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FEBRUARY 2016 | www.entrepreneur.com/me | UAE AED20 9 7 7 2 3 1 1 5 4 1 0 0 8 > Two years of supporting entrepreneurship in MENA It’s our anniversary! walking the talk noor sweid Is your business going to attract funding? Regional investors on evaluating your startup pitch Mohammed Al-Ayouti Walid Tahabsem Mehmet Atici Sami Abou Saab Omar J. Sati Laith Zraikat Get what you want, when you want it The negotiation handbook for entrepreneurs Teenage ‘treps Amer and Mohamed Yaghi Bro code The co-founder and Managing Partner of Leap Ventures really done it all

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Entrepreneur february 2016 4 CONTENTS february 2016 72 Teach Me Now founder Thea Myhrvold meeting Microsoft CEO Satya Nadella 66 MONEY: ASK THE MONEY GUY Is your business going to attract the funds you need? Regional investors tell you what they look for when evaluating your pitch. 40 ‘TREPONOMICS: MARKETING 2016 heralds the new era of content marketing Ema Linaker on how to make your business messaging effective in the age of video. It takes real work, ‘treps! 60 SKILLSET The Impact Bias Olympian and entrepreneur, James Clear, talks about how to be happy when everything goes wrong. 36 ASK A PRO Numbers don’t lie Bayt.com’s Suhail Al-Masri talks about the stats that indicate that the Middle East is officially crazy about self- employment. 62 ESQUIRE GUY The power of praise in business Ross McCammon discusses the plusses of conveying positive messages, and how to do it right. 24 INNOVATOR: Walking the talk Entrepreneur and investor Noor Sweid Leap Ventures Managing Director and co-founder really has done it all 24 Entrepreneur and investor Noor Sweid thea myhrvold meeting satya nadella image courtesy microsoft gulf

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BIKE SPORTS ACTION SPORTS LIFEST YLE A leader in sports lifestyle. DDE is home to some of the biggest brands in the Action Sports, Lifestyle and Bicycle Sports industries. Established in 2001, DDE has grown to become a leader in the market, and has recently sustained this achievement by being ranked 3rd in the Top 100 SME companies of Dubai as part of the 2015 Edition of the Dubai SME100. Not only an established industry leader in distribution, DDE proudly represents its unique retail concepts such as Rage, Ride Bike Shop, Liv, Captiv8, Volcom and Bikini World, that are constantly excelling in the retail segment. Dubai Desert Extreme L.L.C. | P.O.Box 125239 Dubai, U.A.E. | Tel. +971 4 336 9007 | www.dde-me.com 2015 4th 3rd

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Entrepreneur february 2016 6 CONTENTS february 2016 Mudassir Sheikha and Magnus Olsson, co-founders, Careem 16 50 EHang 184, the world’s first electric, personal Autonomous Aerial Vehicle, introduced at the 2016 International Consumer Electronics Show 42 Xiaomi smartphones launch in Dubai 50 TECH: SHINY #TamTalksTech 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. 44 ONLINE ‘TREP Bridging the gap Attracting offline shoppers to your e-commerce startup can be done. CAC isn’t as hard as one might think if you follow these five tips by Pricena founder Haneen Dabain. 45 MOBILE TECH Xiaomi launches in the Middle East Four devices with some pretty interesting specs were introduced at the UAE launch event. 52 CULTURE: LIFE Action paired with intention can make this your year Building an accountability structure for achievement can make all of the differ- ence in your performance. 56 TRAVEL Genuine hospitality The Four Seasons Amman’s Vincent Hoogewijs would like you to get settled in (comfortably), and he’s executing a top-to-bottom renovation to make that possible. 68 Mehmet Aitici and other regional investors tell you what they look for when evaluating your pitch

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Entrepreneur february 2016 8 CONTENTS february 2016 58 Rafael Nadal and Adel Ali Bin Ali at the Richard Mille Doha Boutique 27 Henri Asseily, Manager Partner, Leap Ventures 30 INNOVATORS: The Negotiation handbook for entrepreneurs Get what you want, when you want it. 14 EDITOR’S NOTE By Fida Z. Chaaban 73 START IT UP: ECOSYSTEM A congregation of Eurasia’s entrepreneurial world Startup Turkey 2016 comes calling, and there will be entrepreneurial entities from three continents present. 74 STARTUP FINANCE MENA startups gets funded Online platform Artscoops gets funded on equity crowdfunding platform Eureeca. 76 Q + A A startup for startups Philip Bahoshy wants his online platform MAGNiTT to create a tighter knit MENA-wide entrepreneurial ecosystem 20 INNOVATOR: Bro code Teenage ‘treps Amer and Mohamed Yaghi 58 CULTURE: TRAPPINGS The executive selection for the entrepreneur on your list that has everything. Okay, maybe for a little self-reward as well. 49 LIFE Ten things not to say to digital professionals Our pick for the top phrase to avoid? “So is this social media thing like a real job now?!?” Yes, yes it is. 32 Dr. Kerry Healey, President, Babson College

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Entrepreneur february 2016 10 SUBSCRIBE Contact subscriptions@bncpublishing.net to receive Entrepreneur Middle East every issue EDITOR IN CHIEF Fida Z. Chaaban editor@bncpublishing.net MANAGING DIRECTOR Walid Zok walid@bncpublishing.net DIRECTOR Rabih Najm rabih@bncpublishing.net DIRECTOR Wissam Younane wissam@bncpublishing.net CREATIVE LEAD Odette Kahwagi MANAGING EDITOR Aby Sam Thomas STARTUPS SECTION EDITOR Pamella de Leon ONLINE LIAISON Kareem Chehayeb COLUMNIST Sindhu Hariharan COLUMNIST Tamara Clarke COLUMNIST Shoug Al Nafisi COLUMNIST Erika Widen EVENTS LIAISON Mark Anthony Monzon 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 © 2016. 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. www.entrepreneur.com/me Access fresh content daily on our website! MIDDLE EAST Printed by Raidy Emirates Printing Group LLC www.raidy.com EntMagazineME @EntMagazineME @Fida Entrepreneur-me EntrepreneurMiddleEast EntMagazineME EntMagazineME EntMagazineME MIDDLE EAST Images used in Entrepreneur Middle East are credited when necessary. Attributed use of copyrighted images with permission. All images not credited otherwise Shutterstock. Lama Ataya Abdulla Barakji Jim Camp Amal Chaaban James Clear Haneen Dabain Con O’Donnell Shyaire Ganglani Ema Linaker Suhail Masri Ross McCammon Rani Nasr Neil Petch Soukaina Rachidi May Rostom Mark Sephton CONTRIBUTING WRITERS 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!

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Entrepreneur february 2016 14 TREP TALK ME THE BUSINESS BNC Publishing THE ‘TREP Wissam Younane Q What have you learned from your clients over the past two years? A “First, a little extra care in knowing what they truly need can easily make them continue to spend, and to consider exploring further opportunities with your business. One example is that a client of ours wanted to fully cancel or pay half of the previously agreed amount for one of the spaces booked. With a two-minute phone call, we understood her concerns and managed to save the original contract amount. My second tip is that listening to the customer is essential. It’s something I have always done with my clients, and that is one of the reasons that they have never failed to support me when I started this venture [BNC Publishing] along with my partners. Third, sticking to the truth and principles of honesty in business is always the best option. This is simply that I never want to fall short on delivering what I say I will do, or even what I say I’m capable of doing in terms of client expectations and deliverables. Fourth, it’s true that clients like to feel spoiled when it comes to rates and benefits. Like in every relationship, there must be a give and take- transacting business is no different. My fourth lesson is about brand solvency. If you have a solid brand, work hard on keeping it solid- this will ensure that your clients are as loyal to you as you are to your own brand. Finally, and this is extremely important, if your client is today going through a financial shortage or facing a crisis, support them when you can with your rates. They won’t forget your gesture, and it will come back to you in spades.” EDITOR’S NOTE H appy anniversary to our readers! We’re excited that this edition marks two years of us support- ing entrepreneurship across the MENA region. If you’re part of the ecosystem, you know that we’re on ground as much as possible, and that we’re talking to you in real-time via social media. But our work isn’t yet done- we want to draw in the outliers. There are tons of entrepreneurs (both new and seasoned) across the region who aren’t yet part of the ecosystem, and that means they are missing out on valuable mentorship, cross sector collaborations and business, and possibly even funding oppor- tunities (that can scale an already profitable enterprise). So, all that being said, you know that by now that we apply our own methodologies: we’re built on a lean business model and operation, our entire team act as generalists wearing many different hats, and we growth hack our way forward. From a commercial perspective, for our two year anniversary, I asked the entrepreneur behind Entrepreneur Middle East, Wissam Younane, to talk shop (that’s him in our Trep Talk ME box). Like all of the entrepreneurs we feature, he’s constantly learning and iterating our business model as we progress. There is, in my opinion, a lot to be said for our valued brand partners- MENA ecosystem entities and pillars who have supported us profusely by participating in our events and who have invited us to participate in their events over the past two years. Accelerators, incubators, investors, conferences, mentoring programs: we will con- tinue to support you to our fullest capability across both print and digital, and further our already solid relationships. Regarding our crazy level of inter- action online, we truly appreciate that our readers share our content via social media platforms and that you interact with us on those same mediums. We’re really proud that we’ve become the information outlet for ‘treps in this region, and we’re thrilled when you write to us with your achievements and your concerns. From our readership, the entrepreneurs across the region, we receive candid emails about fund- ing struggles, funding wins, venture scaling, and new partnerships. Keep it up! We want to continue to be the MENA entrepreneur’s go-to point of contact. We’re here to get your stories out there, and help you get the recognition you deserve for your enterprising spirit, and tire- less work. Happy anniversary, ‘treps! Entrepreneur MENA is now two years old! Fida Z. Chaaban Editor in Chief @fida | @fidazchaaban editor@bncpublishing.net We learn things too Wissam Younane, Director, Entrepreneur Middle East

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Entrepreneur february 2016 18 L ondon Business School (LBS) has released the data and results of a survey they conducted about entrepreneurship and SMEs in the Middle East. The survey, whose results were published in December last year, was conducted with 500 members of the LBS community, which included alumni, executive MBAs, and members of the school’s Middle East Club. While the survey’s participants were from a variety of nation- alities, it’s worth mentioning that 33% of them originate from Saudi Arabia, and 25% from the UAE, which together make up 58% of the partici- pants. It’s also worth noting that 89.2% of the survey’s participants identified them- selves as being male. The vote of confidence is high. Entrepreneurship is growing in the Middle East. Most of the survey’s participants showed confi- dence at the growth rate of the region’s entrepreneurial ecosystem. 37.7% described growth as “fast” and 30.2% described it as “steady”- that said, 24.6% believe that entrepreneurship is growing at a “slow” rate. Of course, it’s important to take into consideration the diversity of economies in the region. In the UAE, Qatar, and Saudi Arabia, we’ve seen long-term and ag- gressive initiatives to improve tech infrastructure and other conditions that will increase entrepreneurship. That may not be the case in countries such as Egypt and Jordan, whose entrepreneurs often cite infrastructural blockades to innovation. To ‘trep or not to ‘trep? That is the question. When asked about their “ap- petite” for entrepreneurship, almost half (45.4%) of the re- spondents said that they have considered setting up their own business, but haven’t pur- sued it just yet. Is it a matter of confidence or comfort? While 23.1% of the respondents claimed to have already set up at least one business, 45.6% are rather confident of start- ing up their own enterprises soon, and 26.9% aren’t. All in all, it’s safe to say that most people are just waiting for the right time- maybe they’re trying to garner resources, or looking for the right partner. SMEs are overcoming a “less than supportive” environment. The survey’s participants were asked to judge the current situation for SMEs, and 56.3% say that there is certainly room for improvement, primarily in the realm of getting more “support.” While only 10.4% believe that SMEs have been doing poorly, the remaining third of participants believe that SMEs are doing well. Half of that third believes that SMEs are managing to do well in a “less than supportive” environment. While more entrepreneurial ecosystems in the GCC are becoming more SME-friendly, some SMEs in other countries are struggling to reach their full potential. It’s another case of flourishing economics being able to pro- vide more for their entrepre- neurial ecosystem than others. That being said, whether you’re in the UAE or in Egypt, there is always more than can be done to give SMEs a lift. More guardian angels –a.k.a. investors- are needed. Given that there’s more that can be done for the Middle East’s entrepreneurial ecosystem, what are some of the ways to do just that? When asked to rank certain measures that could be taken as areas needing improvement, the highest average went to the need for more “private” or an- gel investors. That said, most of the other measures weren’t far behind, including “more new business incubators,” and “more government funding,” in addition to “private sector mentors/guidance.” However, “fostering female entrepre- neurship” was at the bottom of the list- but that might not be surprising, given that almost 90% of the survey’s partici- pants are male. F&B and tech is where it’s at. Which sector appears to be the most promising in the Middle East? The majority (36.5%) claims it’s F&B, and 29.8% say IT and tech. Travel and tourism, hospitality, marketing and media all fall below 10%. Whether it’s the GCC, the Levant, or North Africa, there always have been many F&B ventures. We’ve noticed some external efforts to take them to a new level, but not as much as tech. In the GCC, we’ve seen Qatar, Saudi Arabia, and the UAE heavily prioritize creating spaces and conditions worthy of a flourishing tech industry. In Lebanon, we’ve seen the emergence of the UK Lebanon Tech Hub, and a similar initiative that the French ambassador announced at the second edition of BDL Accelerate last December. Despite setbacks, startups and SMEs in the Middle East have a bright future, says London Business School Survey in the loop By Kareem Chehayeb London Business School, Dubai International Financial Center

