Obtaining seed funding or venture capital is an obstacle to the progress of novice entrepreneurs

The Sharjah Entrepreneurship Festival will start on the first and second of next February at the Sharjah Research, Technology and Innovation Park. The festival brings together the entrepreneurship community in Sharjah, and provides opportunities to communicate and exchange knowledge with an elite group of global entrepreneurs. It also aims to provide participants with basic skills and strategic visions, and enhance communication with financial experts and business leaders.

Executive Director of the Sharjah Entrepreneurship Center (Sheraa), Sarah Abdulaziz Belhaif Al Nuaimi, said: “The entrepreneurial journey often begins with an inspiring idea, but the path to success is fraught with multiple financial challenges, and obtaining seed funding, investment capital, or alternative financing mechanisms represents a major obstacle.” “It hinders the progress of novice entrepreneurs, and the competitive nature of the markets contributes to the difficulty of convincing investors to endorse innovative ideas that have not yet been proven in practice.” Al Nuaimi added: “Even with the availability of initial financing, sustaining operational capacity requires a careful approach to budget preparation, as mismanagement of cash flow resulting from unexpected expenses is one of the main reasons for halting business growth or failure.”

She continued: “While expansion is a desirable goal for any company, it requires balanced and strategic financial commitments, and here lies the importance of proactive plans and risk management to avoid excessive expansion during the stages of growth, so entrepreneurs need to fully understand these aspects, to enhance opportunities.” Their success and gaining the trust of investors.

Al Nuaimi stressed that empowering entrepreneurs with practical financial visions represents the basis for achieving success, noting that the Sharjah Entrepreneurship Festival 2024 addresses these challenges directly, through a comprehensive program of dialogues and workshops to develop participants’ knowledge of the latest financial management strategies that enhance growth and sustainability.

She pointed out that the strength of the network of relationships has a direct impact on the financial success of entrepreneurs, and said: “By allocating five platforms and 10 regions, the Sharjah Entrepreneurship Festival contributes to facilitating communication between entrepreneurs, investors, and experts, providing a solid basis for cooperation, knowledge exchange, and financing opportunities. In addition to the knowledge and skills it provides, the festival provides exclusive opportunities for dialogue and communication with leaders of major local and international institutions and pioneers of innovative ideas.”

She continued: “Entrepreneurs armed with a comprehensive understanding and financial acumen are better qualified to overcome risks, take advantage of opportunities and promote long-term growth. Therefore, addressing these gaps requires comprehensive and thoughtful initiatives targeting the entrepreneurial system, which is the role played by the Sharjah Entrepreneurship Festival.”