In Cairo, the Minister of Education, the President of the Financial Supervisory Authority and other high-ranking officials gathered on November 15 for the Launch of the Global Entrepreneurship Week. At this event, participants shared knowledge on how to build an entrepreneurial environment. Egyptian leaders tapped on the expertise of several sponsoring organizations, such as the Middle East Council for Small Business and Entrepreneurship (MCSBE), local universities, and development agencies like the International Labor Organization. The event had an attendance of over 300 participants, including over 40 students and entrepreneurs.

In one of the sessions at the launch conference, the General Secretary of the Social Fund for Development and the Chair of Industrial Modernization Centre (IMC) Management council explored the role of policies and pertinent institutions in supporting entrepreneurship, particularly those relating to access to finance. Financial policies to support young entrepreneurs are a major concern among government officials. The establishment of the Egyptian Financial Supervisory Authority (EFSA), for example, represents an attempt to organize the regulations that support non-conventional financing mechanisms, and  a new law is under study to introduce regulations that would allow micro-finance companies to operate in Egypt. Other ideas are under development in Egypt. The president of EFSA stressed the importance of exploring other methods of finance that would cater to entrepreneurs, including venture capital and leasing. The Chairman of the Egyptian Junior Business Association (EJB) emphasized the need to also attract credit guarantee companies.

At the same time, these thought leaders know that entrepreneurial risk is also a function of many other regulations related to doing business. A broad range of government regulations should be enacted to reduce their operating costs in the country, as many participants concurred. The General Secretary of the Social Fund, for example, expressed that non-financial support is as important to support young entrepreneurs in the process of establishing their businesses as access to financing.

These ideas are not mere subjects of academic discussion. At the conference, the Chair of the IMC Management Council invited the panel, upon a request from the Minister of Trade and Industry, to attend a press conference next Tuesday, where a protocol for cooperation between the Ministry and SFD is going to be signed.  Another MOU was signed between IMC, MCSBE, EJB, and SFD at the end of this panel.

This high-level interest in promoting youth entrepreneurship can turn into a powerful policy tool for growth and for reform. Egypt’s economic fundamentals have been considered unsound due to high unemployment and inflation rates and poor trade statistics. The country ranks 106^th among 183 economies in terms of the ease of doing business, and presents several regulation bottlenecks in the areas of enforcing contracts, paying taxes, dealing with construction permits and closing a business. Among the youth (those aged 15 to 29), only 30% say their governments make paperwork and permits easy enough to get for people who want to start a business, according to a recent Gallup poll.

Another highlight of Egypt launch event was the session on the question “Could the Egyptian Education Systems Foster Entrepreneurship?” Recognizing that schools should prepare students to appreciate the role of entrepreneurship in the economy and encourage them to consider it as a path in life, this session explored where Egypt is in terms of curriculum and initiatives to encourage students’ creativity and innovation.  With a panel that included around 10 students, the recommendations that came out of the session were not only to introduce entrepreneurship education in schools and universities, but rather try to change how all subjects are being taught to encourage creativity. Students need to have more support in developing their ideas. As one student put it “when we graduate and apply for a job, employers ask for years of experience… we do not have years of experience as fresh graduates, and if we want to gain this experience, support should be given to us to start our own businesses.”

Policymakers can continue to learn a lot from young entrepreneurs. For example, a young entrepreneur at the conference started a business that manufactures medical equipment inspired by his success at a business plan competition. This young entrepreneur stresses that Egypt’s comparative advantage should be its human resources, as he referred to himself as just a small example of many Egyptian colleagues who are working abroad on  technology development. This was in reference to the brain drain caused by the lack of support to talents in Egypt. Another  group of students from SIFE-Egypt in the French University in Cairo had won the world cup of SIFE international. They were then able to transfer many ideas into viable businesses that not only generate profits but also have a great social impact. One of their projects uses animal waste in one of the islands in the Nile to produce biogas that is used as fuel for bakeries on the island. Though they are successful, they also indicated that they face some problems that mostly relate to laws and regulations governing firm establishment and operation.

There is a lot more potential among Egyptian students to become entrepreneurs; they just need to “unleash their ideas”. This Week is estimated to help this new wave of entrepreneurs; Global Entrepreneruship Week is estimated to reach up to 10,000 thousands of Egyptian youth (triple the number in 2008), providing inspiration, assistance, mentorship, and awareness.

Egypt is not the only country where entrepreneurship policy is getting top-level attention. We will continue to inform you of other policy-related events in places from Vienna to Dubai.

Jonathan Ortmans is the president of Global Entrepreneurship Week and is based in Washington DC

The “State of Entrepreneurship Summit” in Johannesburg put a spotlight on the country’s most innovative and dynamic privately owned companies. It also showcased the talents of a Johannesburg artist who makes live paintings of the ideas swirling around in conferences and other similar settings.

