Economic Recovery Creates New Opportunities to Expand Youth Entrepreneurship

Youthful Savings, the parent company of The Learning Marketplace and Youthful Savings Marketplace, hosted three programs this summer—partnering with Human Rights First, Children’s Aid NYC, and Fresh Air Fund to expand entrepreneurship among youth nationwide.

Due to the pandemic, many people, of all ages, have experienced low moods or lack of energy, with little motivation to take on any extracurricular activities. However, the 250+ participants of Youthful Savings’ three summer camps made the choice to use this time effectively and learn the mechanics of launching their own businesses.

The Return On Investment (ROI) for their commitment has been impressive! The biggest was more hope for the future and discovering that even when bad things happen, we can be productive, stay positive, and we can make a difference—in our lives and in the lives of others.

Based on participant experiences and formal research data, some other positive benefits include:

• More than 300 new products are now for sale on Youthful Savings Marketplace.
  
• Greater financial literacy. Each participant received a stipend for product development and marketing, with a portion to save or invest.
  
• Significant increase in feelings of confidence, better understanding of impactful business creation, improved mental health, more social connections, and a deeper sense of belonging.

“My participation in the Youthful Savings Marketplace program has been an excellent experience! I discovered my strengths and weaknesses. I launched my business and it’s generating sales! I’m continuing to learn and ready to live with the challenges and uncertainties of growing a business.”

Says Ralph Liu, a 15-year-old high school student, and founder of NYC-based E-tutor Service & Roaring Flames

Youthful Savings is fostering the growth of a strong community of youth entrepreneurs from coast to coast. Through Slack, a popular app for managing team communication and collaboration, participants can stay connected and continue to learn long after their formal programs end. 

Our business owners are sharing tips with their peers, meeting new people, getting valuable feedback, encouraging one another, pursuing their interests in investing, politics, games, etc. and taking advantage of ongoing instruction about product development, marketing, social media, and effective communication skills to name a few.

For more in-depth personal accounts of the benefits and challenges of participating in Youthful Savings programs and becoming a youth entrepreneur, check out more of our blog posts, Instagram Lives, and be sure to follow us on Twitter!

Written by:

Abdulaziz Abdulrub, CEO and founder of Change for America