Entrepreneurs Can Make Impact, And Profit

Entrepreneurs in Egypt should know that making a lasting impact in society doesn't have to come at the expense of profit, industry insiders said during a panel titled 'Entrepreneurship with Impact' at the RiseUp summit on Sunday.

"We want to create a culture where it's ok to become an entrepreneur and make money, but also make sure that you have an impact on society," said Mariam Farag of MCB Group. "We need to send out the knowledge of what sort of impact we can create on the ground, and this is the role of the media … It's easy to focus on startups, but we want to make sure the community is taken care of."

MBC Group wants to reach out to the less privileged communities that are often forgotten, Farag added, as well as to universities in Egypt.

Private sector companies gain when investing in entrepreneurs who make a social impact because those entrepreneurs also boost the economy, which benefits everyone – especially the private sector, said Ahmed El Sheikh of PepsiCo.

The philanthropic sector can also play a role in supporting entrepreneurs who improve society. "We use entrepreneurs as a vehicle to think of innovative products and services to empower those below the poverty line," said Sally Metwally from Misr El Kheir. "We have a small amount to support this program, but we're supported by the private sector and our main supporter is PepsiCo."

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