Remarks: Thomas E. Lersten Director, Global Entrepreneurship Program, US Department of State Puerto Rico Chamber of Commerce September 30, 2015

Size: px

Start display at page:

Download "Remarks: Thomas E. Lersten Director, Global Entrepreneurship Program, US Department of State Puerto Rico Chamber of Commerce September 30, 2015"

Beverley Newton
6 years ago
Views:

1 Remarks: Thomas E. Lersten Director, Global Entrepreneurship Program, US Department of State Puerto Rico Chamber of Commerce September 30, 2015 President and Chairman of the Board Doctor Barquet, Chief Executive Officer Mr. Bigas, Event Chair Mrs. Marti, thank you so much for this opportunity to speak with you today. Muchismas gracias por su amable invitation. I d be remiss if I did not also thank Sandra Gonzales and Nancy Robles, who have helped so much with getting me here. Naturally, it s a great pleasure to be here in beautiful Puerto Rico, and not back in Washington, where sometimes it feels like all we do is draft memos, answer s, and run endless meetings. Trust me. And at the outset here, I do have a confession to make: I am not an entrepreneur yes that s right. In fact, let s be honest about it. I work for the federal government, about as far from entrepreneurial one can be. As one person put it, bureaucrats are the only people who can make the possible impossible. But joking aside, I want to share with all of you today, the true creative doers and innovators, why the U.S. Department of State is in the business of promoting entrepreneurship. At the State Department, we believe the United States is uniquely situated to promote entrepreneurship worldwide because it is part of our DNA as Americans, and a cornerstone of America s economic strength. And actually, entrepreneurship fits ideally into our overall mission of creating a more secure, democratic and prosperous world. As President Obama stated recently, entrepreneurship creates new jobs and new businesses, new ways to deliver basic services, new ways of seeing the world -- it s the spark of prosperity. So, it makes good foreign policy sense for the United States to promote entrepreneurship, especially in this turbulent time given world events.

2 In a world without innovation, there is no economic growth, no medical advances, no technology, and no progress. So I commend you, the innovators of the world, for taking the risk to turn your ideas and inventions into startups. Now, not only do innovations lead to an improved, more stable world, but they represent billions of dollars per year in global market opportunities for U.S. exports. A rising middle class in foreign markets means consumers who can buy American products and services. Our Global Entrepreneurship Program which I ll refer to as the GEP - was founded in Our embassies and consulates throughout the world are hungry to promote entrepreneurship in their host countries, and we help them by matching budding entrepreneurs overseas with U.S.-based innovators and organizations. Through the GEP, we try to harness the power of the private sector, science, and technology to equip people to be agents of innovative change and economic development around the world. Our focus is on the following areas of entrepreneurial development: Identifying Entrepreneurs how do we find the next generation? Training Them workshops, seminars and facilities Sustaining Them how do we keep the momentum going? Guiding to Financing linking entrepreneurs with investors Facilitating Market Access teaching marketing skills Enabling Supportive Policies Celebrating Entrepreneurs events and networking Let me address supportive government policies, because this is such a vitally important area.

3 We all know clear rules promote growth in global economies. Yet in many countries, this remains elusive. Endemic corruption, onerous business regulations, and a lack of transparency present major obstacles to entrepreneurship. I served for three years in Central America, and that region is not immune to these challenges. The State Department maintains more than 250 embassies and consulates worldwide, and frankly most of them are located in countries facing these exact challenges. And on a regular basis, we push host governments to adopt more business-friendly climates. Sometimes we are successful, and sometimes we are not. The reality is that without the political will of foreign governments to make changes, it is difficult to do so. That s another reason we need innovators and entrepreneurs -- to be advocates to encourage free and open markets overseas. Let me touch on the important topic of women entrepreneurs. According to a recent Harvard Business Review article, women-owned firms in the private sector represent approximately 37% of enterprises globally, and that percentage is rising. These firms run the range, from new beauty salons to visionary high-tech businesses. According to an analysis surveying 350 microfinance institutions across 70 countries, lending to women was associated with lower write-offs and lower default rates. In developing markets, a study revealed that women reinvest 90 cents of every additional dollar of income on their families education, health and nutrition, compared to about 30-40% for men. So, female entrepreneurs make a dramatic contribution to improving their countries wellbeing. I think this should get our attention. And it has in the State Department. One program we are particularly proud of in my office is The Women s Entrepreneurial Center of Resources, Education, Access, and Training for Economic Empowerment, known as WECREATE. WECREATE sets up physical entrepreneurial community centers that can be replicated worldwide. Each center is tailored to a country s specific economic

4 environment and built in a safe location for women to gain access to empowering resources, such as: Trained mentors Educational programs on entrepreneurship and accelerated go-to-market strategies Access to technology Industry focused programming Networking Personal support throughout their business development Childcare services Currently we have WECREATE centers in Pakistan, Cambodia, and Zambia. And we plan to launch centers in Vietnam, Kenya and Mali soon. Last July, President Obama participated in the sixth Global Entrepreneurship Summit in Nairobi, Kenya. We at State worked closely with the White House on this event. The summit brought together over 1,200 entrepreneurs and investors from 130 countries, creating tremendous networking opportunities throughout Africa and in some of the other most impoverished regions worldwide. It created opportunities for U.S. investors. And it gave a message of hope to the many entrepreneurs of the world that they are not alone and have the support of the United States. Another key event in which we are engaged is Global Entrepreneurship Week, funded by the Kauffman Foundation. Global Entrepreneurship Week inspires innovators and entrepreneurs to grow through networking, mentorship, and business plan competitions. This year Global Entrepreneurship Week will be celebrated November

5 We actively promote participation in Global Entrepreneurship Week each year by hosting hundreds of events around the world at our embassies and consulates. And throughout the year, our embassies and consulates continually host events to empower entrepreneurs to start businesses that can thrive. Working together, we can create a more prosperous and improved future for everyone. It won t be easy, but nothing truly worthwhile is easy. With that, I will close by saying thank you, and I look forward to meeting many of you, and hearing your ideas during this wonderful event today.

Women Entrepreneurship Council

Women Entrepreneurship Council Gender equality and women economic empowerment represent some of the key preconditions for stable economic development. Problems faced by women entrepreneurs in Serbia are