Do you have a social impact project with a financial innovation strategy?
Economics and demographics in the Middle East are two of the most potent factors contributing to the recent eruption and they, too, will determine the best solutions for moving forward. Among the Middle East and North Africa (MENA) countries, on average more than 50 percent of the population is younger than 25. Within this demographic group, the unemployment rate averages about 40 percent. Combine this with a relatively high literacy rate—almost 80 percent for the regional average and more than 90 percent in several countries—and you have a perfect recipe for frustration and anger: young, educated people without jobs.
Social entrepreneurship can be a powerful solution for the MENA region. By blending both financial sustainability (profits) with a prioritization of social impact, social enterprises will contribute to both economic revitalization and social reconstruction. It is a powerful solution because it contributes to the reduction of social and environmental problems without having to rely on charity or public funding
The MENA region is already home to some impressive social entrepreneurs. Synergos recently recognized 22 Arab World Social Innovators, including Kamal Mouzawak, a Lebanese social entrepreneur who founded two enterprises, Souk el Tayeb and Tawlet—both focused on the economic empowerment of rural farmers by providing profitable opportunities for them to sell their goods. In the Palestinian territories, Mohammed Kilany and Lana Hijazi founded Souktel, a social enterprise that leverages mobile networks and SMS messaging to connect unemployed Palestinians to job opportunities for an affordable monthly fee.
There is also a growing network of institutional support for social entrepreneurship in the Middle East. Endeavor, a global non-profit that fosters high-impact entrepreneurship in emerging economies, and Abraaj Capital, the biggest private equity firm in the MENA region, teamed up at the end of last year to launch Endeavor’s Middle East operations. Private capitalists and philanthropists, like Fadi Ghandour, the Jordanian entrepreneur who founded Aramex, are now publicly stating their passion and support for social entrepreneurship.
To Read the full article from inc.com click here
About the author
