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'Consensus is a book that highlights the Celebration of Entrepreneurship 2010, organized by Abraaj Capital and Wamda. A report that follows inspiring sessions, relevant data connecting the region and ...

'Consensus is a book that highlights the Celebration of Entrepreneurship 2010, organized by Abraaj Capital and Wamda. A report that follows inspiring sessions, relevant data connecting the region and empowerement outcomes of the event. For more information http://www.wamda.com

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'Consensus' Book_Celebration of Entrepreneurship_Wamda_AbraajCapital 'Consensus' Book_Celebration of Entrepreneurship_Wamda_AbraajCapital Document Transcript

  • PradeeP ramamurthy Fadi Ghandour Frederic Sicre reza derakhShanihuSSein zahawy Guy manoukian meeSha ShaFi ariF naqvi talvin SinGhSuPhala ariF lohar Feroz Sanaulla karim djerboa h.e. amr dabbaGhtony FeGhali anne z. jaFery ahmed tolba dr. ibrahim babelli michaelmanSour ahmad youniS Peter heath h.e. Sheikh Sultan al qaSSemi SorayaSalti SheriF kamel dr. tarek el Sadany rami khouri robert dunn PetercleaveS raza jaFar ali raGhda el ebraShi iman bibarS kamal mouzawakPamela hartiGan mohammad haj haSSan nabil tarazi amina Slaouiibrahim Slaoui Sean Park matt harriS Saad khan cal SimmonS mauramoore ShariF banna jehane noujaim jack PerSekian aShraF Gori deanobeidallah mohamed el Sawy Peyman Parham al awadhi chriStine codSiali ozGun raShid bin Shabib avi bhojani h. e. Sheikh khaled bin zayed alnehayan GreGory k. erickSen tarek atoui Fadi barGhouti wael attili dr.uSama Fayyad jim hornthal Fahad al-Sharekh Ferit Sahenk h. e. Sheikhalubna al qaSimi h. e. Sheikha hanadi al thani naiF al mutawa ahmad humeidamid abdelnour khurram javed mir mo al adham h.e. reem al haShimyjoichi ito imran khan Sean cleary tony bury S amar dudin oSSamanatto tarek dajani StePhen Garrow judith mchale khater abi habibhabib haddad dr. naSSer Saidi bobby SaGer maher kaddoura Sobhibatterjee abdulrahman al zanki oSman Sultan rabea ataya mohammadal ballaa muStaFa Sani Sener wa’d taweel linda rottenberG Fawaz zubiahmed el alFi loay nazer nileSh ved Faizal kottikolon helmy abouleiShbrendan F. wallace mahmoud ali khaSawneh ian FairService waleed albanawi b.r.Shetty Sahab ahmed bin Shabib neveen el tahri mike caSSidynaGuib SawiriS ahmed metwally muwaFFa lahham thomaS lundGrenShahida Siddique chriStoPher Schroeder adel ali mohamed Parhamal awadhi maySoun odeh GanGat Steve Shore mohamed maFooz ziad alyaySha al mudekhi noor el Fadl huda raShad rami mehdawi monja wolFwajiha malik Farida kaShdan mohammed elkalla kamel al aSmar GeorGe khalaF reemmarto Simran Samtani mohammed eidah Savita aPte ahmad al-mutawanoor alnahhaS abbaS alidine amin anSur ravi bhuSari hanS Schwabnoor aFtab Pankaj jain naSir zubairi kamal haSSan amel makkawi malihatabari anaS bukhaSh haSSan azzazy Fouad queblawi huSSain hallak alitumbi ahmed bin Shabib nazGol anSarinia mohammed el-Fatatry youSuFal haShimi raShid al tunaiji ShareeFa Fadhel Stuart hurSt omar Samramohammed Sabunchi amir anzur marc andre deSchoux Shihab khalil
  • 60 Spark Sessions - Company Presentations 49 Wamda.com InterviewsCONNECT143 Articles on CoE7000 TweetsMEDIA INSPIRE 239 Speakers Passion Corner 2-5 Passion Corner 1
  • The CoE at a glance 8-9 November 2010Blogger Area Connect Café 2400 Celebrants 365 Mentorship Sessions 34 Workshops 64 Wamda.com Knowledge Partners EMPOWER Music Breaks1 Pecha Kucha The Corner
  • ForewordWe convened the Celebration of Entrepreneurship In a way, the biggest success of the CoE was to(CoE) to acknowledge the dynamism and creative demonstrate beyond the shadow of a doubt thatenergy of the entrepreneurs of the MENASA region if entrepreneurs in MENASA - young and old - are(Middle East, North Africa and South Asia). Back given the chance they will respond. The otherin September 2010, it was a bold ‘watch this space’ important thing about the CoE is that the thousandsstatement. In November – barely two months later of entrepreneurs who took part discovered that they– we welcomed 2,400 celebrants together with were part of a broad, powerful and forward-thinking64 global and regional Wamda.com Knowledge network in their own countries and across MENASA.Partners. The positive response to our invitationfrom 220 speakers and entrepreneurs in just a few The CoE is above all a private sector story. The eventweeks was simply unprecedented. Our Facebook was about what entrepreneurs can do for each other.and Twitter pages went viral. To anyone who was It was a call to the private sector to get energized‘watching this space’, we collectively proved that and to dedicate resources. We claim that there is anthe spirit of entrepreneurship does run through the established tradition of entrepreneurs in our regionlifeblood of this region. All it needs to blossom is to and a bright future ahead for entrepreneurship. Tobe unleashed and enabled. us, it has been clear for a while now that what the region really needs is more private sector investmentFrom the onset it was clear that this could not be yet into SMEs and more private sector involvementanother conference. This ‘Anti–Conference’ needed in shaping enabling environments for buddingto be different and to feel different. ‘Unconventional’ entrepreneurs.became a guiding mantra. The CoE stimulated theparticipation of artists and creative entrepreneurs The private sector will take the lead in nurturingas symbols of a new wave of networks. We created tomorrow’s entrepreneurs if for no other reasona highly charged atmosphere where entrepreneurs than the business opportunity it represents: SMEsfrom all walks of life could come together as a in the USA account for 50% of GDP vs. 30% incommunity, demonstrate potential and generate MENASA. While governments in the region pave theenthusiasm. way for incubators and universities, the community of entrepreneurs can already work to stimulate and create more opportunity.
  • The CoE was stimulating to all those that took The global crisis also brought about a continuing The CoE put the entrepreneurial spirit to work.part – 99.9% of all surveyed participants confirmed shift in the balance of economic activity away from It was a call to action to the community at large.that they would recommend the event to a friend. advanced economies and toward developing ones. We encourage others to do the same.Perhaps it was because it served as a reminder of the In short, entrepreneurship in our region has neverincredible energy within the region. We all felt the looked better. Thanks to the CoE, more people seem The next few pages tell the story of thispotential of the entrepreneurial spirit to improve our to have noticed. memorable gathering and the outcomes thatlives and economies. Entrepreneurs do not just want entrepreneurs proposed to get us started in theto strike it rich; they also want to play their part in Above all, the CoE represents the beginning of right direction.forging a new future for the region. something new. A first step of many in the right direction that launched an unprecedented wave of Arif NaqviThe CoE was also important because it signaled the optimism on the potential of entrepreneurship. Founder and Group CEO,possibility for a new direction for entrepreneurship Abraaj Capital Limitedin the region. We all wanted outcomes. This Report The key to a new direction lies in the hands of theoutlines the most significant ones: Wamda.com for entrepreneurs of MENASA and in our youth. Theyweb-based mentorship and community engagement, will be the dynamic drivers of economic growth andRiyada Enterprise Development (RED) for financial innovation that create employment and transforminvestment from the private sector and the MENASA societies. This requires tools, namely mentorship,Entrepreneurship Think Tank (METT) in search investment and a regional networking platform.of new opportunity, innovation and dialogue with By working together through Wamda.com, RED,governments. the METT and through all of our networks and communities our region can begin to tap thePerhaps the CoE was even more significant because immense skill and entrepreneurial talent that exists -of the global economic context in which it took place. talent that will benefit everyone in the years ahead.We are all operating in a time when ‘traditional’ nolonger works. There is new risk and there is new The globalization of entrepreneurship is raisingopportunity. Back in 1960 the composition of the the competitive stakes for everyone. In concert,Fortune 500 was so stable that it took 20 years for we can do more for this region than ever before.a third of the constituent companies to change. Now Entrepreneurship is a force for good that weit takes only 4. Ultimately this all boils down to new must collectively harness and spread across ouropportunities for entrepreneurs and investors. We economies.operate in new formats, new contents.
  • coe programme3 tracks for 3 outcomes
  • Pradeep Ramamurthy The spy from Reza Dera Hussein Fadi Ghandour Frederic Sicre Guy Ma Meesh F e r i m D j e agh Arif Talv H.E H. Kar E. khshani oz S Dr i cha m ad r H e Em i . Am y Feg ry noukia Arif u ll a Zahawy Sh M. Na a Sha in Sin Cairo An Suph ar Ton . Ib INSPIRE ei M rD ana boa ne ed To elli kh ra l Ma oun th Ah m B a sou Loh qvi abb li ala fi n Z. J Su hi m gh r Ah ete ass lt e l t So r rif a d u r n afe a ha P l Q Sa el an Dr b .T lb n A Y ar R b e r l e S h El Maysoun Odeh Gangat ay Ka an i ek am t a v e r a a i is Ra gh Raz Ro er Pe S ho n iK D e Aysh Moha me d m y t da a J Ka El af C Ste ve Shore Mo Pa ma Ima Eb ar u s a al ha Hud me l n r A Ram mm M B a l Mo ad l a o u iba sh i Fa Zia d A Wa a Ra Mon Mude ha Mafo oz Ha Har zaw rs i i Me rid jih mm Na j H tig ak ja CONNECT aK Sa bil ass an sha hda ed kh i aM no ly Ka org m M A ma Ta a Wol as El Ib min r D raz n me or d wi al Ge hd a ra l a S ud i Ka dl f el ik hi Al ha to m la in an St ll SE S la oui fa r Mustafa Abdel-Wadood e A s laf e Si Re Ma AN o mr ve K PA ui ma e tt Mo an Cr Sa Harr RK ha o mm S am v in ar Cal ad K is Abdul Mau Simm an h S a ed E t a n g Mo o vi Sh r a M o n s ta ida i Da le Mu rphy ha Fa Je h ari f B o r e Ah tm Ap h lah Sh Pan mm Oma ma Jul ane a nn d A a Gh te Fa ia P Nou a ad Sa f A p t a l-M al rr kaj afa ey t jai No Su K. r Lo l y Mo J ac k on-J on m or u qi Aln tawa ok M u sh i i la Ca us EMPOWER a hin b R -Zu in Pers es h ah Pau Abb st ta Ashr ekian dhi as ha f a Eli a a f Go Ali s l D ea n ri din Fa M. e H Obeid Ami e ye alla z H G h a a bi d M oh a m nA b Peyma Ed El h R avi n su Om n Parh Sawy r ar u n b am Al Bhu sari E l ssei e m A wadh Hans Din B a ni Chri sti i Sc hw R as aS ch ne Co d s ab hid h a i Al B e r i f A l i Ozgu n Noor A ftab all Jo ichi I t o Raji aa Pankaj Ja Hatt R ashid b in S h abi b in Fe da Sh ar Nasir Zubairi ah ie n Avi Bhoja ni Farhan Zaid iH. E. Sheikh Khaled Bin Zayed Al Nehayan Kamal Hassan Khal doon Taba za Gre gory K. Eri cks e n Amel Makkawi hi m Tarek Atou i Ta uf iq Ra k ba ri ric h ou t i Maliha Ta rd Rode kr Fadi Barg h Edwa a ili ukhas id B Wael Att Anas B Wal chley y a Fay yad an Azza z pee shi d d Dr . U s am l H as s S a rntha ebla wi Tom ib R hea d Jim Ho re kh d Qu a q l e s kka j i A l -S h a Foua ak S all Riyada Fahad nk nH Mo m A ta Sahe sa i i d umb la a s ad Pro an r Ferit Q a sim i Hus vi sb e li T ss i D a lSa r m Ha oop A l b Fa er i A i ubna Al Than enterprise ab e Ka k n hmy ha L Sh bd de B al ae y C a a n Kol r k i w i ud Shei bin tai nad uta rin y A Tony Bu ry Mohamed Al Neaimi oe ad H. E. a Ha if Al M meid c h nn ed sa ao eikh m tr development l Hu ur Ah An S Pe . Sh Na ta imi iga H. E ad ol n o Ahm deln ir zg -Fa Ia h Nic Na El Has i Ab dM m ij Kito Mi d e ed Ami m Jav dha na Steve l l Kh A y mm fa Tu dhe t rra o Al shim i ha su Al Khu M Ha jan Mo ou Fa urs Al Y id a Da ow sh ef H nc a eem rek arr le Am abu mr t Ra re ar zu i .R h Ta en G cHa ib Sa H.E ha u ab cho r h h M ab d S St ed ar ep ux St udit bi H dda i An WAMDA.com mm Om Eid il A id S ah J a al ir er ib H Sa an k at Kh es ish ng r h Kh Hab ss e n K ge r odi eD idis -Ki i a ra ha uk a a B lon a y ed r Had rt y ed . N Imr y S ou ee Derv Rao msa dr ih Mo ton DR Ab mm b d j i rist Mur hse d Mohamed Ahm ob ad ter nk n An Sh Ne il He ga ha d Al B ima K a lin r at Z ta T a im u rc r Ch Mo he i B Al ul dra de Ma Fat Ro ’d Se la a McC Ama Ma bh an n S Wa ani Bal ay Ta n a t So hm ma Oma Fa ten we er A aA ry Ah ean az er l a s b e lr O e me Cl Zu g s t ma Rab A lexa n Ker du S l ea bi ry Ab af d He l Ko lesh aze r i Ni y N Al f a Mu am en my A tiko Ved t w ou dan bou lon El h sh Mo ce a d h MENASA F. W lei nd B.R. d Al B rvice la Wal Fair awn e a S ed b y Sah i Lo Li w ab een Sha bib al ana i t Na gu Ca ss idy ahr Metwa is Entrepreneurship lly s o se La hha m n dgr en ue der ha wir A del A li Mohamed Parham Al Awadhi a Natt El T iza Shahida Siddiq li K ib Sa tt l in Chr isto phe r Schro e think tank Fa She dA Ian ee Mike Ossam T hom as L u Mu waf f a Br Ahmed Nev Ahm hm Ma
