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CHIC BEGINNINGS/ Nysaa makes a stylish debut in the GCC P.28 April 2024 COMMITTED TO SUCCESS/ Lyvely co-founder and CEO Farah Zafar P.25 FASHIONING SUCCESS/ Etro CEO Fabrizio Cardinali P46 EYE ON THE FUTURE CO-FOUNDER, GLASS VENTURES FOUNDER, FINEQIA FOUNDER, PREMFINA P.38 BUNDEEP SINGH RANGAR E-BUSINESS AWARDS 2024 THE RECAP P.66
2 / ENTREPRENEUR.COM / April 2024 27232 Homes from AED 1,696,000 * *T&C apply Launching Sequoia, your woodland paradise A peaceful enclave hidden within the woodland. Choose from a range of well-appointed homes, from two-bedroom townhouses to six-bedroom signature villas. Every residence at Sequoia blends nature-inspired design and features with the latest smart home technology, bringing you environmentally friendly convenience and comfort.
Contents/April 2024 P.38 Eye on the Future BUNDEEP SINGH RANGAR Co-Founder, Glass Ventures, Founder, Fineqia, Founder, Premfina Meet the entrepreneur who’s paving the way for the next generation of technology: Web 4.0 P.46 Fashioning Success FABRIZIO CARDINALI The CEO of Etro offers a peek into how he’s revitalizing the iconic Italian brand P.16 App Olympics: The Recap Throwback to this groundbreaking competition staged by Dubai Chamber of Digital Economy, all the way from its genesis to its culmination. FEATURES IMAGE COURTESY ETRO → FABRIZIO CARDINALI was appointed Chief Executive Officer at Etro
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10 / ENTREPRENEUR.COM / April 2024 April 2024 Contents Contents ‘TREPONOMICS 75 Whiskers, Wags, And Wellness With his Abu Dhabi-based venture Pet Republic, MOHAMED ALZAABI has created a one-stop-shop for any and all pet care services in the UAE. 78 Scaling New Heights As VISHAL PARMAR’S VAP Group gears up to host the Global AI Show and the Global Blockchain Show in Dubai in April, the founder discusses the secret to staying atop ever-changing tech trends. 82 “We Got Funded!” The stories behind the recent fundraising successes seen by CLUSTERLAB, MANTRA, and BRKZ. STARTUP SPOTLIGHT BUSINESS UNUSUAL 25 Committed To Success LYVELY co-founder and CEO Farah Zafar is all set to shake things up in the dynamic realm of tech and Web3. 57 It’s All About The Connections Zealous co-founder and CEO MARYAM A. HASSANI lists five steps to build your entrepreneurial community in the MENA. 59 Decoding Consumer Behavior PETRA SMITH, founder and CEO of Squirrels&Bears, finds out if it’s logic or emotion that fills our shopping baskets. ↑ Besides being the co-founder and CEO of LYVELY, FARAH ZAFAR is also the Managing Director and Chief Legal Officer of Phoenix Group. EDITOR IN CHIEF Aby Sam Thomas aby@bncpublishing.net CEO Wissam Younane wissam@bncpublishing.net DIRECTOR Rabih Najm rabih@bncpublishing.net ART DIRECTOR Simona El Khoury MANAGING EDITOR Tamara Pupic tamara@bncpublishing.net FEATURES EDITOR Aalia Mehreen Ahmed aalia@bncpublishing.net DIGITAL SOLUTIONS DIRECTOR Mahdi Hashemi mahdi@bncpublishing.net HEAD OF INNOVATION Sarah Saddouk sarah@bncpublishing.net GROUP SALES DIRECTOR – B2B GROUP Joaquim D’Costa jo@bncpublishing.net COLUMNIST Tamara Clarke CONTRIBUTING WRITERS Fida Chaaban, Maryam A. Hassani, Taher Jhanjharya, Ruwaida Abela Northen, Petra Smith SUBSCRIBE Contact subscriptions@bncpublishing.net to receive Entrepreneur Middle East every issue COMMERCIAL ENQUIRIES sales@bncpublishing.net ENTREPRENEUR.COM Access fresh content daily on our website All Rights Reserved 2024. Opinions expressed are solely those of the contributors. Entrepreneur Middle East and all subsidiary publications in the MENA region are officially licensed exclusively to BNC Publishing in the MENA region by Entrepreneur Media Inc. No part of this magazine may be reproduced or transmitted in any form or by any means without written permission of the publisher. Images used in Entrepreneur Middle East are credited when necessary. Attributed use of copyrighted images with permission. All images not credited otherwise Shutterstock. Printed by United Printing and Publishing. PO BOX 502511 DUBAI, UAE P +971 4 4200 506 EntMagazineME Entrepreneur-me
12 / ENTREPRENEUR.COM / April 2024 Editor’s Note/ Editor’s Note/ Editor’s Note/ IT’S NOT YOU, IT’S ME A reminder that communication remains a two-way street A s a journalist, I have come to accept (and gotten pretty used to) absolute strangers pitching to me on my email, phone, and social media- but I’d like to hereby state for the record that I draw the line at voice notes. I’ve never been a fan of voice notes- I think it’s the writer in me that questions the efficacy of long-winded, often rambling messages using one’s voice, as opposed to the clarity of words put down on paper -so to speak- after at least a modicum of thought. I also find them quite inconsiderate- it is often for the sender’s convenience that a voice note is made, and very rarely does it take into account the receiver’s thoughts on the matter. You may be “too busy” to type out a message, but, hey, why is that my problem? Plus, why do you assume that I’ve got the time to listen to and decipher your seven-minute-long podcast? And if we’re going by that logic, why couldn’t you have used that same amount of time to craft a concise message instead? Now, of course, I will admit that there are times when a voice note is necessary to explain something better, or simply to have a more personal tone with the recipient. That said, this can’t happen all the time- it should be treated as an exception to the rule, not as the norm. Keeping all of this in mind, it’s quite easy to understand why I find it perplexing when businesses have their representatives reach out to me through voice notes. Is this really the way you want to introduce yourself to someone you’re keen on interacting with in a professional context? Let’s also not forget that all of us are in the midst of a competition for attention spans in which every interaction counts, and that’s why I think it’s high time all of us rethink our approaches to outreach. At the end of the day, when it comes to communication, it’s never just about you- in fact, I’d actually argue that it should always be centered on whoever is on the other side of the conversation. Plus, it’s not just about what we say that determines the success of our interactions- it’s how we say it as well. So, spare me the voice notes, and while you’re at it, tamp down on the emoji use as well. We can definitely be better than that. Aby Sam Thomas Editor in Chief @thisisaby aby@bncpublishing.net
T OKEN2049, a global conference series that convenes experts and entrepreneurs in the Web3 and crypto space, has unveiled the initial speaker lineup for its inaugural Dubai edition, set to take place from April 18-19, 2024 at the Madinat Jumeirah. Among the 50 industry experts and leaders included in the newly announced list are Paolo Ardoino, CEO of Tether, Sandeep Nailwal, co-founder of Polygon, Arthur Hayes, co-founder of BitMEX, Roger Ver, angel investor and founder of Bitcoin.com, Sergey Nazarov, co-founder of Chainlink, and Daniel Alegre, CEO of Yuga Lab. Till date, TOKEN2049 editions have been held at global leading digital asset capitals including Hong Kong, Singapore, and London. Building on the success of TOKEN2049 Singapore, which took place in September 2023 and brought together over 300 exhibitors and more than 10,000 attendees (with 80% being overseas visitors), TOKEN2049 Dubai is currently expected to witness the attendance of an estimated 10,000 attendees from across the globe. TOKEN2049 Dubai is thus expected to bring together entrepreneurs, investors, developers, industry leaders, and global media outlets to put a spotlight on some of the most prevalent topics across crypto and Web3. The TOKEN2049 Week -set to take place in Dubai from April 15-21, 2024- will offer attendees the opportunity to participate in a range of side events, workshops, as well as gain networking opportunities. “Following the success of our latest iteration of TOKEN2049 in Singapore, we’re immensely proud and excited to bring the world’s premier crypto conference to an entirely new region,” said Alex Fiskum, co-founder of TOKEN2049. “Traction for the event so far has been phenomenal with thousands of registrations already, setting the stage for what will no doubt be a completely sold-out event. Today is the first of many exciting announcements to come in the lead-up to the event in April 2024.” TOKEN2049 Dubai has also revealed the names of a handful of the title sponsors confirmed thus far, including BingX, a SIngapore-based crypto exchange that offers spot, futures, copy trading and grid trading products; CoinW, a global crypto exchange platform to buy and sell Bitcoin; Zeebu, an all-in-one blockchain-based platform built to for telecom settlements; M2, an Abu Dhabi based crypto investment platform, TRON, a public chain platform that supports smart contracts, decentralized applications (DApps), decentralized finance (DeFi), and stablecoins; and DWF Labs, a global digital asset market maker and multi-stage Web3 investment firm. In The Loop/ DEFINING WHAT’S NEXT Global conference series TOKEN2049 gets set for its inaugural Dubai edition from April 18-19, 2024 14 / ENTREPRENEUR.COM / April 2024
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16 / ENTREPRENEUR.COM / April 2024 The Recap APP OLYMPICS APP OLYMPICS Throwback to this groundbreaking competition staged by Dubai Chamber of Digital Economy, all the way from its genesis to its culmination I n October 2023, Dubai Chamber of Digital Economy launched the App Olympics, a ground- breaking competition that offered participants a structured learning journey in the world of app development, which culminated with an award ceremony in February 2024. The App Olympics competition was launched as part of the Create Apps in Dubai initiative, which was announced by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, in March 2023. Create Apps in Dubai supports the objectives of the Dubai Creative Economy Strategy, under the banner of the Dubai Creative Economy Strategy, which aims to position Dubai as a global digital innovation hub by 2025. With the App Olympics launch- ing at the 2023 edition of the ↓H.H. SHEIKH HAMDAN BIN MOHAMMED BIN RASHID AL MAKTOUM, Crown Prince of Dubai and Chairman of Dubai Executive Council, with the winners of the App Olympics competition.
17 April 2024 / ENTREPRENEUR.COM / annual Dubai-based technol- ogy startup event, Expand North Star, the initiative was open to UAE nationals and residents of all ages from any emirate, as well as global tech startups interested in establishing a presence in Dubai. The App Olympics thus went on to attract over 1,100 applications from 64 countries, with participants then getting access to curated online learning modules catered especially for the competition, which covered the ideation, technical, and business aspects of the mobile app development journey. 247 mobile app ideas were then selected to move on to the next phase of the App Olympics, following which 165 prototypes were built. Throughout this process, participants were immersed in a supportive ecosystem that featured weekly commu- nity engagement events such as online masterclasses, fireside chats, and interactive Q&A sessions. They were also treated to thousands of hours of mentorship from a carefully curated list of local, regional, and international experts. This stage of the App Olympics ended with a thorough review of all applications and prototypes by a jury comprising of business and app experts, who then selected 24 teams as semi-finalists for the competi- tion. Each of them went on to present and pitch their innovative concepts over a two-day period, which resulted in the selection of 12 finalists. They then got to showcase their offerings at a ceremony conducted at the Museum of the Future in Dubai, whose audience included H.H. Sheikh Hamdan, government dignitaries, business stal- warts, and others. Winners were selected across four different categories (Best Youth-Made App, Best Social Impact App, Most Innovative App, and Best Advanced App), with one of them also being awarded the title of Dubai’s App of the Year. All the winners received a comprehensive package of services worth US$150,000 to build their apps, and they will also receive support from Dubai Chamber of Digital Economy in launching their startups, including assistance with licensing and banking services, as well as help in identifying potential partners and customers. Following the conclusion of the competition, H.H. Sheikh Hamdan said in a statement that the App Olympics is as a reflection of Dubai’s stature as a global hub for research, innovation, and opportunity, as well as a leading city that offers sustainable growth and a high quality of life. “Build- ing on this success, we are pleased to announce the launch of a global edition of the App Olympics,” he added. “This new chapter invites innovators worldwide to join us in contributing to Dubai’s remarkable digital transfor- mation journey.” createapps. ae/en/programs/appolympics- competition }} THE SUCCESS OF THE APP OLYMPICS FURTHER STRENGTHENS DUBAI’S POSITION AS A LEADING PLATFORM FOR CREATIVE MINDS, AND A MAGNET FOR PIONEERS FROM ACROSS THE GLOBE.” THIS STAGE OF THE APP OLYMPICS ENDED WITH A THOROUGH REVIEW OF ALL APPLICATIONS AND PROTOTYPES BY A JURY COMPRISING OF BUSINESS AND APP EXPERTS, WHO THEN SELECTED 24 TEAMS AS SEMI-FINALISTS FOR THE COMPETITION ↑ The final ceremony of the App Olympics competition was staged at the Museum of the Future in Dubai, in front of an audience that included government dignitaries, business stalwarts, and others. “
18 / ENTREPRENEUR.COM / April 2024 The jury for the finals for the App Olympics The juries for the App Olympics semi-finals A pitch during the App Olympics semi-finals Abdulla Al Gaoud, Director of Digital Operations, Dubai Chamber of Digital Economy, at the App Olympics semi-finals
19 April 2024 / ENTREPRENEUR.COM / A scene from the pitch workshop conducted for the semi- finalists of the App Olympics Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy, at an App Olympics roadshow A scene from an App Olympics roadshow at the Al Khaleej International School in Dubai App Olympics finalist Tayyab Choudhari presenting his app, Food For All Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy, with H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, at the App Olympics final ceremony
20 / ENTREPRENEUR.COM / April 2024 ↑ SAEED AL GERGAWI, Vice President of Dubai Chamber of Digital Economy, at an App Olympics roadshow at Zayed University in Dubai. 2023-2024 App Olympics AT A GLANCE
21 ← (From left to right) H.E. Mohammad Ali Rashed Lootah, President and CEO, Dubai Chambers, H.E. Omar bin Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, and Chairman of Dubai Chamber of Digital Economy, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, H.E. Khalfan Belhoul, CEO, Dubai Future Foundation, and Ahmed Bin Byat, Vice Chairman of Dubai Chamber of Digital Economy at the final ceremony of the App Olympics. ← With the aim to attract UAE-based youth to the APP OLYMPICS, the team at Dubai Chamber of Digital Economy carried out roadshows at multiple educational institutions across the nation, like this one at Heriot Watt University Dubai. ↑ The launch of the App Olympics happened at Expand North Star 2023, which included a panel discussion delving into the potential for Dubai as a destination for apps MENTORSHIP 21 April 2024 / ENTREPRENEUR.COM /
22 / ENTREPRENEUR.COM / April 2024 BECHIR OMRAN WONDERFLOW RANYA SAADAWI ACASIA CARL MANLAN VISA TIFFANY BAIN DUBAI FUTURE DISTRICT FUND ELIZABETH DONAGHY SARWA WISSAM YOUNANE BNC PUBLISHING RAMESH CHANDER GOOGLE KHALIL ALAMI TELR ARNAV DANTHI NUWA CAPITAL ROHAN PATEL BUILDER.AI BEGOÑA ÁGUEDA C. DE ALBORNOZ ACCENTURE SHARIF ELBADAWI DUBAI FUTURE DISTRICT FUND KARIM DAKKI KLAIM.AI KUSHANK BHANOT BUILDER.AI DR. IMRAN SHAIKH VIRGIN MOBILE UAE AYNOUR TATANAKI SME DISTRICT DHAEN OBAID ALMHEIRI UAE MINISTRY OF ENERGY AND INFRASTRUCTURE OMAR ALMHEIRI LETSWORK KHAMIS ALBLOOSHI DU DR. JASMINA LOCKE SEE INSTITUTE PHILIPP-CASPERS PABST DUBAI FUTURE DISTRICT FUND KHULOOD AL AWADHI MORO HUB/DIGITAL DEWA SAYED MUNAF TELR RISHABH SINGH ASTRA TECH JURY MEMBERS
23 April 2024 / ENTREPRENEUR.COM / EMPOWERING THE TECHNOLOGY SECTOR IS AN INTEGRAL PART OF EFFORTS TO ACHIEVE THE GOAL OF THE DUBAI ECONOMIC AGENDA D33 TO ESTABLISH DUBAI AS ONE OF THE WORLD’S TOP THREE CITIES. THE EXTENSIVE PARTICIPATION OF INNOVATORS AND DIGITAL CREATIVES FROM AROUND THE WORLD IN THE APP OLYMPICS REFLECTS DUBAI’S STATURE AS A GLOBAL HUB FOR RESEARCH, INNOVATION, AND OPPORTUNITY AND A LEADING CITY THAT OFFERS SUSTAINABLE GROWTH AND A HIGH QUALITY OF LIFE.” H.H. SHEIKH HAMDAN BIN MOHAMMED BIN RASHID AL MAKTOUM, CROWN PRINCE OF DUBAI AND CHAIRMAN OF DUBAI EXECUTIVE COUNCIL “The success of the App Olympics further strengthens Dubai’s position as a leading platform for creative minds, and a magnet for pioneers from across the globe. Dubai Chamber of Digital Economy remains committed to supporting entrepreneurs and businesses in bringing their ideas to life, and accelerating the growth of Dubai’s digital economy.” SAEED AL GERGAWI, VICE PRESIDENT, DUBAI CHAMBER OF DIGITAL ECONOMY “I WANT TO EXPRESS MY SINCERE GRATITUDE FOR THE OPPORTUNITY TO PARTICIPATE IN THE APP OLYMPICS. I AM TRULY GRATEFUL FOR THE EXPERIENCE AND THE CHANCE TO SHOWCASE MY SKILLS AND PASSION FOR MY PROJECT. I WANT TO COMMEND THE ENTIRE ORGANIZING TEAM FOR PUTTING TOGETHER SUCH A WELL-EXECUTED AND IMPACTFUL INITIATIVE. THE PROFESSIONALISM AND DEDICATION DEMONSTRATED THROUGHOUT THE COMPETITION WERE TRULY COMMENDABLE, AND I HAVE GAINED VALUABLE INSIGHTS AND CONNECTIONS THAT I WILL CARRY FORWARD IN MY JOURNEY.” AMNA ALSHAMRY, PARTICIPANT, APP OLYMPICS APP OLYMPICS: WHAT’S NEXT? With the conclusion of the first edition of the App Olympics, all of its participants are set to benefit from ongoing assistance, including digital skill enhancement, guidance in launching their applications in the Dubai market, exclusive offers for setup and banking, and specialized workshops on fundraising. Plus, an all-new edition of the App Olympics is in the offing as well- follow Dubai Chamber of Digital Economy for updates! dubaichamberdigital.com “
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25 April 2024 / ENTREPRENEUR.COM / Committed To Success Lyvely co-founder and CEO Farah Zafar is all set to shake things up in the dynamic realm of tech and Web3 by TAMARA PUPIC IMAGES COURTESY LYVELY → Farah Zafar received the Social Platform of The Year award for Lyvely at the 2024 edition of Entrepreneur Middle East’s E-Business Awards.
