Having a strong and innovative business idea is the foundation of a successful venture. In this article, we will explore 55 business ideas across various industries to inspire aspiring entrepreneurs and help them kickstart their entrepreneurial journey.

Problem-Solving Business Ideas

One of the most effective ways to come up with a business idea is to identify a common problem and offer a solution. Ideas like a meal delivery service for busy professionals or a digital organizing platform for cluttered spaces have the potential to address real-life challenges and attract a customer base.

Tech and Innovation Business Ideas

In today's digital age, technology and innovation play a crucial role in shaping business ideas. Concepts such as a virtual event planning service or a personalized AI-powered shopping assistant capitalize on tech trends and cater to the evolving needs of consumers.

Health and Wellness Business Ideas

The health and wellness industry is experiencing rapid growth, presenting opportunities for businesses focused on fitness, mental health, nutrition, and holistic wellness. Ideas like a wellness retreat center or a personalized meal prep service tap into the increasing demand for self-care and well-being solutions.

Food and Beverage Business Ideas

Food-related businesses are always in demand, with trends like plant-based diets, sustainable sourcing, and unique dining experiences driving innovation in the industry. Concepts such as a gourmet food truck or a zero-waste grocery store cater to consumers' changing preferences and offer a fresh take on traditional food businesses.

E-commerce and Retail Business Ideas

The rise of e-commerce has opened up new possibilities for retail businesses, allowing entrepreneurs to reach a global audience and streamline the shopping experience. Ideas like a subscription box service or an online vintage clothing store leverage the power of online platforms to connect with customers and drive sales.

Service-Based Business Ideas

Service-oriented businesses provide valuable solutions to consumers, whether it's in the form of home cleaning services, pet grooming, or virtual assistant support. Focusing on exceptional customer service and personalized experiences can set service-based businesses apart in a competitive market.

Social Impact Business Ideas

Business ideas with a social impact not only generate profit but also create positive change in society. Concepts like a sustainable fashion brand or a community-based recycling program demonstrate how businesses can align financial success with environmental and social responsibility.

Creative and Artistic Business Ideas

For individuals with a passion for creativity and art, there are numerous business opportunities to explore, from graphic design services to handmade crafts and art workshops. Monetizing artistic skills and offering unique products or experiences can attract a niche audience and foster a loyal customer base.

Low-Cost Startup Ideas

Starting a business on a budget is possible with low-cost startup ideas that require minimal investment but offer significant potential for growth. Ideas like a dropshipping business or a freelance consulting service allow entrepreneurs to test the market and scale their ventures without a large financial commitment.

Market Research and Validation

Before diving into a business idea, conducting thorough market research is essential to understand the target audience, competition, and market trends. Utilizing tools like surveys, focus groups, and industry reports can help validate the viability of a business concept and inform strategic decision-making.

Business Planning and Execution

Developing a comprehensive business plan is crucial for outlining the goals, strategies, and operations of a new venture. From defining the business model to setting financial projections and marketing strategies, a well-thought-out business plan serves as a roadmap for successful execution and growth.

Funding and Financing Options

Securing funding for a new business can be challenging, but there are various sources of capital available to entrepreneurs, including traditional bank loans, angel investors, crowdfunding platforms, and government grants. Exploring alternative financing options and creating a solid financial plan are key steps in funding a startup.

Marketing and Branding Strategies

Effective marketing and branding are essential for attracting customers and building brand awareness in a competitive market. Leveraging digital marketing channels, creating a strong brand identity, and engaging with the target audience through social media can help new businesses establish a presence and drive growth.

In conclusion, the 55 business ideas presented in this article are just a starting point for aspiring entrepreneurs looking to embark on their business journey. By identifying a niche, conducting thorough research, and developing a solid business plan, individuals can turn their ideas into successful ventures that make a positive impact on the market and society. Embracing creativity, innovation, and perseverance is key to realizing entrepreneurial dreams and building a thriving business from the ground up.

Call for Applications: The Ye! Youth Ecopreneurs Programme (YECO) 2024 for young Green Entrepreneurs ($10,000 prize & All-Expenses-Paid Trip to International Conference).

Application Deadline: March 22nd 2024, midnight CET

Applications are now open for the Ye! Youth Ecopreneur Programme. The Ye! Youth Ecopreneurs Programme (YECO) 2024, a transformative journey hosted by the International Trade Centre and the G20 Global Land Initiative in Geneva. YECO 2024 is designed for visionary young entrepreneurs who are committed to pioneering sustainable solutions for our planet.

Requirements

The YECO 2024 program is designed for young ecopreneurs looking to elevate their initiatives to new heights. Ideal candidates are innovators with a clear understanding of the environmental challenges they address, offering scalable solutions ready for acceleration. This program serves as a launchpad for those ready to make a substantial impact in environmental innovation.

YECO seek candidates that meet the following profile:

Applicant

• Must be under the age of 35 (by 22 March 2024)
• Must be a member of the Ye! Community (Register here)
• Must be Founder, Co-Founder or CEO

The Business

• Must be majority run by a young person
• Must be legally registered
• The bootcamp is open globally, the accelerator is reserved for eligible countries – see the list (in the table hereafter)
• Must promote land restoration, sustainability, circularity, and/or the green economy

Programme Details: Specific program components include:

1. Global Bootcamp*

• Training and masterclasses on investment readiness among other crucial topics, facilitated by business development, legal, and IP experts
• A unified platform for global exchange and networking within the young entrepreneur cohort, complemented by mentoring from the Ye! Community

2. Accelerator

• A bespoke 360 degrees Business Assessment, followed by tailored trainings and coaching for your business
• Seed Funding and access to investment networks for Land Restoration category
• Preferential access to Pro-Bono Legal Services from Sidley Austin**
• Preferential access to the Google StartUp for Sustainable Development Programme

3. Awards

• All-Expenses-Paid Trip to International Conference
• In-person capacity building
• Personalized pitch training and coaching
• Visibility with stakeholders and investors
• Special prizes from partners
• Win Youth Ecopreneur Award and get $10,000 USD prize money

*Ecopreneurs from Developed Countries can only participate in the Bootcamp

**Subject to due diligence requirements

Application Procedure:

• The YECO 2024 welcomes young entrepreneurs to submit their green business initiatives.
• Applicants have until March 22nd to present their proposals that reflect innovation, sustainability, and potential for impact.

For More Information: Apply Now!

List of eligible countries

The past several years have bestowed valuable insights upon many business proprietors, offering them a chance to refine their entrepreneurial acumen in 2024. This year holds the potential to be a pivotal moment for businesses globally, provided that entrepreneurs embrace the requisite mindset, skills, and strategies to initiate and expand their ventures successfully.

