English subtitles for clip: File:The President Speaks at the Global Entrepreneurship Summit.webm

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President Obama: Thank you.

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(applause)

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Thank you so much.

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Please, please,
everybody have a seat.

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Good morning!

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Audience: Good morning!

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President Obama:
Tang jumbo.

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Thank you so much, President
Kenyatta, for your timely

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remarks, your warm welcome,
and the great work that has

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gone into hosting
this summit.

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It is wonderful to
be back in Kenya.

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(applause)

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Niaje wasee!

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(applause)

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Hawayuni!

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(applause and laughter)

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I'm proud to be the
first U.S. President

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to visit Kenya.

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(applause)

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And Obama, this is
personal for me.

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There's a reason why my name
is Barack Hussein Obama.

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(applause)

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My father came from these
parts, and I have family and

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relatives here.

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And in my visits over the
years, walking the streets

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of Nairobi, I've come to
know the warmth and the

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spirit of the Kenyan people.

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Now, what President Kenyatta
and I really want to have is

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a conversation
with our panel.

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And we've got some
outstanding young people

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here today who I think
represent the promise of

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entrepreneurship not only in
Africa but around the world.

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But I do want to make
just a few quick points.

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We are joined today by
inspiring entrepreneurs from

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more than 120
countries --

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(applause)

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-- and many from
across Africa.

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And all of you embody a
spirit that we need to take

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on some of the biggest
challenges that we face in

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the world -- the spirit of
entrepreneurship, the idea

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that there are no limits to
the human imagination; that

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ingenuity can overcome
what is and create

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what needs to be.

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And everywhere I go, across
the United States and around

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the world, I hear from
people, but especially young

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people, who are ready to
start something of their own

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-- to lift up people's
lives and shape their

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own destinies.

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And that's entrepreneurship.

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Entrepreneurship creates new
jobs and new businesses, new

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ways to deliver basic
services, new ways of seeing

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the world -- it's the
spark of prosperity.

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It helps citizens stand up
for their rights and push

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back against corruption.

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Entrepreneurship offers a
positive alternative to the

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ideologies of violence and
division that can all too

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often fill the void when
young people don't see a

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future for themselves.

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Entrepreneurship
means ownership and

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self-determination, as
opposed to simply being

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dependent on somebody
else for your livelihood

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and your future.

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Entrepreneurship brings down
barriers between communities

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and cultures and builds
bridges that help us take on

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common challenges together.

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Because one thing that
entrepreneurs understand is,

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is that you don't have to
look a certain way, or be of

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a certain faith, or have a
certain last name in order

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to have a good idea.

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The challenge is -- as so
many of you know -- it's

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very often hard to take
those first steps.

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It's hard to access capital.

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It's hard sometimes to get
the training and the skills

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to run a business as
professionally as it needs

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to be in this
competitive world.

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It's hard to tap into the
networks and mentors that

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can mean the difference
between a venture taking off

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and one that falls flat.

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And it's even harder for
women and young people and

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communities that have often
been marginalized and denied

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access to opportunities.

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You run into old attitudes
that say some people,

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because of where you come
from or what you look like,

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don't have what it takes to
lead or create a business.

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And sometimes it's subtle.

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You go into pitch an idea
and maybe the response you

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get might not be as
enthusiastic as if someone

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else pitched the
exact same idea.

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Sometimes women or folks
from communities that

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historically have not been
viewed as entrepreneurial

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may not have the means of
opening those doors just to

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get in front of
the right person.

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Of course, the best answer
to that kind of thinking is

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the example that all of you
are setting -- your success.

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And that's why I've made
encouraging this spirit of

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entrepreneurship a key part
of America's engagement in

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the world.

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I launched the first of
these summits in Washington

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five years ago.

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And since then, we've
helped empower hundreds of

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thousands of entrepreneurs,
giving them a boost to

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launch thousands of new
businesses and initiatives.

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Here in Africa, our Young
African Leaders Initiative

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is empowering tens of
thousands of dynamic leaders

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not only in business, but
also in government and civil

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society.

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Because one of the things
that we have come to

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understand -- and this is
particularly relevant to

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Africa -- is that in order
to create successful

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entrepreneurs, the
government also has a role

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in creating the
transparency, and the rule

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of law, and the ease of
doing business, and the

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anti-corruption agenda that
creates a platform for

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people to succeed.

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So this is our first Global
Entrepreneurship Summit in

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sub-Saharan Africa.

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We wanted to come here.

