More women to launch new businesses in UAE
Dubai, March 14, 2013
The number of women entrepreneurs is expected to grow this year, as conditions for starting up a business in the UAE improve, according to a report published by the Global Entrepreneurship Monitor (GEM).
Although the report said that the men in the Mena region were 2.8 times more likely to start-up a business than women, there were several factors that could help female entrepreneurs to bridge the gap.
The total number of business registration and licensing transactions facilitated by the Dubai Economic Department (DED) in 2012 showed a hefty 13 per cent increase compared to last year, citing improved business climate and business-friendly initiatives as the reason for the growth.
In fact, in the World Bank’s annual Ease of Doing Business survey, the UAE was ranked 22nd overall compared to 46 in 2012, and first in the Arab world.
Dubai SME, the DED agency mandated to develop the small and medium enterprises sector, has actively supported and encouraged the participation of women in the sector.
“Our compilation of success stories is replete with inspiring achievements of women entrepreneurs who have started businesses and many of them are now flourishing. However, a lot remains to be done and we are continuing to develop new initiatives that encourage more individuals to start their business,” said Abdul Baset Al Janahi, the CEO of Dubai SME.
“There have also been a growing number of private sector initiatives that provide mentorship and support for aspiring entrepreneurs,” said Becky Crayman, the head of awards, Gulf Capital SMEinfo Awards, which honoured a female entrepreneur – NStyle’s Lama Bazzari, as the Business Leader of the Year during its inaugural staging last year.
Along with the Gulf Capital SMEinfo Awards, a digital community for SMEs was also set up last year –SMEinfo.me - to help create an enabling environment for aspiring start-ups and small and medium sized businesses to thrive – an initiative that is also supported by Dubai SME.
The Gulf Capital SMEinfo Awards offer shortlisted and winning businesses the added support of brand awareness and media recognition, something that cannot be underestimated in helping entrepreneurs to market their initiatives.
Another factor that could lead to the increase in number of women entrepreneurs is the fact that 80 per cent of Emirati women are ‘nascent entrepreneurs,’ said Crayman.
“This means woman are natural entrepreneurs. They can easily start an enterprise given the right intervention and support – such as education, mentorship, and access to capital,” she added.
Now in its second year, the Gulf Capital SMEinfo Awards 2013 will recognise outstanding businesses, entrepreneurs and business leaders in 11 categories.
Joining hands with the awards in recognising entrepreneurial excellence in the UAE are Gulf Capital, headline and category sponsor for the Gulf Capital Business of the Year award; as well as MasterCard, the category sponsor for MasterCard Small Business of the Year; and RSA, category sponsor for the RSA Start-up Business of the Year.
The other award categories include Emirati Business of the Year, Online Business of the Year, Entrepreneur of the Year, Business Leader of the Year, Sustainable Initiative of the Year, Customer Focus of the Year, Business Innovation of the Year and People & Culture of the Year.
The awards will begin accepting nominations in April with the deadline for entries set at June 14. For taking part, all entrants must hold a valid trade license in the UAE, must have been trading for two years (except for the RSA Start-up Business of the Year), must have a turnover of Dh250 million ($68 million) or less and fewer than 250 employees.
RSA Start-up Business of the Year
This award is designed to identify the UAE-based Start-up Business that can show evidence of how the business has put in place the foundations and strong plan for future growth. Entry for this Award is open to businesses trading for 2 years or less.
Emirati Business of the Year
This award is designed to identify the Emirati-owned and UAE-based Business that can show evidence of maintaining consistent growth and strong financial performance. Entrants for this award must show how they have been successful in delivering key goals, competitor advantage, growth and innovation.
Online Business of the Year
Open to any UAE business trading online, this award will go to the candidate that can best demonstrate consistent growth and strong financial performance from e-commerce.
Entrepreneur of the Year
The Entrepreneur of the Year Award will recognise the most inspiring, dynamic and driven leader. Entrants must show how they have overcome challenges to grow their successful business and how they have achieved this through passion, commitment, innovation, market knowledge, innovation and inspiring and motivating their Team.
Business Leader of the Year
The Business Leader of the Year Award recognises the outstanding leadership of SMEs in the UAE. The Judges will look for the Leader who can demonstrate examples of excellent business leadership in empowering his/her employees, leadership approach, a successful existing and future growth plan and how his/her successful leadership has had a direct result on the success of their business.
Sustainable Initiative of the Year
This award will go to the organisation that can best demonstrate the successful adoption of a sustainable initiative. Entrants will need to provide examples of policies or projects that positively impact on society, the environment and the economy.
Customer Focus of the Year
This recognises organisations that truly have the customer at the centre of their business - the winning business for this Category will show how they have built their business plan with their customers at the core, in terms of developing new services/products and revenue streams according to their customers' needs.
Business Innovation of the Year
This recognises innovations in any part of the business. The submitted innovation could be a product, service, project or initiative in any department, e.g. customer service, marketing, PR, technology implementation, new product concepts.
People & Culture of the Year
This award will go to the organisation that can best demonstrate how the business has created a positive working environment and invested in developing its people. The Entrant for this Award must be able to show how it focuses on motivating its Team, engaging its Team in the company's values and how this has impacted the business' commercial performance and competitive advantage.-TradeArabia News Service