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29 March, 2020

Entrepreneurship best nurtured in UAE

84% of MENA Youth indicate their strong inclination towards a future in entrepreneurship, according to a recent survey conducted by Oliver Wyman and Injaz Al Arab.

In recent testing times for business environments across the globe, the survey results are indicative of an extremely healthy and optimistic outlook for the future, since entrepreneurship remains the bedrock for building a strong business economy.

In addition to the inclination towards entrepreneurship, the youth also indicate the need for continuous learning and up skilling. This provides a clear direction to the emerging trends in technology, startups and e-Commerce.

Investment patterns of venture capitalists also indicate a very healthy direction of resilience and balance, with VCs strongly backing the emerging businesses and remaining committed to investing in further in the region.

Trends in the past have indicated that periods of uncertainty have proven to be a strong breeding ground for immensely large startups. Brands like Uber, AirBnB, Slack and DropBox emerged out of investments made in the 2007-09 period. Today they are some of the largest brands in their respective sectors.

A survey done by Crunchbase indicated that in 2019 alone, over $294 Billion was invested in 32,800 deals at various stages. This shows a strong and active involvement of VCs in the startup ecosystem, driving new ideas into businesses.

The survey by Oliver Wyman and Injaz Al Arab was conducted among 2,400 youth in the MENA region aged between 16 – 36 years.

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