The population boom in West African countries is bringing more and more young people into a labor market that cannot yet absorb them. Many of these young people are now turning to entrepreneurship as a source of employment. This, however, often takes the form of subsistence and informal entrepreneurship.
Unlike growth and innovative entrepreneurship, this form of entrepreneurship is not capable of generating sustainable jobs and therefore cannot act as an engine for economic development.
Innovative entrepreneurship is proven to be a determining factor of growth: it stimulates productivity, creates jobs and helps improve citizens’ quality of life. So-called ‘growth entrepreneurs’ are the drivers behind this innovation and they contribute to their countries’ economic and social development. As Joseph Schumpeter once said, ”innovation is the driving force of economic progress, and entrepreneurs are the agents of innovation.”