Teenovator recently had the honor of speaking with Nancy Schiller, President and CEO of the America for Bulgaria Foundation (ABF), about the Foundation’s ongoing commitment and the transformative impact of their new grant on Teenovator’s mission. Over the past three years, ABF has placed significant trust in Teenovator and with this renewed three-year grant, they are reaffirming their dedication to nurturing youth entrepreneurship and innovation in Bulgaria.
In this conversation Nancy Schiller shares insights into ABF’s motivations for supporting Teenovator, the objectives of the new grant and the inspiring vision for the future of the program.
What motivated the America for Bulgaria Foundation to support the Teenovator program?
The America for Bulgaria Foundation (ABF) is deeply committed to fostering youth entrepreneurship and innovation in Bulgaria. Supporting Teenovator aligns perfectly with our mission to develop the country’s private sector and related democratic institutions.
The program’s focus on equipping students with entrepreneurial and soft skills addresses a critical need in Bulgaria’s educational landscape where such skills are often overlooked. Moreover, Teenovator’s unique approach, involving real entrepreneurs as mentors, offers students invaluable real-world insights and guidance. The focus on developing teamwork skills is another positive attribute of the program.
Teenovator is entering a new three-year period of grant funding from the America for Bulgaria Foundation. Can you tell us more about this new grant and its significance?
We are excited to continue our support for Teenovator with a new grant of BGN 717,600 over the next three years, which is around 60% of their budget. The leadership and dedication of Zornitsa, Teenovator’s Managing Director, and Veselina, Project Coordinator, to the Teenovator program is inspiring.
Zornitsa’s vision to expand the program through this grant will allow it to reach more students and improve its operational efficiency. The grant will support the addition of one more project coordinator to address challenges like alumni community development and program quality enhancement. This expansion aims to sustain the enrolment of 700 students annually, fostering a new generation of skilled, innovative, and socially responsible entrepreneurs. This grant is part of ABF’s broader efforts to support educational initiatives that develop critical skills among Bulgarian youth.
How do you see Teenovator evolving with the support of this new grant?
With the new grant, we envision Teenovator enhancing its capacity to impact even more students across Bulgaria. The additional team member will help streamline operations and fundraising efforts, allowing the program to scale efficiently. This evolution will ensure that more students gain access to high-quality mentorship and entrepreneurial training, thereby increasing their chances of success in future endeavours in Bulgaria.
The program will continue to adapt and innovate, staying relevant to the needs of today’s youth and the evolving business landscape. ABF’s continued support also ensures that Teenovator can leverage best practices from other successful partner programs such as leadership academies and technological incubators.
How does the Foundation evaluate the impact and success of programs like Teenovator?
We evaluate the impact and success of programs like Teenovator through comprehensive assessments and external evaluations. These evaluations focus on various metrics, including the development of business skills, teamwork, leadership, and civic engagement among participants.
The recent independent evaluation of Teenovator highlighted significant achievements in these areas, demonstrating the program’s effectiveness in enhancing students’ professional and personal skills. We also look at long-term outcomes, such as the pursuit of higher education, civic participation, and the entrepreneurial activities of alumni. ABF applies similar rigorous evaluation methods to other initiatives we support, ensuring that our projects deliver meaningful and measurable benefits to the community.
Can you share any success stories or notable outcomes from the previous period of funding? What impressed the team and the board in the Teenovator Impact Report which we called The Teenovator Effect?
The Teenovator Impact Report revealed several impressive outcomes from the previous funding period. Notably, 98% of alumni completed their schooling, with 78% pursuing higher education. Additionally, the program significantly boosted students’ business skills, teamwork and leadership abilities. One standout story involves alumni who, inspired by their Teenovator experience, started successful social and business ventures. The high levels of civic engagement and volunteering among participants were particularly impressive, reflecting the program’s success in fostering a sense of community responsibility.
How important is the mentorship aspect of Teenovator to the Foundation and why?
Mentorship is a cornerstone of Teenovator and is highly valued by ABF. The mentors, who are seasoned entrepreneurs, provide students with practical knowledge and guidance that textbooks cannot offer. This hands-on mentorship is crucial for developing an entrepreneurial mindset and soft skills that are essential for future success.
The relationships formed through mentorship and teamwork inspire students, build their confidence, and often lead to lifelong professional connections. We believe that this aspect of Teenovator significantly enhances its impact and effectiveness. Similar mentorship models have proven successful in other ABF initiatives, such as the training programs for teachers and young professionals.
Besides Teenovator, what other entrepreneurship programs does the America for Bulgaria Foundation support? How do these programs align with the Foundation’s overall mission and goals?
In addition to Teenovator, ABF supports various entrepreneurship programs aimed at different age groups and stages of business development. These include initiatives like BASE, ABLE Mentor, Mentor the Young, the Summer Leadership Academy at AUBG, DevHubOne, Telerik Academy Foundation, PARA Robotics Incubator and Panda Labs to name a few. All these programs align with ABF’s mission to develop Bulgaria’s private sector by fostering a culture of innovation and entrepreneurship. They provide practical training, mentorship, and resources to budding entrepreneurs, contributing to the overall economic development and competitiveness of the country.
