Entrepreneurial Ecosystem Development in Egypt

Entrepreneurial Ecosystem Development in Egypt

AN ETIC APPROACH TO ENTREPRENEURIAL ECOSYSTEMS (EE) IN MOROCCO AND EGYPT Dena Bateh, Lou Daily and Fiona Sussan In this paper, we take an etic approach to Entrepreneurial Ecosystems. Etic, and its opposite (but sometimes complementary) emic are terms coined in 1954 by linguist Kenneth Pike from the words phonemic and phonetic. Cultural anthropologists liked this distinction as a way around objectivity. People in a specific culture have various beliefs and see themselves in a certain way. Outsiders may see the culture in a different way (an etic approach). (Wikipedia) Margaret Meads work is a good example of an emic approach,

while Carl Jungs is a a good example of an etic approach. Thus far EE research focuses on institutions and agents within a country (Acs, Autio, & Szerb, 2014) without considering the role of foreign governments. We begin a comprehensive project on EE in Middle East North Africa (MENA). Are we building or controlling the economy? We studied the EE of Morocco and the contribution of the United States Agency for International Development (USAID). We reported on this Moroccan research at the 2017 International Council for Small Business Conference in Buenos Aires (June 28th, 2017) The Moroccan-American Treaty of Friendship stands as the U.S.'s oldest non-broken friendship treaty with a foreign power. In 1778 Morocco became the first nation to

recognize the new United States. After the war with the Barbary Pirates (Berbers). Today there are demonstrations against authoritarian government such as this one in Casablanca in 2011 which led to a new constitution supported by the King. But we noted also: In the 1980s, the goal of USAID changed from food, nutrition, health and education to stabilizing currencies and financial systems and developing free market systems. USAIDs own description of activities, phrases such as furthering Americas interests and free

market systems, demonstrates that, in addition to fighting terrorism and humanitarian concerns, underlying allegiance to neoliberal economic theory and the US worldview exists as motivation for USAID programs. Opposition to this Washington Consensus (Is there one?) exists in the formulation of dependency theory. A good sign is that economists critical of the world financial system have held office in organizations such as the World Bank (e.g. Joseph Stiglitz). While there are auspicious programs and government support, it is too early to conclude whether the EE of Morocco will be enhanced by Critic of Western Aid: Zambian Economist (Harvard & Oxford Educated) Dambisa Moyo Published: Dead Aid: Why Aid Is Not Working and How There Is a Better Way for Africa (2009)

ern Aid: MIT Educated William Easterly, published The White ts Efforts to Aid the Rest Have Done So Much Ill and So Little ut supporter of most Aid programs: Columbias Jeffrey Sachs verty: Economic Possibilities for Our Time, 2005. a Munk, Smith College, Journalist for Vanity Fair te: The Idealist: Jeffrey Sachs and the Quest to End Poverty, Daughter of Peter Munk, Chairman and Founder of Barrick Gold Bono Bono with then President Lula da Silva of Brazil in 2006 Bono has become one of the world's bestknown philanthropic performers But Moyo and Easterly say such aid does

not work. Columbias Immanuel Wallerstein: Wrote World-Systems Analysis: Theory and Methodology, 1982 Core vs. Periphery Ha-Joon Chang, Cambridge, Author of Kicking Away the Ladder: Development Strategy in Historical Perspective (2002).[ Influence on Raphael Correa of Ecuador Influenced by Joseph Stiglitz and John Maynard Keynes Can Western Aid Efforts, Even AID Aimed At Bolstering The EE (Accelerator Companies like Endeavor) Really Help If There

Are Unfair Terms of Trade To Begin With (The Prebisch Singer Hypothesis: Prices of Imports to Developing Countries Rise faster than the prices of basic commodities exported by Developing Countries). IMPORT SUBSTITUTION INDUSTRIALIZATION (ISI) By Illustrator not identified. From a painting by J. Mund. - Lord, John, LL.D. (1902). Beacon Lights of History. Vol. XI, "American Founders." (London: James Clarke and Co Ltd. Republished as a Project Gutenberg eBook, 2004-01-08. eBbook no. 10644., Public Domain, https://commons.wikimedia.org/w/index.php?curid=510019 VS EXPORT ORIENTED INDUSTRIALIZATION

