Best Ideas 2019 features all the nominated entries submitted under ‘Submit your Idea’ category. All the entries consist of innovative solutions or propositions for an enterprise that champions the Sustainable Development Goals. They can be on the conceptual, planning, or start-up stage.
YOUTH SOCIAL ECONOMIC INVESTMENT FORUM (YSEIF)
Explain your idea in details:
The main objective of YSEIF is youths social and economic empowerment through sustainable entrepreneurship practices. This idea will be open to all youths individuals who are compassionate of creating a positive economic impact in Malawi. Hence qualified youths will be trained in innovative micro finance practices and many business approaches that YSEIF has done a research on and see how practical and realistic is. Activities will involve first securing a physical address and offices for all operations, including a place for training entrepreneurs, meetings with stakeholders, and technical operations office space. All approved youths will get access to free entrepreneurship training, Employment opportunities at YSEIF, skills development in different occupations that YSEIF will incorporate in its strategic plan, organizing of national and international events in social and entrepreneurship and all members will have a free entry. we will also . lastly after the trainings the shortlisted youths will be grouped in fours or threes and be given a business loan of a lowest interest of 10% per year and the YSEIF will have a 20% to each established business for two year period. The innovative approach to this idea is that; in each youth group business established they will have a monitor from YSEIF to guide and evaluate the business process. The profits made will be re-invested in other business to expand the group business so that each member of the group can have an individual benefit. The shares that YSEIF owns will be profits to incorporate other youths into the system of entrepreneurship. They will also be trained in sexual reproductive and health rights so to help and guide them on how properly they can manage their economic investment. and lastly YSEIF will provide scholarships to secondary school students through essay writing competitions and also provide edutainment events for youths.
Expected impact of your idea on sustainable development
The expected target for this project will be to reach out to not less than 1000 youths by 2021 with entrepreneurship trainings, ideas, loans, social and economic empowerment. The aim is to reduce the levels of unemployed youths in Malawi, reduce the drug and substance abuse, youths crime rate, youths sex workers and maintain youths economic empowerment with a complete sustainable plan. The measures to evaluate the success will be the number of socially and economic empowered youths by YSEIF by the end of 12 months. The targeted 1000 youths will be trained to impact other youths in their communities and change the course of social and economic challenges Malawian youths are currently facing. The reduction in the unstable financial and social issues by 85% will be a another way to measure, monitor and evaluate the successes of the project. improvement in young female economic empowerment through entrepreneurship, increased in an organized youth social and economic society where the youths are able to determine their future aspects and investment plans.
Plans for implementation and sustainability
The business model is that we will use a social-financial business model where entrepreneurs are both regarded as human financial and human social capital. This business model thus invest in the whole person not only his financial capabilities but also his social capabilities to transform the economy of Malawi. The business model works inform of a circle where profits made from shares of youths business group will be revolved train other youths entrepreneurs and the business loans' interest will be used to sustainably give loans to other youths. The other funds will be invested in building residential houses and commercial buildings for rent. The rent fees generated from the buildings will be re-invested in construction of youths training centers, more building and micro finance. The project will collaborate with different government and private department to help in building a strong and resilient social and financial youth empowerment forum. The Malawi ministry of health for social training has been approached, the ministry of finance has also been approached. private corporations like NICO Holdings has been approached to provide us with proper financial guidance and advise. we will work hand in hand with investment Banks so to help us grow sustainably by providing semi-annual trainings to the executive team running the YSEIF.
I am currently expected to turn 24years of age this coming September and I stand to be an honest, compassionate, creative and innovative young Male from Malawi. I have mostly grew up in the urban city of Malawi, specifically Blantyre which is registered to be the commercial and center of trade of Malawi. being raised in a business world I have seen first hand how young entrepreneurs continue to struggle due to poor training in business, lack of social capital and a closed market for young people. with such a background a worked hard on my academic education to the point of graduating to one of the constituency colleges of the university of Malawi, Chancellor College with a bachelor's degree in Media for Development. I graduated in 2018 and I continued to see the gap and struggles Malawian youth are facing to financially sustain their life due to high levels of poverty. Hence I started conducting different small scale research on how best youths can be economically empowered. in one of my research I used 12 youths within the age ranges of 18-27 where I used my money that I had been saving during college to give them business loans with no interest attached and grouped them into three groups and gave them business ideas where I closely monitored them for four months. The first group was cooking and selling doughnuts, the other group I gave them a small capital to start selling small electronic appliances like headsets, usb data cables, phone chargers, the third group opted to start selling second hand clothes. I worked with them for months and we agreed to meet every Saturdays for weekly reports in the business and how best they can go forward. With these groups I saw the youths capabilities.