scalability and efficiency in its support for disadvantaged youth. By helping YBI increase the size and impact of its network, more young aspiring entrepreneurs will gain the skills they need to start and grow businesses, potentially creating new jobs.”

We are delighted that Accenture sees such value in our partnership and has elected to deepen our relationship. This award will bring life changing support to thousands of young entrepreneurs and strengthen the YBI network in a number of ways. Watch out for updates here and on our social networks for more information on the first round of our Accenture funded Capacity Development projects and the other elements of this exciting partnership as it develops.   

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