Ahmad Ashkar's Ambitious Plans To Change The World

The Palestinian-American businessman is leading the way when it comes to the impact economy on both a global and local scale.

- Emma Hodgson

“If we had another 50 brands like Falafel Inc [a restaurant chain Ahmad Ashkar help set up in 2017], the refugee crisis would stop, full stop,” asserts the 37-year-old serial entrepreneur to a crowd gathered to hear him speak in Georgetown.

Arguably, it is this mentality and push for a new kind of business model that has made Ashkar the de facto leader of a new kind of system known as ‘impact business’. At the root of this new model is the Hult Prize, which he founded 10 years ago, and is now one of the most well-known and sought-after accolades for university students around the world. The venture goes further than most student awards, and rather than simply bestowing merit for great business ideas, it supports ideas which have a positive impact on society, the environment and the world-at-large. It then goes even further, by giving students the support network and funds to help make those ideas become a reality.

“The future of business is impact centred, profit-minded, and market-driven,” Ashkar says, “what we do with the Hult Prize is give those who participate access to a support network, and for the winning team we help to accelerate growth through mentorship and funding.”

Indeed, this may seem like an unusual project for a man who built his career on Wall Street, but according to Ashkar, his experience in the financial world helped him gain the mindset he has today.

“I wasn’t always this shared value economy guy,” he explains. “I actually began my career on Wall Street, and I enjoyed it.”

The Palestinian-American businessman spent years working as an investment banker, and as early as age 25, he was “one of the top investment bankers trading commercial mortgage-backed security,” trading billions between the Middle East and the US each year. However, before he turned 30, the financial crash happened.