Roy Blumenthal went to work during the summit and put together the following items in short order. If you weren’t fortunate enough to attend the summit, but want to get a sense of what was discussed, be sure to click the images for the full-size version:

Students doing presentations

University Day – 19 November 2009

The University Day that took place today in Johannesburg, South Africa was run by an organization called SIFE (Students in Free Enterprise – South Africa). The conference was an opportunity for the students from Universities across South Africa to have practical insights into entrepreneurship as well as the SIFE model. The Head of Innovation and Entrepreneurship for the Development Bank South Africa (DBSA)  also demonstrated to the students the way in which to use lateral thinking skills in business, by creating an activity in which they had to present business plans which resulted in two groups winning a mini business plan competition. Over 90 students attended this event.

Letitia de Wet – CEO SIFE South Africa

Letitia de Wet with some of the students

Other events taking place this week in Johannesburg, South Africa……

Staff Day- 20th November

The Staff Day will involve a “Idea-Jam” session and the DBSA will run three, 1 hour sessions during the day. All staff of the Development Bank South Africa will be invited to participate and will be exposed to practical innovation skills and entrepreneurial concepts during the day.

Youth Day – 21 November 2009

The youth day event will be run by JASA (Junior achievement South Africa) and the City of JHB, hosted by the DBSA and JASA. School children from grade 9 up are invited to attend and will learn of the skills required to become a successful entrepreneur.

I spent today in Cape Town where Global Entrepreneurship Week welcomed the International Finance Corporation and IBM’s SME Toolkit Global Partners from around the world.  The gathering enabled users of the Toolkit to share experiences and lessons learned to date, to train partners on the latest 2.5 software release, and to gather ideas for future program development.  It was also about partnerships – a theme that continues to emerge on this trip.

After addressing this gathering of leaders of entrepreneurial support organizations, I was followed by presentations from a host of others deeply engaged in this field.  It struck me just how much is already happening to support entrepreneurship, how carefully it is being measured and how valuable Global Entrepreneurship Week is, enabling those who are hard at work and often short of time to look up and think with others.  The work of the Global Banking Alliance and World Bank for example in financing women entrepreneurs is starting to deliver significant results now.  The Aspen Institute’s, ANDE (Aspen Network of Development Entrepreneurs), has assembled most of the leading intermediaries (firms providing capital and/or business development services), funders, and experts who share a common desire to create a movement to unleash the potential of Small and Growing Businesses (SGBs) in emerging markets.  And spokespeople from IBM laid out a new comprehensive program of support efforts they will soon unveil in markets around the world.  By putting the spotlight on what everyone is doing once a year during Global Entrepreneurship Week, we hope not just to coordinate those playing in the same sandbox, but to show were efforts are ineffective in an effort to help focus resources on what is working.

Our Cape Town gathering expanded further following the conference when Global Entrepreneurship Week, Wits Business School and ANDE co-hosted a Speednetwork the Globe event overlooking the sun setting behind Tabor Mountain.  A showing of the new Global Entrepreneurship Week video left the crowd energized. We were joined by dozens of leaders from the Cape Town entrepreneurship community along with aspiring entrepreneurs who, following an announcement of the launch of ANDE Africa, took quickly to the Speednetworking concept and stayed well past our scheduled close.

With this network in place, and organizations like Wits Business School, the IFC, IBM, Junior Achievement and Endeavor on the ground, South Africa is well on its way to achieving the goal set forth by the country’s new president, Jacob Zuma, to create half a million new jobs by year’s end and 4 million new jobs by 2014.  The task once again for policymakers is how to tap on this cultural capital by creating a business environment that supports new ventures and an education system that prepares the workforce to take the entrepreneurial path.

Tomorrow I will go to Johannesburg to explore with leaders just that question.

Jonathan Ortmans is the President of Global Entrepreneurship Week and is based in Washington D.C.

Jayshree Naidoo : Head of Innovation and Entrepreneurship – DBSA and Isaiah Engelbrecht – Innovation Manager, Eskom

The Development Bank of Southern Africa (DBSA) held an Innovation and Entrepreneurship  Conference in Johannesburg on Tuesday and Wednesday  of this week, which was hosted by the Innovation and Entrepreneurship Unit headed by Jayshree Naidoo. The conference was invitation only and over 100 guests attended  of which included senior representatives from Government, Private sector and Academia with a key note address given by the Deputy Minister of Science and Technology, Mr. Derek Hanekom.

Other speakers included, best selling author and executive director of Impumelelo Innovation Awards Trust, Rhoda Kadali, Mr. Ben Ngubane, the ex minister of DST and the head of Innovation at Eskom, Mr. Isaiah Engelbrecht.

