In a world characterized by constant change and transformation, it’s easy to succumb to a sense of uncertainty. However, a more optimistic perspective suggests that by seizing control and charting a unique path forward, we have the power to shape the future, as famously stated by American inventor Buckminster Fuller: “The best way to predict the future is to design it.”
This maxim finds its best embodiment in the Middle East and North Africa (MENA) region, which has cultivated its distinctive approach to harnessing the ongoing wave of revolution and transformation. Small and medium-sized enterprises (SMEs) and entrepreneurial culture form the backbone of the global economy, and the MENA region is no exception. These agile enterprises drive job creation, fuel innovation, and contribute significantly to economic growth.
The MENA region’s dynamic business landscape reflects an exceptional entrepreneurial spirit. With startups in the region attracting an impressive US$4 billion in venture capital during 2021-2022, it is evident that MENA is a hub of innovation and unconventional thinking. The surge in startups can be attributed to various factors, notably government-backed initiatives that act as crucial safety nets and growth catalysts. The region boasts a burgeoning, tech-savvy, and young population eager to embrace innovation and create their opportunities. This, combined with digital connectivity, has given rise to a generation of pioneering entrepreneurs poised to turn their visions into reality. Moreover, access to funds, a historical challenge for entrepreneurs, is becoming less of an issue as angel investors, venture capitalists, and crowdfunding platforms become increasingly active in the region. This is particularly noteworthy against the backdrop of economic challenges such as high inflation, fluctuating interest rates, and waning investor sentiment in other parts of the world.
State-sponsored endeavors, such as Saudi Arabia’s ambitious $200 million fund initiative and the UAE’s iconic “Make it in the Emirates” campaign, underscore the region’s commitment to innovation. Furthermore, the UAE’s National In-Country Value (ICV) Program reaffirms its dedication to nurturing local entrepreneurial talent. From an economic perspective, the growing number of SMEs in MENA signals a healthy, diversifying economy.
Simultaneously, reforms in business regulations, visa applications, and investments in infrastructure and technology have created an environment that fosters business development and simplifies deal-making. These reforms, coupled with the fundamental shifts in business culture and outlook, are enhancing the region’s reputation, instilling trust in the economy, and strengthening the entrepreneurial ecosystem. As MENA looks toward the future, with the expectation of continuous change as the new norm, the power of entrepreneurship is becoming increasingly evident: it has the potential to be a force for good, generating more opportunities for a broader audience and making the region and the world a better place.
Personally, I don’t share the dystopian view of the future that many seem to embrace. Human ingenuity is bound to prevail over pessimism. It’s highly likely that more people in MENA and around the world will be running their small enterprises. Those that grow rapidly and become larger companies have the potential to create a substantial portion of the world’s new jobs. Thanks to Moore’s Law and digital technology advances, businesses now have a global reach, becoming virtual experts capable of operating anywhere. Imagine a world teeming with individuals exercising their creativity and delivering value to one another. Looking ahead to the latter half of the 2020s and beyond, a brighter future appears on the horizon. Our shift towards entrepreneurship and our remarkable adaptability serve as a positive inspiration for us all.
