Legatum Center for Development and Entrepreneurship at MIT

Today, the Legatum Center for Development and Entrepreneurship at MIT launched the key findings of its research conducted over the past few years to map and understand the role of philanthropy in entrepreneurship and innovation in the GCC. This research was conducted with the generous support of HRH Princess Moudi bint Khalid bin Abdulaziz Al Saud, and today’s event was held at the DUBAI FUTURE FOUNDATION in Dubai, UAE, in collaboration with the Pearl Initiative. Dina H. Sherif, Executive Director of the Center and Senior Advisor to the Pearl Initiative, presented key insights from the research, focusing on the UAE, KSA, and Bahrain. The presentation was followed by an inspiring line-up of panelists including Fadi Ghandour (CEO, Wamda Capital), Nader AlBastaki (MP, Dubai Future District Fund), Dr. Natasha Milan Matic, Ph.D. (ED, Global Commons Alliance Accountability Accelerator), Sabrin Rahman (Head of Sustainability, EMENA & Turkey, HSBC), Dr. Sonia Ben Jaafar (CEO, Abdulla Al Ghurair Foundation ), and Mona Ataya (Founder of Mumzworld.com & co-Founder of Bayt.com). Dina emphasized that in global growth markets, philanthropists can and should play a cross-functional role in driving innovation. “I see them as core to working across what we at MIT call the 5 stakeholders.” Mona Ataya echoed this, stating, “Philanthropists act as the bridge between industries, government, and academic institutions… It’s in that connection where we find the catalyst for innovation.” Other panelists pointed out that much work remains in transforming how philanthropy is utilized in the region. Dr. Sonia Ben Jaafar emphasized that, “We need philanthropists who approach giving with a deeper lens and a long-term outlook, not just as a checkbox exercise.” Mona Ataya stressed the importance of access to capital and said, “You can’t build any transformative business without capital. Everything else comes after.” Fadi Ghandour, Nader Albastaki, and Sabrin Rahman—who collectively share decades of experience supporting the region—agreed on the need for change but also highlighted the progress already seen. Rahman said, “We also need to recognize the soft power of philanthropy in the GCC. We are setting a legacy of how philanthropic capital can be used strategically. We’ve been doing this for years, and we’re here to stay.” Albastaki also noted the importance of new models of financing that need to continue to be introduced into the region, saying, “That is the interest here, to create more ways for philanthropists to contribute to a blended finance space so that there isn’t a dependence only on government grants.” Ghandour added, “We don’t want to over-celebrate, but there’s good reason to celebrate the growth we’ve seen over the years when it comes to entrepreneurship and innovation.” We would also like to thank Mona Atia, Sumaya Hashim & Valeria Budinich for their contributions to the study. We'll be announcing the upcoming launch of the report soon.

We are thrilled by the amount of interest in our “Role of Philanthropy in Entrepreneurship & Innovation in the GCC” event set to take place this Thursday, October 17th, 2024, from 4:30 PM - 7:00 PM GST. This event will reveal key insights from our study on the topic, which was generously supported by HRH Princess Moudi bint Khalid bin Abdulaziz Al Saud. The convening will bring together key stakeholders from the philanthropic sector and the entrepreneurship and innovation ecosystem alike to the DUBAI FUTURE FOUNDATION office based out of Emirates Towers in Dubai. This one-day event will feature a presentation highlighting key findings from the study by Dina H. Sherif, Executive Director of the Legatum Center at MIT and Senior Advisor to the Pearl Initiative.?Following this, an inspiring panel discussion will take place, including: Fadi Ghandour, Founder and CEO of Wamda Capital? Nader AlBastaki, Managing Director of Dubai Future District Fund? Dr. Natasha Milan Matic, Ph.D. Director of Global Commons Alliance? Sabrin Rahman, Managing Director – Head of Sustainability (Europe, Middle East, Africa and Turkey) at HSBC? Dr. Sonia Ben Jaafar, CEO of Abdulla Al Ghurair Foundation Mona Ataya, Founder of Mumzworld.com This panel discussion will reflect on the study’s core findings and discuss how philanthropic capital can better support entrepreneurship and innovation across the GCC. Due to the high interest, we are no longer taking in-person registrations, but this event will be available via Zoom for those unable to attend in person. We invite you to RSVP via the link below and secure your online attendance! https://lnkd.in/gc6CtySQ