Researchers called for a more holistic approach to study entrepreneur activities (e.g. Autio & Rannikko, 2015). We use an etic approach to look at EE of two MENA countries, Morocco and Egypt. Egypt has the largest population in North Africa and the Arab world with substantial military power. Given "Arab Spring" upheavals, it provides an ideal window and rich contextual background to study EE. Morocco is geographically and culturally very near to Europe and has attracted many U.S. American politically-led EE activity. This is an opportunity to demonstrate EE building in a foreign country can be part of a foreign policy tool. Foreign government activities exist in an EE but have yet to be investigated in literature. If Western Entrepreneurs With The Support of US funds enter these emerging economies and Extract economic value from the local entrepreneurs

And markets, is this any different from multinational enterpri racting economic value from these indigenous markets in the Of either raw materials or other production factors. Table 1: GEM Survey About Morocco 2016 Source: GEM Global Entrepreneurship Monitor-Morocco (2016) SelfPerceptions Activity Motivations Gender Equity Impact Perceived Opportunities Rate

Value % 45 GEM 2016 Morocco Ranking (out of 62) 26 Perceived Capabilities Rate Fear of Failure Rate 56.1 32.9 42 42

Entrepreneurial Intentions Rate TEA Established Business Ownership Rate Entrepreneurial Employee Activity Rate Motivation Index Female/Male TEA Ratio 36.2 14 5.6 7.5 59

27T .5 62T 1.8 67.2 40T 33 F/M Opportunity-driven TEA ratio High Job Creation Expectation Rate Innovation Rate Business Services Sector

Rate 104.6 12 17.7 42T 14.5 3.4 61 62T The west coast of Morocco is touted as the anti-silicon valley and start-up haven that

is a halcyon and affordable scene to grow a business (Monks, 2016). The fishing village of Taghazout, has been rated by the Nomadlist and Virgin as one of the worlds best start-up EE (e.g., a British incubator The Blue House, start-up Maptia from the U.K., local start-up Chiu), on par with Seattle and London, and a link between Morocco and Europe (Monks, 2016). There are also various entrepreneurial activities such as Injaz, Endeavor, Startup Maroc, TechnoPark, Startup Your Life, AMPION Bus, Hidden Founders, New Work Lab, and OCP Foundation (El Baggari, 2014). There are reasons to believe the upsurge in EE in Morocco was mainly due to US support for entrepreneurs via international accelerator Endeavor. Endeavor Morocco was started with

help from USAID. Endeavor founders Rottenberg and Kellner believe that high-impact entrepreneurs are key to economic growth. They have had phenomenal success judging by the size of their programs and the number of countries they are in. Moulay Hafid Elalamy, Endeavor Morocco Board Chairman, states that Morocco is at a critical stage of its economic development and Endeavor will be a big contributor (Endeavor Morocco, 2017). The Global Entrepreneurship Program (GEP) is a program managed by USAID which aims to support entrepreneurs in Muslim countries (GEP, 2017). GEP holds business plan competitions, connects entrepreneurs to capital, and mentors entrepreneurs. The fifth Global Entrepreneurship Summit (GES), was held in Morocco, after Egypt, Turkey, Dubai, and Malaysia (GEP, 2017; Morocco World News, 2014). Morocco was selected due to tremendous development and US faith in Morocco as an EE

example Africa. Morocco is considered, along with South Africa, the most attractive country to host direct foreign investments on the African continent. GES Marrakech 2014 was attended by over 3000 entrepreneurs, heads of state, government officials, global heads of businesses, officers of small and medium enterprises (SMEs), and corporate officials. African entrepreneurs pitched their projects in the "innovation village" and shared ideas on a variety of topics including water management and alternative energy (GES Marrakech, 2014). The Moroccan governments investment in hosting GES Marrakech 2014 has apparently borne fruit. Yasmine El Baggari, a Moroccan entrepreneur and founder of Voyaj, an online platform that connects travelers and hosts across the world, outlined the steps that the government will take as a result of the summit (El Baggari, 2014). Morocco's strong Western ties play a part in the upsurge in EE activity. Morocco produces economic and political benefits (Migdalovitz, 2010). Morocco is a moderate Arab regime, an ally