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Entrepreneur february 2016 20 M eet Amer and Mo- hamed Yaghi: not only are the Jeddah-based teens tech lovers, they’re also among the region’s youngest entrepre- neurs. That’s right; the ambi- tious Yaghi brothers are 16 and 15 years old respectively, and they’re prepared to pitch their ideas at you at any given opportunity. Before getting bit by the entrepreneurial bug, the Jeddah-based Jordanian ‘treps were (and still are) working hard at school, enjoying the outdoors and playing sports. What inspired them to start up an enterprise of their own was a combination of their pas- sion for tech and a tiny bit of teenage angst. The young duo “hated the fact that our par- ents were constantly bothering us and invading our privacy on social media,” so they designed Chillax, a social network “just for teenagers.” Unlike most major social media platforms, Chillax allows its users to con- trol all sorts of privacy levels, all the way from their parents to potential cyber bullies. Their passion for Chillax, together with the support of their forward-thinking parents, paved the way for burning passion for entrepreneurship, and it became a life-changing experience. Unfortunately, Chillax didn’t work out in the long run, but the tenacious ‘treps didn’t give up: “Failing is a stepping stone to success.” They were right, given that they later developed a more successful app, AidMaid. Sev- eral experiences inspired them to develop the app, but what really “triggered” them to have a go at their second venture is a somewhat traumatizing experience for the younger brother. Mohamed was riding his bike and was nearly hit by a speeding truck driver. While discussing the event with Amer, they both realized the need for “an emergency appli- cation which would allow users to ask for help” by pushing a button or shaking their phone. That’s what the AidMaid app is all about, and it is today avail- able for download on iOS and Android devices. As for co-founder dynamics, how do Amer and Mohamad work together on a venture as entrepreneurs? While they both have similar passions and the same admirable work ethic, they do have their differences. Whether its “different manage- ment styles” or whether it’s a greater passion for tech or business administration, the Yaghis maintain that their dif- ferences make them stronger as a team. The brothers oc- casionally need a mediator and older mentor, and “that’s when we go to dad for help.” All in all, it’s rather impres- sive that these two young innovators are able to pursue their enterprising inclinations without it affecting their aca- demic performances or nega- tively impacting their lifestyles in any way. According to the Yaghi bros, the question that most entrepreneurs, investors, and teachers ask them is: how do you balance time between school and work? The brothers believe that most people are wrong when they “think that it’s impossible for someone to attend school [and get high grades] while also working tirelessly on a venture.” That said, they are able to pull it off, and give credit to two main factors: “strategic planning and eliminating non-essen- tials.” By Kareem Chehayeb Teenage ‘treps Amer and Mohamed Yaghi Bro code innovator The Yaghi brothers with Ronaldo Mouchawar at Endeavor Jordan DealMakers 2015 Yaghi brothers at Endeavor DealMakers 2015 in Amman

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Entrepreneur february 2016 24 innovator Entrepreneur february 2016 24

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february 2016 Entrepreneur 25 the talk “ Walking Entrepreneur and investor Noor Sweid The co-founder and Managing Partner of Leap Ventures really has done it all By Aby Sam Thomas >>> I f you’re looking to succeed, keep your eyes and heart open to opportunities. You’ll miss oppor- tunities that come to you if you’re not open to them. Success is about seizing the opportuni- ties that present themselves to you.” This is what Noor Sweid told the audience dur- ing her keynote address at the Entrepreneur Middle East Achieving Women’s Forum in May last year, and one look at her impressive career graph so far makes it clear that this is, indeed, a woman who has (and continues to) put into practice what she preaches. Sweid definitely seems to have an uncanny eye for great opportunities- her work pro- file reads like that if someone who has, really, done it all. She’s worked for big-name corporates (these include Charles Schwab and Accen- ture), she has facilitated her family business’ (the Dubai- headquartered global interior contracting company, Depa) multi-million dollar growth and eventual US$1 billion IPO, she’s launched and run her own business (the ZenYoga chain of yoga studios in Dubai that she founded in 2006 and ran until its sale in 2014), she’s been an investor in and mentor for several startups in the Middle East ecosystem (besides her own portfolio of past investments, Sweid is also a member of the Board of Directors at Endeavor UAE), and she’s currently a Managing Partner at Leap Ventures, a MENA- based growth stage venture capital firm. So yes –if that last sentence’s length didn’t make it clear already- Noor Sweid does seem to have done it all. But for all of her wins in the realm of business, Sweid had no airs and graces about her when I met her for this interview, during which she freewheeled on everything from her work ethic to the re- gion’s ecosystem. In terms of what she’s up to these days, Sweid’s focus is currently on Leap, which launched a $71 million fund for Lebanon last year, and is now in the process of putting together an $80 million regional fund. “As with any venture capital firm, we do several things simultaneously,” Sweid says. “So we look at the pipeline, we invest in companies, and we raise our own funds. Last year, we looked at about 200 deals, and we are hoping that this year, we’ll look at even more. As the pipeline grows in the region, and more people start companies, and more of the companies grow, more will filter into our pipe- line. So, we are very active in terms of looking at deals, and then assessing them and see- ing how many really fit into our verticals and our man- date.” It must be noted here that Leap is solely focused on growth stage companies- not startups. So, of the 200 or so enterprises Leap’s team reviewed, Sweid reveals that only 17% of them even quali- fied as being in growth stage. But while the pool of qualified applicants may be a small one, the need for a firm like Leap in the Middle East can- not be understated. “There are a few VC firms [here] that look at early stage, so companies can raise $1, $2 or $3 million from a few different firms,” Sweid explains. “But what happens to companies when they actu- ally have solid revenues, a good team, they have growth, and they need a $5-10 million check? It’s that they can’t raise that money regionally; they have to go global to raise money, which takes a lot of

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Entrepreneur february 2016 26 innovator “Business has ups and downs, but when you become part of people’s lives, they want you there.” time and energy from the entrepreneurs. So rather than growing their business, they spend exorbitant amounts of time trying to fundraise for their growth. Globally, about 2% of entrepreneurs make it to Series B growth fund- ing, and these are actually companies we find a lot less risky than others, because they have already overcome that part [of the entrepre- neurial journey]. And no one here was doing that. So we thought, as entrepreneurs ourselves –the four partners at Leap (besides Sweid, the Leap team includes Henri Asseily, Hala Fadel and Hervé Cuviliez) have each started companies, have each exited companies- we have done the whole entrepreneur thing, we know how hard it is to actually grow your company, and we know that’s where, for us, the ideal return profile is in investment. We’ve all been investors: pre-Leap, between us, we have invested in about 50 different angel companies. So we have looked at the dif- ferent parts of the ecosystem, and as ex-entrepreneurs and savvy investors, this is prob- ably where we can add the most value, in terms of taking a company from ‘I know what I am doing; I have revenues too’ to ‘I am a regional suc- cess story.’” Since its launch, Leap has funded only a few companies- its latest investment was a reported $10 million in the Saudi Arabia-based UTURN Entertainment network. But these are still early days for the venture capital firm, and if Sweid’s enthusiasm for the region’s ecosystem is any indication, one can certainly expect more announcements from Leap in the near future. “There are so many amazing entrepreneurs doing great things, and enabling them to grow into regional, global success stories is really what we want to do, and so, we do get excited about the different opportunities out there,” she says. “So we are still closing our first fund- it takes about 2-2.5 years to raise a fund, so we are in that process. We find that there is also a high level of enthusiasm from people around us, who under- stand what it is exactly that we are doing. That’s actually going very well. I guess the flip side of the coin is iden- tifying the entrepreneurs, working with them, and really enabling the growth of their companies, which is what we like to spend most of our time doing. So that’s where most of our energy goes.” So what are Leap’s criteria when choosing entrepreneurs and enterprises to fund? “We are looking for something with a really large market- so, it’s great that you can grow and you have a great team, but if the market’s very small, then the options are limited,” Sweid replies. “We are [also] looking for a leader- an entre- preneur who can really lead a team, and [has] a strong value proposition.” While Sweid may be heavily involved with the region’s startup ecosystem right now, her background is from a rather different sphere of business. She started out her career as a consultant for biotech and pharmaceutical companies in the U.S., fol- lowing which she moved to Dubai in 2005 and worked with Depa, a company that was co-founded by her father, Mohannad Sweid. “When I came over here, I went to help out in the family business for three weeks, and that turned into eight years,” she remem- bers. “The first three years of that, the company went from $60 million revenue to $600 million revenue. And then I ran the IPO for that, and I continued being very involved.” But even as Sweid recalls the highlights of her time at Depa, I can’t help but wonder: despite her familial connections, she probably would still have been seen as an outsider of sorts at the company. So how did she go about making her presence felt, and ensure that her voice gets heard? “I think that be- cause I had been a consultant before, I knew my strengths and my limitations,” Sweid says. “And when I joined our family business, I didn’t know the first thing about the industry. It’s easy to learn an industry, but that doesn’t mean you have the experience required to be a CEO in that firm. So I never intended to kind of take on my father’s role as CEO, and I would be very transparent about that: I cannot walk on to a project site and tell you what’s going right, and what’s going wrong. So I had no business telling managing directors or project managers how to make money on-site, because I don’t know! And even if I were to spend five years learning how a site operates, I still wouldn’t have as much experience as them, because I haven’t done as many projects as them, because some of them have plenty of years of experience. So I knew that was very much my limitation and my knowl- edge. Where my strengths lie are in identifying our opportunities, our strategy, our growth, our planning, enabling culture- and when it comes to growth at a lot of family businesses, culture is what’s fundamentally impor- tant. Because you’ve built a culture- great; now, is that a strength, or a weakness? Because if it’s a weakness, then you need to change it. If it’s a strength, then that can be your biggest strength. So when I came in, I saw there was a very strong corporate culture, but we were lacking in policies and processes and systems. So how do you bring those in without destroying the culture? There was an opportunity, in that there was no dominant global player in our niche market. How do we become that? Why wasn’t there one? So, my strengths were mainly the strategic thinking, the enablement of the growth, the growth plan- ning, identifying different markets, identifying potential partners in those markets and structuring partnerships and joint ventures- so I could do all that, which is, in effect, strategy and growth.” But changing -or even modifying- corporate cul- ture, be it at a startup or a conglomerate, is not a simple task, and Sweid realized that first-hand at Depa. “It’s never easy, because human nature is reluctant to change,” Sweid explains. “And I got a lot of resistance. But I think that when you have enough knowledge, data points, ex- perience to convince enough people to try something, and put their heart in it, and if in six months, it doesn’t work, we can go back to do- ing it your way. But at least, give it six months. And so, when they see that you’re so convinced, but you’re not forcing it down their throats -you are just forcing them to try it- then it becomes a lot easier to convince people to change.” And the company did change- during her time as Depa’s Head of Strategy, the company grew from 1,000 employees in six countries to 8,000 employees in 22 countries. In 2008, Sweid

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february 2016 Entrepreneur 27 Noor Sweid at Entrepreneur’s Achieving Women’s Forum in May 2015 >>> led Depa’s IPO- it was the first private company in the UAE to be listed on NASDAQ Dubai. But making the family business a publicly listed one- how difficult was that decision? “I think, in our family, we genuinely believe that building something that outlives you is a much larger success than building some- thing that needs you,” Sweid replies. “And none of us are very attached to anything we build. On the contrary, it’s about building things for the greater ecosystem that are successes in off themselves, regardless of whether you are involved or not- that is the achievement. So, for us getting the company to a point where it’s publicly listed, it continues with or without us, it’s struggle with or without us, it’ll then probably, hopefully, do better with or without us: that’s the achievement. At some point, you kind of have to let go of it, and see how it does without you.” Sweid’s answer is indicative of her own thought process when it came to the lifecycle of her own entrepreneurial endeavor, the ZenYoga chain of yoga studios that she founded in Dubai in 2006. The origin story for ZenYoga is quite a simple one- after she moved to Dubai, Sweid, who calls herself “a huge be- liever in yoga,” found the city lacking in spaces where she could practice the discipline- Dubai may have yoga studios by the dozen today, but re- member that this was 2005, and yoga hadn’t become as much of a buzz as it is now. So Sweid took it upon herself to fill that gap in the market- she put together a space that had the ambience, the qualified teachers, and the set-up she herself was looking for, and behold, her small business, ZenYoga, was born. “I started it, so that I could practice [yoga], with the thought that if this was good for me, it’s probably good for many other people,” she remembers. “And if I person- ally want this for the benefit of my health, I am sure lots of other people do as well. So the fact that it didn’t exist was just the reason to create it. If it had existed, I wouldn’t have started it- I would have simply gone to classes!” But while she may have started ZenYoga out as a personal endeavor of sorts, Sweid soon saw that what she had creat- ed was actually bigger –much bigger- than that. “I was right in that lots of people wanted the same thing- a nice place to practice yoga, with a quali- fied teacher at a reasonable price. It met everybody’s needs, and so, demand was huge. And so we grew as a business; we brought in more teachers- by the time I left [the enterprise], we had 72 people working at ZenYoga, and it had become the biggest chain here.” ZenYoga’s trajectory as a business may be looked upon as a startup success story today, but much like any entrepreneur in this region, Sweid too had to grapple with sleepless nights thanks to all of the challenges she faced when getting her business on the road. Bureaucratic challenges were aplenty- for instance, given that yoga wasn’t as prevalent then as it is today, getting the business registered properly with the authorities was a task by itself. The running of the studios was another major hurdle- from managing schedules of all of ZenYoga’s customers and ensuring they all have a fruitful experience, to setting out procedures, processes and policies to govern the studio’s day-to- day activities, Sweid had her hands full through all of the years she ran the enterprise. She thus went through all of the oscillations one can ex- pect to see in a startup’s jour- ney- but in what is perhaps a testament to the “keep-at-it” trait consistently seen in suc- cessful entrepreneurs around the world, Sweid too stuck to her vision, and kept moving ahead with her enterprise. “Business has ups and downs, but when you become part of people’s lives, they want you there,” Sweid says. “So, creat- ing that community and that network is very important. Yes, businesses have ups and downs- but I think if you are part of people’s lives, part of the community, and you cre- ate a brand and really provide people with something they like and they need at the same time, it is quite resilient.” To its credit, ZenYoga proved to be a sustainable business in the long run- Sweid, however, eventually sold it to a private equity firm in 2014. When I asked her why she did so, Sweid had a rather matter-of-fact reply. “Well, I started ZenYoga, because there was nowhere to practice,” she says. “So I had achieved my goal- I had created somewhere I could practice. At the same time, every time I would now walk into the studio, I would be inundated with business problems. So it no longer be- came a place I could practice- so it ended up defeating its purpose for me, personally. So when one of the firms here was consolidating wellness concepts in the region and ap- proached me, I thought that made a lot more sense- they could give it what it needed, and I could get somewhere to practice back!” As for whether she had any struggles letting go of the business she had built up from its infancy, Sweid dismisses the idea- much like her thoughts on the

