The President: Welcome to the White House.
We have more than 20
countries represented
here today.
So to those of you visiting
for the first time, welcome
to the United States.
We have a lot of
brainpower here.
We've got innovators and
investors, business
leaders, entrepreneurs.
We've even got a few Sharks.
(laughter)
Mark and Damon
and Barbara, they were
having a chance to talk
to some of these young
entrepreneurs, and the
young entrepreneurs I think
decided they were pretty
nice sharks, as sharks go.
(laughter)
I want to welcome Senator
Coons, who's here and a
great champion of our
engagement with Africa.
And I want to thank
Secretary Penny Pritzker --
(applause)
-- as well
as our Small Business
Administrator, Maria
Contreras-Sweet --
(applause)
-- and all the
leaders from across the
administration for
their work to empower
entrepreneurs like you.
We're here today because
we believe in the power of
entrepreneurship -- the
basic notion that if you've
got an idea and if you
really work hard and you're
able to pick yourself up
if you stumble a couple of
times, you can eventually
turn that idea into
a reality.
And this matters to us
because encouraging the
spirit of entrepreneurship
can help us to tackle some
of the greatest challenges
that we face around
the world.
At a time when we're still
working to sustain the
global economic recovery and
put people back to work,
helping folks to start
new business can spur
broad-based growth, here at
home and around the world.
At a time when the world is
more interconnected than
ever, we've got
unprecedented opportunities
to help more people access
capital and resources and
networks that they
need to succeed.
At a time that we're facing
challenges that no country
can meet by itself --
lifting people out of
poverty, combating climate
change, preventing the
spread of disease -- helping
social entrepreneurs
mobilize and organize brings
more people together to
find solutions.
And entrepreneurship breaks
down barriers between
cultures and between faiths
at a time when we need more
than ever the capacity to
understand and work
across borders.
And no one understands
this better than our young
people, like those of
you who are here today.
I do have to say, as a quick
aside, I feel kind of old
hanging out with you.
(laughter)
I used to think
of entrepreneurs as kind of
old, grizzled people, and
now I'm the old grizzled
person --
(laughter)
-- and
the entrepreneurs are all
young and extraordinarily
good-looking group
of entrepreneurs.
But more than half the
world's population is under
the age of 30.
In some countries, it's
an overwhelming majority.
And yet, there are also
countries where youth
unemployment can
exceed 35 percent.
And when so many young
people don't see a future
for themselves, if they
don't see a path to success,
it holds the
entire nation back.
It's a recipe for
instability and conflict
and violence.
And around the world, we've
seen how violent extremists
are exploiting and tapping
into these frustrations of
young people who feel that
they've got no opportunity
to improve their lives.
And what they offer
are dead ends.
And yet, if these young
people don't feel that there
is a positive path for
themselves, then
they're vulnerable.
Poverty alone does not cause
terrorism or sectarian
violence, but investments in
youth entrepreneurship and
education are some of our
best antidotes that we have
to that kind of disorder.
So all of this matters to us
-- to our shared prosperity
and to our shared security.
And that's why, from the
very beginning of my
administration, I've
elevated our support for
entrepreneurship to make it
easier for young people --
and people generally -- to
start a new business or a
new social venture.
I hosted the first Global
Entrepreneurship Summit back
in 2010, and over the past
five years we've helped to
train and empower thousands
of aspiring entrepreneurs.
We've helped small
businesses expand into new
markets, mobilized new
investments, connected
emerging innovators with
mentors and networks, and
expanded access to capital.
As part of our Young African
Leaders Initiative, we're
offering training and
grants, and online resources
and courses, and leadership
centers to help young
entrepreneurs build
businesses that can drive
growth in Africa.
As part of our initiative
in South East Asia, we've
connected young people
across the ASEAN countries,
and this is a region that
will only grow in importance
for the global economy.
Last month, I was in Jamaica
-- not only to visit Bob
Marley's house,
which was very cool.
