The President Speaks at the Global Entrepreneurship Summit

Summary

In a summit in Kenya, President Obama emphasizes the importance of entrepreneurship as a driver for economic growth and social change. He highlights the role of government in creating an enabling environment and announces over $1 billion in new commitments to support entrepreneurs, especially women and young people. Inspiring stories from entrepreneurs Jehiel Oliver, founder of Hello Tractor, and others showcase the potential of innovative solutions to global challenges.

Takeaways

• 🌟 President Obama expressed his pride in being the first U.S. President to visit Kenya and highlighted the personal significance of his visit due to his familial ties to the region.
• 🤝 He emphasized the importance of entrepreneurship in fostering economic growth, innovation, and as a means to combat corruption and ideologies of violence and division.
• 💡 Obama discussed the role of government in creating an environment conducive to entrepreneurship, including transparency, rule of law, and ease of doing business.
• 🌍 The Global Entrepreneurship Summit was held in sub-Saharan Africa for the first time, reflecting the continent's rapid growth and the potential of its young, tech-savvy population.
• 📈 Kenya was specifically praised for its advancements in high-speed broadband, mobile connectivity, and innovative financial services like M-Pesa, which started in the country.
• 💰 The U.S. aimed to generate $1 billion in new investment for emerging entrepreneurs globally, with a focus on supporting women and young people, and successfully surpassed this goal.
• 🔄 Entrepreneurship was presented as a means to bridge cultural and community barriers, fostering a global marketplace where innovative ideas can thrive regardless of an individual's background.
• 🚀 The script featured inspiring stories from entrepreneurs Jehiel Oliver, the founder of Hello Tractor, and others, showcasing how technology can be adapted to solve local and global challenges.
• 👩‍💼 Special attention was given to supporting women entrepreneurs, with the establishment of women's entrepreneurial centers and investment in initiatives like Goldman Sachs' 10,000 Women.
• 👨‍🏫 The importance of mentorship and access to seasoned investors and business leaders was underscored, as was the value of learning from failures in the entrepreneurial journey.
• 🌱 A closing call to action encouraged entrepreneurs to seize the opportunities presented by technological advancements and the support of governments and the international community.

Q & A

What is the significance of President Obama's visit to Kenya?

President Obama's visit to Kenya is significant because he is the first U.S. President to visit the country and it holds personal meaning for him due to his familial ties to the region.

What does President Obama emphasize as the key spirit needed to tackle global challenges?

President Obama emphasizes the spirit of entrepreneurship as the key to addressing global challenges, highlighting its role in job creation, innovation, and positive social change.

How does entrepreneurship contribute to societal development according to the script?

Entrepreneurship contributes to societal development by creating new jobs and businesses, delivering basic services in new ways, and offering a positive alternative to ideologies of violence and division.

What are some of the challenges entrepreneurs face when starting their ventures?

Entrepreneurs often face challenges such as accessing capital, acquiring necessary training and skills, and tapping into networks and mentorship opportunities, which are crucial for the success of their ventures.

Why is it particularly difficult for certain groups like women and young people to become entrepreneurs?

It is particularly difficult for women and young people because they often encounter barriers such as old attitudes and biases that question their ability to lead or create businesses based on their gender or age.

What role does the government play in fostering entrepreneurship according to President Obama?

The government plays a crucial role in fostering entrepreneurship by creating transparency, ensuring the rule of law, easing the process of doing business, and implementing anti-corruption measures that provide a solid platform for entrepreneurs to succeed.

What is the Global Entrepreneurship Summit and why was it held in sub-Saharan Africa?

The Global Entrepreneurship Summit is an event that brings together entrepreneurs from around the world to discuss and promote entrepreneurship. It was held in sub-Saharan Africa because the region is experiencing rapid growth and has a burgeoning entrepreneurial spirit that is changing the way business is done on the continent.

How has Kenya demonstrated leadership in entrepreneurship and technology?

Kenya has demonstrated leadership in entrepreneurship and technology by being the largest economy in East Africa, with rising high-speed broadband and mobile connectivity, and by being the birthplace of innovative solutions like M-Pesa and Ushahidi.

What initiatives has the United States taken to support entrepreneurship globally and in Africa?

The United States has taken initiatives such as the Young African Leaders Initiative, which empowers leaders in business, government, and civil society, and has contributed to securing over $1 billion in new commitments to support entrepreneurs globally.

What is the importance of the Women's Entrepreneurship Centers and how do they contribute to economic growth?

