Defying the odds: Young entrepreneurs vow to take their chances and build the industries of tomorrow

With a 90 per cent failure rate for startups, you could forgive young people if they concluded that founding a company, particularly at such a turbulent time for the global economy, would be too risky an option. 

“But there’s a 10 per cent chance of improving people’s lives,” retorts business management student Daniel Wu, boldly taking the “glass slightly full” approach. “If nobody takes that 10 per cent chance, then nobody’s going to succeed in the future.”  

Mr. Wu’s project to build a digital skills platform for rural youth, to teach them about AI and software skills, made it to the finals of the Innovation Youth Competition run by the UN Industrial Development Organization (UNIDO). 

This led to an invitation to attend the UNIDO Global Industry Summit in Riyadh where, on Wednesday, he took part in a session focused on the Youth Parliament, a global debate platform organized jointly by UNIDO and Saudi Arabia’s Ministry of Industry and Mineral Resources (MIM).  

The many young business minds at the Summit were brimming with enthusiasm and a desire to make the most of the networking opportunities on offer, with the chance to meet mentors, policymakers and potential investors. 

The programme featured a series of interactive dialogues; innovation highlights and mentorship sessions. Young delegates presented pioneering solutions in renewable energy, circular economy practices, and digital manufacturing. These exchanges provided opportunities for policymakers and industry leaders to engage directly with youth, exploring how their ideas can be scaled and implemented across diverse contexts.

‘We know how our generation thinks’ 

They will need to retain that positivity in the face of the statistics: added to the large failure rate, they are also hampered by slim track records, in comparison to older entrepreneurs. This doesn’t put off Mr. Wu, who argues that young people are worthy of investment due to the unique perspective they can offer. 

“We grew up with computers, with the internet, and we know how people engage with different types of content. We have a good understanding how our generation, the next big market segment, thinks, which is why we have a better edge compared to older investors.” 

By dedicating an entire day to youth, the Global Industry Summit sent a clear signal: the future of industry will be defined not only by established leaders but by the creativity, determination and resilience of the next generation. In Riyadh, that future was given a powerful voice.