The cleantech startup ecosystem in the Middle East and North Africa (Mena) region remains underdeveloped, and startups are facing critical barriers in company growth, according to a report.

The report, ‘Mena’s Cleantech Startups – Unlocking the Path to Solving Environmental Challenges’, was launched by technology giant GE and Wamda, a platform of programmes and networks that aims to accelerate entrepreneurship ecosystems across the region at the ongoing Wetex in Dubai, UAE.

The report is part of MEMakers, a wider partnership by the two entities, which includes a digital platform focused on industrial startups, mentorship programmes, and original research, said a statement from GE, a platinum sponsor of Wetex.

The report pointed out that while cleantech startups were emerging and providing innovative solutions, entrepreneurs feel the sector’s growth is being under-utilised due to the low awareness of cleantech among consumers, lack of access to markets, small pool of specialised investment sources, few specialised mentors, and minimal resources for funding research and development.

Scaling up the cleantech entrepreneurship ecosystem is a strategic imperative for the region, which is in dire need of innovative solutions to address its environmental challenges, stated the report.

Rania Rostom, the chief innovation officer for the Mena and Turkey, GE, said: “Mena’s demand for energy is set to increase by 114 per cent while per capita availability of water will be cut by half in the region by 2050. Cleantech startups can play an effective role in meeting these challenges.”

“Through our partnership with Wamda, we are driving the creation of a local innovation and entrepreneurial ecosystem. The white paper is a great example of how the private sector can collaborate to boost local entrepreneurship, especially in the cleantech sector,” stated Rostom.

“Our focus is to provide market knowledge, as well as networking and mentorship opportunities that will help them take their businesses to the next level of growth. Our company’s regional innovation centres and digital industrial technologies will play a key role in supporting these ventures, highlighting our long-term commitment to promoting sustainable development,” she added.

Habib Haddad, cofounder and CEO of Wamda, said: “Mena is a logical location for cleantech startups, given its environmental challenges and growing regional support for entrepreneurship.”

“Despite their tremendous potential for positive change, cleantech startups do not receive adequate levels of targeted support, and if left unchecked, it could become a missed opportunity for the region to develop innovative environmental solutions,” he said.-TradeArabia News Service