Undoubtedly, one of the most formidable challenges in entrepreneurship is the inevitability of making mistakes. Depending on their gravity, errors can prove to be financially burdensome and jeopardize the very existence of a business. The entrepreneurial journey is fraught with numerous trials and tribulations, and it is imperative to acknowledge that mistakes are an inherent part of this expedition.

While errors are commonplace in the realm of business, there are fortunately certain missteps that can be circumvented. Although blunders can significantly impact a company's financial standing and reputation, it is crucial to perceive them as opportunities for learning and growth. By embracing challenges and leveraging them as stepping stones, entrepreneurs can not only surmount obstacles but also thrive in the face of adversity.

Let us delve into a few of the mistakes that entrepreneurs should steer clear of in 2024:

1. Lack of meticulous planning and research

One of the most prevalent mistakes made by entrepreneurs is the absence of thorough planning and research. Prior to embarking on a business venture, entrepreneurs must engage in comprehensive research to comprehend the market dynamics, competitive landscape, target demographic, and potential clientele.

Without meticulous planning and research, entrepreneurs may find themselves unable to compete in the market and adapt to changes. It is imperative to formulate a robust business plan encompassing marketing strategies, financial projections, and long-term objectives to position oneself for success.

2. Failure to adapt to change

Change is an immutable facet of the business domain. To endure and prosper in a fiercely competitive market, entrepreneurs must demonstrate agility and adaptability. They need to vigilantly monitor evolving trends, consumer behaviors, and industry advancements. The ability to pivot, adjust their strategies, and innovate their offerings is pivotal to staying ahead of the curve and ensuring the relevance of their business in response to the ever-evolving needs of their clientele. A complacent approach can lead to missed opportunities, diminished market share, and the eventual demise of the business. Hence, it is imperative to embrace change and remain flexible to sustain relevance and competitiveness in today's rapidly evolving business milieu.

3. Inadequate financial management

Entrepreneurs must exercise prudence in managing their finances to avert potential fiscal predicaments. Many entrepreneurs falter in managing their finances effectively, resulting in cash flow issues, indebtedness, and financial hardships. To circumvent these challenges, business owners should possess a comprehensive understanding of their financial affairs, encompassing expenditures, revenue, profits, and cash flow. It is also imperative to monitor invoices and payments diligently and adhere to a budget.

Mastering financial management in your enterprise yields myriad benefits, ranging from heightened profitability to enhanced decision-making capabilities. A lucid comprehension of your business finances enables you to allocate resources to areas that promise optimal returns. Moreover, maintaining a firm grip on your finances can help you evade common pitfalls and setbacks that could impede your progress. Ultimately, by exercising astute financial management, entrepreneurs can pave the way for sustained growth and success.

4. Disregarding your online presence

Establishing a robust online presence is imperative for businesses to vie in today's digital marketplace. Overlooking online marketing can prove to be a grave oversight. Entrepreneurs should leverage a blend of digital marketing strategies such as SEO, social media campaigns, and email marketing to broaden their reach. Additionally, ensuring the presence of a mobile-friendly website and an active social media footprint is essential.

By implementing the right strategies, you can fortify your online presence and forge more meaningful connections with your clientele. The advantages of maintaining an online presence span from heightened visibility to cost savings, culminating in amplified growth and success. Customers expect businesses to have a digital footprint, and a business that neglects to establish an online presence risks being left behind in today's cutthroat marketplace.

5. Failure to recruit the right team

Entrepreneurs must assemble a formidable team to steer their business toward success. Hiring the wrong individuals can precipitate subpar customer service, diminished work quality, and reduced productivity. To avert this pitfall, entrepreneurs should delineate clear job descriptions, conduct thorough interviews, and scrutinize references. Equipping your team members with comprehensive training and support is imperative to enable them to perform at their zenith.

In conclusion, entrepreneurship can be a gratifying pursuit, albeit one fraught with challenges and missteps. By assimilating lessons from these mistakes, entrepreneurs can nurture their enterprises and realize enduring success. In 2024, entrepreneurs need to exhibit adaptability, flexibility, and unwavering focus on their objectives to remain competitive in the market. By sidestepping the five common mistakes expounded upon, entrepreneurs can outpace their rivals and attain their business aspirations.

Starting a new business can be an exciting and challenging endeavor. As an entrepreneur, you have a vision and a passion for your idea, but turning that idea into a successful startup requires careful planning and execution. In this article, we will explore seven essential tips that can help you navigate the journey of building a successful startup. From identifying your target market to building a strong team, these secrets will provide you with valuable insights and strategies to set your startup on the path to success. So, let's dive in and uncover the secrets of a successful startup!

1. Define Your Target Market

One of the first steps in building a successful startup is to clearly define your target market. Understanding who your customers are, their needs, and their preferences is crucial for developing a product or service that resonates with them. Conduct market research, analyze competitors, and gather feedback from potential customers to gain insights into your target market. This will help you tailor your offerings and marketing strategies to effectively reach and engage your audience.

2. Develop a Unique Value Proposition

In a competitive business landscape, having a unique value proposition is essential for standing out from the crowd. Your value proposition should clearly communicate the benefits and advantages of your product or service compared to others in the market. Identify what sets you apart and why customers should choose your startup over competitors. This will not only attract customers but also attract potential investors who see the potential in your unique offering.

3. Build a Strong Team

Behind every successful startup is a strong and dedicated team. Surround yourself with talented individuals who share your vision and complement your skills. Look for team members who are passionate, motivated, and have expertise in areas that are crucial for your startup's success. A diverse team with a mix of skills and perspectives can bring fresh ideas and innovative solutions to the table.

4. Create a Solid Business Plan

A well-thought-out business plan is a roadmap that guides your startup's growth and success. It outlines your goals, strategies, financial projections, and market analysis. A solid business plan not only helps you stay focused but also serves as a valuable tool when seeking funding from investors or financial institutions. Continuously review and update your business plan as your startup evolves to ensure you stay on track.

5. Secure Sufficient Funding

Securing sufficient funding is often a challenge for startups. Whether it's through bootstrapping, seeking investors, or applying for grants, having access to capital is crucial for fueling your startup's growth. Develop a comprehensive financial plan that outlines your startup's funding needs and explore different funding options available to you. Be prepared to pitch your idea and demonstrate the potential return on investment to attract investors.

6. Embrace Innovation and Adaptability

In today's rapidly changing business landscape, innovation and adaptability are key to staying ahead of the curve. Embrace new technologies, trends, and customer preferences to continuously improve your product or service. Be open to feedback and willing to pivot if necessary. Successful startups are those that can quickly adapt to market demands and seize new opportunities.

7. Focus on Customer Experience

Customer experience is at the heart of any successful startup. Happy and satisfied customers not only become loyal advocates but also contribute to your startup's growth through word-of-mouth referrals. Prioritize delivering exceptional customer service, listen to customer feedback, and continuously improve your offerings based on their needs. Building strong relationships with your customers will not only drive customer loyalty but also attract new customers.