I was looking forward to this call for some time. It’s the beginning of the MIT Foundry Fellowship journey that happened some weeks back. The onboarding session - to be exact. Many are asking me for how it’s going, so sharing a quick recap: ?? 1/ Meeting the cohort Got a chance to meet and connect with 36 incredible entrepreneurs from across Africa — Nigeria, Egypt, Kenya, Ghana, and more. I can already sense some strong collaboration potential and the call alone has broadened my exposure. Some familiar names: Emeka Ajene , Guy Brennan , Iness Elamine , and others. ?? 2/ A retreat to Kenya “The Kenya Immersive Experience” happens in November. Starting with an Adaptive Leadership retreat at Mount Kenya (yes, you read that right) and then tour of Nairobi’s ecosystem over a few days. Interested to see how this immersive experience is like for learning. ?? 3/ Learning the REAL Framework On October 21st, we’ll be diving into the REAL framework with Professor Dame Fiona Murray and Dr. Phil Budden. This is Massachusetts Institute of Technology's approach to innovation, how to build and accelerate ecosystems, along with the importance of engaging stakeholders effectively. Can’t wait to see how this knowledge will feed into our ventures and beyond. Extremely excited for what’s ahead. I anticipate the diversity and quality of the cohort alongside the meticulously planned program to definitely enhance the experience. Big thanks again to Dina H. Sherif and the Legatum Center for Development and Entrepreneurship at MIT team for making the onboarding so smooth. It’s shaping up to be something truly impactful. Will update post the trip - but feel free to leave questions if you’re interested in how the program is like.

The world is changing. By 2050, a quarter of the population will be African. This transformation has serious implications for the role and relevance of African countries?— and the continent at large?—?on the global stage. But it's not all roses. While there's real potential to ride this demographic wave into prosperity, the same wave can also end up being destabilizing and destructive. One thing's clear to me though: To seize any demographic dividend in the years and decades ahead, stakeholders across the continent and the global diaspora urgently need to collaborate and innovate to scale up investments in human infrastructure. To that end, I'm really excited to participate in this year's Foundry Fellowship at the Legatum Center for Development and Entrepreneurship at MIT. Over the next eight or so months, I'll be exploring and refining ideas I have around developing human infrastructure, engaging diasporas worldwide, scaling innovation ecosystems, and structuring investment vehicles for the African context. I've long held that business is the most powerful force for impact across Africa, and I look forward to learning from and alongside other Africa-focused entrepreneurs in the fellowship who share a similar vision?and are working to?build the #Africa of tomorrow. Many thanks to?Dina H. Sherif, Jennifer Brady, and the broader Legatum Center community. Exciting times ahead! ?? P.S. A question for you: What ideas do you have on building stronger bridges between folks in the diaspora who are interested in contributing to African prosperity and folks on the continent who are working towards it?

Last night, our Director of Fellowships and Global Initiatives, Dr. Haitham Khoury, Scholar-in-Residence Valeria Budinich, and Communications and Storytelling Specialist Donovan Beck were honored to speak with members of the MIT African Students Association’s African Learning Circle (ALC)! During the session, Dr. Khoury introduced the center’s work both on campus and abroad to a group of primarily undergraduate MIT students. He encouraged them to stay engaged with our community and events throughout the year and during their time at the institute. The presentation was followed by a Q&A session led by ALC co-chairs Jean Billa and Jimi Oso. Beck emphasized that as students, entrepreneurs, and innovators, “it is important to be good stewards of the countries and homes we come from,” highlighting how entrepreneurs from the continent are actively creating impactful solutions to some of the world’s most pressing challenges. Budinich shared examples such as M-PESA Africa and Zipline, illustrating how innovations born out of Africa have contributed to advancements in other markets around the world. Our team concluded by underscoring that the innovation and technology coming from the continent are not only solving complex challenges in Africa but also worldwide, representing the future of what is possible for African innovators and global prosperity. We want to thank the African Students Association and ALC for hosting this event and inviting our team to present. We look forward to finding more ways to support students from growth markets across MIT!