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I wanted to be here because
Africa is on the move.

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(applause)

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Africa is one of the
fastest-growing regions

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of the world.

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People are being
lifted out of poverty.

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Incomes are up.

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The middle class is growing.

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And young people like you
are harnessing technology to

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change the way Africa is
doing business, as President

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Kenyatta alluded to.

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And that creates incredible
opportunities for Africans

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and for the world.

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It means more growth and
trade that creates jobs in

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all our countries.

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It's good for all of us.

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This continent needs to be a
future hub of global growth,

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not just African growth.

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(applause)

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And the country that's
hosting us today is setting

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an important example --
Kenya is leading the way.

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(applause)

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Today, Kenya is the largest
economy in East Africa.

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High-speed broadband and
mobile connectivity are on

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the rise, unleashing the
entrepreneurial spirit of

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even more Kenyans.

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Every day around the world,
millions of people send and

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save money with M-Pesa --
and it's a great idea that

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started here in Kenya.

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(applause)

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From Zimbabwe to Bangladesh,
citizens work to keep

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elections safe, using the
crowdsourcing platform

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Ushahidi -- and that's a
great idea that started

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right here in Kenya.

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(applause)

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Here in Nairobi, startup
incubators are nurturing new

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businesses every day --
maybe some of yours -- each

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with the potential to
be the great next Kenyan

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innovation.

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And the good news is that
I'm not the only one who

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sees the promise of Africa.

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I'm joined on this trip by
some leaders not just across

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my administration, but I'm
also joined by 20 members of

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the United States Congress
from both parties -- because

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supporting a strong
partnership with Africa is

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something that
unites Americans.

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(applause)

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We've got some incredible
entrepreneurs and business

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leaders who are
well-established from the

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United States
who are with us.

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They see the
promise, as well.

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And they're putting their
money where their mouth is.

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So today, we're taking
the next steps to

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partner with you.

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First, we're offering
entrepreneurs more

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startup capital.

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At last
year'sEntrepreneurship

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Summit, we set a goal of
generating $1 billion in new

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investment for emerging
entrepreneurs around the

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world, with half the money
going to support women and

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young people.

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(applause)

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A few months ago, I
challenged governments,

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companies, organizations and
individuals to help us reach

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this target.

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Today, I am proud to
announce that not only did

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we make our goal,
we surpassed it.

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(applause)

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We've secured more than $1
billion in new commitments

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from banks, foundations,
philanthropists, all to

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support entrepreneurs
like you.

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Second, we're connecting
you with the world's top

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business leaders
and innovators.

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We hand-picked more than
200 seasoned investors and

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entrepreneurs and brought
them to this summit.

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I've even brought a few of
my presidential ambassadors

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for entrepreneurship.

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These are some of America's
leading innovators and

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entrepreneurs.

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So if you see
them, don't be shy.

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(laughter)

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Pin them down.

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Get their advice.

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Pitch them your idea.

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That's why they're here.

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And don't be discouraged
if they say, I'm not sure

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that's going to work,
and they ask you

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tough questions.

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Because one of the things
every one of these

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successful entrepreneurs
will tell you is that along

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with incredible successes,
they've had some failures as

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well, and they've learned
from them, but they

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haven't given up.

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Number three, as I've said,
we're stepping it up to

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support women entrepreneurs.

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Women are powerhouse
entrepreneurs.

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(applause)

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The research shows that when
women entrepreneurs succeed,

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they drive economic growth
and invest more back into

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their families
and communities.

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(applause)

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We've already helped build a
network of more than 1,600

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women entrepreneurs
across Africa.

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We're launching three
women's entrepreneurial

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centers -- one in Zambia,
one opening later this year

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here in Nairobi
-- (applause)

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-- and I'm proud to announce
that the third center will

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be located in Mali.

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(applause)

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We've got some folks
from Mali in the house.

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(laughter)

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And as part of that $1
billion that I mentioned

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earlier, the United States
Overseas Private Investment

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Corporation is contributing
$100 million to support

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Goldman Sachs' 10,000 Women
initiative, making more

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capital available to
women-owned enterprises

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around the world.

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(applause)

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So, congratulations.

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So as you leave here today,
I want you all to know that

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I believe in you.

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I believe that you have the
drive and the passion to

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change the world.

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You can unlock new solutions
to the pressing global

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challenges that we face.

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I believe that.

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I believe that as you make
these innovations, you'll

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make life better
for all of us.

