Entrepreneurship in Morocco

El cheguer Taoufiq 2017-08-15 21:35:58 Business
Entrepreneurship in Morocco

In Morocco, being an entrepreneur seems to be the “coolest” thing ever to be at the moment. Universities are creating business and entrepreneurship opportunities, the government is working on modernizing the administrative procedures and aspects for entrepreneurs, a number of investment funds are being implanted in the economic capital and beyond, and events and conferences are being organized and sponsored. A large number of foreigners (Westerners) are also moving to Morocco to start and run their own businesses.

 

An interesting visit to an informal market in “Derb Ghallef” quarter in Casablanca, which has its endless stalls of goods and services, offers a panorama of the entrepreneurial spirit, motivation and capacity of Morocco's nation: entrepreneurship, innovation and the Silicon Valley.

However, although many of the these aspects carry weight to a successful entrepreneurship in Morocco, entrepreneurs today face several challenges like: meeting mentors and investors, finding a suitable space for office, fostering partnerships, recruiting co-founders, and having a community space to meet and share ideas and proposals.

Moroccan Entrepreneurs Are In Need For Affordable Places To Work.

Suitable premises all over Morocco are expensive and hard to find. Obviously, there are a few places in the country that offer offices in technology hubs such as Technopark in Casablanca and Rabat or Rabat Technopolis, but the prices are prohibitive for many young entrepreneurs. "As a young entrepreneur Karim Jazouani, “the only option is to work from home or in a friend’s office."

Moroccan Entrepreneurs Are Inclined For Investment.

Like many investors in the Middle East today, investors in Morocco are culturally cautious in that they avoid ventures with an uncertain return on investment. The only option for many young entrepreneurs is to turn to institutional funding such as Maroc Numeric Fund, a venture capital fund that focuses on early stage startups, and the Centre Marocain de l'Innovation, a government-backed fund that finances innovative projects at both the startup and growth phases.

Morocco Is In Need For Both Urban And Rural Organizations. It is clear that Morocco is mostly a rural country. The government does its best to promote employment and self-entrepreneurship to young unemployed Moroccans. That is the main issue we have to work on as Mr. Jazouani stresses. Instead of just building up and supporting entrepreneurs in Morocco's major cities, it is necessary to empower entrepreneurs in rural areas as well.