Entrepreneurial landscape of Kuwait

The entrepreneurial spirit of the Kuwaiti population is undeniable, and the country has a wealth of individuals who are eager to venture into the world of startups. However, an examination of the current small and medium-sized enterprise (SME) landscape reveals a prevalent focus on short-term gains and trendy cash grabs, often at the expense of building and enduring sustainable legacies.

In recent years, Kuwait has witnessed an increase in startup activity, driven by a young, passionate, dynamic and risk-taking population, with two-thirds of Kuwaitis being under the age of 35. This demographic is savvy in the digital space and eager to experiment with entrepreneurial ventures, contributing to the fast-paced and trend-centric nature of the SME business environment in Kuwait.

Businesses in this environment need to keep up with the wave of trends or else they will be caught in the current and pulled under. The rapid rise and fall of businesses in response to this flow of trends is a reason that emphasizes the need for a more strategic and forward-thinking approach.

While the pursuit of profit is natural to the foundation of any business, Kuwait finds itself at a position of crucial transformation, one that does not shift away from the importance of profitability but brings another priority into the picture. The strategic vision outlined in “New Kuwait” aims to position the country as an attractive hub for innovation and foreign investment, with a focus on diversifying the economy and increasing the productivity of non-oil economic sectors.

Achieving this vision necessitates a fundamental shift in the mindset of entrepreneurs, moving away from trendy cash grabs and towards the creation of businesses that contribute meaningfully to the nation’s long-term economic development. Reflecting on the smaller business landscape here in Kuwait, it becomes apparent that the prevalent “follow and support” culture on social media often fades away as quickly as the trends it follows does.

There is a need for continuity, a sustained effort that goes beyond the initial hype. This is what a lot of businesses lack. Trendy cash grabs might yield short-term success, but they often struggle to establish a lasting impact or contribute to sustained economic growth. The path forward requires a collective commitment to building legacies that prioritize not only maximizing profits, but also positively influencing societal and economic advancement. This is highly attractive to foreign investment.

Fortunately, Kuwait is witnessing a growing wave of support for its entrepreneurs. Startup incubators and funds provided by both private and public organizations are actively supporting Kuwaiti-led SMEs. Still, more must be done. Notable success stories of Kuwaiti men and women leading startups receiving international recognition are paving the way for further growth and recognition.

Critical to this change is the education of Kuwait’s youth on the significance of forward and critical thinking in the business environment. Emphasizing the importance of contributing lasting value to society and the economy will help shift the mindset towards a new age of entrepreneurial ventures. One that prioritizes the building of legacies over short-term gains.

As we advocate for this transformative shift, let us foster a culture that encourages and supports entrepreneurs who strive to create businesses that leave a lasting imprint. I am optimistic about the future of Kuwait, where entrepreneurship becomes synonymous with building legacies and contributing to positive growth for generations to come.