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And I'm looking forward to
being your partner in that

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process.

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So with that, what I think
we need to do is to hear

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from some of these young
entrepreneurs themselves.

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They can tell us a little
bit of what they're doing --

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because I think they're
great examples of all the

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talent that is here today.

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Thank you very much.

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(applause)

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Jehiel Oliver: Thank you
very much, Mr. President.

255
00:13:13,259 --> 00:13:17,229
Now that we heard from the
leaders of the free world,

256
00:13:17,229 --> 00:13:21,469
now let's hear from
some entrepreneurs.

257
00:13:21,467 --> 00:13:24,467
Like presidents,
entrepreneurs activate when

258
00:13:24,470 --> 00:13:26,410
they see massive problems.

259
00:13:26,405 --> 00:13:29,645
Sometimes these problems
exist in their communities.

260
00:13:29,642 --> 00:13:33,012
Sometimes these problems
exist at a country level,

261
00:13:33,012 --> 00:13:35,152
like presidents and
affordable healthcare and

262
00:13:35,147 --> 00:13:37,187
transparent governance.

263
00:13:37,183 --> 00:13:40,023
Sometimes these problems are
global issues like food and

264
00:13:40,019 --> 00:13:42,459
income security.

265
00:13:42,454 --> 00:13:43,624
My name is Jehiel Oliver.

266
00:13:43,622 --> 00:13:45,192
I'm the founder
of Hello Tractor.

267
00:13:45,191 --> 00:13:47,631
We're an agricultural
technology company.

268
00:13:47,626 --> 00:13:49,096
I'm from the U.S.

269
00:13:49,094 --> 00:13:50,934
but I live in
Nigeria in Abuja.

270
00:13:51,797 --> 00:13:54,167
(applause)

271
00:13:54,767 --> 00:13:55,797
Is Nigeria in the house?

272
00:13:56,735 --> 00:13:57,875
(applause)

273
00:13:58,637 --> 00:14:02,777
In Nigeria you have about
28 million small farmers,

274
00:14:02,775 --> 00:14:05,745
mostly women, relying
on hired labor that's

275
00:14:05,744 --> 00:14:08,414
expensive, that's
inefficient, and it's often

276
00:14:08,414 --> 00:14:11,484
times unavailable and what
this means is crops are

277
00:14:11,483 --> 00:14:14,983
planted late, land is
under-cultivated, and these

278
00:14:14,987 --> 00:14:17,527
farm families lose income.

279
00:14:17,523 --> 00:14:19,963
Hello Tractor has come up
with a solution to

280
00:14:19,959 --> 00:14:21,229
this problem.

281
00:14:21,227 --> 00:14:24,067
We developed technology that
turns a tractor into

282
00:14:24,063 --> 00:14:25,833
a smart tractor.

283
00:14:25,831 --> 00:14:29,271
We then pair smart tractor
owners with farmers in the

284
00:14:29,268 --> 00:14:32,268
market texting for
tractor service.

285
00:14:32,271 --> 00:14:36,011
It's a local technology for
the Nigerian marketplace.

286
00:14:36,008 --> 00:14:39,848
A farmer simply sends a text
message into our cloud and

287
00:14:39,845 --> 00:14:42,845
we pair that text with the
nearest smart tractor owner.

288
00:14:42,848 --> 00:14:46,448
They arrive and provide a
service that 40 times faster

289
00:14:46,452 --> 00:14:49,192
than manual labor and
one-third of the cost.

290
00:14:49,188 --> 00:14:51,188
It is completely
revolutionizing agriculture

291
00:14:51,190 --> 00:14:57,060
in Nigeria, soon sub-Saharan
Africa, and ultimately

292
00:14:57,062 --> 00:14:59,632
the world.

293
00:14:59,632 --> 00:15:00,462
We want to export tractors
to other markets outside of

294
00:15:00,466 --> 00:15:02,066
sub-Saharan Africa.

295
00:15:02,067 --> 00:15:05,437
(applause)

296
00:15:06,438 --> 00:15:11,978
Hello Tractor was driven by
the need to fix the issue of

297
00:15:11,977 --> 00:15:15,047
global food income security
and this is our solution

298
00:15:15,047 --> 00:15:15,847
to this problem.

299
00:15:15,848 --> 00:15:16,948
Thank you very much.

300
00:15:16,949 --> 00:15:23,019
(applause)

301
00:15:25,224 --> 00:15:26,824
Female Speaker:
Thanks, Jehiel.

