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The impact of Covid 19 on the health and psychological state of entrepreneurs in the Middle East and North Africa
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- Wamda Research Laboratory Wamda Research Laboratory And Microsoft Startups is releasing a research report, the first of its kind in the region, to assess the mental health of entrepreneurs in the Middle East and North Africa in cooperation with EMPWR and HAD Consultants.
- The report on the impact of COVID-19 on the psychological state and safety of entrepreneurs provides valuable information on the priorities of the founders most affected since the outbreak of the pandemic, their current concerns, the stress relief measures they are taking. entrepreneurs take for themselves and their teams, as well as the form of support they wish to provide in the entrepreneurial environment of the Sharq region in the Middle East and North Africa after the spread of the Covid pandemic- 19.
- The report reveals that the founders’ continued investment results in the highest levels of psychological stress.
- More than half of the founders in the Middle East and North Africa have had to change their current and long-term priorities due to the spread of the pandemic, and a third of the founders have indicated that the pandemic is the greatest source of psychological stress.
- Forty percent of founders see their mental health as the biggest concern right now.
Wamda and Microsoft Startups have released a research report examining the impact of the COVID-19 pandemic on the mental health and safety of entrepreneurs in the Middle East and North Africa, in collaboration with EMPWR and HAD Consultants.
This report is the first of its kind to present data on the mental health of entrepreneurs in the region and quantify the impact of COVID-19 on the mental health of entrepreneurs in the region.
Business founders tend to put up with more stupidity and stress than others, and they are twice as likely to develop depression. Their stress levels have worsened since the onset of the pandemic, resulting in a high demand for mental health and safety services in the region.
The report highlights its findings based on data collected from 101 startup founders from different regions of the Middle East and North Africa. The vast majority of respondents (55%) said that finding funding is the main reason for their stress. As for the pandemic, it represents the second cause of psychological stress in the field of entrepreneurship, since 33.7% of founders encounter difficulties because of it, and this percentage corresponds to founders who encounter difficulties due to expanding their business.
“The past year has been difficult for all of us,” comments Roberto Croce, CEO of Microsoft for Startups MEA. “But it gave us a great opportunity to talk about a still taboo subject of our mental health. We are excited to publish this report with our partners as we are committed to finding better ways to support the founders and the community. mental health startups in our region. ”
Tresca Hameed, Editor-in-Chief at Wamda, said: “Company founders take on enormous responsibilities, resulting in high levels of psychological stress, in addition to the uncertainty that exists due to pandemic conditions, which has exacerbated psychological stress levels, in particular This report is not limited to not only highlighting the impact of the pandemic on founders, but also highlighting the growing level of awareness of the importance of mental health for entrepreneurs of the region. “This awareness has also led to a steady growth in the number of health tech startups focused on mental health, a positive trend that could have a huge impact on everyone as well. “
Mental health and safety concerns are increasing across the region, and 40% of founders expressed a desire to receive psychological support from the surrounding entrepreneurial environment.
The report also includes a map of mental health startups in the Middle East and North Africa, and it should be noted that a third of these companies started up in the past year.
As part of the launch of the report and with the aim of raising awareness of the mental health of entrepreneurs in the region, health technology startups have joined forces to provide psychological support to their fellow entrepreneurs by offering their services and their offers. This initiative is helping to change the traditional view of mental health in the region.
Participating companies working in the field of health technologies include: My Wellbeing Lab spoke to consultants Takalaam, Mindtales and HAD from UAE, Labayh from Saudi Arabia and Oh Seven O7 Therapy from Egypt and even Nafas from Oman. You can find more details on how to get the benefits offered by visiting the Wamda website (link)
Ali Salama, CEO of Empower, commented: “It’s amazing to see the impact of the relationships between the founding partners of startups and institutions after the outbreak of the global pandemic. “Many of them described their relationship with their partners and colleagues as familial. We have found that entrepreneurs who maintain a team spirit are more likely to have psychological well-being and to feel less alone. . I think we are only beginning to scratch the surface on this problem and we need detailed and precise research to develop a deeper understanding of this phenomenon. “
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