A new stage of Start-Up Weekend under the Youth Business Project took place in the city of Karakol last weekend. This Project is being implemented by the Eurasia Foundation of Central Asia (EFCA) with the financial support of Kumtor Gold Company.
Karakol, the administrative center of the Issyk-Kul region, hosted about one hundred young people who came there to present their business ideas and prove their viability. Authors of the best business plans can undergo a business training program and obtain substantial funding. Applications they presented centered on a variety of business lines, from the opening of an educational center or a beauty parlor to the reprocessing of farming goods or manufacturing of building materials.
A similar Start-Up Weekend had been held in the city of Balykchi a week earlier. Based on the results of these two events, 60 young people are to be selected who will be asked to develop their detailed business plans and contest for a $10,000 grant that will enable them to open or expand their own business. 15 best business projects are expected to win funding. Young business people will be assisted by professional trainers.
“We are going to retain trainers from among business people who started their business unassisted and became successful in the Kyrgyz market environment,” said an EFCA Project Manager, Nazgul Aksariyeva.
As part of the open competition, young people aged 20 to 28 residing on the southern coast of Lake Issyk-Kul (from Balykchi to Tiup) were free to participate.
“It’s very important for our company that the projects we are implementing should be sustainable. I’m sure investment in youth development is the best investment possible. Young people will learn the fundamentals of doing business to translate into life their new skills and knowledge, thereby contributing to the economic growth of the Issyk-Kul region,” said Aktilek Tungatarov, Director, Sustainable Development, Kumtor Gold Company.
Additionally, the Youth Business Project envisions developing employability skills and organization of traineeships in various companies for Issyk-Kul young people. Also, a fare of vacancy will be organized for Issyk-Kul young people in the latter half of July.