26 / ENTREPRENEUR.COM / April 2024 B/The Big Idea Her career trajectory has seen her work at Saudi Arabia’s Public Investment Fund and the UAE’s Dubai Holding, where she was tasked on strategies laid out by HRH Mohammed bin Salman Al Saud, Crown Prince and Prime Minister of Saudi Arabia as well as H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Plus, she notes that her track record also includes leading government transactions for the likes of Dubai, Oman, Saudi Arabia, Qatar, and Ajman, in which she represented investment entities across the GCC region. So, how has she managed to do it all? “My days start at 6am, and they finish at midnight,” Zafar replies. “At any given moment, I am working on multiple things, but I have thankfully found a method to consistently perform at a high level, maintaining my focus, improving my strategic and lateral thinking, and enhancing my ability to execute. It’s a flow state that I’ve trained myself to activate. You need to be present in the moment, able to analyze any given situation, assess it from every angle (financial, legal, corporate, strategy, goal), and make intuitive yet strategic decisions quickly. You also need to have the ability to execute fast, and trust your actions.” It’s clearly this philosophy that is governing Zafar as she leads Lyvely, a homegrown UAE-based platform designed to seamlessly merge e-commerce, content creation, multimedia, and communication, which she co-founded with Dave Catudal in 2021. In a nutshell, Lyvely integrates digital payments with social media and e-commerce- it paves the way towards a Web3 future as its digital currency, LVLY, can be used as a mode of payment, while providing creators with a method of gamifying and rewarding their followers and community within the platform. “Lyvely symbolizes a fundamental change in the way people interact and transact online,” Zafar says. “We believe that everyone who posts online and adds value to the digital ecosystem should be rewarded for their contribu- tion. This is why Lyvely puts the power to earn in the people’s hands. We’re a platform that pays.” And the potential that Lyvely presents can be deduced from the fact that late last year, Phoenix INV Holdings, a fully-owned subsidiary of Phoenix Group, acquired a 25% ownership stake in it. Meanwhile, at Phoenix Group, it’s worth noting that Zafar was one of the key people who managed its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) in December last year, which led it to become the first privately owned crypto and blockchain entity to be listed on a Middle East stock market. Reflecting on the occasion, Zafar remembers having to foster collaboration, strategic planning, and resilience through very demanding timelines, while also chartering new territories. “Recognizing the multifaceted complexities of this endeavor, encompassing regulatory compliance, financial structuring, investor relations, and market positioning, I cultivated a culture of open communica- tion and alignment within the team,” Zafar says. “Through clear delegation and meticulous planning, we navigated the IPO process with precision, breaking down tasks into manageable steps, and establishing clear milestones to track F arah Zafar seems to be one of those people whose ceaseless energy always helps them traverse any maze- indeed, this has to be one of the key characteristics that has helped her build and maintaining a very demanding career of key legal and strategic roles over many years. Zafar is today the co-founder and CEO of the social networking and content monetization platform Lyvely, and she is also the Managing Director and Chief Legal Officer of Phoenix Group, an Abu Dhabi-based cryptocurrency mining and blockchain company.
27 April 2024 / ENTREPRENEUR.COM / progress effectively. This approach ensured that every aspect of the IPO was executed meticulously, within a very short timeline, leading to an extremely successful outcome.” All of this work yielded great rewards- indeed, the offering was oversubscribed by 180 times by retail investors, while profes- sional investors contributed to a 22-fold oversubscrip- tion. Having these results in mind, it is no surprise that Zafar describes her leadership style as demand- ing, collaborative, visionary, and empowering. “I believe in being involved, fostering a culture of trust, transpar- ency, and innovation, where every team member feels valued and empow- ered to contribute, but I also require every one to deliver and contribute- if you don’t, you are out,” she says. “I also believe in loyalty, trust, and respect, above all else. Over the years, my leadership style has pretty much remained the same, but I have become more aware of political agendas and being more receptive to needs of stakeholders and share- holders.” Zafar’s leadership is a product of her deep conviction in the following advice that she regularly shares with anyone looking to build a meaningful career: “be the hardest working person in the room, never stop learning, and teach yourself what is necessary to perform at the highest level.” She contin- ues, “I would also add, don’t be scared to venture outside of your comfort zone, because it is only here where you can reach new heights in your career and self-development, and be in a position to truly be successful. I am still learning and working hard every minute of every day, regardless of where I am in my life. Keep pushing boundaries, never stop progressing, and support those around you to perform better as well.” Her work ethic has brought her a great number of industry accolades, but as we end our conversation, Zafar reveals that awards are not what motivates her. “My main motivation has always been to make my father proud of me, he sacrificed his whole life, so that me and my brothers could be educated and have a better life; so, all I want is to in a position to be financially independent, and to be able to support my parents and loved ones,” she concludes. “I have an immense work ethic and drive, passed down to me from my father, which motivates me to always to reach higher and work hard to achieve success,I’m passionate about technol- ogy, this new digital age, and I’m obsessed with creating a meaningful platform [Lyvely] for the people that can transform and empower lives.” → SMIZE & DREAM is an inspirational, theatrica dream-fulfilling compa where entertainment a ice-cream collide on a scale. Founded by Tyra Banks, Smize & Dream’ cream has a hidden go truffle surprise in every called the Smize Prize. Lyvely co-founder and CEO Farah Zafar’s tips for entrepreneurs }EMBRACE CONFIDENCE “Believe in yourself and your abilities, and don’t be afraid to assert yourself and take on leadership roles.” }BUILD A STRONG SUPPORT NETWORK “Surround yourself with mentors, allies, and peers who support your goals and aspirations, and seek guidance and encouragement when needed.” }CONTINUOUSLY LEARN AND GROW “Stay curious, keep learning, and embrace opportunities for personal and professional development to stay ahead in your field and overcome challenges with resilience and agility.” 'TREP TALK Be the hardest working person in the room, never stop learning, and teach yourself what is necessary to perform at the highest level.” “ ↓ ZAFAR was one of the key people who managed the initial public offering of the Phoenix Group on the Abu Dhabi Securities Exchange (ADX) in December 2023.
For a UAE-born enterprise that calls itself “more than just a beauty omnichannel company,” Nysaa certainly made heads turn when it staged a grand opening in March for its first store in the GCC at the City Centre Mirdif shopping mall in Dubai. Indeed, Nysaa’s launch featured everything from a flurry of entertainers staging a flash mob, to appearances by internationally renowned celebrity makeup artists Fady Kataya and Bouba aka Hamza Slim. Of course, all of this should not come as a surprise though, given that Nysaa is the result of a joint venture between two retail giants, UAE-based Apparel Group and India-based Nykaa. Apparel Group, which was founded by Sima Ved in 1996, is a global fashion and lifestyle retail conglomerate with operations across the GCC and further into India, South Africa, Singapore, Indonesia, Thailand, Malaysia, and Egypt. Its repertoire of brands includes leading names in fashion, footwear, and lifestyle such as Tommy Hilfiger, Charles & Keith, Skechers, Aldo, Nine West, Aeropostale, Jamie’s Italian, Tim Hortons, Cold Stone Creamery, Inglot, and Rituals. Meanwhile, Nykaa, which was founded by Falguni Nayar in 2012, is India’s largest omnichannel beauty destination, with consumers swearing by not just its online platform, but also its 174 offline destinations across the country. Plus, with its focus on innovation and consumer delight, Nykaa’s house of brands -which includes renowned beauty labels like Kay Beauty, Nykaa Naturals, Nykaa Cosmetics, and Wanderlust, as well as fashion labels like Nykd, Gajra Gang, Likha, RSVP, and Pipa Bella- have ended up becoming household names in the Indian market. S/Q&A Chic Beginnings Nysaa, a joint venture between UAE-based Apparel Group and India-based Nykaa, makes a stylish debut in the GCC beauty market by ABY SAM THOMAS ↑ SELINA VED and FALGUNI NAYAR are the founders and Directors of Nysaa, a joint venture between UAE-based Apparel Group and India-based Nykaa. Both Nykaa and Apparel Group have thus come into this joint venture as powerhouses in their own right, and Nysaa is being led by Nayar herself as one of its two founders, with the other being Selina Ved, Sima’s daughter, who, in 2021, had launched a social e-commerce beauty platform of her own called Nessa. And while Selina comes to Nysaa armed with lessons learnt from her journey with Nessa as well as the might of Apparel Group, Nayar brings with her more than a decade’s worth of experience at Nykaa, which she famously launched when she was 50 years old, and then led it to become, in 2020, the first unicorn startup in India that was headed by a woman, and further to an initial public offering (IPO) the year after. Speaking with Entrepreneur Middle East, Selina could not contain her excitement when talking about having Nayar by her side on the Nysaa journey. “I have always said, even before we even did this partnership, that Falguni is, like, my idol in this industry,” Selina exclaims. “At the age of 50, when most people are planning their retirement, Falguni was, like, let me build something complete- ly out of the ordinary for a market like India. So, even before we did this joint venture, I was in awe of Falguni. In fact, the day they went public, I was actually at their IPO launch party, and that day, I fangirled for a good 20-30 minutes before even approaching her to take a picture. She’s an inspira- tion!” 28 / ENTREPRENEUR.COM / April 2024
As exhilarated as Selina was at the launch of Nysaa, Nayar, on the other hand, appeared quite calm and composed at the store’s opening; however, she too admitted to being extreme- ly thrilled to see Nykaa cross yet another milestone in its trajectory as a business. “As you’re aware, Nykaa has created the entire beauty industry in India, and it’s been an immense success,” Nayar notes. “And we have a very large e-commerce business, and a lot of stores, and a lot of brands, who trust us to do the right thing from a retail perspective. So, we saw an opportunity [to grow], and we also saw that the brands were ready to support us as we go to other markets. We also love the GCC market. It has everything- it has a high per capita income, it has young population, it loves beauty. But it’s not a very familiar market, and so, we thought it’d be great to partner with Apparel Group. They trusted us, we trusted them, and we both brought the best of our skills to make this project happen. And today, we are so excited that our first store is launched, and it’s looking really lovely, even if I may say so!” Now, from Sima’s perspective as the Chairwoman of Apparel Group, she sees Nysaa as the start of her enterprise’s innings in an industry that is both exciting and rapidly growing in the region and beyond. “Apparel Group is in almost every consumer segment, be it fashion, be it footwear, be it F&B,” Sima says. “We’re now thinking that the beauty segment has enough space to have a solid player. The beauty market itself is thriving, and the GCC is, of course, a hub for beauty. No woman in the GCC walks out of the house without that little touch of either a concealer or a tinted skin moisturizer, something or the other. That’s just the way we work! And so, it was a very organic step into beauty. But, as you know, with Apparel Group, everything is big and bigger, and so, we decided that we wanted to partner with someone like Nykaa and Falguni. We thought that she’s done an incredible job with the brand, and we have so much faith in what the potential is; hence, we came together with them and launched Nysaa. It’s my daughter who’s spearhead- ing the whole venture from our side, and it’s Falguni on their side, and together, I think we’re looking forward to disrupting the beauty industry.” Such an ethos would thus explain Nysaa’s long-term plan for its presence in the GCC. “I see us opening about 100 stores in the region,” Nayar reveals. “Our big emphasis is on e-commerce, but with e-commerce, we build slowly, because it takes time to build websites, and get them into a functioning state. Similarly, we also have plans to bring more brands [on Nysaa]- I think that, today, we must be having about 50 brands, but I think going forward, maybe 80 to 100 brands could be in our stores. On APPAREL GROUP IS IN ALMOST EVERY CONSUMER SEGMENT, BE IT FASHION, BE IT FOOTWEAR, BE IT F&B. WE’RE NOW THINKING THAT THE BEAUTY SEGMENT HAS ENOUGH SPACE TO HAVE A SOLID PLAYER.” “ → Fady Kataya, Falguni Nayar, Sima Ved, and Bouba, aka Hamza Slim. 29 April 2024 / ENTREPRENEUR.COM /
30 / ENTREPRENEUR.COM / April 2024 our [online] platform, there are already more than 150 brands.” From Apparel Group’s perspective, Sima agrees with Nayar’s notions about Nysaa’s future, saying, “With Nysaa, I see it going the route of how all our brands go. I mean, we’ve got brands that have 150 stores; we have brands that have 250 stores. So, I see Nysaa growing as all our brands would, and going the same route- as we grow, we’ll learn. The only difference is that in most of our other stores, it’s one [brand] partner, and this one, there’s multiple partners. That’s the only key difference. Otherwise, I think Nysaa will grow as much as any of the other Apparel Group brands will.” Sima is thus eager to see how the future will unfold for Nysaa; as it turns out, that’s what fuels her psyche as an entrepreneur. “I have such a short attention span, and so, I thank my stars that I’m part of a company that’s constantly either reinvent- ing, or renovating, or doing something new,” she says. “Because, honestly, I don’t think I could do the same-old, same-old every single day of my life. I want to be able to get up and say, ‘Okay. I’m excited, some- thing new is coming up.’ That’s what gets me going. I love newness, and that’s what we keep doing.” Nysaa’s growth prospects are undoubtedly exciting for Selina too; she’s personally looking forward to it becoming a market leader in the space that it operates in. However, Selina also admits that her personal passion for beauty is going to be a key driver for her days ahead with the enterprise. Indeed, it was back when she was in university that Selina started making use of makeup to uplift herself, and now, she’s eager to see others have similar experiences with the products that Nysaa will bring to them. “It’s what my parents have been telling me from day one, and as cliche as it sounds, if you do what you love, it’s not work every day,” Selina says. “And I think that is what I’ve stuck with; to say, okay, this is something I love. I come to the store and I love it, because I know that if I come with no makeup, I leave with a full face [of it].” Nayar, for her part, endorses Selina’s stand- point, saying, “I think beauty is an exciting business. I’ve been in this business for 11 years now, and I really love the business; it’s very exciting. It is an enabler for the youth to feel confident. I think Gen Z, millennials, etc., they love the category and the consumption. We call it affordable luxury- it’s little pleasures, and it does tend to create a lot of excitement across all income and age groups. I think it’s really a great industry to be in, and it feels good too.” As such, when it comes to advice for other entrepreneurs who may want to enter this space (or any other sector, for that matter), one can look to Nayar’s own trajectory as an entrepreneur to spur them ahead on their dreams. “I always say that if my journey is any inspiration, it’s that age, gender, education, nothing comes in the way of what you want to do,” Nayar declares. “I think, in many ways, neither age, nor gender, nor your background or even educational background, should come in the way of your ambition. I think it’s all about the dream. Have big dreams, have the passion to pursue those dreams, and have, of course, the commitment to work at it.” S/Q&A ↑ NYSAA is a joint venture with Dubai-based Apparel Group, a global fashion and lifestyle retail conglomerate and Nykaa, India’s largest, digital first beauty behemoth. The alliance aims to create an omni-channel multi retail brand with over 100 stores in the GCC with Nykaa holding 55% stake in the new entity and Apparel Group 45% stake.
31 April 2024 / ENTREPRENEUR.COM / THE ART OF ELEVATION OMNIYAT.COM
32 / ENTREPRENEUR.COM / April 2024 UNLOCKING POTENTIAL Founder, ZEEBU Raj Brahmbhatt, founder and CEO of UAE-based blockchain loyalty token platform Zeebu, believes his startup can positively shape the future of the global telecom industry by AALIA MEHREEN AHMED I n most parts of the world today, the day-to- day endeavors of the average person are dependent on the services offered by telecom companies, from internet connections to mobile connectivity. But while many customers unassumingly enjoy the speed and quality of such services, there has been one persistent financial bottleneck within the global telecom industry that has often threatened to slow down its growth: delayed transaction payments between carriers and operators, and the many repercussions that come with it. It was thus to address these issues that Raj Brahmbhatt launched Zeebu in July 2023 as a B2B blockchain loyalty token platform that eases the settlement process for telecom operators and carriers. “We’ve been developing this solution to cut down transaction times dramatically -from days to seconds- while ensuring greater transparency, significantly lower fees, and minimal FX conversion losses,” Brahmbhatt reveals. “At Zeebu, we leverage blockchain to transform telecom payment systems into something significantly more efficient and reliable, aiming to complete transactions in as little as 30 seconds -and at most 10 minutes- thereby transforming the way telecom companies around the world handle their financial operations.” }} RAJ BRAHMBHATT
IMAGE COURTESY VURSE 33 April 2024 / ENTREPRENEUR.COM / → RAJ BRAHMBHATT is the founder and CEO of Zeebu, a UAE-based blockchain loyalty token platform that reduces settlement time for telecom carriers and operators.
