Maktoob was the Middle East’s first big entrepreneur success story. After Samih Toukan and Hussam Khoury grinded away to make the company a success (read Christopher Schroeder’s excellent book – Startup Rising: The Entrepreneurial Revolution Remaking the Middle East – for a full story), they sold the company to Yahoo! for $170 million in 2009.
At WOMENA, we knew the Maktoob story well but what we didn’t know was how significant the multiplier effect on the wider ecosystem was after its acquisition. Until, that is, we came across Endevour’s fascinating report: “Multiplying Impact: Amman’s High-Growth ICT Industry”.
As the image above succinctly shows, there was a significant network effect in Jordan and across the wider Middle East following Maktoob’s sale. Toukan setup Souq.com that is the Middle East’s first unicorn and has seen strong growth across the region. Some of the other well known startups that can be directly attributed to Maktoob include Nibras, Arabia Weather, Khodarji, Sukar, Marka VIP and Jabbar Internet Group.
It shows how powerful the entrepreneurship ecosystem is. If one company can have such a significant multiplier effect, imagine what the multiplier effect is of the thousands of startups that have since emerged? What’s even more exciting is that this is only the beginning! The Middle East is very much in the early stages of its entrepreneurship development and the next few years will undoubtedly be exciting.