(laughter)
Mark, I'm
telling you, if you
can go, it's --
(laughter)
-- it's cool. But
also to launch our
initiative for young
entrepreneurs in the
Caribbean and Latin America.
And everywhere you go,
you meet these incredibly
inspiring young people.
Young Palestinians I met in
Ramallah, working to improve
the lives of people across
the West Bank through
business, and
creating opportunity.
A young man in rural Malawi,
his town currently in
darkness, but he's building
generators to
deliver electricity.
Young Malaysians, harnessing
technology and connecting
their communities to
the global economy.
And just like you, they're
daring to dream and
dedicating themselves to
building something lasting
for themselves, but also
for their countries.
So all told, we've set
a goal of generating $1
billion in new investment
for emerging entrepreneurs
worldwide by 2017.
(applause)
And half of that
money is going to support
young entrepreneurs and
women entrepreneurs.
And we're calling
it the Spark Global
Entrepreneurship Initiative
-- brings together some of
the most successful
entrepreneurship programs
across our government and
makes sure that they're
working with the private
sector in ways that allow
for long-term,
sustained success.
So today, we're taking
some next steps.
First, we're going to step
up our efforts to support
young entrepreneurs and
women, which is just
smart business.
We want to spur
entrepreneurship in places
where it can do the most
good and have the
greatest impact.
And we're going to work
even harder to reach
entrepreneurs who face the
highest hurdles when it
comes to accessing the
essential tools of
entrepreneurship -- finance,
support networks, mentors.
Second, I'm proud to
announce that more of
America's business leaders
and innovators are joining
us in this effort.
We call them our ambassadors
for global entrepreneurship.
They do not have to be
confirmed by the Senate --
(laughter and applause)
--
which is worth cheering.
Our first class of
ambassadors has been doing
extraordinary work.
Steve Case, who, from the
day I came into office, has
been working with me on
promoting entrepreneurship
here in the United States
and now overseas -- he just
ended his Rise of the Rest
bus tour, investing in young
entrepreneurs in 14 cities
across the United States.
Today, we're welcoming
nine new ambassadors from
companies working on shared
challenges -- how to build a
business in underserved
communities; how to improve
the affordability and
accessibility of medical
care; how to inspire young
girls to pursue science
and engineering.
And each of our ambassadors
has committed to a signature
project focused on the
communities we're looking
to help.
I'm just going to give you
two examples, although each
one of these entrepreneurs
have amazing stories and are
doing some extraordinary
partnering with us.
So Brian Chesky of
Airbnb -- where's Brian?
There he is.
(applause)
In addition
to stealing a few of my
employees --
(laughter)
--
is going to help the Cuban
people navigate new business
opportunities as their
economy opens up to greater
Internet connectivity and
modern payment systems,
which provides enormous
opportunities for
individuals inside of Cuba
at a time when things are
transitioning and changing.
Julie Hanna.
Where is Julie?
There she is.
(applause)
Julie will use
her expertise leading Kiva
to increase access to
capital around the world.
Her project commits to
delivering $100 million in
crowdfunded loans to
200,000 women and young
entrepreneurs across 86
different countries.
So I want to thank all our
global entrepreneurship
ambassadors for stepping
forward and being part of
this important work.
Can you guys all stand up?
And our global ambassadors,
I want to just give them a
big round of applause
because they're doing really
important work.
(applause)
And finally, I'm challenging
our partners across the
private sector and around
the world to join
this effort.
We've already got the
backing of some of the
world's leading
entrepreneurial foundations
and organizations.
They've joined together
to form the Spark Global
Entrepreneurship Coalition,
which will coordinate this
work and help us mobilize
even more funding to
support entrepreneurs.
But today, I'm also urging
governments and companies
and organizations and
individuals to make their
own commitments.
Whether that's through
training and mentorship
programs, or helping
entrepreneurs access capital
and connect to markets,
or improving educational
opportunities and exchanges,
everybody has a part
to play.
Everybody can do something.
And this summer,
I'll travel to Kenya.
