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ACCESS GRANTED BUSINESSES IN DUBAI ARE ACCESSING NEW MARKETS AND VERTICALS AUGUST 2020 | ENTREPRENEUR.COM | UAE AED20 9 7 7 2 3 1 1 5 4 1 0 0 8 > THINKING AHEAD PROTECTING YOUR INTELLECTUAL PROPERTY AS A SMALL BUSINESS TURNING CORNERS EIGHT EXECUTIVE LEADERSHIP TRENDS FOR 2020 DRIVING FORCE PIVOTING FOR A NEED Why brands are changing their narrative in 2020 Al Masaood Automobiles CEO on keeping your enterprise at the top of its game (even amid a crisis) IRFAN TANSEL
4 / ENTREPRENEUR.COM / August 2020 18 INNOVATOR DRIVING FORCE Irfan Tansel The CEO of Al Masaood Automobiles on keeping your enterprise at the top of its game (even amid a global economic crisis). 18 26 START IT UP ECOSYSTEM Access granted A look at how businesses in Dubai are accessing new markets and verticals through the COVID-19 crisis. 40 ‘TREPONOMICS PRO Variability is here to stay For a business to survive the COVID-19 crisis, flexibility is key (and that’s not going away). 46 MONEY ECON Faith and finance Zahara Malik on why Islamic finance and impact investing should join forces. 64 ‘TREPONOMICS PRO Value systems It shouldn’t take a crisis to catalyze innovation, writes Al Waha Fund’s Areije Al Shakar. 30 ‘TREPNOMICS MARKETING Pivoting for a need Infographic.ly’s Carla Saliba on why businesses should prioritize on changing their narrative in 2020. 34 ‘TREPONOMICS PRO Turning corners Eight executive trends you need to keep track of this year. 56 START IT UP ECOSYSTEM Move fast and fix things Dubai startups share insights on how they’re stepping up with solutions for “the new normal.” Irfan Tansel, CEO, Al Masaood Automobiles 37 Apple Airpods Pro CONTENTS AUGUST 2020
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10 / ENTREPRENEUR.COM / August 2020 CONTENTS AUGUST 2020 52 ‘TREPONOMICS SKILLSET Startup camels The entrepreneurs behind Dubai-based startup Hopi, on how they’re going about growth for their enterprise. 48 ‘TREPONOMICS PRO Thinking ahead Amir Kanaan gives an in-depth look to protecting your intellectual property as a small business. 44 CULTURE LIFE A strategist for success Salma Sakhnini, founder and CEO of ICON, a Dubai-based business and leadership development advisory, on adopting a future-ready mindset. 36 TECH SHINY #TamTalksTech Gadgets and doodads that you might’ve missed out on, sourced by a tech aficionado. 47 IN THE LOOP Onward and upward TECOM Group’s startup incubator in5 sees its entrepreneurs rise AED65 million in first half of 2020. 41 CULTURE LIFE Starting young Helen Al Uzaizi delves into the importance of developing a culture of entrepreneurship. 62 CULTURE BUSINESS UNUSUAL Passion project Patrick Osman shares how unemployment amid COVID-19 led the entrepreneur to launch I’m Cartoonified. 38 CULTURE TRAPPINGS ‘Trep gear The executive selection for the entrepreneur on your list that has everything. Okay, may-be for a little self-reward as well. 44 Salma Sakhnini, founder and CEO of ICON, a Dubai-based business and leadership development advisory 52 Kristian Stinson and Charles Wright, co-founders, Hopi
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12 / ENTREPRENEUR.COM / August 2020 SUBSCRIBE Contact subscriptions@bncpublishing.net to receive Entrepreneur Middle East every issue EDITOR IN CHIEF Aby Sam Thomas editor@bncpublishing.net CEO Wissam Younane wissam@bncpublishing.net DIRECTOR Rabih Najm rabih@bncpublishing.net CREATIVE LEAD Odette Kahwagi MANAGING EDITOR Tamara Pupic STARTUPS SECTION EDITOR Pamella de Leon DIGITAL SOLUTIONS DIRECTOR Mahdi Hashemi mahdi@bncpublishing.net GROUP SALES DIRECTOR – B2B GROUP Joaquim D’Costa COLUMNIST Tamara Clarke INTERN Aalia Mehreen Ahmed PO Box 502511 Dubai, United Arab Emirates P +971 4 4200 506 | F +971 4 4200 196 For all commercial enquiries related to Entrepreneur Middle East contact sales@bncpublishing.net All rights reserved 2020. 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. Printed by United Printing and Publishing upp.ae Images used in Entrepreneur Middle East are credited when necessary. Attributed use of copyrighted images with permission. All images not credited otherwise Shutterstock. CONTRIBUTORS entrepreneur.com/me ACCESS FRESH CONTENT DAILY ON OUR WEBSITE! MIDDLE EAST EntMagazineME @EntMagazineME Entrepreneur-me EntrepreneurMiddleEast EntMagazineME EntMagazineME EntMagazineME MIDDLE EAST In addition to our print edition, we’re bringing you all sorts of industry news on our web mediums. Joining us online means getting relevant business and startup content in real-time, so you’re hearing about the latest developments as soon as we do. We’re looking forward to interacting with our readers on all of our social media and web platforms- like any thriving business, we’re looking to give and take. #TrepTalkME is already happening on all of our digi platforms, and all good conversations go both ways. See you on the web! Areije Al Shakar Helen Al Uzaizi Fida Chaaban Gavin Cheadle Tamara Clarke Amir Kanaan Zahara Malik Carla Saliba Kristian Stinson Hanna VanKuiken Charles Wright
14 / ENTREPRENEUR.COM / August 2020 I t’s August 2020, and I can’t help but wonder: how are we already in this month of the year? When they said time flies, I don’t think any- one was referring to the warped clock that has blurred and blended all the days of this year so far. If you’re waking up some mornings unsure which day of the week it is without looking at a calendar, trust me; you’re not alone. For all its efficiencies and conveniences, it’s safe to say that the perks of work- ing remotely that we used to enjoy have waned to a certain degree, and they are now instead causing us to lose all sense of balance and time. For me, and many I’ve spoken to, that hardest feeling in a work day in this surreal crisis has been the sense of being perpetually stuck in the same day, ev- eryday, without being able to plan ahead. So, how do we cope when there is no perception of hours, or days, or weeks- or when we come to the real- ization that half a year has just gone by? How do we keep track of time in the structured, deadline-driven way that we’ve been programmed to do so far, when everything around us feels distorted? Now, no one has the right answers, but I’ve been finding some inspiration from the world of art in this matter. To be specific, a particular painting from 1931 called The Persistence of Memory, by one of my fa- vorite artists, the inimitable Salvador Dalí. Dalí has claimed that this artwork, often remembered as “the one with the melt- ing clocks,” was actually inspired simply by a wheel of cheese that had melted; however, scholars have interpreted it to be a rumi- nation on how time doesn’t really factor in a dream world. Indeed, Dalí has been known to have said that time had no influence on him while he was painting- perhaps an indication of how irrelevant the concept of time is when you’re doing something that you love. Keeping that idea in mind, perhaps the stock we need to take now is not of time, but rather of where we place our attention. As we rush and pressure ourselves to keep track of hours and days and weeks through the times we are living through right now, maybe what we really need to be doing is just tracking where we are going with the dreams we had made for ourselves. After all, the Augusts come and go- dreams, as they say, are forever. EDITOR'S NOTE Keeping track of your dreams can help you maintain your balance in an upside-down world WHERE VS. WHEN Aby Sam Thomas Editor in Chief @thisisaby aby@bncpublishing.net © SALVADOR DALÍ, GALA-SALVADOR DALÍ FOUNDATION/ARTISTS RIGHTS SOCIETY (ARS), NEW YORK. Salvador Dalí, The Persistence of Memory, 1931
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16 / ENTREPRENEUR.COM / August 2020 D ubai’s first architecture festival is set to make waves this year. The inaugural d3 Architecture Festival, organized by Dubai Design District, in partnership with the Royal Institute of British Architects Gulf Chapter (RIBA Gulf Chapter), will showcase regional architecture projects and emerging new generation of talent and firms, but also highlight the significance of bringing the Middle East towards a more sustainable future. The event is set to run from November 11-13, 2020, on the sidelines of Dubai Design Week, an annual festival held under the patronage of H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture & Arts Authority. Curated by Juan Roldan, Associate Professor at the College of Architecture, Art, and Design at the American University of Sharjah, the festival’s theme is “Identity, Context, and Placemaking in the Gulf.” The event will cater to a series of a talks by industry experts on sustainable devel opment, while designers, architects, and the general public are welcomed to join in daily workshops. As such, the festival is aligned to d3’s priority to becoming a hub for the Middle East’s architecture com munity. Some of the firms and universities that have confirmed to participate in the event include AGi Architects, American University of Sharjah, Dabbagh Architects, Foster + Partners, Nyxo Visionary Design, Woods Bagot, Zaha Hadid Architects, and more. dubaidesignweek.ae Dubai’s first architecture festival in November 2020 to showcase the Middle East’s contributions LOOKING AHEAD Dubai Chamber launches restaurants business group to help unify voices of the Dubai restaurant sector For a sustainable future R estaurants Business Group, a new non-profit body under the Dubai Chamber of Commerce and Industry, has been inaugurated with an aim to serve common interests and tackle industry challenges of the restaurant sector in Dubai through cooperation with relevant authori ties in the Emirate. With a wide variety of restaurant businesses in Dubai forming a part of the member companies, the busi ness group provides a platform to share knowledge and make policy recommendations while unifying voices of member companies. Mubarak Bin Fahad, owner of The Tashas Group, has been appointed as Chairman of the Restaurants Busi ness Group. The founding Executive Committee members were selected, and the business group’s objectives for 2020 were outlined, during a recently held online meeting. H.E. Hamad Buamim, President and CEO of Dubai Chamber, explained that the group will play a vital role in addressing common issues, helping restaurant sector players navigate new challenges and adjust to the “new normal,” as restaurants re- open under new guidelines. He further added that Dubai Cham ber is working closely with the Res taurant Business Group and other sector-focused business groups to support and enhance the develop ment of business in Dubai, promote constructive dialogues, and foster public-private sector cooperation. Mubarak Bin Fahd, Chairman of the Dubai Restaurants Business Group, added to the discussion, saying “The Dubai Restaurants Business Group will help this cause, bringing the private and public sectors closer together to create a sustainable and even more positive future for the F&B industry in the city.” dubaichamber.com IN THE LOOP IMAGES COURTESY DUBAI CHAMBER | DUBAI DESIGN DISTRICT
18 / ENTREPRENEUR.COM / August 2020 INNOVATOR IMAGES COURTESY AL MASAOOD AUTOMOBILES “WHAT MAKES US SUCCESSFUL IS THE EXPERIENCES OF OUR CUSTOMERS, AND HOW STRONGLY THEY BOND WITH US. OUR REAL PRODUCT IS SUPERIOR SERVICE, FRIENDLY CONVERSATIONS, AND HAPPY CUSTOMERS, STEMMING FROM INNOVATIVE SOLUTIONS.” Irfan Tansel, CEO, Al Masaood Automobiles
19 August 2020 / ENTREPRENEUR.COM / DRIVING FORCE /IRFAN TANSEL ON KEEPING YOUR ENTERPRISE AT THE TOP OF ITS GAME (EVEN AMID A GLOBAL ECONOMIC CRISIS) THE CEO OF AL MASAOOD AUTOMOBILES by ABY SAM THOMAS H e is the CEO of a company called Al Masaood Automobiles (AMA), but Irfan Tansel doesn’t believe that he and his team at the multiple award- winning UAE- headquartered enterprise are in the business of selling cars- instead, he says that they are actually in the business of selling experiences. “What makes us successful is the experiences of our customers, and how strongly they bond with us,” Tansel explains. “Our real product is superior service, friendly conversations, and happy customers, stemming from innovative solutions.” The conviction with which Tansel makes this statement can be attributed to experience- both his and of his company. While Tansel boasts of a career that has spanned more than 40 years and has seen him work across three continents of the world, AMA has been in business for over 40 years in the UAE as the automo tive arm of a diversified family business. As the sole distributor of automotive brands Nissan, Infiniti, and Renault in Abu Dhabi, Al Ain, and the Western region of the UAE, AMA has carved out a space for itself in what has been (and remains) an extremely competitive business sector in not just the country, but around the world as well. Indeed, the company was recently declared the winner of the 2019 edition of the Renault Global Partners Award, P.A.R.I.S. Chal lenge, which recognized it as the best performing Renault dealership in 2019 globally, through its achievement of 40% year-on-year sales growth, resulting in Renault having an increased market share in the Abu Dhabi market. This accolade comes on the back of AMA receiving the Nissan Global Award 2019 - National Sales Company, as well as a host of other industry recognitions and awards through the years it’s been in operation. “The business has lived through the ups and downs of the economy, and it has always managed to remain on top of its game,” Tansel says. “There are many factors that contribute to this success, but perhaps the most prominent one is the leadership philosophy we have at AMA, where our people are empowered to do their best, and to bring to the table the best of innovations and solutions.” >>> DRIVING FORCE | IRFAN TANSEL, CEO, AL MASAOOD AUTOMOBILES
20 / ENTREPRENEUR.COM / August 2020 And it’s this sentiment that Tansel credits as having helped his enterprise make its way through the COVID-19 crisis that’s enveloped the world right now. Much like every other business out there, Tan sel admits that AMA too has been negatively affected by the coronavirus pandemic. “The COVID-19 crisis has had a swift and severe impact on the globally integrated automotive industry,” Tansel says. “The symptoms included a disrup tion in the exports of parts, large-scale manufacturing interruptions, and the closure of assembly plants abroad. Locally, the automotive market did also witness a harsh de cline in the sales of passenger vehicles. Fleet and SME sales have plummeted, retail also suffered due to the uncertainty on the economic impact of the crisis and decline in customer sentiment. There was a strong er decline in luxury vehicles than in the mid-range vehicles. We have witnessed a 50% decline in sales locally in UAE so far in Q2.” These comments paint a rather dismal state of affairs- but Tansel notes that there are glimmers of light showing at the end of the tunnel as well. “We are witnessing slow re covery since July,” Tansel says. “At AMA, we experienced slower sales during the second quarter of 2020 at the start of the global health crisis. We are, however, fortunate that the impact of the crisis on our organization was short- lived, as we began to record significant improvement in our sales towards the end of the second quarter. We have already exceeded our forecast ed retail sales by 22% across all brands, and we aim to surpass these retail forecasts by the end of 2020. We are confident that we can achieve our sales targets despite the challenging market conditions. Our confidence stems from the cohesive efforts of our team, and our effective strate gies that keep pace with the developments in the market and customer preferences, as well as our innovative market campaigns.” AMA has also benefited from being located in the UAE, Tansel says- not only was the company grate INNOVATOR “WE HAVE ALREADY EXCEEDED OUR FORECASTED RETAIL SALES BY 22% ACROSS ALL BRANDS, AND WE AIM TO SURPASS THESE RETAIL FORECASTS BY THE END OF 2020.” Al Masaood Automobiles won the prestigious “Renault Global Partners Award, P.A.R.I.S. Challenge” for the fiscal year 2019 MASAOOD.COM
21 August 2020 / ENTREPRENEUR.COM / ful for the economic stimulus measures rolled out by the government over the course of the coronavirus pandemic, it was also able to support the critical need for vehicles in industries like logistics and mobility during this time. Tansel also points out that while the COVID-19 crisis may have spurred many businesses to pursue digital offerings, AMA was well ahead of the curve in that regard- and that has been something that’s worked to the company’s advantage in the current circumstances. “Due to health and safety consid erations, there has been an accelerated transition to digital channels within the automotive industry,” Tansel says. “But our company is way ahead in this department, as we had already begun our digital transformation journey long be fore the pandemic hit. We have observed a surge in the use of our innovative digital offerings such as the e-commerce solution that we launched in September 2019, our online financing solution, and the Nissan full online buying experi ence (CLIX) during these times, and we expect that more and more of our clients will utilize these channels in the months ahead. Amid the raging pandemic, the company has emphasized more than ever the importance of delivering virtual services to our customers to avoid the need to visit any of its facilities. Our teams have been conducting live video conferencing with potential clients, as sisting in home test drives, and offering our e-commerce platform and vehicle delivery service for the convenience and protection of our customers.” Another initiative that AMA rolled out during this period was Project Wiqaya (wiqaya means “prevention” in Arabic), which aimed to protect the health and safety of AMA’s employees and customers, as well as members of the communities in which it operates in. “Under Project Wiqaya, daily health checks, audits, safety meas ures, and communication were initiated across the organization,” Tansel reveals. “Everyone was kept informed on how the company is performing and responding to the pandemic as it unfolded.” At this point, it does seem like AMA has managed to accomplish quite a lot through the course of the coronavirus pandemic- and one can draw it all back to some careful strategizing done by Tansel and his team at the onset of this crisis. “Amidst such uncertainty, it is critical that companies take a comprehensive approach, and develop a range of scenarios and robust contingency plans to navigate through these turbulent times,” Tansel explains. “We met earlier in March and derived a multi-scenario strategy for the company, taking into consideration different possibilities of how the pandemic will unfold.” At the same time, AMA’s insistence on keeping its business going through the course of the pandemic bodes well for the enterprise when the COVID-19 crisis ebbs out. Tansel predicts that as the UAE economy begins to heal itself from the effects of the coronavirus pandemic, the automotive sector will see industry competition between car dealers in the UAE return to a healthy and robust level. “On a personal level, the pandemic brought me to the realization that nothing can stop you, despite any circumstance,” Tansel adds. “We remained open throughout the pandemic. Our 1,000+ employees turned into front liners risking their lives to ensure uninterrupted service to the public and the government. We had to put together immediate committees and special arrangements to ensure everyone remained safe, including our customers. We also ushered the teams and kept them going with daily communication. We launched over seven major new solutions, and turned the business digital within weeks, and kept very busy. It was an eventful period, and it taught us a lot about ourselves.” >>> “the best visionaries don’t live day-by-day. We must always be re-imagining, planning, and steering the ship.” Irfan Tansel, CEO, Al Masaood Automobiles DRIVING FORCE | IRFAN TANSEL, CEO, AL MASAOOD AUTOMOBILES
22 / ENTREPRENEUR.COM / August 2020 INNOVATOR Al Masaood Automobiles CEO Irfan Tansel lists four factors that businesses need to keep in mind to survive in a post COVID-19 world THE ROAD AHEAD 1/ Digital preparedness “Brands across all sectors have no choice today but to be ready to sell their skills, products and services online. We at AMA have anticipated the need to be digitally present, and we were the first regional au tomotive dealer to launch our e-commerce platform.” 2/ Value addition “Customers have become more cautious with their spending, and are now looking for a lot more value to come with their purchases.” 3/ Shift in priorities “We know that the pandemic has caused a major shift in customer priorities; however, car ownership remains one of them. In fact, the pandemic has discouraged customers from sharing the ownership of vehicles.” 4/ Humanizing your presence “We need to find creative ways to talk to our customers from behind the screens. There is a lot of reinvention needed to the messaging and selling online that we must adopt faster than ever.” “We can achieve our sales targets despite the challenging market conditions.”
