Riding the waves of Success: Integrating into Regional Startup Ecosystems

From WEF (World Economic Forum) conferences in Europe all the way to the Middle East, the world is abuzz with news of the fourth industrial revolution. But what is the fourth industrial revolution and what does it mean for the future of startups? To sum it up, this latest revolution is continuing upon the progression of its predecessor which was all about the digital age and the use of information technologies to drive industry and growth. The fourth industrial revolution, on the other hand, is rapidly transforming the world as we know it, with groundbreaking new technologies that are fusing ‘the physical, digital and biological worlds, impacting all disciplines, economies and industries,’ as the WEF succinctly puts it. 

This pivotal time in history will determine the trajectory for the future of industry and development as we know it. With the vast opportunities emerging in the MENA region, key stakeholders from the public and private sector alike must be prepared to work together and create the necessary conditions to fully embrace and capitalize on this change. Creating a strong ecosystem for startups to thrive and effectively become major industry players is only the beginning.

To provide a more in-depth overview into the MENA startup scene it is important to note that the WEF emphasizes that the breadth and scale of entrepreneurship is said to be at an all-time high, and in 2018 alone investments into startups soared to an estimated $900 million USD. These numbers illustrate the capabilities of regional startups to attract investments needed for scaling into global markets. The sectors that are having the biggest regional impact are all tech related, with FinTech, E-commerce, IT Solutions, and even Delivery and Transport leading investments on a massive scale.

With all these new opportunities for emerging startups to maximize their impact and reach markets on a global scale, it is important now more than ever for Palestinian based startups to integrate into regional entrepreneurial platforms and access a wealth of strategic resources and support. With an unemployment rate that’s at an all-time high, affecting nearly 27.4% of the Palestinian population, considered by the ILO (International Labour Organization) to be one of the highest rates of unemployment in the world, the need for collaborative efforts launched by the private and public sector to support entrepreneurship and spur growth is essential. 50% of women and an estimated 40% of youth are the most severely affected. With over 65% of the population under 30 years old there is a dire need to put a focus on harnessing the entrepreneurial spirit amongst the youth and invest in the future of Palestine.

Supporting the emergence of viable startups that appeal to the needs of regional markets and growing trends encompassing the ‘fourth industrial revolution’, is a major step forward, especially amidst the backdrop of strengthened collaborative efforts between stakeholders within both the private and public sector.

From outsourcing opportunities to potential joint business ventures, tapping into the skills and talents emerging from Palestine, local startups can seize the opportunity to not only integrate into some of the most advanced MENA startup ecosystems, but scale into regional markets to achieve next level success.

MENACatalyst is at the forefront of getting Palestinian startups the recognition they need to attract investors and support from major regional industry partners. Via a collection of services that enhance international and regional market access for startups by leveraging the expertise and support of an expansive and committed diaspora community. Accessing markets is essential but funding or lack thereof can either make or break a new startup, that’s why MENACatalyst assists startups by developing their pitching and business development skills to attract angel investments on a global scale. However, creating a thriving startup ecosystem requires instilling a sense of community amongst said ecosystem where stakeholders can come together share their experiences and help each other achieve their entrepreneurial goals. MENACatalyst’s Mentorship groups does just that, by enhancing the local startup ecosystem while creating the opportunities and platform for Palestinian startups to integrate into regional ecosystems and achieve next level success.