Social Enterprise Week Draws a Crowd, Sets Goals for the Middle East
At the Capital Club in Dubai Monday night, a group of inspiring
entrepreneurs launched the first Social Enterprise Week in the Middle
East, under the theme “Business as Unusual,” the first in a
week-long series designed to showcase the region’s social business
pioneers.
With a crowded room of high caliber
entrepreneurs, social pioneers and officials, the event was
inspiring on several levels.
An outstanding presentation by Booz and Company representative
Mounira Jamjoom on sustainable development models in the Middle
East was followed by an enriching panel on social enterprise,
moderated by Wamda’s Jamil Wyne, where panelists Lina Hourani from
the CSR Division of Al Ahli Holding, Janine El Tal from INJAZ UAE,
Heather Henyon from Balthazar Capital, and Vineetha Mathew from the
Dubai Chamber of Commerce’s Centre of Responsible Business shared
their insights.
A responsible business approach
As the Middle East shifts toward more sustainable
business models, Jamjoom suggested that we first define
sustainability, and then determine how to achieve it, focusing on
job creation, education, poverty alleviation, and careful
environmental management.
“When we asked corporate leaders about responsible business, they
have always talked about it as an external initiative, not as
something internal. There’s definitely a gap in the region in terms
of applying responsible business internally,” she stated.
Jamjoom also discussed the need to expand definitions of Corporate
Social Responsibility (CSR) in order to avoid limiting its scope;
it should also address poverty, unequal distribution of wealth,
women’s empowerment, and other problems.
Research conducted by Booz and Company revealed that the majority
of youth in GCC believe that education is the foundation of a
successful life, but most of them are focused on pursuing a career
in the public sector or at an international company; very hope to
work at local private companies, start their own businesses or do
charity work.
To build a responsible business agenda in the region, Booz and
Company recommends that companies and governments crucially focus
on Identifying best practices by engaging senior leaders,
strengthening corporate governance, integrating with operating
models, leveraging business capabilities, and measuring results
(elements that Fadi Ghandour’s recent Corporate Entrepreneurship Responsibility
movement also prescribes).
Factors defining the future of social enterprises
“Amidst this momentum in the region, entrepreneurs are
just phenomenal,” declared Heather Henyon from Balthazar Capital,
in the social enterprise panel. Having worked for a decade in
microfinance, she believes in the rising entrepreneurial spirit and
innovation currently taking place in the Arab world. She pointed
that the rise of social entrepreneurship-focused spaces like Alt
City in Lebanon and The Shelter in UAE helps to foster a
sustainable culture.
According to Lina Hourani, the Al Ahli CSR Division empowers young
students to be global entrepreneurs. She acknowledged the young
entrepreneurs who inspire Al Ahli’s work, and emphasized that an
upcoming social entrepreneurship event called “Business for a
Cause” will work to connect businesses, educational institutions,
governmental officials and others with these innovators in Dubai
next week.
On the educational side, Janine El Tal stressed that “despite all
of the tremendous resources and capabilities in the region,
students go to school, then college, graduate, and then head into
the market without a clue about what’s happening in their
community.” She emphasized that schools should involve students in
their communities and value volunteering from an early age, to
produce active members of society.
Vineetha Mathew from Dubai Chamber also called upon educational
institutions to shape the attitudes of tomorrow’s leaders and
entrepreneurs, noting that Emirati youth who typically see a “rosy”
picture of society could be more exposed to the nation’s and
region’s pressing issues.
Panelist agreed that the regulations in the region have to change
quickly, in order to accommodate emerging social businesses and
entrepreneurs and alleviate the issues they face with registration,
as they fall between the category of NGO and companies that offer
profits to shareholders. In the UAE, support for social enterprises
begins with proper legal structures!
More sessions to come
After a big opening night with more than 100
participants, Social Enterprise Week has continued to host popular
panels. In yesterday’s session, “Green Enterprise,” attendees
stayed late to debate ongoing topics, and tonight’s session,
“Ethical Food Enterprise,” promises to be just as fun. Don’t miss
the big closing night, “From Small steps to Big Change, and
screening of a movie featuring Mohammed Yunus of Grameen at the
Meydan IMAX Theatre in Dubai on Thursday.