23 August 2020 / ENTREPRENEUR.COM / DRIVING FORCE | IRFAN TANSEL, CEO, AL MASAOOD AUTOMOBILES
24 / ENTREPRENEUR.COM / August 2020 >>> While Tansel is quick to direct any applause for AMA’s achievements to his team at the enterprise, one cannot deny the important role he himself has played at the com pany since his appointment as its CEO in 2017. Tansel’s model of leadership is based off the lessons he learned over the course of his career, which began when he was only a teenager. “I started as an apprentice to a car mechanic when I was just 15 years old,” Tansel reveals. “I’ve built my self up to my current role by working from the ground up, persevering, and striving to the best version of myself. I com mitted to understanding the industry in depth. I now have 40 years’ experience span ning across three continents, and I have surrounded myself by many great mentors who I have learnt from along the way- and I’m still learning. By default, I have a competitive personality. I constantly want to challenge the status quo, and push the norms to create new, disruptive strategies that are beyond the industry scope. It’s an exciting time to work in the automotive industry, as we welcome new develop ments, autonomous technol ogy, and ultimately, a new era of automotive. My career has been an exciting journey. Yes, there have been challenges along the way, but challenges make us stronger and make for an exciting life. I’ve learnt that a positive mindset, action, and daily perseverance towards a clear goal goes a long way. One of the biggest lessons I’ve learned from my mentors is that the best visionaries don’t live day-by-day. We must always be re-imagining, plan ning, and steering the ship.” From Tansel’s perspective, the key to building sustain able businesses is by build ing “ambitious, productive, agile, competent, and high- performing workforces that are focused on innovation,” and that’s precisely the strategy he’s put to work during his time at AMA. “A Wall Street Journal article suggests that ‘most innovations are created through networks– groups of people working in concert,’” INNOVATOR Al Masaood Automobiles launched the new Nissan Sunny 2020 in July
25 August 2020 / ENTREPRENEUR.COM / Tansel explains. “When people and their different points of view and experiences converge, they create the type of innovation that could not have been done or found alone.” Keeping this point in mind, Tansel says that there are three tactics he makes use of to lead with confidence at AMA, which he shares now in the hopes that it will help his peers in the business arena. “Build a diverse workforce,” he starts. “Everyone sees the world differently, and a diverse team will bring fresh perspectives and creativity. Today, our top 13 key positions are filled with nine different nationalities, from India to USA, and from South Africa to Ireland, and aged between 34 to 58.” Tansel’s next tip is to focus on build ing a workforce that feels empowered enough to make decisions on their own, and also feel supported when they lead such endeavors. “Your busi ness won’t fail if you have a bad plan,” he notes. “It will fail if your employees are ‘told’ what to do- they will not put their hearts and minds into the plan’s execution.” Tansel follows this up with his final pointer, which reiterates the importance of the team in an organiza tion’s success. “People aren’t commit ted to companies; they are committed to the people that they work for and alongside,” Tansel says. “Make it your top priority to rally your team to gether, because when you get everyone in the organization running with the same passion and purpose, you will be amazed at what you can accomplish- just as we have been at AMA.” THE EXECUTIVE SUMMARY Al Masaood Automobiles CEO Irfan Tansel shares his tips for business leaders amid the COVID-19 crisis 1/ Keep a positive outlook “Focus on what you can change, not what you cannot change. Al Masaood’s operations were in full force during the pandemic, and I didn’t miss a day of work. I kept the team motivated with constant visits and brainstorming sessions. We were all in it together, and we made it through.” 2/ Care for yourself, and care for your team too “Take some time to yourself, and label your emotions that you feel. Distance yourself from them, so that you can make conscious and quality business decisions. I disciplined myself enough not to share any of my anxiety with my team, and as hard as I could, I remained super positive, reminding the team of how grateful I am for their hard work. I mean every word I tell them- I’m genuine, transparent, and I push them to their limits, but I’m also always there for them. And of course, every little accomplishment was celebrated.” 3/ Accept the new reality “Sleep, drink lots of water, eat well, and exercise. Encourage your team to do the same. Don’t pretend it’s ‘business as usual,’ and directly address the issue head on. You are not helping in anyone’s development if you avoid difficult conversations. Normalize stress by explaining that this is a common psychological response the body feels to uncertainty. Sure, you might acknowledge that things seem somewhat unpredictable now, but at the same time, be realistic and focus on the actions, as a team, you will take to collaborate, and move forward together. 4/ Empower your tribe “Giving your team autonomy and a sense of ownership to do their jobs goes a long way. If there is one thing that I’ve learnt in my 40-year career, it’s the importance of ‘putting yourself in other people’s shoes.’ Ask them what they need to get their job done, and how you can be a help.” 5/ Keep the conversations flowing “Communication is key in times of crisis, and it restores trust and peace. Remain humble and transparent in your communication, share developments with your team, be it good or not that good- allow them the right to remain informed.” “When people and their different points of view and experiences converge, they create the type of innovation that could not have been done or found alone.” DRIVING FORCE | IRFAN TANSEL, CEO, AL MASAOOD AUTOMOBILES
26 / ENTREPRENEUR.COM / August 2020 START IT UP ECOSYSTEM “In recent months, Dubai Chamber’s international offices organized a series of webinars and virtual meetings which were joined by UAE businessmen and counterparts in Eurasia, Africa and Latin America,” says Omar Khan, Director, International Offices, Dubai Chamber of Commerce and Industry. “These events provided an ideal platform for our members to explore attractive trade and investment prospects abroad, while we also used the opportunity to promote Dubai as a global business hub. We are very encouraged to see strong high- level participation, which reflects growing confidence in Dubai among foreign investors, and we expect to see more interest in the coming months as more companies prepare for the post COVID-19 recovery.” Of the several virtual events that Dubai Chamber has hosted so far, recent ones include an online trade mis- sion to the China Import and Export Fair (also known as the Canton Fair), a discussion on food trade between Russia and Dubai, and an exploration of opportunities in Mozambique’s oil and gas sector- all of which have been attended by busi- nesses eager to tap into new markets. “Businesses in Dubai can leverage Dubai Chamber’s network of international offices by accessing valuable market intelligence to make informed business decisions, networking with potential business part- ners and benefiting from local support as they expand their footprint in new markets,” Khan says. “At the same time, we are assisting high-potential companies around the world with their entry into the Dubai market and use the emirate as a strategic hub to boost their reach in this part of the world.” One of the companies that have taken advantage of Dubai Chamber’s initiatives in help- ing Dubai-based businesses reach out to promising markets is Tradeling. Launched in Feb- ruary this year, Tradeling is a digital marketplace that show- cases products of close to 300 suppliers from more than 25 countries. Muhammad Chbib, CEO of Tradeling, explains that the company’s business model -a B2B digital marketplace that connects regional and global suppliers to meet business demand locally- requires the enterprise to align its expan- sion plans with how the busi- ness environment evolves. For instance, when Tradeling saw its original verticals (food and beverages and office supplies) get a hit due to the COVID-19 crisis, the e-commerce startup adapted to the situation and quickly developed a vertical that wasn’t part of its launch phase: health and wellness. ACCESS GRANTED by TAMARA PUPIC O ne of the key aspects of the support provided by the Dubai Chamber of Commerce and Industry to businesses in the Emirate is in enabling their access to new trade and business opportunities not just in the UAE, but around the world. But when the COVID-19 pandemic disrupted the global trade landscape, the Chamber and its 245,000 members have had to adapt to a new reality that requires them to explore those new opportunities in a digital format. BUSINESSES IN DUBAI ARE ACCESSING NEW MARKETS AND VERTICALS EVEN THROUGH THE COVID-19 CRISIS
27 August 2020 / ENTREPRENEUR.COM / ACCESS GRANTED | NEW MARKETS AND VERTICALS THROUGH THE COVID-19 CRISIS Agile tactics like this are integral for businesses that want to get through this crisis, Chbib notes. “Companies abroad as well as here are trying to survive,” he explains. “Learning from the experience of launching right in the thick of a cri- sis, we have only emerged stronger, and with a laser-sharp focus on how we can adapt to changing circumstances. For many businesses today, it is a combina- tion of reducing costs, unfortunately, mostly by laying off people, and trying to generate cash wherever possible, such as by leveraging existing infrastructure to expand the business into other regions or product verticals.” In Tradeling’s case, Chbib says the company’s original plan to expand into Saudi Arabia in the fourth quarter of 2020 is well on track despite the crisis. “We are an agile and flexible organization, as we have proved through our success in the UAE, and we are working towards our planned expan- sions. Of course, a physical, face-to-face supported launch during a trade show would have been ideal as a launch-pad, but if the current COVID-19 situation requires something else, we will adjust accordingly.” Key to this, Chbib adds, is for business owners not to be rigid when assessing new verticals or markets. “In expanding to any new market, especially in the post COVID-19 world, we look at the market opportunities by evaluating long-term indicators, such as trade volumes per industry, import country partner rank- ings, export countries, number of SMEs per segment, amount of trade transac- tions in a specific field, and GDP growth per sector, among others,” he notes. “These indicators give you a theoreti- cal perspective about whether it makes sense to enter a specific geography, and what industry verticals to consider. We then look at how efficient the industry is at the moment. We evaluate whether we add value to the market players if we of- fered our services in any geography. This means, creating tools to search, find, interact and ultimately trade directly between international/regional suppliers and buying businesses in a country.” Next on Tradeling’s agenda is expanding into Latin America, and Chbib says Dubai Chamber’s initiatives that promote bilateral trade with countries from the region have proved useful for their plans in this regard. In fact, he notes that the Dubai Airport Freezone Authority (DAFZA) is actively diversifying Arab- Brazilian trade, and Tradeling is thus seeing a promising opportunity to expand its presence to Brazil and other LATAM “BUSINESSES IN DUBAI CAN LEVERAGE DUBAI CHAMBER’S NETWORK OF INTERNATIONAL OFFICES BY ACCESSING VALUABLE MARKET INTELLIGENCE TO MAKE INFORMED BUSINESS DECISIONS, NETWORKING WITH POTENTIAL BUSINESS PARTNERS AND BENEFITING FROM LOCAL SUPPORT AS THEY EXPAND THEIR FOOTPRINT IN NEW MARKETS.” Omar Khan, Director, International Offices, Dubai Chamber IMAGES COURTESY DUBAI CHAMBER >>>
28 / ENTREPRENEUR.COM / August 2020 countries. “All our partners appreciate our continued push to grow and support the trade ecosystem,” Chbib says. “We just had workshops with Latin American companies in partnership with the Dubai Chamber, and the interest in working with us was huge. People all around the globe see the MENA region and the UAE specifically as a great opportunity to grow, and they appreciate Tradeling as a means to simplify and streamline access to our region. So, there is no one-size-fits-all formula that guides our geographic expansion. It is really a close evaluation of the market, and also our own intuitive understanding of the business dynamics, which we have gained over several years of hands-on experience.” Quick reactions and adjust- ments to changing market cir- cumstances have also marked day-to-day operations at Mr Usta, an online marketplace for home services. CEO Ibrahim Colak notes that the COVID-19 crisis has had a negative ef- fect on his company- since Mr Usta’s services are delivered inside houses in the UAE, cus- tomers weren’t keen on having strangers visit their homes un- less they were confident that the requisite precautionary measures were being taken. “Working with our service providers on improving the safety of their staff and the customers they visit, as well as communicating the details of this plan to our customers in a transparent way, has increased the customer trust, helping us to grow our business back after a slowdown,” Colak says. But despite these challenges, Mr Usta also found opportuni- ties to tap into amid the crisis- the company created a whole new vertical for the business: a disinfection and sanitiza- START IT UP ECOSYSTEM ‘TREP TALK TRADELING CEO MUHAMMAD CHBIB ON HOW TO GET YOUR BUSINESS THROUGH A CRISIS “From my experience, entrepreneurs need to understand three key ‘golden rules’ when it comes to navigating a crisis. One, do not panic, because panic pushes you to non-diligent measures. Staying calm is the sign of a strong leader. When seas are rough, when visibility is limited, you need to be at your best so that everyone can hold on to your confidence. Two, stay humane with your team as well as your customers/ partners/suppliers. Employing a person, entering into a partnership, are all long-term promises you make as a leader. In a crisis, my recommendation is to reallocate salary budgets from top-down so everyone in your team stays. Three, be tactical- successful organizations take business decisions for the long-term. That does not mean they are not agile or flexible. Be tactical in your views, explore other revenue-generating streams, have a long-term entrepreneurial vision and execute them, because every challenge presents a new opportunity. It is easier said than done because oftentimes entrepreneurs face a cash constrained situation, but still, I believe, it is very important to understand that the crisis is just a phase and we need to navigate through it to continue executing against our vision.”