  • i nSP i r ePradeeP ramamurthy Fadi Ghandour the SPy From cairo reza derakhShanihuSSein zahawy Guy manoukian meeSha ShaFi ariF naqvi talvin SinGhSuPhala ariF lohar Feroz Sanaulla karim djerboa h.e. amr dabbaGh tonyFeGhali anne z. jaFery ahmed tolba dr. ibrahim babelli michael manSourahmad youniS h.e. Sheikh Sultan al qaSSemi Soraya Salti SheriF kameldr. tarek el Sadany rami khouri robert dunn Peter cleaveS raza jaFarali raGhda el ebraShi kamal mouzawak Pamela hartiGan mohammad hajhaSSan nabil tarazi Samar dudin amina Slaoui ibrahim Slaoui Sean Parkmatt harriS cal SimmonS maura moore ShariF banna jehane noujaim jackPerSekian aShraF Gori dean obeidallah mohamed el Sawy Peyman Parhamal awadhi chriStine codSi ali ozGun joichi ito raShid bin Shabib avibhojani h. e. Sheikh khaled bin zayed al nehayan GreGory k. erickSen FadibarGhouti wael attili dr. uSama Fayyad jim hornthal Fahad al-SharekhFerit Sahenk h. e. Sheikha lubna al qaSimi h. e. Sheikha hanadi al thaninaiF al mutawa ahmad humeid amid abdelnour khurram javed mirjulia Peyton -joneS Saad khan Peter heath iman bibarS FredericSicre h.e. reem al haShimy tarek dajani StePhen Garrow judithmchale khater abi habib habib haddad dr. naSSer Saidi imran khanbobby SaGer maher kaddoura Sobhi batterjee abdulrahman alzanki oSman Sultan rabea ataya mohammad al ballaa muStaFa SaniSener wa’d taweel linda rottenberG Fawaz zubi Sean cleary ahmedel alFi loay nazer nileSh ved Faizal kottikolon helmy abouleiShbrendan F. wallace mahmoud ali khaSawneh ian FairService waleedal banawi b.r.Shetty Sahab ahmed bin Shabib neveen el tahri mikecaSSidy naGuib SawiriS ahmed metwally oSSama natto muwaFFa lahhamthomaS lundGren Shahida Siddique chriStoPher Schroeder adel alimohamed Parham al awadhi PradeeP ramamurthy Fadi Ghandour theSPy From cairo reza derakhShani huSSein zahawy Guy manoukianmeeSha ShaFi ariF naqvi talvin SinGh SuPhala ariF lohar FerozSanaulla karim djerboa h.e. amr dabbaGh tony FeGhali anne z. jaFeryahmed tolba dr. ibrahim babelli michael manSour ahmad youniS h.e.Sheikh Sultan al qaSSemi Soraya Salti SheriF kamel dr. tarek elSadany rami khouri robert dunn Peter cleaveS raza jaFar ali raGhdael ebraShi kamal mouzawak Pamela hartiGan mohammad haj haSSannabil tarazi Samar dudin amina Slaoui ibrahim Slaoui Sean Parkmatt harriS cal SimmonS maura moore ShariF banna jehane noujaim
  • CELEBRATION OF ENTREPRENEURShIP 2010P EOP LE LE ADE R SH I P PA S S I ONWhy INspIre?“The region needs more entrepreneurs” was a sentence repeatedthroughout the CoE. It’s a fact that we recognized while planning theCoE. Recent studies on the region’s economic profile also support thestatement. According to the 2009 Global Entrepreneurship MonitorMiddle East and North Africa Report (GEM MENA) the rates ofinvolvement in entrepreneurial activity for the MENA countries are“generally lower than might be expected for countries at their level ofdevelopment”.If the region needs more entrepreneurs it will The overwhelming majority wanted to hear fromhave to foster a stronger entrepreneurial spirit. In fellow entrepreneurs as well as from successfulshort, it will have to inspire more people to become regional business leaders. The Inspire track becameentrepreneurs. But how does anyone foster the just that; on the one hand The Corner - inspiringentrepreneurial spirit? Where does their inspiration presentations by successful entrepreneurs andcome from? Who holds the mandate for improving experts, and on the other the Passion Corners - verythe entrepreneurial spirit? informal group discussions to share personal stories.The Inspire track of the CoE programme aimed to The result was unprecedented. The Inspire sessionsoffer private sector answers to those questions. To received the highest rating from the participants atfind the answers we first asked entrepreneurs about the CoE.the sources of inspiration they appreciate the most.
  • 1918 i nSP i r e V ALUES FA I LUR E OU TC OME : ME T T Rayan Sanabani (right), INJAZ student CEO from Yemen and Arif Naqvi (left), Founder and Group CEO, Abraaj Capital, UAE during the closing remarks at the CoE. In true entrepreneurial spirit, Rayan took the opportunity to deliver a funding pitch to invest in his student coffee company ´Mocca´. The audience rewarded him with a standing ovation.
  • CELEBRATION OF ENTREPRENEURShIP 2010P EOP LE LE ADE R SH I P PA S S I ON 200 FOREcAST Index of Total Population age 15–64 MENA 160 (100=year 2010) WORLD 120 100 EAST ASIA 80 40 0 1950 1960 1970 1980 1990 2000 2010F 2020F 2030F 2040F 2050F YEAR WORKFORCE GROWTh FORECAST Source: United Nations Population Division (2008), prepared by PricewaterhouseCoopers for the World Economic Forum.Who do you INspIre?According to the GEM MENA Report, most of the With millions of young people projected to enter The CoE was original in that it asked entrepreneursentrepreneurial activity in our region is generally the labour market over the coming years, SMEs from all walks of life including artists, scientists,in the hands of the 25-44 year-olds. These are the are a major reservoir for growth and employment. social entrepreneurs and CEOs to inspire each other.people driving the Small and Medium Enterprise Entrepreneurs are poised to become the essential Awareness of successful entrepreneurial ventures,(SME) industry and testing new ventures today. The force of employment and economic growth in especially by young people and by women positivelyyounger tranche – ‘the -25’ – are the entrepreneurs MENASA. Whatever can be done to increase the influences perceptions of entrepreneurship. Inof the future. Our region’s demographic profile is percentage of young people that want to start general, men are much more likely than womentruly unique in this respect: There are 720 million a business will create more opportunity for our to become entrepreneurs involved in early-stageof ‘-25’ in South Asia. In MENA, the ‘-25’ represent economies as a whole. In our minds, the more the entrepreneurial activity. According to the GEM60% of the population or 195 million people. A private sector can do to inspire young entrepreneurs MENA, an average of about 19% men are likelyrecent study by Silatech in Qatar reveals that at least today, the better for our region as a whole tomorrow. to start a business. The percentage for women15% of young Arabs plan to start their own business is only 9%. By offering a plaform to successfulin the next twelve months. That adds up to over 14 women entrepreneurs and to young role models,million new potential entrepreneurs in one year, in the CoE had a positive effect on a new communityMENA alone. that believes in the promotion and development of entrepreneurship in MENASA.
  • 2120 i nSP i r e V ALUES FA I LUR E OU TC OME : ME T T 100 90 80 70 60 50 cENTRAL & DEVELOPING IRAN ALGERIA EASTERN EUROPE ASIA UAE SAUDI ARABIA TUNISIA SYRIA MENA LATIN AMERIcA JORDAN MOROccO LEBANON WEST BANK/ GAZA YEMEN PERCENTAGE OF RESPONDENTS WhO BELIEvE ThAT STARTING A NEW BUSINESS IS A GOOD CAREER ChOICE IN ThEIR COUNTRY/REGION Source: Global Entrepreneurship Monitor 2009, prepared by PricewaterhouseCoopers for the World Economic Forum.Cultural perceptions on entrepreneurship have been The energy of emerging entrepreneurs in MENASA Looking ahead, one of the most significant outcomeschanging. The fear of failure is still a deterrent for is yet to be fully tapped. Abraaj Capital firmly from the CoE is the creation of the MENASAsome but entrepreneurship is increasingly perceived believes in the opportunity that SMEs represent in Entrepreneurship Think Tank (METT) managedas a desirable career choice, especially for young our region. We will contribute to raising awareness by the private sector. In a region where metrics andpeople. With very few exceptions, a large proportion on entrepreneurship in the region, to encourage thinking on entrepreneurship still lack, the METTof the population considers entrepreneurship a more people to become involved in the business fills an important gap by raising awareness on thegood career choice and perceives that successful creation process. It was encouraging to see that the powerful economic impact of entrepreneurshipentrepreneurs have high status and respect. inspiration delivered concrete outcomes: 86% of and by improving the environment in which participants at the CoE acknowledged that they had entrepreneurs start and grow their business.The Inspire track delivered several interesting achieved a tangible outcome.conclusions that we summarize in the following There is no better inspiration than the example of thepages. The first section looks at the importance entrepreneur sitting next to you. The following pagesof people and of teams. Several presentations are filled with the inspiration of entrepreneurs. Foraddressed leadership and passion as characteristics the full version of the Inspire session please log-on toof an entrepreneur. Speakers also focused on the Wamda.com.ethical values behind entrepreneurship. Perhapsmost importantly, the CoE acknowledged the fearof failure that prevents many from pursuing theirideas. Failure is part of the learning curve of anentrepreneur; it is not the end of the line.
  • CELEBRATION OF ENTREPRENEURShIP 2010P EOP LE LE ADE R SH I P PA S S I ON Arif Naqvi during the opening session of the coE
  • 2223 I NSP I R E V ALUES FA I LUR E OU TC OME : ME T TEntrepreneurial Arabs will make it better for the next generationH.E. Sheikh Sultan Al Qassemi, November 14, 2010The first few days of November have quickly become Entrepreneurship 2010. At the event, Wamda.com, which rose out of the ashes of the Second World War, it wasknown as Entrepreneurship Week in Dubai. The Dubai means spark in Arabic, was launched as a meeting place not because Germany or France competed or workedSchool of Government kicked off the week with a panel on for the region’s entrepreneurs. in isolation; it was largely because of their joint effort towomen’s entrepreneurship in the Gulf, featuring leading The truth is that Arabs are sick and tired of hearing of establish the European Coal and Steel Community, thebusinesswomen from Abu Dhabi, Dubai and the region. the trouble that regional governments’ failed policies have precursor to the European Union.The next day at the Young Arab Leaders Entrepreneurship got us into. Arabs are now ready to do something about it. Arab governments need to understand that withoutSummit, cross-generational leadership was represented, According to UNDP estimates, 50 million jobs (some say pan-Arab initiatives, true economic prosperity will notwith Sheikh Mohammed bin Rashid, the Prime Minister and 100 million) need to be created in the Middle East by 2020 be achieved. We must capitalise on our demographicRuler of Dubai, and his son Crown Prince Sheikh Hamdan just to prevent unemployment from growing even worse. strengths as a region with a population larger than theattending. Harbour no allusions that Arab governments will be able to United States and comparable to the European Union. The youth summit, which I was involved in organising, create these tens of millions of jobs: only the private sector It is no coincidence that Maktoob.com, recently soldwas a Who’s Who of Arab business leaders, including and entrepreneurship have the potential. to Yahoo! for more than US$100 million (Dh367 million),Rabea Ataya, the founder of Bayt.com. Habib Hadad, the Everyone was there for one common goal: instilling garnered so much global attention. After all, it was alwaysfounder of Yamli.com, Ihsan Jawad, the founder of Zawya. the spirit of entrepreneurship in young Arabs. The same a pan-Arab, not just a Jordanian firm.com, Dr Naif al Mutawa, the creator of The 99 comics, podiums were shared by the likes of Naguib Swairis, the The Celebration of Entrepreneurship 2010 featuredand Sheikh Khaled bin Zayed, the founder of the Bin Zayed founder of Orascom Telecoms, and a pair of brilliant ministers such as Sheikha Lubna Al Qasimi and Reem alGroup. teenage Yemeni students who have started a new coffee- Hashimi, entrepreneurial legends including Samih Touqan The list of Emirati and regional guiding lights in producing business. Their plans are no less grand than and Fadi Ghandour, and ambitious young people all voicingentrepreneurship goes on and on. But perhaps the most ridding their country of the menace of khat and bringing their concerns and sharing their aspirations.important element among the 500 or so attendees were back coffee as an agricultural earner of foreign exchange. One day we will look back on a few days in November,the scores of students and aspiring entrepreneurs who Indeed, we are desperate for grand ideas. We need when thousands of young, aspiring leaders came togetherwere there to learn from those who had gone before. ideas that will allow the Arab world to make a giant leap and believed in what seemed to be impossible: things The week was capped with what will be viewed as into the present, rather than linger in the era of bygone will be better for the next generation of Arabs. Througha day of historic transformation in the world of Arab policies. entrepreneurship, one person’s fledgling business of todayentrepreneurship. Led by Arif Naqvi, the chief executive A consensus was reached at the conference: the will become the transnational corporation of tomorrow.of Abraaj Capital, and Fadi Ghandour, the chief executive fragmented approach that Arab governments have taken Yes, these are lofty goals, but even Thomas Edison’s ideasof Aramex, more than 2,000 budding and established will not work. It is simply not good enough for one country started with a spark.entrepreneurs congregated for the Celebration of to create jobs while others lag behind. When Europe
  • CELEBRATION OF ENTREPRENEURShIP 2010P EOP LE eoP le LE ADE R SH I P PA S S I ON The first thing you have to think about in business is the people. Not the money, you can always find money. It is the people... I don’t run the company. I just pick the right people I believe can run the company. If you do it yourself you limit the size of the company to your own capability... Nobody works for me. The people that I work with work with me. It is our company. Ferit sahenk Chairman, Dogus holding, Turkey