34 / ENTREPRENEUR.COM / April 2024 L ike many entrepreneurs, Brahmbhatt’s inspiration to launch his own venture stemmed from personally witnessing the aforementioned problems firsthand. This was courtesy the work he did as a financial analyst at Bankai Group, a Singapore-headquartered telecom investment company that Brahmbhatt’s family has run for over three decades. “In my role within my family’s business, I was directly confronted with several chronic issues that plague the industry: delays in settlements, lack of transparency, high transaction fees, and substantial losses due to foreign exchange (FX) conversion,” Brahmbhatt recalls. “These challenges were not just operational nuisances but significant barriers to growth and efficiency, in both developed and emerging markets. For example, settlements could take up to 96 hours in some regions, and even up to 16 days in others, often compounded by restricted access to major currencies like the US dollar and the euro, which are crucial for global telecom trade. Furthermore, each transaction required approvals from central governments or banks, adding another layer of delay and opacity.” Here, Brahmbhatt notes that while his personal background in finance certainly made him choose blockchain as the base technology for his business idea, there were also some encour- aging developments in this space that strengthened his resolve. “I noticed that many companies were open to adopting blockchain technology for its utility beyond just speculation, specifically using stablecoins to avoid market volatility,” he says. “This real-world need and willingness for innovation drove me to start Zeebu.” According to Brahmbhatt, by becoming a part of the Zeebu ecosystem, telecom merchants can override the many stalemates that traditional financial institutions can create. “When a telecom carrier joins Zeebu, the process begins with an essential onboarding phase that includes compliance with know-your-customer (KYC) standards to ensure security and transparency,” Brahmbhatt explains. “The carrier then purchases Zeebu tokens to start transacting within the plat- form. These tokens facilitate quick, secure international payments, reducing reliance on traditional banking systems, and lowering transaction costs and times. Zeebu’s platform is also designed for ease of integration with existing payment models, allowing carriers to seamlessly transition without disruptive changes to their operations. As carriers conduct transactions, they earn loyalty rewards in Zeebu tokens, which can be used to reduce future transaction fees, or converted into fiat currency. Continuous support from Zeebu ensures that carriers can integrate and use the system effectively, enhancing their payment processes and operational efficiency.” Now, it should come as no real surprise that once telecom companies can achieve quicker settlement times, improved liquidity and better cash flow management are a direct result. But consider the implications of Zeebu unlocking such opportunities in an industry that, as per PwC’s Global Telecom Outlook 2023-2027 report, requires “significant investment—of time, money, strategic thinking and resources” if it is to achieve greater innovation. The same report also notes that global telecom firms are now part of a landscape where an increasing cost of capital poses significant challenges. In this regard, Zeebu’s blockchain-powered platform stands to offer some → Empowering telecom businesses with fast, compliant global settlement solutions underpinned by blockchain technology, Zeebu streamlines operations and fosters trust and transparency for strategic growth among telecom carriers and operators. “With Zeebu, carriers no longer have to chase payments or wait for funds to reflect in their accounts. Transactions are settled almost instantaneously, freeing up capital that can be reinvested into the business more quickly.” February 30
35 April 2024 / ENTREPRENEUR.COM / much needed respite. “With Zeebu, carriers no longer have to chase payments or wait for funds to reflect in their accounts,” Brahmbhatt explains. “Transactions are settled almost instantaneously, freeing up capital that can be reinvested into the business more quickly. This enhanced liquidity is vital for maintaining operational continuity and supporting expansion efforts in these dynamic markets. By addressing these challenges, Zeebu significantly boosts operational efficiency and financial agility for telecom carriers.” In Zeebu’s ability to offer such financial empowerment, Brahmbhatt says his startup’s service has wide- reaching implications for the overall telecom space. “By utilizing Zeebu’s blockchain-powered services, telecom carriers benefit from several key advantages beyond just time savings,” Brahmbhatt continues. “The removal of intermediaries significantly cuts transaction fees, directly reducing operational costs. The platform’s enhanced transparency and security features reduce disputes and accelerate resolutions, fostering trust among network participants. This increased trust encourages more carriers to join and actively participate in the ecosys- tem. Instantaneous transaction settlements improve carriers’ liquidity, enabling them to manage their cash flow more effectively and allocate resources efficiently. Overall, Zeebu’s platform supports the creation of a more cohesive and robust network, allowing carriers to collaborate with greater ease and reduced operational friction, leading to a more streamlined and responsive telecommunications industry.” Having thus set its primary target market as pretty much the global telecom wholesale industry, Brahmb- hatt says Zeebu has adopted a model that will allow it to cater to otherwise financially underserved segments too. “Geographically, our platform is designed to serve a global clientele, with a special focus on emerging markets where traditional banking and payment infrastructures are less developed, and the need for efficient, cost-effective transaction solutions is most acute,” he adds. “This global reach is supported by our blockchain infra- structure, which allows for rapid scaling across different regions without the need for extensive physical infrastructure.” It is this inclination to encompass all types of telecom companies that could potentially prove to be a particularly supportive tool for small and medium enterprises (SMEs) in this space- espe- cially in a country like the UAE where SMEs account for over 63.5% of the country’s non-oil gross domestic product (as per a 2023 report by the UAE Ministry of Economy). “One significant advantage is the accessibility of the system, which does not require extensive infrastructure to join,” Brahmbhatt adds. “This democratizes access to the telecom market, allowing smaller players in the Lucia’s UAE and the Middle East to compete on a more level playing field with larger corporations. Overall, Zeebu provides a combination of security, efficiency, and cost-effectiveness that can be particularly transformative for SMEs in the telecom- munications sector in the UAE and broader Middle East, enabling these businesses to innovate and expand in ways that were previously challenging due to traditional constraints.” Now, amid this discourse detailing Zeebu’s pursuits, it is tempting to bring up Brahmbhatt’s first interaction with Entrepreneur Middle East -in May 2023 at the inaugural Dubai Fintech Summit, an event organized by UAE-based onshore financial hub Dubai Interna- tional Financial Center- when the founder was just on the cusp of }} → ZEEBU’s all-in-one blockchain-based platform is built to meet every telecom settlement need, enabling trustless, frictionless, and superfast global transactions.
36 / ENTREPRENEUR.COM / April 2024 launching his startup. Back then, Brahmbhatt had lamented that while the token economy on the blockchain was picking pace, there was often no real utility attached to them. Nearly a year after that conversation took place, the founder has ensured that he hasn’t just talked the talk, but walked it too. “Since our discussion at the Fintech Summit in Dubai last year, the blockchain space has certainly seen phenomenal evolution, particularly with emerging concepts like asset tokenization, real world assets (RWA), and decentralized physical infrastruc- ture networks (DePIN),” he notes. “These developments signify a growing industry awareness and readiness to drive real-world impacts. But despite these being relatively new and still developing, Zeebu holds a strategic advantage as a first mover with a solution that offers real utility. In terms of growth, we are extremely pleased. In June 2023, we had announced a goal of completing US$1.5 billion in transactions within 12 months. And I’m ecstatic to announce that we have already surpassed this milestone well ahead of our roadmap- having gained trust from over 100 active telecom carriers, and successfully settling nearly 20,000 invoices with a daily settle- ment volume now over $20 million. This success underscores not only the practical utility of Zeebu’s token but also our effective execution and growing influence in the regional blockchain industry.” “The legacy I envision is Zeebu being pivotal in creating a more inclusive and efficient global marketplace, leveraging blockchain technology to deliver lasting benefits to users and stakeholders worldwide.” Black Flamingo Unsurprisingly, Brahmbhatt then adds that staying attuned to the latest trends within blockchain has been an innate part of the Zeebu company culture. “At Zeebu, we are deeply engaged with the latest innovations in blockchain technol- ogy, particularly the advancements in bitcoin infrastructure and liquidity protocols,” he says. “These developments are crucial, they unlock value and bring more liquidity to the market. The Bitcoin infrastructure is undergoing significant expansion with the introduction of Bitcoin Layer 2, ordinals, and BTCfi, among other developments. The primary objective of these innovations is to unlock the idle capital within the largest blockchain networks and channel it into the market, thereby enhancing liquidity. In-line with these technological advances, we are transitioning to a more decentral- ized payment protocol structure. This shift is a strategic move toward empower- ing our community and stakeholders, transforming them from passive partici- pants into active contributors within our ecosystem. These initiatives are crucial for achieving our vision of becoming as decentralized as possible, and establish- ing a truly democratized, user-centric payment network.” As the Zeebu team now gears up for a promising 2024, Brahmbhatt has firmly set his sights set on creating impact over a much longer timeframe. “As the founder and CEO of Zeebu, my vision for the company’s legacy is to fundamentally transform how transactions are handled globally,” he declares. “Specifically, we are targeting to surpass $14 billion in transaction volume over the next year. Additionally, we aim to capture at least 66% of the transaction volume in the telecom carrier segment within the next five years, potentially exceeding $80 billion. The impact I hope for Zeebu to have is to enable telecom businesses, particularly SMEs, to thrive in an increasingly digital economy by reducing barriers to entry. By driving broader Web3 adoption, Zeebu intends to lead a shift towards more decentralized and util- ity driven application of blockchain technology across various sectors. Ultimately, the legacy I envision is Zeebu being pivotal in creating a more inclusive and efficient global marketplace, leveraging blockchain technology to deliver lasting benefits to users and stakeholders worldwide.”
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38 / ENTREPRENEUR.COM / April 2024 STYLED BY ZACH NOURI EYE ON THE FUTURE → Serial entrepreneur, investor, dealmaker, and philanthropist Bundeep Singh Rangar is all set to be one of the main drivers (and beneficiaries) of Web 4.0. 38 / ENTREPRENEUR.COM / April 2024 Meet the entrepreneur who’s paving the way for the next generation of technology: Web 4.0 by TAMARA PUPIC CO-FOUNDER, GLASS VENTURES | FOUNDER, FINEQIA | FOUNDER, PREMFINA BUNDEEP SINGH RANGAR
39 April 2024 / ENTREPRENEUR.COM /
40 / ENTREPRENEUR.COM / April 2024 ↑ BUNDEEP SINGH RANGAR is the co-founder of London-based venture Glass Ventures, a venture capital fund backing category- defining Web 4.0 companies built by world-class entrepreneurs. We aim to tap into the next generation of technology companies that incorporate a variety of technologies to create something very valuable and convenient. These dramaticaly contrast the costlier and time-consuming way things are done today, at both the consumer and business level.” W hile much of the general public might still be struggling to get a grasp of the concept of Web 3.0, Bundeep Singh Rangar -a serial entrepreneur, investor, dealmaker, and philanthropist- is choosing to go one step further- he is all set to be one of the main drivers and beneficiaries of the development of the next generation of this technology, i.e. Web 4.0. “Web 3.0 emphasized the decentralized web, where blockchain technology and decentralized protocols played a central role, emphasizing increased security, privacy, and user control,” Rangar explains. “Web 4.0, on the other hand, advances this set-up via artificial intelligence (AI), augmented reality, and seamless human-computer interactions.” Now, Rangar is literally putting his money where his mouth is, after having founded an enterprise that will help him to keep an eye on -and significantly contribute to- this new technological boom: Glass Ventures, a groundbreaking venture capital (VC) firm that he’s setting up with Cinderella Amar.. “We aim to tap into the next generation of technology companies that incorporate a variety of technologies to create something very valuable and convenient,” Rangar declares. “These dramatically contrast the costlier and time-consuming way things are done today, at both the consumer and business level.” “
41 April 2024 / ENTREPRENEUR.COM / According to Rangar, Web 4.0 will be taking an integrated tech stack approach to build future- proofed products to fulfill recognized gaps in the market. And he further believes that entrepreneurs who will win on this new tech technology -whom, by the way, he also seeks to support- will be the ones who are capable of taking a “best of breed” approach when it comes to creating these innovative solutions. “They’re not building blockchain or augmented reality companies per se, but using a combination of such technologies that work best for an end-product in mind,” Rangar says. “They’re carefully looking at a ‘product-market fit,’ and not taking a ‘build and they will come’ approach that we’ve witnessed with several crypto companies.” It is therefore safe to say that at Glass Ventures, Rangar is paving the way for the next generation of AI-led technology- but he is also keen on doing it in a responsible and sustainable manner. “As a venture fund, we will mitigate the risk of early-stage Web 4.0 investments with a slew of Web 3.0 ones, as the latter have more product maturity,” he explains. “Investing in Web 3.0 businesses that have already gained commercial traction with a path to profit- ability de-risks the fund from a portfolio perspective.” Now, Rangar’s plan is already in motion, given that Glass Ventures is the VC arm of a company he founded, Fineqia. As a digital asset and fintech investment company that’s publicly listed in Canada with offices in Vancouver and London, Fineqia has already invested in companies such as Los Angeles-based investment advisory firm Wave Digital Assets, Geneva-based cryptocurrency asset management company Criptonite AM, and Zug- based Web3 file transfer and storage service aggregator platform WeSendit. “The vintage portfolio provides new investors with the benefit of value already accrued, and an earlier exit horizon than other funds making new investments,” Rangar explains. He and Amar have also set up a research and development facility with Cambridge Blockchain Labs (CBL), a research center in England, which is expected to help them with tech due diligence for investments, as well as to ensure that they tap into deal flow emanating from university campuses. “The idea is to give ourselves a deep technological edge,” Rangar explains. “CBL taps into student societies and labs in the UK,Cambridge and Oxford universities }} WEB 4.0 WILL ALLOW US TO OWN AND AUTO-TRANSACT ONLINE, CONTRASTING WEB 1.0 AS READ-ONLY, WEB 2.0 AS READ-WRITE, AND WEB 3.0 AS READ-WRITE-EXECUTE.”
42 / ENTREPRENEUR.COM / April 2024 alongside Imperial College, and overseas, including Mas- sachusetts Institute of Technology and Stanford in the US, Hautes Etudes Commerciales in France, Technical University of Munich in Germany, and National University of Singapore in Singapore.” Talking about Fineqia requires us to also look at an earlier chapter in Rangar’s career trajectory, which reveals his innate strategic thinking prowess that resulted in the company being built as a global enterprise from the outset. “The main challenge in building such a company was to ensure we had a global perspective, while being headquartered in one country,” he recalls. “To that end, we’ve set up subsidiar- ies of the Canadian company in London, as well as in Europe, and we are also looking at a possible set up in the UAE,” he says. “As a publicly traded firm with regulatory oversight, we’ve built a company with the highest standards of governance and transpar- ency. This is particularly important in a nascent digi- tal asset industry that’s been rocked by malpractice among some of its partici- pants.” Here, Rangar points out that such a global set up allows Fineqia’s investors to capitalize on opportunities emanating from progressive digital asset regulations world- wide, such as the European Union’s Markets in Crypto Assets and the UAE’s Virtual Assets and Related Activities Regulations, “while regulations remain more restricted in North America.” Fineqia is, therefore, well-positioned to seize the trends that will bring further growth to the crypto and blockchain sector. Here, the first trend that Rangar points out is the legitimization of Bitcoin (BTC) as an investable asset with the U.S. Securities and Exchange Commission’s approval of spot BTC exchange traded funds (ETFs). “That’s unleashed a → Besides Glass Ventures, RANGAR is also the entrepreneur behind Fineqia, a digital asset and fintech investment company.
