The National Council for Entrepreneurship and the Entrepreneurship & Innovation Driver

To succeed in the Entrepreneurship & Innovation driver mentioned in the Economic Modernization Vsion, we must look at the most important challenges facing entrepreneurship and innovation, especially that the success of this driver will achieve economic growth through the establishment of unique projects, and its success will also develop the existing economic sectors.اضافة اعلان

The main challenges facing this axis can be summarized as follows:

The first challenge is the entrepreneurship culture, which needs attention. Here, we must focus on spreading the culture of entrepreneurship in our schools first, and then in our Universities.

The second challenge facing the entrepreneurs, is the legal and regulatory challenges. In other words, dealing with complex laws and bureaucracy that hinder the establishment of their ideas. 

Third, the lack of funding, which I think is the most important and prominent challenge. Entrepreneurial ideas need to secure sufficient capital in the absence of any guarantees, which requires finding specialized financing institutions, such as venture capital funds and others. These funds exist but are not sufficient. We also need a fund to finance entrepreneurial projects by the banks.

The fourth challenge is the training and business incubators. These are very important and essential tools in the entrepreneurial journey. Additionally, the lack of access to specialized consultants or mentors in entrepreneurship and innovation, may limit the entrepreneur's ability to continue, as well as the lack of training programs.

In conclusion, steps must be taken to address the above challenges that hinder the axis of entrepreneurship and innovation. The first of these steps focuses on activating the National Council for Entrepreneurship.

This council, which emerged from the national entrepreneurship policy in 2021, is the main body responsible for organizing and supporting entrepreneurial activities, facilitating the work of entrepreneurs in various institutions, and raising obstacles to the Council of Ministers. It is also responsible for developing plans and programs to ensure the availability of the necessary skills and human resources for entrepreneurship. Unfortunately to date, it has yet to play the role it was supposed to play in order to support the entrepreneurial echo system.