  • 2524 i nSP i r e V ALUES FA I LUR E OU TC OME : ME T T‘A’ people hire ‘A’ people and ‘B’ people hire‘C’ people. Success as an entrepreneur meansalways striving to be the dumbest person inthe room… In Silicon valley ethic, every singleemployee owns stock in their company. Thatway it’s not ‘my company’ it’s ‘our company’,and that way everyone has an interest insuccess.Jim hornthalventure Partner, Information Technology,CMEA Capital, USA Pradeep Ramamurthy, Senior Director for Global Engagement, National Security Staff, USA and Judith McHale, Under Secretary of State for Public Diplomacy and Public Affairs, US Department of State, USA It is easy to think that investing is about What I learned from sport is how to build numbers and - whilst it helps if you can count a team. When I decided to set up a cancer - investing in the SME segment is really about hospital, I didn’t know how to build one so the people. You end up investing in people. first thing I did was to build a team. Tom speechley Imran Khan Partner, Abraaj Capital and CEO, Riyada Founder, Shaukat Khanum Memorial Trust, Enterprise Development, UAE Pakistan
  • CELEBRATION OF ENTREPRENEURShIP 2010P EOP LE eoP le LE ADE R SH I P PA S S I ON SESSION SUMMARY DRAWING FROM:“Decision making in times of crisis” Ferit Sahenk, Chairman, Dogus holding, Turkey
  • 2726 i nSP i r e V ALUES FA I LUR E OU TC OME : ME T T
  • CELEBRATION OF ENTREPRENEURShIP 2010P EOP LE le ade r SH I LE ADE R Sh i P PA S S I ON The higher you aim the greater the risks. But never compromise on your goal. Upgrade your ambitions instead. Imran Khan Founder, Shaukat Khanum Memorial Trust, Pakistan
  • 2928 i nSP i r e V ALUES FA I LUR E OU TC OME : ME T T If you want to succeed in business, it is better to take the risk and ask for forgiveness, rather than ask for permission. Adel Ali Group CEO, Air Arabia, UAE What I have learned is the value of persistence. If someone tells me something is impossible, I say, “You wanna bet?” Naguib sawiris CEO, Orascom Telecommunications, Egypt Naguib Sawiris’ during his interview at the coE To create businesses you can’t expect governments to do that. For that you need entrepreneurs! Thomas Lundgren Creative Emotional Originator, The One, UAE
  • CELEBRATION OF ENTREPRENEURShIP 2010P EOP LE le ade r SH I LE ADE R Sh i P PA S S I ON SESSION SUMMARY DRAWING FROM:“Supporting social entrepreneurs in the Middle East” Imran Khan, Founder, Shaukat Khanum Memorial Trust, Pakistan
  • 3130 i nSP i r e V ALUES FA I LUR E OU TC OME : ME T TWhat is more important is execution. Youcan think big, you can have a great vision, youcan have all kinds of guts and take all kindsof risks... If you don’t ensure an efficientexecution on the ground you will lose yourshirt at the end of the day.h.e. Amr dabbaghGovernor and Chairman of the Board, Saudi Arabian GeneralInvestment Authority, Saudi Arabia
  • CELEBRATION OF ENTREPRENEURShIP 2010P EOP LE LE ADE R SH I P Pa ion PA S S I ONWhat do I have to tell you: passion, passion,passion! It’s the thing that wakes you up in themorning; it’s the thing that keeps you afloat withall the noise that you’re going to hear.h. e. sheikha hanadi Nasser Bin Khaled Al ThaniFounder and Chairperson, Amwal, Qatar
  • 3332 i nSP i r e V ALUES FA I LUR E OU TC OME : ME T T Connect yourself to your own potential and you will be empowered to make a sustainable change. Amina slaoui vice President, Amicale Marocaine des handicapés, Morocco One cannot fake authenticity and passion, two key ingredients of a successful entrepreneur. Christopher schroeder Internet Investor and CEO, healthCentral,Ibrahim and Amina Slaoui sharing their insight on how to celebrate life USAAn entrepreneur is someone who pursues anopportunity without regard to the resources theyhave control over.John KaoChairman, Institute for Large Scale Innovation, USA Think big. If it works here, it will 111 probably work there as well. Mohammad Al Ballaa Chairman, National Technology Group, Saudi Arabia Total number of Inspire sessionsJohn Kao speaking in the session:The new geography of entrepreneurship
  • CELEBRATION OF ENTREPRENEURShIP 2010P EOP LE LE ADE R SH I P Pa ion PA S S I ON SESSION SUMMARY DRAWING FROM:“The entrepreneurial lessons of my journey” H. E. Sheikha Hanadi Nasser Bin Khaled Al Thani, Founder and Chairperson, Amwal, Qatar
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  • CELEBRATION OF ENTREPRENEURShIP 2010P EOP LE LE ADE R SH I P Pa ion PA S S I ON SESSION SUMMARY DRAWING FROM:“Understanding the entrepreneurial mindset (CISCO)” Feda Shahien, vice President, Business Development, Knowledge horizon, UAE and Omar El Bacha, Account Manager, Knowledge horizon, UAE
  • 3736 i nSP i r e V ALUES FA I LUR E OU TC OME : ME T T Every morning when you wake up, what do you expect from your day? Your desire: you desire your own fate. Your energy: the energy of the individual, is the energy of the business. h. e. sheikha Lubna Bint Khalid Al Qasimi Minister of Foreign Trade, UAE H.E. Sheikha Lubna Bint Khalid Al Qasimi Becoming an entrepreneur is not for the faint hearted or those who lack determination. There are a lot of obstacles in the way, but if you are strong on ideas, want to work for yourself and have a great deal of fortitude, then it is truly for you. edward roderick Co-Chairman, Envestors MENA, UAESuccess relies on the individual. Entrepreneurship is abouthard work and resilience; really believing in something.rabea AtayaCEO, Bayt.com, UAEIt is really important to take pride in who you are. One of the mostimportant messages is the sheer necessity of defining what it is youwant out of life. Never assume that the outcome is predetermined, it’snever over until it’s over.h.e. reem Al hashimyMinister of State, UAE H.E. Reem Al Hashimy speaking about perseverance and persistence
  • CELEBRATION OF ENTREPRENEURShIP 2010P EOP LE LE ADE R SH I P PA S S I ONDon’t focus on “I want to make the money” but on You should protect your principles, and you shouldthe vision years down the line. The money comes if protect your people. I am a man of my word. If youyou have the discipline and execution. lose your principles, you lose your soul. It’s aboutNeveen el Tahri ethics. It’s not just about the money, it’s how youChairperson and Managing Director, made the money. If you can look in the mirror andDelta holding for Financial Investments, Egypt say to yourself “I have never made a dishonest buck.” Abdul Baset Al Janahi, cEO, Mohammed bin Rashid Naguib sawiris Establishment for SME Development, UAE CEO, Orascom Telecommunications, EgyptThere is one moral code for all circumstances: family,social and business. It makes you an effective leader.Loay NazerFounder and Chairman, Nazer Group, Saudi ArabiaDon’t focus on success as a goal;find happiness in the process.Joichi ItoCEO, Creative Commons, UAE
  • 3938 i nSP i r e v alueS V ALUES FA I LUR E OU TC OME : ME T T SESSION SUMMARY DRAWING FROM: “Happiness” Joichi Ito, CEO, Creative Commons, UAE
  • CELEBRATION OF ENTREPRENEURShIP 2010P EOP LE LE ADE R SH I P PA S S I ON Failure is a good lesson and inescapable. however, it is considered a stigma in the Arab world. The concept of failure needs to be adjusted to mean ‘did not succeed’ so that it is not such a stigma. h. e. sheikh Khaled Bin Zayed Al Nehayan Chairman, Bin Zayed Group, UAE
  • 4140 i nSP i r e V ALUES Fa i lur e FA I LUR E OU TC OME : ME T T Entrepreneurs take risks all the time. It is unwise to bet the farm, but the only way to be successful is to make mistakes. rabea Ataya CEO, Bayt.com, UAEEntrepreneurs are going to have failure after failure;hard day after hard day. Failures are the best placesto find the best entrepreneurs. I always try to investin entrepreneurs who successfully navigated afailure. Failures are the best opportunity to impressyour investors.Joichi ItoCEO, Creative Commons, UAE Thomas Lundgren speaking in the session: Humanolog Businesses rarely succeed with When I failed at the start of my business, I Plan A. Paypal was Plan F! didn’t know there wasn’t a bankruptcy law. Jim hornthal had I known, I would have left the country. To venture Partner, Information be an entrepreneur in this part of the world, Technology, you need to be ignorant and stupid. CMEA Capital, USA Thomas Lundgren Creative Emotional Originator, The One, UAE Jim Hornthal speaking in the session: Failing forward and pivoting with perseverance
  • CELEBRATION OF ENTREPRENEURShIP 2010P EOP LE LE ADE R SH I P PA S S I ON SESSION SUMMARY DRAWING FROM:“Removing the stigma of failure” H.E. Sheikh Sultan Al Qassemi, Chairman, Young Arab Leaders UAE Country Office, UAE
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  • CELEBRATION OF ENTREPRENEURShIP 2010P EOP LE LE ADE R SH I P PA S S I ON3MY THREE BIGGEST MISTAKES1. Raised too much capital in the first roundof fundraising due to ego and pressure. Thepressure to use the excess cash led me to take ontranslations of Marvel/DC comics into Arabic. Thisin turn led me to believe that I had a publishingbusiness, which I didn’t. As a result, I took my eyeoff the ball on The 99. 2. Raised too little capital in the second round of fundraising (needed US$25 million and only raised US$15 million). 3. Took focus, time and energy to open a psychotherapy center in Kuwait with my psychotherapy mentor and co-founder. he did not live to see the center open. This cost me time with my family. Naif Al Mutawa Founder and CEO, Teshkeel Media Group ThE 99, Kuwait
  • 4544 i nSP i r e V ALUES Fa i lur e FA I LUR E OU TC OME : ME T T The real failure in our part of the world is the failure of the media to analyze failure. I do not think there is a tradition of looking at why things went wrong. Frank Kane Columnist, The National, UAE A message to the media: do not send your social reporters to cover entrepreneurs. Send your business correspondents. h.e. sheikh sultan Al Qassemi Chairman, Young Arab Leaders, UAE Country Office, UAE
  • CELEBRATION OF ENTREPRENEURShIP 2010P EOP LE LE ADE R SH I P PA S S I ONoutcome 1MENASA ENTREpRENEuRSHIp THINK TANK (METT)The CoE brought together entrepreneurs from all walks of life to unleashtheir collective imagination and capitalize on the opportunities ahead. It wasthe start of a movement in support of the entrepreneurial spirit in MENASA.A basic piece of this movement is a privately funded, entrepreneurship-focused organization that can take forward the ideas of the CoE. Createdat the Celebration, the METT was received with enthusiasm by theentrepreneurship community. It has been launched to fill a crucial gap bygenerating thought leadership on entrepreneurship in MENASA.The METT will act as an incubator for research and initiatives onentrepreneurship, sharing expertise and best practices on the conditionsthat support a well-developed ecosystem of entrepreneurship in our region.It will also act as a vehicle for ongoing dialogue with the entrepreneurshipcommunity and between the community and policy makers. The METTwill remain an open forum to exchange ideas between entrepreneurs,experts and governments. Ultimately, it should reinforce the need forentrepreneurship-friendly policies and institutions that make it easier to setup and develop successful enterprises. Supporters of the mettThe METT is part of a new social context that acknowledges the online A passionate group of entrepreneurs pledged to dedicate funding and humancommunity and the new media. It will exist on Wamda.com exchanging resources to the METT during the closing session of the coE. Their names are:data, information, trends and knowledge on entrepreneurship with theonline entrepreneurial community. By understanding the environment in Mustafa Abdel- Mohammed Al Tony Burywhich entrepreneurs think and develop their ideas, the METT hopes to Wadood Ballaaprovide more insights into how to better support them and create Rama chakakithe societal, political, and economic conditions that efficiently foster Helmy Abouleish Shady Banna Imran chaudryentrepreneurship. Dr. Tahir Akbar Sharif Banna Omar christidisThe CoE celebrated the collective energy of entrepreneurs in MENASA. Firas Al-Ali Sobhi Batterjee Karim DjerboaThe METT will channel that collective energy in favour of the regionby developing an agenda of initiatives, research and conversations that Kamel Al-Asmar Abbas Bolurfrushan Khaled Al Fahimpromote a more favorable ecosystem for entrepreneurs. In a time where Rabea Ataya Avi Bhojani Tony Feghaliinformation and networking are critical to the future success of everyenterprise, we cannot think of a more timely initiative to support theentrepreneurial spirit in our region.
  • 4746 i nSP i r e V ALUES FA I LUR E ou tc ome me t t OU TC OME : ME T Tclaire Fenner Georgie Hearson Danish Mumtaz Firas Al Otaibi Nora Al ShehailTamara Al Gabbani Ahmad Humeid Joe Murphy H.E. Sheikh Sultan Waqqas SheikhFadi Ghandour Maher Kaddoura David Munir Nabti Sooud Al Qassemi Khaled ShetaAshraf Ghori Sherif Kamel Arif Naqvi Taufiq Rahim Ibrahim SlaouiOmar Al Haleem Tareq Khalil H.E. Sheikh Khaled Bobby Sager Neveen El TahriHussein Hallak Thomas Lundgren Al Nehayan Sultan Al Turki MuhammadSarah Hashwani David Moleshead Noor Al Noman ShahmaniMany others did not have the opportunity to pledge their support for the METT at the CoE, but have been in touch since.
