Wednesday, November 6, 2024
HomeFor: InvestorsANDE Rethinking Development: Why Entrepreneurship is Key...

ANDE Rethinking Development: Why Entrepreneurship is Key to Global Prosperity

Devin Chesney, the Interim Executive Director of ANDE, outlines a transformative development strategy focused on entrepreneurship as the key to achieving sustainable economic growth and global prosperity. He discusses the historical context of development assistance, the need to prioritise small and growing businesses, and the importance of evidence-based practices to foster entrepreneurship and local ecosystems.

Key Points:

The Historical Context of Development
Chesney explains that the current model of international development assistance has roots in post-World War II efforts, primarily focusing on rebuilding war-torn economies rather than fostering economic infrastructure in lower-income nations. Today, most aid goes towards alleviating symptoms of poverty rather than addressing its root causes, leading to only a small percentage of assistance targeting entrepreneurial development.

The Role of ANDE
ANDE focuses on supporting small and growing businesses as a means to foster economic growth and sustainability. The organisation aims to align entrepreneurship development with evidence-based practices and localisation efforts to empower local economies and ensure a more effective strategy for poverty alleviation.

The Need for Evidence-based Practices
Chesney discusses findings from ANDE’s research that show significant differences in impact between average and high-performing entrepreneurship support organisations.

  • Effectiveness and Impact: ANDE aims to enhance the interaction between Entrepreneurial Support Organizations (ESOs) and the entrepreneurs they serve. By investing in practices that drive high growth and sustainable outcomes, ANDE hopes to make undeniable contributions to global poverty alleviation.
  • Measuring Success: Implementing rigorous impact metrics will help ESOs understand their effectiveness, refine their approaches, and achieve higher success rates. Initiatives such as the Andy Metrics Conference and peer learning communities will foster this culture of evidence-based practices.

By focusing on improving the effectiveness of these organisations through established principles, ANDE seeks to increase their economic impact and encourage more funding towards entrepreneurship in development.

Local Ecosystem Development
Emphasising localisation, Chesney argues that developing local ecosystems for entrepreneurship is crucial. He stresses the importance of building institutions that support not individual entrepreneurs but an entire ecosystem, thereby contributing to broader economic growth.

Supporting small and growing businesses offers a natural pathway toward the localisation of development efforts. Unlike top-down, grant-funded interventions, entrepreneurship support can flourish locally, driven by native institutions. By cultivating vibrant ecosystems, resources can be funnelled efficiently to where they’re most needed and where they can have the most significant impact.

Future Ambitions and Collaborative Efforts
Chesney highlights the potential for a collaborative approach within the international development community, encouraging organisations to share resources and insights. He emphasises that building effective ecosystems and measuring impact rigorously can lead to significant increases in economic growth, fundamentally changing the development landscape.

The next phase for ANDE involves harnessing its extensive global membership and the institutional strength of the Aspen Institute to drive larger impact initiatives. Collaboration remains key; by working together, sharing best practices, and continually pushing for more substantial resource allocation, the SGB sector can become a cornerstone of a modern development paradigm.

Lynn Brown
Lynn Brown
Lynn is a content marketer that focuses on brand storytelling through digital platforms. Skilled in a background of web development, search engine optimization and content production, Lynn is excited to utilize over 10 years’ experience in digital marketing to help grow the ecosystems that support Africa’s very young entrepreneurs to ensure their success.

Resources to Download

Newest Resources

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

Stay Connected

LinkedIn

Twitter

Youtube

Facebook

Latest Articles

JOIN THE ANZISHA MOVEMENT

Get instant access to a library of resources that can help you and any young entrepreneur you know build their own enterprise!