302
00:15:26,825 --> 00:15:29,595
So I'm (inaudible)

303
00:15:29,595 --> 00:15:30,995
, CEO and founder of I.D.

304
00:15:30,996 --> 00:15:37,766
Guardian, a consumer device
and biometric company based

305
00:15:37,770 --> 00:15:39,610
out of wonderful
Zagreb, Croatia.

306
00:15:39,605 --> 00:15:40,905
(applause)

307
00:15:40,906 --> 00:15:41,936
Yeah.

308
00:15:41,940 --> 00:15:44,340
So two and a half years
ago, our journey started.

309
00:15:44,343 --> 00:15:45,413
I was 22.

310
00:15:45,411 --> 00:15:48,051
I was studying at the
University of Zagreb and

311
00:15:48,047 --> 00:15:51,117
unfortunately I had a close
family health situation.

312
00:15:51,116 --> 00:15:54,886
Now that enabled me to
really see how often in the

313
00:15:54,887 --> 00:15:57,587
healthcare system, we ignore
the emotional component

314
00:15:57,589 --> 00:15:59,089
in the patient.

315
00:15:59,091 --> 00:16:00,591
This is not
because of doctors.

316
00:16:00,592 --> 00:16:02,892
This is because the way
processes and medical

317
00:16:02,895 --> 00:16:04,565
devices are designed.

318
00:16:04,563 --> 00:16:07,103
They're sterile and
sometimes even hostile.

319
00:16:07,099 --> 00:16:08,869
Although the emotional
component is highly

320
00:16:08,867 --> 00:16:11,407
correlated with the outcome
of the treatment, no one

321
00:16:11,403 --> 00:16:14,303
really pays attention to it.

322
00:16:14,306 --> 00:16:17,046
In that moment, we decided
to make Teddy the Guardian,

323
00:16:17,042 --> 00:16:19,612
the first smart teddy
bear in the world.

324
00:16:19,611 --> 00:16:22,051
It seamlessly during the
play captured the child's

325
00:16:22,047 --> 00:16:24,887
heart rate, oxygen level,
and body temperature and

326
00:16:24,883 --> 00:16:28,483
sends data to a mobile app,
so completely stress-free in

327
00:16:28,487 --> 00:16:31,257
a soothing and calming way,
you get all of the vitals

328
00:16:31,256 --> 00:16:33,126
under your fingertip if
you're a parent or a

329
00:16:33,125 --> 00:16:34,925
pediatrician.

330
00:16:34,927 --> 00:16:38,127
Now the main value of this
is our biometrics platform,

331
00:16:38,130 --> 00:16:41,400
so a platform where we
reveal insights based on

332
00:16:41,400 --> 00:16:44,240
biometric data and
behavior patterns.

333
00:16:44,236 --> 00:16:46,976
This is being used by some
of the biggest companies

334
00:16:46,972 --> 00:16:50,312
worldwide and biggest brands
to improve their existing

335
00:16:50,309 --> 00:16:52,009
and create new products.

336
00:16:52,010 --> 00:16:54,680
So for example, if you go to
any local store and buy a

337
00:16:54,680 --> 00:16:57,750
shampoo or a shower gel,
it's currently being

338
00:16:57,750 --> 00:16:59,950
designed based on what you
claim you like, but in the

339
00:16:59,952 --> 00:17:03,292
future it will be designed
using our technology and

340
00:17:03,288 --> 00:17:05,688
based on what your
body is really loving.

341
00:17:05,691 --> 00:17:07,131
So what we're
trying to create --

342
00:17:07,126 --> 00:17:08,726
(applause)

343
00:17:08,727 --> 00:17:11,727
Thank you.

344
00:17:11,730 --> 00:17:14,070
So what we're trying to
create is really devices

345
00:17:14,066 --> 00:17:16,806
that know how people feel
even when they don't have

346
00:17:16,802 --> 00:17:19,372
the capacity to
articulate that.

347
00:17:19,371 --> 00:17:21,141
The people within our
community who are suffering

348
00:17:21,140 --> 00:17:24,540
the most, we want to create
devices and an environment

349
00:17:24,543 --> 00:17:26,113
that will be able to
sense when these things

350
00:17:26,111 --> 00:17:28,211
are happening.

351
00:17:28,213 --> 00:17:32,783
All of this has enabled
us to one, start up Open,

352
00:17:32,785 --> 00:17:34,825
organized by Global
Entrepreneurship Week.