  • CELEBRATION OF ENTREPRENEURShIP 2010P EOP LE LE ADE R SH I P PA S S I ONfeedback fromthe coe community The CoE had teeth to bite at the dire issues confronting the entrepreneurship ecosystem. It walked the talk!The diversity was remarkable, from a 17 year–old Waleed Al BanawiYemeni entrepreneur selling local coffee and vice Chairman, Banawi Industrial Group, Saudibenefiting the local community to tech savvy Arabiaentrepreneurs pitching their latest innovations tosocial entrepreneurs creatively changing realities onthe ground… CoE was a living example of how ideas and attitudesFadi Ghandour can move the MENA region and the world.Founder and CEO, Aramex, Jordan Ibrahim slaoui Musical performance by The Spy from cairo President, Mafoder, MoroccoMusical performance by Hussein ZahawyThis was the best event I have ever attended in my Over the last two days we metentire 20 years of professional life. A real game some of the most importantchanger, set new standards in format, content and and interesting people inquality of execution. the region, learnt skills onZia Afzal how to improve ourselves asDirector, Mobility, UAE entrepreneurs and on top of all of it had a great time. ButI was surprised to discover so much the most thing we left with isentrepreneurship in the Arab world. inspiration to do more andKamal Mouzawak become better.Founder, Souk el Tayeb, Lebanon Ahmed bin shabib Co-Founder, Shelter, UAE
  • 4948 i nSP i r e V ALUES FA I LUR E ou tc ome me t t OU TC OME : ME T TIt felt like a land of unconditional abundance: humblesouls, creative minds and Sufi music... expanding theboundaries of what it takes to liberate the fountainsof entrepreneurship.samar dudinRegional Director, head of Programmes, Ruwwad,JordanThe best event I have attended in the last five years!Absolutely brilliant. Congratulations!Warren LuytManaging Director, Trident Trust Company, UAE Talvin Singh performing at the Opening of the coEThe Celebration of Entrepreneurship is a strong We’ve received many messages of thanks from ouranswer to all the skeptics that entrepreneurs don’t members who came to the event. They were alljust exist in the Arab region but are rock stars! blown-away with the value in the form of inspirationhabib haddad received, knowledge gained and connections madeCo-Founder, Yamli.com and Co-Founder, so thank you again on behalf of all of them.YallaStartup!, Lebanon Claire Fenner SESSION SUMMARY DRAWING FROM: “Storytelling evangelists and converts” Co-Founder, heels and Deals, UAE Wael Attili, Founder and Chief Creative Officer, Kharabeesh, JordanThe fantastic lineup of artists and musicians broughtcolour and energy to this wonderful meeting of theminds! Entrepreneurship was reset on a new trajectory! The enthusiasm to create, make and share aNoor el-Fadl soraya salti common vision of growth for the region was great.Founder, TasmeemME, Jordan Senior vice President, MENA, Junior Achievement hermann Behrens Worldwide, INJAZ Al Arab, Jordan CEO, The Brand Union Middle East, UAE
  • e mP owe rmuStaFa abdel-wadood Pankaj Paul abdullah Shahin omar lodhimohammad muStaFa Saqib raShid SulaF al-zubi Farrokh k. caPtainelie habib mouStaFa m. Ghanem Fayez huSSeini omar el bacha dinaSheriF raShid al ballaa raji hattar Feda Shahien khaldoontabaza tauFiq rahim walid bakr tom SPeechley david moleSheadabdelSalam akkad Saoud karmaStaji michael haSbani ian ProSSerkhadiGa Fahmy nick nadal Steven koltai tony bury mohamed alneaimi muStaFa abdel-wadood Pankaj Paul abdullah Shahin omarlodhi mohammad muStaFa Saqib raShid SulaF al-zubi Farrokh k.caPtain elie habib mouStaFa m. Ghanem Fayez huSSeini omar el bachadina SheriF raShid al ballaa raji hattar Feda Shahien khaldoontabaza tauFiq rahim walid bakr tom SPeechley david moleSheadabdelSalam akkad Saoud karmaStaji michael haSbani ian ProSSerkhadiGa Fahmy nick nadal Steven koltai tony bury mohamed al neaimimuStaFa abdel-wadood Pankaj Paul abdullah Shahin omar lodhikito de boer dale murPhy Penny cooPer edward roderick Farhan zaidimohammad muStaFa Saqib raShid SulaF al-zubi Farrokh k. caPtainelie habib mouStaFa m. Ghanem Fayez huSSeini omar el bacha dinaSheriF raShid al ballaa raji hattar Feda Shahien khaldoon tabazatauFiq rahim walid bakr tom SPeechley david moleShead abdelSalamakkad Saoud karmaStaji michael haSbani ian ProSSer khadiGaFahmy nick nadal Steven koltai tony bury mohamed al neaimimuStaFa abdel-wadood Pankaj Paul abdullah Shahin omar lodhimohammad muStaFa Saqib raShid SulaF al-zubi Farrokh k. caPtainelie habib mouStaFa m. Ghanem Fayez huSSeini omar el bacha dinaSheriF raShid al ballaa raji hattar Feda Shahien khaldoontabaza tauFiq rahim walid bakr tom SPeechley david moleSheadabdelSalam akkad Saoud karmaStaji michael haSbani ian ProSSerkhadiGa Fahmy nick nadal Steven koltai tony bury mohamed alneaimi muStaFa abdel-wadood Pankaj Paul abdullah Shahin omarlodhi mohammad muStaFa Saqib raShid SulaF al-zubi Farrokh k.caPtain elie habib mouStaFa m. Ghanem Fayez huSSeini omar el bachadina SheriF raShid al ballaa raji hattar Feda Shahien khaldoontabaza tauFiq rahim walid bakr tom SPeechley david moleShead
  • CELEBRATION OF ENTREPRENEURShIP 2010e nab l i ng e nv i r onme n t f i nanc e you t h e duc at ion $ 3.3 The global Muslim is about the same size as both India and china’s populations. In 2008 the T population of a billion-plus GDP of the economies of five of the largest countries in and around the Middle East - Egypt, Iran, Pakistan, Saudi Arabia, and Turkey, with a combined population of 420 million - was uS$3.3 trillion, the same size as that of India, which has three times the population. vali Nasr Forces of FortuneeMpoWer: provIdING The INGredIeNTs For AN eNABLING eNvIroNMeNTSkills and capital are the main ingredients requiredto boost the growth of entrepreneurship. They areempowering because those that possess them are morelikely to launch successful businesses. According to theGEM MENA Report, adults who believe they have thenecessary skills to run a business are twice as likely tointend to start a business.
  • 5352 e mP owe r me n tor sh i p s oc i al e n t r e p r e ne ur sh i p ou tc ome : r e d LEVANT TURKEY PAKISTAN 2008 NOMINAL GDP 2008 NOMINAL GDP 2008 NOMINAL GDP US$98 BILLION US$730 BILLION US$165 BILLION ’08/’09 REAL GDP GROWTH ’08/’09 REAL GDP GROWTH ’08/’09 REAL GDP GROWTH 5.8% / 4.2% 0.9% / -5.9% 5.3% / 3.7% ’10-’13 REAL GDP GROWTH ’10-’13 REAL GDP GROWTH ’10-’13 REAL GDP GROWTH 4.5% 4.2% 4.4% 2008 POPULATION 2008 POPULATION 2008 POPULATION 31 MILLION 72 MILLION 177 MILLION NORTH AFRICA GCC INDIA 2008 NOMINAL GDP 2008 NOMINAL GDP 2008 NOMINAL GDP US$528 BILLION US$1,049 BILLION US$1,226 BILLION ’08/’09 REAL GDP GROWTH ’08/’09 REAL GDP GROWTH ’08/’09 REAL GDP GROWTH 5.3% / 3.7% 6.4% / 0.0% 6.1% / 6.8% ’10-’13 REAL GDP GROWTH ’10-’13 REAL GDP GROWTH ’10-’13 REAL GDP GROWTH 4.9% 4.8% 8.0% Source: EIU as of January 2010, IMF, 2008 POPULATION 2008 POPULATION 2008 POPULATION 164 MILLION 40 MILLION 1,148 MILLION Bloomberg, PCTAS, UN Comtrade, McKinsey & Company.
  • CELEBRATION OF ENTREPRENEURShIP 2010 e nab l i ng e nv i r onme n t f i nanc e you t h e duc at ion 80 60% ‘Strongly agree’ or ‘Agree’ KEY SKILLS cONcERN 40 DEVELOPMENT WORKFORcE 20 0 North Western central and Latin Asia Middle Africa America Europe Eastern Europe America Pacific East Source: Global Entrepreneurship Monitor 2009. Prepared by PricewaterhouseCoopers (PwC) for the World Economic Forum. sKILLs: eduCATING For eNTrepreNeurshIp MeNTorshIp: A prIvATe seCTor soLuTIoN The 2009 Global CEO Survey by entrepreneurs from MENA are willing to participate Entrepreneurs at the CoE also benefited from PricewaterhouseCoopers (PwC) reveals a concern in making the necessary improvements to education. a programme of direct mentorship. We asked among entrepreneurs with the level of key skills in established business leaders to dedicate one hour MENA. About 63% of Arab CEOs express concern The Empower section of the CoE programme of their time to one-on-one open conversations with with the capacity of their education systems to was created to provide participants with the skills entrepreneurs. The outcome – over 500 hours of produce a workforce with adequate skills. The required to launch an idea, to grow a business and to mentoring - exceeded expectations and was among results are only marginally better in South Asia. become successful entrepreneurs. The power of the the most popular parts of the event. CoE was in the aggregate value of bringing together According to the Education Involvement Index (EII) 64 Wamda.com Knowledge Partners, mostly from Students also took part in the mentorship by the Sheikh Mohammed bin Rashid Foundation the private sector, to run their workshops under one programme. INJAZ Al Arab, created to harness the and PwC, the large majority of entrepreneurs in single roof. mentorship of Arab business leaders to help inspire a MENA believe that the educational sector is unable culture of entrepreneurship and business innovation to keep up with the pace of development and The Knowledge Partners delivered 34 workshops among Arab youth, worked with a group of 40 demand for skills. that offered solutions to transform the education students throughout the two days of the CoE. systems and to raise the skill levels of entrepreneurs While the onus is on governments to review through private sector initiatives. 6 workshops A platform like the CoE, designed for the sharing education systems, the private sector can provide focused on specific private sector initiatives that of knowledge and skills among entrepreneurs solutions through knowledge-sharing networks, could empower entrepreneurs in Lebanon, Palestine, is the type of private sector initiative that can as well as through mentoring programmes. There Egypt, UAE, Pakistan and Jordan. yield higher levels of entrepreneurship. Through are already several public and private sector mentoring, it offered assistance to young and initiatives that assist entrepreneurs and provide established entrepreneurs to improve the quality of skills in MENASA. According to the EII, two thirds of their business with the right tools and solutions for growth.
  • 5554 e mP owe r me n tor sh i p s oc i al e n t r e p r e ne ur sh i p ou tc ome : r e dPERCENTAGE OF IDENTIFIED SMALL AND GROWING 13%BUSINESSES FUNDS INvESTING IN KEY REGIONS CENTRAL & EASTERN EUROPE 20% 8% ASIA MIDDLE EAST 6% 18% 58% INDIA NORTH AMERICA AFRICA Source: Dahlberg analysis.FINANCe: FuNds IN The rIGhT pLACesFor many entrepreneurs in the MENASA region, MENA and India have the smallest percentage of For Abraaj Capital, SMEs are the most vital segmentaccess to funding remains a most critical concern funds available with 8% and 6% respectively. of the corporate landscape. They need intelligentand a key constraint to SME development. long-term capital, a nurturing and strategic partner, The CoE was a launch pad for concrete outcomes. as well as tried and tested value-creation techniques.According to the GEM MENA Report, 40% of SMEs recognize the need for long-term capital and RED will unlock value and growth potential inentrepreneurs in the region estimate that they need direct support from the private sector. As a response businesses across all sectors, promoting sustainableless than the equivalent of US$10,000 to start a Abraaj Capital announced the launch of Riyada job creation and economic growth. Ultimately, thenew business. Family and friends remain the largest Enterprise Development (RED), a US$500 million economic liberation that the fund will foster will havesource of early financing whereas banks, angel funds, fund for SMEs that will directly address the region’s a transformational impact in the region.microfinance and government programmes play a small entrepreneurs and innovators.role as source of financing for nascent entrepreneurs. percentage Receiving AnyThe Empower section of the programme included Start-up Financing From Algeria Jordan Lebanon Morocco palestine Syria Yemena dedicated module on finance, and within that, Immediate Family Members 58.8 25.0 50.1 52.0 65.8 50.1 93.7a subset of sessions looking into angel financing. Other Relatives 29.2 12.5 19.5 25.0 13.2 13.3 12.2Access to financing is the lifeblood of a new business Work colleague 25.6 21.0 35.3 27.0 13.2 41.7 93.2as it matures. External sources of financing become Friend or Neighbour 21.9 14.8 18.7 30.8 21.1 21.6 36.2more important as companies expand and their Microfinance Provider 10.9 9.2 10.5 27.0 26.3 26.4 43.1availability determines the future trajectory of Bank 48.0 14.0 38.5 30.8 13.2 17.7 11.6SMEs. Analysis by Dahlberg Global Development Government Programme 26.5 5.1 1.2 7.7 7.9 16.0 7.6Advisors suggests that there are approximately 190 Venture capital company 7.0 23.5 6.0 5.8 2.6 23.3 4.4investment funds supporting small and growingbusinesses in emerging markets. Unfortunately, Source: Sources of Start-Up Financing used by nascent MENA entrepreneurs. GEM MENA Report 2009.
