BECO Capital: MENA startup sector has grown ten-fold

While some have criticized Arab governments for being unfriendly to entrepreneurs, the startup sector has grown by ten-fold since the regional venture capital industry emerged some four years ago, according to BECO Capital .

Referring back to 2012, co-founder and CEO of BECO Dany Farha told StepFeed, "We received 80 expressions of interest, saying 'hey, fund us.' This year, 2016, we will see anywhere between 800 and 1000 opportunities. So, it's not linear and it grows exponentially and it has every single year."

While Farha recognizes that entrepreneurship is never easy, he is hesitant to say that creating a startup is exceptionally difficult in the Arab world. From personal experience founding Bayt.com, the Middle East’s largest job site, Butlers, the UAE’s largest commercial laundry company and Intercat, one of the largest catering companies in the UAE, Farha knows all too well the red tape and difficulties involved with launching a startup.

"We can sit in the room and say, 'it's not friendly, it's not friendly' or you can say, 'I don't give a shit that it's not friendly, I'm going to go build it. I want to fix it,'" Farha said. Continuing he added, "Look at all the businesses that have succeeded."

"I can tell you first-hand how difficult it is to navigate 10 cities, 10 countries," he said. However, Farha said that these obstacles can be seen as a source of competitive advantage. "Other people don't want to go through that hell. You play on your own and you can succeed. So, there is a positive side to it."

Pointing out how much the Arab world – and specifically the Gulf countries – has developed during the last few decades, Farha said that things are consistently getting easier for businesses and entrepreneurs in the region.

"Can it get easier? Absolutely. Will it get easier? Absolutely. Why? Because the governments are listening and because we're saying it and eventually they'll move to make it much [easier], particularly in the new economy, startup friendly [economy], because it's very different than building a traditional business."