Key impact510 jobs created
“It's difficult for youth in Egypt to imagine becoming entrepreneurs. Endeavor can show them that nothing is impossible. More entrepreneurs equals more jobs, spurring growth in the national economy, a rise in incomes and reduction of poverty.”
- Endeavor Egypt
- Managing Director
- Heba Gamal
One of the oldest nations in the world, Egypt has always had a culture that places great value on stable public-sector jobs. In recent years, however, cultural perceptions have been changing as the Egyptian government has committed itself to deregulation and privatization within the Egyptian economy. This change, coupled with the fast-growing penetration of the Internet and satellite TV, means that Egypt’s young generation is now following the success stories of famous entrepreneurs abroad. Increasingly, they are also eager to follow in the footsteps of these role models.
Although Egypt’s fiscal laws and procedures regulating start-ups are still complex and challenging (e.g., filing bankruptcy is illegal and can lead to imprisonment), the Egyptian government’s fight against unemployment now includes taking steps to ameliorate these barriers and encourage more investment in the private sector. An official weekly report now includes the number of newly established companies as a KPI for the Egyptian economy.
The endeavor effect
Endeavor Egypt is one of Endeavor’s youngest offices, laying its groundwork in 2007 and selecting its first Entrepreneur, Khaled Ismail, who was elected as Endeavor Egypt Board Chairman in March of 2011. With the support of Naguib Sawiris, the former Executive Chairman of Orascom Telecom and one of Egypt’s most respected businessmen, Endeavor Egypt secured six founding board members. Currently, Endeavor Egypt’s Board includes 9 members representing a variety of sectors including technology, pharmaceuticals, construction, finance and textile.
Endeavor Egypt formally began office operations in May 2008, and in March 2010, held its official launch and inaugural International Selection Panel.
As the most populous country in the MENA region, globalization is rapidly transforming Egypt. In spite of this, Egyptians still place value on their rich culture and history. This push and pull characterizes the challenges of Egypt’s changing market climate. Endeavor’s main role in Egypt is to support those who have taken the first steps towards embracing new trends, and are inspirational leaders in their respective sectors. By engaging the business community with young entrepreneurs, promoting good role models, and facilitating international exposure, Endeavor Egypt is bridging the gap between business innovators and those who are slow to change.