Young, innovative entrepreneurs can now join a global initiative aiming at encouraging entrepreneurship across the world as a means to foster competitiveness and create jobs, Sherine Nasr reports A new initiative to boost and develop innovative enterprenial projects was launched in Cairo on Monday. All Egyptian companies have to do is to click on AllWorld Network and go to the Arabia fast growth 500 to find out that all they need to do to become one of the top 25 competitive companies in Egypt is quite attainable; "To be a private sector company, not listed in the stock market, with sales volume of no less than half a million dollars, and to apply principles of transparency in order to guarantee that they are performers and they are growing by at least 40 per cent within the last three years," said Ann Habibi, founding partner of AllWorld Network who visited Cairo this week to launch "Egypt 25" initiative. The whole idea started in 1997 when two partners foresaw the potential for creating more job opportunities simply by encouraging medium- scale private sector companies grow more competitive and go international. "We have a job emergency and it is hard for any government agency to commit to creating the number of job opportunities needed. Young, innovative entrepreneurs can," said Habibi. He added that every company in Egypt is invited to apply, "We will create a national programme to attract the fastest growers. Once selected, they will meet their counterparts from other countries in Harvard where they will receive training. Then they can go global very easily." Sponsored by AllWorld Network, Egypt 25 will be launched in collaboration with the Egyptian National Competitiveness Council (ENCC), Souq.com, Endeavour Egypt, to name some. "Being competitive is perhaps the only path towards developing the Egyptian economy. The initiative will not create these companies because they are already there, but it will shed more light on their activities," said Rachid Mohamed Rachid, minister of trade and industry, adding that giving a push forward to entrepreneurial companies is both a challenge and a means towards growing more competitive. According to Helmi Abul-Eish, chairman of ENCC, the global initiative means to attract the best performing 2,500 private sector companies across the world. "The names of the Egyptian companies will be announced next December. I am positive that there will be more than 25 companies to choose from. Those selected will be part of a bigger network where more marketing and financing opportunities are available," said Abul-Eish, adding that the initiative comes in full
