The G20 Young Entrepreneur Summit (Mexico 2012) Day 1: June 3 Summary

The G20 Young Entrepreneur Summit, a meeting of the next generation of business leaders and the groups representing them, opened its doors to attendees on June 3. This year, the event was titled “Young Entrepreneurs: Building Dynamic Businesses that Foster Growth and Job Creation” and was hosted at the Monterrey Institute of Technology and Higher Education.

The summit began at 8:30 a.m. with an opening ceremony featuring the Minister of Education, the Technical Secretary for Competitiveness, two Coparmex representatives, the Director of the Mexican Institute of Youth, the President of the Steering Committee of the Young Entrepreneurs Alliance, the President of The U.S. Russia Center for Entrepreneurship, and the Director of ITESM.

During the hour-long ceremony, the President of the Commission of Young Entrepreneurs of Coparmex offered an answer to the international problem of youth unemployment. Francisco Ruiz López said the solution was to support innovation and dignify the “role of the entrepreneur in the society, integrate business curricula in educational programs, regulate interest rates and the necessary guarantees so that young entrepreneurs can [have] access to financing, promote economic and fiscal incentives, and facilitate the procedures for the creation of companies.”

The morning marched on with a panel meeting lasting from 9:30 to 10:30 a.m., moderated by Coparmex’s leaders. After a half-hour break, working groups by Ernst and Young occupied the next five hours.

“Economical Development of most of countries is getting worse,” tweeted entrepreneur and attendee Frank Sitta from this meeting, referencing a conference chart showing economic growth of only a few percentage points for many economically important countries and the world a whole—with the  exception of the BRIC countries.

Much of the discussion during this time focused on access to funding and economic circumstances.

“80 mill jobs are required globally in the next 2 years but current global economic growth will only manage to create 40 mill jobs,” tweeted attendee and self-described empire-builder Bantu Bophela.

Another hot topic was how taxation and regulation affect entrepreneurship.

“Entrepreneurs want government to develop and enhance tax, regulatory and other policies to enhance success,” tweeted G20 Young Entrepreneur Summit Canadian Delegate Lindsey Parkin.

During a workshop on overcoming barriers held by Ernst & Young, Osama Natto, owner of Saudi start-up Innovative Business Solutions, represented delegates from Turkey, Mexico, and Italy to discuss issues related to R&D incentives by government or semi-government entities. Natto said these entities should make it easy to apply for R&D incentives, protect the intellectual property of entrepreneurs, respond quickly to their needs, support R&D by cutting taxes, help inventors develop prototypes, and assist them in commercializing their products.

Following lunch, business resumed at 3:30, with the Founder of Mexican fashion design business Pineda Covalín sharing her success story with attendees. This was followed by a panel devoted to celebrating entrepreneurial success and motivational business stories, moderated by Ernst and Young.

A late afternoon session focused on six entrepreneurs sharing stories of new beginnings, periods of growth, crises, successes, and failures.

“For entrepreneurs no means maybe and maybe means yes so everything is a yes,” tweeted Natto, referencing the spirit of this afternoon meeting, which he called the highlight of the first day of the summit. “Entrepreneurs start by wearing 17 hats, but they evolve to focus on building the empire.”

Next, the attendees transferred from ITESM to the hotel to the iconic Interactive Museum of Economics for a formal dinner with the Minister of Economy under the high arches of the former Bethlehemite hospital and convent.

“After a long day at G20 Young Entrepreneurs Summit in Mexico City, time for a formal dinner at this wonderful museum Museo Interactivo de Economía where I personally met the Mexican Minster of Tourism,” said Natto.

The evening wrapped up at 10:30 p.m., paving the way for another busy day on Monday.

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