29 August 2020 / ENTREPRENEUR.COM / tion service for houses and cars. “We looked at the current service needs of the customers, and we found out that they wanted to have peace of mind in terms of disinfection and sanitization of their homes and cars,” Colak says. “We also had an increase on house deep cleaning and AC deep cleaning jobs. We had seen a high demand in March, April, and May, and focused on that and improved the service quality and resources for these new categories. So, instead of focusing on our normal popular categories, we fo- cused on the categories that have seen an increased demand in this period.” In June, Mr Usta also announced its strategic partnership with UAE retail giant Majid Al Futtaim (MAF), which al- lows customers to benefit from a plethora of the startup’s aftersales and home ser- vices when they purchase products from MAF brands like Carrefour, Crate & Bar- rel, and Maison du Monde. The partner- ship, which will see Mr Usta’s technology integrated with MAF’s own web and mobile platforms and its loyalty program, Share, will also help the Dubai startup growth tap into a larger audience net- work. “For the last two years, our strat- egy to acquire new customers has been based on reaching them via our partners’ network,” Colak says. “We have closed very important partnership deals during this period, and we are planning to grow our customer base and sell more service via our new partners’ network online. The high demand for buying services and products online during this period is also helping us as well. Therefore, our pro- jects for the second half of the year will be about improving our service quality in the most demanded categories, and re- taining our existing customers with great customer service.” When asked about the kind of help and resources businesses may need to push through this challenging period, Colak points out that support needs to be two-fold: decreasing business costs, and helping them find new customers. “Office rent and employee salaries are the high- est expenses that businesses have right now, and therefore, suspending rental contracts for at least six months would really help them to keep their operations going on,” he says. “I believe it is very important to keep talent and hardwork- ing employees in the companies, and in the country. Because if the employees have some sort of income, instead of no income at all, this will keep companies operational, and these people will still be spending that income buying products or services for their needs. Having more people purchasing products and services will keep the economy and companies alive, allowing these companies to start hiring more people again.Thus, instead of letting people leave, I believe that sup- porting companies to pay at least some part of their employees’ salaries would be a good solution in this transition period.” From his perspective, Tradeling’s Chbib points out that the COVID-19 crisis has highlighted that “the capital side of the entrepreneurial space in MENA is still in its infancy.” He explains, “Some investors have continued to support their invest- ments through the crisis, simply because they have done a great job of sourcing these investments- they have invested in strong models with good teams. Others have failed to support their businesses and downsized tremendously. They might as well close them. My advice to decision-makers in UAE is to continue supporting the ecosystem through more liquidity, to ensure the ecosystem can navigate through the current crisis, by focusing on creating robust opportunities for growth.” ‘TREP TALK MR USTA CEO IBRAHIM COLAK ON HOW TO GET YOUR BUSINESS THROUGH A CRISIS “If the main revenue stream is impacted by the situation, it may be a good opportunity to pivot and create additional revenue streams. I advise entrepreneurs to closely follow up the new user trends and changed purchasing decisions, and create new revenue streams on the basis of new trends instead of the traditional trends. Most of the businesses delayed their online presence or online selling capabilities as they were still able to make business offline. But it is proven 100% now that without an online presence, it will not be possible to survive in the future. There is a big opportunity on converting traditional offline business to the online world.” IMAGES COURTESY TRADELING | MR USTA ACCESS GRANTED | NEW MARKETS AND VERTICALS THROUGH THE COVID-19 CRISIS
30 / ENTREPRENEUR.COM / August 2020 Life in these times is anything but certain. Coupled with the latest developments around the globe concerning the Black Lives Mat- ter (BLM) movement, Lebanon’s worsening economic crisis, as well as mounting fears of a second outbreak, it’s becoming increasingly clear that we’re a long way off from what we once deemed “normal.” The COVID-19 crisis has forced everyone to pause and reflect for a moment, and in doing so, it has revealed a much larger problem, namely how woefully uninformed/ignorant we are as to what is going on in the wider world. Perhaps we needed a reality check, something to shake us from the in- sulation of everyday life? I wouldn’t have chosen a global pandemic as the catalyst for this change, but what is done is done. We must make the most of the cards we have been dealt, both personally and profes- sionally moving forward, reassess- ing what is most important and, as clichéd as it may sound, look to help others, as well as ourselves. Being an SME during this time has been exceptionally tough. Overnight, business has evaporated. Budg- ets cut, and projects put on hold indefinitely as companies look to wait out the crisis, becoming ever more cautious in doing so. Conse- quently, 70% of businesses across Dubai expect they will close in the next six months; three-quarters of this figure are small businesses, ac- cording to a report by the Financial Times. World trade is expected to fall by between 13% and 32% in 2020, according to the World Trade Organization. Companies, much like Infographic. ly, have had to diversify their of- fering, responding to the changing needs of clients as the situation un- folded. I’ve spoken before about the benefits of a remote workforce in ensuring a nimble enterprise; how- ever, if clients are hitting the pause button for an indefinite amount of time, how do you keep top of mind, whilst finding a way to add value to the wider world? PIVOTING FOR A NEED Why brands are changing their narrative in 2020 by CARLA SALIBA ‘TREPONOMICS MARKETING 2020. The year that the world, quite literally, stood still. We’ve patiently (and painfully) worked through the exile of self-isolation and come out, to some extent at least, on the other side. Three months after the pandemic lockdowns began, we’ve adapted. We’ve accepted life with boundaries and restrictions, the caveat being that eventually life will resume a sense of normalcy. But, what if it doesn’t? INFOGRAPHICS COURTESY INFOGRAPHIC.LY
31 August 2020 / ENTREPRENEUR.COM / PIVOTING FOR A NEED Businesses that didn’t have much of an online offering prior to lockdown have since found a way to digitize their com- pany, whether that’s shifting to e-com- merce, moving from a wholesale to direct- to-consumer (DTC) model, leveraging emerging business functions within social media (WhatsApp and Instagram, in par- ticular), or embracing Zoom, Microsoft Teams, and Google Meet to stay connect- ed to both client and consumer. GoToWe- binar, ClickMeeting, and WebEx have seen their platform numbers increase as events move online and webinars become commonplace across the world. This shows resilience on the part of everyone from the big corporates, to the SMEs to the “one-man-band entrepreneur,” all finding a way to reach clients and offer a message of solidarity in isolation. As a result, content, largely informa- tive and educational became available en masse. For free. The race, incidentally, was no longer to convert quickly, but to garner loyalty in the short term in the hope that sales followed later down the line. Of course, this is a shift that has been coming for a while, with overt sell- ing techniques dismissed in favor of cre- ating useful and helpful content instead which answers a need. In the wake of COVID-19, this accelerat- ed even more. Brands took their cue from their audiences as to how and when they wanted to interact, a first if you consider how online advertising has evolved to anticipate, rather than react, to a user’s particular need. In our case, we knew that our usual services may not be required on a corporate level during the pandemic, but there was still a need to serve the wider public with accurate and easy to understand information. As such, we created a series of info- graphics sourcing data from credible sources and disseminated this content in a visually appealing, straightforward, and impactful way. This wasn’t a knee- jerk reaction or calculated response to the crisis, far from it; this was a way we could help, and we used our skills and experience to do so- a view echoed by most businesses, both big and small. For example, LVMH, Hunter, and Dyson shifted their manufacturing to produce hand sanitizer, personal protection equipment (PPE), and ventilators to sup- port hospitals around the world, whilst activewear brand Lululemon created free online workouts to promote self-care and help minimize anxiety. We all had a part to play. Now that the economy is opening up again, the challenge will be in turning this community goodwill into something that can be profitable; if not straight away, then at least over time. Budgets are still tight, and luxury is not a neces- sity anymore, which means continuing to produce content with a DIY element that still keeps you top of mind. You may not be servicing clients right now, but you are passing on knowledge; a valuable commodity as the landscape continues to shift post COVID-19. Ultimately, the things that consumers engaged with and found useful during lockdown won’t suddenly become unim- portant. Instead we could see a similar approach to how publishers are show- casing their content online right now; a pay per play service, where paywalls and subscriptions allow you full access. Think of it this way: the pandemic provided consumers with a taster of what a brand could offer; so if successful, why wouldn’t they pay for continued use? PIVOTING FOR A NEED | WHY BRANDS ARE CHANGING THEIR NARRATIVE IN 2020 We created a series of infographics sourcing data from credible sources and disseminated this content in a visually appealing, straightforward, and impactful way. This was a way we could help, and we used our skills and experience to do so- a view echoed by most businesses. >>>
32 / ENTREPRENEUR.COM / August 2020 ‘TREPONOMICS MARKETING Carla Saliba is the founder of Infographic.ly, a data-design and visualization agency based in Dubai, supporting companies communicate data to its stakeholders clearly and effectively. infographic.ly INVEST NOW FOR FUTURE GROWTH It’s so tempting to forgo investing in your own business when times are tough. Aiming to stay afloat is what so many SMEs settle for, when instead we should be fighting to stay visible amid increasing competition. I’m not talking about spend- ing thousands of dirhams on billboard ads here, but rather about gravitating to where your audience is. Even now as lock- downs lift, and people go back to work, behaviors have undoubtedly changed. The online world is now more important than ever. Consumers are actively seeking a con- nection right now, as they want to inter- act with their favorite brand communities in lieu of real life interactions. Now is the perfect time to seize this opportunity and capture their attention with content that inspires and plants the seed for new busi- ness in the future. It’s not about solicit- ing, but about changing the narrative to appeal during these times. Whether that’s quick ads appearing on a social feed, or running video tutorials and webinars to aid struggling businesses during this time, so be it. Content doesn’t have to be throwaway or designed for single use either, and if any- thing, this pandemic has shown how we can repurpose or repackage existing assets to appeal to an audience now completely captivated by video. Revisiting animation, for example, is one way to cut through the clutter online, cut into small snippets, and teased across multiple platforms to create intrigue and help you stand out from the crowd. There’s a lot of life lessons to be learnt as we exit lockdown, not least in help- ing us all reassess what’s a luxury and a necessity in our everyday lives. As a small business owner, I’m used to wearing many hats, juggling everything from client ser- vicing and project management, to project execution and even accounting. I can learn on the go. I can figure things out as they come up, but for bigger enterprises, they will have undoubtedly been caught out and as a result, responded slower to the crisis. It’s a trend we’re seeing emulate itself with the BLM protests right now. Still, if anything comes out of this change of tone globally, it’s that things have (finally) reached breaking point. We needed something to stop us in our tracks, and it just so happens that eve- rything converged at once. Figuring out where we all go next isn’t so clear cut. There is a long road ahead in creating a more inclusive world, but one thing is for sure: businesses that keep offering solu- tions which put people over profits will be welcomed back with open arms, once the dust settles and the masks come off. We could see a similar approach to how publishers are showcasing their content online right now; a pay per play service, where paywalls and subscriptions allow you full access. Think of it this way: the pandemic provided consumers with a taster of what a brand could offer; so if successful, why wouldn’t they pay for continued use?