  • CELEBRATION OF ENTREPRENEURShIP 2010e nab l i ng e nv i r onme n t f i nanc e you t h e duc at ionAn enabling environment is the most importantfactor in supporting entrepreneurship in developedeconomies. We need an entire ecosystem at work:good regulation, accessible finance, mentors, anengaged academic sector, incubators and so on.Arif NaqviFounder and Group CEO, Abraaj Capital, UAE
  • 5756 e mP owe r me n tor sh i p s oc i al e n t r e p r e ne ur sh i p ou tc ome : r e d Entrepreneurs do not wait for change. It becomes a must to support and empower them to be the change they want to see in society by providing them with a proper enabling environment. Fadi Ghandour Founder and CEO, Aramex, Jordan
  • CELEBRATION OF ENTREPRENEURShIP 2010e nab l i ng e nv i r onme n t f i nanc e you t h e duc at ionThere is essentially no start-upcapital fund in the MENA region.If you want to start a company,you may borrow some money fromfriends and family and then youenter what we call ‘the desert’ whereno one is willing to give money.dr. usama FayyadExecutive Chairman, Oasis 500, Jordan
  • 5958 e mP owe r me n tor sh i p s oc i al e n t r e p r e ne ur sh i p ou tc ome : r e d Without angel finance, vCs won’t come to a region. Feroz sanaulla Executive Director, Intel Capital, UAE 8 % A recent report by the Union of Arab Banks showed that SMEs in the region only receive 8% of bank lending. What investors are looking for is competence in the management team to deliver on the business plan. Don’t be too greedy in your pricing of the business. Just a few points to remember: Go to family and friends first for finance. If they won’t support you why should outside investors? Only 2% of ideas reach the funding stage. Of these 40% will still go bust and only 25% will generate high returns. Banks only help when you have an established track record. When you get investors be realistic on valuations. Deliver on your planned performance. Otherwise investors quickly lose faith in you. Start to prepare your business for eventual sale 2 years in advance of the exit. edward roderick Co-Chairman, Envestors MENA, UAE
  • CELEBRATION OF ENTREPRENEURShIP 2010e nab l i ng e nv i r onme n t f i nanc e you t h e duc at ion SESSION SUMMARY DRAWING FROM:“Angel finance in MENA : Taking it to the next level” Tom Speechley, Partner, Abraaj Capital and CEO, Riyada Enterprise Development, UAE
  • 6160 e mP owe r me n tor sh i p s oc i al e n t r e p r e ne ur sh i p ou tc ome : r e d
  • CELEBRATION OF ENTREPRENEURShIP 2010e nab l i ng e nv i r onme n t f i nanc e you t h e duc at ion
  • 6362 e mP owe r me n tor sh i p s oc i al e n t r e p r e ne ur sh i p ou tc ome : r e d Tips on Angel Financing The professional community and other entrepreneurs are good sources for leads on angels. Angel investors want to hear an elevator speech. The business plan should have a good executive summary. Angel investors can’t read an entire plan. Cooperate with angel investors on due diligence. Be flexible on valuation. You will give up about 25% with every round of financing. Angel investors bet on the entrepreneur not the business. Cal simmons Chairman and CEO, Travel Influentials, USAAngel investing is about so much more thanmoney; it’s about opening doors, providingguidance… No angel investor wants to do a dealby himself. I always want to bring in one or moreco-investors.Fadi GhandourFounder and CEO, Aramex, Jordan cal Simmons speaking in the session: Every business needs an angel
  • CELEBRATION OF ENTREPRENEURShIP 2010e nab l i ng e nv i r onme n t f i nanc e you t h e duc at ion SESSION SUMMARY DRAWING FROM:“Every business needs an angel” Cal Simmons, Chairman and CEO, Travel Influentials, USA
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  • CELEBRATION OF ENTREPRENEURShIP 2010e nab l i ng e nv i r onme n t f i nanc e you t h e duc at ion We have to unleash the massive talent base of would-be entrepreneurs that exist in this region’s youth. To do that we all need to say to them out load: “Go for it! The private sector will support you.” Frederic sicre Partner, Abraaj Capital, UAE
  • 6766 e mP owe r me n tor sh i p s oc i al e n t r e p r e ne ur sh i p ou tc ome : r e d40 INJAZ students and staff from seven membernations joined a memorable, cutting-edge eventthat offered an experience in entrepreneurshipfinally at the brink of the tipping point, led not bygovernments but rather by the Arab world’s topbreed of entrepreneurs. Its message and powerful to new realms and INJAZ rode the wave, announcing the launch of its Reality Entrepreneurship Tv programme and its mission to turn entrepreneurship into a youth pop culture. soraya salti Senior vice President, MENA, Junior Achievement 15 months. % Young Arabs have a positive view of entrepreneurship. 15% of 15–29 year-olds say they plan to start a business in the next 12 These aspiring entrepreneurs are also twice as likely to voice their opinionviral movement pushed the entrepreneurial frontiers Worldwide, INJAZ Al- Arab, Jordan to officials and three times as likely to disapprove of their city or local government. Young Arabs are more optimistic about business outcomes than business entry in their countries. Most young Arabs say loan access and the difficulty of processing licenses and permits create significant barriers to entry. Source: The Silatech Index – Voices of Young Arabs. Arab youth are embracing the spirit of If anyone is going to move the Arab world entrepreneurship and making it an important into the future, it is the current generation part of every aspect of their life, family, religion of 25 to 35 year-olds. and politics to break historical constraints on Adel Ali behavior created by adult society. Group CEO, Air Arabia, UAE rami Khouri Director, Issam Fares Institute of Public Policy and International Affairs, American University of Beirut, Lebanon
  • CELEBrATION OF ENTrEPrENEUrSHIP 2010e nab l i ng e nv i r onme n t f i nanc e you t h e duc at ionDubai, a new locus of entrepreneurial energyChristopher M. Schroeder, November 26, 2010The sold-out gathering had the earmarks of a typical Is this troubled region ripe to unleash entrepreneurship to back hundreds of start-ups, from companies focusing onSilicon Valley event: more than 2,400 hungry and innovation of the sort that has driven growth and job new technologies and forms of distribution to those simplyentrepreneurs and investors, most young adults, tethered creation around the world? “Arabizing” interactive and mobile services that haveto their mobile devices - sharing, debating and connecting. This nascent narrative about the Mideast has largely proved successful in English.There was the requisite hip music. Speakers who had “been been missed by the West, and there are many tempting Perhaps my favorite entrepreneur was an 18-year-oldthere” were mixing with kids new to the game, dashing reasons to dismiss it. The gap between the mega-wealthy woman, one of dozens of women covered from head to toeout ideas on white boards and rallying each other to new and desperate poor remains shocking; education and in the Dubai audience. She had designed a beautiful, evenventures. literacy remain profound challenges. Weighing heavily luxurious, battery-powered holder for mobile devices and That’s where “typical” ended. against the talent, transparency, speed and liquidity that other items such as note pads to ensure our devices are This month’s Celebration of Entrepreneurship 2010 have electrified entrepreneurship in the United States comfortable, charged and elegant. She has spoken withwas hosted not in San Francisco or New York but in Dubai. and elsewhere are corruption, high unemployment, four manufacturers in China and is wrestling with whetherThe participants weren’t familiar U.S. Internet names but heavy reliance on government largess, archaic and often to raise money to buy machinery to sell her first batch, pre-a new generation of entrepreneurs representing every indecipherable rules of law, and cultural resistance to ordered, of a thousand units.Islamic country in the Middle East. The visionaries behind investing beyond fixed assets. One need only spend a few How many of us would have bet two decades agothe gathering weren’t famous Western tech journalists days in Amman or Cairo, going through metal detectors in that China, India and Brazil would be driving engines ofor futurists but Pakistan-born Arif Naqvi, founder of every restaurant, hotel and tourist destination, to feel the global innovation, technology and growth? Would wethe Middle East private equity firm Abraaj Capital, and political realities. have guessed that our technology businesses would beLebanese Jordanian entrepreneur Fadi Ghandour, who built But tell that to the young Kuwaiti who created mobile developing and outsourcing technologies from the Balticsthe region’s largest logistics and transportation services game apps for his own amusement . . . and found that to South America?company. Absent were debates on politics, religion and more than 1 million people discovered and downloaded It is not easy in our political environment to seek traceshistoric obstacles. The only question on everyone’s mind his products. Try to discourage the 19-year-old coffee of hope in this troubled region, nor to contemplate awas “Why not us?” entrepreneur in Yemen who insists that every aspect of his different, albeit concurrent, narrative in complex countries Why not, indeed. As Vali Nasr wrote in “Forces of operations (including packaging, which is often outsourced that are rapidly coming to terms with their futures. ButFortune,” his recent, must-read book on the economic rise to China) be done in his community. something is happening in the region, much like whatof the Middle East: “The global Muslim population of a The list goes on: Computer graphic animators in happened in what was once called the developing world.billion-plus is about the same size as both India and China’s Damascus are doing things that could make 3-D look It is worth watching and supporting. This shift has its ownpopulations. In 2008 the GDP of the economies of five of antiquated. An Egyptian entrepreneur has developed voice, attuned to cultural and religious values that we in thethe largest countries in and around the Middle East - Egypt, technology, using air, to blast less water through showers West may not fully understand. It embraces innovation,Iran, Pakistan, Saudi Arabia, and Turkey, with a combined to dramatically reduce consumption in the arid region problem solving, job creation and prosperity - offering newpopulation of 420 million - was $3.3 trillion, the same size without sacrificing a quality bathing experience. Oasis500 generations a clear path to their future.as that of India, which has three times the population.” is one of several tech incubators in Jordan that are planning
  • 6968 e mP owe r me n tor sh i p s oc i al e n t r e p r e ne ur sh i p ou tc ome : r e d Aramex announces key partnerships and initiatives to support entrepreneurship across the Middle East Aramex announces three strategic initiatives with world-class institutions in the Middle East in line with its continuous commitment to nurture and support entrepreneurship: A partnership between Aramex and the MIT Enterprise Forum of the Pan-Arab Region to support promising MIT Arab Business Plan applicants. A partnership between Aramex and George Washington University to place American students of Arabic language studies with NGOs and social entrepreneurs in the region. A partnership between El-Khazindar Business Research and Case Center (KCC) School of Business at the American University in Cairo (AUC) to produce mini-case studies. INJAZ Al-Arab to Start Operations in pakistan Empowering Youth for Workplace INJAZ Al-Arab, a non-profit organization that works with private sector volunteers to teach entrepreneurship and workforce readiness to young people, is proud to announce it will start operations in Pakistan next year with generous support from private equity group Abraaj Capital. The contribution from Abraaj Capital will fund the first three years of operation, giving INJAZ the support it needs to establish a presence in Pakistan and start impacting youth. Initially, INJAZ will target non-profit schools and then government institutions. Operations will most likely begin in the city of Karachi involving a pilot scheme of 500 students in the first year, before growing and expanding to other cities, covering 2,000 students in the second year and as many as 4,000 in the third year. In all, more than 6,000 students are expected to benefit from the programme.
  • CELEBRATION OF ENTREPRENEURShIP 2010e nab l i ng e nv i r onme n t f i nanc e you t h e duc at ion SESSION SUMMARY DRAWING FROM:“Innovation camps for high schools” H. E. Sheikh Khaled Bin Zayed S. Al Nehayan, Chairman, Bin Zayed Group, UAE
  • 7170 e mP owe r me n tor sh i p s oc i al e n t r e p r e ne ur sh i p ou tc ome : r e d Entrepreneurship is about continuous learning, innovation and calculated risk-taking. This is the only route to sustainable growth in the MENASA region. sean Cleary Founder and Executive vice-Chair, Future World Foundation, South AfricaSean cleary sharing his views for the new century Our education system has to provide the foundation for entrepreneurship: critical thinking, team dynamics, problem solving, etc... Then it’s about attitude. 86 Answered YES to “Did you achieve a TANGIBLE outcome for YOU at the coE?” % Waleed Al Banawi Source: Survey conducted at CoE. vice Chairman, Banawi Industrial Group, Saudi Arabia(On Arab women): Never give up your education,and never think yourself a victim.reem Al-hashimyMinister of State, UAEEducation must train people for the workforce andthat includes designing curricula for skills and jobknowledge that the market actually demands.raghda el ebrashiFounder and Chairperson, Alashanek ya BaladyLecturer of Strategic Management, GermanUniversity in Cairo, Egypt
  • CELEbRATION OF ENTREPRENEuRSHIP 2010e nab l i ng e nv i r onme n t f i nanc e you t h e duc at ion Swiss-based business school IMD offers unique scholarship to young Arab entrepreneurs for Executive Education Egypt’s Ahmed Kabeel will join 450 other executives from around the world in summer business course. Scholarship inspired by the ‘Celebration of Entrepreneurship’ event in Dubai and supported by Riyada Enterprise Development. Dubai, November 8, 2010: encourage training for entrepreneurs in this fast-growing Switzerland-based IMD, one of the world’s top-ranked region,” said IMD Executive Director Dr. Hischam El- business schools, is proud to announce a unique Agamy. scholarship for a young Arab entrepreneur to attend IMD’s “OWP is our global business programme for individuals prestigious executive education programme, Orchestrating and teams from all types of organizations, from startups Winning Performance (OWP). and multinationals to non-profit organizations, and from The scholarship, inspired by the ‘Celebration of every industry,” Dr El-Agamy continued. “It’s aimed Entrepreneurship’ event in Dubai and supported by Riyada at executives who are seeking the latest management Enterprise Development (RED) - a small and medium thinking, and practical, innovative solutions for their enterprise investment platform, goes to 34-year-old businesses. It allows them to anticipate global business Egyptian Ahmed Kabeel. trends, boost performance, broaden perspectives and Kabeel is founder and CEO of OMS, a regional company expand their network. We trust that Ahmed Kabeel will and one of Egypt’s top IT-service exporters with more than be able to benefit from these unique aspects of OWP and 170 employees and clients in 21 countries in the Middle apply these learnings immediately after the programme East and Africa. concludes.” Kabeel, who started his career at the age of 18 as a IMD offers similar scholarships to young entrepreneurs salesman in a computer company, will take part in OWP at from Africa and India and other parts of the world. IMD’s campus in Lausanne, Switzerland, in June, together “We are really proud to be joining with IMD to offer this with 450 other executives from companies around the scholarship to a young Middle Eastern entrepreneur,” said world. Fred Sicre, Executive Director at Abraaj Capital, of which “The Celebration of Entrepreneurship has inspired RED is a subsidiary. “This is exactly what our region needs: us to offer this scholarship funded by both IMD and young, talented entrepreneurs who are given the chance Riyada Enterprise Development. We hope that this small to expand their horizons and learn from the experience contribution will support and stimulate entrepreneurship of others. This empowers potential and enhances the in the region, and will be the beginning of a trend to entrepreneurial spirit of our societies.”