In conclusion, building a successful startup requires a combination of strategic planning, innovation, and a customer-centric approach. By defining your target market, developing a unique value proposition, building a strong team, creating a solid business plan, securing sufficient funding, embracing innovation and adaptability, and focusing on customer experience, you can set your startup on the path to success. Remember, the journey of entrepreneurship may have its challenges, but with the right strategies and mindset, you can turn your startup into a thriving business. So, go ahead, embrace these secrets, and unlock the potential of your startup!

اختتمت فعاليات القمة العربية لريادة الاعمال في عمان برعاية ولي العهد الأمير الحسين بن عبد الله الثاني وحضور رئيس الوزراء الاردني الدكتور بشر الخصاونة مندوبًا عن ولي العهد، التي نظمتها لجنة الأمم المتحدة الاقتصادية والاجتماعية لغربي آسيا (الإسكوا) بالتعاون مع المؤسسة الأردنية لتطوير المشاريع الاقتصادية (jedco) خلال الفترة من 30 تشرين الأول/اكتوبر ولغاية 1 تشرين الثاني/نوفمبر، تحت عنوان: فرص عابرة للحدود.

تأتي هذه القمة بعد أن أطلقت الإسكوا في إبريل/نيسان الماضي برنامجًا لتحفيز انتشار التجارة الإلكترونية (eCAP)، لتمكين المشاريع الصغيرة والمتوسّطة في ظل النموّ الذي يشهده الاقتصاد الرّقمي، والمساهمة في إنشاء بيئة حيويّة لريادة الأعمال في المنطقة العربيّة. واستهدف البرنامج بناء قدرات 100 شركة صغيرة ومتوسطة من المنطقة العربية للانتقال إلى البيع عبر الإنترنت، إما عن طريق تطوير مواقع التجارة الإلكترونية الخاصة بها، أو عن طريق البيع في الأسواق الموجودة بالفعل على الشبكة العالمية.

تأتي أهمية المؤتمر من كونه يشكل دعما لريادة الأعمال للمشاريع الصغيرة والمتوسطة في المنطقة العربية، في الوقت الذي أصبحت فيه ريادة الأعمال تشكل توجها عالميا، خاصة بالنظر الى الطاقة الشبابية الهائلة التي يتمتع بها العالم العربي والمشكلات الهيكلية التي يعاني منها سوق العمل. وبحسب ارقام منظمة اليونيسيف يشكّل الأطفال والشباب حوالي نصف سكان منطقة الشرق الأوسط وشمال إفريقيا (المنطقة العربية) وهي موطن لأعلى معدلات البطالة بين الشباب في العالم.

تبين إحصاءات منظمة العمل الدولية بان هناك اكثر من 14 مليون عاطل عن العمل في الدول العربية، حيث يبلغ معدل بطالة الشباب في المنطقة العربية ضعف المعدل العالمي تقريبًا، وقد نما بمعدل 2,5 مرة، وهو أسرع من المتوسط العالمي بين عامي 2010 و2021. وتحتاج المنطقة إلى خلق أكثر من 33.3 مليون فرصة عمل جديدة بحلول عام 2030، لخفض معدل البطالة الإجمالي إلى 5 في المائة ولتكون قادرة على استيعاب العدد الكبير من الشباب الذين يدخلون سوق العمل وتحقيق استقرار معدلات بطالة الشباب (المصدر).

تعتبر المشاريع الصغيرة والمتوسطة واحدة من أكثر المشاريع توظيفا للعمالة وهي تساعد في الحد من معدلات البطلة التي ارتفعت مؤخرا جراء الظروف المتغيرة التي تشهدها البلدان العربية.

ووفقا لدراسة قام بها مركز الشباب العربي، تحت عنوان "أولويات الشباب العربي، عشية اليوم العالمي للشباب، واستعرضت أولويات الشباب الذين شملهم الاستطلاع في 21 دولة عربية، جاء تعزيز مصادر الدخل وتوفر فرص العمل ضمن أولويات الشباب، حيث شملت اقتراحات الشباب ضرورة تقديم حوافز مادية للراغبين بتأسيس مشاريع خاصة وشركات ناشئة بواقع 45 في المئة من عدد المشاركين (المصدر).

ومع وجود أكثر من 135 مليون مستخدم للإنترنت في العالم العربي، يظهر جيل جديد من رواد الأعمال المتمرسين في مجال التكنولوجيا. ومن المتوقع أن تسجل هذه المنطقة نموًا قويًا خلال العقود القادمة من حيث عدد السكان والناتج المحلي الإجمالي (يمكن الرجوع الى المقال الذي نشرناه في السابق: العالم العربي الناشئ وفرص الأعمال على الرغم من الاضطرابات السياسية - Emerging Arab world and business opportunities in spite of the political turmoil للمزيد).

ووفقا لتقرير اللجنة الاقتصادية والاجتماعية لغربي آسيا (المصدر) فان حجم السكان في نمو سريع في المنطقة العربية. فقد ازداد مجموع السكان في المنطقة أكثر من ثلاثة أضعاف من 123.5 مليونا ً في عام 1970 إلى 284.1 مليونا ً في عام 2000 و398.5 مليونا ً في عام 2015. وضمّت المنطقة العربية في عام 2015 حوالى 5.4 في المائة من مجموع سكان العالم، بعد أن كانت تضم ّ 3.3 في المائة في عام 1970 و4.6 في المائة في عام 2000. وفقا للتقرير فان هذه الاتجاهات الديمغرافية مستمرة خلال الفترة 2015-2050. حيث من المتوقع أن يتجاوز عدد سكان المنطقة 520.7 مليوناً بحلول عام 2030. وفي الوقت نفسه، من المتوقع أن ينمو الناتج المحلي الإجمالي الحقيقي خلال الفترة المقبلة (على أساس تعادل القوة الشرائية) بنسب مذهلة (كنا قد تحدثنا في مقال سابق للمزيد).

وتشكل الشركات الصغيرة والمتوسطة اكثر من 90% من الشركات في العالم العربي، وهي تقدم فرص عمل جديدة للشباب، وتعتبر محركا فعالا للتغيير والتنمية. لكن على الرغم من التحسن الذي شهدته هذه الشركات خلال السنوات الاخيرة الا أنها ما زالت تواجه تحديات كبيرة تعيق تنميتها.

وهدفت القمة إلى جمع مختلف الجهات الرسمية والخاصة في الدول العربية لمساعدة المشاريع العربية الصغيرة والمتوسطة للوصول إلى الأسواق الإقليمية والدولية، والتعامل مع مصادر التمويل المتنوعة، والاستفادة من الشبكات الإقليمية والدولية، وزيادة قدرتها على التوسع في الأسواق الخارجية.