Deputy Minister : Department of Science and Technology – Mr. Derk Hanekom

Rhoda Kadalie, Executive Director, Impumelelo Innovation Awards Trust

Dr Ben. Ngubane Chairman: Technology Top 100

The inaugural South Africa Fast Growth 100 list was launched today at a gala lunch as part of the State of Entrepreneurship Summit, held in Johannesburg during Global Entrepreneurship Week.

Founded by AllWorld Network, Endeavor SA and Professor Michael Porter of the Harvard Business School, the South Africa Fast Growth 100 list will showcase the country’s most innovative and dynamic privately owned companies – those that are spurring growth, creating jobs, driving the economy and fostering prosperity.

The most competitive nations in the world have the highest rates of entrepreneurship and fast-growing entrepreneurial companies provide a vital indicator of country competitiveness. In ranking these companies, the South Africa Fast Growth 100 list will provide an essential gauge of South Africa’s economic status and future growth potential. It will also highlight important entrepreneurial role models, thereby fostering a greater culture of entrepreneurship across the nation.

“When entrepreneurship takes hold, the growth momentum builds, generating economic breakthroughs and social progress. And that’s why growth entrepreneurship is the essential fuel powering widespread prosperity in the 21^st century,” explained Deirdre M. Coyle, Jr., co-founder of AllWorld Network, addressing an audience of entrepreneurs, venture capital firms, financial institutions, media and international guests.

Speaking about Endeavor South Africa’s involvement in the programme, Malik Fal MD, added, “Endeavor South Africa is delighted to be part of the South Africa Fast Growth 100 list, which we believe is poised to generate much-needed excitement about entrepreneurship and its role in the future prosperity of South Africa.”

Applicants to the South Africa Fast Growth 100 list will be ranked according to revenue performance over the last five years, and will undergo a strenuous application process that includes reviewing of their audited financial statements.

The companies that make it on to the list will enjoy the benefits of national and international media exposure, and be connected to a global network of entrepreneurial peers.

Having already launched the Saudi Fast Growth 100 and Arabia 500 in the past two years, Coyle indicated AllWorld Network’s plans to launch the Africa 500, as well as the Asia, Eurasia and Latin America 500s in the near future. “In 2012, we plan to publish the AllWorld 500 – the ranking of the most dynamic privately held companies in the emerging world,” she said, “For South Africa, it all begins here.”

Entrepreneurs can apply to the South Africa Fast Growth 100 list online by visiting www.southafricafastgrowth100.com. Applications close 15 March 2010.

The launch of Global Entrepreneurship Week (GEW) in Swaziland was applauded by Jabulile Mashwama, the country’s current Minister of Commerce, Industry and Trade.

‘It is very pleasing that in 2009 Swaziland joins the world in embracing the Global Entrepreneurship Week’, she said, ‘and we applaud TechnoServe as the official host organisation responsible for coordinating the week’s activities in the country’. She noted that the objectives of the initiative – which are to inspire, connect, mentor and engage – were to be achieved through students, educators, entrepreneurs, business leaders, government officials and members of the public participating in a range of activities, from online forums to large scale competitions and events to intimate networking gatherings.

‘If we get these objectives right this week, then we’re definitely headed in the right direction. I note with interest that the activities that will be held throughout the week are widespread and cover schools, a college, university, youth centre, to name a few. I personally aim to attend some of these and look forward to the stimulation they will bring to the economic activity of the country.’ Mashwama also added that GEW will make a positive impact on the country’s economy as it should inspire young people and change their mindsets from those of job seekers to job creators.

Entrepreneur of the Year (EYA), current and former winners as well as some Business Woman of the Year Award holders will be making presentations to some young people further in the week. Additionally, TechnoServe Programme Manager Entrepreneurship Nicholas Vilelle invited business people to a ‘Networking Happy Hour’ to be hosted on Friday, ‘an exciting event where entrepreneurs, both established and aspiring will get a chance to network and share ideas.’

Greetings from Ghana where I have been participating today in a wide variety of activities from arriving late to Mentoring Madness, to addressing an international entrepreneurship summit, to blowing the whistle to open a speed networking event.

Ghanaians have long used entrepreneurship to generate opportunity for themselves and their families. Unfortunately, most of the businesses they start stay at the micro level and in the informal economy. This fact is a response to the thicket of anti-entrepreneurial incentives embodied in the country’s regulations that represent structures for corruption and informal sector growth. For example, cumbersome and expensive procedures are involved in registering a business. It takes 33 days on average to go through business registration, compared to 13 days in industrialized nations. Not surprisingly, development assistance has focused on private sector competitiveness, macroeconomic stability and good governance.