The Women's Entrepreneurship Centers are important as they provide support and resources specifically for women entrepreneurs. Research shows that when women entrepreneurs succeed, they drive economic growth and invest more back into their families and communities.

How does the script illustrate the potential of entrepreneurship to solve global problems like food and income security?

The script illustrates this potential through the example of Jehiel Oliver's company, Hello Tractor, which uses technology to provide efficient and affordable tractor services to small farmers, potentially revolutionizing agriculture and contributing to global food and income security.

Outlines

00:00

🌟 Welcoming Remarks and Introduction to Entrepreneurship

President Obama begins his address with gratitude and excitement, acknowledging President Kenyatta's warm welcome and the significance of the summit. He expresses personal pride in being the first U.S. President to visit Kenya, highlighting his familial ties to the region. Obama emphasizes the importance of entrepreneurship as a driving force for innovation, job creation, and social change, and introduces the summit's focus on young entrepreneurs from around the world, particularly Africa, who embody the spirit of overcoming challenges and unlocking human potential.

05:04

💼 Empowering Entrepreneurship and Overcoming Barriers

The second paragraph delves into the challenges faced by entrepreneurs, especially those from marginalized communities, women, and young people. It discusses the difficulties in accessing capital, training, and professional networks, and the subtle biases that can hinder their success. President Obama shares his commitment to fostering entrepreneurship through initiatives like the Global Entrepreneurship Summit and the Young African Leaders Initiative, emphasizing the role of transparent governance and anti-corruption efforts in creating a conducive environment for entrepreneurial growth.

10:05

🌍 Showcasing Africa's Potential and Entrepreneurial Success Stories

In this paragraph, President Obama celebrates Africa's rapid growth and its potential as a hub for global economic development. He commends Kenya's advancements in technology and business, citing examples like M-Pesa and Ushahidi, which originated in Kenya and have had a global impact. Obama also discusses the importance of partnerships and the presence of U.S. business leaders and members of Congress who recognize the opportunities in Africa. He announces further support for entrepreneurs through increased capital commitments and connections with seasoned investors and innovators.

15:06

🚀 Supporting Women Entrepreneurs and Sharing Success Stories

The fourth paragraph focuses on the empowerment of women entrepreneurs, highlighting their significant role in driving economic growth and the importance of investing in their success. Obama announces the establishment of women's entrepreneurial centers in Zambia, Nairobi, and Mali, and the contribution of the United States Overseas Private Investment Corporation to support women-owned enterprises globally. The paragraph also introduces Jehiel Oliver, the founder of Hello Tractor, an agricultural technology company that addresses the needs of small farmers by providing smart tractor services, revolutionizing agriculture in Nigeria and beyond.

20:07

🌐 Innovative Solutions to Global Challenges

This paragraph showcases the stories of two innovative entrepreneurs. The first is the founder of I.D. Guardian, a biometric company from Croatia, which created Teddy the Guardian, a smart teddy bear that monitors children's vital signs during play and sends data to a mobile app. The second entrepreneur is Judy Towiga, a co-founder of a Kenyan initiative aimed at training young women from underprivileged backgrounds in technology and entrepreneurship, thereby creating opportunities for them to start their own businesses or secure employment in the tech industry.

25:09

🤝 Encouraging Global Collaboration and Investment in Entrepreneurship

The final paragraph concludes the summit with a call to action for continued support and collaboration. President Kenyatta emphasizes the need for governments to create an enabling environment for entrepreneurs to flourish and solve perennial problems. President Obama echoes this sentiment, highlighting the importance of investing in human capital and reducing barriers to capital and business formation. Both leaders stress the potential for technological innovation to level the playing field for countries globally and the need for established business leaders to recognize and invest in these opportunities.

Keywords

💡Entrepreneurship

Entrepreneurship is the process of designing, launching, and running a new business, which typically involves risk-taking and innovation. In the video, entrepreneurship is the central theme, emphasizing its role in job creation, economic growth, and social change. President Obama highlights the importance of entrepreneurship in overcoming challenges and creating opportunities, as illustrated by the stories of the young entrepreneurs featured in the summit.

💡Innovation

Innovation refers to the introduction of new methods, ideas, or products. It is a key driver of progress and is closely tied to entrepreneurship in the script. Entrepreneurs are described as embodying the spirit of innovation, constantly pushing boundaries and creating new solutions to existing problems. For instance, Jehiel Oliver's 'Hello Tractor' is an innovative solution to agricultural challenges in Nigeria.