against terrorism, and a free trade partner. King Mohammed VI has taken liberalizing steps and supports a two-state solution to the Israeli-Palestinian conflict (Migdalovitz, 2010). Reforms have not, however, stopped migration of poor, potentially radicalized youth (Migdalovitz, 2010). Support from USAID and Endeavor seems in the best interests of Morocco and the United States. Services and tourism are growing sectors, and remittances from several million expatriates (mostly in France, Italy, Spain, and Belgium) are a large source of foreign exchange. Excessive regulation exists but foreign direct investment and privatization is growing (Migdalovitz, 2010). The governments goals are ambitious, looking toward a 6% GDP and creating a quarter million jobs. Plans have been tempered by the global financial crisis although farm productivity grew during that era. Morocco imports 97% of its energy needs, prompting the government to invest $9 Billion in solar energy Desertec is a European designed plan to obtain solar energy from the Sahara. Desertec is an amazing project seeking to obtain energy from the desert which receives huge amounts of solar radiation (Desertec,

Morocco is seeking membership in the EU, as yet an associate. European Union is responsible for 73.5% of investment, the Arab world 19.3%. There is a large contribution from the U.S. in the form of foreign aid. Morocco has been designated a nonNATO ally by the US government (Economy of Morocco, 2017). The governments cultivating of the West, has not relegated Morocco to rely solely on the West (Encyclopedia of the Nations, 2003). King Mohammed maintains ties also with the Arab Maghreb Union (AMU) which includes Algeria, Libya, Tunisia and Mauritania. Mohamed wants Jerusalem to be shared among all religions. Itzhak Rabin visited Morocco in 1993 and Morocco could be pivotal in the cause of middle east peace (Encyclopedia of the Nations, 2003). Selected References

cs, Z. J., E. Autio, E. and L. Szerb. (2014). National systems of entreprene Measurement issues and policy implications. Research Policy, 43(3): 476-4 AVINA. (2017, March 6). Retrieved from http://www.avina.net/avina/fundaci CBSNEWS (October 23, 2008) Bill Clinton: We blew it on global food. Retr http://www.cbsnews.com/news/bill-clinton-we-blew-it-on-global-food Chui. March 6, 2017). Retrieved from https://www.getchui.com/ Easterly, W. (2009). The White Mans Burden: Why the Wests Efforts to A Have Done So Much Ill and So Little Good. Oxford University Press El Baggari, Y. (2014). Empowering entrepreneurship in morocco and beyon 25 Feb. 2017 from http://www.atlanticcouncil.org/blogs/menasource/empowering-entrep morocco-and-beyond

Monks, K. (2016). The anti-Silicon Valley: Start-up haven blooms i paradise. CNN. ENTREPRENEURIAL ECOSYSTEM DEVELOPMENT IN EGYPT PREFACE EE works are coming in from various angles Need to have a more a holistic and integrative approach to study entrepreneurial activities Egypt has the largest population in North Africa and the Arab world with substantial regional military power. Since the "Arab Spring" upheavals, it provides an ideal window and rich contextual background to study EE.

EGYPTS CULTURAL BACKGROUND Part of the Fertile Crescent and often recognized for The Gift of the Nile - ideal venue for entrepreneurial development. Egypt has the potential of exceeding its neighbors in entrepreneurial activity. Population attaining higher education impacted by globalization. Although having a high uncertainty avoidance, leads the region in entrepreneurial growth & success. WITH A BUSTLING POPULATION OF 90 MILLION, 50% OF WHICH ARE BELOW THE AGE OF 30 AND TECH SAVVY, EGYPT IS SUDDENLY STAKING A CLAIM AS ONE OF THE FASTEST GROWING

ENTREPRENEURIAL HUBS IN THE WORLD (THE WORLDS BEST STARTUP HUBS, N.D. ) AGENDA Examine the entrepreneurial ecosystem of Egypt How it contributes to the growth and success of entrepreneurship in the region Offer recommendations for improvement for future entrepreneurs. EGYPTS ENTREPRENEURIAL POTENTIAL 2015 2012