353
00:17:34,820 --> 00:17:37,790
We have 16 employees,
offices in Palo Alto,

354
00:17:37,790 --> 00:17:41,460
London, and wonderful
Zagreb, Croatia, and now

355
00:17:41,460 --> 00:17:43,700
with some of the most
amazing engineers located

356
00:17:43,695 --> 00:17:46,195
there, we're really making
the effort to bring all of

357
00:17:46,198 --> 00:17:48,838
these devices to the
market and bring all this

358
00:17:48,834 --> 00:17:49,934
technology worldwide.

359
00:17:49,935 --> 00:17:51,105
Thank you.

360
00:17:51,537 --> 00:17:56,907
(applause)

361
00:17:57,943 --> 00:17:59,913
Judy Towiga: Thank you.

362
00:17:59,912 --> 00:18:02,252
Technology is one of the
fastest growing sectors in

363
00:18:02,247 --> 00:18:05,617
Kenya, yet women are
greatly underrepresented.

364
00:18:05,617 --> 00:18:08,187
My name is Judy Towiga
and I'm the cofounder of

365
00:18:08,187 --> 00:18:09,487
(inaudible)

366
00:18:09,488 --> 00:18:14,198
and I'm working
to (inaudible)

367
00:18:14,193 --> 00:18:15,163
generations of women who use
technology to impact their

368
00:18:15,160 --> 00:18:16,130
communities and
create solutions.

369
00:18:16,128 --> 00:18:18,028
Five years ago, I and a
group of friends, started

370
00:18:18,030 --> 00:18:19,360
(inaudible)

371
00:18:19,364 --> 00:18:22,864
It stemmed from the need
that we saw that there were

372
00:18:22,868 --> 00:18:25,168
very few women in
technology, so we wanted to

373
00:18:25,170 --> 00:18:28,070
create a community where
women can come together,

374
00:18:28,073 --> 00:18:30,613
work on different solutions,
and share knowledge.

375
00:18:30,609 --> 00:18:33,109
After some time, we noticed
that there was a lot of

376
00:18:33,111 --> 00:18:36,211
knowledge sharing and there
were other people who could

377
00:18:36,215 --> 00:18:38,555
benefit so we thought we
should start a training

378
00:18:38,550 --> 00:18:41,050
program and target young
women who would not

379
00:18:41,053 --> 00:18:43,893
ordinarily consider careers
in technology and who would

380
00:18:43,889 --> 00:18:46,329
not have an
opportunity to do so.

381
00:18:46,325 --> 00:18:49,365
So we -- our training
program targets young women

382
00:18:49,361 --> 00:18:52,961
from the slums of Nairobi or
from informal settlements

383
00:18:52,965 --> 00:18:55,005
and we take them through a
one-year training program in

384
00:18:55,000 --> 00:18:57,570
technology and
entrepreneurship and then we

385
00:18:57,569 --> 00:19:00,709
help them get jobs or start
their own businesses.

386
00:19:00,706 --> 00:19:02,846
When we train them in
technology, we train them

387
00:19:02,841 --> 00:19:06,081
how to program both web and
mobile applications and

388
00:19:06,078 --> 00:19:07,978
graphic design.

389
00:19:07,980 --> 00:19:11,080
One of the students who
passed through our training

390
00:19:11,083 --> 00:19:12,883
programs is called
Agnes Masia.

391
00:19:12,885 --> 00:19:14,685
She went through our
training program for one

392
00:19:14,686 --> 00:19:16,756
year and after that
year, she is currently a

393
00:19:16,755 --> 00:19:20,025
technology researcher at a
tech company and she also

394
00:19:20,025 --> 00:19:23,525
started a shop where she has
employed her older brother

395
00:19:23,529 --> 00:19:25,869
to work the shop using the
entrepreneurship knowledge

396
00:19:25,864 --> 00:19:27,534
that we taught her.

397
00:19:27,533 --> 00:19:28,763
So she is one example.

398
00:19:28,767 --> 00:19:30,737
She is living the
vision of (inaudible)

399
00:19:30,736 --> 00:19:33,476
She is using both technology
and entrepreneurship to

400
00:19:33,472 --> 00:19:35,972
change her family
and her community.

401
00:19:35,974 --> 00:19:39,944
So that is the vision that
we live and we breathe.

402
00:19:39,945 --> 00:19:42,785
We want to change
communities one woman at a

403
00:19:42,781 --> 00:19:44,151
time using technology.