وجمعت هذه القمة حوالي 650 مشارك ما بين رواد أعمال واصحاب شركات صغيرة ومتوسطة وممثلي لمنظمات التمويل وأيضا ممثلين عن الحكومات من شتى انحاء المنطقة العربية وبالإضافة الى صانعي قرار اقليميين ودوليين من القطاعين العام والخاص.

افتتح القمة رئيس الوزراء الأردني بشر الخصاونة، الذي اكد على الاهتمام الذي توليه الحكومة الاردنية لدعم المشاريع الصغيرة والمتوسطة.

وفي كلمته الافتتاحية اكد يوسف الشمالي، وزير الصناعة والتجارة والتموين ووزير العمل، رئيس المؤسسة الاردنية لتطوير المشاريع الاقتصادية، على أهمية المشاريع الصغيرة والمتوسطة، وقال بأن هذه القمة هي محاولة لاستخدام أنجع السبل من اجل دعم المشاريع الصغيرة في المنطقة العربية، مشيراً إلى دور هذه المشاريع في رفد الاقتصادات الوطنية في المنطقة العربية.

ولفت الشمالي إلى أن هذه الشركات الصغيرة تشكل أكثر من 70% من الوظائف المتاحة في المنطقة وأنها تواجه العديد من التحديات المتعلقة بالتمويل حيث تقتصر نسبةُ التسهيلات المصرفية المقدمة للمشروعات الصغيرة والمتوسطة على 9% من مجمل التسهيلات المصرفية.

كما أكد على أهمية القمة لتسهيل الحوار حول انجع السبل لتمكين المؤسسات الصغيرة والمتوسطة من الوصول الى الاسواق الاقليمية والعالمية والاستفادة من الفرص التي توفرها الشبكات الدولية وبناء القدرات المؤسسية لدى رواد الأعمال العرب.

بدورها اكدت وكيلة الأمين العام للأمم المتحدة والأمينة التنفيذية للإسكوا رولا دشتي ان القمة تأتي كجسر بين صانعي القرار والسياسات وأصحاب المشاريع المتطلعين إلى النهوض بمجتمعاتنا لإيجاد السبل لتحقيق الأهداف التنموية المنشودة.

كما اكدت بأن مساهمة المشاريع الصغيرة في الناتج المحلي في المنطقة العربية تقل عن 10% وأن معظم هذه المنشآت تعمل في القطاع غير المنظم، مؤكدة على الدور الرئيسي الذي يمكن أن تلعبه الشركات الصغيرة والمتوسطة أن تلعب في تحقيق نموّ اقتصادي أعلى وتخفيض نسب البطالة بين الشباب.

تعتبر الفكرة الرئيسية للقمة الفرص العابرة للحدود. يرى المنظمون ان فكرة الفرص العابرة للحدود وايصال هذه المشاريع ومنتجاتها بسلاسل الامداد العالمية مما سيدعم هذه المشاريع واستمراريتها ونموها على مدار فترات زمنية أطول بالإضافة.

تناولت القمة على مدار ثلاثة أيام عدة موضوعات، منها ريادة الاعمال الصديقة للبيئة (الخضراء)، تسهيل وصول الرياديين بمشاريعهم الى الاسواق العالمية، والوصول إلى التمويل، واتجاهات التكنولوجيا الناشئة.

وتم التطرق الى الوسائل التي يمكن اللجوء اليها لتعزيز الشراكات ومساعدة المشاريع العربية الصغيرة والمتوسطة على الوصول الى الاسواق الاقليمية والدولية اضافة الى تعبئة الموارد المالية المتنوعة ناهيك عن نقاشات بين الحكومات والقطاع الخاص لوضع اطر للسياسات المحسنة المعنية بالمشروعات الصغيرة والمتوسطة.

شكلت هذه القمة منصة إقليمية للقاء القادة المحليين والدوليين من القطاعين الخاص والعام وفرصة جيدة للتأثير على صناع القرار من اجل رسم السياسات والاستراتيجيات اللازمة لدعم المنشآت الصغيرة والمتوسطة.

عقد أثناء القمة 20 جلسة رئيسية وعشرة نشاطات جانبية من ضمنها معرض للعديد من الشركات الريادية والناشئة من العالم العربي.

وقد شهد اليوم الأول مجموعة من حلقات النقاش المتخصصة حول فرص الوصول إلى الأسواق وسلاسل القيمة العالمية. وتم عرض نماذج لمشاريع ناجحة وملهمة كشركة فوريد الكويت ممثلة بالمؤسس والرئيس التنفيذي عبد العزيز اللوغاني، والشركة العالمية للشحن ممثلة برائدة الأعمال البحرينية هدى جناحي، التي تمكنت من أن تصبح عابرة للحدود وتوسّعت إقليمياً ودولياَ ونالت إشادات وجوائز عدة من منظمات إقليمية وعالمية، بينما ركز فابيو روسو مدير المشاريع الصغيرة والمتوسطة في اليونيدو على مدى جاهزية البنى التحتية للمشاريع الصغيرة والمتوسطة وتوفر الخدمات الالكترونية. من جهة أخرى ركزت دانا الزعبي امين عام وزارة الصناعة والتجارة والتموين الأردني على ضرورة توفير برامج متخصصة للتوجيه والارشاد للمشاريع الناشئة لمساعدتها في مواجهة التحديات وتخطّي الصعوبات التي ستواجهها خلال المراحل التأسيسية.

وتطرّق النقاش الى أهمية التمويل وتحفيز المشاريع الريادية من خلال تخصيص قروض ميسرة سهلة الشروط في جلسة شاركت بها من الاردن مدير بنك الاتحاد ناديا السعيد وعبد الله العوضي من البنك الدولي الكويتي وعامر بوكيفيك من بنك التنمية الإسلامي. كما تطرقت الجلسات التي شارك بها رفيق الفيقي من وحدة التنمية الصناعية في منظمة اليونيدو، ورنا نواس مؤسسة المدوَنة الصوتية ’عندما تفوز النساء‘ الى ضرورة توحيد الأنظمة في الدول العربية خصوصاً الدول الحدودية لتسهيل عمليات التجارة والتصدير خاصة عمليات الدفع الالكتروني وتشريعات تنظيم التجارة الالكترونية.

وقال المتحدث عبد الله العوضي من بنك الكويت الدولي، أن البنك وجد فجوة في سوق الكويت في المراحل الأولى للمشاريع الصغيرة والمتوسطة، حيث تم سد الفجوة من خلال تأسيس مركز يدعم المبادرين في المراحل الأولى من مشاريعهم لزيادة فرصهم في النجاح، مؤكدا على أن أهمية هذا المؤتمر تأتي بما يتيحه هو تواصل كافة الرواد والمستثمرين الاقتصاديين وجهاً لوجه للتمكن من الاتصال الصحيح.