  • 7372 e mP owe r me n tor sh i p s oc i al e n t r e p r e ne ur sh i p ou tc ome : r e d SESSION SUMMARY DRAWING FROM: “Scaling-up entrepreneurial education” Soraya Salti, Senior vice President, MENA, INJAZ Al-Arab, Jordan and Kito de Boer, Managing Director, McKinsey, UAE
  • CELEBRATION OF ENTREPRENEURShIP 2010e nab l i ng e nv i r onme n t f i nanc e you t h e duc at ion Investors will give you a new viewpoint so it’s great to get an investor to help you. Mike Cassidy Director of Product Management, Google, USAOn my second day at the conference I sat through Entrepreneurs need mentoring more than theythree back-to-back mentoring sessions with young need capital.entrepreneurs. Upon leaving the meeting room, Matt harrisit occurred to me that those meetings could have Co-Founder and Managing General Partner,happened in a coffee shop in San Francisco, or a tea village ventures, USAhouse in London. The issues and challenges facingthese business owners from MENASA were thesame as those being faced by entrepreneurs in everycountry in the world. The meetings also served asa reminder that while capital is necessary to startmost businesses, it is the seeking of good mentors,the surrounding oneself with wise advisors that oftenmakes the difference between success and failure ofa young company.stephen d. GarrowCEO, Rushmore Associates LLC, USA
  • 7574 e mP owe r me n tor sh i p s oc i al e n t r e p r e ne ur sh i p ou tc ome : r e d Mentorship is an important component in nurturing successful entrepreneurs and developing human capital. Tony Bury Founder and Trustee, Mowgli, UK SESSION SUMMARY DRAWING FROM: “Entrepreneurs and mentors: heroes journey” Tony Bury, Founder and Trustee, Mowgli, UK Ian prosser, Mentor, Mowgli, UK
  • CELEBRATION OF ENTREPRENEURShIP 2010e nab l i ng e nv i r onme n t f i nanc e you t h e duc at ion Riyada Enterprise Development and Mowgli Foundation launch pilot mentorship programme RED to support year-long Mowgli Foundation more will be added to the programme. business sense. We want our entrepreneurs pilot mentorship programme for Arab “Mentorship is an important component to develop through the experiences of others entrepreneurs. Partnership to extend online in nurturing successful entrepreneurs and that have gone before them. This is especially through MentorMatch, a Wamda matchmaking developing human capital, and Mowgli has a tried important in the SME space, where entrepreneurs initiative to connect mentors with mentees. and tested system for implementing sustainable need all the help they can get to transform their mentorship programs,” said Tony Bury, Founder of businesses into market leaders. In Mowgli, we Dubai, UAE; November 9, 2010: Mowgli Foundation. “We are delighted to partner have found a partner that understands the science Riyada Enterprise Development (RED), Abraaj with Riyada Enterprise Development on this of mentoring. They mentor the mentors and have Capital’s new US$500 million small and medium exciting journey of facilitating entrepreneurship in built up significant experience in cross-cultural enterprise (SME) investment platform, and the region.” mentorship programs that have helped support the Mowgli Foundation, a UK-based non-profit The Mowgli Foundation will provide the numerous regional entrepreneurs, including in organisation established to make a difference to mentorship, drawing on its database of mentors Syria, Lebanon, Palestine and Jordan.” business startups and budding entrepreneurs with relevant experience, while RED will actively The partnership between Mowgli and RED through the power of mentoring, announced today monitor and support the initiative. will extend to Wamda, the MENASA region’s the launch of a pilot mentorship programme to This announcement comes on the second most dynamic, comprehensive and connected support Middle East-based entrepreneurs. day of the ‘Celebration of Entrepreneurship’; a entrepreneurial website, launched by Abraaj In addition to funding, the partnership between unique two-day gathering of more than 1,500 Capital. RED and Mowgli will ensure that regional early- entrepreneurs, innovators, business leaders, Wamda’s MentorMatch, a powerful new online stage businesses will receive the invaluable finance providers, policy makers and creative platform that is being launched at the Celebration benefit of business leaders’ experience and professionals from across the Middle East, North of Entrepreneurship, will match regional mentors institutional support. Africa and South Asia (MENASA). In setting up with mentees online and thereby further support For this year-long mentorship pilot programme, the RED fund, and hosting and organising the the development of an entrepreneurship RED will nominate entrepreneurs from its Celebration of Entrepreneurship, Abraaj Capital ecosystem where entrepreneurs, innovators, portfolio of investments to benefit from trained is demonstrating its commitment to developing mentors and other stakeholders come together to and experienced business mentors provided by human capital in across the MENASA region. facilitate entrepreneurship in the MENASA region. Mowgli. To commence the programme, two CEOs Tom Speechley, Abraaj Capital Partner and The Celebration of Entrepreneurship takes have been selected: one in Jordan and one in CEO of RED, said: “We are absolutely passionate place from November 8-9, 2010, at the Madinat Palestine. Both are businesses that RED is in the about mentorship at Abraaj. Not just because Jumeirah Conference Centre in Dubai, UAE. process of completing investments in. Over time, it is a worthy cause but because it makes great
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  • CELEBRATION OF ENTREPRENEURShIP 2010e nab l i ng e nv i r onme n t f i nanc e you t h e duc at ion365 1-800 Mentorship sessions attendees
  • 7978 e mP owe r me n tor sh i p s oc i al e n t r e p r e ne ur sh i p ou tc ome : r e d The CoE was a courageous idea that brought together more than a thousand young entrepreneurs to learn and be inspired and motivated by some of the most influential CEOs in the region. The result was an amazing flow of energy and knowledge that is bound to transform and empower the lives of many people and their businesses and ambitions. riad Kamal CEO, Arabtec holding, UAE
  • CELEBRATION OF ENTREPRENEURShIP 2010e nab l i ng e nv i r onme n t f i nanc e you t h e duc at ion social entrepreneurship as a concept is only eight years old in the Middle east, but as of today, 14,000 jobs have been created in egypt due to social entrepreneurs. Iman Bibars vice President, Ashoka, Regional Director, Ashoka Arab World, Egypt
  • 8180 e mP owe r me n tor sh i p s oc i al e n t r e p r e ne ur sh i p ou tc ome : r e d Congratulations on NOT separating ‘commercial entrepreneurship’ and ‘social entrepreneurship’. All entrepreneurship should be BOTh. Not separating them provided a wonderful opportunity to learn from all. Social entrepreneurship was given as much profile as commercial entrepreneurship, Pamela Hartiganhope is the lifeblood; hope is strategic. The slightest and for the first time ever, I felt as if most people When a company pursues community involvementray of hope can ignite the human spirit to overcome. took for granted that such a separation was a false and social responsibility, this can result in lowerBe selfish. Go help someone. dichotomy. costs and greater efficiencies in the long run.Bobby sager pamela hartigan helmy AbouleishFounder, Sager Family Travel Foundation and Executive Director, Skoll Center, vice-Chairman and Managing Director, SekemRoadshow, USA Saïd Business School, The University of Oxford, UK Group, Egypt
  • CELEBRATION OF ENTREPRENEURShIP 2010e nab l i ng e nv i r onme n t f i nanc e you t h e duc at ionWhat we are aiming to achievethrough RED is transformationalgrowth in more than 100 SMEs inthe next three or four years…If we are successful and empowerthese businesses in the way theirplans lay out we will address one ofthe most crucial issues facing theregion today; employment.Tom speechleyPartner, Abraaj Capital and CEO, Riyada EnterpriseDevelopment, UAE
  • 8382 e mP owe r me n tor sh i p s oc i al e n t r e p r e ne ur sh i p ou tc ome : r e d outcome 2 RIYADA ENTERpRISE DEVELOpMENT (RED) SMEs are the most vital segment of the corporate This productivity gap underscores the need to landscape of MENA. They are significant increase investment in this segment of the corporate contributors to employment and GDP in the region, landscape. Unless SMEs prosper, there is little accounting for about 70% of employment and 28% hope of addressing the coming economic and social of GDP. challenges that the region faces, including the need to create jobs, support economic diversification These figures, however, highlight an important efforts and generate sustainable long-term growth. issue specific to the SME segment. Whereas in more developed markets such as the USA the To address this gap and support transformational contribution by SMEs to employment and GDP is growth in regional SMEs, Abraaj Capital announced relatively consistent, in the MENA region there is a at the CoE the creation of Riyada Enterprise pronounced ‘productivity gap’ in this respect. This Development (RED) - a US$500 million fund gap is due in part to the fact that SMEs in this region dedicated for SMEs. RED builds on Abraaj Capital’s operate in lower value-add, highly labor intensive long history and successful track record of investing industries. It is further accentuated by the lack of in the SME segment, across a wide range of technology employed and the limited role of high- countries and sectors in the MENA region. growth, technology-driven industries in the region. CONTRIBUTION TO EMPLOYMENT AND GDP BY SMEs IN MENASA 100 86 80 77 80 75 EMPLOYMENT AVERAGE PERCENTAGE OF TOTAL 71% 60 51 51 52 46 40 32 GDP AVERAGE 28% 30 30 30 28 25 20 20 GDP 0 EMPLOYMENT USA UK KSA UAE EGYPT TURKEY PAKISTAN MOROCCO Source: EIU, Various government ministries. Average GDP contribution data based on KSA, UAE, Egypt, Turkey and Pakistan which collectively represent over 75% of the GDP of the broader MENA region. Employment contribution data based on UAE, Egypt, Turkey, Pakistan and Morocco, which collectively represent over 75% of the population of the broader MENA region.
  • CELEBRATION OF ENTREPRENEURShIP 2010e nab l i ng e nv i r onme n t f i nanc e you t h e duc at ion ThE INvESTMENT STRATEGY WILL BE PRIMARILY TO TARGET EARLY STAGE GROWTh AND LATE STAGE vENTURE CAPITAL TRANSACTIONS. SME LANDSCAPE MATURITY AND SIZE OF BUSINESS PRIMARY FOCUS OPPORTUNISTIC FOCUS SEED VENTURE GROWTH BUY-OUT CAPITAL CAPITAL CAPITAL PRIVATE EQUITY PRIVATE EQUITY MARKETS TYPES OF EQUITY FINANCE AVAILABLERED defines SMEs as those businesses with an Fund (EGCF). MCIT partners and affiliates will invest businesses, which are of increasing importanceenterprise value of less than US$50 million and/or US$12 million in the EGCF, which will have a specific within the Egyptian economy. In addition to theemploying less than 250 people. The focus of RED allocation of US$30 million for information and EGCF, RED has also partnered with governmentsis on companies that are past the start-up stage, communications technology (ICT) and ICT-enabled and other strategic sponsors to establish funds forthat have proven traction in their respective marketsand that are looking for growth capital to take theirbusinesses to the next stage of development. REDwill target such businesses in all sectors across theMENA region.Abraaj Capital has committed US$50 million to RED,which will consist of a regional vehicle and a series ofcountry vehicles. At the CoE, the Egyptian Ministryof Communications and Information Technology(MCIT), through its newly established TechnologyInnovation and Entrepreneurship Center (TIEC)and other affiliates, agreed to partner with RED toestablish the US$80 million Egypt Growth Capital
  • 8584 e mP owe r me n tor sh i p s oc i al e n t r e p r e ne ur sh i p ou tc ome : r e d 80MMustafa Abdel–Wadood (left), Managing Partner, Abraaj capital, UAE and Dr. Tarek El–Sadany (right), cEO, TIEc, EgyptPalestine, Jordan and Lebanon.Currently, RED’s investment team comprises 18professionals located in offices across the GCC,North Africa and the Levant, with additional support • OMS, a leading Egypt-based regional IT consulting services firm; • Teshkeel Media Group, a global media and entertainment company focused on creating and $ The Egyptian Ministry of communications and Information Technology (McIT)provided by the broader Abraaj Capital network and delivering multimedia content for children; partners and supports theplatform. • d1g.com, a leading Jordan-based Internet services US$80 million Egypt Growth and software company specializing in supporting capital Fund of RED:RED announced its first 5 investments at the CoE. Arabic-based online communities and socialThese companies are all entrepreneurial success networking platforms. This fund is an excellent vehiclestories. The entrepreneurs behind these companies for supporting the advancementare acknowledged leaders in their fields and have RED will invest to unlock value in high-potential of technology, innovation andcreated businesses that have transformative SMEs in the MENA region. By investing in the vital entrepreneurship in Egypt, onepotential: SME segment RED aims to stimulate job creation of the most important growth• E3, a regional information technology healthcare and economically sustainable growth in the MENA areas of the Egyptian services and solutions provider headquartered in markets. economy. Dubai; Tarek el-sadany• Agrocorp, an Egypt-based integrated agriculture CEO, TIEC, Egypt company;
  • CELEBRATION OF ENTREPRENEURShIP 2010e nab l i ng e nv i r onme n t f i nanc e you t h e duc at ion
  • 8687 E MP OWE R me n tor sh i p s oc i al e n t r e p r e ne ur sh i p OU TC OME : R E D /BlogDubai: more entrepreneurs pleaseRobin Wigglesworth, November 8, 2010Martin Lukes, the FT’s fictional business-leader (now 45 per cent in the US, 80 per cent in Egypt and 99 per cent nurture small businesses, and a smattering of venturesadly deceased), would have loved the Celebration of in Lebanon. capital funds have been set up. But there are relatively fewEntrepreneurship conference being held this week in one of The Gulf’s governments are keen to rectify this, in success stories.Dubai’s plushest convention centres. an effort to wean citizens off well-paid but sometimes Some experts say that, rather than starting their own Guests have been discouraged from wearing suits unproductive jobs in the public sector. funds, the Gulf’s governments should follow the examplesand ties to reflect the “unconventional and energy Initiatives like the Celebration of Entrepreneurship, of Singapore: backing local, private venture capitalgenerating” atmosphere, and invited to attend “passion organised by Abraaj Capital, the Middle East’s largest industries, and improving the regulatory framework forcorners”. Speakers will share inspiring stories in an private equity firm, are therefore to be applauded. The entrepreneurs.“informal, highly interactive and unencumbered” setting. event has gathered hundreds of budding business leaders, Meanwhile, Arif Naqvi, founder and chief executiveBut the conference’s faddish presentation belies its consultants, corporate executives, bankers, venture of Abraaj Capital, argued that governments have alreadyserious subject: how can the Arab Gulf help aspiring capitalists, journalists and government officials, most of done enough. He told the conference:entrepreneurs? which seemed to enjoy the casual “Silicon Valley” feel. “The private sector in the region has to stop looking Currently, the environment for start-ups is tough. Scheduled speakers include: Adel Ali, chief executive to the government for help; we have to help ourselves.Governments are all-powerful, long-established merchant of Air Arabia, the Gulf’s leading low-cost carrier; the The government initiatives only look to support their ownfamilies dominate the private sector, and – paradoxically Emirati Al Awadhi brothers, who founded the Wild Peeta citizens, but we think the real proposition is regional.for such a wealthy region – financing is almost impossible shawarma chain; and Samih Toukan, founder of Maktoob, The culture of entrepreneurship has really cometo drum up. an Arabic-language web portal that was acquired by Yahoo forwards recently. The governments are doing their bit, but Small and medium-sized enterprises account for a last year. However, the challenges for entrepreneurs – we want to break free of the national agenda and onto thenegligible portion of GDP in Saudia Arabia and only 30 per which extend to poor educational standards, little research regional agenda.”cent in the United Arab Emirates, according to Standard and unhelpful laws and regulations – are easier to identify Either way, Martin Lukes’s “Green Sky Thinking” willChartered research published in 2009. That compares to than solve. Several governments have set up funds to probably not be enough.
