It’s time for another revolution, this one in how we approach job creation: Our friend Ahmed El Alfy over at Flat6Labs makes an impassioned argument this morning that it’s time for governments in emerging markets and the development agencies who want to help them to radically change how they approach job creation. “Traditional employment-focused development programs, which usually rely on training and subsidies to encourage employers to expand their employment needs, tend to create old-economy jobs that are likely to become obsolete.”

Using the example of Wael Amin and ITWorx — Wael has since become Ahmed’s partner — Ahmed convincing shows how “equity-based funding in its traditional format is a cash flow-positive job-creation tool that generates sustainable long-term jobs in higher growth, profit-generating start-ups and new jobs in the new economy. … It is high time emerging-market policymakers and the leaders of international development organisations take note of what has already proven to be a winning formula for both creating meaningful and sustainable economic development in emerging economies, as well as addressing unemployment and redirect their funds to programs creating long term and sustainable impact. With its newly announced catalyst programme and its expansion of regional allocations to VCs, the IFC is one of the institutions adapting to the changes.” (Read the story in full)