A Dubai-based mentoring organisation has revealed its latest findings on the importance of business mentoring in the MENA region.
An average 890 percent return on investment can be achieved by investing in business mentoring in the MENA region, according to a report by a UK-headquartered mentoring organisation which has been operating in the MENA region since 2008.
The Mentoring Effect on Economic Growth – The Return on Mentoring Investment (ROMI) in MENA: Mowgli Report by the Mowgli Foundation shows that investors in their programmes have realised a significant Return on Mentoring Investment (ROMI) through economic generation achieved by the creation and safeguarding of jobs.
In the report, the Mowgli team points out to a number of findings by Wamda that it is five to ten times more difficult for a start-up to breakthrough in the MENA region, due to the level of interferences both intrinsic (core spirit, hope, confidence) and extrinsic (culture, society) that restrict entrepreneurs from moving forward.
The report further states that despite 60 percent of the region’s entrepreneurs having access to business mentoring, which is predominantly advice driven, a significantly lower proportion of entrepreneurs have access to holistic or relational mentoring.
When compared to other support initiatives such as business skills training and financial support, mentoring which focuses on supporting both the business and personal aspects of entrepreneurs, their findings reveal, ensures the greatest ROMI.
In comparison, business mentoring is a core pillar of the UK’s entrepreneurship ecosystem, where 70 percent of SMEs that have access to it survive for five years, which is double the rate compared with non-mentored entrepreneurs.
The Mowgli Foundation was established in 2008 by serial entrepreneur Tony Bury, in response to the need for job creation and sustainable economic and societal development in the MENA region as well as in the UK communities.
The foundation has a regional network of 1,680 alumni members spanning 14 countries, 13 of which are in the MENA region.
In 2016, the European Mentoring and Coaching Council (EMCC) awarded the European Quality Award (EQA) to Mowgli for its Mowgli Mentoring Experience (MME) programme and in 2012, the foundation received the Mohammed bin Rashid Award for Young Business Leaders Award for the 'Best Mentor Network in the Arab Region’.
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