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Entrepreneur february 2016 28 innovator Noor Sweid’s tips for ‘treps 1. “Know your numbers.” 2. “Stay focused.” 3. “Create value… You have to create value that you can monetize. The focus should not be on making a profit- but if you are creating value that no one’s willing to pay for, then that’s irrelevant. Because you are not really creating value.” 4. “Don’t confuse fame and success.” 5. “Don’t underestimate the value of corporate culture- it gets you a long way.” public listing of Depa, Sweid says she felt the same way about her sale of ZenYoga as well. “My personal philoso- phy is that you build some- thing that doesn’t need you,” she explains. “You should be there because you want to be there- not be there, because if you’re not, it’s not going to do well.” But wait- isn’t that at odds with what industry leaders say about entrepreneurs hav- ing to be hands-on with their businesses? “When they are first starting up, yes, they need to live and breathe the business; everybody does. I did for Zen Yoga, my father did when he started our family business- everyone does that at the beginning. You have a few years where you are the business, and the business is you. But, ul- timately, if you want to grow it to something sizeable, you need to think about how you can close your eyes, and know that somebody else is doing this the same way that you would have done it, or even better. And that’s where your policies, processes, teams come in, and that’s when you really start to scale. If you are still needed in every meeting, you should either be in the startup phase, at which point that is totally okay. But if you are a sizeable business, and you are still needed in every meeting, you are doing something wrong.” Sweid uses the example of Aramex co-founder and Vice Chair- man Fadi Ghandour –one of the most vocal champions of the region’s entrepreneurial ecosystem- to drive her point home. “Look at Fadi Ghan- dour- great example. Is he involved at all with Aramex [today]? No. And that’s the success of it. It’s that he has built something that no longer needs him. That’s the wow. If he was still day in and day out involved with Aramex, he would be helping it grow, but also stifling its growth, because every busi- ness needs new blood every once in a while. The reason Aramex will grow is because he implemented policies, procedures, corporate gov- ernance, structures, so as to make sure everything is being done properly in the manner that he sees fit, without him being there.” This drive to create a sustainable, long-lasting business is what Sweid en- courages (and wants to see) in all of the entrepreneurs she meets in her role today as a mentor and investor- ac- cording to her, for a business, being successful and being famous are two entirely dif- ferent things, and it’s crucial that entrepreneurs don’t mix the two up. “It’s important for people to realize that success is not starting a com- pany- success is growing a company,” she explains. “It’s easy to write a business plan, [but] it’s not going to get you very far. It’s not worth the paper it’s written on- because that’s definitely not what’s going to happen. It’s difficult to go get your license and registration and everything- fine, okay, whatever, that’s just bureaucracy and money. Then you actually have to build your product. Then you have to convince people to buy your product, at a price that makes sense for you to make money so that you can grow your business. And then, you have to do that a thousand times. And then, you have a company. And then, it’s worth talking about! I think a lot of people here confuse fame and success. And that’s something we see consistently- companies that have amazing branding, lots of fame, but, you just peel one layer of the onion, and you realize that it’s much smaller than what one would think. There are very little revenues, there’s almost no traction- but the entrepreneur thinks they are incredibly success- ful. So confusing fame and success is happening a lot not just in this part of the world, but everywhere.” As for other faults she sees with entrepreneurs today, Sweid feels that they’d be better off if they were to focus on just one thing at time. “I think lots of entrepreneurs are trying to do too many things at once. So they are all, like, betting on several horses- but that’s not their job, that’s the investor’s job. You go start one company, and put all your eggs in one basket- as an entrepreneur, that’s what you are supposed to do, so that someone comes along and believes you. If you believe in what you are doing, other people will believe in it too. If you are doing two or three different things at once, then that means you don’t believe in any of them- and lots of entrepreneurs do that.” Sweid also wants to see entrepreneurs talk less, and do more. “So many times, so many entrepreneurs, they say, ‘I’m going to do this; I’m going to do that.’ Well, why haven’t you done it yet? Don’t tell me what you are going to do- tell me what you have done.” Sweid also sounds a warning note for the die-hard networkers in the MENA entrepreneurial eco- system. “I think too many en- trepreneurs spend too much of their time in meetings, and not enough time actually doing stuff. So unless you are in a meeting because you are selling your product or ser- vice, don’t take the meeting. Don’t spend half your year on conferences. I think if you have an awesome product, you’ll have to network half as much. If you have a decent product, you’ll have to net- work twice as much. So… go build an awesome product!” At this point, I ask Sweid to tell me the names of startups or entrepreneurs in the region that have actually impressed her, or are worthy enough to be considered as role models. She takes a mo- ment to think, before replying with a laugh, “I’m not going you to tell about them!” Jokes aside though, she’s still reluctant to name anyone in particular (she does mention UTURN here, but I feel that’s a safe answer just to placate me, than anything else), and her reasoning for that again is so that entrepreneurs will avoid misconstruing fame as success. “I find that when people become role models, then fame and success get confused,” she explains. “And I think that the ecosystem is not yet at the stage where we can afford that. We need our successful entrepreneurs to be focused on growing their businesses and being successful entrepreneurs, not on being role models and on a speaking circuit. Because our businesses [here] are not that strong yet- they aren’t enough success stories here that we can afford that.” It may not be the answer I was wanting to hear- but Sweid does have a point. The region’s ecosystem is growing, yes- but we need it to grow much bigger before we can champion it to the world at large. And with people like Sweid along for the ride, one hopes that it will happen sooner than later.

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Entrepreneur february 2016 30 innovator PART 1 The entrepreneur’s angle Finding your negotiation comfort zone By Neil Petch THE NEGOTIATION HANDBOOK FOR ENTREPRENEURS Get what you want, when you want it While negotiation is one of the most crucial business skills to develop and develop well, it must be said that it is, for many, a rather painful part of the corporate world. Due to a potentially long list of reasons, a lot of otherwise extremely capable business people at all levels –from the junior sales- person all the way up to the CEO– simply don’t like it. I have had many colleagues and friends tell me over the years they are just not good negotiators, or “bargainers.” You probably hear that latter term used more often on the personal front, like when you are on vacation and you get to haggle with a vendor over the price of some souvenir– some- thing that many people simply dread. While it’s not quite the same thing as being seated opposite a potential client or vendor in an office setting, there are certainly some paral- lels. And studies will tell you this lack of comfort –or this extreme discomfort– comes in large part from a lack of preparedness. There are those who many would call “born negotiators,” but upon a closer look, what the majority of those so-called “born negotiators” possess is simply the gift of gab. That alone won’t actually help you too much when it comes down to the finer art of deal-making. What will, however, is the preparation. The true “born negotiator” is, in fact, the one who properly prepares for every encounter. So let’s start on that note while going into four other essentials that will help you find your negotiation comfort zone:

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february 2016 Entrepreneur 31 Neil Petch is the Chairman of Virtugroup. Petch founded Virtuzone in 2009 before launching Virtugroup, a holding company that has a wider mandate of supporting startups from establishment; to successful market entry; and all the way through to exit. Petch is also the Chairman of DIFC-regulated GMG, established in 2010 with offices in Dubai, UAE and London, U.K., providing brokerage services for commercial and investment banks globally. His most recent venture, PrimalMD, was launched in the health sector and focuses on helping doctors addressing the root cause of illness rather than simply treat- ing the symptoms. Having the “walk away” option is one way to ensure you don’t say yes under too much pressure. this is not to imply in any way that you should be too quick to call it quits. Negotiations will often be drawn out and require a lot of back and forth and will generally have a fair number of hurdles that need to be overcome. THE NEGOTIATION HANDBOOK FOR ENTREPRENEURS 1. Do your homework As the old saying goes –fail to prepare, prepare to fail– and this is definitely true at the negotiating table. I’m sure these particular words of advice will sound rather obvious, but we often forget that the reason something turned out to be easier than you thought it would be, or worked out in your favor, is because you prepared well for it. A quick diversion here to make a point: consider the art of public speaking. Again, those “born public speakers” are not actually those who have simply mastered the ba- sic tips and tricks, but those who prepare well for each speech or presentation. You cannot, after all, be a good public speaker by turning up and asking what you are supposed to talk about, then trying to smooth talk your way through it. Instead, you research the material that will go into your presentation, pull it together in the most logical and engag- ing manner, then practice it until you make it look like there is no better authority on the subject than you. In other words, you worked extremely hard to make it look easy. What does this mean for the negotiation process? Well it can be a number of things. And how you prepare depends on what side of the table you are sitting at (buyer or seller, for example), or what the negotiations are about. Whatever the scenario, you need to prepare accord- ingly. Find out everything you can about the person or persons you will be holding discussions with; get as many details as you can about the product or service you might be buying and talk to others who have purchased it to see how much they paid; find out what you can about the pain points the potential buyer of your product or service is looking to address; and so on. 2. There doesn’t have to be a winner and a loser A frequent mistake people make when it comes to ne- gotiating is to go in with the mindset that there has to be a winner and a loser– or that someone has to or will come out with a significant ad- vantage. The problem is that anyone going into a negotia- tion feeling they must win or come out on top is unlikely to compromise enough to seal a fair deal; and equally, anyone concerned about “losing” is going to naturally be on the defensive, and may end up passing on a very legitimate and fair offer. In his book, Negotiation Boot Camp: How to Resolve Conflict, Satisfy Customers, and Make Better Deals, Ed Brodow says that he enters every single negotiation look- ing for a “win-win” outcome. Go for what you want, he says, but be prepared to give away what the other party wants too. Barrow says that not only will deal success rates improve with this attitude, but the style is es- sential to a positive working relationship between both parties long after negotiations have finished. And this is a very important point, because the closing of the deal is often just the start of a very important working relation- ship or partnership, and you wouldn’t want that to begin with one party having hard feelings. 3. Know what you’re worth, and then know how to leverage it As the seller, this one starts by taking an honest look at what you are bringing to the table. If you are offering a product or service that is available elsewhere (which is pretty much always the case), then what is it that makes your package more attractive, and how exactly does a deal with you bring more value than a deal with one of your competitors? Only by know- ing this can you find and then subsequently exploit any le- verage over your competitors who are also negotiating with your prospect. As buyers, we are, most of the time, naturally skeptical, and we are all used to getting the same spiel from competing vendors. How are you truly different? Are you, in fact, any different? This one is very much based in reality. That is, if you are better than your competitors, you should be able to show that in the form of results, through case studies or client references– or with the strong reputation you enjoy in the market. If you are on par with your competitors in terms of offering, then it quickly becomes a price war, which is often not much of a help to anyone’s business. The point is this: knowing what you are worth may be a bit of a wakeup call for you. You may not like what you see. In which case, it is time to work on that product or service to improve it in order to give you that leverage next time. In other words, a good negotiator does actually have something of value to negotiate over, and no amount of smoke and mirrors will help cover up a mediocre offering. 4. Get the information you require Being a good negotiator is a lot like being a good detec- tive– you need to ask the right questions, and listen carefully to the answers for clues that will help solve your case. Or in this instance, help you close a deal with favorable terms. Call it “smart listen- ing,” but what it is about is uncovering what you need to hear. And maybe you won’t uncover it too easily, in which case you have to probe with more questions. That 70/30 listening rule is a great one (that is, listen 70% of the time and talk 30% of the time), but it means nothing if you are not getting the information you need. You have to be persistent and even dogged here. If the conversation is going in circles and you are not uncovering what you need to uncover, then you have to keep at it. Try different ap- proaches, ask different ques- tions, and if needed, get much more direct. You will never feel as though you are 100% informed. You simply cannot be. As a buyer, for example, it is only after you start using that product or service that you will see what the real value is. But it is your right and duty to get to a fairly comfortable place with respect to informed decision- making, and if that involves poking and prodding till the cows come home, so be it. >>>

