DIFC Innovation Hub ’s Post

The Best is Yet to Come in the Digital Age of Change. Lessons learned from the world's TOP 10 richest billionaires and highly successful business executives with a Net Worth of more than $100 billion of dollars. Can Artificial Intelligence (AI) help multinational organizations, multilateral institutions, and global business companies save millions, billions and even trillions of dollars? What is Artificial Intelligence (AI), and how to drive Digital Transformation to innovate bold solutions to real-world challenges?.

The USAID Digital Development Awards 2023 has announced its winners! The Future Technologies Activity, funded by USAID, Sweden, and UKaid, implemented in Moldova by Chemonics, and Fagura won one of the 5 awards offered by USAID for innovation and digitization. In 2023, the project supported the fintech company Fagura - the first crowdlending company in Moldova that implemented an absolutely new cashback program for the national market. Thus, through the Fagura digital platforms, small and medium-sized enterprises benefit from quick access to banking services and non-traditional loans to turn their ideas into business opportunities. USAID's Center for Innovation, Technology, and Research annually designates the Digital Development Awards to highlight champions in implementing innovations that facilitate access to sports opportunities for all groups in society. See below the story of Floral Soul and how they used the loan to grow for their business. More details about winners: https://lnkd.in/dMX3rrg #USAIDMoldova #ProiecteleUSAID #DigiAwards #DigitalDevelopment #InnovateMoldova USAID Moldova USAID Fagura Floral Soul

Do business networks disseminate awareness of financial support programmes equally to female and minority ethnic entrepreneurs? ⚖ Stephen Knox and myself recently published this article in #IJEBR - link below. 👇 Using the #SMEFinanceMonitor data from the BVA BDRC, we investigated the extent to which SME owner-managers are aware of enterprise finance programmes provided by the government 🏛 (in particular, Start Up Loans Company, and other British Business Bank schemes), and by the banking industry 🏧 (i.e. Better Business Finance schemes by UK Finance). We find that on average, 48% of SME's are aware of government programmes and 42% are aware of banking industry schemes - rates for minority ethnic-led are significantly lower. 👎 Business networks are significantly associated with higher awareness. #obviously. BUT, the extent to which networks enhance awareness is significantly LOWER for minority ethnic entrepreneurs! Also, while we find no significant gender disadvantage in awareness in general, both women and minority ethnic entrepreneurs are less likely to be members of business networks. So, business networks not only don't welcome women and minorities at the same rates as White British males, but they also do not disseminate useful information equally to minority ethnic entrepreneurs that are members in such networks! Could be #networkhomophily issues at play here. Surprising also, at least on the issue of awareness of enterprise support programmes, minority male entrepreneurs do worse than minority females. So perhaps female enterprise support policy could be working, helping minority female entrepreneurs along the way, but ineffective minority ethnic enterprise policy could be leaving the minority male entrepreneur neglected behind? Full paper available here: https://lnkd.in/emjyETc8 Many thanks to The Royal Society of Edinburgh that part-funded the research, and to Colette Henry, FRSA, FAcSS and other editors and reviewers of the "Exploring Entrepreneurship Policy in a Global Context: A gender perspective" #SpecialIssue at IJEBR. University of Edinburgh Business School

I'm delighted to share that Karmaleon Limited has officially been certified as an ethnic minority business (EMB) by MSDUK, the UK's premier supplier diversity advocacy organisation. Why does this matter? Research from the Federation of Small Businesses (FSB) revealed that EMBs contributed an impressive £25 billion to the UK economy in 2018 — on par with the economic output of Greater Manchester. However, many EMBs face obstacles that hinder their growth. EMB owners are not only achieving remarkable success but are also more likely to export than their non-EMB counterparts. Therefore, promoting opportunities for EMBs is crucial for UK economic growth. MSDUK plays a vital role in fostering a more inclusive and diverse business environment, creating equal opportunities for all. I'm excited to collaborate with MSDUK and other EMBs to develop new opportunities both in the UK and internationally. I highly recommend MSDUK to business owners aiming to expand and contribute to the success of EMBs in the UK, as well as to corporates seeking to diversify their supply chains. #MSDUK #ESDP #SupplyChain #InclusiveProcurement #EthnicMinorityBusinesses

Key Takeaways from Our Partnership with Bahrain FinTech Bay 🌟 1. Advancing Women Entrepreneurs: We’re joining forces to increase female participation in the fintech sector through the Standard Chartered Women in Tech initiative. 2. Innovative Workshops: Exclusive fintech workshops for Playbook members to foster collaboration, innovation, and increased involvement of women in fintech. 3. Resource Enrichment: Playbook’s expertise combined with BFB’s robust programs to provide invaluable resources and support for aspiring and established female entrepreneurs. 4. Inclusive Growth: Together, we’re committed to creating a more inclusive and vibrant fintech community in the MENA region and beyond. Join us on this journey to reshape the future of fintech! 🚀 #getplaybook #becomeamember #BahrainFinTechBay #WomenInTech #Entrepreneurship #Fintech Ismahan Al Saad Nada Darwish

