Linda Rottenberg, Co-Founder and CEO of Endeavor Global; Young Global Leader; Schwab Foundation Social Entrepreneur; and Co-Chair of the World Economic Forum on the Middle East gives her insight on some of the issues on the agenda of the meeting which will take place at the Dead Sea from 18-20 May.
In your capacity of Co-Chair, what results would you like to see from the World Economic Forum on the Middle East, particularly in meeting the summit’s theme of "putting diversity to work"?
The World Economic Forum on the Middle East has so much potential and it is up to us to realize that potential. As an institution, the World Economic Forum has the ability to convene the very best leaders and share the best ideas to overcome the hurdles that currently restrict the impact that entrepreneurs have on their communities. To this end, I am particularly excited about the interactive WorkSpace session on entrepreneurship. This session has the opportunity to energize and mobilize business leaders to embrace entrepreneurship in the Middle East. If we are successful, we will create opportunities across many industries and jobs for everyone regardless of background.
How can entrepreneurship help fuel a diversified regional economy and meet the challenge of job creation the Middle East faces?
Above all, entrepreneurs are the risk-takers and the innovators in an economy. Entrepreneurs can and should come from all walks of life – young and old, male and female, privileged and under-privileged. As a society, if we give all of those who opportunistically dare the chance to succeed, we will inherently create a much more diversified regional economy. In turn, this will create more jobs, more investment and ultimately more prosperity for all.
What more should be done to support entrepreneurship and public-private partnerships like the Jordan Education Initiative in the region?
"Support" really is the operative word here. Governments, universities, the media, non-profits, and business leaders must come together and work in concert to create the right conditions for entrepreneurship. This means providing education, mentorship, fair access to "smart capital" and less red-tape to give entrepreneurs the skills, the confidence and the incentive to start businesses. Then, we must trumpet these success stories to inspire others to take up the challenge of entrepreneurship.
Ultimately, we can create a disruptive shift in the mindset of a region. When Endeavor was first founded ten years ago, I remember talking with a taxi driver in Argentina. From the conversation, it emerged that he had a PhD in engineering. I asked him why he was driving a taxi and he replied, "What else could I do?" I asked him whether he had ever considered becoming an entrepreneur. He replied, "What on earth is an entrepreneur?" Ten years later, "emprendedor" has a very established place in the Argentine lexicon
What lessons have you seen in your experience of working with entrepreneurs in other parts of the world that could yield successful results in the Middle East?
Every year, Endeavor conducts a survey of its 250+ high-impact entrepreneurs. Accessible capital, of course, is important, but it is not the be-all and end-all. From our survey, we have found that giving entrepreneurs the right tools and support to make smart financial agreements is just as important as the capital. Our entrepreneurs have consistently reiterated their need for mentors who provide experienced, objective strategic advice, role models who inspire them to "think big" and a supportive community of like-minded entrepreneurs. It doesn’t matter what country the entrepreneur comes from: these are needed to ensure businesses can scale smartly and profitably.
Comments