 
اشتملت فعاليات اليوم الثاني على ورش عمل مختلفة بدأت بجلسة عن الفرص المتاحة للمشاريع الصغيرة والمتوسطة في التكيف مع البيئة الخضراء بمشاركة مؤسسات دولية من سويسرا (يوهانس هيب، مؤسس Seecon International GmbH) وبلجيكا لييف فرانسن (المؤسس المشارك في منصة Transformative Technologies)، وألمانيا (الين بوسمان من شركة الاستشارات Green Businesses Consultant و كاتيا مولهايم المؤسس والرئيس التنفيذي لشركة Prestel & Partner المتخصصة بمنتديات مكاتب الشركات العائلية) واسبانيا (محمد وجيه من مؤسسة بريما (PRIMA) التي تنشط في المجال البيئي وتهدف من ضمن موضوعات عدة الى معالجة التحديات في تغير المناخ، والنمو السكاني والأمن الغذائي ضمن منطقة البحر المتوسط. كما تم الحديث في جلسة ثانية عن البرامج الخاصة لدعم للمشاريع الصغيرة والمتوسطة تحدث فيها فارس العقاد المدير الإقليمي لشركة ميتا (META) في الشرق الأوسط وميرنا سليمان من مؤسسة فينتك غالاكسي (Fintech Galaxy) في لبنان ورامز الصرافي المدير التنفيذي لحاضنة الأعمال فلات 6 لاب من مصر (Flat6Labs) وعدي غنيم من المؤسسة الأردنية لتطوير المشاريع الاقتصادية.

عقد بالتزامن مع الجلسات النقاشية ثلاث ورشات عمل متخصصة حول بناء القدرات وتبادل الخبرات بالتعاون مع خبراء مختصين من مركز التجارة العالمي (ITC)، وجامعة كمبريدج والمؤسسة الأردنية لتطوير المشاريع الاقتصادية.

كان من بين المشاركين في القمة شركة الوسام العالمية للتسويق الالكتروني، وهي شركة صاعدة تعمل على ترويج المنتجات الفلسطينية في الاسواق الدولية من خلال علامتها التجارية "ارض الخير" (https://ardalkhair.ch)، وهي متواجدة أيضا في سويسرا وتتطلع لأن تكون سوقًا الكترونية للمنتجات الفلسطينية وبوابة لممارسة الأعمال التجارية بين فلسطين وسويسرا وأوروبا، وهو ما سيشكل دعما للمنتجات الفلسطينية عبر الوصول الى السوق السويسري والأسواق العالمية.

 تضمنت القمة معرضا شاركت فيه نحو 100 من الشركات الصغيرة والمتوسطة الحجم لتمكينها من عرض منتجاتها وتسهيل تبادل الخبرات والتشبيك، وتعزيز الشراكات.

كان من بين الشركات العارضة شركة دونا ناتشرال (Donna natural) من مصر، وهي تسعى الى تمكين النساء من الشعور بالرضا والتعبير عن ذواتهن من خلال مساعدتهن على العناية ببشرتهن والظهور بمظهر لائق، عبر ابتكار شامبو جاف طبيعي لتنظيف الشعر والحيلولة دون تلفه بسبب استخدام الماء المتكرر (www.donnanatural.com)، وشركة سيفبرو (Sefpro) من مصر، متخصصة في المنسوجات ومنتجات الألبسة المصنوعة من القطن المصري. يوجد للشركة فروع في كل من الإمارات والمملكة المتحدة. وتتمتع منتجاتها بشهادة معتمدة من Fairtrade and Gots، وشركة تيا للاستشارات التنموية والإدارية، من اليمن، وهي مختصة بتطوير العمل الإنساني وتعمل على اعداد الدراسات والابحاث الإنسانية والاجتماعية والاقتصادية والبيئية، بالإضافة الى تقييم المشاريع الإنسانية www.tiadsc.com.

تبيّن أن العديد من المشاريع المشاركة متعلقة بالبيئة مما يشير إلى وجود وعي لدى الشباب العربي في قضايا البيئة والتغير المناخي، وإلى توجه الجهات المانحة إلى دعم هذا النوع من المشاريع.

لوحظ وجود العديد من الشركات وخاصة في مجال التجارة الالكترونية والتكنولوجيا التعليمية والتكنولوجيا الخضراء.

وقد اختتمت أعمال القمة لريادة الأعمال، بإعلان الشركاء والداعمين للشركات الصغيرة والمتوسطة للجنة الأمم المتحدة الاقتصادية والاجتماعية لغربي آسيا "الاسكوا"، عن الالتزام بقيمة تفوق 130 مليون دولار.

في الختام، فإننا نرى بان عقد مثل هذه المؤتمرات على المستوى العربي أمر مهم، وان الجهود التي تبذل في سبيل تحسين بيئة الأعمال ودعم ريادة الأعمال في الدول العربية هو ما يحتاجه العالم العربي بالضبط في ظل هذه الأوقات الصعبة التي تشهدها المنطقة. وقد قام العديد من الحكومات العربية في السنوات الأخيرة بإدخال إصلاحات تنظيمية بالفعل، تهدف إلى تحسين بيئات الأعمال لكن هناك المزيد يمكن عمله للوصول الى تحقيق الأهداف المنشودة وايجاد بيئة جذب مناسبة لريادة الأعمال، وخاصة في المجال الرقمي، كإزالة الحواجز التي تحول دون التجارة العابرة للحدود وتحسين البيئة اللوجستية بين البلدان العربية وإتاحة الوصول الى خدمات الانترنت الفائقة السرعة (النطاق العريض) لجميع السكان وخاصة في المناطق الريفية ونشر أنظمة الدفع الرقمي وإصلاح لوائح التجارة الالكترونية وحماية المستهلك (وهذا ما يؤكده تقرير للبنك الدولي المصدر)[1]  والتسريع في إيجاد سوق عربية موحدة ودعم تنافسية الشركات الصغيرة والمتوسطة لتحسين فرص بقائها في ظل المنافسة الشرسة التي تواجهها على الساحة الدولية (للمزيد)[2].

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2020 has been a tough year for everyone, even the world’s best economies hardly survived. Given this fact, you would assume developing countries like some African nationas paid the highest price. However, earlier this year, #Africa4Future held its annual call for projects.

About 212 responded with applications from start-ups from 28 different countries across Africa. Here we present our top 5 African startups list. This year’s focus was on remote sensing for precision agriculture and infrastructure development.

AgriEdge

This is a promising startup from Morocco which aims ar providing precision agriculture services to small farms. They focus on irrigation, fertilization, diseases and crop yield. By using sensors, they deliver the right amount of water where needed through a user-friendly mobile application. They apply the same logic for fertilization more or less, with a model predictng the amout of fertilizer to deliver after an assessment of weather, soil data and satellite info.

Their approach to disease containment is very cutting edge. Through the app “Phytodetect” farmers are able to get notifications on their crop status and possible future threats just by uploading pictures. Looks like we are really about to see a revolution in agriculture thanks to the ever-growing technology.

