Generation Enterprise

Generation Enterprise (GEN):  A first-time grantee in 2014

GEN partners with at-risk youth to co-create and build sustainable businesses that develop skills, jobs, and wealth in slum communities in the urban and developing world.

The seeds of Generation Enterprise were sown in 2004 when co-founder Clara Chow met a young Nigerian who wanted to start a micro-finance bank for street youth.  Across the country, as many as 70% of young people are unemployed, and a huge percentage of the population lives in the slums. Chow teamed with Lily Rubin, a co-worker in McKinsey’s Social Sector Office on Economic Development, to implement the youth bank concept in Lagos.

After several years of field testing, refining, and re-testing ideas and method, Generation Enterprise developed a robust and successful model.  Experience revealed that slum youth are relatively risk-averse, even when they seemingly have little to lose. Rather, they highly value a steady, predictable income, and that concept became an integral element of GEN’s co-creation approach for business development.  Youth referred by local government and non-government partners are carefully screened and trained; the ideas of a subset are then selected as incubator projects and funded.

The youth founders receive coaching and are empowered to implement their plans.  The best projects get additional funding and embedded mentors to keep them going.  This approach has bred viable, multi-employee businesses that represent scalable potential.