President Obama: Thank you.
(applause)
Thank you so much.
Please, please,
everybody have a seat.
Good morning!
Audience: Good morning!
President Obama:
Tang jumbo.
Thank you so much, President
Kenyatta, for your timely
remarks, your warm welcome,
and the great work that has
gone into hosting
this summit.
It is wonderful to
be back in Kenya.
(applause)
Niaje wasee!
(applause)
Hawayuni!
(applause and laughter)
I'm proud to be the
first U.S. President
to visit Kenya.
(applause)
And Obama, this is
personal for me.
There's a reason why my name
is Barack Hussein Obama.
(applause)
My father came from these
parts, and I have family and
relatives here.
And in my visits over the
years, walking the streets
of Nairobi, I've come to
know the warmth and the
spirit of the Kenyan people.
Now, what President Kenyatta
and I really want to have is
a conversation
with our panel.
And we've got some
outstanding young people
here today who I think
represent the promise of
entrepreneurship not only in
Africa but around the world.
But I do want to make
just a few quick points.
We are joined today by
inspiring entrepreneurs from
more than 120
countries --
(applause)
-- and many from
across Africa.
And all of you embody a
spirit that we need to take
on some of the biggest
challenges that we face in
the world -- the spirit of
entrepreneurship, the idea
that there are no limits to
the human imagination; that
ingenuity can overcome
what is and create
what needs to be.
And everywhere I go, across
the United States and around
the world, I hear from
people, but especially young
people, who are ready to
start something of their own
-- to lift up people's
lives and shape their
own destinies.
And that's entrepreneurship.
Entrepreneurship creates new
jobs and new businesses, new
ways to deliver basic
services, new ways of seeing
the world -- it's the
spark of prosperity.
It helps citizens stand up
for their rights and push
back against corruption.
Entrepreneurship offers a
positive alternative to the
ideologies of violence and
division that can all too
often fill the void when
young people don't see a
future for themselves.
Entrepreneurship
means ownership and
self-determination, as
opposed to simply being
dependent on somebody
else for your livelihood
and your future.
Entrepreneurship brings down
barriers between communities
and cultures and builds
bridges that help us take on
common challenges together.
Because one thing that
entrepreneurs understand is,
is that you don't have to
look a certain way, or be of
a certain faith, or have a
certain last name in order
to have a good idea.
The challenge is -- as so
many of you know -- it's
very often hard to take
those first steps.
It's hard to access capital.
It's hard sometimes to get
the training and the skills
to run a business as
professionally as it needs
to be in this
competitive world.
It's hard to tap into the
networks and mentors that
can mean the difference
between a venture taking off
and one that falls flat.
And it's even harder for
women and young people and
communities that have often
been marginalized and denied
access to opportunities.
You run into old attitudes
that say some people,
because of where you come
from or what you look like,
don't have what it takes to
lead or create a business.
And sometimes it's subtle.
You go into pitch an idea
and maybe the response you
get might not be as
enthusiastic as if someone
else pitched the
exact same idea.
Sometimes women or folks
from communities that
historically have not been
viewed as entrepreneurial
may not have the means of
opening those doors just to
get in front of
the right person.
Of course, the best answer
to that kind of thinking is
the example that all of you
are setting -- your success.
And that's why I've made
encouraging this spirit of
entrepreneurship a key part
of America's engagement in
the world.
I launched the first of
these summits in Washington
five years ago.
And since then, we've
helped empower hundreds of
thousands of entrepreneurs,
giving them a boost to
launch thousands of new
businesses and initiatives.
Here in Africa, our Young
African Leaders Initiative
is empowering tens of
thousands of dynamic leaders
not only in business, but
also in government and civil
society.
Because one of the things
that we have come to
understand -- and this is
particularly relevant to
Africa -- is that in order
to create successful
entrepreneurs, the
government also has a role
in creating the
transparency, and the rule
of law, and the ease of
doing business, and the
anti-corruption agenda that
creates a platform for
people to succeed.
So this is our first Global
Entrepreneurship Summit in
sub-Saharan Africa.
We wanted to come here.
I wanted to be here because
Africa is on the move.
(applause)
Africa is one of the
fastest-growing regions
of the world.
People are being
lifted out of poverty.
Incomes are up.
The middle class is growing.
And young people like you
are harnessing technology to
change the way Africa is
doing business, as President
Kenyatta alluded to.
And that creates incredible
opportunities for Africans
and for the world.
It means more growth and
trade that creates jobs in
all our countries.
It's good for all of us.
This continent needs to be a
future hub of global growth,
not just African growth.
(applause)
And the country that's
hosting us today is setting
an important example --
Kenya is leading the way.
(applause)
Today, Kenya is the largest
economy in East Africa.