  • CELEBRATION OF ENTREPRENEURShIP 2010e nab l i ng e nv i r onme n t f i nanc e you t h e duc at ionwamd a.c om k nowle dG e Par t ne r SThe Celebration of entrepreneurshipbeen possible without the support ofpartners who were engaged to workand mobilize their networks behindAs a company that started as an entrepreneurial initiatives at the CoE to support entrepreneurship networking opportunities provided by Aramex, andendeavor more than 28 years ago and continues across the region and enable entrepreneurs to there has been a significant influx of business plansto encourage and nurture its entrepreneurial spirit, create their own opportunities. In an effort to received from entrepreneurs from around the region,Aramex remains committed to put its expertise, skills further support youth in their endeavors, Aramex including Morocco, Egypt, Palestine, Saudi Arabia,and resources at the service of entrepreneurs across launched a dedicated entrepreneurial unit that will UAE and Jordan. There is no doubt that the CoE hasthe region. The CoE created a unique platform for work on providing networking opportunities, focused brought about a paradigm shift in defining what islikeminded corporations and organizations to work assistance, support and guidance to individuals now possible concerning entrepreneurship in thetogether on connecting and forging new partnerships eager to gain a firm foothold from which they can region.to nurture an entrepreneurial ecosystem. launch their ideas. Iyad KamalAramex announced several key partnerships and Several companies are already benefiting from the Chief Operating Officer, Aramex, Jordan
  • 8988 e mP owe r me n tor sh i p s oc i al e n t r e p r e ne ur sh i p ou tc ome : r e dFar from a one-time event, the CoE lives on as a As a result of the CoE, Ernst&Young will certainly If entrepreneurship has been proven to be a vitalmovement, continuing to influence my work at step-up efforts to support the exceptional component in economies as demonstrated during theEndeavor and my optimism for the next great global entrepreneurial enterprises that will emerge from the CoE, it will become indisputably a stronger reality insuccess story - a MENASA region brimming with region. Entrepreneurship is Ernst&Young’s history the future and Abraaj Capital has the means to play aentrepreneurial passion and promise. and also our future. role in this across the MENASA region.Linda rottenberg Gregory K. ericksen Karim djerboaCEO and Co-Founder, Endeavor, USA Global vice Chair, Strategic Growth Markets, Senior Manager, Global Field Operations and Strategic Ernst&Young, UK Alliances, Cisco Entrepreneur Institute, UAEand Wamda.com would not have64 global and regional Knowledgetogether to provide contententrepreneurship in the region. Mowgli had the opportunity to empower an East, Mowgli needs to be ultimately promoted by audience of 95 entrepreneurs, who committed people from the region for the people of the region. to find in their own lives a “mentor”. We left the Our journey in this direction culminated in our event exhausted with a range of emotions, but launching the Mowgli Chapter in Jordan/Palestine fundamentally inspired to continue our Mowgli with the Young Entrepreneurs Association of Jordan. journey of mentoring entrepreneurs in the Middle Tony Bury East but with a significant change in strategy. In Founder and Trustee, Mowgli, UK order that we could be truly successful in the Middle
  • CELEBRATION OF ENTREPRENEURShIP 2010e nab l i ng e nv i r onme n t f i nanc e you t h e duc at ionwamd a.c om k nowle dG e Par t ne r S ABU DHABI UNIVERSITY
  • 9190 e mP owe r me n tor sh i p s oc i al e n t r e p r e ne ur sh i p ou tc ome : r e d
  • CELEBRATION OF ENTREPRENEURShIP 2010
  • 93 92 c onnec tmaySoun odeh GanGat Steve Shore mohamed maFooz ziad alyaySha al mudekhi noor el Fadl huda raShad rami mehdawi wajihamalik Farida kaShdan mohammed el kalla kamel al aSmar GeorGekhalaF Simran Samtani mohammed eidah Savita aPte Fatma Ghalyahmad al-mutawa noor alnahhaS abbaS alidine amin anSur ravibhuSari noor aFtab Pankaj jain naSir zubairi kamal haSSanamel makkawi maliha tabari anaS bukhaSh haSSan azzazy Fouadqueblawi huSSain hallak ali tumbi ahmed bin Shabib mohammedel-Fatatry youSuF al haShimi raShid al tunaiji ShareeFa FadhelStuart hurSt omar Samra mohammed Sabunchi amir anzur marcandre deSchoux Shihab khalil mohammed eidah Fatima abukiShkkerry mcclinton-kinG amad almSaodi omar chriStidiS taimurhadi alexandra de blonay neil heGarty murhSed mohamed ahmedaySha al mudekhi noor el Fadl huda raShad rami mehdawi FaridakaShdan mohammed el kalla kamel al aSmar GeorGe khalaFhanS Schwab monja wolF nazGol anSarinia reem marto crovinG Steve alitumbi maySoun odeh GanGat Steve Shore mohamed maFooz ziad alySimran Samtani mohammed eidah Savita aPte Fatma Ghaly ahmadal-mutawa noor alnahhaS abbaS alidine amin anSur ravi bhuSarinoor aFtab Pankaj jain naSir zubairi kamal haSSan amel makkawimaliha tabari anaS bukhaSh haSSan azzazy Fouad queblawi huSSainhallak ali tumbi ahmed bin Shabib mohammed el-Fatatry youSuFal haShimi raShid al tunaiji ShareeFa Fadhel Stuart hurSt omarSamra mohammed Sabunchi amir anzur marc andre deSchoux Shihabkhalil mohammed eidah Fatima abukiShk kerry mcclinton-kinG amadalmSaodi omar chriStidiS taimur hadi alexandra de blonay neilheGarty murhSed mohamed ahmed derv rao maySoun odeh GanGatSteve Shore mohamed maFooz ziad aly aySha al mudekhi noor elFadl huda raShad rami mehdawi wajiha malik Farida kaShdanmohammed el kalla kamel al aSmar GeorGe khalaF Simran Samtanimohammed eidah Savita aPte Fatma Ghaly ahmad al-mutawa nooralnahhaS abbaS alidine amin anSur ravi bhuSari noor aFtab Pankajjain naSir zubairi kamal haSSan amel makkawi maliha tabari anaS
  • CELEBRATION OF ENTREPRENEURShIP 2010 c ommun i t yWhen Internet giant Yahoo! signed a multi-million dollar deal with thebiggest Arab online community Maktoob, the story hit the sixth topspot on Twitter. What started as an email provider website expandedinto a portal with social networking and knowledge-based services.Maktoob was created by two young Jordanian entrepreneurs whothrough their hard-work and creativity transformed their dream into anachievement. Today Yahoo! Maktoob accounts 32 millions users. The CoE introduced the Spark area - a physical space in theAre MeNAsA eNTrepreNeurs CoNNeCTed eNouGh? venue for entrepreneurs toThe Yahoo! Maktoob deal gave entrepreneurs organizations which had not yet ventured into the pitch fresh ideas and newfrom all over the region a reason to hope that they world of social networking may be missing out on business concepts. Overtoo can succeed. It also confirmed that there is sizeable business opportunities.value in online communities and new technologies. 60 Spark sessions tookInternet and social networking platforms are With a growing young population, the MENASA place. Everyone enjoyed theindispensable tools for entrepreneurs as they enable region presents unique opportunities for new formsinformation, communication and collaboration. of connectivity. Internet and social networking opportunity to connect andA 2010 survey conducted by Regus revealed that penetration levels are rising. 10% of the world’s collaborate with entrepreneurs46% of businesses in the UAE use social media to Facebook users are based in the Middle East.win new business. The survey also indicated that and investors.
  • 9594 c onnec tC OMMUN IC AT ION NE T WORK s OU TC OME : wamd a.c om Monja Wolf, Founder, Monyati, UAE
  • CELEBRATION OF ENTREPRENEURShIP 2010 c ommun i t y 4.0 MENA’S TOP FIvE FACEBOOK COMMUNITIES Egypt, Morocco, Tunisia, Saudi Arabia and the United Arab Emirates account for 70% of all users in the region. 3.4M 3.0 Millions of Facebook users 2.3M 2.0 1.8M 1.6M 1.6M 1.0 0.0 TUNISIA UAE MOROccO SAUDI ARABIA EGYPT Source: Spot On Public Relations, May 2010. INspIre ANd eMpoWer ALoNe Are NoT eNouGhThe region operates in new formats of connectivity Through the Connect track, the CoE provided a Maktoob is not the first and will not be the last globaland entrepreneurs are grasping this new platform for connectivity, networking and knowledge success story emerging from MENASA. The CoEopportunity. More and more entrepreneurs engage sharing: over 60 Spark sessions helped nascent confirmed that the region has sufficient talent andwith their community using social media tools. entrepreneurs to create new opportunities. Over role models to motivate a growing generation ofSharing information and collaborating can be as 3,000 tweets were exchanged on the first day young entrepreneurs. Availability of capital is lessimportant as access to finance or training. and the CoE launched Wamda.com, the ultimate of a problem than access to investors. 11 countries online knowledge sharing and connectivity hub for from the MENASA region are listed in the top-fifty entrepreneurs in MENASA. The CoE connected ranking of the Global Competitiveness Report 2010-11 entrepreneurs crossing national boundaries, on venture capital availability. Arab investors have industries and experiences. By putting new understood that true value lies in entrepreneurs technologies and networking opportunities at the but are there enough matchmaking and networking core of the Connect track, the CoE created a new platforms to link them to each other? engaged community of entrepreneurs. Aspiring entrepreneurs hunger for connection to investors, leaders and peers. Entrepreneurs exposed to the insight of others become more inspired and empowered.
  • 9796 c onnec tC OMMUN IC AT ION NE T WORK s OU TC OME : wamd a.c omvENTURE CAPITAL AvAILABILITYIn your country, how easy is it for entrepreneurs withinnovative but risky projects to find venture capital?1=very difficult 7= very easy2009–10 weighted averageRank Country/ Economy Score1 hong Kong SAR 4.42 Norway 4.33 Singapore 4.24 Finland 4.25 Luxembourg 4.26 Qatar 4.114 saudi Arabia 3.8 Young aspiring entrepreneurs in the region do not MENASA entrepreneurs need instruments that15 oman 3.8 always have opportunities to learn from the success build capacity, share knowledge and encourage16 united Arab emirates 3.7 and failures of others. According to the GEM MENA networking. The Internet and new technologies Report, 95% of early-stage entrepreneurs do not have created all sorts of new possibilities for18 Bahrain 3.7 receive advice from professional experts. The most entrepreneurs in the region. Wamda.com is the significant obstacle to entrepreneurship in MENASA region’s definitive entrepreneurship content21 Tunisia 3.5 is the lack of platforms that connect entrepreneurs and community hub. Through its various online22 Kuwait 3.4 to the experience and knowledge of others. Where community tools and resources, it offers a platform do aspiring entrepreneurs find angel investors, that is at the disposal of all entrepreneurs in the31 India 3.2 mentors or simply learn how to write a business region. Wamda.com offers the opportunity to be plan? What tools connect them to peers, supporters part of the entrepreneurial dialogue in MENASA by33 sri Lanka 3.2 and resources? inspiring, empowering and connecting entrepreneurs at all times. It started with a spark and it is now a40 Morocco 3.0 meeting place for the region’s entrepreneurs.41 egypt 3.0Source: World Economic Forum Global CompetitivenessReport 2010 – 2011.
  • CELEBRATION OF ENTREPRENEURShIP 2010 c ommun i t y2400 Participants.4200 Spotme connectionsmade on the first day.
  • 9998 c onnec tC OMMUN IC AT ION NE T WORK s OU TC OME : wamd a.c om 3000 Over 3,000 tweets on first day The CoE presented an opportunity to bring together individuals from diverse backgrounds where everyone was sharing, learning and connecting. The vibe was young, energetic with a determined ‘can-do’ attitude which was the most inspiring. The CoE has created a global community of doers. Fadi Ghandour Founder and CEO, Aramex, Jordan Building a support network based on authentic connections is the most important thing you can do as an entrepreneur. Anne Z. Jafery Managing Partner, Channels, UAE
  • CELEBRATION OF ENTREPRENEURShIP 2010 c ommun i t yWamda.com will spawn aricher culture of mentorshipas promising entrepreneurswill benefit from the wisdomof business leaders and peers.It will be reciprocal, as thesuccessful will be invigoratedby the passion and innovationof the new. It’s going to be apriceless exchange.samih ToukanDirector, Jabbar Internet Group, Jordan Samih Toukan announcing the launch of Wamda.com
  • 101 100 c onnec t C OMMUN IC AT ION NE T WORK s OU TC OME : wamd a.c om It was refreshing to be part of an event where the theme was not a sector, industry or theories; but the value and impact of individuals. Fadi Ghandour Founder and CEO, Aramex, Jordan 62 countries representedTop 15 Most Active Participants on Spotme NAMe CoMpANy CouNTry Saif Ahmed Infinity Consultants Kuwait 2381 Ahmad Al-Mutawa AlMutawa Consulting Group Kuwait Amy-Renee Farago King Abdullah University of Science and Technology Saudi Arabia Dr. Tony Feghali American University of Beirut Lebanon Total number Masoud haitham n2v Saudi Arabia of Participants Sami Al-Taher IBSPoint.com Jordan Tasawar Ulhaq Basirah United Arab Emirates Peter Cleaves Emirates Foundation for Philanthropy United Arab Emirates Ricky husaini Trading Portfolio United Arab Emirates Zaher Ibrahim Emaar The Economic City Saudi Arabia hussein Adam Ali Swiss Arabian Perfums Group United Arab Emirates Imshan Jamal EQ Group United Kingdom Waqar Siddique Abraaj Capital United Arab Emirates Noor El-Fadl TasmeemME.com Jordan Mohamed Moustafa Mahmoud Madinah Institute for Leadership & Entrepreneurship Saudi Arabia
  • CELEBRATION OF ENTREPRENEURShIP 2010 c ommun i t yAfter visiting dozens and dozens of conferences in No words can convey the emotions we felt during thesefive continents, the Celebration of Entrepreneurship two magic days. You have created an enthusiasticwas by far the most effective gathering I have ever community with a strong sense of belonging andbeen to. Whether a person’s objectives were to connectedness. The waves of the spirit of Wamda.comlearn, be inspired, make business connections, meet have reached the shores of Morocco!a potential partner, connect with investors, find Ibrahim slaouiclients, analyze opportunities, explore the emerging President, Mafoder, Moroccoecosystem in the region, be entertained, or just eatgood food and have a good time, you could find yourplace at CoE!david Munir NabtiCo-Founder, DevIne Media, LebanonWhat had the most impact on me was that you havemade all the attendees feel part of a big family andcommunity no matter where they came from orwhat they did. That is such a great accomplishment.shadi BannaManaging Partner, Potential, UAE 64 Wamda.com Knowledge Partners Amel Makkawi presenting her gallery in a Spark session
  • 103102 c onnec tC OMMUN IC AT ION NE T WORK s OU TC OME : wamd a.c om The Celebration of Entrepreneurship 2010 was probably the best event I have ever been to. The event was outstanding in my mind because it had all the cool factor stuff, but it ALSO had lots of room more than any I’ve ever been to before for real interaction. steven Koltai 49 Total number of Wamda.com interviews Senior Advisor, Entrepreneurship, US Department of State, USAThe CoE opened up many venues for Ashoka, arelatively new organization in the region, that islooking to extend its footprints in both the privateand public sector.Iman Bibarsvice President, Ashoka, Regional Director,Ashoka Arab World, Egypt
  • CELEBRATION OF ENTREPRENEURShIP 2010 c ommun i t yWe work with local partners in every country andregion. We focus on ‘high impact’ entrepreneurs whomake between US$1 million and US$20 million inrevenues, and who are ready to go from 10 franchisesto 1,000. We work with entrepreneurs ready to scale.Linda rottenbergCEO and Co-Founder, Endeavor, USA Mustafa Abdel-Wadood and Linda Rottenberg announcing the partnership between Abraaj capital and Endeavor
  • 105104 c onnec tC OMMUN IC AT ION NE T WORK s OU TC OME : wamd a.c om It is very important that you always join hands with The key for an investor is trust, people that are stronger than you, that can lift you which you can only develop by up rather than pull you down. working together. Nick Nadal Joichi Ito Director, hawkamah Institute for Corporate CEO, Creative Commons, UAE Governance, UAE Abraaj Capital and Endeavor form strategic alliance to foster entrepreneurship in MENASA The joint venture will include the founding of an Endeavor regional hub for the Middle East, North Africa and South Asia (MENASA) region, which will be hosted by Abraaj Capital and headquartered in Dubai. This will become a base for the organisation to grow its capabilities in the Gulf and beyond, offering the opportunity for early stage businesses to access the mentorship and networks required for them to flourish. The Dubai office will allow Endeavor to promote its expansion to new countries in the region and to provide expanded services to its existing country affiliates in Egypt, Jordan, Lebanon and Turkey, all of which will continue to operate independently.