404
00:19:44,716 --> 00:19:45,786
Mr. President:
That's fantastic.

405
00:19:45,784 --> 00:19:49,624
(applause)

406
00:19:53,859 --> 00:19:56,699
Jehiel Oliver: So we've had
an opportunity to hear just

407
00:19:56,695 --> 00:20:00,435
a small sample of some of
the amazing entrepreneurs

408
00:20:00,432 --> 00:20:03,102
that are part of this
wonderful summit put

409
00:20:03,101 --> 00:20:07,241
together by President
Kenyatta, President Obama.

410
00:20:07,239 --> 00:20:11,539
I would encourage you to
please reach out and discuss

411
00:20:11,543 --> 00:20:14,513
with some of these
entrepreneurs in the crowd

412
00:20:14,513 --> 00:20:17,053
and learn more about their
powerful stories as well.

413
00:20:17,049 --> 00:20:19,489
On the stage we have
Kenya represented.

414
00:20:19,484 --> 00:20:21,984
We have Croatia represented,
and we have myself coming

415
00:20:21,987 --> 00:20:23,257
from the U.S.

416
00:20:23,255 --> 00:20:24,995
as an African-American, also
returning to my ancestral

417
00:20:24,990 --> 00:20:26,530
home --

418
00:20:26,525 --> 00:20:30,365
(applause)

419
00:20:30,362 --> 00:20:32,902
-- to solve big problems.

420
00:20:32,898 --> 00:20:34,898
But thank you all
for your time.

421
00:20:34,900 --> 00:20:37,440
Thank you all to the
distinguished panelists

422
00:20:37,436 --> 00:20:39,236
(laughter)

423
00:20:39,237 --> 00:20:40,907
, President Obama,
President, Kenyatta, thank

424
00:20:40,906 --> 00:20:41,706
you so much.

425
00:20:42,240 --> 00:20:43,680
President Obama: Thank you.

426
00:20:43,675 --> 00:20:44,375
President Kenyatta:
Thank you.

427
00:20:46,278 --> 00:20:47,918
(applause)

428
00:20:48,914 --> 00:20:51,714
President Obama: An closing
thoughts as you hear

429
00:20:51,717 --> 00:20:53,117
about these outstanding
young people?

430
00:20:54,519 --> 00:20:57,589
President Kenyatta: I think
all I want to say is that

431
00:20:57,589 --> 00:21:01,689
what you've heard from the
experiences of these three

432
00:21:01,693 --> 00:21:06,733
great people right here
is their ability to turn

433
00:21:06,732 --> 00:21:12,472
challenges into opportunity
and this really is the

434
00:21:12,471 --> 00:21:17,241
future and we as governments
should really just focus to

435
00:21:17,242 --> 00:21:20,942
create an enabling
environment that allows

436
00:21:20,946 --> 00:21:22,616
these great young
people to flourish --

437
00:21:22,614 --> 00:21:27,424
(applause)

438
00:21:27,419 --> 00:21:30,159
-- and really be able to
help us resolve some of the

439
00:21:30,155 --> 00:21:33,355
perennial problems that
we continually face.

440
00:21:33,358 --> 00:21:36,098
I was just telling President
Obama about the problems

441
00:21:36,094 --> 00:21:39,034
we're having as a result of
climate change in terms of,

442
00:21:39,031 --> 00:21:42,031
you know, our agricultural
output, our need to really

443
00:21:42,034 --> 00:21:46,734
focus, you know,
on irrigation.

444
00:21:46,738 --> 00:21:49,908
Here's a great guy telling
us he can solve that problem

445
00:21:49,908 --> 00:21:51,378
for me, so I need
to see you soon.

446
00:21:52,110 --> 00:21:53,610
(laughter)

447
00:21:54,413 --> 00:21:58,783
So I think really it's just
for us to really create the

448
00:21:58,784 --> 00:22:01,684
environment, the enabling
environment, as President

449
00:22:01,687 --> 00:22:05,527
Obama said, deal with some
of the bottlenecks, some of

450
00:22:05,524 --> 00:22:10,364
the governance issues, deal
with some of the problems,

451
00:22:10,362 --> 00:22:13,232
the structural problems,
that deny our people the

452
00:22:13,231 --> 00:22:16,831
ability to take advantage
of this great -- of the

453
00:22:16,835 --> 00:22:18,835
opportunities that
actually exist.

454
00:22:18,837 --> 00:22:21,377
So mine is to say that you
can count on our support.

