Till N Folger

Characterizing West Africa's aspiring entrepreneurs Till N Folger

While startup companies and the phenomenon of entrepreneurship have long been subjects of consideration in the industrialized economies of Europe and North America, the concept is no longer a novelty in most other parts of the world either. Regions such as Latin America, the Middle East and Southeast Asia have been increasingly associated with the foundation of young enterprises and a drive to innovate. Worldwide the entrepreneurial classes have been able to fill market voids with their incremental or disruptive approaches to diversifying their countries' economies into new, innovative fields. One place in particular that has not been able to match these success stories is Western Africa. Even though the particular life circumstances here offer much room for innovation, specifically tailored to the livelihoods in the region, and for the empowerment of the local population, entrepreneurship has not taken root. Therefore, the World Bank has identified entrepreneurship as one field in which vast improvement is possible in this region and where there is significant scope for positive consequences for the populations. Not only can entrepreneurship be a tool for stimulating local markets and increasing consumer choice with more innovative products and services, the empowerment it brings to the entrepreneurs themselves is also likely to result in favorable economic and social outcomes for them and their families. This is the exact context in which this analysis places itself, playing a part in the advancement of entrepreneurial culture in the region and strengthening the local private sector, for a better future for Western Africa and the aspiring entrepreneurs living there.