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Entrepreneur february 2016 32 “A successful entrepreneur is by definition a successful negotiator.” Dr. Kerry Healey, Babson President PART 2 The academic’s angle Learning the tricks of the trade THE NEGOTIATION HANDBOOK FOR ENTREPRENEURS 5. Be prepared to walk away Somewhat leading off from the aforementioned point, do always be prepared to call quits on a negotiation. In fact, in your mind you should be more prepared to do this than find a deal. Too many things can go wrong with a purchase or a sale or a partnership, so without a satisfactory level of comfort, it is not worth it. Having the “walk away” op- tion is one way to ensure you don’t say yes under too much pressure. Now this is not to imply in any way that you should be too quick to call it quits. Ne- gotiations will often be drawn out and require a lot of back and forth and will generally have a fair number of hurdles that need to be overcome. Those win-win scenarios that bring the most long-term benefits are almost never quickly and easily decided. In fact, the bigger the deal and the greater or more impactful the long-term gains may be, the more there is to discuss through in advance. In short, the more there is to win or lose. Seeking a favorable outcome? There is no substitute for preparation There are great business lessons to be learned from reading about Houdini. He was known for making his escapes look so easy and effortless that people were sure that he was aided by some sort of magical power. The truth, however, is that his tricks were often incredibly grueling and required tremendous physical ability, and Houdini practiced and prepared until the execution was perfect. Negotiation is one of those things that the more prepared you are, the more confidence you have, and the greater the likelihood of a favorable outcome. So of all the tips presented here, I will stress that the first point is the one you need to keep in mind above all others. Each and every negotiation you go into will be different, so you want to exhaust yourself with preparation to make the discussions all that much easier. “Of the many public sector negotiations I have been involved with, the most complex and impactful was passing Massachusetts first- in-the-nation healthcare reform legislation when I served as Lieutenant Gover- nor with Governor Mitt Rom- ney,” says Babson President, Dr. Kerry Murphy Healy. “While healthcare reform was a broadly desired goal, there were significant differences in the approaches and priorities of the numerous negotiating parties, including the federal government, the state legis- lature, insurers, hospitals, doctors, and consumer ad- vocacy groups.” One doesn’t need to be well-versed with healthcare reform or with U.S. government policy and procedure to understand the exceeding difficulty of the situation Dr. Healy describes. The latter situation, one that occurred during her tenure as 70th Lieutenant Governor of Massachusetts from 2003 to 2007, proved successful not only for the state, but as a lasting hallmark of her career since it has since been adapt- ed as a model for other states, and “nationally in an effort to strike the delicate balance between extending coverage to all, while engaging private sector competition to contain costs to both the consumer and the government.” People who are successful in diplomacy while serving governmental appointments often carry those skills over to the private sector before and after careers in the public sector. The idea that many former statespeople later become sought-after private sector consultants is highly connected to the ability to reach advantageously- structured agreements, and if they’ve demonstrated prowess at the negotiation table. The skills required to navigate widely different interests and goals during ne- gotiation periods fraught with stressors, and the impact of a well-negotiated deal is an achievement in itself. FOUR QUICK STUDY TIPS ON NEGOTIATING AS A ‘TREP By Dr. Kerry Healey 1. KNOW YOUR ALTERNATIVE ROUTE, AND That of the other party “First, make sure to know your alternatives (what do you do if you walk away from a deal?), and know the other party’s alternatives. This type of assessment and data gath- ering is important to perform before you enter into a nego- tiation. This advice is often what negotiation professors will say is almost the only advice you really need for any negotiation.” 2. MAINTAIN YOUR DECORUM, BUT STAND YOUR GROUND “Second, never confuse being ‘nice’ with giving up economic value. Being nice – and striving to form positive relationships- does not mean you have to make monetary concessions. As our students are often reminded, some- times walking away from a deal is the best thing to do.” “Negotiating skills are incred- ibly important! We [at Babson] believe that a successful entrepreneur is by definition a successful negotiator in the broadest possible sense of the term. The most successful entrepreneurs have created products and services that en- gage the customer where they are and move them to a place that the visionary entrepreneur can see. The interplay between the im- mediate needs of the customer and the vision of the entre- preneur is in itself a type of negotiation. For example, Doug Rauch, former CEO of Trader Joe’s and CEO of Conscious Capitalism, describes launch- ing his newest venture, Daily Table, as an initially very tough negotiation between his tar- geted customers -hard-working people on a tight budget and no time to cook- and his vision of providing healthy, delicious, nutritious food to people with limited financial resources. Doug needed to hear that financial constraints were only part of the problem his busi- ness would need to address if his business model were to succeed. ‘Negotiating’ with his customers changed the details of his product; shifted his focus from selling low-cost groceries to adding affordable, healthy pre-prepared meals, while he held fast to his mission. It’s been a win-win outcome for Doug and the neighborhood!”

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february 2016 Entrepreneur 33 See this article in its entirety at Entrepreneur.com The Negotiation Book: Your Definitive Guide to Successful Negotiating by Steve Gates There is perhaps no more important skill in business than the art of negotiation. A good negotiator can sculpt favourable deals, advantageous employ- ment contracts, or even diffuse difficult situations using finely- honed skills. Steve Gates has released a second edition of his book, updated for a world that has changed in expectations but still wants the best bottom line for their dollar. He does this by explaining how negotiation is both an art and a science that when practiced correctly, can get the most out of a situation be it for a finite contract or an ongoing long-term partnership. Your Definitive Guide to Success- ful Negotiating uses the term “Complete Skilled Negotiator” instead of just “Successful Ne- gotiator” in referring to some- one who has both the abilities and the approach. Everyone can pick this book up as it will prove useful in both professional and personal situations- after all, we will all have to wrangle terms at some point. The recommended read Jim Camp is a negotiation coach with a global clientele and the creator and chief executive of Negotiator-Pro, a negotiation strategy and training platform. He is also CEO of The Camp Negotiation Institute and author of Start with No: The Negotiating Tools that the Pros Don’t Want You to Know. PART 3 The pro’s angle Adjusting your mindset to prevent negotiation fails By Jim Camp By Amal Chaaban THE NEGOTIATION HANDBOOK FOR ENTREPRENEURS 3. KNOW Where to draw the line “When I asked some current students this question, their response was unanimous: don’t compromise on liquid- ity- many young businesses fail due to inadequate cash to fund operations.” 4. EVALUATE YOUR APPROACH “Babson faculty teach that you do not have to be unpleasant to make your in- terests and positions clear in negotiations. To avoid a tense or tough situation, we teach that the best thing to do is to articulate what you want and why, and take a learning approach to understand why the other side may not want a specific aspect of deal. In these challenging situations, we recommend adopting a ‘just want to learn’ attitude rather than taking a ‘this is a fight’ approach.” The reality is most entrepre- neurs begin to think about negotiation (this includes the word “negotiation,” setting up a meeting, and the overall negotiation process) only when it’s time to be shown the cash. In other words, in the minds of just about every small business owner, a ne- gotiation is when the money talks. Nothing could be further from the truth, and I can’t imagine the millions of dollars entrepreneurs have lost, over the lifespan of their businesses, by defining negotiation in such a limited way. Negotiation is the effort to bring about agreement between two or more parties, with all parties having the right to veto. True, the topic of money is invariably involved in this process. But good negotiation includes other critical components that most entrepreneurs either ignore or are unaware of. Here’s what you’re probably doing wrong, and how to get it right. 1. You think that you’ve told the other side everything they need to know. Do the following statements sound familiar to you? I. “My product has organic ingredients.” II. “My services have a money-back guarantee.” III. “My customer support is available 24/7.” Sorry, but those are just facts. What you must do is provide your potential buyer with a vision. And I’m not talking benefits, which are often just repackaged facts. Here’s the sequence: after you describe the other person’s pain and dissatis- faction, you present a true picture of what his or her life will be like after using your products or services. In other words, address how what you’re selling will dramati- cally alter the potential cus- tomer’s problem. Then let the person take in the specifics of the new peace of mind they will enjoy by doing business with you. 2. You fail to connect the vision with your fee. If you know your potential client’s pain (which could be as simple as, say, their current supplier’s inability to meet the delivery target dates) and you’ve rendered a vision of that pain back to them and explained how you can take that pain away, then it’s time to align your prom- ise with a cost. Many entrepreneurs regard their good or service as merely another product the prospective buyer will stock, or a service to replace the one currently in use. However, if what you’re offering is unique, then you’re present- ing to the other side not an interchangeable offering but an opportunity tied to the better vision you have just painted for the buyer. Such opportunities often come with higher price tags, which you had better be prepared to defend. 3. You fail to realize that every moment with a potential client is a negotiation. This goes back to my original observation that most en- trepreneurs identify a very narrow window as the time frame in which to discuss money. However, if the only time to seal the deal is when you’re “negotiating,” then what are you accomplishing when you network or partici- pate in tradeshows? If you’re saving negotiating for some future date, then are you simply handing out business cards? Every moment you spend with someone you might do business with -which means just about anyone you meet anywhere, at any time- is a chance to create a vision for them. If you’re certain that you would display a warm, nurturing and calm demeanor during a formal negotiation, then convey the same traits at a busy industry event and see how you can make the other person realize you can help them achieve their goals. Every interaction with a potential client is a negotia- tion. No tables or conference rooms required.

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JOIN THE DIGITAL GAMING INNOVATION LEADERS MENA Games Conference Sho Sato Chief Analyst Media Create Japan Jason Della Rocca Founder Execution Labs Canada Brie Code Former Lead Programmer Ubisoft Montreal Amir-Esmaeil Bozorgzadeh Cofounder Gameguise Dubai Magy Seif El-Nasr Northeastern University United States Teut Weidemann Consultant Online Entertainment Germany Fawzi Mesmar Studio Game Design Director King (Activision Blizzard) Germany Tom Crago CEO & Owner Tantalus Australia A GLIMPSE OF THE INDUSTRY LEADERS SPEAKING AT THE MEGA 2016 7 - 8 APRIL 2016 The Middle East & North Africa Region Games Conference Register Now Online @ www.menagames.com MAR MIKHAEL HISTORICAL TRAIN STATION, BEIRUT – LEBANON ORGANIZER BY BUSINESS COMMUNITY PARTNER MEDIA PARTNERS CONFERENCE PARTNERS OFFICIAL PARTNERS INDY COMPETITION PARTNER GAME COMPETITION PARTNER LANYARD SPONSOR SUPPORTING PARTNERS

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february 2016 Entrepreneur 35 in pictures Coming together The Sharakah Forum in Oman brought together the media and SME sectors to discuss collaboration and growth for the Sultanate’s entrepreneurial ecosystem Ghassan Talhouk, Head of MENA Growth Markets, LinkedIn Hani Al Zubair, Chairman, Sharakah Dr. Hadil Al Moosa, PhD researcher and Oman TV anchor Abdullah Al Jufaili, General Manager, Sharakah Entrepreneur Middle East Managing Editor Aby Sam Thomas M ore than 200 people came together at the first installment of the Sharakah Forum in Oman, which was held at the Shangri-La Barr Al Jissah Resort & Spa on December 15, 2015. The event, which was staged under the patronage of Oman’s Minister of Informa- tion H.E. Dr. Abdul Munim bin Mansour Al-Hasani, was inaugurated in the presence of Sharakah Chairman and Board Member Hani Al Zubair, and saw attendees from a variety of backgrounds- these included entrepreneurs, SMEs, govern- ment officials, academics, students and more. With the theme of the event being The Role of Media in Supporting SME Development, the forum featured speakers hailing from print, digital and broadcast media backgrounds, all of whom relayed their insights on how entrepreneurs can make best use of the various platforms available to them. Speakers at the event included the Hon. Hatim Al Taie, Oman State Council Member and Editor-in-Chief of Al Roya Publishing, Ghassan Talhouk, Head of MENA Growth Markets, LinkedIn, Turki Al Balooshi, founder, Al Balad Online Newspaper, and Aby Sam Thomas, Managing Editor, Entrepreneur Middle East. forum.sharakah.om

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Entrepreneur february 2016 36 Total Algeria Bahrain Egypt Jordan Kuwait Lebanon Morocco Oman Qatar Saudi Arabia Syria Tunisia UAE Base: 5,249 429 64 1,457 346 156 152 348 89 158 1,048 26 195 781 Personal fulfillment 54 34 45 60 57 48 50 56 55 51 58 54 48 52 Freedom to choose work - life balance 40 42 39 35 43 40 34 40 45 43 42 46 43 46 Higher monetary gains 36 30 42 37 42 37 36 24 31 28 43 54 33 34 Be my own boss 35 36 42 27 38 42 39 32 38 45 37 35 45 41 Ability to give back to the community 32 33 28 28 35 28 25 43 45 37 34 38 36 31 Freedom to choose what to work on 30 27 33 25 32 36 28 28 33 34 34 38 28 36 Build business children can inherit 30 18 30 34 33 29 26 20 26 30 37 35 18 28 Sense of pride 23 18 20 19 26 24 20 23 34 21 28 15 21 25 Freedom to choose whom to work with 19 16 19 16 22 23 18 19 13 23 21 19 16 22 Avoid uncertainties associated with employment 12 9 13 9 13 14 13 8 16 19 11 15 6 17 Family members are self - employed 3 3 2 3 3 4 7 2 4 3 3 - 3 5 charts © bayt.com A ccording to the Entrepreneurship in the Middle East sur- vey, November 2015, 64% of working-age respondents in MENA region would rather have their own business than be employed. Yes, you’ve read that right. 64% of people in MENA, aged 18 and above, would prefer to be entrepreneurs according to the survey we executed on Bayt.com. Six of every 10! Self-employment has acquired much significance in recent years and in light of the political and economic turbulence in the region, lack of jobs, oil price fluctuations, and a growing desire for independence among the youth population, it is nothing but a logical by-product of these circumstances and a (very) plausible solution to the problem of youth unemployment in the MENA. Numbers don’t lie The Middle East is officially crazy about self-employment > Reasons for preferring to be self-employed, by country By Suhail Al-Masri In the MENA, both private and public sector employees think of starting their own business. In fact, 62% of all employees are currently thinking of starting their own business, while 20% have tried in the past but cite they have failed or could not do so for different reasons. Only 11% of the workforce in the MENA region have never thought of starting their own business. TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO Indeed, in a region where about a third of the youth population are unemployed (the highest youth unemployment rate in the world), the formula is quite simple: to build jobs, encourage entrepreneurship. To encourage entrepreneurship, reform the regulatory framework and step out of the way. The facts: Middle East millennials want to be entrepreneurs Our research has shown over and over again that young people in the region are becoming more interested in running their own business than being employed. And unlike their parents and grandparents, for many millennials climbing the corporate ladders isn’t a