455
00:22:21,373 --> 00:22:24,473
We are ready, we are
willing, and we want to see

456
00:22:24,476 --> 00:22:30,046
what we can do to really
help you move along and help

457
00:22:30,048 --> 00:22:32,188
us deal with the challenges
we all face on this

458
00:22:32,184 --> 00:22:33,084
great continent.

459
00:22:33,585 --> 00:22:34,055
President Obama:
Absolutely.

460
00:22:34,586 --> 00:22:36,286
(applause)

461
00:22:36,722 --> 00:22:39,392
That's well said.

462
00:22:39,391 --> 00:22:42,061
President Obama: I think
what's also interesting is,

463
00:22:42,060 --> 00:22:46,600
as you listen to these three
-- and I think that I'm sure

464
00:22:46,598 --> 00:22:50,468
this is true of many of the
entrepreneurs here as well

465
00:22:50,469 --> 00:22:55,039
-- one of the advantages
of this technological

466
00:22:55,040 --> 00:22:59,510
revolution that we're going
through is that it can be

467
00:22:59,511 --> 00:23:02,711
tailored and adapted to
different countries,

468
00:23:02,714 --> 00:23:05,384
different environments,
different circumstances, in

469
00:23:05,383 --> 00:23:10,123
some cases enabling
countries to leapfrog over

470
00:23:10,122 --> 00:23:17,362
old technologies, to
individualize what's done

471
00:23:17,362 --> 00:23:21,262
for a particular market
or a particular need.

472
00:23:21,266 --> 00:23:26,476
And the kind of thing that
Jahiel is talking about --

473
00:23:26,471 --> 00:23:29,971
the share economy concept
-- we've got the founder of

474
00:23:29,975 --> 00:23:35,245
Airbnb out here, and you can
talk to him a little bit.

475
00:23:35,247 --> 00:23:36,617
He's doing pretty good.

476
00:23:36,615 --> 00:23:38,285
(laughter)

477
00:23:38,283 --> 00:23:41,023
But there's a recognition
that through these

478
00:23:41,019 --> 00:23:46,029
technological platforms,
what might have previously

479
00:23:46,024 --> 00:23:51,364
required huge investments
of capital, and as a

480
00:23:51,363 --> 00:23:55,733
consequence, big barriers
to entry, now you can get a

481
00:23:55,734 --> 00:24:00,204
startup moving, and if it's
the right idea, it can

482
00:24:00,205 --> 00:24:05,015
travel with the speed of
how fast you can text.

483
00:24:05,010 --> 00:24:07,510
I can't text very
fast, but -- (laughter)

484
00:24:07,512 --> 00:24:11,312
-- I notice Malia and
Sasha, they -- (laughter)

485
00:24:11,316 --> 00:24:18,986
And so I think that this
makes a place like Africa,

486
00:24:18,990 --> 00:24:22,160
or Croatia, or other
countries that historically

487
00:24:22,160 --> 00:24:26,730
may not have been viewed as
right at the center of the

488
00:24:26,731 --> 00:24:29,871
global economy, suddenly
they can compete on a level

489
00:24:29,868 --> 00:24:32,108
playing field.

490
00:24:32,103 --> 00:24:39,473
And if you have a good idea
in Zagreb or in Abuja, or

491
00:24:39,477 --> 00:24:44,917
wherever, now you
potentially have access to

492
00:24:44,916 --> 00:24:47,856
a global marketplace in ways
that you haven't had before.

493
00:24:47,853 --> 00:24:58,293
What President Kenyatta
said is absolutely correct,

494
00:24:58,296 --> 00:24:59,436
though, and that is for us
to take full advantage of

495
00:24:59,431 --> 00:25:00,431
this we have to support
programs like Judith's so

496
00:25:00,432 --> 00:25:01,532
that our young people are
being trained in this

497
00:25:01,533 --> 00:25:07,173
technology, that there are
no barriers for girls to be

498
00:25:07,172 --> 00:25:08,912
trained in this technology.

499
00:25:08,907 --> 00:25:13,047
If half of your team
is not playing,

500
00:25:13,044 --> 00:25:14,814
you've got a problem.

501
00:25:14,813 --> 00:25:19,313
And in too many countries,
half of the team -- our

502
00:25:19,317 --> 00:25:21,557
women and girls -- are
not participating

503
00:25:21,553 --> 00:25:24,093
enough in this.

