GE and Wamda step up support to strengthen MENAs cleantech entrepreneurial ecosystem

Environment

GE and Wamda step up support to strengthen MENAs cleantech entrepreneurial ecosystem

The Middle East and North Africa (MENA) area's cleantech startup ecosystem stays underdeveloped, and startups are dealing with crucial barriers in growing their business, reveals a first-of-its-kind report by GE (NYSE: GE) and Wamda, a platform of programs and networks that intends to accelerate entrepreneurship environments throughout the region. The report belongs to MEMakers, a broader partnership by the two entities, which includes a digital platform focused on industrial start-ups, mentorship programs, and initial research study.

The report, 'MENA's Cleantech Startups-- Unlocking the Path to Solving Environmental Challenges,' was introduced today by GE and Wamda at the Water, Energy, Technology and Environment Exhibition (WETEX), which is now open at the Dubai International Convention Center. GE is a Platinum Sponsor of WETEX.

The report highlights that while cleantech startups are emerging and offering innovative solutions, entrepreneurs feel the sector's growth is being under-utilized due to the low awareness of cleantech among consumers, absence of access to markets, small pool of specialized financial investment sources, few specialized mentors, and very little resources for funding research study & development. Scaling up the cleantech entrepreneurship community is a strategic necessary for the area, which remains in dire need of innovative solutions to address its environmental challenges, the report states.

Rania Rostom, GE's Chief Innovation Officer for the Middle East, North Africa & Turkey, said: "MENA's demand for energy is set to increase by 114% while per capita schedule of water will be cut by half in the region by 2050. Cleantech startups can play an effective role in satisfying these obstacles. Through our collaboration with Wamda, we are driving the creation of a local innovation and entrepreneurial environment. The white paper is a great example of how the private sector can team up to increase regional entrepreneurship, particularly in the cleantech sector.

" Our focus is to provide market understanding, in addition to networking and mentorship chances that will help them take their services to the next level of development. GE's regional innovation centers and digital industrial innovations will play a key role in supporting these ventures, highlighting our long-term commitment to promoting sustainable advancement."

Habib Haddad, cofounder & CEO of Wamda, included: "MENA is a sensible location for cleantech startups, given its environmental challenges and growing regional assistance for entrepreneurship. Regardless of their significant potential for favorable modification, cleantech startups do not get sufficient levels of targeted assistance, and if left uncontrolled, it could end up being a missed out on chance for the area to establish innovative environmental solutions. Through our partnership with GE for the MEMakers initiative, we are wanting to bring a concrete modification to the cleantech landscape of the region."

GE has been supporting the entrepreneurship ecosystem through a series of initiatives including the MEMakers initiative (www.wamda.com/Memakers) that serves as an online destination to drive dialogue on entrepreneurship. Over the last few months, the network has actually grown to over 200 start-ups-- and more coming.

Copies of the report are readily available at GE's stand PSP1 at WETEX in Za'abeel Hall. GE is concentrating on the themes of efficiency, functional flexibility and ecological stewardship through its participation at WETEX. Significantly, GE is also showcasing its digital industrial innovations that bring transformational growth in productivity and efficiency. Digitizing the energy mix with the GEs Predix Industrial Cloud Platform offers 20% potential increase in performance across the customer base. GEs senior leaders will present technical papers at the WETEX conferences.

With more than 120 years of experience in the energy sector and over 80 years in the region, GE offers total plant solutions and delivers one of the most comprehensive energy technology portfolios in the world and the region.