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february 2016 Entrepreneur 37 7 14 5 5 5 12 7 3 22 3 26 32 25 26 37 13 23 11 23 25 34 21 21 19 31 19 31 20 20 25 24 35 14 36 10 12 9 11 10 16 3 18 5 6 6 4 2 14 Algiers Manama Alexandria Cairo Amman Kuwait City Beirut Casablanca Don't Know Bad Poor Average Good Excellent 8 16 7 11 4 19 13 14 14 12 17 16 30 7 4 7 16 20 15 16 25 5 7 10 29 23 30 24 27 28 24 32 24 21 17 21 11 30 35 25 9 8 14 12 3 12 17 11 Muscat Doha Jeddah Riyadh Tunis Abu Dhabi Dubai Sharjah starting up a new business All figures are %’s > ease of starting up a new business GCC Levant North Africa KSA UAE Qatar Lebanon Jordan Egypt Algeria Base: All respondents 237 155 34 34 153 202 76 Yes, with a different major 36 28 15 44 29 28 25 Yes, from a different school 15 18 29 6 10 11 12 Yes, both different major and different school 12 19 29 15 14 23 14 No 37 34 26 35 46 39 49 All figures are %’s > possibilities of a better job with a different major / school The top three difficulties cited by those who have started their own business include the unavailability of financing (65%); economic instability in their country (28%); strict governmental rules and regulations (28%); and a perceived need for personal connections or ‘wasta’ (28%). According to the Top Cities in the Middle East survey, October 2015, Dubai ranks as the top city for starting a business, followed closely by Abu Dhabi. The craze of self-employment has just begun and is expected to soon fuel the next generation of jobs in the MENA region. Entrepreneurship has a ripple effect on societies: it leads not only to new jobs, but also to better services and an improvement in the standard of living, giving individuals a greater stake in the future. goal they are struggling to attain; in fact, eight in 10 fresh graduates in the MENA might be turning their backs on the traditional career path soon and instead become owners and runners of their own business, as revealed in the Fresh Graduates in the Middle East survey, July 2015. Young people today want to be independent, build their own futures and have a fair chance to compete. As a matter of fact, the Millennials in the Middle East survey, February 2014, has shown that financial stability and independence is the top priority for 78% of millennials in the MENA. The same survey has also revealed that 66% of them want to learn and explore new things, while 57% would like to spend more time with their families. Alternatively, when it comes to the biggest causes of stress, almost half (47%) of millennials in the region consider the lack of work-life balance to be a main cause of stress. Moreover, 30% mentioned long work hours at the office was the cause of their stress, while 25% said that heavy workloads affected their well-being. Currently, a third of MENA respondents (33%) who are self-employed are at the startup stage of their business; 22% said they have an established business that is performing well, while 23% have an established but underperforming business. When it comes to reasons for being self-employed, 54% of respondents in the Entrepreneurship in the Middle East survey say they do it for personal fulfillment; 40% believe it affords them the freedom to determine their work-life balance; and 36% do it because they believe it brings about higher monetary gains. The best cities for entrepre- neurship in the Middle East SMEs are a pivotal force for any flour- ishing economy and are considered one of the main drivers for innovation and employment generation in a country, and according to the Entrepreneurship in the Middle East survey, 83% of MENA respondents personally know at least one entrepreneur in their country of resi- dence; 97% of whom are believed to have been successful. In the MENA, both private and public sector employees think of starting their own business. In fact, 62% of all employees are currently thinking of >>>

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Suhail Al-Masri is the VP of Sales at Bayt.com. Al-Masri has more than 20 years of experience in sales leadership, consultative sales, account manage- ment, marketing management, and operations management. His mission at Bayt.com goes in line with the company’s mission to empower people with the tools and knowledge to build their lifestyles of choice. er Growth 6 3 4 4 4 3 1 7 25 3 21 27 27 21 31 15 28 21 30 31 30 22 39 22 30 40 25 23 26 34 18 34 7 25 16 11 10 18 8 16 3 8 4 4 3 3 3 7 Algiers Manama Alexandria Cairo Amman Kuwait City Beirut Casablanca 2 5 1 2 5 4 2 4 9 7 11 13 32 4 4 5 18 15 21 18 28 11 13 12 35 36 29 26 28 37 28 42 25 23 25 29 5 32 40 21 11 15 13 12 2 12 14 17 Muscat Doha Jeddah Riyadh Tunis Abu Dhabi Dubai Sharjah Don't Know Bad Poor Average Good Excellent All figures are %’s Young people today want to be independent, build their own futures and have a fair chance to compete. As a matter of fact, the Millennials in the Middle East survey, February 2014, has shown that financial stability and independence is the top priority for 78% of millennials in the MENA. The same survey has also revealed that 66% of them want to learn and explore new things, while 57% would like to spend more time with their families. SMEs are a pivotal force for any flourishing economy and are considered one of the main drivers for innovation and employment generation in a country, and according to the Entrepreneurship in the Middle East survey, 83% of MENA respondents personally know at least one entrepreneur in their country of residence; 97% of whom are believed to have been successful. When it comes to reasons for being self-employed, 54% of respondents in the Entrepreneurship in the Middle East survey say they do it for personal fulfillment; 40% believe it affords them the freedom to determine their work-life balance; and 36% do it because they believe it brings about higher monetary gains. > career growth TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO starting their own business, while 20% have tried in the past but cite they have failed or could not do so for different reasons. Only 11% of the workforce in the MENA region have never thought of starting their own business. Perceptions vis-à-vis ease of starting up a business vary, with 13% of respondents indicating they believe that setting up their own business is somewhat easy or even extremely easy, while more than half (56%) of MENA respondents believe that entrepreneurship in the MENA is somewhat difficult or very difficult. The top three difficulties cited by those who have started their own business include the unavailability of financing (65%); economic instability in their country (28%); strict governmental rules and regulations (28%); and a perceived need for personal connections or ‘wasta’ (28%). According to the Top Cities in the Middle East survey, October 2015, Dubai ranks as the top city for starting a business, followed closely by Abu Dhabi. In fact, Dubai ranked either good or excellent among respondents on the following factors: the ease of starting a new business (52%), lack of bureaucracy in procedures and paperwork (52%), ease of finding finances to start a business (50%), market willingness to accept new ideas and innovations (68%), market saturation (55%), the ability to find local talent to employ (52%), and the affordability of taxes and fees (48%). Other cities such as Manama, Sharjah, Muscat and Doha, also emerged in the top cities that scored extremely well on the entrepreneurship factors used in the Top Cities in the Middle East survey. What’s next? The craze of self-employment has just begun and is expected to soon fuel the next generation of jobs in the MENA region. Entrepreneurship has a ripple effect on societies: it leads not only to new jobs, but also to better services and an improvement in the standard of living, giving individuals a greater stake in the future. Fortunately, more and more people in the MENA are looking at entrepreneurship options. Despite the challenges, our research indicates that entrepreneurship has become more popular than ever before. Encouraging entrepreneurship should be every country’s focus across the region, as it bolsters the economy and drives innovation. While young people in the MENA are keen to start their own business, financing is still a key hindrance that business owners face. This may suggest that the region needs more investors to step in and help aspiring entrepreneurs through funds, business mentorship, lobbying for less bureaucratic hurdles, micro-financing, and promoting the spirit of entrepreneurship, among other solutions to turn the startup dream into a reality.

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Entrepreneur february 2016 40 TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO 2016 heralds the new era of content marketing www.youtube.com Let your communication be a reflection of your voice and those within your business. The adage, ‘people buy from people,’ still rings true, and nothing is more effective than watching real people with real stories. I n the ever-changing fast-paced world of digital, social and mobile communications, complete with 24-hour news cycles and Facebook, Twitter, Snapchat et al reinventing the publishing model, we will see video communications for brands and services become mission critical as newsfeeds become overcrowded and result in reduced engagement over time. This, combined with ad blocking in various forms, means that businesses need to focus on quality content, and services with “fewer, bigger, better” video-first ads that offer a powerful combination of superior audi- ence targeting, engaging creative, and user interaction. Shows like CES this year have changed the game plan again, launching new technologies and new platforms like Peach, which means that entrepreneurs can be left scratching their heads, wondering what this is all about, and how they can best catch up. If you haven’t heard already, video is the single biggest content format that all businesses need to get familiar with in 2016. Image still from Red Bull’s Kaleidoscope video on YouTube How to make your business messaging effective in the age of video By Ema Linaker Video has become popular with people because it’s easy to consume. It’s an engaging and easily digestible format that comes in all shapes and sizes. 2015 by itself was a busy year in video marketing: in July, YouTube announced that 400 hours of video were being uploaded to the site every minute, and in November, Facebook announced that they are generating eight billion video views per day. According to Tubular Labs, 654.7 million videos have been uploaded by 66.7 million creators in the last year to more than 30 video platforms. And these videos have 2.8 trillion views, or an average of 4,390 views per video. But that’s old news. What does the future of video marketing look like? And how should you understand what’s best to deliver effective video marketing on your corporate websites, social platforms, and online ads? Video consumption in MENA What’s driving increasing consumption here in the Middle East is the fact that you can easily watch video on the go on mobile platforms like YouTube, Facebook, Snapchat and Instagram, and in a mobile-first market, this is very important for businesses to understand. According to IPSOS MENA’s 2015 Digital Audiences in MENA report, video features in the top four

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february 2016 Entrepreneur 41 Livestreaming Driven mainly by the ‘raw’ social platforms like Periscope, we are seeing some fascinating innovation from brands on product launches, interactive experiences and events using this format. Doritos launched a new product called “Roulette” chips on Periscope and drove engagement across Twitter and Vine. 360-DEGREE VIDEO 360-degree video gives your customers the best immersive experience they can have without being there. For a great example of how powerful this can be, check out the wonderful Google/ Jumeirah Inside partnership that produced the immersive Burj Al Arab experience. Short-form Short-form videos are pretty simple in their premise- these can be of six seconds or longer. But this form of storytelling requires as much planning as a three- minute video, if they are to be compelling. Check out Intel’s Vine platform for a masterclass in short-form video storytelling. Vloggers If you’re looking for partners to work with on quality video content creation, check out Disney’s Makers Studio local to you. They have access to some of the best local and international talent who understand the medium and the audiences they’re trying to reach. User generated content (UGC) Users are now making and sharing video. Savvy brands are harnessing this behavior and ‘raw’ talent to help shape their own brand stories. Burberry’s Art of the Trench is a wonderful example of this. Key video formats you should know 360-degree video and shooting in 4K might sound scary, but there are plenty of really fantastic agencies (like ours) that can create this type of video content for you, if you feel your story warrants the investment. Video storytelling over time requires thought, plan- ning, management, creation, production, deployment, analysis of what is resonat- ing, amplification through smart media activation, and fan/influencer programs. It sounds daunting, but the rewards can be huge. Kevin Hart’s Training: Inner Strength video Jumeirah Inside | 360 Degrees of Luxury video in collaboration with Google activities in KSA and UAE on desktop and mobile. YouTube clocked in the top three favorite websites to use on either your phone or at home to consume video content in both markets. We are also seeing a huge shift from TV viewing to online viewing, and from broadcast viewing to digital viewing. Channels like Netflix, ICFlix and StarzPlay will only continue to grow in the region as Smart TVs grow, and people’s habits change to become more dependent on their online platforms. However, what is surprising is that there is such a small pool of ‘creators’ for this format. Video marketing in MENA is still in its infancy in the region, when we compare it to developed markets like the U.S. and Europe. Despite the huge popularity of digital viewing platforms like You- Tube here in the region, there has been very little investment of time and effort in building video content. We tend to see the same handful of vloggers in the Middle East, and not all of them are producing quality content. So, I predict that this year, like Netflix, we will find a lot of filmmakers and directors shifting their business models from the typical big budget productions and cinema to an increased focus on film- making and then streaming via online channels. This, of course, will help support and grow the premium content side in the Middle East, which is vital. For me, this provides brands and companies with a huge opportunity. We know that people want to consumer digital entertainment whether that’s music, content about people, or blogs through this medium. The demand is massive on mobile video for brands to deliver entertain- ment through this channel. 10 key learnings to deliver effective video marketing for your business Online video has become the new opportunity for brands to really provide them with what they’re looking for– be it entertainment, information or utility, this medium is changing the way we engage with customers and drive business results. There are a few ways that I believe >>>

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Entrepreneur february 2016 42 TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO www.youtube.com What’s driving increasing consumption here in the Middle East is the fact that you can easily watch video on the go on mobile platforms like YouTube, Facebook, Snapchat and Instagram, and in a mobile-first market, this is very important for businesses to understand. Red Bull’s Kaleidoscope video companies, whether large or small, can become really smart video producers. It doesn’t necessarily require huge production budgets (although that is a nice to have). 1. Plan video as part of overall communications In the new era of video- first where you can produce 360-degree immersive video for your restaurant or hotel, it is important to get the basics right, and that means you need to start with a plan and a plan to invest both time, effort and some money into this highly effective way to sell. Video storytelling over time requires thought, planning, management, creation, pro- duction, deployment, analysis of what is resonating, ampli- fication through smart media activation, and fan/influencer programs. It sounds daunting, but the rewards can be huge. Find out what you want your video stories to do for your business, and then you can plan more efficiently. Already in 2016, we can see a depar- ture from the normal strategy of including a non-sports star in fitness/health messaging campaigns. The release of Kevin Hart’s Training: Inner Strength video is really im- pressive, and his attitude and his drive are very inspiring. 2. Be social Rest assured, if you aren’t maintaining a strong online social presence, it’s likely that your competitor is. Find the websites and social networks your audience hangs out, and dedicate some time (yourself or somebody else) to developing a voice in that arena. You don’t need to be everywhere; you just need to be somewhere relevant. Choose which social networks you plan to utilize, and then create a library of great content that genuinely engages with those that matter most. The BBC has taken this one step further by developing a mobile app that analyzes music listening habits, and asks questions about users’ personalities. Paired with age and gender info, the resulting personal profile automatically tailors the short film to the perceived preferences of the viewer. For example, the action may be dif- ferent in some scenes, one character may get more screen time than another, and certain scenes may be cut altogether. Storyline and direction aside, the whole appearance of a shot can be altered with different color grading, and the film’s score takes cues from your music tastes. I know this might sound a bit in the realm of Star Trek, but the principle for you and your business remain the same– try and make sure you spend enough time getting to know your customer well enough to tailor the content and the platform you choose to their habits and behaviors. 3. Have a GIGGLE- ENTERTAIN people! Why is Netflix one of the most successful new brands of our time? Because it delivers entertaining content to us when we want it, how we want it, ad free! If you apply a similar approach to your