In addition, ABF has two fellowship programs – Digital Marketing for Worthy Causes and Media e:volution. The two programs bring together young journalists, digital marketing specialists, NGOs and media outlets. Our support spans diverse fields, from technology and business to cultural heritage, good governance, and education, ensuring a holistic approach to Bulgaria’s development.
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In your opinion, what is the impact of supporting youth entrepreneurship programs like Teenovator on the broader entrepreneurial ecosystem in Bulgaria?
Supporting youth entrepreneurship programs like Teenovator has a transformative impact on Bulgaria’s broader entrepreneurial ecosystem. These programs cultivate a new generation of innovative thinkers who are equipped with the skills to launch successful ventures. As these young entrepreneurs enter the market, they bring fresh ideas, drive economic growth, and create job opportunities.
Moreover, they often inspire their peers and communities, fostering a more vibrant and supportive environment for entrepreneurship throughout the country. ABF’s commitment to entrepreneurship is also reflected in our support for startup incubators and accelerators, which play a critical role in nurturing early-stage businesses.
How do you see the role of programs like Teenovator in shaping the future of Bulgaria’s economy and innovation landscape?
Programs like Teenovator play a pivotal role in shaping the future of Bulgaria’s economy and innovation landscape by nurturing young talent and promoting entrepreneurial thinking. By equipping students with essential business and soft skills, these programs help create a skilled workforce ready to tackle the challenges of the modern economy.
The emphasis on innovation and problem-solving prepares students to drive technological advancements and economic growth. In the long term, such initiatives contribute to a more dynamic, resilient, and competitive economy. ABF’s broader efforts include supporting technology hubs and research centers, further driving Bulgaria’s innovation agenda.
What opportunities do you believe are most promising for young entrepreneurs in Bulgaria today?
Bulgaria’s young entrepreneurs have a wealth of opportunities, particularly in technology, digital services, and green energy. The growing startup ecosystem offers numerous resources, including accelerators, incubators, and access to international markets. Additionally, there is a significant demand for innovative solutions in sectors like fintech, healthcare, and education technology. By leveraging these opportunities, young entrepreneurs can create impactful ventures that address both local and global challenges. ABF actively supports these sectors through targeted programs and partnerships with industry leaders.
What personally excites you the most about supporting entrepreneurship programs like Teenovator?
Supporting entrepreneurship programs like Teenovator is exciting because it allows us to witness firsthand the transformative impact on young lives. I have been a mentor in the US and know how incredibly rewarding it is to see students grow in confidence, develop their ideas, and pursue their entrepreneurial dreams.
The creativity, energy, and passion that these young entrepreneurs bring to their projects are truly inspiring. Knowing that we are helping to build the future leaders and innovators of Bulgaria makes our work deeply fulfilling. ABF’s commitment to entrepreneurship is evident in our diverse portfolio of projects that support economic and social progress across Bulgaria.
Can you share a personal anecdote or experience that has influenced your commitment to youth entrepreneurship and education?
I have been incredibly impressed by the dedication, not only of the leadership of Teenovator, but by the mentors and mentees as well. During the closing pitch session, the culmination of eight months of work, you can sense the tension and excitement in the hall. These young people and their mentors committed an extraordinary amount of time to get to this day, yet their support of their fellow participants is unwavering. This represents community at its finest.
Through the entrepreneurship programs ABF has supported over many years, we are now witnessing the positive impact as the community grows. The beneficiaries are giving back as volunteers and mentors in other youth programs. It is truly inspiring and speaks well of Bulgaria’s future leaders.
What advice would you give to the young students participating in Teenovator as they embark on their entrepreneurial journeys?
My advice is to stay curious, embrace failure as a learning opportunity, and never be afraid to take risks. Entrepreneurship is a journey filled with challenges and setbacks, but it’s also incredibly rewarding. Surround yourself with supportive mentors, continually seek knowledge, and remain persistent in pursuing your goals.
Remember, the skills and experiences you gain now will serve you well in all future endeavours, both personal and professional. ABF’s support networks and resources are designed to help you navigate and succeed in your entrepreneurial path.
Why do you believe it is crucial for the Bulgarian business community to actively support programs like Teenovator?
It is crucial for the Bulgarian business community to support programs like Teenovator because these initiatives are vital for developing the next generation of entrepreneurs and leaders. By investing in youth entrepreneurship, businesses help build a stronger, more innovative economy.
Additionally, engaging with these programs allows businesses to connect with emerging talent and ideas, fostering a culture of collaboration and innovation. Supporting Teenovator is not just an investment in young people, but in the future prosperity of Bulgaria. ABF’s partnerships with the business community amplify our collective impact on Bulgaria’s development.
What steps need to be taken to encourage and strengthen the culture of philanthropy in Bulgaria?
To encourage and strengthen the culture of philanthropy in Bulgaria, we need to raise awareness about the positive impact of charitable giving and foster a sense of community responsibility. This can be achieved through civic education, showcasing successful philanthropic initiatives, and creating more opportunities for individuals and businesses to get involved.
Building strong partnerships between the private sector, nonprofits, and government can also enhance the effectiveness and reach of philanthropic efforts. By promoting a culture of giving, we can ensure sustainable support for programs that drive social and economic progress. At the same time, I believe that personal example is really important in that regard, and I would encourage business leaders to be proactive in contributing their time, talent, and resources. ABF is committed to leading by example and working with all sectors to build a robust philanthropic culture in Bulgaria.