For Egypt's entrepreneurs, going green makes business sense

As young people across the Middle East grapple with a lack of employment, a growing number of Egyptian entrepreneurs are learning that eco-friendly businesses can solve environmental problems and boost their bottom line.

The region’s burst of innovation is driven partly by greater access to technology and a youthful population, with over 30 percent aged between 15 and 29, experts say. But necessity is also a major factor.

"For thousands of young people, there are no job opportunities, so they are creating them for themselves," Salma El Hariry, founder and CEO of ScaleUp Ventures, told the Thomson Reuters Foundation.

"Entrepreneurship is booming, and with this, there is an absolute shift in how startups talk about issues like energy and the environment."

A February report from the Middle East Strategy Task Force, co-chaired by former U.S. Secretary of State Madeleine Albright and former U.S. National Security Advisor Stephen Hadley, noted that more than 2,500 jobs are generated for every 10 successful startups.

"Even as the specter of political instability weighs heavily on the region, the Middle East is quietly experiencing a technological and societal transformation that could hold the keys to a better future," the report's authors wrote.

Egypt is embracing that transformation. Although funding remains a critical challenge, the country is host to a handful of incubators that support entrepreneurs as they build their companies.