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34 / ENTREPRENEUR.COM / August 2020 G lobal leadership is answering the call of a world that is demand- ing change. Change in the way business approaches three key things: trust, knowl- edge transfer, and cultural dynamics. Now in its fifth edition, the Eight Executive Trends for 2020 report by Page Executive, the ex- ecutive search arm of global recruitment firm PageGroup, explores the new forms of leadership that stem from the idea of integrating transformation at every level in business. If you’re the leader of a business, these are the trends you need to keep track of this year. TREND #1/ FINANCE: THE TRANSFORMATIONAL CFO Today’s Chief Financial Officer (CFO) is much more than a number cruncher and analyst. As digitalization and automation reshape the working environment, new skills are increasingly important, in some cases nudging the harder edge of techni- cal prowess to the side. CFOs are being summoned to build trust throughout the organization. Their transformative efforts are a unifying force between the market and the C-suite. Financial decision- makers need to embrace disruption that focuses both on the short-term impact, as well as the long-term, to pilot companies to success. In today’s rapidly transform- ing environment, CFOs must go beyond numbers to develop interpersonal skills, strategic leadership, and digital savvy. They must build trust, addressing current concerns like cybersecurity, while retain- ing their role as the “conscience” of the business. TREND #2/ TECHNOLOGY: THE DIGITALIZED CEO More than sectorial knowledge and network, adaptation and innovation can make or break the Chief Executive Officer (CEO) in today’s tech-torqued environ- ment. Decision makers and recruiters must look outside the traditional arena for new leadership that doesn’t just fol- low, but drives, digital transformation. In today’s world of rapid digital transfor- mation, a successful CEO must embrace self-reinvention and upskilling. Shrewd decision-makers must understand what information is important to perform their job– and what isn’t. Agile organization re- lies on more than methods and processes: investing in the right people is crucial. Savvy executive leaders must leverage tech to fulfil business needs, team ambi- tions and consumer demands. TREND #3/ CONSUMER & RETAIL: LEADERSHIP FROM A DISTANCE The digitalized world has provided great opportunities to expand remote work and give senior leaders an exciting challenge: to create a culture and engagement from a distance, attracting and retaining the best talent, no matter where they are based. Leaders must build milestones and use key performance indicators to clarify expectations and help their team under- stand their roles and expectations. Regu- lar in-person and one-to-one meetings must be held to take the team pulse, boost engagement, and get feedback– more distance means heightened communica- tions to create that team feeling. Future leaders must strike a balance– they must spend time with the team to understand them, and also drive engagement from a distance. TREND #4/ MOBILE LEADERSHIP IS GOING LOCAL A company’s global mobility program is vital to support new business growth. When combined with insightful talent management, they can boost financial TURNING CORNERS EIGHT EXECUTIVE LEADERSHIP TRENDS FOR 2020 by GAVIN CHEADLE ‘TREPONOMICS PRO
35 August 2020 / ENTREPRENEUR.COM / performance, employee en- gagement, succession plan- ning, and talent retention, and bring value to companies eve- rywhere. Recruiting globally delivers distinctive, dynamic leadership styles, vision, and experience, and facilitates vital knowledge transfer and know-how. At the same time, international assignments can be a fast-track for mobile lead- ers who want to broaden their portfolio and horizons. Leader- ship needs to understand and differentiate regional business practices and requirements to ensure cultural fit and long- term impact. Importantly, the local team needs to be part of the integration process to ensure that members gel wher- ever they are and wherever they come from. TREND #5/ INDUSTRIAL & MANUFACTURING: COLLABORATION IS KEY TO GLOBALIZING SMES To triumph in a global economy, smart small- and medium-sized enterprises (SMEs) are transforming their organizations, outlooks, and strategies to level the playing field with larger companies. Partnerships and collaboration with other enterprises and multinational corporations are empowering SMEs to not only stand their ground with heftier peers, but to lever- age certain advantages over them, thanks to their versatil- ity and resourcefulness. SME leaders must adopt a global mindset, do their homework on new markets, and factor in contingency plans. They must be prepared to make sweeping changes to the organizational structure, company culture, and behavior. TREND #6/ FINANCIAL SERVICES: THRIVING THROUGH ADAPTATION All companies need to focus on hiring future leaders, moving towards the new world, rather than waiting for it to come knocking at their door. Execu- tives in the financial services sector must attract inquisi- tive, insightful new hires who bring tech know-how, people skills, and agility to the table, by highlighting the company’s journey towards data and digi- tal. Data is nothing without interpretation and vision, so hiring must take place across sectors to engage financial data scientists who can tell and sell a story across the whole enter- prise. Additionally, discipline crossover must be made the norm, not the exception: re- ward the rebel spirit, and give feisty finance professionals a say in business direction, and a chance to shine. Leadership must focus on structure and cohesion across time zones and cultures, and consider mentoring to gel a multi-fac- eted, always-on team that can lead from any level. TREND #7/ TALENT HAS NO AGE IN TODAY’S WORLD OF BUSINESS Diversity is of far greater benefit to a company than generational rhetoric and stereotyping. If recruiters and employers can keep an open mind and an open door, they can harness the multiple ad- vantages of multigenerational leadership. Companies are logically looking for the best talent to fill their leadership roles. Executive recruiters and the businesses they work with are making giant leaps in enriching company cultures and establishing diversity and inclusion by evolving what it means to talk about (and hire for) leadership profiles. Suc- cessfully integrating leaders of different generations means actively encouraging cross- generational collaboration. Multigenerational advisory boards or resource groups where members exchange ideas and benefit from each other’s unique skillsets can help banish bias and foster inclusivity. TREND #8/ ARE YOU AN INCLUSIVE CHANGEMAKER? Without an inclusive envi- ronment, diversity becomes unsustainable. Leaders are responsible for embedding ef- fective inclusive cultures that attract, retain and engage top talent. An inclusive company culture allows each individual, regardless of background, to use their potential in the workplace and enable col- leagues to do the same. Greater diversity equals greater capac- ity to attract and retain talent, a competitive edge coming through differing viewpoints, stronger productivity– and a better bottom line. However, managing a high-performing and diverse workforce requires daily commitment from the senior team. TURNING CORNERS | EIGHT EXECUTIVE LEADERSHIP TRENDS FOR 2020 Gavin Cheadle is Partner at Page Executive, Middle East, which is focused on board and executive level recruitment across the region. pageexecutive.com EIGHT EXECUTIVE TRENDS FOR 2020 5TH EDITION TRANSFORMATIONAL LEADERSHIP The digitalized world has provided great opportunities to expand remote work and give senior leaders an exciting challenge: to create a culture and engagement from a distance, attracting and retaining the best talent, no matter where they are based.
36 / ENTREPRENEUR.COM / August 2020 GADGETS AND DOODADS THAT YOU MIGHT’VE MISSED OUT ON, SOURCED BY A TECH AFICIONADO. YES, IT’S OKAY TO WANT THEM ALL… AND NO, IT’S NOT OUR FAULT. GAME ON LENOVO LEGION DUEL IMAGES COURTESY LENOVO | SONY | APPL.E TECH SHINY Work hard and play hard with the Lenovo Legion Duel smartphone. Designed for gamers, this phone is a mobile gaming console that fits in your pocket. Loaded with virtual tools and an optimized battery with fast charging, you can get your game on anytime. With six customized layout themes, you can play in landscape or portrait mode, and cast to an external monitor or television as well. The device features an embedded joystick and ultrasonic trigger buttons with dual vibration engines, which give life-like feedback to keep you immersed in the action. Powered by the Qualcomm Snapdragon 865 Plus 5G Mobile Platform, the Legion Duel sports a 6.56 inch full HD AMOLED glass touchscreen display. You’re in for a good time with this device, but it’s not just fun and games either- in addition to its unparalleled Android gaming experience, the Legion Duel smartphone also lets you email and chat without disrupting the flow. Lenovo Legion Duel
37 August 2020 / ENTREPRENEUR.COM / #TAMTALKSTECH 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. See her work both in print regional publications and online on her blog where she discusses everything from how a new gadget improves day-to-day life to how to coordinate your smartphone accessories. Visit theglobalgazette.com and talk to her on Twitter @TamaraClarke. #TAMTALKSTECH | GADGETS AND DOODADS THAT YOU MIGHT’VE MISSED OUT ON Work hard and play hard with the Lenovo Legion Duel smartphone. Designed for gamers, this phone is a mobile gaming console that fits in your pocket. Loaded with virtual tools and an optimized battery with fast charging, you can get your game on anytime. With six customized layout themes, you can play in landscape or portrait mode, and cast to an external monitor or television as well. The device features an embedded joystick and ultrasonic trigger buttons with dual vibration engines, which give life-like feedback to keep you immersed in the action. Powered by the Qualcomm Snapdragon 865 Plus 5G Mobile Platform, the Legion Duel sports a 6.56 inch full HD AMOLED glass touchscreen display. You’re in for a good time with this device, but it’s not just fun and games either- in addition to its unparalleled Android gaming experience, the Legion Duel smartphone also lets you email and chat without disrupting the flow. LET’S CREATE SONY ZV-1 LISTEN UP APPLE AIRPODS PRO Apple extends its Airpods range with Airpods Pro, which offer active noise cancellation for immersive sound. Don’t worry though. You don’t have to block out the world if you don’t want to. Transpar- ency mode makes it possible to hear what’s going on around you. You can also choose from three sizes of soft, flexible silicone tips that click into place. To help you find the best fit – and get the best sound – Apple offers an Ear Tip Fit Test. These earbuds are small, but mighty featuring the Apple-de- signed H1 chip that powers every- thing from sound to Siri. Airpods Pro are impeccably designed with a Wireless Charging Case that deliv- ers more than 24 hours or battery life to keep you powered up on the go. Just like Airpods, Airpods Pro connect seamlessly to your iPhone or Apple Watch. Huawei Sound X Sony ZV-1 Apple Airpods Pro
38 / ENTREPRENEUR.COM / August 2020 CULTURE TRAPPINGS IMAGE CREDIT PATEK PHILIPPE | DOCE&GABBANA | KARN WAZEN EYEWEAR | INSTAGLAM ‘TREP TRIMMINGS THE EXECUTIVE SELECTION F rom better goods to better wardrobe bests, every issue we choose a few items that make the approved executive selection list. In this issue, we present a remarkable new timepiece, a fresh scent for your collection, a distinctive grooming service for the gents, and more. Hendra from John Lobb SS20 ALL IN THE DETAILS PATEK PHILIPPE Patek Philippe is debuting the Reference 6007A-001 as a limited edition of just a thousand pieces in honor of the company’s latest new addition to its manufacturing facility in Plan-les- Ouates, Geneva. This new timepiece comes in a polished stainless steel case with a diameter of 40mm, which features the brand’s signature gray-blue hue. The sleek, multifaceted dial provides a great contrast with its embossed carbon pattern in a smaller track scale, as well as numerals and baton- style hands that comes with a luminescent coating. Powered by Patek Philippe’s Caliber 324SC, which is visible through the sapphire crystal open caseback, the self-winding masterpiece is adorned with a 21k solid gold oscillating weight engraved with its signature motif. patek.com Patek Philippe Reference 6007A-001 Patek Philippe Reference 6007A-001 Patek Philippe Reference 6007A-001 limited edition
39 August 2020 / ENTREPRENEUR.COM / Dolce&Gabbana Velvet Desert Oud Women have long enjoyed UAE-based startup Instaglam’s grooming services that are administered to them at their own homes- and now, men can take advantage of this offering too! That’s right; the Instaglam app now allows for customers to select from a range of beauty and grooming services for both men and women, which they can enjoy from the comfort of their own homes! With Instaglam facilitating everything from hair styling to manicures and pedicures no matter where you may be located, there’s now no reason for you to sport an unkempt look for your next Zoom call. instaglam.co 'TREP TRIMMINGS | THE EXECUTIVE SELECTION EDITOR’S PICK INSTAGLAM SUMMERTIME SCENTS DOLCE&GABBANA If you’re finding it hard to get the right perfume for this season, look no further- there’s something for everyone’s refined tastes in Dolce&Gabbana’s Velvet collection. Treat yourself with wafts evoking of a breeze through a desert dune with the Velvet Desert Oud, which layers notes of incense, oud, amber, and musk for a warm, smoky, enveloping scent. There’s also the Sicily-inspired scent of Velvet Oriental Musk, as it wraps a damask rose and cypriol at its heart and with musk and sandalwood notes at its base. And for a lighter scent, check out the Velvet Vetiver, a scent for both men and women, featuring fresh accents of vetiver, black fig, and galbanum to give you serious Mediterranean summer vibes. dolcegabbana.com ALL EYES ON US KAREN WAZEN EYEWEAR Dubai-based Karen Wazen’s eponymous eyewear brand’s new collection is a sight for sore eyes. After all, there’s a lot to choose from this collection produced in Hong Kong that features retro styles like classic cat eye frames and round glasses reminiscent of The Beatles, as well as fashionably futuristic pieces in black, pink, neon, and other colors. If you’re on the prowl for statement pieces this summer, this brand can certainly be worth your while. Karenwazen.com Karen Wazen Eyewear
40 / ENTREPRENEUR.COM / August 2020 T oday, business leaders are operating under more con- straints than they’ve expe- rienced in recent years and markets. The impact of the COVID-19 crisis has caused the confinement and lock- down of both people and global com- merce. Now, the outfall of those meas- ures is a depleted global economy, which has created more challenges for busi- nesses to prosper. These constraints have forced new ways of working. Business leaders have been required to implement new, more flex- ible organizational measures in order to preserve their businesses– to operate and survive under these constraints. Businesses and organizations have moved to remote working from home, wherever their industry allows. Organizations have had to reduce their workforces, remov- ing employees from committed payroll in order to balance their books. They have had to look at their people and talent in new ways– as this time of crisis is a shared experience that both enables and demands empathy and reflection. These changes have been forced by an acute situation, and businesses and the way that they manage their workforce have changed quickly, because they had to. However, many of those changes are here to stay. This crisis caused by the COVID-19 pandemic has proven that for businesses to survive, they must allow for variability– they must incorporate a level of flexibility and slack to how they operate, and work with their people in order to navigate challenging times. Many businesses that have been office- bound for decades have now managed remote working, as employees join Zoom calls as the only way to connect with their teams and clients. And to the contradiction of the past decade of office policies, many businesses and teams have been successful in this model- continu- ing meetings, progressing collaboration, and even delivering pitches in pursuit of new business. Of course, this resiliency come with its challenges, but it has also provoked con- versations and individual reflection and recognition of the benefits of working from home. Remote working eliminates a commute, saving time that individuals have been able to repurpose for pursuing their passions, taking care of their health, and being with their friends and families. Many employees have self-assessed that they are more efficient at home, where they are able to focus, and maintain that focus. The benefits of working from home, however, do not negate the benefits of our former ways– of being in the office together. The office environment enables camaraderie and human connection. It’s a place where employees, managers, and team members can look each other in the eye and recognize each other as human beings, and for their skills and expertise. So, what do we do now? To think we have only two options would be short- sighted. Perhaps we don’t need to just go to the office. Or abandon the office to For a business to survive the COVID-19 crisis, flexibility is key (and that’s not going away) by HANNA VANKUIKEN Hanna VanKuiken is the Business Director for Rapp MENA, a global advertising agency and creative consultancy. She has over ten years of experience leading teams in branding and design agencies as well as traditional advertising agencies. In the span of her career, she has led work with Proctor and Gamble, Mondelez International, FedEx, Hewlett Packard Enterprise, CA Technologies and MetLife. She is passionate about cross-functional collaboration and breaking down silos in order to achieve business goals and deliver to consumers and buyers in new and innovative ways. Originally from the US, Hanna is currently based in Dubai. rapp.ae Variability is here to stay ‘TREPONOMICS PRO
41 August 2020 / ENTREPRENEUR.COM / stay at home. Perhaps business leaders can decide to do both– they can embrace flex- ibility, and offer their teams the slack that will enable them to reap the benefits of each working environment. By offering employees flexibility in where they work, this then gives employees further flexibility in how they work, further equipping them to be able to respond to ongoing variable market pressures and changes that we can expect as the globe recovers from this crisis. While the change in the market and economy was abrupt with the global reaction to COVID-19 in March, the reset will be ongo- ing. Most people and organizations will go through extended recovery and recalibra- tion based on the upset of the year’s second quarter. Many businesses have not been able to withstand the economic crisis and have closed. Many of those businesses that remain are a bit scarred and cautious. For some, their safety parachute has already been deployed, and they have no further back-up to finance the business in lieu of revenue. They have had to let go of staff and are operating with a minimized workforce and limited skillsets. The talent structures that led a successful pre-COVID-19 businesses have now mostly collapsed. Business leaders must face this talent and workforce deficit with flexibility. They must address the needs of their business, while also safeguarding against potential future variability in the market for the success of their business. For inspiration of approach, business leaders should look to Hollywood- not to venerate the latest blockbuster, but to learn from how they make the blockbusters. The workforce model in Hollywood is based on short-term contracts, specific to a produc- tion or a project. It is the epitome of the gig economy in many ways (although some would say that the gig economy is, in fact, specific to even more contained, temporary tasks than making a movie). The Hollywood model is contracting workers are procured to work on a specific and secured job, with a specific and required set of skills or abilities. VARIABILITY IS HERE TO STAY | FLEXIBILITY IS KEY (AND THAT’S NOT GOING AWAY) DEVELOPING A CULTURE OF ENTREPRENEURSHIP by HELEN AL UZAIZI Starting young T he significance and impor- tance of entrepreneurship development is already widely recognized, yet even more so during these unprecedented times. Entrepre- neurship is emerging as one of the fastest growing arenas across the globe, thanks to its positive impact on economic growth and employment opportunities. It is never too early to start nurtur- ing an entrepreneurial spirit, and there are various approaches to foster its development. Everyone is born with the potential to be an entrepreneur, and the sooner we begin developing the key traits that define a success- ful entrepreneur, the more likely a person will go on to make a positive impact when they enter the work- force, whether they pursue a career in entrepreneurship, or follow a more traditional path. Teaching entrepreneurial skills is not just about good business practices. We should think of entrepreneur- ship as a lens. Being an entrepreneur means seeing things for what they could be, not what they are. This way of viewing the world around us is incredibly important. It allows us to think differently and challenge the status quo– a staple for success. When this lens is applied at a young age, it ultimately shapes the surround- ing world and encourages grit and determination. To teach entrepreneurial thinking, it is important to encourage tacti- cal steps and build a firm foundation through example. And there are three key components to focus on: imagina- tion, prioritization, and resilience. Imagination is where creativity begins. It is the ability to take what is at hand and believe that, by thinking outside the box, it can be better. FOR BUSINESSES TO SURVIVE, THEY MUST INCORPORATE A LEVEL OF FLEXIBILITY AND SLACK TO HOW THEY OPERATE, AND WORK WITH THEIR PEOPLE IN ORDER TO NAVIGATE CHALLENGING TIMES. >>> >>>
42 / ENTREPRENEUR.COM / August 2020 Applying this to ongoing business opera- tions in a time of great economic variability means that businesses recruit for tempo- rary staff or expertise based on secured revenue or projects– addressing staffing requirements, while enabling long-term flexibility by mitigating the risk of salary commitments. By building a network of tal- ent specialisms that can be engaged when and where required, a business can avoid the ongoing cost or liability of having that specialty on payroll, especially if the need for it is variable. While this approach of tapping into the gig economy may require a bit more organization and planning, the benefits of this model can be great for business lead- ers. This model enables leaders to tap into more specialized talent for projects that require specific skill requirements. It allows business leaders to utilize staffing budgets more flexibly, so if a project demands a more experienced or higher skilled person, budget can be temporarily allocated to the right talent for the job. Emulating Holly- wood for your staffing model also expands the talent pool by removing geographical requirements of the worker, where avail- able. This means that business leaders have more options with who they choose to bring in projects, as they look at talent globally, knowing that the risk of a more dispersed workforce is reduced when the engagement is finite and focused. Of course, this talent management and staffing model comes with increased com- mitment and flexibility from the business organization to recruit, vet, and manage incoming and outgoing workers. It also can put workers at risk– as the gig economy becomes more common throughout markets and industries, it threatens job and income stability for workers. However, as priorities continue to change for generations entering the workforce, and evidence of the benefits to individual flexibility continues to come from our current crisis recovery, that trade off of risk may prove to be sustainable, and even desired, by workers. If there is one thing that business leaders can hold tight to, as we continue to navigate this time of recovery and move into the post-COVID-19 era, it is that the right amount of slack or flexibility can help your people- and help your business perform at its best. >>> By encouraging imaginative thinking, children learn to find unique solutions and explore fields that re- quire a more creative outlook. Tactical steps to teaching this include artistic activities, problem solving games, and decision-making scenarios. Prioritization is the first step in time management and productivity. By teaching children to prioritize, they learn valuation, project management, efficiency, and decision-making. These are all worthwhile skills that will prove invaluable in any child’s fu- ture personal and professional life. To teach prioritization, we should focus on collaborating to create schedules, providing more decision-making op- portunities, and encouraging delayed gratification. Resilience is perhaps one of the most important skills to teach early in life, as it is what can make or break success. Being resilient means get- ting up after you’ve been knocked down, not taking “no” for an answer, and, ultimately, believing in yourself even when you fail. Resilience allows us to work for a better future, even if that means staying in a hard place and staying where there is ten- sion. Teaching this foundational skill involves showing children how to believe in themselves, and there are various tactical ways to teach resil- ience, including encouraging positiv- ity and reinforcing self-esteem. In my work at GEMS World Acad- emy in Dubai, the aim is to bring out children’s entrepreneurial spirit, so they know that starting a business is an option for them in the future. And when they do, they will be able to draw on a foundation of skills and mental preparedness for the journey ahead. From fostering imaginative thinking, to encouraging prioritiza- tion, to giving kids reason to believe in themselves, it is never too early to teach entrepreneurship. Learning en- trepreneurial thinking and how to see things through this lens gives license to creativity, an innovative mindset, and, ultimately, future success in career and life. ‘TREPONOMICS PRO Helen Al Uzaizi is the Entrepreneurship, Innovation, and Environmentalism Director at GEMS World Academy in Dubai, UAE. gemsworldacademy-dubai.com PRIORITIZATION IS THE FIRST STEP IN TIME MANAGEMENT AND PRODUCTIVITY. BY TEACHING CHILDREN TO PRIORITIZE, THEY LEARN VALUATION, PROJECT MANAGEMENT, EFFICIENCY, AND DECISION-MAKING.
