Entrepreneurship in Jordan

08-08-2022 09:16 AM

BY Renad A. Dhayyat

Startups and newly found/small-medium businesses are becoming increasingly popular due to their significant contribution in economic growth; Jordan's labor market is changing as a result of continual technology advancements and an expanding human capital.

Nonetheless, entrepreneurs and startups are stimulating the economy with their innovative methods and solutions, as companies can now acquire financial support and mentoring more easily than ever because of the proliferation of incubators and accelerators.

Thanks to the advent of incubators and accelerators, it is now also much easier for companies to obtain financial backing and mentorship than it was previously. These entities are major elements of a new competitive environment.

Accelerators provide programs for individual businesses that can last anywhere from a few weeks to several months as they provide coaching and seeding opportunities in exchange for a percentage of the equity in these enterprises. Incubator programs, on the other hand, can range in duration from one to five years. They provide a co-working space, mentorship, networking opportunities, and a month-to-month lease scheme, both organizations also offer startup advice to assist them avoid costly business blunders.

Despite the fact that there have always been female entrepreneurs, globalization and industrialization have led to their current prosperity alongside that of the youth. Entrepreneurs of all ages and genders are developing novel solutions to present issues or anticipating future ones, and the significant increase in the number of female entrepreneurs in a variety of fields such as education, health, tourism, and technology reflects nothing but the positive impact that we've taken from the globalized openness.

Most importantly, one of Jordan's greatest successes is the establishment of Ministry of Digital Economy and Entrepreneurship (MoDEE). Formerly known as the Ministry of Information and Communication Technology, it has grown as a result of Jordan's leadership role in the development of a startup-friendly ecosystem and leading Arab tech enterprises.

It's worth mentioning that Jordan has a skilled labor force, however, the country also possesses a large number of prospective entrepreneurs with bright minds and strong will. As a result, MoDEE supports and drives new digital prospects in order to encourage entrepreneurship and its critical role in redefining the kingdom. It is also developing plans in collaboration with other government agencies to address the problems that entrepreneurs may face.

It is safe to say that Jordan is renowned among neighboring Arab countries as a major entrepreneurial centre, and with everything that has happened in the last decade, it is easy to see why the government is working hard to implement regulations that will encourage Jordan's creative entrepreneurial brains, and we are confident that in the next few years a lot of entrepreneurial achievements will be made promising a wonderful future full of innovation.

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