High-speed broadband and
mobile connectivity are on
the rise, unleashing the
entrepreneurial spirit of
even more Kenyans.
Every day around the world,
millions of people send and
save money with M-Pesa --
and it's a great idea that
started here in Kenya.
(applause)
From Zimbabwe to Bangladesh,
citizens work to keep
elections safe, using the
crowdsourcing platform
Ushahidi -- and that's a
great idea that started
right here in Kenya.
(applause)
Here in Nairobi, startup
incubators are nurturing new
businesses every day --
maybe some of yours -- each
with the potential to
be the great next Kenyan
innovation.
And the good news is that
I'm not the only one who
sees the promise of Africa.
I'm joined on this trip by
some leaders not just across
my administration, but I'm
also joined by 20 members of
the United States Congress
from both parties -- because
supporting a strong
partnership with Africa is
something that
unites Americans.
(applause)
We've got some incredible
entrepreneurs and business
leaders who are
well-established from the
United States
who are with us.
They see the
promise, as well.
And they're putting their
money where their mouth is.
So today, we're taking
the next steps to
partner with you.
First, we're offering
entrepreneurs more
startup capital.
At last
year'sEntrepreneurship
Summit, we set a goal of
generating $1 billion in new
investment for emerging
entrepreneurs around the
world, with half the money
going to support women and
young people.
(applause)
A few months ago, I
challenged governments,
companies, organizations and
individuals to help us reach
this target.
Today, I am proud to
announce that not only did
we make our goal,
we surpassed it.
(applause)
We've secured more than $1
billion in new commitments
from banks, foundations,
philanthropists, all to
support entrepreneurs
like you.
Second, we're connecting
you with the world's top
business leaders
and innovators.
We hand-picked more than
200 seasoned investors and
entrepreneurs and brought
them to this summit.
I've even brought a few of
my presidential ambassadors
for entrepreneurship.
These are some of America's
leading innovators and
entrepreneurs.
So if you see
them, don't be shy.
(laughter)
Pin them down.
Get their advice.
Pitch them your idea.
That's why they're here.
And don't be discouraged
if they say, I'm not sure
that's going to work,
and they ask you
tough questions.
Because one of the things
every one of these
successful entrepreneurs
will tell you is that along
with incredible successes,
they've had some failures as
well, and they've learned
from them, but they
haven't given up.
Number three, as I've said,
we're stepping it up to
support women entrepreneurs.
Women are powerhouse
entrepreneurs.
(applause)
The research shows that when
women entrepreneurs succeed,
they drive economic growth
and invest more back into
their families
and communities.
(applause)
We've already helped build a
network of more than 1,600
women entrepreneurs
across Africa.
We're launching three
women's entrepreneurial
centers -- one in Zambia,
one opening later this year
here in Nairobi
-- (applause)
-- and I'm proud to announce
that the third center will
be located in Mali.
(applause)
We've got some folks
from Mali in the house.
(laughter)
And as part of that $1
billion that I mentioned
earlier, the United States
Overseas Private Investment
Corporation is contributing
$100 million to support
Goldman Sachs' 10,000 Women
initiative, making more
capital available to
women-owned enterprises
around the world.
(applause)
So, congratulations.
So as you leave here today,
I want you all to know that
I believe in you.
I believe that you have the
drive and the passion to
change the world.
You can unlock new solutions
to the pressing global
challenges that we face.
I believe that.
I believe that as you make
these innovations, you'll
make life better
for all of us.
And I'm looking forward to
being your partner in that
process.
So with that, what I think
we need to do is to hear
from some of these young
entrepreneurs themselves.
They can tell us a little
bit of what they're doing --
because I think they're
great examples of all the
talent that is here today.
Thank you very much.
(applause)
Jehiel Oliver: Thank you
very much, Mr. President.
Now that we heard from the
leaders of the free world,
now let's hear from
some entrepreneurs.
Like presidents,
entrepreneurs activate when
they see massive problems.
Sometimes these problems
exist in their communities.
Sometimes these problems
exist at a country level,
like presidents and
affordable healthcare and
transparent governance.
Sometimes these problems are
global issues like food and
income security.
My name is Jehiel Oliver.
I'm the founder
of Hello Tractor.
We're an agricultural
technology company.
I'm from the U.S.
but I live in
Nigeria in Abuja.
(applause)
Is Nigeria in the house?
(applause)
In Nigeria you have about
28 million small farmers,
mostly women, relying
on hired labor that's
expensive, that's
inefficient, and it's often
times unavailable and what
this means is crops are
planted late, land is
under-cultivated, and these
farm families lose income.
Hello Tractor has come up
with a solution to
this problem.
We developed technology that
turns a tractor into
a smart tractor.
