Michael Strong and Magatte Wade explored the role of entrepreneurship in leading us through this Covid-19 crisis, overcoming global racism by liberating African countries from the shackles of poverty, and its capacity to increase global happiness and well-being.

Here are a few key takeaways from the webinar:

We need entrepreneurial solutions now more than ever.

Michael opened up the webinar by sharing his favorite definition of an entrepreneur – Someone who lies awake thinking, “what sucks and how to fix it?”. Just think about the evolution of the alarm clock. Not long ago, it was a metal device that rattled, then it played music, then it made your coffee, and today it can lift your shades to let the morning sun in. That was what happened with no crisis forcing the need for better alarm clocks. Imagine what solutions entrepreneurs will develop to solve the Covid-19 crisis. We should do everything we can to promote entrepreneurism locally and globally to maximize the possibility of more solutions to this global health crisis.

Schools and governments play a critical role in the promotion of entrepreneurism and the capacity to create solutions.

Schools have an opportunity to support creativity and initiative and purpose in young students, but too often it’s the opposite. There are growing data points that suggest anxiety, depression, and suicide are correlated with the high school experience. Similarly, governments that hinder free market capitalism, are creating debilitating levels of poverty. Many African countries provide a stark example of this.

There is a strong correlation between economic freedom and poverty.

Magatte reminds us that before there was slavery, Africa was a continent of people practicing free enterprise. There were markets where people exchanged in a free and voluntary manner, there were great centers of knowledge, and even in the villages – the people were free to leave if they disagreed with a tribal leader – they had the right of exit – the ultimate freedom. African countries, upon gaining independence in the 1960’s, had the mindset that capitalism – not colonialism – had caused the issues and in an attempt to correct the damage, they chose the path of statism. As a result, most Africans are deprived of economic freedom, and this has created poverty on a massive scale.

People don’t think of Africans as co-creators of prosperity and innovation, because they do not have the freedom to exercise entrepreneurship.

Despite countless examples of African entrepreneurship, there is a stereotype that is attached to black skin, which translates into racism in many cases. The world does not think of Africa or Africans as accomplishing great things. Until Africans are able to be seen as creators of prosperity – racism will not diminish. If you care about racism – buy African products, invest in African companies, mentor African entrepreneurs, contribute to African e-government initiatives to reduce corruption, and support African Startup City initiatives.

The notion of entrepreneurial solutions reaches its pinnacle in entrepreneurial governance.

At the highest level of “what sucks and how to fix it”, if we can produce entrepreneurial governance that’s higher quality, we can have a really powerful tool for making the world a better place. Michael concludes with Strong’s Law – “Ultimately just as alarm clocks have gotten better… properly structured free enterprise always results (over time) in higher quality, lower cost, and more customized products and services. This principle applies just as forcefully to the entrepreneurial supply of law, governance, community, housing, education, healthcare, and other environments supportive of happiness and well-being as it does to technology. Our world suffers because we have not allowed entrepreneurial initiative to fully address the most important issues facing humanity.”