504
00:25:24,089 --> 00:25:26,459
So we've got to invest
in human capital so that

505
00:25:26,458 --> 00:25:31,028
everyone has the opportunity
to access this information

506
00:25:31,029 --> 00:25:34,729
and there's got to be the
framework for access to

507
00:25:34,733 --> 00:25:38,603
capital; reduce regulatory
barriers; the ability to

508
00:25:38,603 --> 00:25:43,673
start up businesses
effectively; making sure

509
00:25:43,675 --> 00:25:46,045
that governments are
facilitating as opposed to

510
00:25:46,044 --> 00:25:50,444
being parasitic on
entrepreneurial efforts --

511
00:25:50,448 --> 00:25:54,488
that's our job.

512
00:25:54,486 --> 00:25:56,486
(applause)

513
00:25:56,488 --> 00:25:59,688
And I think that the good
news is, is that we're

514
00:25:59,691 --> 00:26:02,791
seeing that recognition in
more and more governments

515
00:26:02,794 --> 00:26:04,494
around the world.

516
00:26:04,496 --> 00:26:07,896
Not all of them always are
practicing what they preach,

517
00:26:07,899 --> 00:26:12,809
but it's a start when
governments feel obliged

518
00:26:12,804 --> 00:26:15,304
through, for example,
initiatives like the Open

519
00:26:15,307 --> 00:26:16,977
Government Partnership that
we started through the

520
00:26:16,975 --> 00:26:19,645
United Nations -- where they
feel obliged to acknowledge

521
00:26:19,644 --> 00:26:24,014
that they've got to get
these rule of law issues and

522
00:26:24,015 --> 00:26:26,615
accountability issues and
human investment issues

523
00:26:26,618 --> 00:26:33,458
right -- then that gives us
a lever to start continually

524
00:26:33,458 --> 00:26:36,258
improving the environment
for all of you and your

525
00:26:36,261 --> 00:26:37,761
operations.

526
00:26:37,762 --> 00:26:43,002
And, last point I would make
-- and President Kenyatta

527
00:26:43,001 --> 00:26:46,541
alluded to this -- I think
it's very important for the

528
00:26:46,538 --> 00:26:50,178
business leaders who are
here, the established

529
00:26:50,175 --> 00:26:53,745
business leaders, to
understand that this is

530
00:26:53,745 --> 00:27:01,315
still a neglected market,
and accessing capital for

531
00:27:01,319 --> 00:27:04,659
entrepreneurs here
is still too hard.

532
00:27:04,656 --> 00:27:08,156
And we can help -- U.S.

533
00:27:08,159 --> 00:27:11,959
government policy can help
-- but some of this is

534
00:27:11,963 --> 00:27:17,703
exposure and people having a
vision of what's possible.

535
00:27:17,702 --> 00:27:25,142
When I was here in Nairobi
10 years ago, it looked very

536
00:27:25,143 --> 00:27:27,743
different than
it does today.

537
00:27:27,746 --> 00:27:30,186
The incredible progress
that's been made --

538
00:27:30,181 --> 00:27:31,481
(applause)

539
00:27:31,483 --> 00:27:37,093
-- imagine what could happen
if more and more of our

540
00:27:37,088 --> 00:27:43,058
global business leaders and
global capital paid a visit

541
00:27:43,061 --> 00:27:46,701
and actually had a
conversation, as opposed to

542
00:27:46,698 --> 00:27:51,538
just being blinded by some
of the stereotypes that are

543
00:27:51,536 --> 00:27:53,476
so often promoted.

544
00:27:53,471 --> 00:27:55,071
This thing could
move even faster.

545
00:27:55,073 --> 00:27:56,243
(applause)

546
00:27:56,241 --> 00:27:58,841
And that's part of the
reason why this summit

547
00:27:58,843 --> 00:28:00,283
is so important.

548
00:28:00,278 --> 00:28:01,348
So, I'm proud of all of you.

549
00:28:01,346 --> 00:28:04,216
I'm proud of these three
entrepreneurs who are here.

550
00:28:04,215 --> 00:28:08,055
They represent all the
talent that's in this room.

551
00:28:08,053 --> 00:28:09,523
Go out there and
start something.

552
00:28:09,521 --> 00:28:12,121
We're excited about it.

553
00:28:12,123 --> 00:28:13,363
We expect great
things out of you.

554
00:28:13,358 --> 00:28:13,958
(applause)

555
00:28:13,958 --> 00:28:14,758
Thank you very much.

556
00:28:14,759 --> 00:28:15,559
(applause)