We then pair smart tractor
owners with farmers in the
market texting for
tractor service.
It's a local technology for
the Nigerian marketplace.
A farmer simply sends a text
message into our cloud and
we pair that text with the
nearest smart tractor owner.
They arrive and provide a
service that 40 times faster
than manual labor and
one-third of the cost.
It is completely
revolutionizing agriculture
in Nigeria, soon sub-Saharan
Africa, and ultimately
the world.
We want to export tractors
to other markets outside of
sub-Saharan Africa.
(applause)
Hello Tractor was driven by
the need to fix the issue of
global food income security
and this is our solution
to this problem.
Thank you very much.
(applause)
Female Speaker:
Thanks, Jehiel.
So I'm (inaudible)
, CEO and founder of I.D.
Guardian, a consumer device
and biometric company based
out of wonderful
Zagreb, Croatia.
(applause)
Yeah.
So two and a half years
ago, our journey started.
I was 22.
I was studying at the
University of Zagreb and
unfortunately I had a close
family health situation.
Now that enabled me to
really see how often in the
healthcare system, we ignore
the emotional component
in the patient.
This is not
because of doctors.
This is because the way
processes and medical
devices are designed.
They're sterile and
sometimes even hostile.
Although the emotional
component is highly
correlated with the outcome
of the treatment, no one
really pays attention to it.
In that moment, we decided
to make Teddy the Guardian,
the first smart teddy
bear in the world.
It seamlessly during the
play captured the child's
heart rate, oxygen level,
and body temperature and
sends data to a mobile app,
so completely stress-free in
a soothing and calming way,
you get all of the vitals
under your fingertip if
you're a parent or a
pediatrician.
Now the main value of this
is our biometrics platform,
so a platform where we
reveal insights based on
biometric data and
behavior patterns.
This is being used by some
of the biggest companies
worldwide and biggest brands
to improve their existing
and create new products.
So for example, if you go to
any local store and buy a
shampoo or a shower gel,
it's currently being
designed based on what you
claim you like, but in the
future it will be designed
using our technology and
based on what your
body is really loving.
So what we're
trying to create --
(applause)
Thank you.
So what we're trying to
create is really devices
that know how people feel
even when they don't have
the capacity to
articulate that.
The people within our
community who are suffering
the most, we want to create
devices and an environment
that will be able to
sense when these things
are happening.
All of this has enabled
us to one, start up Open,
organized by Global
Entrepreneurship Week.
We have 16 employees,
offices in Palo Alto,
London, and wonderful
Zagreb, Croatia, and now
with some of the most
amazing engineers located
there, we're really making
the effort to bring all of
these devices to the
market and bring all this
technology worldwide.
Thank you.
(applause)
Judy Towiga: Thank you.
Technology is one of the
fastest growing sectors in
Kenya, yet women are
greatly underrepresented.
My name is Judy Towiga
and I'm the cofounder of
(inaudible)
and I'm working
to (inaudible)
generations of women who use
technology to impact their
communities and
create solutions.
Five years ago, I and a
group of friends, started
(inaudible)
It stemmed from the need
that we saw that there were
very few women in
technology, so we wanted to
create a community where
women can come together,
work on different solutions,
and share knowledge.
After some time, we noticed
that there was a lot of
knowledge sharing and there
were other people who could
benefit so we thought we
should start a training
program and target young
women who would not
ordinarily consider careers
in technology and who would
not have an
opportunity to do so.
So we -- our training
program targets young women
from the slums of Nairobi or
from informal settlements
and we take them through a
one-year training program in
technology and
entrepreneurship and then we
help them get jobs or start
their own businesses.
When we train them in
technology, we train them
how to program both web and
mobile applications and
graphic design.
One of the students who
passed through our training
programs is called
Agnes Masia.
She went through our
training program for one
year and after that
year, she is currently a
technology researcher at a
tech company and she also
started a shop where she has
employed her older brother
to work the shop using the
entrepreneurship knowledge
that we taught her.
So she is one example.
She is living the
vision of (inaudible)
She is using both technology
and entrepreneurship to
change her family
and her community.
So that is the vision that
we live and we breathe.
We want to change
communities one woman at a
time using technology.
Mr. President:
That's fantastic.
(applause)
Jehiel Oliver: So we've had
an opportunity to hear just
a small sample of some of
the amazing entrepreneurs
that are part of this
wonderful summit put
together by President
Kenyatta, President Obama.
I would encourage you to
please reach out and discuss
with some of these
entrepreneurs in the crowd
and learn more about their
powerful stories as well.
On the stage we have
Kenya represented.
We have Croatia represented,
and we have myself coming
from the U.S.
as an African-American, also
returning to my ancestral
home --
(applause)
-- to solve big problems.
