State Department Launches New Program for Entrepreneurship

The U.S. Department of State just launched a new initiative that leverages entrepreneurship as tool for international economic development and cooperation. The Global Entrepreneurship Program (GEP) focuses on supporting entrepreneurs in communities around the world by helping to create supportive entrepreneurial ecosystems. The GEP will focus on twelve countries throughout the world, including seven Muslim-majority countries.

The program will empower entrepreneurs by marshalling U.S. and international partners, as well as multiple U.S. government programs to improve every area from training to mentoring to seeding
angel investor networks. For example, in Egypt, where the first pilot GEP programs will be launched, USAID will provide a team of “Entrepreneurs in Residence”, the Frontiers Pioneers of Prosperity program will bring its highly regarded business plan competition programs, the Small Enterprise Assistance Fund’s Centers for Entrepreneurship and Executive Development (CEED) will provide their training and alumni networking programs, and Endeavor will contribute with their new Mentor Capital program. Other GEP local partners in Egypt include the Egyptian Junior Business Association, Nile University, and the American University in Cairo.

The Global Entrepreneurship Program has roots in last April’s Presidential Summit on Entrepreneurship where several other initiatives were announced. The GEP demonstrates that the U.S. government is committed to advancing entrepreneurship by providing expertise and building local capacity. Entrepreneurship as a tool for economic development and global peace appears to have finally earned its credentials.