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february 2016 Entrepreneur 43 Ema Linaker is the Director of Digital Middle East at Edelman. She is a digital native who has been working integrated communications for leading brands and agencies for over 20 years. She has worked at Google, Nuance, Ogilvy & Mather, and prior to her current role at Edelman, she used to head up Leo Burnett’s team of social, mobile and digital experts, working on multinational brands like McDonalds, Samsung and P&G. According to IPSOS MENA’s 2015 Digital Audiences in MENA report, video features in the top four activities in KSA and UAE on desktop and mobile. YouTube clocked in the top three favorite websites to use on either your phone or at home to consume video content in both markets. Emirates Benfica Safety Video campain video content creation in that you want to entertain, inform, delight or excite your viewers you won’t go wrong. If you want some inspiration, then the Emirates Benfica Safety Video campaign is a great example of how to make people laugh. 4. Tutorials Another way to get your customer’s attention is by posting tutorials. Tutorials help viewers by offering them valuable information, and those who have benefited from them will more likely check your brand again. Over time, it creates trust and helps establish you as an expert in the industry. The secret to keep your audience engaged? Make them wonder what happens at the end of the video. Look no further than the queen of tutorials in the UAE, Huda Kattan, for an exemplary showcase of how you can turn how-to’s into a multimillion dollar business. 5. Optimize your video for search Don’t let your hard work go to waste. You can make the most out of your video marketing campaign by optimizing your content for search. Just like plain text, video can be optimized for search engines. In fact, search engines favor video content over written content. The best way to impact your search ranking using video marketing is to use transcriptions. You can unlock content in videos by making it available to search engines using indexing and including transcriptions in the HTML of the pages where the videos are on. A well-optimized video will get people into your channel and deliver traffic. 6. Explore app marketing with videos There has been a seismic shift in the way users utilize mobile apps. Whether it’s music, games or entertainment, people are spending more time consuming content on apps, driving superior engagement and value for businesses. Get the best of both worlds by utilizing video to allow your audience to get a glimpse of what your app is about. 7. Experiment with new technology 360-degree video and shooting in 4K might sound scary, but there are plenty of really fantastic agencies (like ours) that can create this type of video content for you, if you feel your story warrants the investment. For some inspiration from the masters of video storytelling, I would strongly recommend you take a look at Red Bull’s Kaleidoscope. It is literally the best piece of film work I have seen in over five years. 8. Be authentic to your core business values Let your communication be a reflection of your voice and those within your business. The adage, ‘people buy from people,’ still rings true, and nothing is more effective than watching real people with real stories. Develop a content library that helps clients understand your business, how you operate, what you believe in, and meets the people that make up your team. 9. Budget Remember to budget properly. Just because it’s online doesn’t mean it’s cheaper, or that you can get away with a bad job under UGC. On the contrary, you should, wherever possible, make significant investment in quality production to explore innovative methods in video creation such as 360, VR, interactive video. 10. Key marketing prin- ciples remain in place Finally, video marketing is still marketing- the princi- ples remain the same. Create great ideas, which will make people either like, comment or share– if they don’t, then they won’t be successful. Start with listening, understanding, plan- ning; develop a list of what you want to say, decide how best to say it (what format you can produce and whether the story makes sense in that format) and finally develop a strategy of how you intend on getting it out there, then ask your communications team or PR agency to support you. They’re the masters at story- telling regardless of platform, and can probably help you and your business get started on this front.

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Entrepreneur february 2016 44 TECH SHINY | WEBSITE TO WATCH | GEEK | MOBILE TECH | ONLINE ‘TREP | THE FIX W hile e-commerce startups offer some advantages to shoppers with cheaper prices, product variety and the convenience of shopping from home, it can arguably lag behind established offline stores and big box retailers in branding, personalized assistance and customer service, the ability to instantly get the product that was bought, and a showroom that enables the shopper to try out the product before buying the same. However, e-commerce startups can bridge these gaps and sharpen their value propositions by focusing on five key areas of online reputation, delivery and logistics, warranty and returns, customer service support and shopping experience. This article discusses the online shoppers’ “concerns” in each of these areas, the offline commerce advantage, and the practical ways e-commerce startups can give themselves an edge and attract offline shoppers their way. Attracting offline shoppers to your e-commerce startup By Haneen Dabain have a hotline available for client queries and be available through email, online chat, and other support channels. Always be available- if you are easily accessible, then you become almost like a physical store. 1. BUILD YOUR ONLINE REPUTATION Big box retailers have worked for years to establish a brand that is well trusted by consumers. While online e-commerce companies probably have also done the same, the chances are that online shoppers will not recognize the names of most of the online stores for a period of time until they actually try them out. While building trust takes time and cannot be rushed, online stores should focus from day one on building their online brand reputation through social media chan- nels and providing excellent customer service to build a good reputation and generate repeat purchases. Here are a few things that you can start doing today: Start building your brand reputation online. Establish a social media presence on Facebook, Twitter, LinkedIn, Pinterest and other platforms. Customers need to be able to easily get information about your store and connect with you when needed.

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february 2016 Entrepreneur 45 Make it easy for customers to contact you. Implement an online chat system where shoppers can get answers for any questions regarding a product or your store policies. Shoppers should be easily able to browse through your site and complete purchases on their smart- phones. The design should fit their phone screen, and navigation elements and buttons should be of the adequate size. >>> Diligently reply to public social media inquiries, be it on your Facebook page, Google reviews, or on Twitter- this shows you are active on social media and cater to your customer support requests. Encourage your customers to write reviews for your store on marketplaces and Google reviews. Show a physical address for your company clearly on the site. Have a physical address and contact details of the company clearly mentioned on the website. This way, customers can rest assured that you are a licensed company with a local presence. List your store with other established online marketplaces. This helps you in getting store reviews and building your reputation, while still building your online brand through your own website. Offer cash on delivery (COD). Many people argue whether COD is serving or actually hurting e-commerce in MENA. The reality is that e-commerce is still nascent in this region, and there are still many areas of improvement in getting the right product on time to the customer. For this reason, shoppers prefer COD as it’s a safer option and provides an easier way to cancel the order in case it is delayed by the store, or the product turned out to be out of stock, without worrying about the refunds process. Give your customers some time to build trust and offer them their preferred payment method. Once trust is built, customers won’t have an issue with online payments. 2. ENHANCE LOGISTICS AND DELIVERY Brick and mortar stores have instant gratification advantage, as you buy the product and leave the store with it. For online shop- ping, buyers are concerned whether the item will be delivered on time, and they hate having to wait for long periods of time. They also expect to be updated and assured throughout the delivery process. Online stores can address this by optimizing the logistics and delivery component of their business. While this is easier said than done, there are some areas you can start with today that do not re- quire a sophisticated supply chain setup: Keep your customers updated about their orders. Always provide updates about the order status. If a customer makes an order and they don’t hear from you, they will keep wondering whether the order was received or not. Tracking doesn’t have to be sophisticated. An email that confirms receiving the order, having the product in stock, and out for delivery is enough to ease your customer’s mind. Focus on proper stock management. Always update your stock properly to avoid unfulfilled orders. In a physical store, the product is right there and it’s available, and this should be the same case for online retailers as well. It will be hard for a disappointed customer to try you again once they find out that there is a 50-50 chance the item they want is actually in stock. Make fast delivery options available. Even if this means extra fees, it gives shoppers an option to have their orders delivered faster, and also helps your store attract them away from physical stores. You can offer two delivery options with different charges, and leave the choice to the buyer. 3. OFFER CLEAR WARRANTY AND RETURN POLICIES One of the major concerns of online shoppers is whether they can return the product in case they changed their mind, or have it fixed quick- ly in case there was an issue with it. Offline stores some- times differentiate their offerings by giving extended warranties and generous return policies to attract buyers. Online stores need to adopt a similar approach to bridge this particular gap. While this comes at a cost, there are some key guide- lines your startup should implement that can have almost no additional costs: Provide clear and easy to read policies. Avoid saying “this is handled on a case by case basis.” Have a clear policy and commit to it. If warranty varies per product, highlight it clearly on the product page. As a best practice, key warranty and return information should be clearly highlighted on the product page next to the buy button, and not within a separate FAQ page. This also increases conversions, especially if the warranty or return terms are generous. Avoid unnecessary delays in the return, repair or refund process. With physical stores, customers can visit them anytime to return a product. For online stores to match that service, you’d need to be fast in handling returns, otherwise the customer will always prefer to shop offline. 4. Provide excellent customer support Most offline stores try to differentiate themselves over online by offering personalized assistance and better customer support. If you buy from the mall and you face any issue with your product, you can drive there and discuss the problem face-to-face with the cus- tomer support staff. Online stores cannot offer that level of personal support. For this reason, shoppers might be wary about buying online- they don’t want to have to

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Entrepreneur february 2016 46 e-commerce is still nascent in this region, and there are still many areas of improvement in getting the right product on time to the customer. For this reason, shoppers prefer COD as it’s a safer option and pro- vides an easier way to cancel the order in case it is delayed by the store. Task FZCO, the official distributor of Xiaomi in the MENA region, has launched four new smartphones. In the UAE, the company has partnered exclusively with Etisalat to bring Xiaomi’s devices to the market. At a launch event in Dubai, the Redmi 2 Pro, Redmi Note 2, Mi4i, and Mi Note were introduced by the brand. The lineup includes trendy fea- tures like proprietary selfie software, and infrared re- mote control technology. All of the smartphones are 4G, and come nicely equipped with dual SIM-card support. The hardware features lead- ing edge components from mainstay suppliers including Qualcomm, Mediatek, Sharp, Sony, Samsung, JDI, Pa- nasonic, and Toshiba. Task FZCO is set to launch Xiaomi devices in Saudi Arabia next with rollout across the re- gion in the coming months. -By Tamara Clarke TECH SHINY | WEBSITE TO WATCH | GEEK | MOBILE TECH | ONLINE ‘TREP | THE FIX Xiaomi smartphones launch in Dubai | MOBILE TECH | Haneen Dabain is the founder of pricena.com, the leading price comparison website in the Middle East. In two years, Pricena has grown to serve one million monthly visits, comparing prices of more than one million products from 150 online stores in UAE, Kuwait, Saudi Arabia, and Egypt. In 2015, Pricena was awarded the accolade of Online Startup of the Year at Entrepreneur Middle East’s Enterprise Agility Awards. Prior to launching Pricena, Dabain worked in web development and management of digital projects. Xiaomi Redmi Note Xiaomi Redmi 2 Pro call and follow up if they face any issue. To bridge this gap, you can start with: Be diligent in answering customer service requests. Have a hotline available for client queries and be available through email, online chat, and other support channels. Always be available- if you are easily accessible, then you become almost like a physical store. If customers cannot call you, or have to wait to get in touch with you for a long time, then you might lose their trust, which does not bode well for repeat visits. Train your customer service staff on how to handle every scenario. Avoid saying, “We’ll call you back.” Try to address the issue on the spot. In exceptional cases where you need to check on something, do call the customer back on time. Nothing upsets the customer and ruins the trust more than not receiving the call back! 5. Optimize your site for a great shopping experience Brick and mortar stores give shoppers the ability to ex- perience the product, learn about it from the customer service staff and get per- sonal assistance in choosing the right product from a large variety of offerings. While online stores cannot offer this level of personal- ized service, there are a few guidelines that can help in bridging the gap: Opt for a modern and attractive design. Avoid the 1995 web 1.0 look and feel! More importantly, the site should be fast enough to provide a smooth experience. Optimize your site for mobile. Shoppers should be easily able to browse through your site and complete purchases on their smartphones. The design should fit their phone screen, and navigation elements and buttons should be of the adequate size. Showcase all the requisite information. Provide full product specifications, high quality pictures and product reviews to give shoppers as much information as possible about the product and thus help them decide if this is the exact product they are looking for. Make it easy for customers to contact you. Implement an online chat system where shoppers can get answers for any questions regarding a product or your store policies. Finally, remember to always think from a customer perspective, and address all of their concerns. Stiff competition leaves no room for a sub-par customer experience. Addressing the above areas will enable your e-commerce startup to address the gaps and ef- fectively compete with the offline stores- bridge those gaps, and they will come!

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HACKATHON WOMEN IN STEM S M A R T C I T I E S F O R W O M E N Are you a developer, an innovator, a geek? Then join us at the All Women Hackathon for exciting incubation opportunities! For more information and to register visit http://hackathon.womeninstem.com/dubai2016/ February 19 - 20, 2016 Astrolabs, Dubai

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february 2016 Entrepreneur 49 CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS Shyaire Ganglani is a true digital native in the field of consultancy with a keen interest in all things technology-related. Fascinated with the power of digital and social marketing, she is currently a Social Strategist at Social@Ogilvy. Having previously worked with recognized brands to connect with their target audiences via community management, creative copy writing, campaign management, and visualizing key social and mobile apps, Ganglani now works with key government clients in Dubai and Abu Dhabi and global technology clients to create brand strategies and adventures. www.shyaireganglani.com By Shyaire Ganglani Ten things not to say to digital professionals “So is this social media thing like a real job now?!?” we’re usually logged into a Facebook account linked to our company/cli- ent or Facebook Business Manager. Same for Twitter and same for Instagram. So when we haven’t heard of the new PSY video or what 5/7 ratings mean, it shouldn’t come as that much of a surprise. february 2016 Entrepreneur 49 W hether you’re seated across the table from a client, a colleague in a different department, or even family and friends, the inevitable perception of having a career in digi is that you’re automatically their very own personal Facebook guru. You’re also the go-to person in the group for every Instagram/Snapchat related concern. When corporate talk is being tossed around the table, you’re looked at strangely for contributing your opinion because you “sit on Facebook all day and call it a job.” So, on behalf of social media professionals everywhere, I’d like to share a few truths. Here are the top 10 things that we hear often (and that you should never say): 1. “So do you get paid to sit on Facebook all day?” Just no. Why? Do engineers get paid to play arts and crafts? Do surgeons get paid to play Operation? Do not belittle somebody’s job. 2. “How do I get more followers on my personal Instagram?” This may come as a surprise to you, but major global brands don’t pay us to get their CEOs more followers on pictures of their kids and cat memes. 3. “So is this social media thing like a real job now?” Let’s see. Line manager- check. Contract- check. Salary- check. Yup, seems like a real job to me. 4. “I could do social media. I spend two hours a night on Facebook and 9gag.” I dare you to try dealing with trolls for a day. Then come up with a response protocol and crisis strategy. Get it approved. Implement it. Go on. I dare you. Heck, let’s just take a quick gander at Facebook’s Power Editor dashboard. 5. “So you’re into social media, right?” Please don’t ask me to do something for you or end this short exchange with, “Could I pick your brain for a few minutes?” 6. “Your job must be so much fun. I actually have to work all day.” I wasn’t aware that developing proposals, strategies, client servicing, team-building, and more doesn’t qualify as actual work. Enlighten me, corporate Zeus of all universes. What does “working” entail? 7. “How do you not have the new Snapchat [or any other currently trending platform] update? Don’t you work in social media?” Yes. And when you work in auditing, do you have every update and app that functions like Excel? No? That’s treachery! 8. “What do you mean you haven’t seen [insert YouTube viral video name here]? Don’t you sit on the Internet all day for a living?” Let me do all social media professionals a favor and explain this once and for all: we’re usually logged into a Facebook account linked to our company/ client or Facebook Business Manager. Same for Twitter and ditto for Instagram. So when we haven’t heard of the new PSY video or what 5/7 ratings mean, it shouldn’t come as that much of a surprise. Contrary to popular opinion, we do not scroll through our personal newsfeeds all day long LOL-ing and commenting on statuses and current events. Also, we don’t care which way dogs should wear pants. 9. “Could you give me a social media strategy for my business this week?” “I’ll buy you lunch, in return.” Okay, cool! And you, Mr. Landscaper, build my entertainment room, set up my garden, dig the pool and in return, I’ll buy you a drink. Deal? 10. “How can I make it go viral?” Unless you’re talking about the stomach bug or flu, please don’t use that sentence. What makes content go viral is a unique connect with the audience. So make sure your idea is relevant to their interests, is spontaneous and well- crafted, and even a little bold. If all else fails- put a kitten in it and boom! Viral.