44 / ENTREPRENEUR.COM / August 2020 T hese days, for any kind of motivation, people often turn to social media for coaches who claim to be able to “transform them,” “help them get mas sive results,” and so on, but few would be able to explain how they would actually go about doing this, as Salma Sakhnini, founder and CEO of ICON, a Dubai-based business and leadership development advisory, did when talking with us. “I’m able to do that not only because of my exper tise, but also because I have been there,” Sakhnini says. “I made so many mistakes, had many lows in my career, made the wrong choices, lost money in investments, failed, but then, I was able to turn things around for myself. That’s the value of experience. It’s not about not failing. It’s actually exactly about that. Failing, making mistakes, try ing, and trying again till you get it right. And that is why I can give the short-cut to my clients. They can learn from the mistakes I made.” After more than 15 years in the banking industry which, at one point, saw her join Citibank as an assistant manager and work her way up to becoming a vice president and one of the most senior regional leaders of the bank, Sakhnini continued her career at Rasmala Investments in 2006 where she was appoint ed as the Chief Operating Officer. Fast forward several years, she has founded and today manages her own group of companies that include an industrial manufactur ing business, a consulting practice, and a training and coaching firm. “Becoming an entrepreneur after a long corporate career in banking had its challenges,” Sakhnini says. “The fact that I had the idea and the passion for start ing ICON, and had gained the needed skills and expertise were definite assets; however, they were not enough. Es tablishing ICON was a lonely journey. Unlike being in a corporate, I now had to be the finance, the IT, the sales and marketing, the product development, everything. So, my first lesson was to get to building it brick by brick, and getting into the details of every aspect of the business, which is, in retrospect, so valuable as this is what makes entrepreneurs successful.” Another important lesson, Sakhnini adds, was learning to be comfortable with ask ing for help. “Friends and colleagues and people who knew me were eager to help and support, as they were rooting for me and proud that I had ventured on my own; however, I was reluctant to ask them for referrals,” she says. “It was a mindset for me that I had to go it alone, so I did not want to impose on my network of friends and col leagues. I later found out that the challenge was not that help and resources were not available, but that it was all in my head. My mindset was limiting me from achieving what I wanted.” This change in approach led to ICON breaking even in year one, Sakhnini says, adding that she has been leading its two-digit top line growth year on year ever since. Today, Sakhnini advises her clients that be coming fearless and laser- focused on problem solving and seeing opportunities in every challenge is key to finding success in their busi ness endeavors. “If I were to sum up one quality that sets successful people, especially entrepreneurs, it is the ability to always be forward thinking, and to be relentless in finding opportunities, and coming up with solutions to challenges,” she says. “In every crisis lies opportunity. That is not only a saying, but a core belief that enables success.” Whilst managing ICON’s both advisory services and leadership development is a handful, including helping many government minis tries in the GCC with their strategy and delivering on the country’s vision, as well as advising clients such as Mashreq, RTA DEWA, and BIPA, Sakhnini dedicates her time to coaching only a few select clients. She finds the UAE to be a very empower ing environment for female entrepreneurs and considers CULTURE LIFE SALMA SAKHNINI, FOUNDER AND CEO OF ICON, A DUBAI-BASED BUSINESS AND LEADERSHIP DEVELOPMENT ADVISORY, ON ADOPTING A FUTURE-READY MINDSET by TAMARA PUPIC A STRATEGIST FOR SUCCESS IMAGE COURTESY ICON GROUP
45 August 2020 / ENTREPRENEUR.COM / A STRATEGIST FOR SUCCESS | SALMA SAKHINI, FOUNDER AND CEO, ICON herself lucky to have started her busi ness here, but advises on how to handle potential exceptions to this rule. “I do come across people who find it strange to deal with a female CEO, and who are more comfortable dealing with one of the male partners in ICON,” she says. “I don’t take it personally, and I have stopped trying to prove to them that I am as qualified, if not more so. It’s their journey, not mine, and their own limitation. My focus has always been and continues to be on making an impact in the lives and businesses of our clients, and delivering excellent value.” This approach to coaching has earned her the moniker of being a “strategist for success.” When asked about the com mon issues that people with leadership qualities face, Sakhnini says, “When you are starting your career, it’s usually about you, your accomplishments, how hard you work, how quickly you can climb the corporate ladder, how much money and recognition you get, but with leaders, it becomes less about them, and more about the team. One of the challenges that is common to successful leaders is that they get into what I call their own success trap, meaning that they have learnt a certain approach or set of actions and strategies that they have utilized during their career to get them to where they are. So, most follow the same pattern, as it has worked for them. But, in many cases, what got you here will not get you there. They need to break out of their own molds of success, because the set of skills, strategy, mind set that contributed to their success and to getting them to where they are today is frequently not enough to get them to where they need to be.” Another challenge for some leaders, especially high achievers who like to do things their own way and who may be perfectionists in nature is making their work their identity. “Ambitious people are stuck in the achievement paradigm, and align achievement on the job or in business to personal success or failure,” Sakhnini says. “People have a tendency to incorporate this into their identity. I remember a time when I was a Vice President at Citibank that I used to in troduce myself as Salma from Citibank. It became part of my identity so much so that when things went bad at work, I would feel depressed. When things went well, I was on a high. There is nothing wrong with ambition and achievement, but having it as a personal identity is ex hausting. It became a roller coaster ride, because I had given work power over me and my life. I wasn’t in control anymore, and I put what happened at work in charge of me. That is very dangerous.” The COVID-19 crisis will leave lasting changes in how businesses operate, Sakhnini says. “I don’t think we can benchmark with the ‘normal’ anymore,” she adds. “The future will be for busi nesses who are rethinking their business models, and identifying the opportuni ties in this crisis, and acting upon it. Becoming future-ready requires a lot of guts. We need to move from the fear and paralysis that I see many people and businesses are stuck in to adapting to this new reality, and adopting all the changes needed.” One example is how her team swiftly changed the way they deliver ICON’s Accredited Leadership Training. “When the lockdown hap pened, that stream of revenue stopped for us overnight, and we had quickly to adapt to a strategy of people being at home, and us delivering this service to where they are,” she says. “So, we had to work quickly on fortifying our digital learning platform, and luckily, we had started it a year ago, and had already adopted tools such as Zoom and Micro soft Teams to enable it. We have also found that some needs are now different. Managers now need to get equipped in a different way, need help in other areas like how to manage remote teams, how to ensure people are productive and focused while working from home, so we have addressed the changing needs and designed courses to help with what is ac tually needed. That was an opportunity for us as well to enrich our offering.” It is with this mindset that Sakhnini offers her advice for entrepreneurs in these times, which is to approach life and business anew. “People often ask me where to invest now, and what the sure thing is that will make them future- ready, but my firm belief is that the best investment we can make is in ourselves,” she says. “We need to invest in a limit less mindset, in the skills of the future, in redefining our concept of work and competition. The businesses I’m advising know that with budget cuts, they need to invest in re-skilling their teams. That is the only way to get out of this crisis. We need new thinking, innovation, and reskilling. It starts with that. That is how we all can contribute to designing the future.” “IN EVERY CRISIS LIES OPPORTUNITY. THAT IS NOT ONLY A SAYING, BUT A CORE BELIEF THAT ENABLES SUCCESS.”
