KFAS launches global monitor; Kuwaiti youths see future in entrepreneurship

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KUWAIT CITY, Oct 31: Youth, in particular, consider entrepreneurship as means to achieve their personal and professionals aspirations and contribute to socio-economic development. The Global Entrepreneurship Monitor – Kuwait National 2020 Report is the first research project to empirically measure perspectives of the entrepreneurial ecosystem in Kuwait, with a national survey of 2,000 participants and whose 2020 research findings are benchmarked across 120 economies.

The research project was funded by KFAS and was conducted by Boxhill College Kuwait and Global Entrepreneurship Monitor, which was established in 1999 as research venture between Babson College and London Business School. HE Dr Khaled Al-Fadhel said that KFAS is very proud to support the first GEM report in Kuwait which provides valuable data and insight to inform leaders, from the government, public and private sectors, including policy makers, on how to form a harmonized entrepreneurial ecosystem as a means to foster national development. The GEM 2020 report found in Kuwait, there is a favourable perception, locally, regarding entrepreneurship.

Of those surveyed, 60% felt that the entrepreneurial ecosystem provides good conditions for starting a business in Kuwait. The report also found that those between the ages of 18 to 24 have entrepreneurial intentions, indicating that the youth, in particular, consider entrepreneurship as means to achieve their personal and professionals aspirations and contribute to socioeconomic development. This is particularly exciting, for the engagement and involvement of youth in entrepreneurial activities is pertinent to the sustainability and long-term development of Kuwait.

The report also addresses the impact of the pandemic on the local economy and work, where specific questions were designed to capture the role of entrepreneurship and innovation in addressing the implications of the pandemic. It was noted that a number of new and growing firms are adopted new ways of doing business, and that the pandemic gave rise to new opportunities for entrepreneurs. Both findings highlight the commitment of entrepreneurs to contribute to the national economy, even during a global crisis. In addition, the GEM report increases the access and availability of data on local entrepreneurship and innovation, that is globally benchmarkable.

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