Despite the many hurdles, entrepreneurs are making inroads in the way of entrepreneurship, addressing specific needs of the Ghanaian citizens. This trend seems to be growing, with a 2006 Gallup poll revealing that 60 percent of Ghanaians were planning to start a business in the next 12 months. Ideas and opportunity for such movement lie everywhere, and people seem eager to put energy into new ventures. For example, instead of accepting the dusty climate condition that turns everyone in Accra’s clothes red, a local entrepreneur saw this fact as an opportunity and sought guidance from IntEnt, an organization that helps aspiring entrepreneurs in Ghana. With just a few washing machines, a dryer and an ironing machine, he launched The Laundromat and began servicing individuals, hotels and companies. And instead of keeping the idea small, like so many of his neighbors, this entrepreneur now plans to buy a delivery van to expand the service.

Unfortunately, I was told repeatedly today that getting the credit necessary to develop this kind of success story is not easy in Ghana – a fact that is only getting worse in many ways. In the latest ease of doing business ranking, Ghana fell five ranks. Today, it is listed 95th among 183 economies, and 113th in terms of obtaining credit.
The good news is that young Ghanaians, who constitute over 40% of the country’s population, are eager to overcome these barriers according to Ghanian International Airlines CEO Gifty Annan-Myers who I flew to Ghana with yesterday. This spirit she discussed was evident in my visit to the Meltwater Entrepreneurial School of Technology, a non-profit NGO funded by a Norwegian company based in San Francisco.  Not only were the team trying train and mentor young Africans to become future software engineers impressive, but the ideas and elevator pitches strong.  The philanthropist who created this provides a building, accommodation, food and even a stipend for budding Ghanaian entrepreneurs.  This is the best entrepreneurship “incubator” I have seen in Africa.  Watch out Chinery-Hesse!

Interest in entrepreneurship is also evident in the interest Global Entrepreneurship Week is receiving with activities this week attracting energized young people ready to unleash their ideas. At the request of President John Atta Mills, I also met with the Honorable Stephen Amoanor Kwao, MP and Minister for Employment for two hours who has now pledged institutional support for GEW Ghana in 2010.  I leave Ghana with more to come including the National Youth Entrepreneurship Summit – a two-day event filled with networking, workshops, roundtable discussion and more, all designed to encourage the growth of the entrepreneurial spirit, thinking and actions of young people throughout the country.
 Also ahead is the Make your Mark with a Tenner competition. This builds teamwork and hands-on business skills by lending micro loans of GHC10 to small teams of students, and giving them one week to generate as much fiscal and social value out of an entrepreneurial idea. One of the best things about this competition is that all profits generated are invested back into the community with the participants deciding how this should be done.

GEW in Ghana will have gathered everyone from students, to business leaders, to nonprofit leaders and government officials.
These kinds of events have the potential to take hold at the grassroots level, inspiring tomorrow’s leaders of Ghana, and putting pressure on the current government to develop more business-friendly policies and programs to foster the innovative ideas they will inevitably develop.  I look forward to seeing whether our Week here has impact for 2010 and beyond.  I think it will.

After a short stop in Nigeria, I will check back with you from South Africa in a day or so.

Jonathan Ortmans is the President of Global Entrepreneurship Week and is based in Washington D.C.

The Official Launch of Global Entrepreneurship Week in Egypt commenced this afternoon with an innovation and Policy Conference held in Cairo. The Middle East Council for Small Business and Entrepreneurship (MCSBE) are once again co-ordinating events in Egypt for Global Entrepreneurship Week commencing this afternoon with a keynote address from the Minister of Trade and Industry and SFD Secretary General.

The Global Entrepreneurship Week events began with a high level panel discussion with aim to encourage entrepreneurship initiatives in Egypt whilst celebrating the achievements and successes of existing Egyptian entrepreneurs. A Business networking event was also conducted followed by dinner at the Grand Hyatt Hotel in Cairo.

The objectives of the events for Entrepreneurship Week in Egypt are to; create more awareness of entrepreneurship among young Egyptians whilst fostering entrepreneurship networks, boost the entrepreneurship culture in the country and to mobilize partners to support entrepreneurial activity.

As part of this Global initiative, the MCSBE will act as a coordinator to the Weeks’ activities, in partnership with strategic partners; the Egyptian Junior Business Association (EJB) and the Industrial Modernization Center (IMC), and the Social Fund for Development (SFD). The aim this year is to reach potential and young entrepreneurs from various age groups in the different governorates. Over 25 events will be taking place in 7 different governates over the coming week and will involve Universities, Government agencies, the Public sector and Business Associations.

For more informations see http://www.unleashingideas.org/egypt