2010 Rank/60 (%) Global Average (%) Rank/67 (%) Global Average (%) Rank/60

(%) Global Average Nascent Entrepreneurship Rate 46 4.0 7.9 57 3.1

7.0 52 2.1 6.5 New Business Ownership Rate 37 3.4 5.7

27 4.9 6.0 19 4.9 5.6 Total Early-stage Entrepreneurial Activity (TEA) Rate 43

7.4 13.2 42 7.8 13.0 37 7.0 11.7 Established Business

Ownership Rate 56 2.9 8.0 51 4.2 8.0 49 4.5

8.4 Business Discontinuation Rate 11 4.8 3.0 19 3.6 3.9

26 2.7 3.8 Gem 2015,2012, 2010) ANALYSIS Increase in the rate of New Business Ownership, which almost doubled from 2010-2015. The Total Early Stage Activity (TEA) rate in 2015 was 7.4% of the adults ages 18-64 compared to the global average of 13.2%. Egypt is slightly below the global average in new entrepreneurial development and had a slight decrease since 2012 . Business Discontinuation Rate has increased from in by 2.1%, mainly due to lack of financing, education and disruption due to market dynamics. Only one in every four entrepreneurs is a woman, and youth ages 25-34 are most likely to pursue entrepreneurship (GEM, 2015; Youth Business

International). GROWTH OPPORTUNITY Platform and opportunity exists for social entrepreneurship as there is a need in this sector. Forbes Middle East announced a list of Egypts most promising start-ups in 2016, dominated by the services sector, technology, employment, media, medicine, energy, education, commerce and real estate. New ventures were evaluated based on the global and regional growth potential, the quality of the investors and the amount of funds it received, with the minimum amount on the list of $140,000 Education on entrepreneurship and the awareness of those in a higher social status is increasing. Entry regulations are becoming less complex. NOTABLE FACTS Note that most of the data that was compiled on entrepreneurial ventures indicates that the founders are Egyptian university graduates,

with a majority from the American University of Cairo (AUC), Cairo University and Ain Shams University. Only 10 entrepreneurs studied abroad and return to Egypt to pursue their dreams. Similarities in having a higher degree of education. Inferred that the household income of start-ups in 2016 may have increased based on the school from where the founder(s) attended. GEM 2016: SELF-PERCEPTIONS Value% GEM 2016 Rank/65 Perceived Opportunities Rate (data/key-indicator/4) 53.5

14 Perceived Capabilities Rate (data/key-indicator/5) 46.4 51 Fear of Failure (data/key-indicator/6) 27.6 51 Entrepreneurial Intentions Rate (data/key-indicator/7)

63.8 1 Activity GEM 2016: ACTIVITY Value % GEM 2016 Rank/65 Total early-stage Entrepreneurial Activity (TEA) Rate (data/key-indicator/1) 14.3

17T Established Business Ownership Rate (data/key-indicator/2) 6.1 41T Entrepreneurial Employee Activity Rate (data/key-indicator/3 2 40 Motivations

MOTIVATIONS Motivational Index (data/key-indicator/8) Value% GEM 2016 Rank/65 1 58T SOCIETAL VALUES Value% GEM 2016

Rank/65 High Status to Successful Entrepreneurs Rate (data/key-indicator/15) 87.1 2 Entrepreneurship as a Good Career Choice Rate (date/key-indicator/16) 83.4 3 IMPACT Value%

GEM 2016 Rank/65 High Job Creation Expectation Rate (data/key-indicator/11) 25.4 21 Innovation Rate (data/key-indicator/12) 22.9 39

