UAE: New generation of entrepreneurs transforming concept, purpose, and culture of enterprise
As the rise of young entrepreneurs continues on an upward trend globally, studies such as the Global Entrepreneurship Monitor (GEM) Report 2024 reveal that these younger demographics, including 'millennials' and 'gen Z', are refining success models and prioritising sustainability and social impact through ethical practices and policies; ultimately creating a positive trajectory for economic activities.
'In the UAE, 47 per cent of social entrepreneurs are between 18-34. It's also important to note that approximately 80 per cent of social entrepreneurs operate at moderate to high levels, providing products and services that support Sustainable Development Goals (SDGs) in the country,' Sara Abdelaziz Al Nuaimi, CEO of the Sharjah Entrepreneurship Centre (Sheraa), which serves as a major proponent for purpose-driven innovation and entrepreneurial support within the region, told Khaleej Times in an interview.
Excerpts:
What makes young entrepreneurs more committed to global challenges and sustainable development goals across different fields?
One could say that younger generations have grown up amid an acute awareness of intersecting challenges including the likes of climate change and technological disruption. That said, this demographic has also been empowered by unprecedented access to information and tools to enhance understanding and take action. For them, it seems entrepreneurship stretches beyond the bottom line and transcends to the level of legacy and long-term impact. This can be seen through the prevalence of businesses that reflect values such as inclusivity and environmental stewardship. The new generation of entrepreneurs are already transforming the concept, purpose, and culture of enterprise.
In the UAE, 47 per cent of social entrepreneurs are between 18-34, and through our efforts at Sheraa to support founders and startups on every step of their journey, we are proud to see founders achieving their goals while addressing complex challenges; from food security to inclusive and accessible services.
How do you assess the readiness of young entrepreneurs to take on these developmental responsibilities and achieve their goals?
I believe the youth's readiness lies in their drive and ambition, as well as their audacity, and we believe in their passion for making a positive and tangible impact. According to a Microsoft survey, the Gen Z demographic is taking a unique approach within the concept of hard work, both inside and outside the office, with 48 per cent of individuals managing multiple side projects; a testament to their passion and willingness to take risks to achieve their goals.
It is also evident that there is a reluctance to separate purpose from profession, and a Deloitte survey found 86 per cent of Gen Z prioritise purpose for their well-being, with half of them claiming they would even walk away from roles and opportunities misaligned with their ethics.
At Sheraa, our approach to working with young entrepreneurs stems from a deep understanding of their distinct mindset and unique characteristics, including adaptability and digital proficiency, a strong preference for purpose-driven work, a focus on innovation and sustainability, a commitment to work-life balance, and a fearless approach to challenges.
Our understanding of these traits has helped us design specialised programmes and initiatives to support young entrepreneurs. Our methodology is centered on instilling entrepreneurial culture as a mindset for understanding life and navigating it creatively. Sheraa will continue to invest in this generation to help them fulfill their mission through tailored support programmes that align with values we all believe in.
Can you provide an example of a programme designed to suit the unique characteristics of young entrepreneurs?
One of our key initiatives is our Sheraa Startup Dojo, an intensive three-month program held annually and designed specifically for young entrepreneurs, particularly university students and recent graduates. This embodies several elements that resonate with young entrepreneurs, offering hands-on experience where participants transform their entrepreneurial ideas into full-fledged business plans, gaining real-world perspective in starting and running businesses. The programme does this through mentorship and guidance from Sheraa's team of innovators, mentors, and experienced entrepreneurs, offering personalized support throughout their journey.
Another key initiative is the 'Sharjah Access Challenge,' a global initiative that attracts young entrepreneurs with projects and ideas offering smart and effective solutions in critical sectors such as health, education, food security, and sustainability. In 2024, the challenge focused on two main tracks: agritech solutions and livestock health. Startups participating in the challenge developed innovative solutions to overcome obstacles hindering the growth and sustainability of these sectors while enhancing sustainability in business practices. The challenge attracted 2,207 startups and projects from around the world
We have also embedded entrepreneurship into academia establishing incubators for young entrepreneurs at the University of Sharjah (UOS) and the American University of Sharjah (AUS). We are confident that this agency will help amplify the voices of this generation and spread awareness about sustainability and economic and social development.
What other support does Sheraa provide to young entrepreneurs?
At Sheraa, we work on strengthening a supportive entrepreneurial ecosystem, which includes facilitating partnerships between startups and both public and private sectors and providing platforms that connect entrepreneurs with potential investors and funding opportunities.
Access to capital remains one of the biggest global challenges for startups and according to a World Bank study, approximately 65 million businesses, representing 40 per cent of micro, small, and medium-sized enterprises (MSMEs) in developing countries; face an annual funding gap of $5.2 trillion.
To address this challenge, our annual flagship event and the largest of its kind in the region — the Sharjah Entrepreneurship Festival (SEF) — plays a major role by offering a platform that connects entrepreneurs with global industry leaders, investors, and experts; opening new avenues to capital. By assembling local and global thought leaders alongside all segments of the entrepreneurial ecosystem, our festival provides entrepreneurs with insights into market trends, networking within global startup ecosystems, and proven and innovative business models from every corner of the globe.
What advice would you give to young entrepreneurs?
Many entrepreneurial success stories stem from identifying and solving a problem in unique and innovative ways, and although passion is essential, it won't necessarily take you over the finish line. Support and access to knowledge and expertise is essential, and it's advised to truly immerse yourself in the market to gain detailed insight into what you're trying to achieve. Understand your customer's pain points better than they do, and formulate ideas that can conquer challenges in an authentic and sustainable way.
It is also crucial to develop a high level of flexibility and adaptability, as this allows entrepreneurs to absorb new developments, learn from them, and evolve accordingly. A large factor regarding our philosophy at Sheraa is connection and networking. Building authentic and strong relationships and partnerships is essential, and according to Al Qafilah magazine, 84 per cent of opportunities are derived from networking and personal connections.
Finally, remember that entrepreneurship is a journey of grit and growth, and as I often tell our founders, 'Your ideas may have the ability to change the world, but the journey itself will definitely change you for the better.'
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