The African Union Youth Volunteer Corps (AU-YVC) has introduced support to startups run by youth in a move to promote PanAfricanism and an enterprenuerial spirit among young Africans.
According to the African Union, several studies show that over 70 percent startups fail before their third year of existence.
AU adds that startups fail over poor management, shortage of capital, lack of marketing and accounting skills and inadequate motivational factors to solve the challenges even in the presence of adequate funding.
The organisation says Africa has many highly skilled, young human capital which is innovative and creative and has been at the forefront of the diverse inventions on the continent. The youth volunteers from AU will therefore help their counterparts build long lasting companies from their ideas or startups to drive sustainable development.
For those keen to get AU selected and trained volunteers, their firms should be youth owned and led businesses (15-35 years) and they should be officially registered in-country of operation with a three years or less of operation since registration.The AU-YVC is a Pan African development program with youth volunteers from from all the 54 member countries of the African Union.
AU-YVC was set up in 2010 in Abuja, Nigeria.