46 / ENTREPRENEUR.COM / August 2020 MONEY ECON T he Islamic finance sector is growing, and as the global com munity responds to the COVID-19 pandemic, key stakeholders are working together to address the considerable challenges the world is currently faced with. As highlighted by the United Nations Development Program (UNDP), “Islamic finance can be part of the COVID-19 response through a range of financing instru ments well-suited for each stage.” The effect of our current global pandemic has brought to light the need, more so than ever, to work towards achieving the UN Sustainable Development Goals (SDGs) by 2030. A case in point is UNDP’s recently announced partnership with the Dubai Islamic Economy Development Center in order to align business activities with the UN SDGs. In 2003, the Islamic finance market value was estimated as US$200 billion, which is further set to grow to over $4 trillion in assets by 2030. Islamic finance will continue to grow over the next decade across asset classes and mar kets, creating a unique win dow of opportunity to align components of its invest ments with the UN SDGs. All permissible Islamic financial products generally share four main features: they are asset- backed, ethical, share risks equitably, and are subject to good governance- all of which give Islamic finance a suitable alignment with achieving the SDGs. In my previous article on impact investing, I had noted that we need $7 trillion an nually, including $4 trillion for emerging markets alone in order to achieve the UN SDGs. We must therefore be in novative in mobilizing private capital. Having spent the last year focused on shaping the narrative of impact investing in the region working with startups, corporate institu tions, investors, and family offices, a reoccurring topic of discussion has been how the tenets of Islamic finance coupled with impact investing could have the potential to raise trillions to address the world’s most pressing devel opment needs, allowing us to prevent and mitigate issues ranging from climate change, to delivering the education and health services needed for lasting prosperity. Impact investing and Islamic finance are complementary and compatible- each sector plays a key role in the value base investment universe, and both share a broader vision of the innate relationship between society and capital at large. According to the Global Islamic Finance and Impact Investing Platform (GIFIIP), there are three key similari ties between Islamic Finance and impact investing: 1. Value-based investments Both Islamic finance and impact investing focus on cre ating value-based investment structures that allows inves tors to align their investment mandate with their moral purpose and mission. The notion of “doing good whilst avoiding harm to others” con stitutes as the fundamental underlying ethical principle of both Islamic finance and impact investing. 2. The relationship between business and society Both sectors share a broader understanding and knowledge of the relationship between the business world and the global society that is focused on harnessing human well-being. Investors across Islamic finance and impact in vesting are, of course, driven by commercial and acceptable returns from the investments made, but it is known that the finance returns only consti tute as one dimension of the overall investment. Investors in both sectors are seeking to create a lasting positive social and/or environmental impact alongside the financial return. Why Islamic finance and impact investing should join forces by ZAHARA MALIK Faith and finance Zahara Malik is co-founder and CEO of Grosvenor Capital (GroCap), a boutique advisory company headquartered in the UAE which focuses on providing clients with business strategies, capital introduction and advisory services across the GCC, Africa and beyond. grocap.co
47 August 2020 / ENTREPRENEUR.COM / FAITH AND FINANCE | WHY ISLAMIC FINANCE AND IMPACT INVESTING SHOULD JOIN FORCES 3. Building inclusive financial systems Both Islamic finance and impact in vesting are driven towards building inclusive financial systems that ac tively incorporate the global popula tion, which is either indirectly or directly kept out of the formal finan cial sectors to ensure that everyone is accounted for. As Warren Buffet put it: “If you’re in the luckiest 1% of humanity, you owe it to the rest of humanity to think about the other 99%.” As noted above, these key simi larities between both sectors could potentially create a promising avenue to effectively respond to the growing global challenges. After all, Islamic finance is expected to reach $2.7 trillion in value by 2021, which could add another significant pool of capital and a strong potential source of financing the UN SDGs. The UAE and the GCC overall are key hubs for Islamic finance, and to date, they have played a significant role in the creation of Islamic financial institutions, but they can now further the growth of the sector across the region by joining forces with the rapid growth of impact investing across the region. Further awareness is needed to make Islamic finance leaders and GCC govern ments to align in this movement, and to continue to consider how they can most effectively capitalize on impact investing to generate positive returns whilst making the ongoing positive impact on society. Impact is at the heart of the GCC’s strategy, and sustainability is em bedded in its values. In the midst of a global pandemic, it is imperative to join forces where possible, in order to sustain our planet and its people. Islamic finance and impact investing could prove to be the perfect blend. TECOM Group’s startup incubator in5 sees its entrepreneurs raise AED65 million in the first half of 2020 Onward and upward M ore than AED65 million has been raised in the first six months of 2020 by entrepre neurs falling under the umbrella of TECOM Group’s startup incubator in5 in Dubai, UAE. A statement by in5 revealed that the half-year figure is the highest six-month cumulative investment garnered by in5 startups since 2013. 41 new startups were reported to have joined the startup incubator this year as well, which brings the total number of active startups at in5 to 216 now. “At in5, it is our endeavor to create a best-in-class platform for entre preneurs and startups to launch and scale their ventures in an agile, business-friendly environment with state-of-the-art infrastructure and streamlined corporate and govern ment services,” Majed Al Suwaidi, Managing Director of Dubai Media City and an in5 leader, said in the statement. “Mentorship and network ing opportunities are fundamental to our operations at in5, and the number of homegrown innovators joining in5 year-on-year, coupled with investment growth, demonstrates our continued commitment to attract and develop talent in Dubai that can transform the technology, media, and design landscapes.” in5 also noted that it had concluded 320 advisory and mentorship hours for startups and entrepreneurs work ing across sectors like technology, media, and design this year. Launched in 2013 by TECOM Group, a member of Dubai Holding, in5 has helped over 347 entrepreneurs raise more than AED465 million in the years since its inception. infive.ae IMPACT INVESTING AND ISLAMIC FINANCE ARE COMPLEMENTARY AND COMPATIBLE- EACH SECTOR PLAYS A KEY ROLE IN THE VALUE BASE INVESTMENT UNIVERSE. IMAGES COURTESY IN5 Majed Al Suwaidi, Managing Director, Dubai Media City
THINKING AHEAD I ntellectual property is the life blood of any organization- and for small businesses, even more so! A strategic handling of a company’s intangible assets (e.g. trademarks, copyrights, trade secrets, and patents) can catapult small, local businesses toward greater global recognition. By developing and protecting their best-in-class technologies and products, they can establish themselves as market leaders and industry experts, thereby attracting a sizeable clientele. This is especially the case for small businesses that rely predominantly on the fruits of their intellectual labor. However, innovation forms only half the equation in the success and growth of a business. In today’s increasingly digitalized market environment, it’s becoming equally important for small businesses to adopt measures to protect their intangible assets– whether those assets are inventions in the making, or proprietary information that keeps a small business competitively fit. As such, there are a number of key steps that can translate intellectual property protection into advantages for your small business. PROTECTING YOUR INTELLECTUAL PROPERTY AS A SMALL BUSINESS [THE HOW-TO] by AMIR KANAAN 48 / ENTREPRENEUR.COM / August 2020 ‘TREPONOMICS PRO
49 August 2020 / ENTREPRENEUR.COM / Protecting intellectual property is essential for every company, big or small. Why? Firstly, cases of intellectual property theft are too common to ignore nowadays. And the size of a company never matters- startups and small businesses are no less affected. In fact, they may feel the consequences of theft even more acutely than their larger counterparts. When just starting out, you may underestimate the likelihood of someone stealing or copying your company’s technology, designs, and trade secrets. But actually, it happens more often than you might expect. This is why it’s crucial to take proactive steps to protect your intellectual property, for example by registering your trademark, applying for a patent, or implementing technical and organizational measures to safeguard your business secrets– and to do so as soon as possible. If you ever need to defend or assert your rights, as an intellectual property owner, these steps will have already set you on the correct course of action. Plus, they can give you peace of mind, as you continue your focus on developing your business, growing your client base, etc. Of course, there are additional benefits to reap. Not only will you be able to better defend your company against cases of unfair competition, intellectual property can generate goodwill and increase the appeal of your small business, thereby enabling your business to thrive. For example, a patent can demonstrate that you’re the inventor of a new technology. And when you receive a patent, it means only you can use that invention. Generally, its validity period is 20 years, giving a small business ample time to take advantage of it on the market. Furthermore, patented technologies offer invaluable insight into a company’s level of expertise. Potential partners and clients will often look to patents, as well as other intellectual property, when assessing the prospect of future collaborations and funding. Thus for a small business, patents can convey its innovative spirit not as mere statements, but as concrete assets of value. This reputational boost can open up those hard to come by proverbial doors of opportunities– namely, generous investments and profitable joint ventures. The need for professionals to manage your intellectual property should never be underestimated. Integrated intellectual property teams, for example, play critical roles within their company, and produce valuable insight into the innovation landscape. In particular, the profound knowledge they hold about the company’s assets enables them to adopt effective preventative measures throughout all stages of a company’s research and development, thereby substantially decreasing legal risks. In patent suits, a keen understanding of a patent’s examination history, claim language, and the applicable legal system and procedures will determine the strength of a defense strategy. In their day-to-day activities, intellectual property teams perform a range of tasks central to the company’s strategic focus, including providing consultation (e.g. to marketing and R&D departments), carrying out expert reviews and research (e.g. prior use of marks and prior art), drafting applications, POTENTIAL PARTNERS AND CLIENTS WILL OFTEN LOOK TO PATENTS, AS WELL AS OTHER INTELLECTUAL PROPERTY, WHEN ASSESSING THE PROSPECT OF FUTURE COLLABORATIONS AND FUNDING. PART 1 / THE WHY PART 2 / THE HOW KASPERSKY.COM >>> THINKING AHEAD | PROTECTING YOUR INTELLECTUAL PROPERTY AS A SMALL BUSINESS
50 / ENTREPRENEUR.COM / August 2020 interacting with local intellectual property agencies, compiling and examining licensing agreements, etc. All of these activities add considerable value to a company, not only in terms of the output of intellectual property, but also in terms of reducing potentially costly risks in the first place. However, because all companies differ in their capabilities, an internal intellectual property team may not be a realistic alternative from the get-go. Having one is of course the best approach, but an alternative could be to hire an attorney to whom to outsource an application or two. Sure, it’s also possible to seek registration for a trademark or apply for a patent by yourself. The risks of doing so, however, can be as wide-ranging as they are grave– from minor mistakes and omissions in descriptions or drawings and missing deadlines, up to serious failures in securing the broadest rights possible (in the case of patents, due to their highly technical and nuanced language). These mistakes are sure ways to a rejection, if not litigation. Therefore, it’s better to delegate these tasks to professionals with experience in both the relevant law and technology area. Either way, there’ll be costs to consider. While it can be challenging to locate and invest resources, business owners should keep in mind that intangible assets are effective, long-term investments. Not only can they sustain a business for the long haul, they can also advance and transform it in valuable ways. Later on as the company grows, it may consider forming an internal intellectual property team, especially if it’s strategically focused on innovation. At Kaspersky, we established the Department of Intellectual Property Control in 2005. Since then, we’ve managed to acquire nearly 1000 patents worldwide, in addition to winning awards and numerous legal cases relating to intellectual property. Finally, our intellectual property team at Kaspersky also works on GDPR compliance for products, antitrust and unfair competition cases, and other legal compliance matters. PART 3 / THE WHAT Innovation happens fast, and you have to be first– first to think, first to create, first to use, and first to act. In patenting, even though a technology may not be fully ready, inventors should consider patenting it as early as possible. Priority counts. Being first means you get to receive exclusive rights in that invention. Accordingly, they can create a competitive advantage that is hard to put a price on. But what does innovating look like, for example, patenting? First, patenting exposes you to a variety of technologies. In turn it enriches your understanding of the technology area and industry, enabling you to envision how a technology will work in the future. Second, it may point you in certain directions to identify key features of a possible invention. At Kaspersky, we often tell our inventors not to limit themselves to technological parameters of today. Even if something seems impossible now, that may change later on. Thinking also in terms of how industries transform may give inventors foresight into macro trends, which could serve to catalyze the generation of entire families of lucrative patents for a small business. In general, it’s a good bet that the limits you place on innovating will usually be reflected in the inventions you patent. So, it’s best to think beyond them through constant self- awareness. But don’t forget about cybersecurity- it should be part and parcel of any company’s activities relating to intellectual property. EVEN THOUGH A TECHNOLOGY MAY NOT BE FULLY READY, INVENTORS SHOULD CONSIDER PATENTING IT AS EARLY AS POSSIBLE. PRIORITY COUNTS. ‘TREPONOMICS PRO Amir Kanaan, Managing Director, Middle East, Turkey, and Africa at Kaspersky
51 August 2020 / ENTREPRENEUR.COM / Amir Kanaan is Managing Director, Middle East, Turkey, and Africa at Kaspersky, a global cybersecurity company founded in 1997. Kaspersky’s deep threat intelligence and security expertise is constantly transforming into innovative security solutions and services to protect businesses, critical infrastructure, governments and consumers around the globe. The company’s comprehensive security portfolio includes leading endpoint protection and a number of specialized security solutions and services to fight sophisticated and evolving digital threats. Over 400 million users are protected by Kaspersky technologies and it helps 270,000 corporate clients protect what matters most to them. kaspersky.com Patentable inventions under development, critical know- how, early-stage mark designs, supporting documentation, and other forms of proprietary information are all at risk of theft. Today cybercriminals are becoming more and more interested in stealing and selling intellectual property and other confidential information, leading to significant losses. At the start of your business, time and resources may seem too constrained to implement proper protection for your infrastructure. As a result, you may not divide sufficient attention to IT security risks affecting your company’s intellectual property. In fact, some cyberattacks may even go unnoticed for long periods of time, which poses ongoing risk to future attempts to innovate and protect your intangible assets. This is why it’s critical to have a robust and comprehensive cybersecurity solution that will also protect your intellectual property. For small businesses whose resources are limited, there are specifically tailored security solutions on the market that enable companies to focus on their growth while maintaining peace of mind about IT security. Besides all this, you also need to be ready to tackle with an NPE at some point in your patent lifecycle. NPE is short for “non-practicing entity,” and there are those who refer to them as a “patent troll.” An NPE is someone with a patent but does not “practice” or use that invention, for example, to develop and sell products. Often their aim is to enforce their patent by sending cease and desist letters, at times indiscriminately to large numbers of companies, and/ or by filing lawsuits against practicing companies. In many cases, recipients of such lawsuits choose to settle the dispute, which can involve large undisclosed payouts to NPEs, or purchases of licenses to the allegedly infringed patent. For a company dealing with an NPE, it’s important to maintain a firm stance, as NPE cases can drain company resources dry. When a business is small, the impact could be especially hard and difficult to rebound from. Within the cybersecurity industry, Kaspersky is well- known for its staunch refusal to settle with NPE. We are often asked why we maintain our approach, when many companies prefer the route of settlement. Fortunately, our experience has shown us that the more you settle, the bigger and more frequent the problem becomes. Our history of patent lawsuits is confirmation of this fact. Furthermore, Kaspersky understands that needlessly buying high-priced license fees or offering settlements can impede its innovation, as those resources could be directed toward growing the business instead. NPEs know we never give in, and as a result we’ve seen fewer lawsuits, especially since NPEs know we hit back. In fact, in one case that began in 2016, we hit back so hard that the NPE backed down, and paid us to dismiss the case! Before leaves could fall the fol lowing year, the case had been dismissed with prejudice, and we had extra funds sitting in our account. Another important outcome of maintaining a firm stance against NPEs is that companies can save a tremen dous amount in the long run. In many of our cases, potential payouts are roughly around millions of dollars. Being able to defend cases successfully means never having to put that financial burden on the com pany, thanks to the work done by our patent lawyers. Notably, the benefits aren’t only local in scope. Taking a stance against NPE helps the industry overall. Whenever a case is filed against one company, you can expect that many more companies in the same industry have also been targeted. This is why we believe that cooperation is beneficial in the fight to protect innovation. In conclusion, while all of the above steps may seem complicated, the protection of your intellectual property from both legal and cyber risks should be given their due attention. Not only can they broaden your horizons in terms of industry trends, they can also pave the way toward new opportunities that can sustain, grow, and strengthen your small business. THINKING AHEAD | PROTECTING YOUR INTELLECTUAL PROPERTY AS A SMALL BUSINESS