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Entrepreneur february 2016 50 EHang 184 Net Weight 200 KG Average speed 100km/h Load capacity 100 KG Charging time 2 to 4 hrs Cruise time 23 min EHang 184, personal Autonomous Aerial Vehicle TECH SHINY | WEBSITE TO WATCH | GEEK | MOBILE TECH | ONLINE ‘TREP | THE FIX The 2016 International Consumer Electronics Show (CES 2016) is a gathering place for innovators, the who’s who of tech, and (sometimes) breakthrough developments. It’s also the stage where next-gen consumer products are introduced. Check out our roundup of some of the more attention-grabbing advancements introduced at this year’s show. CES 2016 AVIATION Up, up and away The world’s first electric, personal Autonomous Aerial Vehicle (AAV) was introduced at CES 2016. Now, enough with the tech-speak. Ehang 184, a manned drone capable of automatically carrying a passenger through the air, simply by entering a destination into its accompanying smartphone app now exists. Do I have your attention? With fully automated navigation, made possible by EHang’s 24/7, real-time flight command center, passengers don’t need a pilot’s license– they simply sit back and let the drone take over from there. It can fly for about 23 minutes on a full charge at speeds of up to 62mp. The EHang 184, which was named for one passenger, eight propellers, and four arms, is the next wave of innovation in transportation. images courtesy: EHang, BMW, Speck, Samsung, HTC

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february 2016 Entrepreneur 51 #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 www.theglobalgazette.com and talk to her on Twitter @GlobalGazette. CES 2016 Mobile Pick pocket Speck unveiled a pocket- friendly virtual reality viewer designed to give you a quick and easy VR experience. The compact headset is a Google Cardboard-certified viewer that works with Speck’s CandyShell Grip smartphone case to provide a rich viewing experience for 3D content, virtual and augmented reality. When closed, retract- able side panels fold into a perfectly flat, self-contained package that shields lenses from dust and scratches, and slides easily into a pocket or purse for on-the-go ac- cessibility. Pocket VR with CandyShell Grip will be available for iPhone 6s/6 and Galaxy S6. Samsung Electronics introduced a brand new refrigeration category. The Family Hub Refrigerator reconnects families, provides entertainment, organizes groceries and home tasks with a digital kick. It does it all from a 21.5 inch full HD LCD screen located on the upper right exterior door. The screen allows you to post, share and update calendars, pin photos and leave notes– all with the ease and convenience of your smartphone. Outfitted with three high quality cameras inside which capture an image every time the door closes, you can keep tabs on consumption and even peek inside your fridge remotely using your mobile device. Even if you’re already at the store and forget to check on what you need, you can pull up the Samsung Smart Home app and have a look right into your Family Hub fridge. How’s that for making the grocery list obsolete! CES 2016 Smart Home The hub spot CES 2016 Virtual Reality The world as you know it HTC introduced Vive Pre with a fresh design and new features. It’s improved visual system has brighter displays and an even deeper sense of presence. Regarding the hardware, interchangeable foam inserts and nose gaskets make the Vive Pre fit comfortably and securely, and it’s easily adjusted to suit a variety of facial shapes and can even accommodate eyeglasses. The newly-developed front facing camera allows you to do more both inside and outside your virtual world by blending physical elements into the virtual space. Being able to take a seat, find your drink, and carry on conversations without removing your headset is only the beginning of what’s possible with Vive Pre. Completing the VR experience, the Vive’s controllers have been overhauled and enhanced with softer edges, greater balance, new textured buttons, and grip pads for a more comfortable feel in the hand. The new dual stage trigger also makes interaction with objects smoother, and haptic feedback delivers vital information about your interactions with the virtual world. For power, the controllers now fea- ture integrated rechargeable lithium polymer batteries with micro-USB charging that provides over four hours of runtime on a single charge. With Vive Pre, HTC’s second gen- eration VR system for developers, the human imagination is bound- less; create your virtual world. CES 2016 Automotive Get a head start Luxury carmaker, BMW, displayed a concept helmet with head-up display for motorcyclists. The intent is to give riders a safer way to access information while on the road. The BMW head-up display projects traffic or vehicle information directly into the rider’s field of view, allowing you to keep your eye on traffic. All displays are programmable and show safety-related information like tire pressure, oil level and fuel level, travel speed and selected gear, speed limit and road sign recognition, plus warnings of impending dangers. The helmet, fitted with an integrated mini- computer and loudspeakers, is controlled from the left-hand handlebar fittings using the BMW Motorrad multicontroller. And, there’s more to come: BMW plans to give purpose to the cameras in the helmet by allowing the rider to record journeys with the forward-facing camera or use the rear-facing camera as a digital rear-view mirror. According to BMW, the Motorrad helmet is an early initiative to improve road safety for motorcycle riders. It only gets better! BMW head-up display Samsung Family Hub Refrigirator Pocket VR

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Entrepreneur february 2016 52 Action paired with intention can make this your year By Mark Sephton Build an accountability structure for achievement business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS CULTURE A s we enter the first leg of 2016, many of us, with our goals and intentions in mind and on paper, take to the battlefield to cre- ate a life of purpose, growth, and intention. We all start with great intentions caught up in the euphoria of a new year. Each of us know many men and women who start well but don’t finish strong. Life throws us curveballs and challenges, motivation fades and, before long, well-intended goals and desires begin to fade into the distance. The power of why Failing to achieve our inten- tions happens because of two basic elements. The first is not knowing your why- your purpose within your life mission. Before I work with clients to set their goals, we refocus and strengthen their deeper purpose and reason for being alive. Once that is established and clear, we can build representative goals that create a framework to harness the right culture to organically grow in line with our life’s purpose and mission. Too often, we set goals we would like to parade around like a badge of honor but, fundamentally, they are not what we are really all about. Sometimes, we set goals to appeal to or satisfy others like parents or spous- es or even our colleagues. While there is something honorable about wanting to appear as a success to others, until we have an internal success that resonates with our own core values and desires we will always feel shortchanged— even when a goal is reached. A great way to help find your why is to embrace the success formula used by the Napoleon Hill Foundation: Passion + Talent + Action + Association = Success. Write down your passion, write down your talents, write down the actions you need to take in order to be a success, write down who you want to run with (i.e. who you want to work with), and let this simple and ef- fective formula inspire you and provide great personal revelations. Success requires sacrifice The second reason we often fail to achieve our intentions is passion and motivation starts to fade with time and people begin to second guess their desires, as well as their

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february 2016 Entrepreneur 53 TRACK YOUR PROGRESS We must continue to reflect on our commitments and performance towards the task in hand. We must document and journal our personal com- mitment towards a project or relationship. Periodically I track what I spend within a week. When you track what you spend or what you eat, you start to become conscious and accountable. Using the premise of tracking and meas- uring your progress helps you become conscious of the steps you make; that’s a big part of taking responsibility. MAKE GRATITUDE A HABIT When we focus on what we have it creates an abundance mindset. When we practice gratitude, we put our minds in the best position of achiev- ing success. When we are so grateful we are in a positive frame of mind which im- pacts on present and future endeavors. DEVELOP A PERSONAL GROWTH PLAN We must be men and women who educate ourselves. We educate ourselves by opening ourselves up to knowledge and revelations. The challenge then is to apply that knowledge into our life and business. Each year, I set aside a budget of money to invest in my self- development. I may use this budget to purchase books, audio podcasts, seminars, and attend events that are in line with my growth objectives. I am committed to invest in me; the greatest investment you will ever make is in yourself. When we focus on our own personal growth we will natu- rally achieve the goals we set. FIND YOUR SUCCESS BUDDY If you haven’t got a success buddy, someone you can check in with once each week, I encourage you to make finding that partner a priority. Every Friday, I meet with my success buddy for one hour and we discuss our wins, losses, and challenges that oc- curred over the week. It builds the accountability that we all need to help us take respon- sibility for our success, and helps to cast away the habit of making excuses we can so easily fall into. Mark Sephton is an international personal mentor to entrepreneurs, basing his program on a GPS system with eight key fundamentals. This system reveals blind spots, efficiencies and deficiencies, and is used to find your “inner sniper” to improve your instinct, producing devastating results in your own revolution of discovery. It is hard to see the picture when you’re in the frame. Changing the way you think through culture and mindset shifts and being introduced to game-changing habits helps increase your productivity and skyrocket your personal brand. www.marksephton.com FOUR WAYS TO TAKE RESPONSIBILITY AND HOLD YOURSELF ACCOUNTABLE FOR SUCCESS book cover: Inside Job by Mark Sephton ability to maintain high levels of focus and effort on the desired goal. People forget that success requires sacrifice; it is difficult and challenging. 80% of success comes from religiously doing something over and over again— it’s often dull and requires repetition and sac- rifice. People forget this, so when life stops feeling so ex- citing, they stop doing what they have been doing and switch directions because people innately are fueled by emotions and doing what feels good. In my book Inside Job I talk about how we need to become people who don’t just act off positive emo- tion— sometimes we just have to buckle down and act first, and then the positive emotions and excitement come to the fore. Manage your energy and not your time In order to take action and be successful, we must know our why. We must set goals in accordance to our own life purpose and mission. We do this by managing our energy and not our time. We must say yes to the opportunities that play to our strengths, passions and life purpose. Saying yes to such opportu- nities creates the necessary shifts to realize a life full of energy and purpose. One of the personal revela- tions I had in 2015 was that I must judge myself not merely on my intentions, but also on my actions. We all need to take responsi- bility for more than our intentions. We all have good intentions, but sometimes people don’t see them because they remain locked within our own hearts and minds. Conversely, actions often are visible, and action speaks to purpose and belief. If we want 2016 to be a year of growth and, more impor- tantly, one of true purpose, we must own our actions every day. One of the key differences between suc- cess and failure is simply our level of action. Success requires action. We must stop making excuses for our lack of follow through. We must measure our life and year based on our actions related to our core values. It may sound simple enough, but it can be difficult to get started. So, how can we stop making excuses and start taking action? Own who you are When we fully embrace who we are and what we are about, regardless of the good, bad or ugly, we are confident in our authentic self and do what is right regardless of the opinion of others. Get focused When we are fully present in thought and deed, it leads to ownership of not just our thoughts but actions too. Get serious We all need to be mindful that if we want to kick on this year, we need to be intentional and commit- ted to the duties and actions that lie before us. That being said, just don’t let life get too serious that you fail to mix it up with some humor. Give ourselves permission Sometimes we just need to give ourselves permission to make mistakes, to get it wrong, to forgive ourselves. Stop making excuses for why it didn’t work and move on. Be confident When we are confident in our own ability, it gives us the upright pos- ture we need to stop hiding and keep working toward what we believe is true and instinctive. By focusing on the why power, understanding that success requires sacrifice and managing your energy and not your time, you’ll be taking some first steps to a positive and productive 2016.

