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Friday, August 17, 2007

Dr. Khaled Awad is a risk-taker. A doctor by training, he decided at age 26 to give up a secure position in one of Egypt’s state-run hospitals to do something considered crazy by most of his countrymen: Start his own business.

Awad, whose company transmits stock market data directly to mobile phones, is so unusual in Egypt that business people and academics are still trying to agree on a common Arabic word for “entrepreneur.”

CAIRO, Egypt: Dr. Khaled Awad is a risk-taker. A doctor by training, he decided at age 26 to give up a secure position in one of Egypt’s state-run hospitals to do something considered crazy by most of his countrymen: Start his own business.

Awad, whose company transmits stock market data directly to mobile phones, is so unusual in Egypt that business people and academics are still trying to agree on a common Arabic word for “entrepreneur.”

Yet as unemployment remains high across the Mideast, efforts to promote such risk-taking are considered key to boosting countries like Egypt. In a region with corruption-ridden economies and a chronic lack of opportunity for those lacking political connections, there is often a link between economic stagnation and political extremism.

In Egypt, the creation of small and medium-size companies is considered a key factor for economic growth. The country does have a few well-known entrepreneurial success stories, such as Cilantro, a trendy chain of coffee shops, and Otlob.com, a popular home delivery Web site.

But such examples are hard to find. Instead, would-be entrepreneurs continue to face barriers that complicate efforts to turn the germ of an idea into a large and profitable company.

Continue reading “Egyptian Entrepreneurs Struggle Against Culture, Lack of Capital“