Business Services Sector Rate (data/key-indicator/13) 6.7 53 Most recent data: 2016 Expert Ratings: 1 = highly insufficient, 5 = highly sufficient Source: (GEM, 2016) IMPACT OF THE ARAB SPRING The next challenge of the Arab Spring would be to pursue economic opportunities to which they have been deprived. Project. Entrepreneurship after the Arab Spring began to address the many aspects of the entrepreneurship ecosystem, such as legal, regulatory and policy frameworks to support activities

in Egypt. Aim of this project was to focus on the areas of economic issues that impact business and to identify areas that need reform. Essential questions were posed to understand barriers to entry, how these barriers are related to the political, legal and regulatory that need support, and most significantly, what changes need to be made in the ecosystem in order to foster entrepreneurial activities in Egypt. The method in which to obtain data for the study was surveys, interviews and focus groups, ultimately leading to the production of interim reports to understand entrepreneurial development and changes to ensure its success. The final stage of the project ended in January, 2014, when all key players in the identified ecosystem met and were able to draw conclusions. To date, there has not been an updated report on the findings. DRAWBACKS High barriers to entry (legal and regulatory framework)

Lack of development of micro-enterprises (difficulty in developing into small or medium-sized enterprises) Access to capital are reasons for the lag in growth. FUTURE AMBITION 59% of the professionals in the MENA region stated that they were already planning to start their own business 17% had ventured on their own in the past but were unsuccessful Positivity exudes from the 53% in that they wish to pursue ventures that identified with their own freedom and also wanted a better work-life balance. ENDEAVOR Contributed to the entrepreneurial ecosystem and has tapped-in

this somewhat newly developed entrepreneurial spirit in Egypt. Success in Egypt has been through Mohamed Azab, Founder and CEO of Seha Capital, who is also an Endeavor entrepreneur and board member, bringing experience in managing investments for Endeavor His success efforts were Harvard Case Study - focusing on entrepreneurship in the Healthcare Industry in Egypt. Endeavors efforts in assisting high-impact entrepreneurs worldwide offers a platform to support the potential in the MENA region and beyond. KEY PLAYERS Ramez Mohamed, Managing Director at Flat6Labs Cairo: Flat6Labs, was founded in 2011 as an early-stage accelerator established by Sewari Ventures and the American University of Cairo that has offices in Cairo and Jeddah checking gout the online profiles and what they have achieved.

Hany Al Sonbaty, Co-Founder and Managing Partner at Sawari Ventures. Sawari ventures is one of the Middle Easts most prominent venture capitalist firms, primarily backing tech enterprises. The firm also established Flat6Labs as Al Sonbaty has a background working with private equity firms. Ahmed El Alfi, Co-Founder and Chairman at Sawari Ventures. El Alfi is a longtime tech investor who also worked in private equity firms. His goal is to turn Egypt into the startup and tech center of the entire MENA region. Hanan Abdel Meguid, CEO at Kamelizer. Abdel Meguid is one of the most valuable figures and mentors in Cairos tech sector, with over twenty years of experience working with tech companies in the Middle East. She launched Kamelizer in 2014 to support Cairos tech startups.

Tarek Nasr, Managing Director at Juice Labs. Nasr is an entrepreneur and an expert is social media and design. He founded The Planet, a design firm leading the marketing agency the Echo. Juice Labs offers a six-month program for competitive Egyptian startups (Primo, 2015). Selected startups receive $50,000 from investors in cash and other services in exchange for a low-equity stake (from 10-20%). Services include legal counseling, individual consultation and product development assistance. INCUBATORS The Greek Campus: Known as the center of Cairos entrepreneurial ecosystem (The Greek Campus, n.d.), the Greek Campus is equivalent to Silicon Valley. It is actually situated in an old Greek school, occupying three buildings surrounded by courtyards, graffiti, bean bags and sculptures, intended to inspire creative minds (Primo, 2015). As you can image, this non-traditional setting is designed to explore and engage. The hub is involved in hosting conferenced, festival conference and events that promote innovation. Egyptinnovate: This organization has over 150 local and global contributors. Its launch in 2015 was designed to allow Egypts youth (approximately 65% of Egypts population) to explore new trends, success stories through videos and courses in order to promote innovative thinking. This online hub is owned by the Technology Innovation and Entrepreneurship Center (TIEC), managed by Innovety, and developed by Link Development.

