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Young people at the CYP Asia Regional Centre, Chandigarh, India

Image of young people at the CYP Asia Regional Centre, Chandigarh, India

Commonwealth seeks young entrepreneurs in Asia

22 July 2013
Challenge looks for youth-led businesses that promote social change in Commonwealth-Asia

The Commonwealth-Asia Young Entrepreneurs Alliance (CAAYE), an initiative to promote and encourage enterprise among young people, is inviting young entrepreneurs across the eight Commonwealth-Asia countries to participate in the inaugural CAAYE Young Entrepreneur Challenge 2013.

Recognising that youth form a vital part of the global entrepreneurship equation, the challenge aims to provide a platform for young entrepreneurs in the region to showcase business enterprises that engineer social change.

Under the theme “Profit with Purpose: Entrepreneurs who build a better world”, the challenge is open to youth entrepreneurs between 20 to 35 years old from Bangladesh, Brunei Darussalam, India, Malaysia, Maldives, Pakistan, Singapore and Sri Lanka with existing businesses. Criteria stipulates that businesses must be at least two years old and generating revenue.

The CAAYE Young Entrepreneur Challenge is to be convened in the lead up to the 2nd CAAYE Young Entrepreneur Summit that will be held in Colombo, Sri Lanka in November 2013. The deadline for submission is 15 August, 2013.

A panel of judges will evaluate the business ideas at the national level and select the top two entries from each member country. The top two entries identified per country will be judged at the regional level to select an overall winner.

CAAYE said the winner will receive mentorship support for one year through its partnership with the International Labour Organisation - Youth Employment Network (ILO-YEN) online mentorship platform. The successful young entrepreneur will also receive entrepreneurial support in different areas from CAAYE member organisations in Asia for a period of one year.

In addition, the winner will also receive an invitation to participate in the 2nd CAAYE Young Entrepreneur Summit in Colombo on 9-11 November 2013 to present their business idea and interact with 200 young entrepreneurs from around Asia. Travel and accommodation will be paid for by the Commonwealth Secretariat.

Further details on how to join the challenge and download an application form visit www.caaye.com/yechallenge.