How Careem has transformed the startup ecosystem of MENA
Last week was a major milestone for the region; the biggest acquisition in our history and a pivotal moment for our ecosystem and its future. I had written this post prior to the transaction, as a way to share my thoughts on the impact Careem has had on our regional economies. And today, they have [?]
- We have spent the past 7 years actively pushing entrepreneurship and innovation through investing in early-stage startups, with the hopes of building role models, creating wealth and jobs, as well as elevating the level of knowledge and skills in our region.
- Careem is that; our beacon of MENA entrepreneurship; the first to transcend borders and continents, and the first to truly catalyze the Middle East's startup ecosystem.
- Prior to Careem, regulators in every country in the Middle East did not take regional technology companies seriously.
- Cash on delivery is the main form of payment in most countries in the region and has been a significant barrier to scaling startups across the Middle East.
- This is a transformational solution to cash on delivery and, while it has not been launched yet, when this feature does get released, I think it will allow for most of our regional startups to scale much faster and have a drastic impact on the overall growth of technology adoption and startups in the Middle East.