By Selina Bieber, Vice President for International Markets for GoDaddy
Technology has seamlessly integrated into the daily lives of Egyptians, and entrepreneurship is no exception. Small Egyptian companies have eagerly embraced Artificial Intelligence to harness its potential. According to the 2024 GoDaddy Global Entrepreneurship Survey, 93% of Egyptian entrepreneurs express confidence in navigating AI technologies to enhance their businesses.
The implementation this technology can bring multiple benefits and have a tangible positive impact. The entrepreneurial ecosystem’s willingness to adopt new technologies is clear, ensuring our business environment keeps pace with the rapid advancements in digitalisation. A forward-thinking mindset and adaptability are crucial in this digital era.
Entrepreneurs face numerous challenges, but it can be easier for them if they invest in AI tools to help streamline their operations. The survey shows the most compelling reasons for entrepreneurs to invest in AI tools are potential for increased efficiency (46%), gaining a competitive edge in the industry (43%), and a positive impact on customer service (42%). Additionally, when it comes to the areas they believe AI could benefit their small business the most Egyptians ranked marketing first (65%), followed by business planning and strategy (48%), and financial management (46%). Digitalisation has significantly enhanced work processes, driving growth despite existing obstacles.
Although the outlook for AI is positive, Egyptian entrepreneurs face hurdles such as the potential costs (46%), a lack of understanding how AI can really benefit their small business (43%), and lack of awareness about the solutions available (42%). Many of them also believe they do not have enough time to implement these tools (30%).
To address these challenges, there are user-friendly AI tools such as GoDaddy Studio which creates professional-looking content easily and quickly without needing advanced design skills. A free tool like this one can help entrepreneurs with their marketing efforts for their social media channels, website, customer email communications, and more.
What we can take away from all this data is that small businesses have realised how important it is to go digital, with 93% of Egyptians recognizing its significance. As small businesses embrace AI, growth becomes can become more attainable, ensuring they do not miss the digital transformation wave. Businesses that constantly innovate can be better equipped to respond to changes in the market and customer needs, ensuring they remain relevant and competitive. AI-driven innovation can lead to the development of new products and services, opening up additional revenue opportunities.
In conclusion, the embrace of AI and digitalization is not just a trend but a necessity for small businesses in Egypt. The ability to adapt and innovate can help determine their success in a rapidly evolving digital landscape. By investing in AI, small businesses can help drive efficiency, enhance customer service, and expand their market reach. The future of entrepreneurship in Egypt is undoubtedly digital, and those who embrace this transformation will be well-positionedf or success.