While I'm there, I'll
participate -- all
right, yo.
(laughter)
Habari.
(applause)
And so we're
going to participate in the
sixth Global
Entrepreneurship Summit.
And I'll have the
opportunity to meet some of
the brilliant young
entrepreneurs from across
Africa and around the world.
If enough folks respond
to the challenge that I'm
issuing today, I believe
that at the summit in
Nairobi we'll be able to
announce new investments and
commitments that will pay
off for years to come.
We want to empower people in
ways that empower societies
and ultimately
empower the world.
Women like Jimena Florez of
Colombia -- where's Jimena?
There she is.
(applause)
So I just had
a chance to meet with her.
She started her own company
making healthy foods --
which Michelle would be very
pleased with --
(laughter)
-- and she started her
company entirely with fellow
women entrepreneurs -- which
Michelle would also be
happy with.
And through our support for
women entrepreneurs, we've
helped Jimena connect to
mentors and training so that
she can access new trade
opportunities and
grow her business.
And through her work, she's
also helping Colombian
farmers adopt organic
farming and benefit from
access to new
markets as well.
So we want to thank you,
Jimena, for helping to lift
up your community.
We're very, very
proud of you.
(applause)
We want to empower pioneers
like Ziad Sankari.
Where's Ziad?
There he is,
right next to her.
When he was 17, he lost his
father to a heart attack.
And Ziad first came to the
United States to study on
a Fulbright.
Then, through one of our
science and technology
competitions, he earned
seed funding to develop his
innovation, which is a
heart-monitoring technology
that clips to
your waistband.
So today he's improving the
way we respond to cardiac
incidents, which will have
enormous ramifications not
just in places like Lebanon
but potentially all around
the world.
So, thank you, Ziad, for
helping to save lives.
(applause)
And we want to empower
leaders of social change
like Lina Khalifeh
of Jordan.
Where's Lina?
There she is.
(applause)
After seeing one
of her close friends abused,
Lina said that's enough.
She had a background
in martial arts.
(laughter)
And so she
opened SheFighter, a
self-defense
studio for women.
So far, she has helped about
10,000 women learn how to
protect themselves.
And now, she's competing
for funding to expand her
mission across
the Middle East.
So thank you, Lina.
(applause)
We want to be
your partner helping women
to live with
dignity and safety.
So Jimena, Ziad, Lina -- to
all the young entrepreneurs
out here -- you are
the face of change.
You have the power to drive
creative solutions to our
pressing challenges.
You know how to bring people
together to work toward a
common goal.
And I believe in all of you.
And as I travel around the
country -- I was telling
some of the entrepreneurs
earlier -- when you go to
some of the toughest places
in the world, where violence
and deprivation are, sadly,
daily facts of life, what
people are most eager to
hear about is opportunities
to start a business.
What they're most interested
in hearing about is the
power of entrepreneurship to
allow them to shape their
own destinies, not just to
be subject to the whims of
aid agencies or geopolitics,
but to be part of something
that allows them to pursue
their dreams -- and by doing
so, empowers all of us.
I believe that entrepreneurs
like you can make the world
a better place,
one idea at a time.
And you're going to be
how change happens -- one
person, one step, one
business, one city, one
country at a time.
There are brilliant young
people and hardworking women
and innovative thinkers from
communities all around the
world -- people just like
you, ready to make
a difference.
But they haven't been
given the chance yet.
And we can change that.
And together, we can help
make sure that anyone who's
got the creativity and drive
to work hard, no matter
where they're from, what
they look like, what their
background is, they get a
fair shot at pursuing
their dreams.
And we'll all be
better for it.
That's what this is about.
And that's why America is
going to keep supporting
entrepreneurs like you.
And as long as I'm
President, this is going to
be a critical part of our
engagement and our diplomacy
with countries and peoples
around the world, and I
suspect I'll still be
working on it well after I'm
President as well.
So thank you very
much, everybody.
I'm proud of you.
Keep it up.
Thank you.
(applause)
