G20 YEA Global Survey Report: How are young entrepreneurs facing COVID-19?
Kai Analytics worked together with G20 Young Entrepreneurs’ Alliance (G20 YEA) to discover the issues young entrepreneurs around the world are facing and how their businesses are faring.
For G20 YEA’s Global Survey of Young Entrepreneurs, Kai Analytics was tasked with identifying how young entrepreneurs are dealing with COVID-19 and which types of government measures have been most useful to them this year. We analyzed the open-ended responses of a survey designed to understand the unique challenges young entrepreneurs faced in 2020. We then used our findings to inform the G20 YEA communique that was presented to ministers and member organizations of the G20.
A Communiqué to G20 leaders informed by the report made by Kai Analytics.
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 partner of the Alliance this year.
A G20 standard technology development policy was created, informed by the report produced by Kai Analytics.
What we did
Co-developed “G20 YEA Global Survey: How are young entrepreneurs facing Covid-19?”
Qualitative analysis and report of open-ended responses
Collaborated across G20 YEA leadership team to publish our findings and recommendations
Participated in G20 YEA Education and Innovation Panel
Had 5000 people globally tune into the presentation of the report.
3 Big Highlights
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).
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.
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.