52 / ENTREPRENEUR.COM / August 2020 The entrepreneurs behind Dubai-based startup Hopi on how they’re going about growth for their enterprise by KRISTIAN STINSON AND CHARLES WRIGHT STARTUP/ CAMELS ‘TREPONOMICS SKILLSET Kristian Stinson and Charles Wright are the co-founders of Hopi, a direct-to-consumer based brand for contact lenses. behopi.com
53 August 2020 / ENTREPRENEUR.COM / B etween 2009 and 2020, thou- sands of direct-to- consumer (DTC) brands marketed products aimed at getting to a consumer faster and cheaper. Fueled by digital advertising arbitrage, the value proposition was simple: DTC removes the “middle man” from the equation. Today, many of the biggest DTC and digitally native vertical brands (DNVBs) battle for the same affluent urban millen- nials. Silicon Valley and the global investment phenom- enon marches to the beat of three words: growth, growth, growth. Billion-dollar brands like Harry’s, Warby Parker, and Bonobos pioneered today’s venture-backed brand building trifecta: hyper growth, quality product, and customer data. Thanks to the internet, these brands can have immediate global reach. Flushed with scale-hungry investors and bucket loads of venture money, DNVBs go to war for the same customer on the same plat- forms- think Facebook and Google. Acquisition costs soar as they fight for limited ad- vertising space. Consequently, as companies grow, so do the costs of acquiring each cus- tomer. The DNVB space wreaks of high customer acquisition costs and smells like a bub- ble. As Chamath Palihapitiya, the former VP of Growth at Facebook, and now the CEO of Social Capital, observed, about US$0.4 of every VC dollar raised goes straight to user ac- quisition. Competitive bids for the same inventory, address- ing the same audience, drive up demand for the same real estate within a feed or a story, causing ad prices to skyrocket. But this bubble has got to burst. Take Casper for example, the DNVB “mattress in a box” brand. In 2018, Casper lost $92 million on revenues of $358 million. It has not been able to turn a profit since it has been in business. Speak- ing about Casper, Jason Stof- fer, Partner at venture capital firm, Maveron, said, “For this company to become sustain- able and profitable, they either need to become much more efficient on the marketing side, or they need to figure out how to generate more lifetime value out of their customer base.” By September 2019, Casper spent $423 million on marketing! Casper is now filing for S-1 to hopefully IPO later this year. This creates a new argument: are IPOs there to save compa- nies, or are they a true state- ment of success? The Middle East has also been flush for VC money over the last few years. Buzzwords tend to be a little different in the region though- “tech” startups are the hot property, and there’s a dearth of brands. Alas, there are parallel narra- tives. Growth at all costs and the celebration of raising mon- ey seem to be the most talked about facets of business. There is little mention anywhere of profitability in any business media outlets in the region. Even now during the COVID-19 crisis, news headlines of hyper growth numbers abound. “We grew 800% during COVID-19.” Few, if any, mention sustain- ability or paths to profitability. TIME FOR A REALITY CHECK The huge layoffs at tech giants Airbnb, Uber, and, specifically in the region, Careem, should be a reality check. Growth at any cost should not be cele- brated. We need to move away from the mentality of “We’ll raise more money, and maybe then we’ll try and become profitable.” Or, “When we get market share, we’ll try and be- come profitable.” These should no longer be the benchmarks. The post COVID-19 world should see a realignment on how to start, build, and scale businesses. At our company Hopi, a direct-to-consumer based brand for contact lenses, we’ve set out to be a leading DNVB. We’re not transfixed on growth at all costs, and we’ve not got our steely eyes on an acquisi- tion in order to make money- our goal is profitability. Should our goal be to profitably result in an acquisition, then so be it, but from day one, we’ve set out to be sustainable, and the COVID-19 crisis has empha- sized that. When it comes to how we grow, Hopi is a camel; not a unicorn. Camels have been used in numerous wars, be- cause of their ability to travel long distances without water or food, and because they can carry heavy loads. They’re resilient, and that’s what we want for Hopi- to stand the test of time, and have our cus- tomers wear our lenses for the next 20 or 30 years. HOPI IS A CAMEL, NOT A UNICORN. CAMELS HAVE BEEN USED IN NUMEROUS WARS, BECAUSE OF THEIR ABILITY TO TRAVEL LONG DISTANCES WITHOUT WATER OR FOOD, AND BECAUSE THEY CAN CARRY HEAVY LOADS. THEY’RE RESILIENT, AND THAT’S WHAT WE WANT FOR HOPI- TO STAND THE TEST OF TIME, AND HAVE OUR CUSTOMERS WEAR OUR LENSES FOR THE NEXT 20 OR 30 YEARS. >>> STARTUP CAMELS | DUBAI-BASED STARTUP HOPI
54 / ENTREPRENEUR.COM / August 2020 Fundamentally, that comes down to trust. Morgan Housel, Partner at Collaborative Fund and former columnist at The Motley Fool and The Wall Street Journal once wrote: “Marketing is increasingly cheap. Trust is increasingly expensive… At- tracting eyeballs no longer sets you apart. Building trust among those who have their eyes on you does. Getting people’s atten- tion is no longer a skill. Keeping people’s attention is.” Fortunately, Hopi’s product offering is replenishable. Our customers need a fresh supply of lenses every month. Re-market- ing to an existing customer is significantly cheaper than trying to persuade a first- time customer to buy your product- some- times nearly 90% cheaper. Once we have acquired a customer, we know they have a requirement for lenses. It’s then up to us to retain the customer in the system and ensure they don’t go back to their old supplier. Lifetime value (LTV) is the key metric we track in the business. Effectively, the total amount of money the customer is expected to spend in your business over time. Unlike other consumer packaged goods, contact lenses have huge potential for LTV- unless the customer has laser eye surgery, they would have a requirement for lenses for the rest of their lives. That’s why we are laser-focused on how we can make a new customer a customer for life. By focusing on our post-sales experience, email marketing, and constant customer dialogue, we’re able to reduce friction in the payment process, and increase cus- tomer loyalty. We have a unique ability to accrue data behind customer cohorts, leading to a customer-centric experience. BE A CAMEL, NOT A UNICORN “Brands are irrelevant. The users are the brand. They are the CEO.” This state- ment from Glossier founder Emily Weiss really resonates with us. Roughly 80% of Glossier’s growth comes from peer- to-peer recommendations, and its main retail establishment generates more sales revenue per square foot than the average Apple store. Instead of blowing cash on customer acquisition, Hopi invests in brand expe- rience to increase customer retention, loyalty, and peer-to-peer referral. This is informed by data and dynamic feedback loops between customers and the found- ers. Gillette famously coined and champi- oned a sales tactic that is widely used by brands today, and is still invoked in busi- ness school case studies. Essentially, by selling a base product at low prices, con- sumers are hooked into a higher lifetime value. Retailers that use the “razor and blade strategy” then sell a related product at a premium price to offset the cost of investment (and eventually achieve profit- ability). Popular venture-backed brands employ this strategy as their primary driver for customer acquisition. For example, offer- ‘TREPONOMICS SKILLSET INSTEAD OF BLOWING CASH ON CUSTOMER ACQUISITION, HOPI INVESTS IN BRAND EXPERIENCE TO INCREASE CUSTOMER RETENTION, LOYALTY, AND PEER- TO-PEER REFERRAL. THIS IS INFORMED BY DATA AND DYNAMIC FEEDBACK LOOPS BETWEEN CUSTOMERS AND THE FOUNDERS. Charlie Wright, co-founder, Hopi IMAGES COURTESY HOPI
55 August 2020 / ENTREPRENEUR.COM / ing a free trial on a subscrip- tion product, and practically giving away their product for free. Once the customer signs up for the “too good to be true” offer, they automatically sign up to a subscription, and 10 days later, the consumer is billed the full price of the product, and the next batch is sent out. The key metric these brands are focused on is new customer acquisition, and they’ll be going back to their board each month reporting on this as “growth,” with no men- tion of churn. At Hopi, we decided against this selling tactic, mostly be- cause we couldn’t afford to give away the product. Instead of giving away products and tricking consumers, we remain focused on customer centric- ity. The other key metric we track daily is “churn.” Churn measures how many customers cancel their subscription in a given time. The COVID-19 crisis sadly saw a huge spike in customers cancelling their subscriptions to Hopi. For most companies, founding teams would panic, but at Hopi, our customer- centric approach pushed us to innovation. We looked at the reasons why people were can- celling, and the vast majority were people not wearing lenses every day, since they weren’t going to work. The general consensus was that a monthly subscription wasn’t right for everyone. We thus adapted to suit the needs of our customers. Al- most overnight, we developed a new landing page with new, non-commitment options, and saw a growing trend. Not eve- ryone wanted a subscription; people wanted access to our lenses without being tied into a monthly payment. We saw some customers cancel their monthly subscriptions, and buy up to six months’ worth of lenses at once. In one fell swoop, we were able to control our increasing churn, and, at the same time, attract a whole new audience to our model. The COVID-19 crisis has thus pushed us to make changes, but more than anything, it’s emphasized the importance of our customer-centric ap- proach. From picking up lenses and delivering them ourselves, to ensuring late deliveries get a full and speedy explanation from the founders, we believe in always putting our cus- tomers first. With customer acquisition costs soaring in this region too, we also focus on retention and future selling through our social pages and email marketing. THE RETURN OF CAPITAL EFFICIENCY Taking all of this into con- sideration, the true test for a brand like Hopi is expansion and market penetration. We’re not shying away from our goal of becoming a global brand, for which we will need to raise another round of investment at some point. But it will be a growth strategy built on capi- tal efficiency. This model is likely to be more attractive to investors in a post COVID-19 world. We’re about creating a long-term profitable company that will survive the test of time to become one of the true success stories in the DTC and DNVB landscape- perhaps even a brand and company that acquires, rather than gets acquired. RE-MARKETING TO AN EXISTING CUSTOMER IS SIGNIFICANTLY CHEAPER THAN TRYING TO PERSUADE A FIRST-TIME CUSTOMER TO BUY YOUR PRODUCT- SOMETIMES NEARLY 90% CHEAPER. Kristian Stinson, co-founder, Hopi STARTUP CAMELS | DUBAI-BASED STARTUP HOPI
56 / ENTREPRENEUR.COM / August 2020 START IT UP ECOSYSTEM AND FIX THINGS Dubai’s startups are stepping up with solutions for “the new normal” by AALIA MEHREEN AHMED 56 / ENTREPRENEUR.COM / August 2020
57 August 2020 / ENTREPRENEUR.COM / F or many businesses, the COVID-19 crisis has brought to the forefront glaring issues in their business models and op- erational efficiency. More than ever, it has become apparent that resilience and willingness to innovate are qualities that can help startups navigate through any crisis. “Although the COVID-19 pandemic has clearly posed challenges to businesses worldwide, startups have a competitive advantage over bigger companies in terms of their flexibility to respond and adapt quickly to changing circumstances,” notes Natalia Sycheva, Manager of Entrepreneurship, Dubai Chamber of Commerce and Industry. “The uncertainty hanging over the market has led startups in Dubai to take practical steps to ensure they are protected from a legal standpoint, cut short-term costs, and maintain cash flow.” “In the long-term, entrepreneurs will likely rethink their business models, shift their focus in line with evolving consumer needs, scale up digital solutions, and adopt new strategies that drive sustainable growth,” Sycheva continues. “For example, one of our startup members recently launched a competition to fight the spread of COVID-19 and increase exposure of their robotics hardware kits, while another has diversified its offerings of electric delivery motorcycles to SMEs, restaurant owners, and government hospitals in a bid to meet growing demand for delivery services.” Sycheva also points out that throughout the coronavirus pandemic, Dubai Startup Hub, the entrepreneurship initiative by Dubai Chamber, has continued to give the startup community access to various programs and initiatives, such as its MarketAccess program that pairs corporates facing specific challenges with innovative startups that offer the right solutions to address them. At the same time, Dubai has seen enterprising entrepreneurs look at problems that have arisen amid this period, and come up with innovative solutions to get past them as well. One such enterprise that has come out of the crisis is GoFood. Launched earlier this month, GoFood is a food delivery app that uses comparatively low commissions on orders placed through it, while allowing restaurant owners to directly run the services. “During the global pandemic, we realized that the existing delivery apps weren’t being good partners by refusing to lower exorbitant commissions,” says CEO Naveed Dowlatshahi. “As seasoned restaurant operators, we knew something needed to be done, and fast, if we were to survive in the long run. So we decided to take our concerns and combine them with industry experience to deliver a tangible solution that supports restaurant operators, and gives the customer an ethical alternative to the current trend.” Dowlatshahi explains that GoFood has a far more reasonable commission structure (2% for the first 2,000 restaurants that registered on the platform, and 5% for the rest, which is said to be the lowest margins in the market), and because it is directly run by the restaurant owners themselves, delivery fees goes directly MOVE FAST AND FIX THINGS | SOLUTIONS FOR “THE NEW NORMAL” “IN THE LONG-TERM, ENTREPRENEURS WILL LIKELY RETHINK THEIR BUSINESS MODELS, SHIFT THEIR FOCUS IN LINE WITH EVOLVING CONSUMER NEEDS, SCALE UP DIGITAL SOLUTIONS, AND ADOPT NEW STRATEGIES THAT DRIVE SUSTAINABLE GROWTH.” Natalia Sycheva, Manager of Entrepreneurship, Dubai Chamber of Commerce and Industry IMAGES COURTESY DUBAI CHAMBER, GOFOOD >>>
58 / ENTREPRENEUR.COM / August 2020 to the restaurants as well. There is no membership or signing fees, and it gives customers the added bonus of directly supporting their favorite local restaurants. In addition, GoFood also offers a last- mile option– transportation services to restaurants that do not have their own drivers or when an existing service proves to be too expensive. “We are also in the process of kicking off a strategic relationship with the RTA where they will facilitate the last-mile solution on our behalf,” adds Dowlatshahi. But with a business model that relies so heavily on a low-commission structure, questions on long-term sustainability and financial impact arise. When asked about how he plans to keep GoFood running, Dowlatshahi replies that there are extra revenue streams in place to aid the firm financially. “Naturally, the commission structure that we have in place is not sustainable on its own, so we do have other revenue streams planned, which include a B2C and B2B grocery and supply chain option, in addition to provide value added services to merchants that include, but are not limited to, social media management, website design, graphic design, food photography, packaging, printing, and even business audit,” he says. The GoFood business model thus aims to provide a more holistic, one-stop-shop platform for the UAE’s restaurant community, but a big part of their success will lie in how well the app itself performs. “Our current solution is a white label product, and whilst a good product, we know there’s always room for improvement,” Dowlatshahi says. “Continuous investment is critical for the long-term sustainability and viability of GoFood.” GoFood’s business model is also largely customer-centric- a launch offer, which includes AED200 worth of loyalty points for everyone who downloads the app, is a way to build customer loyalty, Dowlatshahi says, but he also hopes to educate consumers about the difficulties faced by restaurants in the current business landscape. “The average customer had no clue that up to 35% of the order value was actually being charged by these aggregators,” he says. “Additionally, the discounts being offered on these apps are paid for by the restaurant operator, and not the apps, so you can imagine the pressure that restaurants face when they are offering anything up to a 50% discount in addition to the 30% commission. What’s left for the restaurant? Restaurants today, whether small or large, share the same challenges, and we hope customers get behind the cause and support GoFood, and in turn, support local restaurants during these challenging times.” At the same time, the restaurants GoFood partners up with have free access to key customer data including mobile numbers and email addresses. “Greed is good, but trust is even better. By joining the platform, these restaurants have put their faith in us, and we are so grateful. At the end of the day, we are merely a facilitator, so it’s only fair that restaurants have access to customer data.” START IT UP ECOSYSTEM “DURING THE GLOBAL PANDEMIC, WE REALIZED THAT THE EXISTING DELIVERY APPS WEREN’T BEING GOOD PARTNERS BY REFUSING TO LOWER EXORBITANT COMMISSIONS.” THE TRADITIONAL 8-STEP SERVICE MODEL VS THE OPAALA SERVICE MODEL STEP 1 STEP 1 STEP 4 STEP 2 STEP 2 STEP 3 STEP 3 STEP 4 STEP 5 STEP 5 STEP 7 STEP 8 OPAALA MODEL TRADITIONAL MODEL Customer enters and grabs a seat Customer enters and grabs a seat Order is prepared & delivered Customer opens menu on mobile, reviews and places order Customer waits for staff to bring a menu Detailed order is instantly received at the POS, along with table/seat number Customer reviews the menu Customer waits for staff Customer places order Staff places order in POS before preparing Staff begins order Customer enjoys their order Naveed Dowlatshahi, CEO, GoFood IMAGES COURTESY GOFOOD / OPAALA