43 April 2024 / ENTREPRENEUR.COM / wave of traditional finance interest in not only BTC, but digital assets in general,” Rangar shares. “We’re also witnessing the advancement of decentralized finance (DeFi), providing digital alternatives for traditional financial services like lending, borrowing, and trading. Third, there is an increased trend toward fractional ownership of real-world assets (RWA), such as real estate, treasury bills and loan receivables via tokenization, as well as the trading of such tokens outside of traditional finance marketplaces.” Now, to tap into these trends, Fineqia has set up an exchange traded note (ETN) business in Europe, and received approval from the financial regulator in Liechtenstein, as well as admission by the Vienna Stock Exchange to list ETNs with underly- ing digital assets. An additional point in Fineqia’s favor when it comes to governance and transparency is that its Chairman is Martin Graham, a former director of the London Stock Exchange. “We’re leapfrogging to the next trend in ETFs and ETNs by deploying these assets in staking pools and DeFi protocols to generate enhanced yields for the ETN’s noteholders,” Rangar explains. “These ETNs will be the first in the world so far as it enables institutional investors to not only capture any upside in the movement of digital assets, but also to generate a healthy yield from DeFi regardless of the price movement.” To that end, Fineqia partnered with FTSE Russell, a subsidiary of the London Stock Exchange, which is known for providing benchmark UK stock indices. FTSE Russell will be providing the company with index pricing, and perhaps more impor- tantly, also co-brand its ETNs as Fineqia FTSE products that will be well recognized by financial institu- tions. In addition, Rangar reveals that Fineqia is also looking at RWA tokenization possibilities. “It is because we have access to high quality loan receivables with an above market yield, that’s uncorre- lated to the crypto markets,” he says. “These non-volatile assets make for some of the best quality RWAs worldwide.” Rangar’s moves in this domain make it seem like he’s always been one step ahead of his peers in the sectors he chooses to operate in, and another example showcasing this is PremFina, a tech-led financier of insurance premiums that he founded in London in 2015. “It has since successfully challenged the 40-year duopoly in the UK’s US$15 billion premium finance industry,” Rangar says. “We realized that many insurance industry information technology (IT) systems were arcane. And yet, the end customers were increasingly adept at using mobile apps and digital channels. So we focused on the customer journey and created our software-as-a-service (SaaS) to be both forward and backward compat- ible, so that it could integrate with both modern application program interfaces (APIs) as well as more rustic comma-separated values (CSV) files.” But it’s not just about the software- Rangar points out that PremFina’s second advantage is its business model. “I view lending companies as essentially ‘collection companies,’” he says. “Lending is the easy part. It’s when things go awry on the loan repayment that one has to worry. In PremFina’s case, we mostly finance cancellable insurance, so should a monthly repayment be missed, the premium is cancelled, triggering a a pro-rata refund from the insurance underwriter on the leftover tail. That way, the financing is almost entirely principal-protected, with the counterparty risk being that of a highly rated insurer.” PremFina’s third advantage stems from the fact that it represents one of the highest quality loan assets worldwide. “In the nine years since I started the company, our loan losses have always been in the low decimal places,” he says. “That sharply contrasts most lending portfolios, which have loss rates in single or double digits, not basis points!” No wonder then that PremFina was backedby some high-profile investors, including Tim Draper’s UK venture firm Draper Esprit, the Thomson family behind Thomson Reuters, Japan’s e-com- merce company Rakuten Inc., as well as US private equity firm Madison Dearborn Partners. Besides his entrepreneurial pursuits, Rangar is also a prolific dealmaker- indeed, he is known to have successfully closed deals totaling over $500 million for companies in the UK, Europe, and India. One of the best stories he has to share in this regard relates to a small, car financ- ing company from Portsmouth, England. “Its technology involved the fitting of an immobilizing }} There wil be many detractors and nay-sayers along the way. Only if you believe in yourself wil you succeed, and wil you be able to lead others. You must build enterprises in a manner that makes their success inevitable.” “
44 / ENTREPRENEUR.COM / April 2024 device that would prevent a car from being driven if a loan wasn’t repaid, causing borrowers to quickly repay, thus reducing loan losses,” Rangar says. “I arranged for this car financing company to get funds from Fidor Bank in Germany, which dramatically changed its fortunes. It became one of Britain’s biggest lenders in its category, and ultimately got acquired by a US private equity firm, making its founders and investors millions of dollars.” Now, this is yet another tale that points toward Rangar’s proven track record in business- and that’s what should make the rest of us attuned to the potential of his newest interest, i.e. Web 4.0. “New products will be built on and seamlessly integrate existing and disparate Web 3.0, AI, blockchain, augmented reality, and quantum computing technologies,” he says. “This promises a smarter, personalized, and richer experience, changing the way we own data, manage information, and transact online. Web 4.0 will allow us to own and auto-transact online, contrasting Web 1.0 as read-only, Web 2.0 as read-write, and Web 3.0 as read-write-execute. Entrepreneurs like Elon Musk and Jack Dorsey are building such new companies that blur the lines between humans and machines.” From a personal perspective, Rangar’s career trajectory can be aspirational for others in the business arena, and as such, when asked for advice he’d give those wanting to follow his lead, he replies by stating that he’s a firm believer in the notion that nothing is worth doing if not done with passion and excellence. “There’s no point following a suppos- edly lucrative career if you’re not motivated, as you won’t do well at it, and you will soon face an existential crisis,” he says. So, when it comes to planning out one’s lives, especially when it comes to the youth, Rangar believes that they should take advantage of the fact they live in a time where they can take multiple careers in a manner that’s hitherto unprecedented. “Do not be afraid to reinvent yourself,” he adds. “The same faculties of reasoning, memory, and rational thought can be applied to different disciplines. I have worked as a para legal, a video jockey, television anchor, software developer, journalist, corporate finance advisor, investor, and entrepreneur. These might seem very disparate, but they have a common thread of pursuing my passion at the time, an enquiring nature about the world, and a desire to bring about change in industry as well as betterment of society.” Rangar is also emphatic about the power of challenging assumptions. “Only when someone questioned the manner in which things were being done was there acknowledgement about room for improvement,” he says. This brings us to his next tip, which is to not shy away from taking on the risk of changing the old way of doing things. “Only by challenging ourselves and the world around us, do we manage to become better persons, and change the status quo,” he says. “Staying in our comfort zone makes us complacent, and then we’re just functioning, not living, creating, and producing. I live my life on the assumption that the universe rewards risk.” Here, he recalls how being an outsider to the insurance industry gave him a fresh perspective of the sector, and that ended up becoming a competitive advantage for his work at PremFina. “When I told people that I barely bought insurance, they were very pessimistic about my ability to succeed,” he says. “I reminded them that one of the best analysis about democracy in America was written by a Frenchman, Alexis de Tocqueville. With PremFina, it made me challenge every single point in the existing premium finance value chain.” And that leads to the last thought he’d like to leave us all with. “Listen to your inner self,” Rangar concludes. “There will be many detractors and nay-say- ers along the way. Only if you believe in yourself will you succeed, and will you be able to lead others. You must build enterprises in a manner that makes their success inevitable.” Prioritize understanding the regulatory environment to ensure compliance and smooth business operations “Navigating the specific regulatory landscape of the region is crucial for maintaining a legal and operational foothold.” Cultural sensitivity and localization are also paramount for success “Entrepreneurs should acknowledge and respect the cultural nuances of the region, tailoring products, services, and marketing strategies to align with local preferences and customs.” Forging strong local partnerships is instrumental in achieving business objectives “Establishing robust relationships with local partners allows entrepreneurs to leverage regional expertise and connections, facilitating smoother market entry, and fostering business growth in the UAE/GCC, which then serves as a solid foundation to globally scale their businesses.” Bundeep Singh Rangar shares his tips for entrepreneurs in the MENA ‘TREP TALK
46 / ENTREPRENEUR.COM / April 2024 FASHIONING SUCCESS by ABY SAM THOMAS The CEO of Etro offers a peek into how he’s revitalizing the iconic Italian brand W hen I met Etro CEO Fabrizio Cardinali at the Italian luxury fashion house’s newly revamped boutique in The Dubai Mall in February this year, it became quickly apparent to that I was in the presence of a man who truly enjoyed what he did for work. Now, I found this noteworthy because, well, Cardinali has been in this game for a long while now- you see, he has more than 25 years of experience behind him, and his career trajectory has seen him play key leadership roles at globally renowned brands like Dolce & Gabbana, Alfred Dunhill, Lancel, Diesel, and Levi Strauss & Co. And yet, when Cardinali talked to me about how he’s been approaching his role at the helm of Etro, there was no mistaking the excitement with which he spoke about his work, and one couldn’t help but be impressed by the passion that fueled him. “I do what I do, because it’s what I enjoy: business!” he exclaims. “I work hard, and I’m a bit of a workaholic, but that’s because I like it, I enjoy it… And when I won’t enjoy it, I will hand it over to someone else.” He pauses for a moment here, and then adds, “Maybe I’ll open an ice-cream store then!” → In September 2021, FABRIZIO CARDINALI was appointed Chief Executive Officer at Etro. Having more than 25 years of strategic leadership expertise and an unmatched track record of driving international brand growth in the luxury fashion space, he joined Etro from Dolce & Gabbana, where he held several roles within the company, and most recently served as Group Chief Operating Officer and executive member of the board since June 2017. FABRIZIO CARDINALI IMAGES COURTESY ETRO While I’d certainly wish Cardinali all the best should he ever launch an ice-cream business, it’s safe to say that the Italian executive is, for the time being at least, content with running the show at Etro. He was appointed the CEO of Etro in 2021, a little while after a majority stake in the com- pany was acquired by American multinational investment firm L Catterton (which bills itself “as the largest and most experienced consumer-focused private equity group in the world”), with the deal reportedly valuing the brand at }}
47 April 2024 / ENTREPRENEUR.COM / 47 April 2024 / ENTREPRENEUR.COM /
48 / ENTREPRENEUR.COM / April 2024 about EUR500 million (Reuters). Etro had, until then, been owned by its founder Gerolamo Etro and his family, with the business operating in a number of diversified product catego- ries, including women’s and men’s fashion, accessories, beauty and fragrances, and home goods. Having been founded as a textile company in Milan in 1968, Etro has since gone on to become an iconic fashion house in its own right, with it becoming particularly known for, as a L Catterton statement put it, “its iconic paisley motif, and bold patterns inspired by travel.” But while the Italian brand had a lot going for it already, it also had, accord- ing to Cardinali (who was part of the team that carried out Etro’s takeover), the potential to be taken to a whole new level. “It’s not that easy to find a jewel, a diamond, let’s say, that’s still a bit unpolished,” he explains. “Especially when considering what has happened in the last 15 years, with all the big brands doing really crazy, beautiful stuff. And so, after finding a very genuine, Italian, spectacular diamond that was a bit unpolished, but still well- known -I don’t want to say everywhere, but in key countries, for sure- all over the world, that presented as a unique selling proposition for me. And so, when I saw this opportunity, I said, let’s go for it. Because here, we have a chance to polish a diamond- we have to bring the diamond to where the diamond deserves to be.” Cardinali’s words here behooves one to revisit his career trajectory and thus the time he has spent working with, well, “diamonds.” He had, after all, come to Etro from Dolce & Gabbana, where he had played several roles, with the last of them being its COO. Plus, his nearly 13-year tenure at Dolce & Gabbana was interspersed with five years at Switzerland-based Richemont, where he was the CEO of several luxury fashion brands of the group, such as Dunhill and Lancel. But if you were to now think that there’s a tried-and-tested playbook that Cardinali had made use of in his previous roles that he’s since brought to Etro, he’s quick to disprove you of that notion. “It is very challenging to replicate I DO WHAT I DO, BECAUSE IT’S WHAT I ENJOY: BUSINESS!” “ → Imbued with a sense of balance between heritage and modernity, ETRO’s new space located in The Dubai Mall covers 238 square meters distributed over distinct areas dedicated to the Etro women's and men's ready-to-wear and accessories lines, and the eyewear and fragrances collections.
49 April 2024 / ENTREPRENEUR.COM / success by looking at only doing what you did in the past,” he points out. “The world is developing so fast, and the way to become successful is changing constantly. For instance, a long time ago, we had to pay a lot of attention to the B2B segment of a business. But today, in the last 10 years, even 15, it has become all about the B2C part, and having the customer at the center of everything that we’re doing… Yes, experience, it’s always helpful. It gives you a foundation. But in life, you learn more through mistakes than through success. Success doesn’t teach you a lot. Anybody can enjoy success. It is a hundred times more difficult to go through a mistake, a failure, and then coming back, fixing what went wrong, and then going up. It’s just another story- and that’s what makes your skin a lot tougher.” Tough skin certainly comes with the work that Cardinali has been doing at Etro for over two years now. In 2022, at the Milano Fashion Global Summit, Cardinali famously announced Etro’s ambitious plan to reach EUR500 million in sales in five years’ time. “It’s a challenge but achievable, thanks to the support of the new shareholders, the strength of the brand, and the strategic plan put into action,” he had said then, with the company having gone through what was called “a profound organi- zational transformation” by FashionNetwork.com. The same report noted that Etro’s turnover in 2022 had increased to EUR277 million (a 17% rise from the previous year), though it still incurred a loss of EUR23.6 million. Then, in November 2023, Etro secured a EUR15 million capital injection from L Catterton, which, once again, can be seen as a nod to its future prospects. But according to Cardinali, the success of the brand will be completely dependent on a clear understanding of its connection with consumers. Here’s how Cardinali puts it: “Am I building Etro to be a pure luxury player? The reply is no. But is it a luxury brand? Yes. So, is it affordable luxury? Yes. Why? Because I’m working very, very hard to keep the pricing 30%-35% less expensive compared to my competitors and the big guys. And why am I doing this? Because that’s my competitive advantage. I’m keeping in mind the value for money I give my consumers, who I respect massively- everything’s about the consumer. After all, the brand is successful if you come over here, you buy our products, you enjoy our products, you get close to our products, and you want to repeat your experience. You want to come back, because you were happy. That’s when the brand is successful. Otherwise, it is not successful.” Aiding Cardinali on his mission to transform Etro is its Creative Director, Marco De Vincenzo, with the duo working closely together to oversee the brand’s evolution. Cardinali describes his relationship with De Vincenzo to be like that of a couple, whereby, as he put it, “I have my responsibilities, and he has his responsibilities. But, of course, we need to have the same vision. And the way that I run the company, we keep challenging each other, because it’s the only way to keep the bar very high, and to never celebrate too long and too much about success. If you would ask me which is the best collection we’ve done, or, say, the best bag we’ve made, my reply would be the next one.” And while Cardinali wouldn’t like us to dwell too long on the wins that Etro has had, it’s still worth taking a peek at the reviews and reception it has secured in the recent past- for instance, Savoir Flair declared De Vincenzo’s }} YOU HAVE TO MAKE CHANGES WHEN EVERYTHING IS GOING WELL. BECAUSE IF YOU ARE WAITING UNTIL THINGS DON’T WORK, THEN YOU’RE TOO LATE.” → The ETRO women's Spring Summer 2024 collection was titled Nowhere, “as a metaphor for fashion, a place where everything is allowed, because the combinations of elements are virtually infinite.”
50 / ENTREPRENEUR.COM / April 2024 Spring/Summer 2024 line for women to be “the kind of collection that begs to be seen in person, to be touched, to be worn.” Consider also the cult hit that was Etro’s Vela bag, which, by the way, was De Vincenzo’s first bag for the house. And while Etro’s womenswear has known to be bringing in business for the brand for a good while, Cardinali says that he foresees its men’s units to be just as impactful in the next three years. Combine all of its offerings (think kids wear, perfumes, etc.) together, and Cardinali believes that Etro has the ability to become a truly timeless lifestyle brand. “I think that Etro is a brand that, in the long run, can be over a EUR1 billion cap,” he says. “This can take more than 10 years, but all the ingredients for it to happen are there, and they are strong.” Growth is thus clearly on the agenda for Cardinali, and he’s taking on a rather entrepreneurial mindset when it comes to leading Etro to where he wishes to see it go. Indeed, he’s adopting an experimental mindset for what he has set out to do- and he’s very eager to flip the status quo. “When things are going well, that’s when you have to change everything,” he explains. “The people around you will probably say, hello, are you crazy or what? But if you’re a strong leader, that’s what you have to do. You have to make changes when The Theater everything is going well. Because if you are waiting until things don’t work, then you’re too late. Obviously, there’s a lot of risk when do things like this, but this life is about risk. If you don’t want to have any risk at all, do something else!” And while Cardinali is emphatic about the need for a leadership mindset like this to realize success, he is also clear that he won’t be able to go at it alone. “Amazing people who work together, who are extremely passionate, who believe in what we are doing, while also having fun- this is the magic, and this will never change,” he says. “By having people who are super passion- ate, and who work together to make the dream come true, that’s the magic ingredient. A great team can make a small company a major company. A bad team can create problems in the best company in the world.” It is a similar ethos that Cardinali reiterates when I ask him for his advice for entrepreneurs who might be just starting out in the luxury realm. “You need to have a great product, whatever it may be- you do not need many, but you do need something great,” he declares. “Second, you need to have storytelling as strong as the product, maybe even stronger. Because you move consumers more with the storytelling than the product… And point number three, this is the most important one- do something that you really love. Don’t do it just for the sake of money, because if you do it for that, it won’t last.”
51 April 2024 / ENTREPRENEUR.COM / Invests In Entrepreneurs What Are You Building? Learn more at entrepreneur.vc
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53 April 2024 / ENTREPRENEUR.COM / PICTURE THIS → /Samsung Galaxy A55 5G B/Gear #TamTalksTech Gadgets and doodads that you might’ve missed out on, sourced by a tech aficionado. by TAMARA CLARKE On the go ← /Acer Swift Go 14 Powered by the new Intel Core Ultra 7 155H processor and verified as an Intel Evo Edition platform laptop, the Acer Swift Go 14 offers features such as instant wake, fast charging, and extended battery life of up to 12.5 hours. The Intel Ultra Core H Series processors also come equipped with a dedicated artificial intelligence (AI) engine in the form of Intel AI Boost, as well as a built-in Intel Arc graphics processing unit (GPU), delivering optimized performance and immersive experiences for gaming or content creation. Streaming or videoconferencing on the Swift Go 14’s 1440p QHD webcam is more responsive, and it also requires less power from the device with AI-supported technology. Plus, there’s also Acer PurifiedVoice technology to remove unwanted background noises, as well as Acer PurifiedView to showcase the best on-screen appearances, enabling background blur, automatic framing, and gaze correction. The Swift Go 14 also features essential connectivity ports, which includes USB Type-C, HDMI 2.1, and a MicroSD slot. The aluminum chassis weighs in at 1.32 kg and is 14.9 mm thin, making it easy to carry in a bag or by hand. Sleek, light, yet powerful, the Acer Swift Go is the ideal laptop for dynamic users who are constantly on the move, and seeking versatility from their devices. TAMARA CLARKE, a former software development professional, is the tech and lifestyle enthusiast behind The Global Gazette, one of the most active blogs in the Middle East. The Global Gazette has been welcomed and lauded by some of the most influential tech brands in the region. Clarke’s goal is to inform about technology and how it supports our lifestyles. Talk to her on Twitter @TAMARACLARKE. theglobalgazette.com IMAGES © SAMSUNG | ACER | LOGITECH Samsung Galaxy A55 5G takes you from day to night with enhanced “nightography” features giving you clearer and more vibrant photos even in poor lighting conditions. The device also features advanced artificial intelligence (AI)- powered Image Signal Processing (ISP) that produces stunning low-light images, while Night Portrait mode and 12-bit high dynamic range (HDR) video ensure the people in every image look great too. Additional photography capabilities include optical image stabilization (OIS) and video digital image stabilization (VDIS) that keep photos and videos crisp even when filming on the go. The new device is also outfitted with a Super AMOLED display and a 6.6-inch screen, as well as tamper-resistant hardware. Plus, with Samsung Knox, Galaxy’s multi-layer security platform that’s designed to safeguard critical information, and protect against vulnerabilities with end-to-end secure hardware, real-time threat detection, and collaborative protection, Galaxy A55 5G keeps you connected- safely. Eye on you ↑ /Logitech MX Brio 705 Logitech has unveiled its most advanced webcam yet, MX Brio 705, a revolutionary high-end webcam for enterprises. MX Brio’s Ultra HD 4K resolution and advanced webcam sensor with 70% larger pixels renders an ultra-sharp image. Plus, artificial intelligence (AI)-enhanced image quality takes auto light correction further with face-based image enhancement, which provides a more natural image. Advanced customization options allow you to fine-tune your appearance by manually adjusting exposure, tint, vibrance, field of view, and more using Logi Options+, Logi Tune, and G HUB software. Plus, Show Mode makes it easy for you to share sketches or other physical objects on your desk by simply tilting the webcam. MX Brio also has two beamforming mics to reduce background noise so that you can be heard clearly, as well as an integrated privacy shutter. Plus, the RightSight autoframing feature, which detects and centers on the speaker even as they move around, can be enabled through Logi Tune for enterprise customers with the MX Brio 705. For IT teams outfitting employee workstations and home offices, know that the MX Brio 705 for Business, the plug-and-play enterprise model, is compatible with most video conferencing platforms, and is certified for Microsoft Teams, Google Meet, and Zoom, and also works with Chromebook.
