Jordan 12 EEDP "Entrepreneurship Enablement & Development Program" organizes annual networking event

Amman :  The Entrepreneurship Enablement & Development Program “Jordan 12” was established in Q1 of 2020 to bridge the gap between investors and entrepreneurs and increasing the investment and growth readiness of Jordanian startups. The program is funded by the Innovative Startups and SMEs Fund (ISSF) and implemented by the Royal Scientific Society - iPARK and Impact MENA, in collaboration with ConsultUS. Later this month, Jordan12 will be wrapping up its eighth wave.

Specifically designed for Jordan, Jordan 12, is a new type of program developed to further develop the growth and investment readiness of Jordanian startups and SMEs. The program which was established in February of 2020 and started its activities in March of the same year, aims to resolve the mismatches of supply and demand  in terms of deal readiness versus investor requirements. In other words, it aims to bridge the gaps between available deals and existing investors while developing efficient, significant and sustainable businesses and investment pipeline in Jordan.

Jordan 12 is comprised of two main stages; Investment Readiness (IR) and Business Development Services (BDS). In the “IR” Investment Readiness stage, participating start-ups receive specialized capacity building activities and growth planning support under two distinctive tracks: Enterprise Creation track targeting new businesses and Enterprise Growth track targeting existing businesses. The “BDS” Business Development Services stage provides eligible applicants with an opportunity to receive grant funding of up to 20,000 USD per company. The grant is designed to enable those companies  to achieve milestones and key performance indicators, previously developed in the investment readiness stage, that are necessary for growing their businesses . By the end of the program, 600 startups are expected to benefit from the “IR” stage, and 75 startups are expected to benefit from the “BDS” stage.

Jordan 12 activities are designed to help participants achieve multiple benefits, including obtaining an independent and external assessment, developing growth related business knowledge and skills through more than 50 hours of training and specialized support, developing comprehensive business and growth plans, and acquiring financial support to execute business and growth plans and close major gaps.

The publicly funded program provides business owners and executives with access to best international tools and practices in order to assist them in making strategic decision, especially ones related to growth. The program’s application process is competitive and the selection of applicants is merit based.

ISSF General Manager, Laith Al Qasem commented: “We are pleased to have funded Jordan 12 (EEDP), which endeavors to train a significant number of Jordanian entrepreneurs, build their capacities and qualify them for investment. We strive to continuously enhance the local entrepreneurial ecosystem and support pioneering programs in order to reach the largest group of creative youth and help them transform their innovative projects into viable startups that secure a better future for their owners and others, while contributing to the national economy and promoting sustainable development. We extend our congratulations to the graduates, whom we are very proud of, and wish them even greater successes in the future”.

Innovation Advisor to HRH the President of The Royal Scientific Society and iPark Executive Director, Omar Hamarneh, affirmed that, up to this date, 45 startups were accepted into the Business Development Services stage. The selected startups received grants worth $900,000 USD and were matched with verified service providers to help them grow and develop their businesses with the aim to attract local and international investments, hence, increasing their success potential on regional and global levels.

Furthermore, Eng. Farhan Kalaldeh, CEO and Co-Founder Impact MENA said, “We are excited to be part of Jordan 12 EEDP program, implementing the activities of the Investment Readiness phase”, he further revealed, “so far the program included 8 waves and more than 430 startups from various sectors from 12 cities”.

Recently, two networking events were held with the participation of more than 300 companies that benefited from the program along with representatives of various supporting organizations within the ecosystem. The event celebrated the achievements of the program and its beneficiaries and highlighted the future activities that aim to further increase financial funding opportunities for startups and SMEs.

Jordan12 is planning for an investment matchmaking event early next year between the program’s beneficiaries and local, regional and international investors. So far, the program’s beneficiaries have raised more than USD 7 million in financing. The event will provide promising investment opportunities to funds across the region and attract capital to be deployed in Jordanian tech and tech-enabled startups. 

-Ends-

About the Innovative Startups and SMEs Fund:

The ISSF is a national project established in 2017 as a private shareholding company to actively promote a fundamental shift within the local entrepreneurial and innovation landscape. The ISSF - the largest investment fund of its kind in Jordan - is implemented in cooperation with the World Bank over a duration of six years, concluding in November 2023. During this period, the World Bank foresees the ISSF to make both direct and indirect investments (the latter in investment funds) in 150-200 local innovation companies and build the capacities of at least 825 entrepreneurs and SMEs through specialized training to qualify them for prospective investments. The total working capital of the ISSF is USD 98 million, with a USD 48 million investment from the Central Bank of Jordan and a USD 50 million investment from the World Bank. The ISSF is committed to facilitating funding for Jordanian early-stage startups and SMEs, particularly those demonstrating ambitious vision and high growth potential. The ISSF endeavors to foster a thriving and supportive entrepreneurial environment that enables promising local entrepreneurs to transform innovative projects into sustainable startups; generate jobs for Jordanian men and women; and prompt economic sectors that serve export markets by capitalizing on the creative and technical capabilities of entrepreneurs and management teams across Jordan. 

For more information, please visit the website at www.issfjo.com 

About iPARK:

iPARK, established in 2003, enables and supports innovative ventures through effective programs, dedicated facilities, and expert advisory services. iPARK supports entrepreneurs through matchmaking, advisory, legal support, and capacity building through multiple incubators across Jordan. iPARK also provides services to institutions and donors seeking to establish impactful entrepreneurship support and enablement programs. For investors, innovators, and innovative institutions, iPARK provides expert commercialization and intellectual property services including patenting, matchmaking, governance, deal-structuring, brokerage, and technology audits through the Intellectual Property Commercialization Office (IPCO). Graduated companies have grown to become market leaders, generate millions in revenues and investments and create thousands of value jobs.

About Impact MENA:

Impact MENA  is a Regional Consulting and Advisory firm providing services to investors, governments, Universities and other stakeholders in the entrepreneurship and innovation ecosystem in the Middle East and North Africa.  Impact MENA builds on the track record of its founders over the last 20 years designing and implementing economic development programs on the national and regional levels, in addition to engagements where the founders had acted as Advisors to more than 50 leading organizations in 10 countries in the region.

For more information, please visit the website at www.impactmena.com 

© Press Release 2021