Entrepreneurship focused solely on making profits is slowly losing steam, especially among Millennials and Gen Z consumers who are very selective in supporting companies they believe are trying to make a difference in the world so experts.
The theme of entrepreneurship with a purpose will continue to gain momentum, especially as global economies and communities seek to recover from the effects of the Covid-19 pandemic.
“The world now needs more entrepreneurs who think about the good of humanity. and more changers who defy geography and really understand the importance of human interdependence, ”said Sheikha Bodour of Sultan Al Qasimi, chairman of Sheraa. “One of the most important consequences of the coronavirus pandemic is that individuals have tremendous power to bring about positive change in the world. This is the spirit that will help us heal from the effects of the pandemic, and most importantly, help us emerge empowered afterwards. “
Muna Al Gurg, Director Retail at Easa Saleh Al Gurg Group, said that Impact Entrepreneurship solved problems through innovation, taking into account the triple bottom line of “people, planet and profit”. “Millennials and Gen Xers look beyond profits and try to make a difference in their community by impacting the issues they care about. Many challenges have been addressed by them and much more can be done. “
Commenting on the government’s role in facilitating such businesses, Al Gurg said, “In the UAE, the government has played an admirable role in setting an example of what can be achieved. The Emirates Foundation gives us far greater reach than any private sector initiative for the largest youth volunteer platform nationally. The private sector in our region needs to step up and do a lot more to make a difference. “
Dr. Fiona Murray, Assistant Dean of Innovation and Co-Director of the MIT Innovation Initiative and a member of the Prime Minister’s Science and Technology Council, pointed out that the startup ecosystems in the Middle East and North Africa (Mena) region focus on their specialization Focus should be on resources and the benefits that they bring to the table. “We will then see a pattern around these aspects that are complementary to each other, and these hubs can work together instead of competing with one another. We need to focus on innovation-driven entrepreneurship, combine it with science and technology, and develop new approaches to solving important problems. “
Murray also said the role of universities in creating the right ecosystems “is enormous”.
“You should train the next generation in digital economics, finance, and engineering, and be able to work across stakeholders to become incredibly effective change makers. Governments should create the conditions for the success of this ecosystem and encourage entrepreneurs to innovate and enable transformations through the private sector, ”she added.
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