The Middle East and North Africa (MENA) region has experienced a surge in entrepreneurship in recent years, driven by a growing population of young, tech-savvy individuals seeking innovative solutions to local and global challenges. Brain Digits, an agency focused on innovation, digital transformation, and leadership, is at the forefront of this change. By empowering organizations and entrepreneurs to launch successful businesses and make a significant impact, Brain Digits is actively shaping the future of entrepreneurship in the MENA region.
Our team of experts has analyzed the data and conducted studies to provide predictions for the future of entrepreneurship in the MENA region.
The world of entrepreneurship is rapidly evolving, and the MENA region is no exception. As we look towards the next decade, it’s important to consider the trends and changes that will impact the industry and guide entrepreneurs towards success. At Brain Digits, we’ve analyzed the data and conducted studies to provide predictions for the future of entrepreneurship in the MENA region.
1. Sustainability Will Be a Priority: As consumers become increasingly conscious of the environmental impact of their purchases, entrepreneurs will need to prioritize sustainability. In fact, a survey by Nielsen found that 81% of consumers in the MENA region are willing to pay more for products that are environmentally friendly. Entrepreneurs who can create sustainable products and business models will be well-positioned for success.
2. Digital Transformation Will Continue: The pandemic accelerated the adoption of digital technology, and this trend will continue over the next decade. In particular, we predict that e-commerce and fintech will see significant growth in the MENA region. According to a report by Google, Bain & Company, and Criteo, e-commerce sales in the region are expected to reach $28.5 billion by 2022. Entrepreneurs who can leverage digital technology to improve their operations and customer experience will thrive.
3. Diversity and Inclusion Will Drive Innovation: The MENA region is home to a diverse population, and entrepreneurs who can tap into this diversity will be able to create innovative products and services. In addition, studies have shown that diverse teams are more innovative and perform better than homogenous teams. Entrepreneurs who prioritize diversity and inclusion will not only make a positive impact, but also stand out in a crowded market.
4. Collaboration Will Be Key: The challenges facing the MENA region are complex and multifaceted, and entrepreneurs will need to collaborate to find solutions. This includes collaborating with other entrepreneurs, as well as with government agencies, non-profits, and other stakeholders. In fact, a study by Deloitte found that collaboration is the top success factor for social entrepreneurs in the MENA region. Entrepreneurs who can build strong partnerships and networks will be able to scale their impact.
5. The Rise of Social Entrepreneurship: Social entrepreneurship, which involves creating businesses that prioritize social or environmental impact over profit, is gaining traction in the MENA region. In fact, a study by INSEAD found that social entrepreneurship is on the rise in the region, with more than half of respondents reporting that they had started or planned to start a social enterprise. Entrepreneurs who can combine profit with purpose will be well-positioned to stand out and make a positive impact.
6. The Importance of Resilience: The MENA region has faced numerous challenges in recent years, including political instability, economic uncertainty, and the COVID-19 pandemic. Entrepreneurs who can adapt to these challenges and build resilience into their businesses will be better equipped to withstand future shocks. In fact, a study by the World Bank found that resilience is a key success factor for entrepreneurs in the MENA region. Entrepreneurs who prioritize resilience will be able to not only survive, but also thrive in a rapidly changing world.
7. The Need for Strong Leadership: As entrepreneurs navigate the challenges of the next decade, strong leadership will be more important than ever. This includes not only the ability to inspire and motivate teams, but also to make tough decisions and take calculated risks. According to a study by PwC, leadership was identified as the top success factor for entrepreneurs in the MENA region. Entrepreneurs who can develop their leadership skills will be better positioned to guide their businesses towards success.
At Brain Digits, we’re committed to supporting entrepreneurs as they navigate the rapidly changing world of entrepreneurship in the MENA region. Through our new program, we’re providing the training and resources entrepreneurs need to build sustainable, resilient, and innovative businesses that make a positive impact in their communities. By staying ahead of the trends and focusing on the factors that will drive success in the next decade, entrepreneurs can stand out and make a difference in the world.