Amman, – Endeavor Jordan and Strategy& Middle East (formerly Booz & Company), part of the PwC network held a joint event on Sunday, July 8, at the Sheraton Amman, on the problems of scaling up small- and medium-sized enterprises (SMEs) in the Middle East and North Africa (MENA) region. There was a specific focus on Jordan, with discussion about how to build a supportive entrepreneurial and investment ecosystem.
Walid Tahabsem, Endeavor Jordan’s chairman welcomed guests by saying: “With this presentation and discussion we hope to kick start a national dialogue on the importance of accelerating the growth of scale-ups, which create quality jobs and generate high wages, and thus contribute to sustainable economic growth.”
The event started with a joint presentation by Alice Klat, Director of the Ideation Center, the leading think tank for Strategy& Middle East, and Melissa Rizk, Fellow with the Ideation Center, on the entrepreneurial and investment ecosystem across the region, and the challenges involved in scaling up.
Klat said:“The entrepreneurial ecosystem in the region has vastly improved over the last 15 years, with governments in the MENA region increasing their focus on entrepreneurship programs and policies. Yet the ecosystem for scale-ups, which are SMEs with the potential to create a highest economic impact, has not developed. In particular, Jordanian scale-ups need access to customers, markets, and finance, along with a more predictable regulatory environment.”
The presentation was followed by a panel discussion moderated by Endeavor Jordan's Managing Director, Reem Goussous. The panel featured H.E. Dr. Mohamed al-Jafari, Director General of the Jordan Loan Guarantee Corporation; Nashat Masri, Founder and Partner of Foursan Group; Nadim Kayyali, Partner, Sanad Law Group in Association with Eversheds Sutherland; and Endeavor entrepreneurs Yousef Shamoun, co-founder & CEO of ZenHR Solutions, the holding company of Akhtaboot, and Yousef Wadi, Founder and CEO of Nestrom.
The panel discussed the main external challenges facing scale-ups such as the future of access to finance in Jordan; the regulatory and legislative changes needed to make it easier for companies to start, operate, and then scale up. It also examined the problems of accessing talent at all levels, and the expenses related to hiring and firing employees, along with internal challenges for scale-ups such as governance, managing finances, and human resources.
The panel identified the importance of having a “champion” that would take the lead on supporting the growth of scale-ups in Jordan, and the significance of public–private partnership to advocate for this agenda.
The session was attended by representatives of the government, donors, international organizations active in supporting SMEs, and a number of investors and sectoral institutions, entrepreneurs and key players in the entrepreneurial and investment ecosystem in Jordan.
About Endeavor:
Endeavor is leading the global high-impact entrepreneurship movement to catalyze long-term economic growth. Since 1997, Endeavor has been selecting, mentoring, and accelerating the best high-impact entrepreneurs around the world. Through the guidance that Endeavor offers, entrepreneurs can tangibly impact their communities, generate new job opportunities, bolster their countries’ national wealth, inspire others to innovate, and contribute to private sector development.
Endeavor launched its operations in Jordan in 2009, and is leading the way in supporting high-impact entrepreneurship. Today, Endeavor Jordan supports 37 Endeavor Entrepreneurs, representing 24 companies, from 8 different industries.
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About Strategy&:
Strategy& is a global team of practical strategists committed to helping you seize essential advantage. We do that by working alongside you to solve your toughest problems and helping you capture your greatest opportunities. These are complex and high-stakes undertakings—often game-changing transformations. We bring 100 years of strategy consulting experience and the unrivaled industry and functional capabilities of the PwC network to the task. Whether you’re charting your corporate strategy, transforming a function or business unit, or building critical capabilities, we’ll help you create the value you’re looking for with speed, confidence, and impact.
We are a member of the PwC network of firms in 158 countries with more than 236,000 people committed to delivering quality in assurance, tax, and advisory services. Tell us what matters to you and find out more by visiting us at strategyand.pwc.com/me.
This press release has been distributed by Endeavor Jordan.
For more information or assistance, please contact our Marketing & Communications Department at:
Nadine Odat
Marketing & Communications Manager
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