As we settle in for the ride that is 2020, we can’t help but reminisce on the rise of the entrepreneurial ecosystem in Jordan. We’re also excited for all the upcoming innovations and changes it will bring!
Entrepreneurship and startups are growing in popularity due to their significant role in economic growth. With continuous advancements in technology and the ever-growing human capital, they are reshaping the Jordanian job market.
Nonetheless, entrepreneurs and startups are boosting the economy for their innovative ideas and solutions. Let’s take a closer look at how entrepreneurship in Jordan has changed in the past decade.
Business and Financial Developments
It’s now much easier than before for startups to get financial support and mentorship due to the rise of incubators and accelerators. These entities play a crucial role in a startup ecosystem.
Accelerators offer programs for individual companies which can range between a few weeks to a few months. They offer mentorship and seeding opportunities in exchange for a particular share of equity from these companies. On the other hand, incubator programs can range between one to five years. They offer a space in a co-working environment, mentorship, networking opportunities along with a month-to-month lease program.
Both entities also provide startups with tips that help them steer clear of any business mistakes.
Diversity in Entrepreneurship
Although women entrepreneurs were present before, they are currently thriving along with the youth due to globalization and industrialization. Entrepreneurs of various ages and genders are coming up with innovative ideas for existing problems or in anticipation of future ones.
There’s a substantial rise in the number of female entrepreneurs in a wide array of domains related to education, health, tourism, tech etc. Names like Darine Al Ashy and Nour Al Hassan are changing the game field that is entrepreneurship. Young entrepreneurs have also become an integral part in this atmosphere. Recently two young Jordanian entrepreneurs – Hala Al-Jaberi and Raad Al-Kloob—created a mobile application that enables early detection of Alzheimer’s, making it possible for people of any age to know prior about the disease.
Last, but certainly not the least, one of the greatest achievements in Jordan is the creation of the new Ministry of Digital Economy and Entrepreneurship (MoDEE). Formerly known as the Ministry of Information and Communication Technology, it has evolved due to the leading role Jordan has been playing in the creation of a startup friendly ecosystem and leading Arab tech companies.
It’s no secret that Jordan has a skilled labor force. But the country also has an abundance of a future generation of entrepreneurs with great minds and strong will. Therefore, to support entrepreneurship and its key role in reshaping the kingdom, MoDEE promotes and drives new digital opportunities. It’s also setting plans in cooperation with other government institutions to overcome the challenges entrepreneurs might face such as securing funding, accessing human capital and talents, regulatory challenges etc.
Jordan is known to be a great entrepreneurial hub among neighboring Arab countries, and with everything that has happened in the past decade we can see why. The government is working hard to create laws that support the bright Jordanian entrepreneurial minds, and we’re positive 2020 will be yet another great year filled with innovation!