Crystal Fund has focused its goals and activities on youth entrepreneurship development since 2014, to promote youth financial inclusion in Georgia and nurture more knowledgeable and responsible citizens, contributing to overall financial and economic stability.
The USAID program Youth Entrepreneurial Skills for Advancing Employability and Income Generation in Georgia (YES – Georgia) was implemented by Crystal Fund in 2015-2018 in cooperation with JSC MFO Crystal, PH International and Junior Achievement. The program was aimed to build institutional frameworks and models facilitating greater economic participation of youth through increased opportunities for self- employment by starting enterprises and for employment in established companies (Total budget of the program: $443,000). As a result: More than 3,000 young entrepreneurs and professionals were supported; Professional skills training was provided to nearly 1,000 young people; Entrepreneurship in schools was promoted within a special program benefitting more than 500 schoolchildren; More than 200 young people were assisted to draft business proposals and apply for financing; Youth Micro Equity mechanism was launched, which has already provided financing to 55 youth-owned pilot enterprises; On-the-job training and internship programs at 90 different companies and organizations were supported, and as a result, more than 200 youth participants have gone on to obtain permanent employment. In terms of women participation, the program’s key outcomes were amazing as well.
The U.S Embassy Democracy Commission Small Grant project – Building Entrepreneurial Networks for Startup Support was implemented by Crystal Fund and Startup Grind Tbilisi in 2017-2018. The project was directly targeted at creating knowledge, inspiration and networks among startups in Georgia to spur more innovation and grow entrepreneurship in Georgia (total amount of the grant: $23,847). As a result, a series of Startup Grind events – presentations by experienced founder and investors were held, and active networking was facilitated for the participants to inspire and inform. Speakers included founders of companies, and experts in startup founding and finance, among them, Georgia’s most successful startup founder George Arison (born Irakly Areshidze), founder of Shift Technologies which has raised over $110,000,000 in investment.
Now, Crystal Fund is implementing the large-scale USAID Program Supporting Youth and Women Entrepreneurship in Georgia (YES-Georgia) as an extension of the previous program Youth Entrepreneurial Skills for Advancing Employability and Income Generation in Georgia. The program supports economic growth and empowers Georgia’s youth and women by encouraging innovation, promoting entrepreneurship, and enhancing youth and women’s employability. The program provides emerging entrepreneurs and professionals with skills development, business training, mentoring, and access to finance. YES-Georgia is implemented with financial support from the American people through USAID and the Women’s Global Development and Prosperity (W-GDP) Initiative. The only program in Europe and Eurasia to be selected, the American people will invest $840,000 to support entrepreneurship through YES-Georgia. Additional financial support is provided by JSC MFO Crystal. To increase outreach to women in rural areas, the program integrates mobile business services through Buzz-Georgia, in cooperation with the international organization Buzz Women and local consulting company Crystal Consulting LLC. Throughout 2020-2024, YES-Georgia will provide more than 2,500 youth and women with business management training, access to legal and accounting services, and mentoring and networking opportunities, that will propel their businesses into a higher revenue-generating enterprise.
For more information please visit the web pages of YES-Georgia program: http://yes-georgia.ge and https://yes.crystal.ge