Startup MENA: Funded by the Danish Foreign Ministry and Confederation of Danish Industry, the goal of Startup MENA is to offer the impetus for startup ecosystems to grow and develop at any stage of development. Participants have the opportunity to seek mentors, offer a pitch presentation to international venture capitalists and angels or even just to share the initial idea for the venture. RISKS Legal Framework Access to Capital Education RECOMMENDATIONS Although incubators, hubs and summits have helped in strengthening the linkages between those who are creating new ventures for investors, pathways to financing, or even simply completing the formalized paperwork, each country presents its challenges for growth. During the 5-10 years would be to remain focused on fostering the growth of micro and small enterprises (MSEs) into larger enterprises (SMEs).

Necessary changes in the regulatory framework of the countries to support the countries economic expansion as well as additional access to more advanced technology and capital. As many of the new ventures are technology-based, they are only using low to medium-level technologies, not allowing for growth in doing business across borders. Increase entrepreneurial education at early ages. QUESTIONS REFERENCES Adly, Amr (2013, December 16). Understanding the Entrepreneurship Ecosystem in Tunisia and Egypt, Retrieved from http://www.cipe.org/publications/detail/understanding-entrepreneurship-ecosystem-tunis ia-and-egypt . Adly, Amr (n.d.). Entrepreneurship After the Arab Spring, Retrieved from https://fsi.stanford.edu/research/entrepreneurship_after_the_arab_spring. Ampion (2017, March 6). Retrieved from www.ampion.org Baten, Jrg (2016). A History of the Global Economy. From 1500 to the Present, 227.

Cambridge University Press. Butcher, Mike (2015, March 2). Cairo Witnesses A New Kind of Spring: The Egyptian Startup Spring, Retrieved from https://techcrunch.com/2015/03/02/cairo-witnesses-a-new-kind-of-spring-the-egyptian-st artup-spring/ CBSNEWS (2008, October 23) Bill Clinton: We blew it on global food. Retrieved from http://www.cbsnews.com/news/bill-clinton-we-blew-it-on-glob al-food Desertec (2017, March 6). Retrieved from http://www.desertec.org/. Easterly, W. (2009). The White Mans Burden: Why the Wests Efforts to Aid the Rest Have Done So Much Ill and So Little Good. Oxford University Press. Economy of Morocco (n.d.). Retrieved February 25, 2017, from https://en.wikipedia.org/wiki/Economy_of_Morocco. El Baggari, Y. (2014). Empowering entrepreneurship in

Morocco and beyond. Atlantic Council. Retrieved from http:// www.atlanticcouncil.org/blogs/menasource/empoweringentrepreneurship-in-morocco-and-beyond. El Din, Mohamed, Alaa (2017, January 21). Entrepreneurship and start-ups sector highly likely Retrieved from http://www.dailynewsegypt.com/2017/01/21/611371/. El Sayed, Mai (2015, January 27). List of Startup Incubators in Egypt, Retrieved from http://because.bz/economic-empowerment/list-startup-incubators-egypt. Encyclopedia of the Nations. (2017, March 6). Retrieved from http://www.nationsencyclopedia.com/World-Leaders-2003/Morocco-FOREIGN-POLICY.ht ml . Endeavor Egypt (n.d.). Retrieved from http://endeavoreg.org/about/. Endeavor Morocco. (2017, March 6). Retrieved from http://endeavor.org/location/morocco/. Endeavor, Non-Profit. (n.d.). Retrieved February 25, 2017, from https://en.wikipedia.org/wiki/Endeavor_(non-profit). Entrepreneurship in Egypt, Policy Brief 003 (2010). Retrieved from http://enid.org.eg/Uploads/PDF/PB3_entrepreneurship_egypt.pdf.

Entrepreneurship ins the Next Phase of the Arab Spring (n.d.). Retrieved from http://trumancenter.org/doctrine-blog/entrepreneurship-is-the-next-phase-of-the-arabspring/. GES Marrakech. (2014). Retrieved from http://gesmarrakech2014.org/en/home/. Ghanem, Hafez (2013, January 29). The Role of Micro and Small Enterprises in Egypts Economic Transition, Retrieved from https://www.brookings.edu/research/the-role-of-micro-and-small-enterprises-in-egypts-economic-transition/. Global Economy (n.d.). Retrieved from http://www.theglobaleconomy.com/rankings/wb_political_stability/. Global Entrepreneurship Monitor. (2017). Retrieved from http://www.gemconsortium.org/about/news.

