COVID-19 fails to take sheen off entrepreneurial activities in Qatar

Tribune News Network Doha The COVID-19 pandemic has not been able to slacken the entrepreneurial intentions among individuals in Qatar as the country’s Tot...

Tribune News NetworkDohaThe COVID-19 pandemic has not been able to slacken the entrepreneurial intentions among individuals in Qatar as the country’s Total early-stage Entrepreneurial Activity (TEA) increased from 14.7 percent in 2019 to 17.2 percent in 2020, a nationwide research has found.The research has found out that a major indicator of entrepreneurial activity – the TEA — showed significant improvement in recent years. In the past four years, Qatar jumped 37 ranks in four years, rising through the ranks from the 50th rank globally in 2016 to the 13th in 2020.These are some of Qatar’s remarkable achievements in entrepreneurship that have recently been highlighted in the Qatar National Report 2020-2021, a joint publication by the Global Entrepreneurship Monitor’s international research consortia – led by Babson College and London Business School – and Qatar Development Bank (QDB) as the representative of Qatar in this nationwide research project. The report’s findings reflect Qatar’s growth trajectory across fields and focus areas measured, with a number of metrics showing exceptional progress despite the pandemic’s economic repercussions.The report provides a comprehensive overview of entrepreneurial activities at various levels, in addition to analyzing the distinguishing traits and attributes of male and female entrepreneurs, and identifying their motives, ambitions, and entrepreneurial directions, based on the results of extensive surveys and polls involving more than 3,000 participants that represent various nationalities and demographic groups between the age of 18 and 64.Commenting on the report’s findings and the state-level achievements highlighted therein, QDB’s Acting CEO Abdulrahman Hesham Al Sowaidi said, “The Global Entrepreneurship Monitor’s Qatar National Report provides a clear picture of the entrepreneurship landscape in Qatar and the positive and negative impacts of the pandemic on entrepreneurship across the globe. Alongside its national partners and stakeholders, QDB has been at the forefront of supporting entrepreneurs, innovators, and local SMEs, whether pre- or post-pandemic, and the Bank is always keen to provide them with all the assistance they need to adapt to the new economic realities, leverage emerging business opportunities, and achieve sustainability and growth.”The report goes beyond measuring the level of entrepreneurial activity among the population across growth stages – including nascent entrepreneurship, TEA, and established business ownership rates - and measures other important KPIs such as Entrepreneurial Employee Activity (EEA) in terms of developing or launching new products and services, as well as establishing branches or business units within the institutions in which they work. For this KPI, Qatar ranked first in the world in terms of the effectiveness of employees in developing the institutions that they work in.Another important KPI in the report evaluates the national Entrepreneurial Framework Conditions by monitoring the opinions of a number of local experts on 14 framework conditions that have an impact on entrepreneurial attitudes and activities, including financing entrepreneurs, current government policies, and programs supporting entrepreneurs. In this regard, Qatar ranked 3rd in the Middle East and North Africa (MENA) region and 8th in the world in the National Entrepreneurship Context Index (NECI).In terms of the Entrepreneurship Framework Conditions (EFCS), Qatar ranked 1st in the MENA region and 4th globally in government policies related to taxes and bureaucracy. The country also ranked 9th globally and 3rd in the MENA region regarding how it has supported new and growing firms through the COVID-19 pandemic.As for the development of entrepreneurial capabilities and skills, Qatar ranked 1st in the MENA region and 5th globally in the entrepreneurial education and training at the university levels and vocational levels, in reflection of the various national initiatives launched by Qatari institutions, such as Al Fikra National Business Competition, organized by QDB, as well as a number of training and mentorship programs delivered in cooperation with supporting institutions and universities.