‘Abu-Ghazaleh Knowledge Forum’ Organizes Panel Session on ‘Challenges of Financing Startups’
AMMAN – Talal Abu-Ghazaleh Knowledge Forum (TAG-KF), a member of Talal Abu-Ghazaleh Global (TAG.Global), organized a digital panel in collaboration with Jordan Entrepreneurs Club (JEC) entitled ‘Challenges of Financing Startups’ in conjunction with the activities held on the Global Entrepreneurship Week, through live streaming on the Forum’s Facebook page.
The session was held with the participation of Mr. Laith Al Qasem, CEO of Innovative Startups & SMEs Fund (ISSF), Mr. Marwan Abu Sakha, Co-founder and President of JEC, and Ms. Layan Manna’, founder and president of ‘Impact Hub Amman for Social Entrepreneurship’ in Jordan.
During the meeting, the participants discussed the challenges that face the entrepreneurs in Jordan, especially small and medium-sized enterprises (SMEs) and startups in getting finance; in addition to other challenges that face such entities during their establishment, growth and expansion phases. The participants also tackled the challenges of funding, investment, human resources as well as the ability to increase market reach, guidance, legislation and taxes.
Al Qasem stated that the ISSF mission is to provide full support to SMEs and startups at early stages of their establishment, pointing out that the Fund aims at investing in Jordanian companies, providing investment support to partner investors, as well as improving the quality and variety of services provided by intermediaries and networks dedicated to the creation of deal-flow in Jordan’s ecosystem.
The Innovative Startups & SMEs Fund (ISSF) is a private shareholding company owned by the Central Bank of Jordan and Jordan Loan Guarantee Corporation (JLGC). It is registered at the Ministry of Industry, Trade and Supply’s Companies Control Department, with a capital of $98 million, funded by both the Central Bank of Jordan (with $48 million) and the World Bank (with $50 million).
For his part, Abu Sakha said that the establishment of the JEC aimed at promoting awareness on the importance of entrepreneurship as well as the difficulties that young entrepreneurs face, pointing out that the Club seeks to provide a communication platform among entrepreneurs to exchange expertise in addition to finding investment opportunities.
The Club also provides a database that includes information about companies, local market and available financial networks in local and global markets; a data base that is updated regularly.
Manna’ reviewed the objectives of ‘Impact Hub Amman for Social Entrepreneurship’ initiative, stating that it is a local company globally connected with more than 16,500 members from around the world. She said that the establishment of a new branch for the initiative in Jordan aimed at helping youth entrepreneurs to build meaningful relationships with influential entities in Jordan and the world, as well as to enhance and deepen the positive impact of their businesses.
In addition, Manna’ pointed out that Impact Hub Amman is one of the world’s largest networks of entrepreneurs, innovators and investors who wish to make a positive impact in Amman.
For his part, Mr. Fadi Daoud, Executive Director of TAG-KF and Talal Abu-Ghazaleh Global (TAG.Global) Education and Youth Consultant, who moderated the session, pointed out that the digital virtual sessions conducted by the Forum are considered the best way to easily communicate with the audience and followers as they provide a good opportunity for interested people to participate remotely, noting that the session was organized as part of the Global Entrepreneurship Week activities.
Daoud also pointed out that the Global Entrepreneurship Week, which takes place in November every year, is a global event that celebrates innovators, creators and entrepreneurs, with the aim of inspiring and developing entrepreneurial spirits among ambitious and creative youth as well as helping introduce entrepreneurship which is one of the pillars of achieving economic development and growth in society.