But thank you all
for your time.
Thank you all to the
distinguished panelists
(laughter)
, President Obama,
President, Kenyatta, thank
you so much.
President Obama: Thank you.
President Kenyatta:
Thank you.
(applause)
President Obama: An closing
thoughts as you hear
about these outstanding
young people?
President Kenyatta: I think
all I want to say is that
what you've heard from the
experiences of these three
great people right here
is their ability to turn
challenges into opportunity
and this really is the
future and we as governments
should really just focus to
create an enabling
environment that allows
these great young
people to flourish --
(applause)
-- and really be able to
help us resolve some of the
perennial problems that
we continually face.
I was just telling President
Obama about the problems
we're having as a result of
climate change in terms of,
you know, our agricultural
output, our need to really
focus, you know,
on irrigation.
Here's a great guy telling
us he can solve that problem
for me, so I need
to see you soon.
(laughter)
So I think really it's just
for us to really create the
environment, the enabling
environment, as President
Obama said, deal with some
of the bottlenecks, some of
the governance issues, deal
with some of the problems,
the structural problems,
that deny our people the
ability to take advantage
of this great -- of the
opportunities that
actually exist.
So mine is to say that you
can count on our support.
We are ready, we are
willing, and we want to see
what we can do to really
help you move along and help
us deal with the challenges
we all face on this
great continent.
President Obama:
Absolutely.
(applause)
That's well said.
President Obama: I think
what's also interesting is,
as you listen to these three
-- and I think that I'm sure
this is true of many of the
entrepreneurs here as well
-- one of the advantages
of this technological
revolution that we're going
through is that it can be
tailored and adapted to
different countries,
different environments,
different circumstances, in
some cases enabling
countries to leapfrog over
old technologies, to
individualize what's done
for a particular market
or a particular need.
And the kind of thing that
Jahiel is talking about --
the share economy concept
-- we've got the founder of
Airbnb out here, and you can
talk to him a little bit.
He's doing pretty good.
(laughter)
But there's a recognition
that through these
technological platforms,
what might have previously
required huge investments
of capital, and as a
consequence, big barriers
to entry, now you can get a
startup moving, and if it's
the right idea, it can
travel with the speed of
how fast you can text.
I can't text very
fast, but -- (laughter)
-- I notice Malia and
Sasha, they -- (laughter)
And so I think that this
makes a place like Africa,
or Croatia, or other
countries that historically
may not have been viewed as
right at the center of the
global economy, suddenly
they can compete on a level
playing field.
And if you have a good idea
in Zagreb or in Abuja, or
wherever, now you
potentially have access to
a global marketplace in ways
that you haven't had before.
What President Kenyatta
said is absolutely correct,
though, and that is for us
to take full advantage of
this we have to support
programs like Judith's so
that our young people are
being trained in this
technology, that there are
no barriers for girls to be
trained in this technology.
If half of your team
is not playing,
you've got a problem.
And in too many countries,
half of the team -- our
women and girls -- are
not participating
enough in this.
So we've got to invest
in human capital so that
everyone has the opportunity
to access this information
and there's got to be the
framework for access to
capital; reduce regulatory
barriers; the ability to
start up businesses
effectively; making sure
that governments are
facilitating as opposed to
being parasitic on
entrepreneurial efforts --
that's our job.
(applause)
And I think that the good
news is, is that we're
seeing that recognition in
more and more governments
around the world.
Not all of them always are
practicing what they preach,
but it's a start when
governments feel obliged
through, for example,
initiatives like the Open
Government Partnership that
we started through the
United Nations -- where they
feel obliged to acknowledge
that they've got to get
these rule of law issues and
accountability issues and
human investment issues
right -- then that gives us
a lever to start continually
improving the environment
for all of you and your
operations.
And, last point I would make
-- and President Kenyatta
alluded to this -- I think
it's very important for the
business leaders who are
here, the established
business leaders, to
understand that this is
still a neglected market,
and accessing capital for
entrepreneurs here
is still too hard.
And we can help -- U.S.
government policy can help
-- but some of this is
exposure and people having a
vision of what's possible.
When I was here in Nairobi
10 years ago, it looked very
different than
it does today.
The incredible progress
that's been made --
(applause)
-- imagine what could happen
if more and more of our
global business leaders and
global capital paid a visit
and actually had a
conversation, as opposed to
just being blinded by some
of the stereotypes that are
so often promoted.
This thing could
move even faster.
(applause)
And that's part of the
reason why this summit
is so important.
So, I'm proud of all of you.
I'm proud of these three
entrepreneurs who are here.
They represent all the
talent that's in this room.
Go out there and
start something.
We're excited about it.
We expect great
things out of you.
(applause)
Thank you very much.
(applause)
