Mobilizing Diaspora Entrepreneurship for International Development Initiatives

Abstract

A Diaspora is a large group of people with a similar heritage or homeland who have since moved out to places all over the world. It can also refer to the movement of the population from its original homeland. The study of Diasporas provides a useful frame for reimagining locations, movements, identities, and social formations. Diasporas are in a unique position to have a positive effect on the economy of their countries of origin if policymakers there seize the opportunities. Despite the advantages that these entrepreneurs bring, many developing countries have met only limited success in attracting them. Countries with governments that still require aspiring entrepreneurs to follow complex procedures, countries at war, or those experiencing internal conflict and social upheaval remain unattractive to all but the most intrepid Diaspora private investors and business people. This paper primarily aims to give an insight into the nature of Diaspora entrepreneurship. Also, it suggests the framework of mechanism through which donors and international development agencies can constructively promote its developmental impact. Three examples of venture capital and partnership organizations have been quoted. Secondary data have been used in this presentation and nature of analysis is descriptive. The paper concludes that governments, multilateral institutions, Diaspora organizations, and other civil society groups can help Diaspora entrepreneurs to tap the resources they need and clear obstacles to realizing their ventures and accelerating economic growth. Peace, stability, and construction of basic infrastructure are prerequisites for substantial Diaspora investment, as they are for so many other development processes.