MENA: environment for innovation & entrepreneurship
Launching a sustainable business goes well beyond learning how to draft a business plan or fill out a financing application.
It involves a range of skills, both “hard” and “soft”, such as managing a start-up enterprise, motivating employees, assembling a cohesive team, tailoring a product to a well-defined market, adapting rapidly to fast-changing circumstances and consumer sentiment, and understanding how to convert an interesting technology into a viable business. These skills are not acquired, and nor can businesses succeed, in a vacuum. They need a business “ecosystem”, where potential entrepreneurs can learn the right skills and innovation is both encouraged and nurtured. For the Middle East and North Africa (MENA), this will require a change in the cultural attitude toward entrepreneurship.
Nascent ecosystem emerging in MENA
A nascent ecosystem has been emerging in MENA over the past five years. The few businesses that have achieved success in this evolving environment were private sector led, usually by members of the diaspora or those who had either studied or started a business abroad. These individuals come equipped with access to international networks and markets and they have clear incentives to see their ventures succeed. They invest their time as well as their money; key ingredients for a successful business ecosystem that need to be further encouraged. Governments need to know that strengthening innovation-led growth entails understanding and promoting investments in research and development (R&D), cultivating the necessary skills, putting in place a functional and effective business environment and the mechanisms to foster private and public collaboration.
Two initiatives from World Bank
The World Bank has launched two initiatives to support the fledgling ecosystem and help foster innovation and entrepreneurship in MENA. “Supporting the Ecosystem for Fostering a Dynamic Entrepreneurship” is funded by a Bank Development Grant Facility that supports regional partnerships for development. The program leverages a partnership between two leading regional incubators Oasis500 and Wamda to boost the support they already provide to pre and early start-ups across the region. In addition to expanding mentorship, skills development and access to investors, the incubators will also engage stakeholders (governments, universities, investors, other incubators) in each country as a means of expanding the partnership and broadening the transfer and exchange of critical knowledge and skills. Outreach is an important component and will include dissemination of success stories and “lessons learned.” To ensure they reach a diverse audience, a variety of media and platforms will be used, such as popular web sites, an Arabic Entrepreneurship Newsletter, comics, info graphics, cartoons and videos. Particular attention will be paid to rural areas and to groups who tend not to see themselves as entrepreneurs, such as women and youth. The Bank continues to seek funding and partnerships with other entities that have a track record of supporting entrepreneurship and building this capacity in the region.
The second initiative works at the policy level. The World Bank, the private sector, academia, think tanks, civil society experts and governments formed a community of practitioners to cultivate change through innovation and technology. “The How-to of Innovation, Technology and Entrepreneurship” (ITE) was launched last year in Prague. It is a practitioners’ exchange, networking and learning activity. Its goal is to help countries in the region advance policies that promote the various elements required for a thriving, innovative economy. It provides an opportunity for the exchange of operational lessons from other countries on the “how” of public support in this area.
- Jamaica: hub of innovation in Caribbean? (worldofinnovations.net)
- Hello High Potential Global Women Entrepreneurs! (womenentrepreneursgrowglobal.org)
- Whodini Expands Offerings With Grappple Acquisition (prweb.com)
- Cultivating an Entrepreneurial Community as a Student Leader (studentambassadorsusa.com)
- Govt’s role sought in promoting women entrepreneurship (dawn.com)
- “Pi Slice and the Heavy Weights” Our First Visit at the WEF (pi-slice.com)