💡Capital

Capital, in an economic context, refers to the funds or assets available for the production of further goods and services. In the video, accessing capital is identified as a significant challenge for entrepreneurs, especially for those from marginalized communities. The script mentions efforts to provide more startup capital to entrepreneurs, underscoring its importance in facilitating entrepreneurship.

💡Mentorship

Mentorship is a relationship in which a more experienced or knowledgeable person guides another. In the transcript, the importance of mentors and networks is highlighted as a critical factor that can influence the success of a venture. President Obama encourages entrepreneurs to engage with seasoned investors and innovators present at the summit for advice and guidance.

💡Self-determination

Self-determination is the process of deciding things for oneself, having control over one's life and future. The video script discusses how entrepreneurship fosters self-determination by allowing individuals to be independent and not reliant on others for their livelihood. It is presented as an alternative to ideologies of violence and division.

💡Barriers

Barriers are obstacles or hindrances that prevent progress or achievement. In the context of the video, barriers refer to the various challenges that entrepreneurs face, such as accessing capital, training, and networks. The script emphasizes the need to break down these barriers to enable entrepreneurship and innovation to flourish.

💡Global Entrepreneurship Summit

The Global Entrepreneurship Summit is an event that brings together entrepreneurs, investors, and leaders from around the world to discuss and promote entrepreneurship. The script mentions this summit as a platform for empowering entrepreneurs and fostering connections, with a special focus on supporting women and young entrepreneurs.

💡Women Entrepreneurs

Women entrepreneurs are individuals who start and run their own businesses. The video script highlights the importance of supporting women in entrepreneurship, noting that when they succeed, they contribute significantly to economic growth and invest back into their communities. Initiatives like the women's entrepreneurial centers are mentioned to support this demographic.

💡Technology

Technology is the application of scientific knowledge for practical purposes, especially in industry. In the transcript, technology is presented as a powerful tool for entrepreneurship and innovation. It is used to create new solutions, like the 'Hello Tractor' and 'Teddy the Guardian,' and to empower individuals to improve their communities.

💡Investment

Investment in this context refers to the commitment of money or resources with the expectation of financial returns. The script discusses investment as a critical component for entrepreneurs to launch and grow their businesses. It mentions the goal of generating $1 billion in new investment for emerging entrepreneurs, emphasizing the role of various stakeholders in achieving this.

💡Leverage

Leverage, in a business sense, refers to the use of borrowed capital to increase the potential return of an investment. In the video, leveraging technology is presented as a way for countries and entrepreneurs to overcome traditional limitations and compete on a global scale. It allows for the maximization of opportunities and the rapid scaling of innovative ideas.

Highlights

President Obama expresses his pride in being the first U.S. President to visit Kenya and acknowledges his personal connection to the country.

The summit hosts inspiring entrepreneurs from over 120 countries, emphasizing the global reach and impact of entrepreneurial spirit.

The importance of entrepreneurship in creating jobs, delivering services, and fostering a positive alternative to violence and division is highlighted.

President Obama discusses the challenges faced by entrepreneurs, especially in accessing capital, training, and professional networks.

The role of government in creating an environment conducive to entrepreneurship through transparency, rule of law, and anti-corruption measures is underscored.

Kenya is recognized as a leader in the region, with high-speed broadband and mobile connectivity fueling entrepreneurial spirit.

Innovations like M-Pesa and Ushahidi, which originated in Kenya, are celebrated for their global impact.

The summit's goal of generating $1 billion in new investment for emerging entrepreneurs is not only met but surpassed.

The United States' commitment to supporting women entrepreneurs through new initiatives and capital contributions is announced.

The establishment of women's entrepreneurial centers in Zambia, Nairobi, and Mali is revealed, along with a $100 million contribution to the 10,000 Women initiative.

Jahiel Oliver introduces Hello Tractor, a technology transforming agriculture in Nigeria by providing smart tractor services to small farmers.

The founder of I.D. Guardian presents Teddy the Guardian, a smart teddy bear that captures biometric data of children in a comforting way.

Judy Towiga shares her initiative to empower women in technology through training programs targeting young women from underprivileged backgrounds in Nairobi.

President Kenyatta emphasizes the need for governments to create an enabling environment for entrepreneurs to flourish and solve perennial problems.

The potential for technology to level the global playing field and enable countries to leapfrog over old technologies is discussed by President Obama.

President Obama calls for investment in human capital and the removal of barriers to ensure everyone can participate in the technological revolution.

The importance of business leaders recognizing the potential of neglected markets and the role of exposure in fostering growth is highlighted.

Transcripts

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)