B/Gear 2024 sees French luxury house Cartier marking 100 years of its iconic Trinity ring, and it has reeled in celebrities from around the world to celebrate the occasion. Indeed, the centenary has led to the release of a campaign film featuring Cartier ambassadors Paul Mescal, JISOO, Yara Shahidi, Jackson Wang, and Labrinth. Much like Trinity’s triad of rings, they can be seen navigating their paths individually, but, at the same time, in perfect harmony with each other, gracefully traversing an infinite landscape. Meanwhile, Cartier is celebrating 100 years of Trinity by unveiling three new variations of the ring: this includes a cushion-shaped version, a modular version, as well as an XL version. Also, take note: the collection also includes a reissue of the XL bracelet, a true cult piece. cartier.com From better goods to better wardrobe bests, every issue, we choose a few items that make the approved executive selection list. In this edition, our picks include Cartier, Audemars Piguet and Bouguessa. The Executive Selection 100 YEARS STRONG ↓ Cartier 54 / ENTREPRENEUR.COM / April 2024
55 April 2024 / ENTREPRENEUR.COM / UAE-based contemporary ready-to-wear label Bouguessa has unveiled its Spring Summer 2024 collection, which aims to redefine modern elegance by seamlessly fusing minimalistic aesthetics with captivating hues. The line offers a versatile range of wardrobe essentials, at the heart of which lies a meticulously curated color palette of camel, nutshell, pink, and sky blue. From sleek suits that exude power and confidence, to flowing dresses that evoke grace and femininity, as well as stylish basics perfect for everyday wear, each piece is meticulously crafted to seamlessly transition from day to night. Whether dressing for a boardroom meeting or a weekend brunch, the collection caters to the diverse needs of the modern woman, providing effortless elegance for every occasion. bouguessa.com EDITOR’S PICK BOUGUESSA SPRING SUMMER 2024 ↑ IMAGES COURTESY NATHANIEL GOLDBERG © CARTIER| AUDEMARS PIGUE| BOUGUESSA. TIMELESS ELEGANCE ↓ / Audemars Piguet X John Mayer Swiss haute horlogerie manufacturer Audemars Piguet has teamed up with John Mayer, the acclaimed American singer, guitarist, and watch collector (who’s also a longstanding friend of the brand), to design the last iteration of the Royal Oak Perpetual Calendar equipped with the Manufacture’s self-winding Calibre 5134. “My favorite watches have dials that you can stare endlessly at,” Mayer said, in a statement. “A great watch dial feels like a picture window- you look into it, not at it.” Such a philosophy would thus explain the result of the Grammy award-winning artist’s efforts with Audemars Piguet- a timelessly elegant watch in 18-carat white gold, enhanced by a deep blue dial, where every detail speaks in unison to create a landscape evocative of a crystal sky. Limited to 200 pieces, this distinctive timepiece combines the aesthetic power of the Royal Oak with the refinement and astronomical roots of the perpetual calendar, or quantième perpétuel (QP). “In the case of this QP, it’s like looking up at a moonless sky,” Mayer added. “There is a true sense of nature in it. And when you couple that sense of depth and vastness with the complication of a perpetual calendar, it is a very powerful combination of technical prowess and aesthetic design.” audemarspiguet.com ← ↓ Emporio Armani Autumn/Winter 2023
57 April 2024 / ENTREPRENEUR.COM / IT’S ONE THING TO NETWORK, and another to build a community- and both are substantially more difficult for an entrepreneur new to the MENA region. The UAE, attracting 40% international guests to its networking events, is very multicultural. And for those who stay, it’s all about knowing the right people, and adjusting your approach to get into the right circles. The UAE holds some of the biggest global tech events, from Abu Dhabi Finance Week to GITEX. The latter boasts of over 170,000 attendees across the four-day event- that’d leave one with just 68 seconds to engage with each individual, and determine who those “connectors” are. But newcomers shouldn’t be disheartened by such stats. Professional networking in the tight-knit community is best through warm introductions and a friendly rapport . It’s All About the Connections Five steps to build your entrepreneurial community in the MENA by BY MARYAM A. HASSANI }}
58 / ENTREPRENEUR.COM / April 2024 Here’s an explainer on how entrepreneurs new to the MENA can access the right community groups, and once there, make a favorable impression 1/ PUT YOURSELF OUT THERE– GO TO THE EVENTS Multiple communities exist in the tech space; however, you need to know how to get in. In the MENA region, everything happens on WhatsApp: more than 8 in 10 of the population are on the platform. That figure soars above other regional social networks, meaning entrepreneurs looking to find when and where the meetups are will find them there. But the question is, how do they get added to these informative WhatsApp groups? The best chance of getting pointed in the right direction is to go to the flagship events, and make friends with the most popular guests. Think of events like STEP Conference, GITEX, and Sharjah Entrepreneurship Festival. Spanning across multiple tech fields, these events are some of the indus- try’s most-attended, highest-rated, and most anticipated. In addition, being part of application- based communities like Global Shapers, or a startup program like Techstars, for example, is another way to get invited to great events. 2/ UNDERSTAND THE CULTURAL CLIQUES With the MENA tech ecosystem still growing, many people across communities already know each other, and you are likely to see familiar faces at all the major tech conferences. The trick is understanding how each clique likes to socialize. For example, in Dubai, perhaps you find yourself interacting with a sector-based crowd, like the blockchain bros. If that’s the case, keep your crypto terminology updated, since you’ll stick out of the crowd otherwise. Or, say, you stumble into a more traditional community- they typically meet at a coworking space or cafe right after work. Then, you have your outgoing communities, which tend to meet up later in the evening around downtown. As an Emirati founder in the Middle East, I usually prefer daytime events. Still, as a first-time founder, there’s something to learn from every community- particu- larly those formed organically by experienced founders, since they are often more open to helping and giving advice. That said, some communities are government-led, and they have a more structured feel to them, with events such as weekly breakfasts scheduled at particular times. Newcomers should not feel deterred if guests there tend to keep to themselves, and are more focused on the buffet, than meeting new people. That’s just what happens when you put food in front of a hungry founder! 3/ BUILD RAPPORT THE MENA WAY Though it’s hard to keep up and stay consistent with events (trust me, the introvert in me knows!), it’s important to attend community events regularly. In an ecosystem with so many visitors passing through, putting in the effort to show up -and give back- will leave a lasting impression. Focus on building meaningful relationships, be humble, and adopt a give-first approach. The next time you are in the area, invite them for coffee, and ask whether they know any community members with whom your background can help. Reaching out to those who know you well will help you receive warm introductions, and get you into those tight-knit communities. Now, while it’s a tactical approach to bond with someone who can help connect you forward, it is essential to be authentic. Find commonalities. Follow up. Pay it forward. Whether sending thank-you emails, connecting on professional platforms, or scheduling future meetings, make each interaction count, and always do what you say you will. 4/ KNOW YOUR PURPOSE (AND OTHERS’) Not every event or community meetup guest will have the same ‘T Pro /
59 April 2024 / ENTREPRENEUR.COM / intentions as you. Besides understanding the cultural cliques, it’s a must to contemplate and align intentions as well. Suppose you are there to get leads or find new clients. You can consider a more targeted approach. If the event has an app, text through that, while respecting their time and preferences, of course. Ensure communication is relevant and valued. Those new to the region should start with a more thoughtful approach - focus on getting to know the space and community, and see where you fit. A sense of direction and purpose makes initiating conversations and leaving a memorable impression easier. Knowing your purpose also enables you to articulate your goals and interests clearly, making it easier for others to understand how they can collaborate. It allows you to focus on creating meaningful connections that are more likely to be mutually beneficial in the long run. 5/ FIND TOOLS THAT WORK FOR YOU LinkedIn and WhatsApp have become essential parts of the networking toolkit. However, leveraging relationship management tools such as Dex, as well as artificial intelligence (AI)-native networking tools like Zealous (which is my enterprise, by the way!) can help professionals network efficiently, and make the most of their time and effort. Meeting someone and adding them to LinkedIn is only the first step; what is really going to make the relationship is what you do afterward. Leverage features or event apps that help you screen professionals by relevance. Looking for a co-founder? Fundraising? Want to make friends? Clarity on who you should meet -and if they would want to meet you too- is beneficial for both parties. Today, networking apps are available that help you connect with people by relevance to ensure every relationship is meaningful. AI is assisting professionals in nurturing these connections, from timely reminders to reconnect at the most appropriate time to predesigned prompts that help clarify intentions. The main challenge in MENA is that it’s all about having an “in.” By understanding what the communities are about, showing genuine interest, and providing value to the members, you are more likely to be introduced to the community. Entrepreneurs in the area should be clear on their networking goals, and pay attention to what others say, using the tools available to ensure each interaction is intentional and meaningful. All the best! Maryam A. Hassani is the co-founder and CEO of Zealous, an artificial intelligence (AI)-powered networking tool for goal-driven individuals to find, meet, and stay connected with their professional network at their preferred time and place. www.getzealous.com IN THE MENA REGION, EVERYTHING HAPPENS ON WHATSAPP: MORE THAN 8 IN 10 OF THE POPULATION ARE ON THE PLATFORM.” 1/ OUR PERCEPTION OF PRICE DEPENDS ON HOW IT’S PRESENTED TO US Price might seem like a perfectly logical element as it’s quantified; however, there is so much more to how we see it. Imagine you are in a restaurant, and you are choosing a bottle of wine. Based on your taste, the waiter presents two premium wine options: Wine A at GBP50 per bottle, and Wine B at GBP40 per bottle. The initial price sets the reference point for the value of wines on the menu, and even though Wine B is still a premium wine, the presence of Wine A influences our perception of its value. Decoding consumer behavior Is it logic or emotion that fills our shopping basket? by BY PETRA SMITHH ave a quick look around you. What you might notice is the sheer volume of items that are not there because they are needed. They are present because they were wanted at the time when they were bought. But what makes us buy things that we don’t necessarily need- and how do we respond to various marketing touch points on our journey to the check out? Here’s an explainer:
60 / ENTREPRENEUR.COM / April 2024 But then, the waiter introduces Wine C, the house wine priced GBP30 per bottle. At this point, however, you already established the price for Wine A as a higher anchor, and as a result even though Wine C might be a great option on its own, you perceive it as less attractive. And that’s because Wine A’s higher price tag makes Wine B seem more affordable by comparison. Another usual trick our brain plays on us is how we see prices ending with number 9. Also known as the left digit effect, we tend to focus more on the leftmost digit of a numerical value when making decisions. This leads us to perceive prices ending in lower digits such as GBP99.99 as significantly lower than prices with higher leftmost digits such as GBP100.00, even when there is very little difference. In addition, we associate prices ending in 9 with discounts, promotions, or sales, leading us to perceive the product as a better deal, compared to similar items priced at rounded numbers. 2/ WE ARE IMPACTED BY REVIEWS AND RECOMMENDATIONS Have you ever looked at hotel ratings when booking a holiday? And did positive or negative comments from previous guest impact your decision? There is a good reason why most e-shops include information ‘T Marketing BY DEFAULT, WE LOOK TO THE ACTIONS AND CHOICES OF OTHERS TO DETERMINE OUR OWN BEHAVIOR. THIS IS BECAUSE WE BELIEVE THAT IF OTHERS ARE DOING SOMETHING, IT MUST BE THE RIGHT THING TO DO.” / on customer rating, or the number of people who bought the same products over the last period and. By default, we look to the actions and choices of others to determine our own behavior. This is because we believe that if others are doing something, it must be the right thing to do. This social proof can be presented in various forms, includ- ing positive reviews and ratings from other customers, testimonials that talk about a product or service’s quality, influencers promoting a product or cause, or metrics such as follower counts, subscribers, and views on social media or video-shar- ing platforms. When we see that others had positive experiences, we are more likely to trust their judgement, and we feel more confident in making the purchase. This positive social proof reduces risk, and reassures us about the quality and reliability of the product or service, as well as triggers fear of missing out on products that others are already enjoying, and therefore creates a sense of aspiration. 3/ WE WANT TO FEEL VALUED Imagine walking into a shop where they know your name, or receiving an email with recommendations based on your past purchases. If the person or sender on the other side understands your preferences and interests, you are more likely to feel valued as a customer, and therefore more likely to buy from them. A personalized approach, whether that’s online or offline, enhances our shopping experience, and fosters a sense of connection and loyalty. If we feel that the seller knows us, we are more likely to positively respond to suggestions on complementary products based on our previous purchases or products that other shoppers with similar preferences enjoy. What’s more, based on the seller’s recommendations, we might find ourselves discovering new products and brands that we would have not known otherwise, expanding our
61 April 2024 / ENTREPRENEUR.COM / horizons- and the size of our shopping basket. 4/ WE ARE DRIVEN BY SCARCITY AND URGENCY When was the last time you bought a product in a limited-time sale? Or felt like you needed to make a buying decision quickly because the clock was ticking? If we are presented with an opportunity to buy some- thing that is only available for a limited period, whilst mentioning that there are only limited quantities available, we are more likely to act. Scarcity and urgency create a sense of exclusivity and value, and trigger our fear of missing out (FOMO). When we believe that a product or sale is limited in availability or duration, we might experience regret at the thought of not taking advantage of it, and feel more curious and interested in the offering– as a result, we are more motivated to explore the product, and to consider buying it. Scarcity and urgency exploit our innate desire for instant gratification. As humans, we are wired to seek immediate rewards, and avoid delayed gratifica- tion whenever possible. When we see an offer that is only available for a short period of time, our brain interprets it as a fleeting opportunity for instant gratification, compelling us to seize the moment, and make a purchase- before it’s too late. 5/ WE SUBCONSCIOUSLY NOTICE PRODUCTS MORE WHEN WE ARE INTERESTED IN THEM When we learn about something new or become aware of a particular brand or product, we often start noticing it everywhere around us. It gives us the impression that the product we just learned about has suddenly become more common or prevalent, even though it hasn’t increased in frequency. What happens is that after our initial exposure, we become aware of this new product, and it sticks in our memory. We might start thinking about it, or even researching it further. Once we become aware, our brain begins to unconsciously prioritize it. This means that we start noticing it more often in our everyday life. It seems like it’s suddenly everywhere, and we may even think that its presence has genuinely increased. But the frequency of the product we have become aware of hasn’t changed. What has changed is our perception and attention towards it- our brain is now more attuned to recognizing it, making it appear as though it’s occurring more frequently. And as a result, we often feel that it’s a sign to buy it! As shoppers, we are constantly navigating a complex web of influences that shape our buying decisions, and by gaining a deeper understanding of what leads to these deci- sions, we can become more mindful shoppers. So, the next time you find yourself reaching for that impulse purchase, or hesitating over a decision to buy, take a moment to consider the factors at play behind your choices before heading to checkout. Incorporating consumer psychology into your marketing strategies doesn’t require a large budget. Yet, understanding what makes your customers tick, and using that knowledge to create a more compelling and customer-centric experience is a strategic advantage. Marketeers who tap into the psychological aspects of consumer behaviour can connect with their target audience on a deeper level, drive conver- sions, and build a loyal customer base that will help their business thrive. Petra Smith is the founder and CEO of Squirrels&Bears, an award-winning marketing and public relations (PR) agency helping businesses to look and grow bigger. With over 15 years of combined in-house and agency marketing experience, working with B2B and B2C brands globally, Petra is a strong advocate of size not being an obstacle, and that squirrel or bear-sized, any business can create a visible brand that drives sales and customer loyalty. squirrelsandbears.com SCARCITY AND URGENCY EXPLOIT OUR INNATE DESIRE FOR INSTANT GRATIFICATION. AS HUMANS, WE ARE WIRED TO SEEK IMMEDIATE REWARDS, AND AVOID DELAYED GRATIFICATION WHENEVER POSSIBLE.”
62 / ENTREPRENEUR.COM / April 2024 Each sighting of this phrase -ironically, every time I am traveling on a business trip- is a sharp reminder of the pervasive, albeit sometimes subtle, ways in which women are marginalized, even in supposedly universal spaces like airports. And no, this isn’t merely a trivial annoyance- it’s a symbol of the hurdles women continue to navigate, a linguistic relic of a bygone era that persists in our supposedly progressive times. IT’S ALL ABOUT THE NUMBERS You’ve probably heard this statistic: men apply for a job when they meet only 60% of the qualifications, but women feel they should only apply only if they meet 100% of them. This discrepancy isn’t just about confidence; it’s about the societal blueprint we’re given from a young age, particularly pronounced in my generation in the Middle East. Men are often encouraged to leap with abandon, while women are taught to approach opportunities with caution, meticulously evaluating their qualifications before making a move. This disparity in job application behavior underscores not just individual doubts, but systemic structures that shape our self-assessment. HIGH HEELS AND LOW CEILINGS Every woman, at some point, feels as though she’s performing a high-wire act in stilettos, balancing between her actual achievements, and the fear of being called out as a fraud. Picture this: you’re walking the tightrope, juggling your talents, successes, and occasionally, a glass of bubbly (because, why not?). Below you, the Impostor Syndrome waits with a net, convinced you’ll fall into its embrace. Spoiler alert: you won’t. You’ve walked in heels on cobblestones (another male invention)- you can handle this. THE SECRET SOCIETY OF “I’VE JUST BEEN LUCKY” It’s a cult many of us didn’t sign up for, but find ourselves members of nonetheless- the “I’ve Just Been Lucky” society. Here, accomplished women attribute their successes to sheer luck, serendipity, or even a clerical error. Meetings are held in the minds of brilliant women everywhere, featuring keynote speakers like “Chance” and “Right Place, Right Time.” But, it’s time to walk away from such notions. Your achievements are not a lottery win; they’re the result of your hard work, dedication, and that extra bit of sparkle you bring to everything you do. THIS OLD THING? In the intricate dance of professional and personal life, many women have been choreographed to sidestep compliments, to stand a little less tall, as if their brilliance might cast too long a shadow over others. It’s as though we’ve been programmed with a modesty reflex, a quick “Oh, it was nothing” or a diverting ‘T Pro (Only from a linguistic perspective though) by RUWAIDA ABELA NORTHEN FINAL CALL Let’s take men out of “business class” in the Arab world / I n the grand, glittering dance floor of professional life, where confidence is the currency, and achievements are the dress code, there lurks an uninvited guest at every woman’s party: the Impostor Syndrome. This unwelcome plus-one whispers doubts and insecurities, convincing many brilliant women they’re merely wearing a costume of competence, about to be unmasked at any moment. A linguistic quirk underscores the challenges women face in professional spheres, especially poignant for those of us who frequent the skies. In some of the region’s largest airports as well as aboard numerous regional airlines, “Business Class” is still translated into Arabic as “Business Men Class.”
63 April 2024 / ENTREPRENEUR.COM / “Anyone could have done it” at the ready whenever praise comes our way. This dance is delicate, one where we’re careful not to step on toes, to not shine too brightly. But then, a thought twirls onto the dance floor: if my achievements make anyone feel inadequate, that’s not on me. This isn’t about ego or vanity; it’s about recognizing that diminishing our light does no favors to the world. We learn that we shouldn’t feel guilty or shy away from our success. Instead, we embrace it, standing tall, not to overshadow but to illuminate paths for others. REVOLUTIONARY REVELATIONS These revelations -the disparity in job application confidence as well as the linguistic oversight of “Business Men Class”- serve as a backdrop to our dance. They remind us that the masquerade ball of professional life is set against a complex tapestry of societal expectations and cultural norms. But recognizing these challenges is the first step towards rewriting the rules of the dance, towards a world where women apply for roles with the boldness of their counterparts, and where “Business Class” unequivocally includes the brilliant women who sit in it. DANCING THE DOUBTS AWAY Imagine twirling across the dance floor with your doubts. At first, they step on your toes, and you stumble. But as the night goes on, you learn to lead. You real- ize that everyone has a shadow of doubt following them around, and that’s okay. It’s part of the dance. The trick is to keep moving to the rhythm of your achievements, letting the music drown out the whispers of the Impostor Syndrome. CULTIVATING OUR GARDENS We each have a green plot of land, a garden of our potential. While we do what we can to help others flourish, nurturing, encouraging, and even sharing our water when theirs runs dry, the ultimate responsibility to tend to one’s garden lies within. Each of us must water our own, bask in our sunlight, and embrace the seasons of growth and renewal. The realization that it’s not selfish to thrive, to accept compliments gracefully, and to own our achievements, is liberating. It allows us to stand taller, not in competition but in solidarity, knowing that our gardens can coexist, each a testament to individual care, passion, and resilience. THE INVISIBLE TIARA In the quest to shield ourselves from the Impostor Syndrome’s prying eyes, many don the disguise of perfection. This costume, though dazzling, is itchy, uncomfortable, and frankly, a bit last season. It’s a garment made of late nights, self-doubt, and the pursuit of an unattainable standard. Let’s hang it back in the closet. Instead, wear your “good enough” with pride- it’s the new black, didn’t you hear? It pairs well with everything, and it brings out the color of your real, authentic self. Let’s also not forget the power of our collective voice to challenge and change the narrative. The statistic that highlights our hesitation in job applications is a call to action- to mentor, to encourage, and to apply with the confidence of knowing we belong in every space we aspire to. And as for the outdated translation that greets us on every business trip? Let it serve not as a reminder of exclusion, but as a motivation to demand more inclusive language and recognition in every sphere, including the skies. So, to every woman who’s ever felt the sting of the Impostor Syndrome, know this: your achievements are not a matter of luck or serendipity. They are the result of your talent, hard work, and resilience. Your invisible tiara is very much real, and it’s time the world recognizes the queens who wear them. Together, let’s adjust our tiaras, not to make them less visible, but to ensure they shine even brighter, reflecting the truth of our achievements, the depth of our capabilities, and the unwavering strength of our spirits. Ruwaida Abela Northen is the founder and CEO of JRN Consultancy, a boutique agency specializing in luxury lifestyle, travel, and hospitality. jrnconsultancy.com TO EVERY WOMAN WHO’S EVER FELT THE STING OF THE IMPOSTOR SYNDROME, KNOW THIS: YOUR ACHIEVEMENTS ARE NOT A MATTER OF LUCK OR SERENDIPITY. THEY ARE THE RESULT OF YOUR TALENT, HARD WORK, AND RESILIENCE.
