Banks urged to finance innovative ideas into successful projects

04/03/2015 06:47 AST

The 2nd Entrepreneurship in Economic Development Forum, which concluded yesterday suggested “financial support from banks to convert innovative ideas into successful projects”.

A13-point suggestion which include new laws to protect from bankruptcy, renewed academic-industry cooperation, more foreign investors’ contribution to national cause and encouragement to entrepreneurship was agreed upon by Qatar University and the Ministry of Economy and Commerce.

The 2nd Entrepreneurship in Economic Development Forum, which was held at the Sheraton Doha, also recommended investment in human competences to develop skills and build partnerships around the world to exchange experiences and ideas, and encourage the use of scientific research to support entrepreneurs.

The forum, organised by Qatar University School of Business and Economics, with the help of the economy ministry and Interactive Business Network (IBN), also suggested finding solutions for entrepreneurs by providing lands and continuously encourage investors to create an environment suitable for entrepreneurs and focusing on removing constraints such as rising rents and procedural bottlenecks facing entrepreneurs’ especially in the start-up phases.

The forum also highlighted the need for promoting passion towards business ideas and the ability to take risks and accept failure to reach to success, use of technology, big data and business analytics in ventures since they contribute to the success and development of businesses, and encourage the use of scientific research to support entrepreneurs as well as include entrepreneurship awareness in education curriculum since childhood.

“Throughout, the message that was clearly sent across by all the speakers at the forum is that entrepreneurs and entrepreneurship are vital components in any economy’s move towards a more sustainable growth and development,” said Raed Chehaib, IBN chief executive officer.

Gulf Times