The G20 Young Entrepreneurs Alliance (YEA) Summit 2022 took place in Hamburg. Ending on October 28, the two-day summit brought together hundreds of young entrepreneurs from G20 countries worldwide, discussing transformation towards sustainable innovation and diversity. Our co-founder Laura had the honour of representing Singapore this year. Keep reading for her thoughts on the summit.
What is the G20 Young Entrepreneurs Alliance?
Photo Credits: Wirtschaftsjunioren Deutschland
The G20 YEA is a global network that connects more than 500,000 young entrepreneurs with supporting organisations. The goal of the network is to help young entrepreneurs to achieve their goals.
Highlights of the G20 YEA summit
​Day 1, October 27, 2022: | ​Day 2, October 28, 2022: |
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Alex Gill, the founding visionary of the global network, opened the G20 YEA Summit with his belief that despite the turbulent times we are experiencing due to the pandemic, war and environmental crises, they will end, and the economy will recover. In light of this, he asserts:
"Entrepreneurship is all about possibilities and renewal."
The Federal President of Wirtschaftsjunioren Deutschland, Denise Schurzmann, expressed her desire for young entrepreneurs to collaborate and explore what they can achieve across borders.
Following that, Alessandro Somaschini, the Chair of the G20 YEA steering committee, spoke about his hopes for a level playing field where people from all walks of life are given the same opportunities to succeed.
To that end, it's befitting of such a summit where budding young entrepreneurs from around the globe can share experiences and make connections.
For entrepreneurs, the road to transformation starts with our ventures.
The panellists discussed how entrepreneurs could begin with their own ventures to ensure the sustainability of resources and influence consumers' habits through their products. To promote sustainable consumption, it is our duty as business owners to inform our customers and get our supply from environmentally friendly sources. Although there is still much to be done regarding governmental support for expenses, everyone may benefit from affordable, sustainable products.
On diversity in the entrepreneurial sphere
The conversation about the lack of female entrepreneurs and their funding opportunities was illuminating as they addressed the biased money semantics in which venture capitalists (VCs) asked founders questions of varying natures based on gender.
Male founders are typically asked about their vision and growth strategy, whereas female founders are more likely to be questioned about their financial plans. The disparities in the way questions are posed substantially impact the amount of funding received by female founders, as well as their likelihood of receiving funding at all. Eliminating biases against women in the entrepreneurial world is a work in progress. That was the consensus of many of the delegates I spoke with.
The future of sustainable water
As a tea sommelier, where the quality and availability of safe drinking water is of utmost importance, the topic of sustainable water is very dear to me. I could connect this to Singapore's renewable water system, the decades-long work to establish a sustainable approach, and how the technology could be advantageous to other nations. Moving forward, various agencies and the Environment and Water Research Institute (NEWRI) at Nanyang Technological University could share their knowledge and expertise.
Networking opportunities during the YEA Summit
I had the chance to interact with representatives from Brazil, Canada, Italy, Germany, China, South Africa, the United Kingdom, India and France on the first day of the networking session. We discussed reducing barriers to entry for aspiring entrepreneurs, particularly those without access to information or resources, such as migrants and marginalised communities.
On our second networking day, I met delegates from Mexico and Turkey with whom I had yet to have the opportunity to converse on the first day. We talked about the construction, steel, alcohol, and food industries and the potential collaborations between our nations.
I shared my experiences as a migrant entrepreneur in Germany and my vision for facilitating Southeast Asian Entrepreneurs' access to information regarding starting a business in Europe. Plans are in place to continue our discussions and transform them into a workable solution for all parties. We also discussed future cross-country commercial ties in agriculture, natural stones, aviation and automated manufacturing.
Additionally, I got the opportunity to engage in a small-group conversation with the German Chairperson and the Chinese delegate regarding the possibility of organising events for the Asian community in Germany to bridge the gap between the diverse migrant cultures and the host country.
Takeaways from the FuckUp Night sharing session
We listened in awe as three entrepreneurs recounted their experiences and how they overcame setbacks. They chose to take charge of their lives rather than ride them as passengers. It was inspiring how they viewed every setback as a lesson in life and used them as stepping stones towards achieving their life goals.
Meet the Ukrainian Entrepreneurs Session
Four Ukrainian entrepreneurs who joined us virtually shared how the war has impacted their entrepreneurship. They had to adapt to the situation, nonetheless. Many of us may take heart from their example of fortitude in facing adversity and apply it to our lives.
My thoughts and key learnings from the G20 YEA Summit 2022
Overall, the summit was an eye-opening experience that taught me not just about every country's key industries and interests but also the countless opportunities that Singapore could work on and with. From panel discussions to keynote speeches, the primary message was conveyed, and a strong focus on sustainability and diversity within the scope of entrepreneurship remains my key takeaway.
I am grateful for this opportunity and the G20 YEA Singapore team: Melvyn Goh, Dorothy Seet, Jayren Teo, Jenny Zhao, Guo Hong Lim and Bei Lin Teo, who worked tirelessly behind the scenes for their support.
Many thanks are also extended to Albereene Sim and Jessie Lim from Singapore Global Network for connecting us. Lastly, I thank the ever-supportive Southeast Asian Entrepreneurs in Europe Association committee members.
Final thoughts and moving forward
Many countries have shown interest in Singapore's participation in the G20 YEA Summit to be held in India the following year. I hope the G20 YEA Singapore team can attend with a more prominent presence. Participating in the summit, learning from the entrepreneurs, and supporting organisations is unquestionably time well spent. The takeaways are so much more than the stack of name cards I accumulated over two days.