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65 April 2024 / ENTREPRENEUR.COM /
T he 2024 edition of the E-Business Awards, which was staged by Entrepreneur Middle East on March 8, 2024, in the UAE at the Habtoor Palace in Dubai, celebrated stand- out innovation and creativity in the digital domain by individuals and businesses in the MENA region. Staged with the support of in5, Fluidmeet, and TheImpression.me, the E-Business Awards 2024 was a production of BNC Publishing, the media house behind Entrepreneur Middle East. With the trophies presented by BNC Publishing CEO Wissam Younane and Managing Director Rabih Najm, the E-Business Awards 2024 recognized individuals and teams who have successfully used digital solutions to solve business problems and influence outcomes. 66 / ENTREPRENEUR.COM / April 2024 THE RECAP PRESENTED BY
BNC PUBLISHING CEO Wissam Younane The E-Business Awards 2024 coincided with International Women’s Day 2024 67 April 2024 / ENTREPRENEUR.COM / Best E-Service Company of the Year / Motoboy Information Security Champion of the Year / DataPatrol Trading Platform of the Year / CFI Financial E-Solution of the Year / Udenz HR Solution of the Year / RemotePass Healthtech Company of the Year / Okadoc Proptech Company of the Year / Prypco Web3 Consultant of the Year / Luna PR Robo-Advisor of the Year / ZAD Bitcoin Mining Company of the Year / Phoenix Group Social Platform of the Year / Lyvely Small Business of the Year / Where My Paws At Disruptor of the Year / Drink Dry Digital Transformation of the Year / Virtuzone Digital Bank of the Year / Wio Bank PJSC Ecosystem Enabler Of The Year / Dubai Future District Fund Startup of the Year / Sukooni E-Business of the Year / Foodics E-Business Leader of the Year / Bundeep Singh Rangar, Group CEO of PremFina, and CEO of Fineqia and IndusView
Digital Bank of the Year / WIO BANK PJSC Robo-Advisor of the Year / ZAD Best E-Service Company of the Year / Motoboy E-Business Leader of the Year / Bundeep Singh Rangar, Group CEO of PremFina, and CEO of Fineqia and IndusView 68 / ENTREPRENEUR.COM / April 2024
Digital Transformation of the Year / Virtuzone Bitcoin Mining Company of the Year / Phoenix Group Disruptor of the Year / Drink Dry April 2024 / ENTREPRENEUR.COM / 69
E-Business of the Year / Foodics Ecosystem Enabler Of The Year / Dubai Future District Fund Small Business of the Year / Where My Paws At 70 / ENTREPRENEUR.COM / April 2024
E-Solution of the Year / Udenz Healthtech Company of the Year / Okadoc Web3 Consultant of the Year / Luna PR 71 April 2024 / ENTREPRENEUR.COM /
Information Security Champion of the Year / DataPatrol Trading Platform of the Year / CFI Financial Social Platform of the Year / Lyvely 72 / ENTREPRENEUR.COM / April 2024
73 April 2024 / ENTREPRENEUR.COM / HR Solution of the Year / RemotePass Startup of the Year / Sukooni Proptech Company of the Year / Prypco
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75 April 2024 / ENTREPRENEUR.COM / Whiskers, Wags, and Wellness With his Abu Dhabi-based venture PetRepublic, Mohamed Alzaabi has created a one- stop-shop for any and all pet care services in the UAE by AALIA MEHREEN AHMED IMAGES COURTESY YOUMI BEAUTY → MOHAMED ALZAABI is the founder of Abu Dhabi-based pet care platform, PetRepublic.
76 / ENTREPRENEUR.COM / April 2024 B/The Big Idea that Alzaabi launched PetRepublic, an Abu Dhabi-based pet care platform that has been especially catered toward pet owners in the UAE. “When I first thought about PetRepublic, I had the idea for a platform where I could get everything for my pet in a single place,” Alzaabi explains. “As such, at PetRepublic, we are making it a one-stop-shop for pet owners. More importantly, we are also innovating how pet care is being done by having the first ever e-passport, which will ease the process of booking and managing your pet’s medical records.” Alzaabi launched PetRepublic in 2022 as an app -available on the Apple Store as well as Google Play Store- that connects its users to a network of certified pet care centers in the UAE. On the app, users can choose from a variety of services to book for their pets, which include grooming, boarding, and training, pet products such as premium food and toys, and a pet taxi service that allows for hassle-free transportation to and from various locations. “However, our main service would be the e-passport, which runs on a subscription basis,” Alzaabi adds. “It basically changes how the current system is by offering a database for microchipped pets, veterinary information courtesy artificial intelligence, an ownership transfer feature, and medical recordkeeping. The other services would be booking appointments for various pet care services and ordering products. The reason that we choose these offerings is that it would be the most fundamental service every pet owner would need, and if you have a pet, then you’re our target market.” }According to Alzaabi, PetRepublic’s e-passport seam- lessly binds the many different facets of the startup’s operations. “We took a look at all the different marketplac- es that are currently in use for the last 10 years, and modeled our user journey based on them, which would allow the platform to be easy to use, because even though we are a tech startup that wants to innovate, we also want to keep the user interface as simple as we could,” Alzaabi explains. “The user would therefore initially have to sign up, create an e-passport, following which they can get the free e-passport and start booking appointments or ordering products, or get a subscription for added benefits, and actually be registered on the database.” Now, if you take a close look at PetRepublic’s approach towards pet care, you’ll notice that it directly addresses the rules set in place for pet owners by the UAE government. For example, in the UAE, dogs and cats must be microchipped and receive their annual vaccinations, with a new municipality registration tag issued after every vaccination. However, Alzaabi notes that there are also several other day-to-day responsibilites that PetRepublic seeks to help pet owners with as well. “There are several issues that pet owners face, such as not knowing which weight range to choose when booking an appointment, as every weight range has a different price,” he explains. “And, again, the whole debacle of pet vaccination books or passports not being verified or being on a database, which we have solved by creating a W ith great pets come great responsibilities. Now, I apologize if my take on this iconic Spider-Man line wasn’t to your taste, but there is immense truth in the statement itself- after all, taking care of our animal companions comes with a multitude of tasks to be mindful of. However, managing all of them can become a complicated affair- and it’s a problem that Mohamed Alzaabi came to realize as a pet owner himself in the UAE. }“I used to have a really hard time finding a pet care center that was within my schedule and budget, because I would have to call several centers to get their pricing, and find if they’re available to take an appointment,” Alzaabi recalls. “The second issue came with the vaccination book for a pet, or what we call the pet passport. The thing is, it’s just a notebook with information- but there is no database! So, if, God forbid, my pet goes missing, then that’s it! I wouldn’t be able to find him.” It is therefore to tackle such issues
77 April 2024 / ENTREPRENEUR.COM / digital version. Another issue is that we have a lot of expats that come here, and do not know where to take their pets, or where to find good pet stores, So we are solving all that by creating a one stop shop at PetRepublic.” }Now, while Alzaabi’s journey into entrepreneur- ship began from a personal pain point, the founder says that the sense of accomplishment that has unraveled along the way has been a welcome addition. “The most rewarding part of launching PetRepublic is talking to the pet owners, and having them love the product itself, and actually feeling that we have solved something that they have been struggling with,” he says. “The sort of impact that we hope to create is to innovate, and change how pet care is being done in the region by providing a better and a higher standard of care.” But this journey towards reaching a state of purpose and vision did come with plenty of bottlenecks, reveals Alzaabi. “The most challenging aspect of my entrepreneurial journey so far has been that in the beginning, I would get that reassuring and satisfying feeling of having created this amazing idea and an amazing pitch deck, but in the end, one has to work hard day and night to achieve the end goal,” he explains. “I learned that however much I know, I still have a long way to go, and that itself is a motivation to keep going. For example, when I launched the product, I remem- ber when I first pitched the idea at GITEX 2022 [an annual tech and startup event held in Dubai]- I thought it would be easy: I would pitch, get an investment, and be able to grow in a really short amount of time! But starting a business or a startup is one of the most tiring endeavors, and it’s really a long-term investment in a way. But after all that hard work, you would have something that you created, and that you would be proud of.” }While Alzaabi’s participation at GITEX 2022 was the first step in realizing his entrepreneurial ambitions, it was a pitch competition held by Sandooq Al Watan, a UAE-based not-for-profit organization, in January 2023 that truly catapult- ed his business venture forward. “Winning the Sandooq Al Watan pitch gave us a sort of valida- tion and motivation to keep on working,” Alzaabi says. “We were able to get two other grants that allowed us to go from an idea to launching the product, And that’s what’s amazing about this country that there are so many opportunities that would allow you to grow your business and achieve what you wanna achieve. I then participated in Shark Tank Dubai [the UAE adaptation of the popular American business reality show, Shark Tank] as well. I initially came on to the show with an offer for 15% of AED600,000, but after some negotiations with Elie Khouri -one of Shark Tank Dubai’s judges, and the CEO of UAE-based alternative investment firm, Vivium Holding- we were able to settle at 22%. To be honest, when we first applied to Shark Tank Dubai, we didn’t really have to think much about it, but after going on the show, and being able to get a deal, it felt surreal. I feel that with the backing of Vivium Holding, who are experienced in the marketing field, we will be able to reach the goal that we’ve set our eyes on. We are finally on the right track to create some- thing that would change the pet care industry! The most important thing about being an entrepreneur is patience. It took me a year to launch the product, and while it was a long time, it was worth it.” }Armed with the lessons he has learned so far, Alzaabi is now dreaming bigger when it comes to what’s next for PetRepublic- but he also says he’s decided to take things one step at a time. “Our plan for 2024 is to expand throughout the Emirates, bringing all parties of the pet care industry in one place,” he declares. “And while this is a challenging endeavor, I have an amazing team and mentors around me who will help us reach that goal.” ↑ PETREPUBLIC’S user-friendly app seamlessly connects users to a network of certified pet care centers, ensuring the well-being of their pets. THE MOST REWARDING PART OF LAUNCHING PETREPUBLIC IS TALKING TO THE PET OWNERS AND HAVING THEM LOVE THE PRODUCT ITSELF AND ACTUALLY FEELING THAT WE HAVE SOLVED SOMETHING THAT THEY HAVE BEEN STRUGGLING WITH.”
78 / ENTREPRENEUR.COM / April 2024 S/Ecosystem F rom April 16-17, 2024, the inaugural editions of two tech events are set to be held concurrently at the Grand Hyatt in Dubai- this includes the Global AI Show, as well as the Global Blockchain Show. The organizing company behind both events is VAP Group, a 2013-born blockchain consulting company with offices in India, the UAE, Hong Kong and the United Kingdom, which has today expanded its operations to include the organization of B2B events and conferences. Scaling New Heights As Vishal Parmar’s VAP Group gears up to host the Global AI Show and the Global Blockchain Show in Dubai in April, the founder discusses the secret to staying atop ever-changing tech trends by AALIA MEHREEN AHMED }And leading this company from the front is Vishal Parmar, founder and CEO of VAP Group, who believes his company is about to weed out some nagging “industry deficiencies” in the B2B events space. “We noted a stagnation in innovation and engagement within B2B gatherings,” Parmar says. “Tradi- tional formats failed to embrace emerging technologies, or create immersive and interactive experiences. Seizing this opportunity, we endeavored to introduce disruptive elements such as cutting-edge technologies, and interactive engage- ment platforms to redefine the B2B event landscape. The inception of the events vertical at VAP Group was thus driven by our determination to address these shortcomings. We meticulously tailored events to cater to the unique require- ments of professionals across various industries. By bringing together thought leaders, decision-makers, and innovators, we aimed to facilitate impactful discussions and collabora- tions capable of instigating tangible real-world change.” While the inception of the Global AI Show and the Global Blockchain Show marks a steep curve in VAP Group’s growth trajectory, it is also a significant milestone in Parmar’s personal journey with the company. You see, when he founded VAP Group in his native homeland India in 2013, Parmar was still a teenager. “At the age of 19, I embarked on a journey into entrepreneurship, driven by a vision to shape the future of business,” Parmar recalls. “In the early days, I led a team of 20, where my youth often set me apart. We started with the digital marketing sector, and later expanded into recruitment services, as well as the media industry. Seeing the growth and potential in emerging technologies such as blockchain and artificial intelligence (AI) propelled me to step foot in the events and conferences domain. I was inspired by Mark Zuckerberg. His journey resonated deeply with my vision. This pushed me to forego traditional education in favor of practical experience.” }Having thus started out as a company that offered services across public relations (PR) and advertising, recruitment, content development, and media, VAP Group eventually steered into the blockchain and Web3.0 space. There, by offering its services to projects backed by such advanced technologies, the company promised to build brand and customer loyalty for its clients. “It was a bold move, but one that ultimately positioned VAP Group as an innovative player in the digital space,” Parmar says. “This step showed ← VISHAL PARMAR is the founder and CEO of VAP Group, a blockchain consulting company with offices in India, the UAE, Hong Kong and the UK.
