G20 YEA Global Survey Report:
How are young entrepreneurs
Kai Analytics worked together with G20 Young Entrepreneurs’ Alliance (G20 YEA) to discover the issues young entrepreneurs around the world are facing during COVID-19, how their businesses are faring, and which types of government measures have been most useful to them this year.
What We Did
Kai Analytics was responsible for conducting a qualitative data analysis of the open-ended survey responses of young entrepreneurs and creating a comprehensive report that summarized the results of the survey. The themes that emerged during the analysis of the responses were identified through text analytics methods, also known as natural language processing.
A Communiqué to G20 leaders informed by the report made by Kai Analytics.
A G20 standard technology development policy was created, informed by the report produced by Kai Analytics.
Had 5000 people globally tune into the presentation of the report.
Kai Analytics went above and beyond while closely respecting project timeframes. Not only did they support our open-ended question analytics, but they also offered advice on best practice for survey representation, results design and outline, and report writing, in a multinational context. Kai Analytics was
a key parter of the Alliance this year.
— MÉGANE VISETTE, CANADIAN SHERPA, G20 YOUNG ENTREPRENEURS' ALLIANCE
3 Key Insights
We showed governments that they need to continue tax relief and direct support for businesses.
By far the biggest challenge that entrepreneurs faced due to COVID-19 was a decrease in revenue and demand. Governments should continue tax relief and incentive policies and potentially add more relief to particularly hard-hit sectors (e.g. tourism, events, food services, etc.).
We highlighted the need to incentivize increased digitalization for businesses.
There is a clear opportunity for governments to incentivize "digitalization" since 22% of young entrepreneurs globally said this was a key impact from COVID-19, yet only 8% had access to this type of support.
We emphasized that support programs should target young entrepreneurs.
Incentives for young entrepreneurs need to be targeted and measured. Our analysis showed that entrepreneurs under 40 were more heavily disadvantaged by COVID-19.