Infographic: MAGNiTT's State Of MENA Startups 2016MAGNiTT, a UAE-based online community connecting startups, investors and support services, has released an infographic representing key statistics and features related to MENA entrepreneurship community.
By信德Hariharan•
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.
MAGNiTT,a MENA-centric online community connecting startups, investors and support services, has released an infographic representing key statistics and features related to MENA entrepreneurship community. With just over a year since its launch, MAGNiTT (a startup itself) reveals that there are more than 2,000 startups registered on its platform with 55% of the startups stating that they are in the initial stages of their lifecycle- in either "exploration," "development," "testing" or "launch" stages. Interestingly, while 62% of the enterprises indicate that they generate revenue, the stats reinforce a hurdle faced by most entrepreneurs in scaling up-seed funding.MAGNiTT data raises the oft-cited issue of inadequate angel investors in the system as 47% of registered startups admit to needing less than US$250,000 in funding- an amount low from a venture capitalist viewpoint, but more suitable for the angel investor. Perhaps in a reflection of ecosystem growth and maturity, the infographic reveals that startups based in the UAE are major adopters of MAGNiTT's services (42%), with Egypt, Lebanon, and Jordan enterprises following the Emirate at 12%, 9%, and 8% respectively. MAGNiTT's service, however, does not seem to have had the same adoption in年代audi Arabia(the largest in terms of population). KSA-based startups constitute just 5% of the MAGNiTT family.
To understand more about the trends around industry breakdown, priorities of MENA entrepreneurs, composition of the MAGNiTT ecosystem, and more, check out the infographic below.
Related:创业对于创业公司来说:菲利普Bahoshy希望马尼TT Create A Tighter Knit MENA-Wide Entrepreneurial Ecosystem