Flamingoo Foods

Sometimes simple solutions are the best. In fact, with farmers producing food but not being able to commercialize it companies like Flamingoo Foods apprear to help. Flamingoo Foods is a leading rice producer in the Rukwa Valley. Our rice mill sources and stores paddy rice of high quality from farmers within the valley. The paddy is then milled to become the tasty Flamingoo Foods rice, which is supplied nationally in wholesale and exported to neighboring countries.

Where formerly families in the Rukwa Valley relied on donkeys to transport paddy from remote fields, their army of trucks provides them reliable access to markets. Currently, Flamingoo moves more than 200 metric tons of food per month.

RuralFarmers Hub

RuralFarmers Hub provides agricultural services to smallholder farmers. This company is really trying to take things to the next level, connecting space and earth in a sense. Indeed, their main product, Capture, uses a proprietary algorithm and satellite data to generate real-time farming advice that is delivered to farmers.

Among their services we have e-Extension Service, Remote Crop Monitoring, Farm Risk Assessment and Sustainable Rural Developement. Extension Service combines remote sensing and the good agricultural practices to give farmers the best advice via SMS or even by call.

Crop2Cash

We all know that one the biggest problems of african startups might be the lack of resources. With over 38 million smallholder farmers in Nigeria lacking access to finance to increase their agricultural production, simple and fast solutions are much needed. Crop2Cash with its CashCard enables smallholder farmers in rural Nigeria to receive digital payments and build their financial identity. Through their SupplyBase agro-processors can manage their supply relationships with farmers digitally. No need for suppliers to wait for days to receive oayments for supplying an agro-processor, all tanks to an entirely digitised process.

XY Analytics

Last but not least is XY Analytics. We all imagine how difficult managing livestock can be, this start-up from South Africa is working on a herd management tool to enable the monitoring of health, movement, reproductive status and location of livestock. Thulani Nyandeni and Kearabetswe Nyandeni started the company in 2016 to help local cattle owners remotely monitor the health status and location of their herd. Their flagship? Melusi Connect…

Melusi Connect is an application which uses an IoT device attached on a cow’s ear to collect real-time critical health information such as body temperature, blood pressure, noise, and others. This data is then processed by a machine learning engine that generates insight and recommendations about the individual animal.

All these data have a massive role in shaping the farmers’ decisions who can access their dashboards to have intel. This sounds a little too technical right? Wha about illiterate farmers? Not a problem, the application provides seamless messaging alerts accessible both to educated and illiterate cattle farmers.

source: startupworld.tech

There are various forms of financing. Which one is the best for your company?

A couple of weeks ago the Dutch Chamber of Commerce announced the number of newly started companies in the first quarter of 2018.

Guess what: it was the highest number in five years’ time and there were 10% more companies opened compared to the first quarter of 2017! And what does a higher number of companies imply? More competition for available capital! So, are you looking for financing for your firm? Well, don’t worry too much…

There is more than enough funding available in the Netherlands. It won’t hurt though to do some research into which forms of financing exist. This will help you choose the source of funding that suits best with your situation and company stage. This in turn increases the chances that you will successfully raise funding. The overview below will help you make the best choice.

12 sources of finance for entrepreneurs!

1-     The founders

Explanation: have some savings left yourself? Just received a nice bonus? Why not invest it in your own company! You don’t necessarily have to invest in terms of cash. If a co-founder or a partner invests his/her hours in helping you start your business next to his/her job that is also an investment. Or what about a founder making an office, machines or a technology license available? All of these are sources of investment. Temporarily not paying yourself any wage is also an option.

When to choose this source of financing: founders can obviously invest in their own company at all times. However, you usually see this happening when the company has just been founded. When a company is set up, in many cases no revenues or external financing is available, while there are always some start-up costs to cover.

In terms of the size of the investment you can go all out (as far as your bank account allows you to). Advantage of this form of investment: it can be perceived as positive by an external financer that a founder has some “skin in the game” as well. Why would another person take the risk of investing in your company if you have never been prepared to take the risk yourself?

2. The 3F’s: family, friends and fools

Explanation: before you start approaching professional investors, it might be worthwhile to try to raise some funding within your network of family, friends and fools. These are often people from your family or social network who are close to you and mainly invest because they have faith in your idea or in you as a person/entrepreneur. As they are usually not professional investors you should not expect a professional assessment of your plans from such an investor.

When to choose this source of financing: this type of financing is often pursued to cover the costs of setting up a new company or to bridge the gap to a first round of seed funding. The advantage of this funding type is that it is a quick and cheap way of collecting cash, especially if you take into account the risk that the 3Fs take (which they are not always aware of themselves: hence “fools”).

Usually the amounts concerned with this type of investment are not too high and are typically repaid as a loan (with or even without interest) or are invested in exchange for a small equity share in the company. When the invested amounts, share percentages and the level of professionalism increase, then we speak of angel investing.

Angels/informals

Explanation: angel or informal investors are experienced entrepreneurs who have some funds available (often from previously exited ventures) and invest those in new companies to help other entrepreneurs succeed in their business. Angel investments start around €50,000 and can amount up to (more than) a million euros, as angels often invest together in groups.

When to choose this source of financing: go for an angel if you are looking for seed funding within the abovementioned range. Angels typically offer “smart capital”: so not just money, but also network and knowledge within specific sectors. Try to find an angel that fits with your company in terms of experience and sector knowledge. You can find two overviews of active angel investors in the Netherlands here and here.

4. Crowdfunding

Explanation: nowadays it is hard to imagine crowdfunding once didn’t exist in the Dutch (and international) financing ecosystem. With crowdfunding, the “crowd” finances the funding need of a company. Usually crowdfunding is performed via an online platform where entrepreneurs offer investment opportunities on one side of the platform and on the other side of the platform a large group of people invest small amounts to meet the entrepreneur’s investment need.

When to choose this source of financing: in general there are three types of crowdfunding: loans, pre-orders/donations and convertible loans. Are you looking for a loan, but is it hard to secure one from the bank because your risk profile is too high? Then try loan crowdfunding. Do you have a prototype available and do you want to test the product/market fit, but you cannot finance the production/delivery of the first batch of actual products? Then go for pre-orders/donations.

Well-known examples of suitable platforms are Kickstarter and Indiegogo. These platforms are mainly suitable for products/projects/gadgets aimed at the consumer market with a strong design element to them.

Convertible loans have the following advantages: 1) no shares are being issued, 2) valuation discussions are postponed until the moment the value of a company can be better determined and 3) it is an easier, faster and cheaper process than an actual share transfer. Leapfunder is an example of a Dutch crowdfunding platform that works with convertible loans.