  • CELEBRATION OF ENTREpRENEURShIp 2010 c ommun i t y Abraaj hopes Wamda site stirs interest in new ventures David George-Cosh, November 9, 2010Abraaj Capital spent a few hundred thousand dollars on a website it Although details between the two companies have yet to behopes will help entrepreneurs across the Gulf make millions. formalised, it is understood that Abraaj Capital will assist Endeavor in Wamda, which means “spark”, was unveiled by the private equity setting up a regional office in Dubai by the first quarter of next year.giant yesterday. It is aimed at mentoring new ventures and creating a “The Middle East is joining this community of emerging marketsplatform for angel investment in the region. that in some way is leap-frogging some of the developed world,” said “To date, there is no single pan-regional movement, online or Linda Rottenberg, the co-founder and chief executive of Endeavor.offline, dedicated to regional entrepreneurship. Wamda is an essential “The infrastructure’s better, the talent’s hungrier and in some wayscomponent of filling that void,” said Arif Naqvi, the chief executive of I’m more excited about the region here than I am in the US.”Abraaj Capital. Meanwhile, the Jordan-based Oasis-500 incubation fund More than one third of the region’s 370 million people are under the announced its first investment in the first five companies thatage of 30. Economists have pointed at entrepreneurship as a way to “graduated” from its entrepreneurship boot camp programme.create jobs for 50 million people over the next 10 years. About USA15,000 (Dh55,087) was invested in a number of “We can reach all the pillars in the Arab world, we can support technology, digital media and mobile start-ups, said Dr. Usama Fayyad,all the entrepreneurs with the right information with best practices, the executive chairman of the fund and a former chief data officer atmentorship and investing,” said Samih Toukan, the director of Jabbar Yahoo.Internet Group and a founder of Maktoob. The fund was established this past summer as a way to help kick- “I know that there’s a lot of initiatives happening in this region start more than 500 internet businesses over the next five years.but it’s a maze. Wamda is the only thing I have seen that is so “No other venture capitalist in the region would do this kind ofcomprehensive.” thing,” Mr Fayyad said. Abraaj Capital also announced a “strategic alliance” with Endeavor, “Basically, the training started on September 25 and one montha global non-profit organisation that provides networking and business later, we had our five companies, did the due diligence and they havetraining programs for start-up ventures in return for a 1 per cent equity received their cash. What’s noticeable and unique about this is thestake in the company. speed in which we’re investing”
  • 107106 C ONNEC TC OMMUN IC AT ION NE T WORK s OU TC OME : wamd a.c om Cisco Partners with Web Platform to Build Middle East Entrepreneurship The Cisco Entrepreneur Institute has partnered with Abraaj Capital to launch Wamda.com, a platform to promote entrepreneurship in the Middle East, North Africa and South Asia, the companies announced this week. The website provides toolkits for small and medium enterprises, matches business leaders with potential mentors, among other resources. The platform was officially launched at a conference about entrepreneurship on 8-9 Nov. 2010 in Dubai. Kevin Warner, senior director of the Cisco Entrepreneur Institute, commented: “Initiatives like Wamda exemplify the Cisco Entrepreneur Institute’s mission of fostering and enabling entrepreneurship around the world. Successful entrepreneurs are the largest contributors to economic development and have the potential to be the greatest source of innovation and growth.” “A significant economic force in the UAE lies across small and medium-sized enterprises,” added Claire Jones, regional manager of Cisco UAE. “Through Cisco’s technology innovation, SMEs today are able to increase their productivity and virtual proximity to the world.” Cisco has entrepreneurship institutes in eight countries in the region: Egypt, India, Jordan, Lebanon, Morocco, Oman, Saudi Arabia, and the United Arab Emirates.
  • CELEBRATION OF ENTREPRENEURShIP 2010c ommun i t y Our duty is for ACTION. No longer should entrepreneurship in this region be the same. We have to put it into action. Maher Kaddoura CEO, Meydan, Jordan
  • 109108 c onnec tc ommun ic at ion ne t workC OMMUN IC AT ION NE T WORK s OU TC OME : wamd a.c omThe enthusiastic turnout at the CoE shows What struck me most about the Celebration eventthe passion in this movement in the region. was the energy and sheer size of the community itIt also reminds us how lonely the life of an uncovered and connected. I think everyone left feelingentrepreneur can be and how very important as though they are part of a vibrant movement with thesupport networks like Wamda.com can be to potential to impact in important ways the economic andthe mental health of the owner and his team. social development of the region.stephen d. Garrow robert h. dunnCEO, Rushmore Associates LLC, USA President and CEO, The Synergos Institute, USA The CoE is not about creating something new. It’s already inside all of us. This is about developing what already exists, about making connections, about what happens OFF the stage. Our job is to inspire and ignite this spirit. h. e. sheikha Lubna Bint Khalid Al Qasimi Minister of Foreign Trade, UAEForcing me out of my comfort zone infront of hundreds of eager listeners, theCoE offered me my own platform toshare my idea and connect with a largenumber of like-minded individuals, ina much shorter amount of time than itwould have taken me on my own.Noor el-FadlFounder, TasmeemME, Jordan
  • CELEBRATION OF ENTREPRENEURShIP 2010 c ommun i t yCurrently, life is between three screens, the mobilescreen, the computer screen and the Tv screen.The digital space here needs to be borderless.osman sultanCEO, du, UAE
  • 111110 c onnec tc ommun ic at ion ne t workC OMMUN IC AT ION NE T WORK s OU TC OME : wamd a.c om In this day and age of ubiquitous, instant, 24-hour, non-stop, ever-present, voice-text-image-video communications, more and more “work” happens at a distance. david Munir Nabti Co-Founder, DevIne Media, Lebanon Building the Wamda.com community in parallel to the CoE as a continuing platform for community building and information sharing is a great idea. It will be interesting to see if the community that the CoE catalyzed can build on this foundation and create a vibrant market for start-ups, ideas and entrepreneurs in the region. That will be the true test of the success or not and indeed is in my view the most important thing achieved by the CoE: surfacing and connecting a community that was latent but disconnected. sean M. park Founder, Anthemis Group SA, UK human networks are more important than technology, although social networking through Facebook, Twitter etc... is an important facilitator. Karim djerboa Senior Manager, Global Field Operations and Strategic Alliances, Cisco Entrepreneur Institute, UAE Who doesn’t log on to the internet every day? Connectivity today is all about the internet. Inspire, empower and connect. Wamda.com is about that connection. h. e. sheikha Lubna Bint Khalid Al Qasimi Minister of Foreign Trade, UAE
  • CELEBRATION OF ENTREPRENEURShIP 2010 c ommun i t y 53% 47% 7800 Tweets 7800 Tweets have been tweeted about the celebration 40% 30% 18-Retweets 20%social 10% 13–17 18–24 25–34 35–44 45–54 55+ Jordan The coE fan page on United Arab Emirates Egypt Facebook achieved Saudi Arabia regional appeal by Lebanon gathering entrepreneurs United States United Kingdom from throughout Pakistan the region Palestine Kuwait
  • 113 112 c onnec t c ommun ic at ion ne t work C OMMUN IC AT ION NE T WORK s OU TC OME : wamd a.c om-24 The coE fan page on Facebook attracted the attention of young entrepreneurs between the age of 18-24 2500 2000 1500 1000 2400 Total likes of the Facebook fan pageMedia 500 10/5/2010 10/9/2010 10/13/2010 10/17/2010 10/21/2010 10/25/2010 11/14/2010 11/18/2010 10/29/2010 11/2/2010 11/6/2010 11/10/2010 800 667 600 400 Twitter 200 Followers 24 Oct 28 Oct 01 Nov 05 Nov 09 Nov 13 Nov 17 Nov 21 Nov
  • CELEBRATION OF ENTREPRENEURShIP 2010 c ommun i t ySamih Toukan and Ahmad Humeid launching Wamda.com
  • 115114 c onnec tC OMMUN IC AT ION NE T WORK s ou tc ome OU TC OME : wamd a.c om A decade ago, a project like Wamda.com would have been probably conceived as the Arabic Fast Company or Inc. Magazine. But being born today, in the age of social networking and the real time web, Wamda.com is more than a magazine, and it is wider than a website. Ahmed humeid CEO, Syntax, Jordan
  • outcome 3WAMDA.COMEntrepreneurs find innovative solutions that can of the project. Wamda.com has partnered upbe turned into a profitable business. In MENASA, with the Mowgli Foundation, a UK-based non-most struggle to find the skills and resources for profit organization, to offer a unique and powerfultheir venture. Until the CoE, our region lacked a functionality called ‘MentorMatch’ that matches upregional online platform dedicated to the promotion the region’s entrepreneurial mentors with menteesof entrepreneurship. Wamda.com was launched at looking for advice.the CoE and focuses exclusively on entrepreneurshipand on enabling connectivity amongst its members. The forthcoming launch of Wamda.com 2.0 will also offer an angel finance platform to which buddingThe vision for Wamda.com is to create and entrepreneurs in need of seed capital will applyfacilitate an open space for knowledge sharing and online. It will include a webinar educational facilityconnection, primarily for entrepreneurs as they start, aimed at providing much needed education on agrow and sustain their businesses and for business whole range of topics to entrepreneurs. With overleaders and mentors, whose insights and advice can 60 Knowledge Partners, Wamda.com will be able tohelp SMEs through all the key stages of growth and draw up on experts across the full range of relevantevolution. disciplines.Wamda.com features a constantly evolving library Abraaj Capital and RED conceived and developedof video interviews with entrepreneurs as well as Wamda.com to create an open space for thelinks with information on the various stages of the entrepreneurial experience. Ultimately, the vision isentrepreneurial journey - from the initial spark of an for Wamda.com to be owned and moderated by theidea to leadership and sustainability. It also includes community. Our shared mission as entrepreneurssocial media feeds making it easier for its members must be to transform the entrepreneurial landscapeto become connected. in this region by creating the most favorable online enabling environment.The declared objectives of Wamda.com are to“inspire, empower and connect” entrepreneurs. Sign-up to www.wamda.com and keep watchingMentorship achieves all three and is at the core this space!
  • The METT will live on Wamda samerkaram to all community leaders in social media in Lebanon, register for this policymaking focus group with the Lebanese gov: http://ow.ly/3KvJs2:00 PMJan 26th,2011 replay retweetWaMda counTry info cEnTErSaudi arabia coMMuniTy diScuSSion MiT Enterprises forum... Person Who make the best direct consultants for startups? customers Engage The enterpreneur of the region spea Posted by Walid faza with them on Wam coMMuniTy diScu Entrepreneurs in t Most frustrating th startupTake competitiveness to the Posted by faissal Lnext level.
  • MentorMatch connecting mentors and mentees quickly easily and securely Join the Movement: Learn Management Tip of the day what coE 2010 was all about! What challenges are you facing as an Entrepreneur? Get answers in Wamda communitiesnal.t. ed? How to start a businessrs and connectors from your homeak out. connect 10 tips from ciScomda Videos.uSSionthe...hings for a re-live the inspiring speakers, empowering talks and the spirit that connected thousands of entrepreneurs atLachhab COE 2010
  • The CoE was a successful experiment to get the entrepreneurial ecosystem inone place, which allowed us to explore what can be done. A global village ofactivists was created, and remains connected through Wamda.com.Fadi GhandourFounder and CEO, Aramex, JordanThis event is the beginning of a journey. This community must evolve, growand mature over time, with the objective of rekindling and supporting theentrepreneurial spirit around the Arab world. Through Wamda.com, wehave tried to create a platform to enable all of us to nourish and support thisecosystem. But that is only possible through your active involvement andparticipation on Wamda.com. It was never conceived to be an Abraaj initiative.It’s for the community and we want the community to own it by generatingcontent. We plan to hand Wamda.com over to the community once it’sbeen fully incubated and staffed for the future. The ultimate success of thisundertaking lies squarely in your hands.Arif NaqviFounder and Group CEO, Abraaj Capital, UAE
  • Presented byDr. Naif Al-Mutawa
  • The Celebration of entrepreneurshipwas made possible by thepartnership, enthusiasm, hard workand collaboration of a communityof knowledge partners, speakers,mentors, service providers,consultants and most importantly,all of you who came to the Celebration.stay connected, let us know what youlearned, what ideas inspired you andwhat your expectations are.see you on www.Wamda.com
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