AUC Venture Lab Egypt: entrepreneurship has integral social role

It is important to look at entrepreneurship not only as a vehicle for economic development, but also from its integral social role, said founder of the AUC Venture Lab (V-Lab) on Tuesday.

“We need to challenge the existing knowledge; everyone is thinking of entrepreneurship as a vehicle for economic development, we need to look at its impact on employment, and the role of social entrepreneurship in the future.” Ayman Ismail said.

The entrepreneurship ecosystem has been significantly changed in the last ten years, Ismail said at the International Council for Small Business (ICSB) World Congress, taking place in Cairo.

In Egypt, there is a “huge boost in government backing, civil society support, education in this area (entrepreneurship),” Ismail added, highlighting the emergence of several incubators and boost in academics’ awareness by adding it in various curriculum.

ICSB is over 150-year-old and always brings together the wealth of knowledge, V-Lab Founder said, citing the importance of bringing together the intellectual contributors and the brainpower participating in the ICSB event.

Ismail also highlighted the need to think of the impact of encouraging youth to become entrepreneurs and think of those who do not want to or are not born to be entrepreneurs.

“Finally we need to look at policies, and think of the business environment. We also need to think of the impact of encouraging youth to become entrepreneurs and think of those who don’t want to or aren’t born to be entrepreneurs” he concluded.