Young Entrepreneurs Defy Odds to Shape Future Industries

Youth Parliament panel at the 21st UNIDO General Conference in Riyadh, Saudi Arabia.

Young people make a vital contribution to creating industries that benefit both people and the planet. Their role was recognised on Wednesday at Generation Future Day of the Global Industry Summit in Riyadh, with commitments to ensure their voices are heard and their ideas shared more widely.

With a 90 per cent failure rate for startups, young people could be forgiven for thinking that founding a company—especially during turbulent economic times—would be too risky.

“But there's a 10 per cent chance of improving people's lives,” said business management student Daniel Wu, taking a “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, teaching AI and software skills, reached the finals of the Innovation Youth Competition run by the UN Industrial Development Organization (UNIDO).

This achievement led to an invitation to the UNIDO Global Industry Summit in Riyadh, where on Wednesday he participated 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 Summit was filled with enthusiastic young business minds eager to leverage networking opportunities, meet mentors, policymakers, and potential investors. The programme featured interactive dialogues, innovation highlights, and mentorship sessions. Young delegates presented pioneering solutions in renewable energy, circular economy practices, and digital manufacturing, offering policymakers and industry leaders a direct window into scaling and implementing their ideas across diverse contexts.

‘We know how our generation thinks’

Despite the high failure rate and limited track records compared to older entrepreneurs, Mr. Wu remains undeterred. He argues that young people are worthy of investment due to the unique perspectives they bring.

"We grew up with computers and the internet, and we understand how people engage with content. We know how our generation—the next big market segment—thinks, which gives us an 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 also by the creativity, determination, and resilience of the next generation. In Riyadh, that future was given a powerful voice.