79 April 2024 / ENTREPRENEUR.COM / our commitment to embrac- ing change and adapting to groundbreaking technologies. 2023, in particular, marked a period of unprecedented growth and expansion for VAP Group. We opened four offices in India, and we established our global presence by inaugurating two offices in Dubai and Hong Kong. We are hopeful about further expansion around the world. Expanding into the events sector was another significant milestone. It allowed us to reach a wider audience through various channels, form long-lasting media partnerships, thereby opening up new opportunities for growth and collaboration. This is what inspired me to formulate events like the Global AI Show and the Global Blockchain Show.” }But not everything in Parmar’s entrepreneurial journey transpired as smoothly as it may seem on the face of it. For starters, the consequences of the COVID- 19 crisis put a dent on many of VAP Group’s plans. But as has been the case for most businesses worldwide, it was also a phase that allowed Parmar and his team to stretch the company’s boundary of possibilities. “One of the most important lessons we learned from this phase was the importance of adaptability and agility in the face of adversity,” Parmar recalls. “We quickly realized that sticking to our traditional ways of doing business was no longer an option. Instead, we had to embrace change and find innovative solutions to navigate the new normal. Moreover, the experience underscored the importance of building strong relation- ships with our clients and partners. By demonstrating empathy, and understanding their challenges, we were able to forge deeper connections, and find mutually beneficial solutions. Looking back, while the COVID-19 pandem- ic presented numerous challenges, it also served as a catalyst for growth and transformation. It forced me to reassess my priorities, innovate the company’s processes, and emerge stronger and more resilient than ever before.” }Today, more than a decade since VAP Group’s launch, the experiences that Parmar and his team have had have culminated into the forma- tion of two events that aim to create a considerable impact within the tech industry: the Global AI Show and the Global Blockchain Show. So, what exactly can visitors expect to gain from attending these two events? Well, for starters, Parmar notes that the Global AI Show is all set to feature quite a unique speaker during its sessions: Sophia, a social humanoid robot -said to be the world’s first- developed by Hong Kong-based company Hanson Robotics. “Sophia is also the official ambas- sador of both the Global AI Show as well as the Global Blockchain Show,” he adds. “Moreover, at the Global AI Show, interesting themes such as ‘AI in Healthcare’ will spotlight the most advanced developments in the healthcare sector powered by AI. Visitors can also look forward to an exclusive sneak peek into the new book by Jamie Metzl (a geopolitical expert, technology commentator, and author who has served in the White House National Security Council, the United Nations, and the U.S. State Department), Superconvergence: How the Genetics, Biotech, and AI Revolutions Will Transform our Lives, Work, and World, which is yet to be launched.” }Similarly, the Global Blockchain Show is expected to foster impactful conversations and networking with key industry experts, says Parmar. “At the Global Blockchain Show, attendees will get to meet and network with global leaders in the Web3.0 domain including Justin Sun (founder of TRON, a global blockchain-based decen- tralized platform for building and deploying smart contracts and decentralized applications); Lennix Lai (Chief Commer- cial Officer of OKX, a Malta-based cryptocur- rency exchange platform) and Dominic Williams (founder and Chief Scientist at DFINITY Foundation, a Switzerland- based not-for-profit entity that contributes to the Internet Computer blockchain),” Parmar elaborates. “The event will also provide a platform for futuristic companies to showcase their ground- breaking solutions and innovative products. From decentralized finance platforms to non-fungible tokens and beyond, ↑ SOPHIA, a social humanoid robot -said to be the world’s first- developed by Hong Kong-based company Hanson Robotics, is the official ambassador of both the Global AI Show as well as the Global Blockchain Show
80 / ENTREPRENEUR.COM / April 2024 attendees will have the chance to explore the latest developments in the block- chain ecosystem firsthand.” According to Parmar, choosing Dubai as the location to inaugurate the Global AI Show and the Global Blockchain Show was an ideal decision. “Dubai’s commitment to becoming a global hub for emerging technologies is evident through government initiatives like the Dubai Blockchain Strategy and the UAE Artificial Intelligence Strategy,” he says. “These initiatives not only attract startups, but also provide them with support, resources, and access to potential collaborators and investors. In this context, events like the Global AI Show and the Global Blockchain Show play a crucial role. They serve as platforms for thought leaders, industry experts, policymakers, and entrepreneurs to converge, exchange ideas, and address challenges facing the AI and blockchain sectors. By sparking meaningful conversations, sharing insights, and fostering collaborations, the Global AI Show and the Global Blockchain Show can catalyze innovation and drive positive change within these industries.” }As Parmar touches upon VAP Group’s focus on fostering support for tech startups in the quote above, it slowly becomes evident that it is a sentiment that holds prime value to the company. “We have actually set up a startup village at the Global AI Show and the Global Blockchain Show,” Parmar reveals. “This will give a chance to startups and scaleups to power pitch their innovative ideas, technology, and creations to investors, venture capital- ists, and big tech. Looking ahead, VAP Group is gearing up to expand our events portfolio, delving into new verticals within emerging technologies, while also supporting ambitious startups by launching VAP Accelerator. This would serve as an incubator to empower the business leaders of tomorrow!” These revelations, however, mark only some of the projects VAP Group has in the pipelines. “While we are working on ensuring that the Global AI Show and the Global Blockchain Show become our flagship events, we’re excited to start a new venture, Times of AI, that will be dedicated to AI news,” Parmar adds. “We’re also looking forward to the growth prospects of our other segments like CryptoNewZ, a blockchain and crypto news platform, Blockchain Marketing Ninja, a blockchain and crypto marketing company, and Blockchain Staffing Ninja, a blockchain and crypto recruit- ment platform. They’re integral to our core business strategy, and they will continue to play vital roles in supporting our overall mission.” }For the time being though, Parmar and his team are hopeful that the initial reactions to their inaugural events will manifest into a successful two-day saga from April 16-17, 2024. “We’re abso- lutely thrilled with the incredible response we’ve received for both the Global AI Show and the Global Blockchain Show,” Parmar says. “The enthusiasm we’ve seen underscores the immense growth potential we’re tapping into. We are dedicated to continually enhancing the Global AI Show and the Global Blockchain Show experiences. We would be listening to our attendee feedback, and we will use it to fuel improvements and innovations for future editions. We’re not confining our ambitions to just the current markets. We’re actively scouting opportunities to take our impactful events to other key global destinations. We see this as a natural progression for us, solidifying our presence on the international stage.” }As Parmar now gears up for what promises to be a successful road ahead for VAP Group, he remains resolute about carrying forward the values with which he built the company over a decade ago. “At VAP Group, our ethos of daring to challenge norms comes from our shared personal experiences,” Parmar says. “I truly believe in the power of adaptability and foresight. Our evolution from digital marketing, recruitment, and media services to events and conferences was a strategic progression, driven by our unwavering commitment to staying ahead of the curve. Today, as VAP Group continues its ascent to new heights, I remain resolute in our mission to revolutionize the business landscape. We are not merely building a company; we are shaping the future.” ‘TREP TALK VAP Group founder and CEO Vishal Parmar explains how you can make the most out of your visit to the Global AI Show and the Global Blockchain Show Engage in pre-event preparation “This involves researching the agenda, speakers, and attendees to identify key individuals or companies to connect with. Setting clear objectives for the events, whether it’s networking, seeking investment opportunities, or gaining industry insights, will guide interactions and maximize time.” Craft a concise elevator pitch “This is essential to effectively communicate your startup’s value proposition, and differentiate it from others. During the events, entrepreneurs should be proactive in networking and building relationships with fellow attendees. Engaging in relevant sessions, workshops, and panels provides opportunities to gain insights and perspectives beneficial to their ventures.” Utilize networking opportunities “The afterparty at Dubai’s White Beach, taking place after the Global AI Show and the Global Blockchain Show, will allow for more relaxed and meaningful connections. And it does not end there- I always encourage entrepreneurs and startup leaders to follow up promptly with contacts made at the events through personalized messages.” S/Ecosystem
82 / ENTREPRENEUR.COM / April 2024 CLUSTERLAB, the Tunisia-born and now UAE-based startup behind the Arabic audiobook summarization app Reedz, has secured US$600,000 in a pre-seed funding round supported by a number of regional investors, including Karim Beguir, co-founder and CEO of Tunisia- founded enterprise artificial intelligence (AI) startup InstaDeep. The funds will be used to propel Cluster- Lab’s research and development efforts, with a particular focus on advancing their next-generation large language models (LLMs). This will allow the startup to refine user experiences within their AI-powered products like the aforemen- tioned Reedz, a mobile app providing audiobook summaries of the world’s best selling books, as well as Elm, an AI-pow- ered learning app. “Our expertise in technology goes beyond the current wave of LLMs,” says Haithem Kchaou, co-founder and CEO of ClusterLab. “We’ve been pioneers in utilizing natural language processing (NLP) to revolutionize content summari- zation well before it became mainstream.” Here, Kchaou points out that ClusterLab’s expertise at developing AI and NLP has been recognized through its collaboration with InstaDeep on a national AI initiative for Tunisia’s Ministry of Higher Educa- tion, as well as its selection in the Nvidia Inception Program for AI startups. Commenting on the investment, Kchaou says that the AI funding space “has never been this noisy, and cutting through the noise is crucial.” As such, when asked to share his advice for entrepreneurs in this space, he replies, “The first step is demonstrating a solution to a real-world problem, not just deploying AI for the S/Startup Finance “WE GOT FUNDED!” The stories behind the recent fundraising successes seen by ClusterLab, Mantra, and Brkz by TAMARA PUPIC and AALIA MEHREEN AHMED CLUSTERLAB clusterlab.ai 'TREP TALK ClusterLab co-founder and CEO Haithem Kchaou shares his dos and don’ts for AI startup founders }DO BUILD CREDIBILITY “Emphasize past successes, partnerships with reputable programs like the NVIDIA Inception program, and involvement in major initiatives like projects with governmental entities.” }DO SOLVE A REAL PROBLEM “Articulate a clear real-world problem that an AI solution addresses. Show a genuine market need for what you’re building.” }DO SHOW DIFFERENTIATION “Clearly explain how your product or service stands out from the competition. Highlight the unique strengths and value proposition.” }DON’T AIM FOR AN EXCESSIVELY HIGH VALUATION “The AI space is hyped, and a market correction is likely. Investors may be disillusioned by down rounds– keep your feet on the ground with a realistic valuation.” }DON’T BUILD AI FOR THE SAKE OF AI “Investors see through solutions without a clear purpose. Focus on how your AI delivers specific value and solves pain points.” }DON’T OVERPROMISE “When pitching to investors, founders tend to promise the moon, and there’s a lot of that in the AI space. Demonstrating a pragmatic approach to AI becomes a differentiator. Founders must acknowledge AI’s vast potential, while setting realistic timelines and milestones that account for current limitations.” ↓ The CLUSTERLAB team at Sidi Bou Said, Tunis, Tunisia.
83 April 2024 / ENTREPRENEUR.COM / MANTRA mantrachain.io sake of it, and this builds credibility among potential investors and partners. By focusing on a tangible problem and showcasing the team’s established capabilities, founders become the signal, and not the noise. That’s how they can attract investors seeking impactful AI solutions.” Kchaou also opines that AI technology is currently undergo- ing a significant shift towards democratization, aiming to extend its benefits across various regions and cultures, including the MENA region. “There is an ongoing effort to make AI more accessible and beneficial beyond its current primary bases, with an anticipation that the MENA region will progressively bridge the gap,” he says. “Our objective is to spearhead this movement, positioning ourselves as leaders in bringing AI’s advantages to the forefront of this emerging market. He adds that foreseeing future developments within the fast-paced AI sector can be quite challenging. “Innovations and predictions emerge on a near- weekly basis, ranging from AI agents communicating with each other, to the advent of personal AI assistants and locally run LLMs,” he says. “Despite the rapid advancement and unpredictable nature of AI technologies, one certainty remains: AI will permanently transform tradition- al industries, disrupting long standing business models.” With this idea in mind, Kchaou’s note for AI startups is to always keep a proactive stance in order to avoid being outpaced or disrupted. “Have an open mind, and strategize effectively to build and sustain a competitive moat, ensuring they remain ahead in the race,” he says. “Integrating AI into various sectors is not merely about adopting new technologies, but about innovating and adapting to maintain relevance and leadership in a rapidly evolving landscape.” ↓ JOHN PATRICK MULLIN is the co-founder and CEO of Mantra, a Hong Kong-based blockchain platform that offers real world assets (RWA) tokenization. MANTRA, A HONG KONG-BASED BLOCK- CHAIN platform that offers real world assets (RWA) tokenization, has raised US$11 million in a funding round led by Shorooq Partners, a UAE-based early- stage venture capital (VC) firm that invests in startups across the MENA and Asia. The round also saw the participation of Three Point Capital, a US-based VC and private equity firm; Forte Securities, a UK-based independent and global financial group offering brokerage, custody and asset management services; Virtuzone, a UAE-based provider of company formation solutions, corporate services and tax consultancy; Hex Trust, a Hong Kong-based digital asset custodian that provides solutions for protocols, foundations, financial institutions, and the Web3.0 ecosystem; GameFi Ventures, a Hong Kong-based VC firm with a focus on blockchain games; Caladan, a Singapore-based tech-driven trading group that transacts cryptoasset; Token Bay Capital, a Hong Kong-based venture fund that invests in Web3.0 and crypto startups; BlackPine, a Hong Kong-based private investment company; Maple- block, an India-based technology focused blockchain firm; and Fuse Capital, a Brazil-based investment firm focused on alternative assets. Launched as a Layer 1 blockchain platform, i.e. the base blockchain architecture that is necessary to build a blockchain network, Mantra was built with a mission to enable RWA tokeniza- tion on a global scale. For the uniniti- ated, RWA tokens simply refer to digital tokens on the blockchain that are linked to or represent tangible assets like real estate, precious metals, commodities, art and collectibles. With this, Mantra hopes to create more and more easily accessible investment opportunities, particularly in the Middle East and Asia. “One of the things that we’ve been focused on when building Mantra over the years is the fact that it is an onchain self-custodial application,” says John Patrick Mullin, co-founder and CEO of Mantra. “This means that you have complete control of your assets and custody them yourself. There are perils of this. Dealing with private keys, dealing with smart contracts, dealing with wallet addresses can be confusing. So, we’ve done a lot of work and effort into stripping away a lot of these complexities. And we’ll continue to be heavily, heavily focused on creating an
84 / ENTREPRENEUR.COM / April 2024 onchain experience that mirrors a more centralized or Web 2.0 user experience when transacting on chain.” By promising a tangible, secure, and stable block- chain platform, Mantra thus aims to simplify the process of buying and selling assets which will further create new investment avenues, promote entrepreneurship, and attract global investors. But, as is common with novel or new investment opportunities, there may exist some within the region who are still skeptical about RWA tokens. To them, Mullin has some words of assurance to share. “Some of the benefits of transacting on chain, obviously, is the composability of the various different products across platforms within the ecosystem and on the chain, while at the same time maintaining control and custody of your own assets, so you don’t have situations like FTX [the Bahamas- based cryptocurrency exchange that went through a financial collapse in November 2022] happening again, where actually the exchange holds control of your assets in your wealth,” he says. “Of course, because we also are onchain, we can bring in other things like unique token incentives that entice users to participate and like enhanced upside and opportunities to earn more.” It was precisely the wide-ranging benefits that Mantra has inculcated into its model that led to it being recognized by the UAE- based tech investor Shorooq Partners. “At Shorooq Partners, we have been a leading fintech investor in the region, starting with our investments since 2017 with the likes of Sarwa, Lendo, Lean, Tamara, and one of the thesis we have been going deep since last year is the RWA thesis, that Mantra has been focusing on,” says Shane Shin, Founding Partner at Shorooq Partners. “As a leading VC, our job is to identify the next disrup- tive trend that will influence our day to day lives, and we believe RWA thesis will be one of the most innovative theses, and Mantra is leading this wave. We also believe that Mantra has a unique value proposition of bridging a corridor between the Middle East and Asia with its focus on both markets/regions.” Shin adds that Shorooq Partners’ investment in Mantra, in fact, could serve as quite the template for other tech entrepreneurs in the UAE and beyond seeking to raise funds. “First, really reflect on if you want to raise institutional VC money in the first place- not every business or journey fits/ requires VC investment, and it’s absolutely fine to grow without the VC funding,” he advises. “If you have decided to go through the VC funding route, what matters to us at Shorooq Partners is that the founders really take their journey and the problems they solve as a mission, not just quick bang for the buck or monetary driven. We back the founders who treat their company as a mission. Then, [there’s the question of] whether the company can scale to be a large company. As founders’ partners, we would like to be there for the founders to scale across countries, markets and regions and we see if we can partner with the founders who can do this.” Shin then emphasizes that the RWA tokenization movement is one that could potentially create a favorable shift within the regional fintech ecosystem- a move that will certainly be welcome in the UAE, where the government is constantly encouraging innovation within fintech. “The RWA thesis is still nascent, and with the growth of compa- nies like Mantra, this will set the new precedents for integrating Web3.0/ blockchain startups into the Web2.0/traditional indus- tries,” Shin says. “In the end, our role as a VC is to back those companies who are disrupting the way it is currently done while leaving positive influence and impact for the development of our ecosystem. We have backed about 25 fintech investments and we believe S/Startup Finance THE RWA THESIS IS STILL NASCENT, AND WITH THE GROWTH OF COMPANIES LIKE MANTRA, THIS WILL SET THE NEW PRECEDENTS FOR INTEGRATING WEB3.0/BLOCKCHAIN STARTUPS INTO THE WEB2.0/TRADITIONAL INDUSTRIES.” → SHANE SHIN is a Founding Partner at Shorooq Partners, a UAE-based early-stage venture capital firm that invests in startups across the MENA and Asia.
85 April 2024 / ENTREPRENEUR.COM / fintech is one of the funda- mental driving forces that will push our region forward.” This vision for the future, in fact, forms the crux of the legacy that Mullin and his team at Mantra hope to create. “When it comes to the impact and legacy we hope to create within the wider fintech ecosystem in the UAE, we have obviously very significant ambitions, and that’s why one of the leading investors in the region has decided to back us and support us,” Mullin says. “We really believe fervently in the mission of bringing the financial ecosystem onchain and believe that asset tokenization done in a safe, compliant and easily acces- sible fashion is the way forward. This new influx of capital will be able to help really cement ourselves as one of the key players in the region.” Indeed, with fresh capital under his belt, Mullin now hopes to allocate the funds across a three-pronged strategy: building regulatory- compliant infrastructure that adheres to global standards, empowering developers with the tools required to create RWA-focused protocols on the Mantra Chain, and expanding the tokenization of RWA while also seeking market opportu- nities in the MENA and Asia. “The two key things we want to accomplish this year is actually getting the chain into mainnet production launch, which we’re anticipating at the end of this year, or roughly around the end of Q3, beginning of Q4, and of course, enhancing our licensing capabilities,” Mullin elaborates. “We’re in the final stages of various licensing applications and we expect to get those across the line as soon as possible. Obviously, this will require manpower, and we’re actively hiring and looking forward to bringing on Tier 1 talent to support our vision of bringing the financial ecosystem on chain. We have a lot of different initiatives in terms of how we will support people to build on the chain, and how they can actually create interesting RWA use cases for tokenization of all different kinds of assets. And these can include stuff like an ecosystem fund, grant programs, direct incubation, etc.” One product by Mantra that has already set in motion some of the above mentioned targets is the Hongbai -its name a portmanteau of Hong Kong and Dubai- which is Mantra Chain’s incentivized testnet. “Hongbai is the next phase of our Mantra Chain testnet,” Mullin reveals. “We have done a phase one which was effectively a chain stability and infrastructure testing. Hongbai will actually be open to the general public for people to be able to test various different functions of the chain, different applica- tions, staking, trading, asset tokenization, etc. We’ll have a number of different gamified experiences for people to be able to earn rewards, which is why it’s an incentivized testnet. So, the more partici- pation that you would do, the more support you give to the ecosystem, the more ability you’ll have to earn. We’ve obviously raised funds to help develop this testnet ecosys- tem, and we’ve got a signifi- cant amount of developers and projects and users both on Web2.0, as well as the Web3.0 side of things. Looking forward to participating on the testnet, but this is just a steppingstone for us to launch the mainnet later this year.” BRKZ brkz.com BRKZ, A SAUDI ARABIA-BASED B2B construction tech startup, has raised US$8 million in a Series A round that will be used for deepening its proprietary capabilities to get closer to becoming a one-stop- shop for the MENA region’s construction industry. The startup also aims to expand its footprint across Saudi Arabia and the MENA region. The funding round was co-led by London-based multi-stage fund 9900 and Dubai-based early-stage VC firm BECO Capital, with participation from Aramco’s Wa’ed Ventures, Baltimore-headquartered global investment firm Knollwood Investment Advisory, Riyadh-based holding group RZM Investment, and Swedish venture capital firm MISY Ventures. “The investment underscores Brkz’s commitment to digitizing buying and selling building materials, promoting transparency, and fostering efficient contractor financing,” said Ibrahim Manna, founder of Brkz. “It comes at a pivotal moment for Brkz, enabling us to grow further within the $100 billion construction market here in KSA. We’re set to drive significant change, through tech, across every single touchpoint relevant to how building materials are sourced and supplied in a sector crucial to our economic landscape.” AT 9900, WE FOCUS ON ‘BIG PROBLEMS,’ IDENTIFYING EXTRAORDINARY FOUNDERS SOLVING FOR EXTERNALITIES ACROSS A RANGE OF SECTORS, GLOBALLY
86 / ENTREPRENEUR.COM / April 2024 S/Startup Finance Dany Farha, CEO of BECO Capital, said, “The MENA construction market is full of substantial opportunities both for investors and contractors. Brkz is well placed and capital- ized to be the catalyst to boost development. The investment aligns with Saudi Arabia’s Vision 2030, attracting foreign investors and founders to a flourishing construction sector. Brkz’s strategic initiatives are aligned perfectly with our investment philosophy at BECO Capital. We’re excited to be part of their journey.” Chris Corbishley, Managing Partner at 9900, added, “At 9900, we focus on ‘big problems,’ identifying extraordinary founders solving for externalities across a range of sectors, globally. Nowhere is this more evident than in the construction sector- an industry marred by inefficien- cies resulting in an estimated $1.6 trillion in annual losses to economic actors, as well as 5.7 billion metric tons of carbon dioxide each year, which accounts for about 26% of global emissions. With their best-in- class procurement platform delivered through the power of technology, we’re excited to be backing Ibrahim and the Brkz team towards driving positive change for this important economic sector within the MENA region.” With this Series A funding round, Brkz has raised a total of $13.55 million in investment so far, as it previously raised a seed round of $5.55 million by Better Tomorrow Ventures, with participation from Class 5 Global, Knollwood Investment Advisory, Plus VC, and several other strategic Saudi angel investors Founded in 2022, Brkz addresses critical challenges in the construction industry, such as fragmented supply chains, operational inefficiencies, and lack of access to finances. For buyers of building materials, Brkz offers access to the best prices across a wide pool of suppliers and materials along with multiple delivery and payment options. Plus, it ensures a quick and easy request for quotes via WhatsApp or website. The simplified Brkz platfom also enables suppliers to customize prices by size, location, and delivery options. They also benefit from Brkz’s wide customer base. To date, Brkz has facilitated over $170 million quotations across nearly 1,200 products from more than 350 suppliers. → Meet the Brkz team, which is on a mission to build a tech-enabled ecosystem to revolutionize the MENA construction industry For such an evolution to take place, there has to be a partnership that goes beyond traditional boundaries, and further creates an understanding between finance and non-finance departments. However, in a period characterized by growing supply chain complexities, rising finance costs, and limited resources, what form does this partnership take on, and why is it critical for corporate success? }At the core of every business operation lies an undeniable truth: financial health and operational efficiency are tightly interwoven. Finance departments, tradi- tionally viewed as gatekeepers of budget and fiscal reporting, face the perennial challenge of elucidating the intricacies of financial management to their non-finance counterparts. The crux of the matter is not for every department to master the nuances of accounting, but to grasp how financial data impacts their operations and decision- making processes. The imperative for a robust partnership is further magnified by today’s challenges. Rising supply chain costs have stretched budgets, necessitating a closer look at operational efficiencies to identify potential A partnership for better business Analyzing the need to bridge the finance and operations departments in your enterprise by TAHER JHANJHARYAI n the increasingly intricate world of modern business, finance profession- als stand at the crossroads of success and sustainability. Their responsibility has evolved as it is very important in navigating businesses through tough economic times. It is no longer sufficient for them to remain mere keepers of cash flow and financial statements; they are now required to play a critical role in making life easier for business operations.