Since the people that invest via crowdfunding platforms are not always professional investors, crowdfunding is better suited for propositions that are not too complex or technical and that are easily understood by the general public (that’s why it’s called “crowd” funding). Think for example of consumer products.

There are also crowdfunding platforms with a specific focus, so take that into account in your choice. Dutch crowdfunding platform Oneplanetcrowd for instance focuses specifically on sustainable projects with a positive impact. Here you can check out a list of crowdfunding platforms in the Netherlands.

5. Subsidies

Explanation: a huge number of tax/financial schemes (e.g. in the Netherlands: WBSO, InnovationBox, vouchers) and subsidies (e.g. Horizon2020, regional subsidies) exist. The aim of subsidies/schemes is typically to stimulate entrepreneurship, innovation/R&D or economic growth within a certain geographical area. That is why every region, every country and even the entire EU has its own subsidies.

When to choose this source of financing: ALWAYS, we can be very brief about that;) Subsidies are relevant during almost every company stage. From start-up to corporate, from freelancer to publicly traded company.

As mentioned before, many subsidies only focus on a certain geographical area and often there is also a specific sector focus. Therefore it is important to look for a subsidy that fits with your company. For an overview of available subsidies/schemes in the Netherlands, check out the website of the RVO.

Keep in mind that administrative and reporting requirements often apply to subsidy applications and grants. You need to be able to justify the costs for which you request a subsidy and sometimes it is mandatory to have this justification audited as well.

6. Venture capital/private equity

Explanation: private equity is the collective name for professional investment firms that invest in companies that are not publicly listed. Venture capital (VC) is a type of private equity which focuses specifically on risky investments in terms of early stage companies.

People often speak of private equity when investing in larger organizations that are existing for some time already. Venture capital on the other hand involves investing in growth capital of young companies. In general, VCs have a fund available of a specific size (e.g. € 100 million) that has to be invested within a certain period of time (e.g. 10 years) in a bunch of companies with different risk profiles to spread the risk across the portfolio. The aim is to sell the shares after a couple of years with a certain return/profit.

When to choose this source of financing: venture capital is mainly suitable for companies that have already passed the “seed stage” and are looking for series A or series B funding. This type of funding is therefore meant to help companies grow faster than when they would grow organically, for instance if a firm wants to internationalize.

VCs typically invest in the range of about €500,000 to €20 million. To raise funding from a VC a company’s product/market fit has to be proven already and steadily growing revenue streams have to exist (except perhaps in the medical sector). However, there are also venture capitalists with seed funds (starting at €200,000) that offer seed capital to companies that have not met the abovementioned criteria yet.

The advantage of VCs is that they can fund multiple rounds, where an angel or other seed investor is not always capable of doing so. VCs often also have a specific sector focus and good knowledge/network within this sector. For a list of VCs active in the Netherlands, take a look at this overview.

7. Debt financing: the bank

Explanation: even though there are a number of banks in the Netherlands that have started venture capital funds (including Rabobank, ING and ABN AMRO), banks are generally more risk averse than for example angels, seed investors and normal VCs. This does not mean that banks do not finance entrepreneurs, on the contrary!

However, they are more likely to invest in SMEs, in companies with lower risk profiles (than start-ups for instance) and when companies can offer collateral. For an early-stage start-up that does not fit in the focus of the VC funds, it can thus be difficult to secure funding from a bank. However, a number of banks in the Netherlands do have partnerships with crowdfunding platforms.

When to choose this source of financing: as mentioned, banks generally take less risk than, for example, VCs and angels. However, if you can provide collateral then the bank is a very good option. Are you thus looking for working capital financing, stock financing or financing to cover investments in buildings/machines, then the bank is a very good option to consider.

Companies generating stable income streams and that have been growing organically for a number of years (and are thus less risky) can certainly also turn to the bank. A big advantage of debt financing: you do not have to give away a part of your company in terms of equity, which means that in the long term it can turn out to be a much cheaper way of financing than for example securing funding from an angel investor or VC.

8. Factoring

Explanation: in short, factoring is a way of financing working capital by lowering the size of accounts receivable. Example: if you send an invoice to a customer, but it takes him/her 60 days to pay, then you can decide to ‘sell’ this invoice to a factoring company (against a certain payment of course).

The factoring company will pay for the invoice immediately (or provides you with a loan) so that you do not have to wait 60 days before the invoice is paid. A factoring company can also take over the risk that a customer does not pay.

When to choose this source of financing: first of all, it goes without saying that you must have clients in order to be eligible for factoring. If you do not have any paying customers, factoring is not an option. If you do have customers, factoring can be very useful if you have to deal with long payment terms.

Do you have large corporates as your customers? Then it can take a while for invoices to be paid and there is often not much you can do about it. In order to keep your working capital position healthy, factoring can be a good choice. Is accounts receivable management costing you a lot of time and effort? Do you often suffer from bad debtors? Then factoring could also be an outcome.

9. Leasing

Explanation: do you have to make large investments in assets such as computers and/or machines? Why don’t you lease instead of purchasing them? By leasing assets companies can spread payments over a longer period of time instead of having to fulfill the full payment of an investment upon the moment they decide to purchase an asset.

When to choose this source of financing: when a company is capital-intensive, meaning it is dependent on the use of (sometimes expensive) assets such as machinery.

10. Suppliers

Explanation: do you purchase a lot from suppliers? Then try to negotiate favorable payment terms with them. If your customers have long payment terms, for instance, you can try to agree to longer payment terms with your suppliers as well so that you do not run into any problems concerning your working capital. On the other hand, you could also try to discuss discounts in the event you pay your suppliers very fast.

When to choose this source of financing: choose this form of financing if you have good relationships with your suppliers or if you have a good negotiating position towards them (for example if you are a large/important customer for them).

11. Initial Coin Offering

Explanation: for an Initial Coin Offering (ICO), a company typically writes a whitepaper to pitch a certain business idea and asks the general public to finance the idea using Bitcoin and/or altcoins (other cryptocurrencies than Bitcoin). In return, the investor receives the new altcoin generated by the company during the ICO.

Usually this newly generated altcoin is at the center of the company’s business activities and thus leveraged in a way that increases its value. As soon as this altcoin becomes tradable, investors can resell it (and hopefully make a profit). The ICO is therefore very similar to an IPO (see section 12 below), but uses cryptocurrency instead of shares that can be converted into “normal money”. Here you can find an overview of cryptocurrencies currently existing.

When to choose this source of financing: it is possible to do an ICO as a non-blockchain company, but currently the majority of the companies that do an ICO are still blockchain/cryptocurrency companies. This is due to the fact that the new altcoin generated by an ICO often has a function within the company to increase its value. The speculation on the fact that the value of the new altcoin will indeed increase is what attracts investors.