"Digitale Sparkasse der Zukunft" meets DSIK 🧩  As promised, I will give you a detailed insight into one of our key projects: 𝗗𝗶𝗴𝗶𝘁𝗮𝗹𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗠𝗶𝗰𝗿𝗼𝗳𝗶𝗻𝗮𝗻𝗰𝗲 𝗮𝗻𝗱 𝗦𝗮𝘃𝗶𝗻𝗴𝘀 𝗮𝗻𝗱 𝗖𝗿𝗲𝗱𝗶𝘁 𝗖𝗼𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝘃𝗲 𝗦𝗼𝗰𝗶𝗲𝘁𝗶𝗲𝘀. 💻 In 2019, the German Sparkassenstiftung Eastern Africa in Tanzania launched an initiative to help advance digitalization in the #microfinance sector. Through collaboration with various partner institutions, this initiative aims to aid our partners in providing digital solutions to #SACCOS and microfinance institutions, improving their digital infrastructure, digitalizing manual processes, and achieving interoperability. 𝗖𝘂𝗿𝗿𝗲𝗻𝘁 𝗙𝗼𝗰𝘂𝘀: 𝗜𝗺𝗽𝗹𝗲𝗺𝗲𝗻𝘁𝗶𝗻𝗴 𝗖𝗼𝗿𝗲 𝗦𝗔𝗖𝗖𝗢𝗦 𝗦𝘆𝘀𝘁𝗲𝗺 𝗮𝗻𝗱 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗖𝗼𝗺𝗽𝗲𝘁𝗲𝗻𝗰𝗲 𝗔𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁 One of our most significant current projects is implementing the Core SACCOS System for SCCULT. This shared system aims to enhance the operational efficiency of SACCOS. The system development is at the final stage, with User Acceptance Tests completed and verification continuing. The pilot phase has started with selected SACCOS, and the system launch has been completed. DSIK supports this project through funding and fundraising, providing technical advisory services, managing the project, conducting workshops and training sessions, and offering mentoring and coaching for SCCULT. 🚀 Our digitalization efforts also include the development and implementation of the Digital Competence Assessment (DCA). This initiative focuses on developing a detailed methodology for assessing the digital competence of SACCOS. We adapt, design, and develop assessment tools, which may include surveys, interviews, and panel discussion guides. Additionally, we create a Reporting Template to outline assessment findings, identified gaps, recommendations, and proposed strategic actions for improvement. Training sessions are prepared and delivered to partner institutions on the assessment methodologies, tools, and reporting. My primary responsibility within this initiative is to manage and further develop the DCA, ensuring it meets the needs of our target groups and aligns with our broader #digitalization strategy. I'm super happy to support this project as its scope closely aligns with a subproject of the "Digital Agenda" in the DSGV - Deutscher Sparkassen- und Giroverband I worked with. The core findings of this project have also been integrated into the regional initiatives during my time at the Sparkassenverband Westfalen-Lippe. In this role, I work closely with my colleague Luciana Murimi, who has warmly welcomed and guided me in this project. Together, we are currently developing the methodology for the DCA. Perhaps my colleagues in Germany have some insights and would like to share their experiences? 🤔 Henning Genz, Frank Krallmann, Achim Wyen, Marvin Bellmann, Tobias Grapentin, Christoph Wienert, Oliver Ludwig

Important discussion

Today we celebrate 10 years of remarkable impact with DGGF. In our report you can read more about how DGGF has been empowering SMEs in emerging markets.

Vesti Invests $250,000 in African Youths Through Partnership with TFAA. Vesti has invested $250,000 in talented African youths through its Vista for Africans Initiative. To achieve the initiative’s goals, Vesti has partnered with The Future Awards Africa, often called the "Nobel Prize for Young Africans." This five-year investment aims to help young Africans pursue their dreams and showcase their talents on a global scale. "The partnership marks a shared vision between Vesti and TFAA – a future where young Africans can pursue their dreams and showcase their talents on a global scale," the statement read. Vesti is offering 100 million naira worth of services to support TFAA nominees, many of whom are looking to expand to new countries, thereby supporting their global aspirations. The 18th edition of the Future Awards Africa is themed "Celebrating the Great and Daring." Vesti has embraced this vision to celebrate and empower young, exceptional Africans. Vesti’s co-founder and CEO, Olusola Amusan, explained the decision to partner with TFAA: "At Vesti, we understand the challenges faced by ambitious Africans seeking global opportunities. This partnership allows us to directly support the TFAA nominees, many of whom envision expanding their horizons. We are excited to equip them with the tools and resources they need to seamlessly navigate their journeys." The Future Awards Africa recognizes excellence in various categories, including entrepreneurship, technology, education, and social activism. Past winners have gone on to become prominent figures in their fields, demonstrating the transformative power of TFAA in shaping the future of Africa. Applications for the Future Africa Leaders Awards 2024 Registration are still open: https://lnkd.in/d6axaTNu #Vesti #TFAA #FutureAwardsAfrica #YouthEmpowerment #AfricanYouth #Fintech #Investment #GlobalOpportunities

In 2023, South African companies invested a whopping R11.8 billion in CSI. And guess what? 84% of that went straight to NPOs. That's massive! Why do I care so much about CSI and NPOs? Because they make a big difference in our communities. Sometimes, the government can't do it all, and that's where these programs step in to help out. It's amazing to see what happens when businesses get involved in making our communities better. Last year, 59% of companies joined in, giving money to things like schools, helping people, and making sure everyone has enough to eat. But not everyone's on board. Over 69% of companies aren't fully convinced about supporting new ideas from NPOs, even though there are various tax benefits provided by SARS for implementing CSI. Well, that shouldn't be the only reason to take part in impactful CSI projects, maybe this might give them a bit more convincing. But let's focus on the good. Each contribution brings us closer to helping those who need it most. It's pretty heartwarming, isn't it? So, let's keep cheering for these awesome achievements. They're lighting the way to a future where everyone has a chance to thrive. If you are curious about how you can incorporate CSI into your business? Contact Techtisa at: info@techtisa.co.za #Techtisa #Transformation #TechtisaFoundationNPC #YouthDevelopment #ProudlySouthAfrican #ChangingLives #SkillsDevelopment #TrainingAndDevelopment #SMMEDevelopment