Unlocking Graduate Potential: Commonwealth Alumni and EntrepreneurshipÌý
The ÌÇÐĹÙÍø has published a policy briefing paper which examines how entrepreneurial Commonwealth Alumni contribute towardsÌýjob creation in low and middle income countries. In these countries, the proportion of the population enrolled in tertiary education has increased rapidly in recent years, but job markets have been unable to keep pace, and there are insufficient numbers of skilled jobs availableÌýto meet the needs of the rising number of graduates.ÌýÌý
The United Nations has highlighted the need for action in this area, with Sustainable Development GoalÌý8: Decent Work and Economic GrowthÌýcallingÌýfor policies that promote job creation andÌýenterprise, as well as investment inÌýyouth employment, education,Ìýand training.ÌýTheÌýUK GovernmentÌýhasÌýalsoÌýcommittedÌýtoÌýsupporting low and middle income economiesÌýto transform at pace and provideÌýquality jobs for an expanding workforce.ÌýÌý
TheÌýÌÇÐĹÙÍøÌýsupports this goal byÌýequipping graduatesÌýwith the skills and resources they need toÌýcreate jobs for themselves and others. BetweenÌý2016 and 2023,ÌýalmostÌýone-fifth of Alumni have reported that they had founded or co-founded a new company, department or instituteÌýfollowing the completion of their Commonwealth Scholarship. Similarly,Ìýmore than 90% had personally led or designed a new initiative or project. These impressive figures demonstrate the strong entrepreneurial spiritÌýof Commonwealth Alumni.ÌýTheÌýcompanies andÌýorganisationsÌýfounded by alumni create vital jobs, but also frequently contribute towards addressingÌýkey development-related issues, such asÌýaccessible healthcare, cleanÌýenergyÌýand food security.ÌýÌý
The paper also highlights the potential of Commonwealth Alumni to support others in their home country to become entrepreneurs, demonstrating the compounding impact of Commonwealth Scholarships, as a single alumnus can have a transformative effect on their home country.ÌýÌý
Overall, the paperÌýdemonstratesÌýthe ways in whichÌýCommonwealth Alumni are creating jobsÌýfor themselves and others, whilst also addressingÌýcritical developmentÌýissues,Ìýdelivering onÌýthe UK’s commitment to supporting theÌýtransformation of low and middle income economies.ÌýÌý
The full policy brief can be read here.Ìý