12. Initial Public Offering

Explanation: the holy grail of financing: the Initial Public Offering (IPO)! An IPO is the public listing of a company, which means that it is the first time a company offers its shares to the general public. This means that practically anyone in the world (individuals or institutional investors) can invest in the company by buying shares at a certain value.

Before an IPO, a company is private, which means that it often only has a limited number of investors who have invested early-stage or growth capital. Think of the founders, angels and VCs for instance. Spotify just performed a public offering and there are rumors about the Dutch company Adyen performing an IPO soon as well.

When to choose this source of financing: for an initial public offering to be successful, a company must be able to demonstrate years of strong growth and its proposition typically includes a certain network effect/scalability. Growth can be defined in several ways. This can be turnover or profit, but also, for example, the number of customers or active users.

For example, Spotify is a loss-making company, but has been growing enormously over the past couple of years (in terms of turnover and users). A company also has to demonstrate transparency and confidence that this growth will continue in the coming years, because it has to win the trust of the general public that the value of the shares (which they buy today) will rise in the future so that they can make a profit on their investment.

For the investors who owned a share in the company already before the IPO, a public listing can turn out to be very attractive (financially). An IPO should not be underestimated though: it is a very costly process and results in many reporting requirements towards the public, imposed by strict government regulations.

source: ey

It would be an understatement for me to say that COVID-19 has changed the world and indeed the way many of us live. In Australia, though tragic in terms of the lives lost to date, we have been fortunate to avoid the significantly higher rates of infection and associated mortality that other nations have endured. As we have seen in the United States and Europe however, the key common thread has been the dramatic impact on local and global economies alike.

The reality is that many good businesses may not survive, and those that do will find their operations permanently changed. From small businesses in hospitality and tourism through to multinational entities, all businesses will need to reassess how they operate moving forward given the flow-on effects of global challenges such as unemployment and disrupted supply chains.

In the startup world, many have also been forced to put operations on hold or temporarily scale back their plans just in order to survive. But as we emerge from the crisis, some of these more agile small businesses and start-ups who have adapted to change may be better placed than larger less nimble incumbents to not only survive but thrive in this new world.

Evolving in Order to Prosper

While the federal government has begun implementing its three-step plan for how COVID-19 restrictions will be lifted across Australia, there will still be a lengthy transition period as global travel remains limited and other economies are at varying stages of recovery.

Startups by nature are growth minded – it’s part of their DNA. Solving problems, spending money on growth (also known as investment), and therefore creating jobs as a result, make start-ups a prime ingredient in our country’s plans for economic recovery. They adapt, they identify opportunities for change, and grow off the back of them. This will be vital for succeeding in the new, and as-yet-unknown, world we are emerging into.

But while making considerations around change, companies no matter how large or small should also keep sight of what matters and what drives them. Investor and entrepreneur Ray Dalio underlines the importance of this in his book Principles where he talks about developing strong foundational principals to guide decisions when faced with challenges and opportunities. In his book, Dalio also notes, “evolving is life’s greatest accomplishment and its greatest reward” and “adaptation through rapid trial and error is invaluable.”

Adapting to New Technologies

COVID-19 has been described by many as a catalyst for significant change. This is best illustrated in the rapid adoption of new technologies by companies in response to the changing economic and social landscape. It also demonstrates the need for companies to not only move faster to adopt new technologies but also to learn how to make decisions at pace. If you asked an Australian G8 university before the pandemic how long it would take for their entire operation to transition to an all online learning model, many would have estimated four to five years. When the crisis came, it took them a matter of weeks. If we look at healthcare with the introduction of widespread telehealth, the population has adapted and we will now likely see telehealth becoming a key component of our country’s much envied healthcare system.

Digital transformation is therefore no longer an option but a necessity. It has already been forced upon many organisations and their staff, and this momentum should be allowed to continue. Without a “reset button” –  companies will need to adjust and balance their risk aversion with the need to adopt technology to improve efficiency and ultimately deliver new ways of working.

Whether it be through addressing the needs of procurement or IT departments in organisations, the ability to move at pace and finding that right balance between risk and necessity will be a key asset to any organisation now and into the future.

Setting New Employee Expectations

The way we view work has likely changed forever.  Even as a temporary measure, remote working has opened people’s eyes and minds to a different way of operating. During COVID-19 lockdowns, people have had more flexibility and spent more time with family than ever before. As a result, employers must take this into account when anticipating what the needs and demands of an employee will be post-pandemic.

Entrepreneur and author Reed Hoffman wrote about the concept of future employers hiring someone for “a job to be done” rather than simply to fulfil a role. This is an idea that may likely come to fruition off the back of COVID-19. With a large number of employees working from home, employees are likely to have been held less accountable to what they’re doing, and hopefully more accountable to what they’ve achieved. For myself personally, I can’t see every single one of my hundreds of staff on Zoom every minute of the day, but I know they’re working well, and trust them to get the job done.

The future won’t be easy, but I am optimistic as we welcome the emergence of the “new normal” and how new ways of working will evolve. Startups provide a key ingredient to accelerate our country’s economic recovery with the opportunity for big business adapt a similar growth mind-set. Technology and innovation will sit at the centre of this shift, and companies will need to adapt if they are to not only survive, but prosper in this new age.

Smart cities are expected to boost lucrative business opportunities for the UAE and the region. However, the Internet of Things (IoT), the technology underpinning these complex and interconnected urban networks, offers a considerably expanded attack surface for cyber adversaries of all kinds, according to a report by Digital14, a UAE-based advisor in digital transformation and cyber resilience.

There are an estimated 22 billion networked devices worldwide. The interconnected nature of smart cities means that by 2025, that number is forecast to rise to 38.6 billion.

Each of these devices serves as an entry point for malicious actors, with everyday gadgets such as IP cameras and digital video recorders (DVRs) likely to be at the greatest risk.

In fact, more than 25 percent of attacks against enterprises this year will involve IoT devices. The GCC is increasingly prone to IoT attacks, with 18.45 percent of public-facing hosts in the UAE alone potentially vulnerable to such attacks, according to the report.

Key highlights of the report showed that the UAE is hit by an average of 304 attacks per day, the highest in the GCC. Over 42,500 IP cameras are potentially vulnerable to cyberattacks in the GCC while nearly 8,000 digital video recorders (DVRs) in the region are openly exposed to an outside network.

With the UAE embracing smart city technologies and taking a leadership role in this field, it is no surprise that the country takes the regional top spot in the Global Connectivity Index.

Expecting the growth of this sector to continue, the report proposes six actionable takeaways for organisations to defend themselves against new and evolving threats, including validating IoT devices before deployment, continuously monitoring all devices on the IoT network, and isolating IoT devices away from crucial and sensitive networks.

With the vast opportunities that smart cities bring, both in terms of improved business productivity and consumer experience, operators and device owners must be conscious of the potential vulnerabilities within their networks.

Only by safeguarding their networks, can smart cities truly realise their promised potential.

source: sme10x