GEM Global : UAE and Qatar are the most prominent in the field of entrepreneurial education and women’s empowerment

A recent survey conducted by the Global Entrepreneurship Monitor (GEM) network sheds light on the significant role of both current and new entrepreneurs in 25 out of 33 economies surveyed in achieving the United Nations’ Sustainable Development Goals.

The survey highlights the tangible steps taken by these entrepreneurs to reduce environmental impacts in their businesses, with 28 out of 45 economies showing progress in this regard.

Involving nearly 4 million individuals from over 120 countries, including 50,000 national experts, the survey indicates that established business owners are more proactive, with at least one in two taking steps to mitigate environmental impacts in 36 out of 45 economies.

Furthermore, new entrepreneurs are increasingly prioritizing sustainable or environmentally friendly practices over purely economic performance, as evaluated by experts.

The survey notes a trend among many new startups towards replicating existing goods and services using familiar processes and technologies.

Only 7 countries had 2 out of 5 or more entrepreneurs offering new products or services, including Chile, Guatemala, Italy, Luxembourg, Mexico, Panama, and Sweden.

Looking ahead, the survey anticipates that entrepreneurs in 32 economies with business backgrounds of at least 12 years will embark on new ventures within the next three years.

Economies with strong entrepreneurial ecosystems, such as India and China, are expected to witness increased activity. However, a small group of high-income economies in Europe and North America has seen a decline in overall entrepreneurial ecosystem quality to “insufficient” since the COVID-19 pandemic, including Canada, Sweden, Norway, Germany, the United States, France, and Latvia.

Moreover, entrepreneurial education in schools remains weak in most economies, ranking lowest in 31 out of 49 economies surveyed between 2021 and 2023. However, there has been an improvement in the assessment of five economies, including Qatar and the United Arab Emirates.

The survey also highlights inadequate support for female entrepreneurs, with 37 out of 49 economies lacking satisfactory support for women in accessing resources or funding.

Specifically, support for women was found to be inadequate in 5 countries, including the UAE, India, Norway, Qatar, and Sweden.

Companies express concerns about female entrepreneurs’ potential failure in their endeavors, a crucial aspect of securing funding.

According to experts, two out of five women entrepreneurs hesitate to start their businesses due to fear of failure, a sentiment echoed in 35 out of 45 economies surveyed.