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Hidden Founders. (2017, March 6). Retrieved from http://hiddenfounders.com/. Hofstede, Geert (n.d.). What about Egypt?, Retrieved from https://geert-hofstede.com/egypt.html. Kabil, Seif (2016, March 30). Retrieved from http://endeavoreg.org/the-egyptian-entrepreneur-who-became-a-harvard-case-study/. Mayard, Aline (2013). Startup Your Life. Retrieved from https://www.wamda.com/2013/11/startupyourlife-community-shaking-moroccan-startup-scene. MENA entrepreneurship ambitions rise (2016, August 28). Retrieved from http://www.iaauae.org/en/news/mena-entrepreneurship-ambitions-rise.html.

Migdalovitz, C. (2010) Morocco: Current Issues. Retrieved from https://digital.library.unt.edu/ark:/67531/metadc505581/m1/1/high_res_d/RS21579_2010Feb03.pdf Monks, K. (2016). The anti-Silicon Valley: Start-up haven blooms in Moroccan paradise. CNN. Retrieved from http://www.cnn.com/2015/12/14/world/moroccan-startup-paradise/index.html. Morocco World News, (2014). Morocco first African country to host global entrpreneurship summit in 2014. Retrieved from https://www.moroccoworldnews.com/2014/08/136300/morocco-first-african-country-to-host-the-global-entrepreneurship-summit-in-2014/ . New Work Lab. (2017, March 6). Retrieved from https://www.newworklab.com/.

OCP Foundation. (2017, March 6). Retrieved from www.ocpfoundation.org Zhao, Xiangyang, Li, Hai & Rauch, Andreas (2012, January) Cross-country Differences in Entrepreneurial Activity: The role of Cultural Practice and National Wealth, Retreived from https://www.researchgate.net/publication/228963053_Cross-country_Differences_in_Entrepreneurial_Activity_The_Role_of_National_Cultural_Practice_and _Economic_Wealth https://en.wikipedia.org/wiki/Global_Entrepreneurship_Program. Omniup. (2017, March 6). Retrieved from http://advertising.omniup.com/en/rejoignez-nous. Primo, Valentina (2016, September 1 ). Startology: Mapping of Egypts Entrepreneurial Ecosystem, Retrieved from http://www.cairoscene.com/BusinessAndPolitics/Startology-Mapping-Egypt-s-Entrepreneurial-Ecosystem. Sachs, J. (2006). The End of Poverty: Economic Possibilities for Our Time. New York: Penguin.

Saeed, Ayman, Aasseer, Mahinaz & Wasfy, Mahmoud (2015). Entrepreneurhsip in Egypt, from Evolution to Revolution 2nd Ed. Cairo: Startology. Sherif, Dina (2014, February 2014). Entrepreneurship for a Better Egypt, Retrieved from http://www.mei.edu/content/entrepreneurship-better-egypt. Startup Angels, Cairo (n.d.). Retrieved from https://startupangels.com/market/cairo/. Stiglitz, J. (2002). Globalization and Its Discontents. New York: Norton. Synergos (n.d.) Retrieved from http://www.synergos.org/. The worlds best start-up hubs: Cairo, Egypt (n.d.). Retrieved from https://www.virgin.com/entrepreneur/the-worlds-best-start-up-hubs-cairo-egypt. Thomas M. (2005) Editor Encyclopedia of the Developing World, 1085. Taylor & Francis. Voyaj. (2017, March 6). Retrieved from www.voyaj.com. Wamda. (2017, March 6). Retrieved from www.wamda.com. USAID. (2017, March 6). Retrieved from www.usaid.gov. U.S. Embassy Promotes Entrepreneurship in Delta Governorates (2016, October 17). Retrieved from https://www.modernghana.com/news/727998/us-embassy-promotes-entrepreneurship-in-delta-governorates.h tml . Wallerstein, I. M. (2004). World-systems analysis: An introduction. Duke University Press.

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