‘Fund to support startups will be launched soon’

AMMAN — A fund seeking to support startups and small- and medium-sized projects in all sectors including the ICT is expected to be launched soon to further boost Jordan’s startups ecosystem, Bashar Hawamdeh, chairman of the ICT Association of Jordan (int@j), said Wednesday.

The fund, which will be launched in cooperation with the World Bank, the Central Bank of Jordan and other banks, will help support startups in the Kingdom, Hawamdeh said during the Business Innovation Growth (BIG) by Orange Summit, which attracted over 200 startups, officials and experts in the field of ICT.

“This fund will support entrepreneurs and startups that play a key role in creating jobs and supporting the economy,” Hawamdeh stated, adding “providing necessary finance will help businesses and startups grow and enter new markets”.

Noting that the sector’s revenues reached around $2 billion in 2016, he called for increased support to startups and entrepreneurs in Jordan so they can contribute to national growth.

According to Hawamdeh, a market research study will be conducted this year by int@j and Orange Jordan to assess the existing ecosystem and the impact of startups on the gross domestic product. It will also outline what needs to be done to boost their contribution.

The chairman added that the association will launch a platform this year that includes all the data on startups in Jordan, stressing that int@j will heavily focus on supporting entrepreneurs and startups in 2018.

In his speech, CEO of Orange Jordan Jérôme Hénique said more than 25 Jordanian startups have already benefitted from the accelerator BIG.

“Each year six startups receive support, mentorship and training through the accelerator,” said Hénique.

Several entrepreneurs who were involved with the accelerator highlighted how they benefitted from the training and mentorship they received.

The entrepreneurs called for continued support to startups in Jordan, saying training and mentorship help such ventures expand and create jobs for more young Jordanians.