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Lao Young Entrepreneur Market Place 2011 Competition

Young Entrepreneurs Showcase their Business Ideas, 11 Winners Announced
 
Begins:   Dec 08, 2010 
Ends:   Jun 18, 2011 

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Supporting Talent, Entrepreneurial Potential & Success – STEPS

 

Young Entrepreneurs Showcase their Business Ideas,

11 Winners Announced

 

VIENTIANE, June 20, 2011 –The World Bank, along with AusAID and the Young Entrepreneurs Association of Lao PDR (YEAL), announced 11 winners of the Young Entrepreneur Marketplace Competition. Read about the winners and their business ideas here. 

 

The Marketplace Competition is a key component of the STEPS program, an initiative launched in December 2010 to promote entrepreneurship and employment prospects for young people, in particular young women, in Lao PDR. STEPS is one of eight programs being implemented around the world under the World Bank's Adolescent Girls Initiative (AGI).

 

“We believe that investing in young people’s, and in particular young women’s, employment opportunities is smart economics and has a large development impact on their future and the future of their families, not to mention long term benefits for poverty reduction. In Laos, where half of the population is under 20 years of age, one of our main goals is supporting the government to build the capacity of young people and to help them engage successfully in small business activities that can provide income for their families, employment for their communities and economic growth for the country,” said Keiko Miwa, World Bank Country Manager in Lao PDR.

 

“The Young Entrepreneur Marketplace Competition is part of a broader initiative that is  providing key services, including business training, support in the development of a solid business plan, seed grant funding and mentorship. We believe this innovative combination of different but complimentary interventions will increase the likelihood of the participants being able to realize their business ideas,” added Senior Social Development Specialist of the World Bank in Lao PDR, Helene Carlsson Rex. 

 

The announcement of the 11 winners was made at the National Culture Hall following a day-long exhibition event which showcased innovative business ideas from budding young entrepreneurs. Thirty finalists – all under the age of 35 and 52% of whom are women – presented their business ideas to an executive committee of jurors and to the general public.

 

“It is an incredible experience and opportunity for me. My project focuses on manufacture of Lao traditional handicrafts and giving job opportunities to women affected by HIV and AIDS. I’m really looking forward to continue working and to make my dream a reality,” said  Phennapha Phommachanh  one of the winners of the competition.

 

With support from several sponsors, including Millicom Lao-Tigo, Banque Franco Lao, Buarapha Development Consulting Firm, Tourism Malaysia and KP Yamaha, the event and the announcement of winners was the culmination of a competitive six-month selection process, which included a call for proposals, the provision of practical entrepreneurship training to short-listed candidates to enhance their business skills and develop stronger business ideas, and a technical review of the candidates' final business plans.

 

To maximize success, winners will receive seed grants of up to $5,000 and mentorship support from the Young Entrepreneurs Association of Lao PDR, to turn their business ideas into reality over the next year.  

 

“The Young Entrepreneurs Association of Laos will provide support, guidance, and concrete assistance on a one-on-one basis, to support winners of this competition in the launch of their own business. It is important to further develop their business skills, become aware of potential real world derailments in building a business and make connections that can last a lifetime,” said Ms. Valy Vetsaphong, Acting President of the Young Entrepreneurs Association of Lao PDR.

                                                                                                                    

Hundreds of people participated in the exhibition, including the opening ceremony attended by the representatives of the World Bank, AUSAID, YEAL, as well as private banks, companies and academic institutions. The evening agenda featured an official awards ceremony and a traditional Lao dance performance.

 


WHAT IS AGI-STEPs?

 

The Adolescent Girls Initiative – STEPs in Lao PDR is co-founded by the World Bank and AusAID and coordinated in partnership with the Young Entrepreneurs Association of Lao PDR (YEAL). AGI includes two main components: (i) promote a culture of youth entrepreneurship, especially in women, using a ‘market-place’ model which identifies strong business ideas and supports young entrepreneurs with business skills training, mentorship and seed grants; (ii) provide recently graduated and graduating young women and men with employment services, including work readiness skills, career advice, job placement support and links to internship and employment opportunities in the private sector. The initiative is being implemented over a two year period between 2011 and 2012 in three provincial capitals (Vientiane Capital, Luang Prabang in the north, and Champasack in the south).

 

For more information about AGI, STEPS and to learn about competition winners and their business ideas, please visit www.worldbank.org/lao 

Finalists | Date and Place | Awards |For more information 

Finalists

Name & Surname

Gender

Province

Business Area

1Phonekeo LattanavongMVientianePrinting
2Touny IthanongsackMVientianeIT Training Center
3Chansouk SouthivongFVientianeProduction of wild silk by contract farming
4Phennapha PhommachanhFVientianeHandicraft
5Bouakham SihachackFVientianeWedding Consulting
6Ee LorFVientianeOrganic Farm
7Vilaysack SengphouthayMVientianeOcean Hydroponic Vegetables
8Noimaniphone LorbliayaoFVientianeHandicraft from the Heart
9Pasong SangkhomMVientianeMultipurpose Farming
10Bounyong Phetsamone/VilayphoneFVientianeHandicraft
11Khampane KousonsavathFVientianeProcess Food
12Phatsada PhanakhoneFVientianeChicken Farm
13Anousone PanyanouvongFVientianeThinkRecycle-Earth Worm 
14Phavanhna DuoangbouphaFVientianeOnline Marketing and Customer Tracking Service
15Phonethip ThevongsaFVientianeBanana Fibre Handicraft
16Souvanxay XongmanyMVientianeOrganic Pig Farm & Livestocks
17Vanthaly XongmanyFVientianeLao Traditional Laksa
18Khampheng PhathadavongFVientianeCraft-Flower from reclying material
19Bounmy SomsamoneFLuang PrabangTraditional Ethnic Event Organizer
20Amphayvanh PhoxayFLuang PrabangRoast Pork
21Souksomphone PhengkhamphathFLuang PrabangBloom
22Ekkaphoth ThongpadithMLuang PrabangOrganic pig farm
23Anousa SongpaseuthMLuang PrabangSa Paper
24SengAloun SounthalyMLuang PrabangLao Traditional Sweet Packaging
25Sanga SengsackdaMChampasakKhong Island Bakery
26Khamsoth OutthamixayMChampasakPig Farm
27Khamleung KettavongMChampasakHIV Infected Group Handicraft
28Phonphimon PhensisavthFChampasakPapaya Salad Shop
29Kongkeo KeobouaphaFChampasakCoffee Bean Processing
30Orlady HadaoheuangFChampasakMushroom Farm

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Date and Place

Exhibition Date: 18 June, 2011 (9am-4pm)
Venue: National Cultural Hall, Vientiane Capital

Award Ceremony: 18 June, 2011 (6:30pm-9pm)
Venue: National Cultural Hall, Vientiane Capital

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Awards

  • Award: US$1,000-US$5,000/ proposal
  • Winners will also receive support in the form of mentorship and business training
  • All short listed proposals will receive business training (writing proposal and start-up business).
  • All applicants who submitted their proposals are eligible to participate in the STEPS’s training programs and knowledge sharing sessions such as Youth Business Forums, Workshops/Seminars and Employment program

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For more information

AGI Contact:

Ms. Philaiphone Vongpraseuth

Tel: +856 21 450 010

Email: pvongpraseuth@worldbank.org 

 

Media Contact:

Ms Meriem Gray

Tel: +856 21 450 010

Email: mgray@worldbank.org

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