A few years ago, the Legatum Center for Development and Entrepreneurship at MIT launched a study to look at the role of Philanthropy in Entrepreneurship and Innovation in the GCC. We are finally ready to launch the key insights derived from this research. If you're in Dubai and interested to discuss how philanthropy can play a bigger role in entrepreneurship and innovation in the GCC, please join us on Oct 17th at 4:30 pm at the Dubai Future Foundation. We have an incredible line up of speakers to reflect on the results of the study and the way forward. Hope to see you there! Nasrine Shah Abushakra Ph.D. Leadership Liaison, Esol Education Hind Rasheed Shaden Khallaf Engy El Dishish Loulou Khazen Baz Dr. Christiane Mueck Walid Bakr Ahmed M. Caroline Faraj For those who won't be in town - we will be posting how you can join remote next week!

We were delighted to welcome back our professional advisor, Andrea Kates, author of "From Stuck to Scale", for the Currency Workshop last week. Andrea moderated a dynamic and strategic session, engaging thought leaders in a discussion on how cutting-edge technologies are driving change and creating new opportunities in growth markets! Our five panelists for this discussion included: Dina H. Sherif, - Director of The Legatum Center for Development and Entrepreneurship at MIT Sayuri Sharper, - CEO and President of Kuo Sharper Initiative KSI Ahmed Zahran, - CEO and Co-founder of KarmSolar Bunmi Akinyemiju, - CEO of Greenhouse Capital Africa Parfait Atchadé, PhD, MBA., - Research Affiliate at MIT Media Lab One of the core takeaways from this discussion was that in order to build a strong ecosystem, rethinking infrastructure is necessary. Although investors are an important part of the equation, a shift in mindset is required for sustainable growth! This dynamic panel explored the innovative ways to achieve this. We’re excited to continue these important conversations and push the boundaries of what’s possible in entrepreneurship. #Innovation #GrowthMarkets #Entrepreneurship #MIT

The Legatum Center for Development and Entrepreneurship at MIT, in collaboration with the Pearl Initiative, is thrilled to invite you to a special event that will reveal key insights from a study conducted on the role of philanthropy in entrepreneurship and innovation in the GCC. This study was generously supported by HRH Princess Moudi bint Khalid bin Abdulaziz Al Saud. The event will take place on Thursday, October 17th, 2024, from 4:30 PM - 7:00PM, and will be hosted by the DUBAI FUTURE FOUNDATION based out of Emirates Towers. The convening will bring together key stakeholders from the philanthropic sector and the entrepreneurship and innovation ecosystem alike. The event will feature a presentation highlighting key findings from the study by Dina H. Sherif, Executive Director of the Legatum Center at MIT and Senior Advisor to the Pearl Initiative.?Following this, an inspiring panel discussion will take place, including: Fadi Ghandour, Founder and CEO of Wamda Capital Nader AlBastaki, Managing Director of Dubai Future District Fund Dr. Natasha Milan Matic, Ph.D. Director of Global Commons Alliance Sabrin Rahman, Managing Director – Head of Sustainability (Europe, Middle East, Africa and Turkey) at HSBC Dr. Sonia Ben Jaafar, CEO of Abdulla Al Ghurair Foundation Mona Ataya, Founder of Mumzworld.com This panel conversation will reflect on the core findings of the study and discuss how philanthropic capital can better support entrepreneurship and innovation across the GCC. We look forward to you joining us as we continue to focus on how entrepreneurship and innovation can better support sustainable prosperity and more diverse economies across Global Growth Markets. RSVP here today: https://lnkd.in/eNiMsMZs

"Today more than ever, we need love and real true kindness on how we show up for each other in the workplace" - Dina H. Sherif #quoteoftheweek #leadership #podcast Legatum Center for Development and Entrepreneurship at MIT

We wrapped up Day 2 of our?Hedging Currency Risk: Innovative Lending Strategies for SMEs in Africa?workshop with an incredibly dynamic and solutions-oriented session!The day kicked off with Foundry Fellow Ehi Binitie,?CEO of :brij,?challenging participants to develop a viable model that would lower the cost of borrowing in local currency for SMEs, taking into consideration volatility of the currency and local interest rates. This session was followed by a compelling session, led by?former Investor in Residence, Adel Boseli,?Founder and Managing Partner of Cayesh on the structural barriers that hinder the adoption of innovative solutions. Both sessions led to constructive conversations and the birth of new collaborations amongst the participants. We ended on a high note with Sayuri Sharper, CEO of Kuo Sharper Initiative KSI, who inspired the group to commit to piloting a number of initiatives. Participants expressed their appreciation for such a collaborative convening and pledged to stay connected, share progress, and reconvene in the coming months. Stay tuned for what is to come!