Business influencers provide insights on MENA business trends in an event hosted by YPO and Wamda
YPO, the premier chief executive leadership organization in the world, hosted a live Twitter chat with global and regional experts discussing entrepreneurship and business trends in the Middle East. The one-hour event took place in collaboration with Wamda, a platform and community that aims to accelerate entrepreneurship in the region, in an effort to create more support for the next generation of leaders in the Middle East.
YPO and Wamda posed questions to Marwan Kheireddine (@mar1_k), chairman of the board at Al Mawarid Bank and former minister in the Lebanese government, and Chris Schroeder (@cmschroed), author of “Startup Rising” and an active supporter of the startup ecosystem in the MENA region. Both participants are entrepreneurs themselves and members of YPO’s network of more than 24,000 chief executives and business leaders in more than 130 countries.
The discussion shed light on the hubs at the forefront of the regional entrepreneurial scene, as well as global insights on how to accelerate entrepreneurial success and create disruptive innovation in the Middle East.
On the topic of entrepreneurial opportunities, Schroeder highlighted that in the Middle East, technology innovation, healthcare, education and fintech are all key opportunity areas for entrepreneurs “to leapfrog into the 21st century.” Kheireddine and Schroeder agreed that the Middle East has a huge pool of youthful talent and resilience – and that this is only set to grow due to the next generation’s dynamism and entrepreneurial spirit.
Both YPO members felt that technology was the future when it comes to growing businesses and mobile talent in the region. Kheireddine explained, “Think the internet of things, think 3D printing, think healthcare. Think portable electronic devices with sensors and gyros. Governments need to understand that technology eliminated borders and that you can create a product and sell it worldwide from your bedroom. Countries must concentrate on infrastructure development – increasing internet speeds and bandwidth, which decreases barriers to entry.” Kheireddine added that “technology frees us.”
Throughout the region there has been a call for diversification away from the oil and gas industry, and this has been identified as a key governmental focus for the present and foreseeable future. Kheireddine emphasised that the reliance on this sector must end.
With diversification in mind, the YPO members were asked about the entrepreneurial areas they thought were thriving in the Middle East. Schroeder said, “Anyone solving local or regional problems such as logistics, language and content, sensitivities on health and education will thrive,” adding his prediction that regional solutions will also succeed in other emerging growth markets. “I predict that within the decade there will be globally competitive software – beyond growth markets – that will come from MENA.”
Disruption is often talked about at length in business, and both participants agreed that there is room for disruption in the Middle East. Schroeder concluded: “If you remember me for nothing else today, be it this: everywhere and every industry is ripe today. Disrupt or be disrupted.”