87 April 2024 / ENTREPRENEUR.COM / savings. Increased finance costs have underscored the importance of savvy financial management and investment strategies. Meanwhile, the scarcity of resources, both in terms of materials and skilled personnel, demands innovative approaches to optimize use and enhance productivity. }This evolving business land- scape highlights that relying solely on financial parameters to assess a company’s health can be mislead- ing. Operational metrics, from productivity to customer satisfac- tion scores, are crucial in painting a comprehensive picture. Research underscores the value of this holistic view, indicating that companies adept at integrating financial and operational data boast a competitive edge, charac- terized by better strategic planning, resource allocation, and financial performance. However, achieving this synergy is more than a matter of shared datasets. It requires a cultural shift towards collaboration and transparency. Finance professionals must embrace a consultative role, guiding non-finance teams on the financial implications of their actions and decisions. Similarly, departments across the organization should be encouraged to share their operational insights, allowing finance to tailor their analyses and recommendations more effectively. }The benefits of such a partner- ship are manifold, particularly in addressing current challenges. Demystifying financial data makes it accessible and actionable for non-finance personnel, leading to more informed decision-making. This empowerment enables departments to proactively anticipate and tackle potential financial challenges. Moreover, it cultivates a culture of accountabil- ity and shared responsibility for the company’s financial health, prompting a collective effort towards achieving business objectives. Implementing this collaborative approach is not without its hurdles. It necessitates robust communication channels, ongoing education, and, most importantly, leadership buy-in. Leaders must advocate for the cause, emphasizing the importance of financial literacy across the organization, and investing in tools and technologies that enable seamless data integration and analysis. In conclusion, the role of business partnerships between finance and non-finance departments is more crucial than ever in today’s complex and challenge-ridden business environment. By fostering mutual understanding and collabo- ration, companies can navigate the hurdles of rising challenges unlocking new efficiencies, driving innovation, and securing a competitive advantage. As the corporate world continues to evolve, so too must the relationships within it, with finance professionals needing to take a role to evolve in guiding the way towards a more integrated, insightful, and operationally aligned future. Taher Jhanjharya is the Group CFO of EFS Facilities Services Group. efsme.com FINANCE PROFESSIONALS MUST EMBRACE A CONSULTATIVE ROLE, GUIDING NON-FINANCE TEAMS ON THE FINANCIAL IMPLICATIONS OF THEIR ACTIONS AND DECISIONS.
88 / ENTREPRENEUR.COM / April 2024 S/Q&A IMAGES COURTESY ARLAN BIOTECH Arlan Biotech /arlanbiotech.com/ A roundup of the up-and-coming startups in the Dubai-based Mohammed Bin Rashid Innovation Fund (MBRIF) accelerator program that you should be keeping an eye on by AALIA MEHREEN AHMED IN FOCUS Headed by Bolat Sultankulov (founder and CEO) and Dauken Seitkali (co-founder and CTO), Arlan BioTech has developed these treatments using a very specific core specimen: nanobodies, which are small antibody fragments derived from the antibodies found in animals such as camels, llamas, and alpacas. A structural difference between traditional antibodies -such as those found in humans and other mammals- and nanobodies means that the latter offers favorable traits such as small size, cost-effective production, and good tissue permeability, which in turn make them an ideal candidate for antiviral treatments. “Recognizing the potential impact of pandemics and the need for locally produced test systems, we as founders -who are also scientists- saw nanobodies as a promising tool,” Sultankulov explains. “Nanobodies offer ease of manufacturing without the need for complex infrastructure. Our journey thus began with a commitment to connect with scientists globally. Collaborating with a group from the University of Zurich, we gained access to nanobodies that allowed us to develop a cost-effective antigen test.” ↑ The ARLAN BIOTECH platform utilizes artificial intelligence and machine learning to create a predictive model for nanobody sequences that are highly specific to selected proteins, thereby making it a useful tool for in vitro diagnostics and CAR-T therapy. N ot too long ago, when healthcare systems across the globe were grappling with an overwhelming number of COVID-19 cases, the rapid antigen test emerged as a time-saving and cost-effective alternative. It was in the midst of this pandemic that Kazakhstan-based biotech startup, Arlan BioTech, was conceptualized with a mission to develop efficient antigen tests. Arlan BioTech’s official launch took place in 2021, but by then the startup had already faced its first steep challenge in creating a usable antigen test: the coronavirus’ variant, Omicron. “The arrival of the Omicron variant rendered our initial test system obsolete, prompting us to pivot and develop nanobodies targeting more conservative sequences that remain consistent across variants,” Sultankulov recalls. “Despite raising US$100,000, the rapid emergence of new variants highlighted the urgency of finding a better, faster, and more cost-effective approach to developing nanobodies. Leveraging my background in biomedical engineering and a Ph.D., coupled with a passion for coding, I
delved into the realm of artificial intelligence (AI). Recognizing that AI’s main challenge is the availability of high-quality data, we decided to generate our own synthetic data. Confirming the suitability of our synthetic data for machine learning (ML), we embarked on the development of our genera- tive AI. This marked a pivotal moment for Arlan Biotech, as we aimed to revolutionize the field of antibody and nanobody discovery.” Arlan BioTech has thus now taken on the form of a platform that utilizes AI and ML to create a predictive model for nanobody sequenc- es (the specific genetic sequences encoding nano- bodies), which are highly specific to selected proteins. Using such an approach, the startup hopes to be able to apply its tests within the realms of in vitro diagnostics (IVD), which is the process of performing diagnostic tests on samples of bodily fluids such as blood, urine, or tissue outside the body, as well as chimeric antigen receptor T-cell (CAR-T) therapy, a form of immunotherapy used to treat certain types of cancer. “Our commitment to innovation, coupled with the resilience to adapt in the face of challenges, has propelled us to the forefront of biotechnology, where we continue to push the boundaries of what’s possible in the fight against infectious diseases,” Sultankulov adds. Having thus successfully developed a nanobody-based COVID-19 antigen test, Sultankulov and his team have since gone on to decide on a clear product strategy for the future: synthetic nanobody-based lateral flow assay (LFA) antigen testing, which refers to a rapid diagnostic test commonly used for infectious diseases. And having kickstarted work in this arena already, Sultankulov -who is a self-admitted “serial bioentrepreneur” with academic qualifications and work experience across different areas of genetics and biotechnology- shares that his startup has crossed significant tunring points along the way. “As an AI team, Arlan Biotech has achieved the milestone of becoming a revenue-generat- ing company- this speaks to the successful integration and market acceptance of its generative AI technology in the biotech sector,” Sultanku- lov adds. “We have also initiated several pilot projects in collaboration with renowned institutions such as Harvard Medical School, University of Brussels, and the European Molecular Biology Laboratory. These collaborations signify recognition and endorsement from esteemed organizations in the scientific community.” But that isn’t all there is to the startup’s business and revenue models. For starters, Sultankulov points out that Arlan BioTech’s quest for constant innovation has meant a complete commit- ment to generating assets using mainly in-house resources. “Our main goal is B2B software-as-a-service (SaaS), and to commercialize our solution and bring it to market, we have devised a comprehensive go-to-market strategy that encompasses multiple aspects,” the founder elaborates. “The first of this includes leveraging our expertise in synthetic biology, AI-based nanobody genera- tion, and recombinant protein production to create a robust and diverse library of nanobodies. These assets BY HARNESSING CUTTING-EDGE AI TECHNOLOGY, OUR AIM IS TO OPTIMIZE NANOBODY DEVELOPMENT, TRANSFORMING THE LANDSCAPE OF NANOBODY RESEARCH AND DEVELOPMENT.” }} 89 April 2024 / ENTREPRENEUR.COM /
90 / ENTREPRENEUR.COM / April 2024 serve as the foundation for our platform and enable us to offer a wide range of nanobody-based products and services. We are already working on the development of different LFA assays. We also recognize the value of strategic partnerships in expanding our market reach, and accelerating adoption of our technology. Partnerships with key industry players and academics can take the form of licensing agreements, joint research projects, or distribution partnerships, enabling us to extend our market presence and access new customer segments.” But while Arlan BioTech’s focus will remain on its own contributions toward nanobody-based therapeu- tics, the startup is also creating avenues that can lead to more synergistic inno- vations within the biotech industry as a whole. “In addition to our platform offering, we will provide services to meet the specific needs of our customers,” Sultankulov explains. “This includes offering access to our SaaS platform, which allows researchers to design and optimize nanobodies tailored to their specific targets. We can also provide custom nanobody production services for research laboratories and industry partners that require specialized nanobodies for their applications. And alongside our service offerings, we will also sell our nanobodies as standalone products to research laboratories worldwide. These nanobodies will be available for purchase, allowing researchers to directly access and utilize our high-quality, validated nanobodies for their own experiments and studies.” Having thus mapped out the Arlan BioTech model, Sultankulov already has “ambitious milestones” in mind for his startup over the next couple of years. “We want to become a top-five AI company for nanobodies,” he declares. “Our primary objective is to further advance and refine our AI/ ML model for nanobody selection, positioning it as one of the most sophisticated and reliable platforms in the industry. By harnessing cutting-edge AI technology, our aim is to optimize nanobody development, transforming the landscape of nanobody research and development. Arlan Biotech aspires to be recognized among the top five global companies for AI-driven nanobody innovation, offering unparalleled solutions to researchers and biopharmaceutical entities.” Now, one might wonder where Sultankulov’s confidence in his startup’s potential stems from. As it turns out, the co-founder has done his due diligence, and he is vividly certain of where Arlan BioTech stands in comparison to other similar solutions in the market. “Our main competitors in the field include EVQLV, Antiverse, Nabla Bio, DenovAI, and BigHat Biosciences,” Sultankulov reveals. “While these companies primarily focus on antibody design, our unique focus lies in the development of nanobodies. Nanobodies have gained significant popularity as versatile tools for diagnostics, imaging, and therapeutics. Leveraging our extensive experience in recombinant protein production and small-scale manufacturing of IVD products, we not only aim to provide a SaaS platform, but also offer our nanobodies as a tangible product to research laborato- ries worldwide. This dual approach sets us apart in the market, allowing us to cater to the specific needs of both academic and industry customers.” As the startup now makes its way from Kazakhstan towards other parts of the world -with the GCC and the US markets being priority at this stage- Sultankulov and his team have found much needed assistance in navigating the UAE’s business landscape with their participation in the MBRIF Innovation Accelerator Program. “The MBRIF is the Y-combinator of the Middle East,” Sultankulov says. “Arlan Biotech’s acceptance into MBRIF program is a significant accomplishment. This recognition not only validates the innovative nature of the company’s work, but also provides finan- cial support and credibility, reinforcing the importance of its products in the market.” As for the road ahead, Sultankulov’s plans exhibit the same enthusiasm and confidence that has been evident throughout this interview. “By pursuing our visionary goals, Arlan Biotech aims to make substantial contributions to the biotech- nology sector, establishing itself as a pivotal player in the nanobody and AI-driven research and development landscape,” he declares. “Our dedication to driving innovation, delivering cutting-edge solutions, and positively impacting healthcare and research advancements is unwavering. We look forward to not only shaping the future of our organization but also contrib- uting meaningfully to the progress of biotechnology, both in the UAE, and on a global scale.” S/Q&A ↑ Founded by BOLAT SULTANKULOV and DAUKEN SEITKALI, ARLAN BIOTECH is a Kazakhstan-based biotech company that is on a mission to develop efficient antigen tests.
91 April 2024 / ENTREPRENEUR.COM / W hen TranspRight, a Dubai-based sustainable logistics platform, launched in 2021, it did so with a straightforward mission: to introduce cost-effective methods that would reduce carbon emissions within the UAE’s logistics ecosystem. And in the time that has passed since then, the global conversations surrounding sustainability within the logistics industry have only picked up steam. Take, for example, how in January 2023, at the World Economic Forum’s annual meeting in Davos, the global logistics sector was presented with a brand new guide that could help better quantify the greenhouse gas (GHG) emissions within the industry, and support its overall efforts towards achieving net-zero emissions. For TranspRight founder and CEO Ahmad Al Falasi, such shifts in the mindset of the industry at large has only strengthened the vision with which he launched his startup in the first place. “At TranspRight, we tackle the logistics industry’s carbon footprint issue, inspired by the urgent need for environ- mental sustainability and efficiency in global supply chains,” Al Falasi says. “Our platform uniquely integrates real-time carbon footprint tracking with a value-sharing model, promoting sustain- ability alongside profitability. As the founder and CEO, my role encompasses strategic direction, partnership development, and overseeing the execution of our mission to revolutionize logistics with sustainability at its core.” Indeed, TranspRight’s focus on logistical sustainability has resulted in a model where it smartly connects transport tenders with loading capacities, which, in turn, leads to cost optimization and carbon emission reduction for shippers and carriers. Through carbon emission tracking, the platform thus aims to optimize cargo deliveries in an inexpensive, efficient, and fast manner. “Our model blends transaction fees, premium subscriptions, and carbon credit trading, focusing on profitability while incentivizing eco- friendly practices,” Al Falasi adds. “And while innovation is vital for our success, maintaining a human connection is equally important. We ensure this through personalized customer service and community engagement initiatives that reinforce our commitment to sustain- able logistics.” Given TranspRight’s aim to create a more sustain- able supply chain and logistics ecosystem in the UAE and wider region, Al Falasi says that being headquartered in an innovation hub like Dubai has proved to be vital in the startup’s growth trajectory. “We’re in an early growth phase, with significant partnerships in the UAE and Saudi Arabia, focusing on scaling operations, and exploring funding opportuni- ties to support our expansion, and enhance our platform’s capabilities,” Al Falasi says. “Operating in Dubai has offered us access to a vibrant startup ecosystem and supportive policies for green businesses. And while navigating the competitive landscape has certainly been a challenge, there have also been a number of benefits for us including strategic location advantages and strong governmental support for innovation.” As Al Falasi and his team now focus on creating a larger ripple effect within the regional logistics landscape, the startup has found just the right ally in its quest for future success- the MBRIF Innovation Accelerator Program. “The MBRIF program aligns with our goals for innovation and sustainability, offering valuable resources, mentorship, and network- ing opportunities, and these will be crucial for our next growth stage.” Al Falasi concludes. IMAGES COURTESY TRANSPRIGHT → AHMAD AL FALASI Is the founder and CEO of TranspRight, a Dubai-based sustainable logistics platform Transpright /transpright.com/
92 / ENTREPRENEUR.COM / April 2024 More than 2,000 enterprising women are expected to converge on Dubai for the second edition of the international Women’s Empower- ment Convention 2024 (WE Convention 2024), which is set to place at Atlantis The Royal, Dubai from April 20-21, 2024. Organized by the Women’s Empow- erment Council, a global community of women leaders championing personal and professional growth, the event is supported by partners like Lectera.com, TikTok, EIRINE, KraftHeinz, and Better Ask Anna. Entrepreneur Middle East is an Ecosystem Partner for the event. The event’s agenda features more than 100 speakers, with noteworthy names including H.H. Sheikha Mozah bint Marwan Al Maktoum (Captain Pilot, Dubai Police Air- wing), H.H. Sheikha Dr. Shamma bint Mohammed bin Khalid Al Nahyan (Chairperson of the Board of Directors, Sheikh Mohammed bin Khalid Al Nahyan Cultural and Educational Institutions), H.H. Sayyida Basma Al Said (mental health clinical counselor and founder of Whispers of Serenity), H.H. Sheikha Jawaher Bint Khalifa Al Khalifa (Chairperson, FUTURE8 and Board Member, NFINITY Group), Maria Sharapova (world-class tennis champion, investor and entrepre- neur), Carla Bruni (singer, super- model and the former first lady of France ), Karen Wazen (digital entrepreneur), Meryem Uzerli (actress), and many more. “This year, our array of speakers from real-world business will showcase women who have pioneered their professions, irrespective of privilege, including those who began from scratch or underwent self-reinven- tion,” says Mila Smart Semeshkina, founder of the Women’s Empower- ment Council. “My vision is for each participant to leave the WE Conven- tion not just fully inspired to embrace positive change, but also equipped with a definitive action plan for their advancement.” Embracing the theme “Big Goals, Bold Choices,” the WE Convention 2024 will concentrate on strategies for women to augment their earn- ings, and realize business and career ambitions through empowerment and education. This year’s event also introduces an array of workshops and round-table discussions to run in tandem with the principal program. It will also present exclusive thematic zones addressing vital topics such as mental health, financial indepen- dence, and personal style, among others. A select group of speakers and premium ticket holders will also attend a gala dinner on April 21, 2024 at the Armani Hotel Dubai. The evening’s itinerary includes a red carpet arrival, musical performances, a gourmet meal, high-level network- ing opportunities, and unparalleled views of the Burj Khalifa and The Dubai Fountain. weconvention.com In The Loop/ IMAGES COURTESY WE CONVENTION Big Goals, Bold Choices Maria Sharapova, Carla Bruni, and Meryem Uzerli among influential speakers set to headline WE Convention 2024 in April in Dubai “My vision is for each participant to leave the WE Convention not just fully inspired to embrace positive change, but also equipped with a definitive action plan for their advancement.”
S E E K B E Y O N D C O D E 11 . 5 9 B Y A U D E M A R S P I G U E T S E L F W I N D I N G