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St. Regis Dubai Hotel March 22-24, 2016 Retail Leaders Circle is the perfect opportunity for senior retail executives to engage and network with some of the most recognized leaders in the industry today. Here’s what’s in store for you at RLC: Exclusive to 100 Retail Leaders Innovation Showcase and Inspirational Sessions Two Retail Days of powerful networking One Leadership Day from Cass Business School www.RetailLeadersCircle.com/uae Reserve your seat at: register@innoverto.com @ +971 4 338 5690 Entrepreneurship Partner: RLC Strategic Partner: Media Partners: Official Newspaper: Event Management Partner: Official Host: In association with: Knowledge Partner: President, Food & Beverage Division Azadea Group Mert Askin Professor of Transformational Leadership Cass Business School, UK Chris Roebuck Co-Founder Marina Home Interiors Khurshid Vakil Former Head of Corporate Strategy Hudson's Bay Company, USA Shirley Romig Head of Marketing IKEA Asia Pacific Ulf Smedberg Nisreen Shocair President, Virgin Megastores MENA Chair, RLC Dubai President, Gifts & Special Occasions Sears Holdings Corporation, USA Vijay Talwar Andrea Bernholtz Chief Executive Officer Titan Industries, Inc., USA Organized by:

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february 2016 Entrepreneur 55 business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS CULTURE Take a breather at the office Still image from the Oscar-nominated Arab movie Theeb Beirut-based yoga instructor and entrepreneur Danielle Abisaab Alternate nostril breathing Theeb movie still image credit twofour54 T he Middle East’s cinema community is celebrating one of its own- Theeb, a Jordanian film about a young Bedouin boy set in the World War I era, has been nominated for a 2016 Academy Award in the Foreign Lan- guage Film category. The film, which has been privy to praise from Jordanian royals like Her Majesty Queen Rania Al Abdul- lah and HRH Prince Ali bin Al Hussein, was backed by SANAD, twofour54’s development and post production fund, and Doha Film Institute, and was also sup- ported by the Switzerland-based visions sud est. Theeb features non-profes- sional actors from the Bedouin community as its central cast, and has been described as a coming-of-age film set against the backdrop of the Ottoman empire in 1916. In an interview with the Film Society of Lincoln Center, British-Jordanian director Naji Abu Nowar re- vealed that he was a fan of the Western genre, and much like how acclaimed filmmaker Akira Kurosawa adapted it to Japanese culture, Abu Nowar wanted to do the same for Bedouin culture with Theeb. Having traversed the film festival circuit since its world premiere at Venice Film Festival 2014 (where Abu Nowar won the Best Director award), the movie has also been nominated for the British Academy Film Awards for the Best Film Not in the Eng- lish Language, and Outstanding Debut by a British Writer, Direc- tor or Producer categories. Com- peting against Colombia’s Em- brace of the Serpent , France’s Mustang, Hungary’s Son of Saul and Denmark’s A War, if Theeb wins at this year’s Oscars, it will be the first Arab film to be awarded an Academy Award. Fingers crossed, everyone! Oscar nominated Arab film Theeb could make history B reathing is a great way to prep yourself for a big meeting or calm down after a particularly stressful situation. Entrepreneur and yoga instructor Danielle Abisaab says that practicing alternate nostril breathing is an easy way to get a clear head in the midst of a hectic day. “Our nose is directly linked to our brain and nervous system. Breathing in through the left nostril awakens and energizes the right ‘feel- ing’ hemisphere of the brain, and breathing in through the right nostril awakens and energizes the left ‘thinking’ hemi- sphere of the brain. When we consciously alternate our breath between either nostril, we are actually activating and equalizing both opposing energies throughout the whole brain.” UnionSquareYoga @Yoga_Holic CALM DOWN IN SIX EASY STEPS 1. Sit in any comfortable seated position. Relax the body and breath naturally for a few moments, allow- ing your mind and body to settle. 2. Rest your left hand on your lap or knee. Make a peace sign with your right hand. Fold the two ex- tended fingers toward the palm or rest them lightly on the bridge of your nose. Place your thumb gently onto your right nostril. Place your ring and little fingers gently onto your left nostril. 3. Close your eyes and be- gin by softly closing your right nostril (using your right thumb) and inhale slowly, deeply, smoothly, gently and without strain through your left nostril. 4. Close your left nostril (using your ring and little fingers) and release clo- sure of your right. Exhale through your right nostril. Inhale through your right nostril. 5. Close your right nostril and release closure of your left. Exhale through your left nostril. This completes one round. Continue the pattern for as many rounds of breath as you wish. 6. When you’re finished: relax both arms, sit and breathe naturally for a few moments before opening your eyes. Straight outta MENA

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Entrepreneur february 2016 56 W e are primarily a business hotel so most of our efforts in our strategy is targeted towards the business client,” explains Vincent Hoogewijs adding that 70% of the Four Seasons Amman’s guest roster are visiting the Kingdom for work. The General Manager of the hotel also serves in a dual capacity as the brand’s Regional Vice President, and is currently overseeing the full top-to-bottom renovation of the prestige property- no mean feat. “We want to evolve our brand in Amman, and I’m excited to be leading the effort. By introducing so many new and unique things to the experience, we are showing guests and the Jordanian community that we are committed to moving forward with the times.” Hoogewijs, who has served at the executive level in more than a dozen countries including Australia, Morocco, and Mexico, says that the executive guest prizes “unob- trusive” and efficient service above all things, followed by constant connectivity and a bevy of available amenities. “Executives travelling to Amman -or any country or city for that matter- should not have to worry about anything or be afraid of the destination, and by staying at Four Seasons Hotel Amman we take these worries out of travel,” says Hoogewijs, listing the countless perks that the 15-storey property offers guests and noting that the 192 rooms have a “resi- dential” feel that helps guests to get settled easily. “This appointment to [our] Amman property was doubly satisfy- ing for the opportunity it gives me to finally experience Jordanian culture. I have no worries about relating to the community or the hotel staff, which is 98% Jordanian.” As a global hospitality expert (he first joined the company in 2004 as the Hotel Manager of the Four Seasons Hotel Bangkok) which Four Seasons does he find a must-see destination? “I had the opportunity to stay at both of our properties in the Maldives and this trip will remain in my memory for ever. Not only are both resorts exceptional in design and location and service, but the wildlife is just spectacular: […] snorkel with manta rays, dive with turtles! What else do you need to think you are in heaven?” And from his career that has crossed continents, Hoogewijs says that one salient lesson stands out: “I have learned over the years that it doesn’t matter where you are, everyone wants to be treated with respect. Compared to our properties in Asia or the Middle East, we are of course very different, but as with all Four Seasons properties we pride ourselves in offering genuine hospitality!” The Four Seasons Amman prides itself on genuine hospitality Get settled in (comfortably) “ business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS CULTURE Executive Suite Bedroom Lobby Indoor Pool Four Seasons Amman General Manager and Regional Vice President Vincent Hoogewijs Four Seasons Amman Lobby

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february 2016 Entrepreneur 57 RECOMMENDED BY THE GM The Club Lounge images courtesy Four Seasons Amman Five Grill Five Grill Executive Suite Lounge EXEC STAY “Located on the upper floors, the incredibly spacious suites with views of the city are perfect for entertaining, ideal for business and incomparable for longer stays. Our two-bedroom luxury suites can be configured as three-bedroom suites with the addition of a connecting room for business travelers who would like to bring their families along. Standard Wi-Fi is complimen- tary throughout the hotel, and in all rooms and suites. The Four Seasons Executive Suite and the Deluxe Four Seasons Executive Suite both include an executive desk while the two-bedroom Royal Suite has a dining room that ac- commodates 12 people.” CONFERENCE CAPABILITIES “Our Grand Ballroom -which is 11,840 sq. ft.- can easily accom- modate large-scale conferences and events. Holding up to 1,200 people, the Grand Ballroom is not only soundproof, but it is divisible into smaller ballrooms/sections: Salon A, Salon B and Salon C as well as the pre-function area and the Grand Terrace. To ensure a seamless meeting, we provide equipment like plasma screens, CCTV linkups, and intelligent light- ing systems.” MUNCH “I have a lot of favorite dishes at our hotel restaurants, but if I had to pick just one I’d say our Levant cuisine restaurant Olea is truly special. At Olea, you can experience home-style Levant cui- sine in an atmosphere that reflects the renowned hospitality and generosity of the Eastern Mediter- ranean region. If I had to pick one dish, I’d have to pick the Kebbeh Neyyeh, which is raw minced lamb with crushed wheat, onion, herbs and that delicious garlic cream on the side. Celebrating Amman’s most sought-after dining experi- ences, we are renovating our first floor to result in the launch of a new concept restaurant/bar that will reposition the hotel in the Am- man market. This French-inspired brasserie will be the ‘place to be’ for all city guests with its fresh, elegant and approachable atmo- sphere. We will also be launching an exclusive whisky and cigar bar that will be a very unique and luxu- rious experience for guests.” DOWNTIME “Four Seasons Hotel Amman is unique: we are not only located in the capital city of Jordan, but also very central for all other sightseeing you wish to do while discovering Jordan. We are a city destination, with some great resort and spa facilities so that your stay for business can also be enjoyed with the excellent leisure facilities. The highlight of the hotel is our intimately scaled spa, where guests can discover the relaxing, restorative benefits of Dead Sea mud treatments and salt scrubs or enjoy the healing benefits of Balinese and Thai massages. Working out at the Fitness Center motivates guests with magnificent city views, and then unwinding at the indoor and outdoor swimming pools makes for a perfect end to a relaxing day.”

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Entrepreneur february 2016 58 images © RICHARD MILLE, CORTHAY business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS CULTURE F rom better goods to boardroom wardrobe bests, each issue we choose a few items that make the approved executive selection list. In this issue, we present men’s better footwear by Corthay, a timepiece made for the best of the best (seriously), and our suggestions for scents and skincare to add to your grooming routine. ‘Trep trimmings The executive selection Hot stepper Corthay creates footwear that you can take seriously There is almost noth- ing better to get you boardroom prepped than an expertly-made shoe. Craftsmanship and fine design by Corthay in a diverse range of inter- esting hues and forms ensures that you don’t have to give up your sense of individuality to find executive wardrobe- appropriate footwear. In addition to the Parisan shoemakers ready-to- wear selection, the House also offers a bespoke service that guarantees discerning clients a 100% handcrafted design over a 50-hour develop- ment and creation phase on Rue Volney (situated near the Place Vendôme). One interesting en- trepreneurial factoid: the French Ministry of Culture bestowed the title of ‘Maitre d’Art’ on founder Pierre Corthay, and he’s the only men’s shoemaker in history to receive the honor. A (literally) distinguished French heritage brand for your footwear? Mais oui, monsieur. www.corthay.com Good sportsmanship Richard Mille is made for the best of the best Rafael Nadal, global influencer, award winning athlete, and dashing man about town, was most recently seen in Qatar wearing nothing less than a rare Richard Mille timepiece produced in only 50 models. The RM 27-02 Tour- billon Rafael Nadal, a feat of engineer- ing and industrial design, is shown here on Nadal during his visit to the newly launched Richard Mille Doha boutique, having visited the luxury brand’s Middle East outlet during the Qatar ExxonMobil Open 2016. In partnership with Ali Bin Ali Watches & Jewelry, the luxury mainstay’s newest outlet is located on The Pearl. Tennis champion Nadal will be put- ting his eponymous fine showpiece to the stress test during his high impact matches. All in good time, my friend, all in good time. www.richardmille.com Rafael Nadal The RM 27-02 Rafael Nadal and Adel Ali Bin Ali at the Richard Mille Doha Boutique Corthay Arvca Vernis Framboise

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february 2016 Entrepreneur 59 For the select few- Carolina Herrera Men Privé images © shiseido | Fragrance Images courtesy Paris Gallery Take note Fragrances for your olfactory wardrobe The fragrances you wear are indicative of your personal- ity- the investment you make in purchasing the right scent is as important as any other. Rather than trend-shopping (choosing the scent that a colleague or friend is wear- ing) opt for a fragrance that actually works with your body chemistry. First, ask for the scent to be presented to you on a blotter. If you find it pleasing, apply a small amount of your inner wrist of your lead hand, meaning if you’re left-handed then apply it on the left inner wrist. Wear it for a day, and if you’re still fond of it after a few hours, then you have a winner. Pro tip: avoid spraying fragrance on your clothing- not only because it can damage a good suit but also because you’ll never see the real capability of the notes. Fine fragrances are meant to be worn on the skin, and only then do they bloom properly. www.parisgallery.com The skin you’re in Shiseido skincare for men You’ve already been on and off so many flights this year that you aren’t even keeping count anymore. If the constant travel is really starting to take its toll, combat a fatigued-face with Shiseido for men! We like Shiseido Men Cleans- ing Foam for use both in and out of the shower, fol- lowed by the Shiseido Men Active Energizing Concen- trate applied in a thin, even layer all over the face after cleansing. For tired eyes, a tiny amount of the Shiseido Men Total Revitalizer Eye applied clockwise on the orbital bone should do the trick. www.shiseido.com An evening affair- YSL La Nuit De L’Homme L’Intense All black everything- Bvlgari Man In Black EDP For the select few- Carolina Herrera Men Privé

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TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO Entrepreneur february 2016 60 The Impact Bias How to be happy when everything goes wrong I n the summer of 2010, Rachelle Friedman was preparing for one of the best periods of her life. She was recently engaged, surrounded by her best friends, and enjoying her bachelorette party. Friedman and her friends were spending the day at the pool when one of them playfully pushed her into the shallow end of the water. Friedman floated slowly to the top of the pool until her face emerged. It was immediately obvious that something was wrong. “This isn’t a joke,” she said. Her head had struck the bottom of the pool and shattered two vertebrae. In particular, the fracture of her C6 vertebra severed her spinal cord and left her permanently paralyzed from the chest down. She would never walk again. By James Clear

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february 2016 Entrepreneur 61 James Clear writes at JamesClear.com, where he uses behavior science to share ideas for mastering your habits, improving your health, and increasing your creativity. To get useful ideas on improving your mental and physical performance, join his free newsletter JamesClear.com/newsletter. To have James speak at your entrepreneurial event contact him jamesclear.com/contact. Stumbling on Happiness Amazon.com “We are just so happy…” One year later, Rachelle Fried- man became Rachelle Chap- man as she married her new husband. She decided to share some of her own thoughts on the whole experience during an online question-and-answer session in 2013. She started by discussing some of the chal- lenges you might expect. It was hard to find a job that could accommodate her physical dis- abilities. It could be frustrating and uncomfortable to deal with the nerve pain. But she also shared a variety of surprisingly positive an- swers. For example, when asked if things changed for the worse she said, “Well, things did change, but I can’t say in a bad way at all.” Then, when asked about her relationship with her husband she said, “I think we are just so happy because my injury could have been worse.” How is it possible to be happy when everything in life seems to go wrong? As it turns out, Rachelle’s situation can reveal a lot about how our brains re- spond to traumatic events and what actually makes us happy. THE SURPRISING TRUTH ABOUT HAPPINESS There is a social psychologist at Harvard University by the name of Dan Gilbert. Gilbert’s bestselling book, Stumbling on Happiness, discusses the many ways in which we miscalculate how situations will make us happy or sad, and reveals some counterintuitive insights about what actually does make us happy. One of the primary discoveries from researchers like Gilbert is that extreme inescapable situ- ations often trigger a response from our brain that increases positivity and happiness. For example, imagine your house is destroyed in an earthquake or you suffer a serious injury in a car accident and lose the use of your legs. When asked to describe the impact of such an event most people talk about how devastating it would be. