10:40 A.M. EAT
PRESIDENT OBAMA: Thank you. (Applause.) Thank you so much. Please, please, everybody have a seat. Good morning!
AUDIENCE: Good morning!
PRESIDENT OBAMA: Tanga jumbo.
Thank
you so much, President Kenyatta, for your timely remarks, your warm
welcome, and the great work that has gone into hosting this summit. It
is wonderful to be back in Kenya. (Applause.) Niaje wasee!
(Applause.) Hawayuni! (Applause and laughter.) I’m proud to be the
first U.S. President to visit Kenya. (Applause.) And Obama, this is
personal for me. There’s a reason why my name is Barack Hussein Obama.
(Applause.) My father came from these parts, and I have family and
relatives here. And in my visits over the years, walking the streets of
Nairobi, I’ve come to know the warmth and the spirit of the Kenyan
people.
Now, what President Kenyatta and I really want to have is a
conversation with our panel. And we've got some outstanding young
people here today who I think represent the promise of entrepreneurship
not only in Africa but around the world. But I do want to make just a
few quick points.
We are joined today by inspiring entrepreneurs
from more than 120 countries -- (applause) -- and many from across
Africa. And all of you embody a spirit that we need to take on some of
the biggest challenges that we face in the world -- the spirit of
entrepreneurship, the idea that there are no limits to the human
imagination; that ingenuity can overcome what is and create what needs
to be.
And everywhere I go, across the United States and around
the world, I hear from people, but especially young people, who are
ready to start something of their own -- to lift up people’s lives and
shape their own destinies. And that’s entrepreneurship.
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. It helps citizens stand up for their rights and push
back against corruption. Entrepreneurship offers a positive alternative
to the ideologies of violence and division that can all too often fill
the void when young people don’t see a future for themselves.
Entrepreneurship
means ownership and self-determination, as opposed to simply being
dependent on somebody else for your livelihood and your future.
Entrepreneurship brings down barriers between communities and cultures
and builds bridges that help us take on common challenges together.
Because one thing that entrepreneurs understand is, is that you don't
have to look a certain way, or be of a certain faith, or have a certain
last name in order to have a good idea.
The challenge is --
as so many of you know -- it’s very often hard to take those first
steps. It’s hard to access capital. It’s hard sometimes to get the
training and the skills to run a business as professionally as it needs
to be in this competitive world. It’s hard to tap into the networks and
mentors that can mean the difference between a venture taking off and
one that falls flat.
And it’s even harder for women and young
people and communities that have often been marginalized and denied
access to opportunities. You run into old attitudes that say some
people, because of where you come from or what you look like, don’t have
what it takes to lead or create a business. And sometimes it's
subtle. You go into pitch an idea and maybe the response you get might
not be as enthusiastic as if someone else pitched the exact same idea.
Sometimes women or folks from communities that historically have not
been viewed as entrepreneurial may not have the means of opening those
doors just to get in front of the right person.
Of course, the
best answer to that kind of thinking is the example that all of you are
setting -- your success. And that’s why I’ve made encouraging this
spirit of entrepreneurship a key part of America’s engagement in the
world. I launched the first of these summits in Washington five years
ago. And since then, we’ve helped empower hundreds of thousands of
entrepreneurs, giving them a boost to launch thousands of new businesses
and initiatives. Here in Africa, our Young African Leaders Initiative
is empowering tens of thousands of dynamic leaders not only in business,
but also in government and civil society. Because one of the things
that we have come to understand -- and this is particularly relevant to
Africa -- is that in order to create successful entrepreneurs, the
government also has a role in creating the transparency, and the rule of
law, and the ease of doing business, and the anti-corruption agenda
that creates a platform for people to succeed.
So this is our
first Global Entrepreneurship Summit in sub-Saharan Africa. We wanted
to come here. I wanted to be here because Africa is on the move.
(Applause.) Africa is one of the fastest-growing regions of the world.
People are being lifted out of poverty. Incomes are up. The middle
class is growing. And young people like you are harnessing technology
to change the way Africa is doing business, as President Kenyatta
alluded to. And that creates incredible opportunities for Africans and
for the world. It means more growth and trade that creates jobs in all
our countries. It's good for all of us. This continent needs to be a
future hub of global growth, not just African growth. (Applause.)
And
the country that's hosting us today is setting an important example --
Kenya is leading the way. (Applause.) Today, Kenya is the largest
economy in East Africa. High-speed broadband and mobile connectivity
are on the rise, unleashing the entrepreneurial spirit of even more
Kenyans. Every day around the world, millions of people send and save
money with M-Pesa -- and it's a great idea that started here in Kenya.
(Applause.)
From Zimbabwe to Bangladesh, citizens work to keep
elections safe, using the crowdsourcing platform Ushahidi -- and that’s a
great idea that started right here in Kenya. (Applause.) Here in
Nairobi, startup incubators are nurturing new businesses every day --
maybe some of yours -- each with the potential to be the great next
Kenyan innovation.
And the good news is that I’m not the only one
who sees the promise of Africa. I’m joined on this trip by some
leaders not just across my administration, but I'm also joined by 20
members of the United States Congress from both parties -- because
supporting a strong partnership with Africa is something that unites
Americans. (Applause.) We've got some incredible entrepreneurs and
business leaders who are well-established from the United States who are
with us. They see the promise, as well. And they’re putting their
money where their mouth is.
So today, we’re taking the next steps
to partner with you. First, we’re offering entrepreneurs more startup
capital. At last year’s Entrepreneurship Summit, we set a goal of
generating $1 billion in new investment for emerging entrepreneurs
around the world, with half the money going to support women and young
people. (Applause.) A few months ago, I challenged governments,
companies, organizations and individuals to help us reach this target.
Today, I am proud to announce that not only did we make our goal, we
surpassed it. (Applause.) We’ve secured more than $1 billion in new
commitments from banks, foundations, philanthropists, all to support
entrepreneurs like you.
Second, we’re connecting you with the
world’s top business leaders and innovators. We hand-picked more than
200 seasoned investors and entrepreneurs and brought them to this
summit. I’ve even brought a few of my presidential ambassadors for
entrepreneurship. These are some of America’s leading innovators and
entrepreneurs. So if you see them, don’t be shy. (Laughter.) Pin them
down. Get their advice. Pitch them your idea. That’s why they’re
here. And don't be discouraged if they say, I'm not sure that's going
to work, and they ask you tough questions. Because one of the things
every one of these successful entrepreneurs will tell you is that along
with incredible successes, they’ve had some failures as well, and
they’ve learned from them, but they haven't given up.
Number
three, as I’ve said, we’re stepping it up to support women
entrepreneurs. Women are powerhouse entrepreneurs. (Applause.) The
research shows that when women entrepreneurs succeed, they drive
economic growth and invest more back into their families and
communities. (Applause.) We’ve already helped build a network of more
than 1,600 women entrepreneurs across Africa. We’re launching three
women’s entrepreneurial centers -- one in Zambia, one opening later this
year here in Nairobi -- (applause) -- and I’m proud to announce that
the third center will be located in Mali. (Applause.) We've got some
folks from Mali in the house. (Laughter.)
And as part of
that $1 billion that I mentioned earlier, the United States Overseas
Private Investment Corporation is contributing $100 million to support
Goldman Sachs’ 10,000 Women initiative, making more capital available to
women-owned enterprises around the world. (Applause.) So,
congratulations.
So as you leave here today, I want you all to
know that I believe in you. I believe that you have the drive and the
passion to change the world. You can unlock new solutions to the
pressing global challenges that we face. I believe that. I believe
that as you make these innovations, you’ll make life better for all of
us. And I'm looking forward to being your partner in that process.
So
with that, what I think we need to do is to hear from some of these
young entrepreneurs themselves. They can tell us a little bit of what
they’re doing -- because I think they’re great examples of all the
talent that is here today.
Thank you very much. (Applause.)
* * *
PRESIDENT OBAMA: I think what’s also interesting is, as you listen to
these three -- and I think that I'm sure this is true of many of the
entrepreneurs here as well -- one of the advantages of this
technological revolution that we're going through is that it can be
tailored and adapted to different countries, different environments,
different circumstances, in some cases enabling countries to leapfrog
over old technologies, to individualize what’s done for a particular
market or a particular need.
And the kind of thing that Jahiel is
talking about -- the share economy concept -- we've got the founder of
Airbnb out here, and you can talk to him a little bit. He’s doing
pretty good. (Laughter.) But there’s a recognition that through these
technological platforms, what might have previously required huge
investments of capital, and as a consequence, big barriers to entry, now
you can get a startup moving, and if it's the right idea, it can travel
with the speed of how fast you can text. I can't text very fast, but
-- (laughter) -- I notice Malia and Sasha, they -- (laughter.)
And
so I think that this makes a place like Africa, or Croatia, or other
countries that historically may not have been viewed as right at the
center of the global economy, suddenly they can compete on a level
playing field. And if you have a good idea in Zagreb or in Abuja, or
wherever, now you potentially have access to a global marketplace in
ways that you haven't had before.
What President Kenyatta said is
absolutely correct, though, and that is for us to take full advantage
of this we have to support programs like Judith’s so that our young
people are being trained in this technology, that there are no barriers
for girls to be trained in this technology. If half of your team is not
playing, you’ve got a problem. And in too many countries, half of the
team -- our women and girls -- are not participating enough in this.
So
we've got to invest in human capital so that everyone has the
opportunity to access this information and there’s got to be the
framework for access to capital; reduce regulatory barriers; the ability
to start up businesses effectively; making sure that governments are
facilitating as opposed to being parasitic on entrepreneurial efforts --
that's our job. (Applause.)
And I think that the good news is,
is that we're seeing that recognition in more and more governments
around the world. Not all of them always are practicing what they
preach, but it's a start when governments feel obliged through, for
example, initiatives like the Open Government Partnership that we
started through the United Nations -- where they feel obliged to
acknowledge that they’ve got to get these rule of law issues and
accountability issues and human investment issues right -- then that
gives us a lever to start continually improving the environment for all
of you and your operations.
And, last point I would make -- and
President Kenyatta alluded to this -- I think it's very important for
the business leaders who are here, the established business leaders, to
understand that this is still a neglected market, and accessing capital
for entrepreneurs here is still too hard. And we can help -- U.S.
government policy can help -- but some of this is exposure and people
having a vision of what’s possible.
When I was here in Nairobi 10
years ago, it looked very different than it does today. The incredible
progress that's been made -- (applause) -- imagine what could happen if
more and more of our global business leaders and global capital paid a
visit and actually had a conversation, as opposed to just being blinded
by some of the stereotypes that are so often promoted. This thing could
move even faster. (Applause.) And that's part of the reason why this
summit is so important.
So, I'm proud of all of you. I'm proud
of these three entrepreneurs who are here. They represent all the
talent that's in this room. Go out there and start something. We're
excited about it. We expect great things out of you. (Applause.)
Thank you very much. (Applause.)