Lets’ look at facts & figures.
Reading the latest available reports and figures on development (and related issues) of islamic finance from the point of view of entrepreneurs and young startuppers across the world a few facts are clear.
First of all there are facts and requests coming from this specific entrepreneurial and financial environment that are surprisingly similar or even equal to the requests of new entrepreneurs not belonging to that area.
The most frequent issues that young Islamic entrepreneurs are facing seem related to the following subjects:
- Bridging the skills gap, through specific training both inside startups and within the stakeholders providing services to entrepreneurs (such as banks, consultants, incubators etc);
- Developing leadership programs, identifying potential leaders;
- Creating the conditions for benchmarking inside and outside its own cultural sphere;
- Rising the service-quality bar: 5 characteristics are the most appreciated/requested good, specialized, updated, integrated on demand services for startup and generally speaking, entrepreneurship;
- Create start-up hubs, mentorship schemes for entrepreneurs; allocate dedicated advisors within institutes to help develop ideas, finance scholarships for entrepreneurs and nurture entrepreneurship and social enterprise as a part of CSR;
- Make CSR not just a paper producing activity or simply a report, but a chance of creating value through enhancing the social impact of an entrepreneurial idea;
- Dialogating with stakeholders and finding the right tools and environments to communicate clearly and effectively with them, “certifying” at the same time their real interest in investing in a firm/startup;
- Combining finance and entrepreneurship, finding always the ideal financial product/service product/service for the present state of development of a firm;
- Dialogating with academic world and connecting with research programs.
The truth is that we can say almost the same thing for the rest of the world. The same problems affect startuppers with every kind of background and are generally speaking related to the following categories that you can be summed up as the “3 E”:
ENVIRONMENT: finding a smart, virtual and physical environment, where a business can grow and the develop/generate values accordingly to its entrepreneurial culture
ENTRENEURSHIP: transforming an idea in an autonomous, balanced and self-organizing entity able to identify and interact with the external environment
EQUITY: acquiring the best financial culture able to make the most efficient use of resources in order to timely accelerate, boost and stabilise startup growth.
So, it really looks like that every startup is carrying some specific financing, cultural, and social issues because, in the end, every new entrepreneurs is introducing somehow newly formed DNA into the system. This DNA makes the startupper look for a specific and sometimes unique combination of the 3 E.
Exactly like it happens for many ethnic, migrant or community startups.
So, for those who are daily trying to provide startuppers with right services, will be very important to consider that probably every newly established company is to a certain degree a kind of “stranger” into the business environment, an unknown variable sometimes not easy to read.