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Economic Growth through Entrepreneurship

This article is written by Clinton James, a Contributor Author at Startup Turkey.

Fadi Bishara, founder of Blackbox brings out a need for economic growth through elevating entrepreneurs. It is believed that entrepreneurs drive the global economic growth and accelerators should create equality of entrepreneurial opportunity by connecting them to mentorship, knowledge, resources, and networks to succeed. Through immersive programs that champion entrepreneurship, Blackbox enables transformation of high-potential start-up leaders into global value creators by no longer helping entrepreneurs to start up the game better, but instead to help entrepreneurs play a better game.

Blackbox program supports people who have chosen to embark on entrepreneurship, driven by some inherent desire to build, create or achieve and to support the growth of innovators and change makers by connecting them world-wide with seed investors, venture capitalists, mentors and market entrance partners. This in turn empowers founders and focuses on elevating entrepreneurs globally.

There has been a revolution from industrial to information era which further brings forth an entrepreneurial era. Entrepreneurship revolution is shaped by three global trends which include;

  • Democratization of the entrepreneurship, driven by technology as it is now much easier to start a business anywhere globally.
  • There has been a growth of innovation diversifying away from Silicon Valley and becoming more global. This gives opportunities to many more entrepreneurs and innovators.
  • The emergence of fast globally connected generation on the world stage. In this case, the generation being born now gets connected from a young age and have the ability to see the world as one entity which creates a broader audience.

Blackbox has brought out some factors that has led to their growth through research and the one standing out is the internet as it is used as an asset for this achievement. This is through how it connects the company with mass knowledge and people. It has deemed more valuable than the basic electricity as its knowledge can be packaged to create services, products and companies globally.

However, the problem facing this growth is the inequality of Entrepreneurs where millions of entrepreneurs across the globe are unable to realize their full potential due to institutional policies, cultural and social barriers. If entrepreneurship was to be supported and increased just by about 10%, there would be $22 trillion globally that is yet to be tapped. The negative impact of not supporting entrepreneurship leads to inability to contribute to value.

Innovation is said to increase every country’s economic growth and the most common way of improving this is through startup acceleration. The accelerators encourage entrepreneurship practices which further leads to innovation. In the long run, the innovation leads to a substantial economic growth. The start-up accelerators serve the investors first making it a failure in addressing the entrepreneurial opportunity.

There is a need to realize that people are the most fundamental thing in a business and startups. Supporting long term economic growth requires risk capital, talent leadership development, expert mentorship, nurturing growth knowledge and provision of an active network access. You have to elevate the entrepreneur before you accelerate.

27 December 2019

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