Jordan unveils new initiative to enhance startup ecosystem
Date
7/15/2024 8:19:17 AM
(MENAFN) The Jordanian government has unveiled a new initiative aimed at fostering and supporting startups across the country, targeting 100 companies in the growth stage. This comprehensive program, spanning two years, will focus on both digital sectors and traditional non-digital industries, facilitated by a consortium led by Endeavor Jordan, Oasis 500, and Beyond Capital—organizations dedicated to promoting entrepreneurship and investment in Jordan.
According to reports from the Jordanian newspaper "Al-Ghad," the initiative plans to select 100 companies over the two-year period, with each year seeing 50 companies enrolled. The Ministry of Digital Economy in Jordan has specified that 80% of the selected startups will operate in technology-driven sectors such as finance, health, and education, or will leverage technology to enhance traditional industries. Additionally, the program aims for 20% of the selected companies to come from non-digital sectors, fostering a diverse entrepreneurial landscape.
Emphasizing regional inclusivity, the initiative mandates that 10% of the selected startups hail from Jordan's governorates outside the capital. This strategic approach aims to decentralize economic opportunities and promote entrepreneurship across various regions of the kingdom.
Jordan's entrepreneurial ecosystem is robust, hosting around 200 registered startups according to some studies, while others estimate the number to exceed 400. The sector is supported by approximately 30 financing institutions and investment funds, along with over 40 incubators and business accelerators. This initiative positions Jordan as a leading hub for innovation and startup growth in the region, contributing significantly to economic diversification and job creation.
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