59 August 2020 / ENTREPRENEUR.COM / “WE DON’T BELIEVE IN A ONE SIZE FITS ALL, WE KNOW VENUES HAVE THEIR OWN WAY OF DOING THINGS, AND WE’RE NOT THERE TO CHANGE THEM, WE ARE THERE TO IMPROVE THINGS, TO ANSWER ANY SPECIFIC ISSUES THEY MIGHT HAVE THROUGH TECHNOLOGY.” Marwaan Saab and Giles Wright, founders, Opaala MOVE FAST AND FIX THINGS | SOLUTIONS FOR “THE NEW NORMAL” >>> As for the future of GoFood, Dowlatshahi is ambitious and open to collaboration. “Essentially, we want GoFood to be the catalyst and benchmark for other existing or up-and-coming aggregators to follow,” he says. “The harsh reality is that the home delivery model is here to stay, and it will be more significant moving forward than ever before, as customers with busy lifestyles demand convenience, speed of service, and accessibility. Competition is healthy, so we welcome others getting on board with our mission, thereby creating a competitive marketplace where ultimately the customer benefits, and one which restaurant operators can sustain with a viable business model.” Another hospitality tech startup that launched amid this crisis is Opaala, founded by Marwaan Saab and Giles Wright, which offers a smart service system to boost sales and provide contactless interaction for operators in the hospitality industry. A cloud-based platform, Opaala aims to provide a user- friendly platform for customers to easily access the menus and other services at hospitality venues, so they can have greater control over and personalize their experiences, while also reducing staff costs and service wait times for the venue owners. Besides pivoting away from the eight-step service model traditionally seen in the hospitality sector, Saab explains that his three-pronged system -Opaala inVenue for restaurants, Opaala inRoom for hotels, and Opaala reMote, a local order and delivery platform for businesses- is foregoing the trend toward apps and instead choosing to be a browser-based service. “We’re not an app- it’s a small thing, but it’s critical,” Saab says. “We don’t take valuable real estate on your phone, we don’t demand your details, yet we’re available in an instant when needed. We also wanted to make sure it’s as easy for a regular customer, as it is for a first-time visitor of a venue or hotel to be able to access the menu instantly. Having to download something delays that experience, and causes people to rethink the need to use the platform.” But how exactly do the services provided by Opaala aid and abet the hospitality sector during such a particularly difficult time? “It’s well documented the frustration the F&B industry is having with all the delivery apps, especially during the COVID-19 lockdowns when venues were, and still are, suffering,” Saab says. “The financial
60 / ENTREPRENEUR.COM / August 2020 impact has been horrible, and venues need to find any way to save money. They already operate at minimum margins, and this crisis has shown how dangerous this is. We identified the typical experience most of us have when we walk into a venue, where the pain points are, and then thought about how we can make it a smoother experience, for both the guest and the venue.” An important observation here is that the Opaala services are seemingly two- directional– every step taken towards easing the financial and other burdens on the hospitality sector has a directly connected impact on the customer service aspect of its business model. “Guests can personalize their service, from doing everything autonomously to using the platform to communicate with staff, and receive one-on-one service. For venues, this means providing guests with a better experience, in addition to a very tangible financial impact. We’ve seen 20-30% reduction in overhead costs, along with an average of 15% -and rising- growth in revenue due to an increase in orders.” A particular feature of the business model that is discussed at great length is Opaala’s assistance in point-of-sale (POS) integration with the venues. “Venues are able to split their space into zones easily, with orders from different sections going to specific POS systems or directly to individual staff members. They are able to run tabs for guests, run voucher systems, or do a pay-as-you-go ordering system. POS integration is a key, venues have the option to run the platform of any browser, have it connect to a printer in the kitchen, or to integrate directly with their POS. Integration into the venue’s payment gateway is another important item, this means venues get their money instantly without any crazy percentages added on top of the other fees,” elaborates Saab. In addition to overhead reduction and cost cutting for venues, the firm also uses ethically and environmentally responsible methods in its quest to help the hospitality industry find more ways to add to their overall revenue. “Beyond the fact that we help venues reduce cost and increase revenue, we also help make them more sustainable in a very literal sense by eliminating a lot of waste in the form of paper,” Saab says. “Menus change often, prices change, items change, etc. It’s amazing how often we find mistakes in printed menus, spelling, even price mistakes. If they have a new special, they need to print add-ons, and in the COVID-19 era, throw away menus are the law. We eliminate all of that- no more reprints, no more mistakes. That cost is gone, and paper consumption and waste is gone.” Their system, Saab adds, enables a better guest/venue connection. “We are not there to replace the brand; we aim to enhance it,” he says. “And we do not charge from both ends.” However, it raises the question of how Opaala will sustain its own revenue streams in the long run. Saab insists that the start to their journey has been unexpectedly promising. “We expected usage numbers to start off slow, we wanted to see if there’s any frustration from both guests and venue, but even we’ve been surprised by the results,” he says. “One of our partners saw an immediate impact, with 95% of orders coming through the platform, and because they’re able to engineer their menu better based on actual data, and adding images, they saw a 20% increase in orders within the first week of implementing Opaala.” Saab believes that it is Opaala’s innovative and flexible approach to the issues at hand that will stand the startup in good stead in the long run. “What really sets us apart is we’re constantly improving and adding features, from things we already have in our pipeline, to special request features made by our partners and their guests,” he says. “We don’t believe in a one-size-fits-all, we know venues have their own way of doing things, and we’re not there to change them, we are there to improve things, to answer any specific issues they might have through technology. We work closely with venues to understand their pain points, and automate things for them.” While he has plans to expand Opaala to other areas of the GCC, Turkey, Mexico, and Canada, Saab says that a big part of the end result he’s aiming for is to educate the customers on what ails the hospitality sector, and how they can help. “We would love for guests to be more aware of the margins F&B and hospitality operate under, so much time and effort is put into creating great experiences and great food at a direct cost to venues, and the margins are shrinking. So please go out, enjoy the atmosphere and food, and help these great businesses.” START IT UP ECOSYSTEM “THE FINANCIAL IMPACT HAS BEEN HORRIBLE, AND VENUES NEED TO FIND ANY WAY TO SAVE MONEY. VENUES ALREADY OPERATE AT MINIMUM MARGINS, AND THIS CRISIS HAS SHOWN HOW DANGEROUS THIS IS.” Opaala app
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62 / ENTREPRENEUR.COM / August 2020A year ago, Patrick Osman had moved to the UAE to work for the royal fam- ily of Dubai as the Senior Director of their Private Office. “I was working at The Al Maktoum Private Office as- sisting their entity in driving innovative technologies to the UAE market, as well as rebuilding the operational and sales infrastructure of the business,” explains Osman. With the appeal of a bigger salary and the hope that he could help pay off the mortgage loans for his father living in Australia, his move to Dubai was a calculated one. But the COVID-19 pandemic bore bad news for Osman, as he lost his job at the Private Office. “One night I was sitting on the couch, unemployed and down to my last AED600. And I realized that I can’t just sit here– I needed to do something inno- vative. The situation really forced me to drive creativity. It was 3 a.m., and I was looking at my bank account, and I was thinking, ‘Who is the richest man in the world?’ So I started thinking about Jeff Bezos. Then I asked myself, ‘What busi- ness is he in?’ E-commerce. So that’s where the idea of launching my business online came about. I needed to launch an e-commerce business. I didn’t want to launch just any e-commerce business, I wanted to sell something unique!” Osman has always been passion- ate about cartoons, confessing that he enjoys drawing as a hobby. But this predicament brought along a unique opportunity– for him to use his artistic skills as a source of income. This led to the launch of his startup, I’m Cartooni- fied– an online portal that allows for its users to have customized cartoon- like portraits made of themselves and their friends and family, in any specific cartoon format of their choice, which can later be printed on canvases. Based in Dubai and US, the startup takes in the cartoon styles of The Simpsons, Rick & Morty, Bob’s Burgers, and many others. “Personalization appeals to any and everyone. So, I came up with the idea of doing family portraits in cartoon style. While I was doing my research, I then came across the idea of theming the cartoon portrait into an existing cartoon theme.” But he did not jump into setting up the business headfirst. Osman spent an entire month researching the idea and attempting to validate it. An assessment of online competitors, and their follow- ing on social media, made it clear that if his services could provide more artistic value than what was currently on offer, the business idea he had in mind could be successful. “I was up till 6 a.m. every day, for over a 30-day period, mastering my website. I built it all from scratch. Learning this game was brand new to me, but I believe if you have the patience and self-discipline to learn an art, you can master it.” I’m Cartoonified was launched in May, and Osman says he has already made double the salary that he used to at his PASSION PROJECT How unemployment amid COVID-19 led Patrick Osman to launch I’m Cartoonified by AALIA MEHREEN AHMED CULTURE BUSINESS UNUSUAL “LEARNING THIS GAME WAS BRAND NEW TO ME, BUT I BELIEVE IF YOU HAVE THE PATIENCE AND SELF-DISCIPLINE TO LEARN AN ART, YOU CAN MASTER IT.” Patrick Osman IMAGE COURTESY PATRICK OSMAN
63 August 2020 / ENTREPRENEUR.COM / previous job. “The traction has been outstanding! This product appeals predominately to families, therefore the big rush of Father’s Day has led our business to be extensively busy throughout this period. We have had over 700 orders just in the last three weeks (550 UAE, 150 international),” exclaims Osman. The response to the business was better than what Osman had hoped for; however, starting a venture in the middle of a global pandemic brought its own set of challenges- economically and mentally. “I had to hide the whole story from my parents, as they are heavily dependent on me to pay the mortgage. Therefore, I started this venture alone, learning the ins and outs of the e- commerce world,” he says. But he also notes how his business model is recession-proof. “As long as there is a demand for a fun, quirky product like this, and these specific cartoons have a following, then we will remain in business. Artificial intel- ligence could be a threat to our niche; but it will never provide the personal touch and the end-to- end experience that we provide.” At the start of this one-man entrepreneurial venture, Osman was assisted by a few designers living in India, Indonesia, and the Philippines. But over time, with increasing customer demand, an addition of three more locally-based artists was made to the team. Osman has also entered into signed agreements with eight canvas paint- ers, located in different parts of the globe, with an express shipping option to the UAE (5-10 days). But with local demand on the rise, Osman says he’s attempting to source more canvas print- ers locally. Osman encourages entrepreneurs to take the leap, especially during the current crisis, “Stop thinking about what could happen, and find out what could happen!” But his advice comes with a word of caution about not rushing towards a business idea without ample research. “Finan- cial efficiency is a big part of releasing your idea into the market; let’s not forget that an idea is one component of a business, it is not the whole entire solution. So, you must understand the four functions of a business (human resources, operations, accounting and finance, and market- ing). Have a basic understanding of the functions, and put that alongside your idea, and you will absolutely fly, if the market loves it.” If I’m Cartoonified’s results so far are anything to go by, then these are profound words of advice for all aspiring entrepreneurs. “Invest whatever time you have into your dream, into your passion. But you must also understand the fundamentals of business,” Osman concludes. imcartoonified.com PASSION PROJECT | HOW UNEMPLOYMENT LED PATRICK OSMAN TO LAUNCH I’M CARTOONIFIED STEP Conference goes virtual with STEP Anywhere 2020 IN TUNE WITH THE TIMES STEP Conference, dubbed “the leading technology festival for emerging markets” in the Middle East, is set to bring back the experience of its annual conference, virtually, through the launch of STEP Anywhere, from August 24-26, 2020. As its first edition, STEP Anywhere will feature talks and panels covering the latest trends and insights in healthcare, edu cation, finance, last-mile delivery, streaming, digital media and more, which are all significant industries with growth potential given the current global situation. The event will take place as a full-fledged conference, with multiple online stages, namely Main Stage, STEP Money, STEP X, STEP Digital, Wellness Stage, and Entertainment Stage. Highlights of the upcoming event’s schedule include talks and panels, workshops, virtual networking rooms, and virtual exhibition areas. Participants will get to witness the latest innovations, brand activations, live entertainment, and also get exclusive access to virtual one- on-one meetings with some of the leading, most experienced global mentors and investors. STEP Anywhere will also play host to an Online Startup Base camp, where over 200 global startups, across a plethora of industries including technology, finance, and health will show case their work, get to attend curated investor meetings online, and also get a chance to partake in the STEP Anywhere Pitch Competition. There’s a great lineup of speak ers too, some of which include Christine Tsai, CEO and Founding Partner of 500 Startups, Dr. Graciela Chichilnisky, CEO and co-founder of Global Thermostat, Kalsoom Lakhani, CEO and found er of Invest2Innovate, Jonathan Richenthal, CEO of Human Future, and creative entrepreneur Ron Simpson. Entrepreneur Middle East readers can avail a special community discount code “EntrepreneursMEStep” that gives a 20% discount on regular tickets to access all stages, tracks, and activities over the three days at STEP Anywhere 2020. Get your tickets now! anywhere.stepconference.com
64 / ENTREPRENEUR.COM / August 2020 I n the Middle East, the rapid growth of regional tech and startup eco- systems has seen a greater focus placed on mobile technologies by investors and governments alike. So, it is perhaps unsurprising that during the COVID-19 pandemic, and the subsequent global lockdown, companies with a strong digital-led model –such as food delivery app Talabat and grocery service GetBaqala– have thrived. Across the MENA, and particularly the GCC, the outbreak is catalyzing a regional uptake in technologies and new innovations at an unprecedented rate. Just look to the astounding surge in e-commerce and mobile payments in a region that is notorious for its stubborn preference for cash. In Bahrain, for example, electronic fund transfer systems Fawri and Fawri+ saw transactions up by 935.7% year-on-year in May. Conversely, companies which were previously resistant to this way of working have had to scramble to pivot and ensure their businesses stay relevant in these unprecedented times. There is a lesson to be learned: businesses that embraced tech and innovation from the start have made a smooth transition to crisis conditions with the least disruption. Those that have had to be dragged kicking and screaming into the digital era are finding it is costing a lot more to adapt by virtue of necessity. It shouldn’t take a crisis to catalyze innovation. This way of thinking extends well beyond a company’s digital capabilities. When internet entrepreneur Marc Benioff founded Salesforce –which is today a multi-billion-dollar software company– he took the unusual step of laying down the company’s value systems from the very earliest stages of growth. Crucially, these had buy-in from not just the company management, but also from employees, clients, and other stakeholders. In other words, from the very beginning, Salesforce knew what kind of people it wanted as managers, what kind of people it wanted as employees, and even what kind of people it wanted as clients. From the start, Salesforce knew – with razor-sharp precision– what kind of company it wanted to be. Salesforce’s clear value systems have been maintained by ensuring clear communication between stakeholders at all times. Employees, managers, and clients alike all have a forum where they can voice their thoughts, concerns, and even criticism. This has resulted in a strong culture of trust, which has served as an engine to drive the company through even the most challenging of times. In short, they have the infrastructure in place to carry them through any crisis. Benioff outlines these thoughts in his book Trailblazer, which carries a special significance in these unprecedented times, despite being published before the COVID-19 outbreak. Surviving a crisis as significant and complex as the current pandemic requires a strong culture of trust and communication– deeply embedded in a company’s values. This is doubly true for major multinationals, managing thousands of employees across multiple jurisdictions. Just like those companies that have invested in digital capabilities from the start, those that have invested in their values from the earliest stages will be the ones that best navigate COVID-19 and future crises. None of this is rocket science, but how many companies actually sit down at the start to outline a firm values system? When you’re a small team with a new idea, the focus is on building and growing, with values and identity thought of as something that can be figured out later. This is what sets Salesforce and companies like it apart– having a clear set of values from the very beginning, a company mindset put in place at the earliest stages that can be turned to guide all decision-making, from the mundane to the market changing. This is what has kept them afloat in difficult times. More importantly, this is what has ensured they don’t lose their way. Now in 2020, we are faced with a global pandemic, a time of great uncertainty for the foreseeable future. Now more than ever, a culture that can sustain itself through the unprecedented is important. Flexibility and adaptability are crucial too, but it shouldn’t take a crisis to catalyze innovation. Nor should it take a crisis for a company to figure out its own values. It shouldn’t take a crisis to catalyze innovation by AREIJE AL SHAKAR Value systems ‘TREPONOMICS PRO Areije Al Shakar is Director and Fund Manager at Al Waha Venture Capital Fund of Funds. alwahafund.com Marc Benioff, founder, Salesforce IMAGE COURTESY SALESFORCE
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