As young entrepreneurs emerge and gain prominence on a global scale, recent research—such as the Global Entrepreneurship Monitor (GEM) Report 2024—highlights how these youthful demographics, particularly millennials and Gen Z, are redefining success by emphasizing sustainability and social responsibility through ethical business practices. This shift is fostering a promising direction for economic activities.
In the UAE, Sara Abdelaziz Al Nuaimi, CEO of the Sharjah Entrepreneurship Centre (Sheraa), indicated that 47% of social entrepreneurs in the region are aged between 18 to 34. Furthermore, around 80% of these social entrepreneurs are engaged at moderate to high levels, delivering products and services aligned with the Sustainable Development Goals (SDGs) within the country.
Insights:
What drives younger entrepreneurs towards addressing global issues and pursuing sustainability?
Young individuals today navigate an era marked by heightened awareness of pressing challenges, including climate change and technological upheaval. They have also been granted unprecedented access to tools and information, which enables them to understand and act decisively. For this generation, entrepreneurship extends beyond mere profit margins, evolving into a legacy-oriented endeavor that prioritizes meaningful social impact. This is reflected in the increasing prevalence of businesses that embody principles of inclusion and environmental responsibility. The new wave of entrepreneurs is reshaping the essence, purpose, and culture of business ventures.
In the UAE, Sheraa’s initiatives help young founders confront and resolve intricate challenges, from promoting food security to ensuring accessibility in services.
How prepared are young entrepreneurs to embrace developmental roles and achieve their objectives?
The readiness of the youth is evident in their ambition and determination. A Microsoft survey highlights that Gen Z adopts a distinct approach to hard work, with 48% balancing several side projects, illustrating their enthusiasm and willingness to embrace risk for successful outcomes. There’s a growing tendency among this demographic to merge their professional roles with their ethical outlook, as noted in a Deloitte survey which reveals that 86% of Gen Z prioritize purpose in their careers, with half of them indicating they would leave positions that conflict with their values.
At Sheraa, our work with young entrepreneurs is rooted in a profound comprehension of their unique attributes—such as adaptability, digital skills, and a preference for purposeful endeavors—which guides our specialized programs aimed at nurturing an entrepreneurial culture that encourages creative problem-solving.
Can you share an example of a program tailored for young entrepreneurs?
One significant initiative is the Sheraa Startup Dojo, an annual three-month program designed for young entrepreneurs, specifically targeting university students and recent graduates. This program offers practical experience, allowing participants to transform their entrepreneurial concepts into comprehensive business plans while gaining hands-on insight into business operations. Mentorship and support from Sheraa’s experienced team facilitate this journey.
Another noteworthy initiative is the ‘Sharjah Access Challenge,’ which aims to attract young innovators with projects focused on providing smart solutions in crucial sectors such as healthcare, education, food security, and sustainability. The 2024 challenge emphasized agritech and livestock health, inviting startups to present groundbreaking solutions to challenges affecting these sectors, with a total of 2,207 participants from across the globe.
Additionally, Sheraa has partnered with institutions like the University of Sharjah (UOS) and the American University of Sharjah (AUS) to establish entrepreneurial incubators, empowering young entrepreneurs while raising awareness about sustainability and economic advancement.
What additional support does Sheraa offer to young entrepreneurs?
Sheraa is dedicated to cultivating a robust entrepreneurial ecosystem that fosters collaborations between startups and public/private sectors while creating platforms for entrepreneurs to connect with potential investors and funding avenues. Access to capital remains a critical hurdle for startups; as highlighted by a World Bank study, around 65 million businesses in developing countries face an annual funding gap of $5.2 trillion.
To combat this issue, the Sharjah Entrepreneurship Festival (SEF)—the largest event of its kind in the region—serves as a key facilitator, connecting entrepreneurs with industry leaders, investors, and experts, thus creating new opportunities for capital investment. The festival assembles global thought leaders and members of the entrepreneurial ecosystem, giving entrepreneurs insights into market trends, networking opportunities, and innovative business models.
What advice would you offer to aspiring young entrepreneurs?
Many successful entrepreneurial narratives originate from recognizing and creatively addressing problems. While passion is vital, it is also essential to seek guidance and access knowledge to navigate the market effectively. Entrepreneurs should strive to understand their customers’ challenges intimately and come up with genuine, sustainable solutions.
Developing adaptability and flexibility is equally important. This enables entrepreneurs to learn from new information and adjust their strategies accordingly. Our philosophy at Sheraa emphasizes the importance of networking; according to Al Qafilah magazine, 84% of opportunities arise from personal connections.
Ultimately, entrepreneurship is a transformative journey marked by perseverance and growth. As I often remind our founders, “Your ideas have the potential to make a significant impact, but the journey itself will foster your personal development.”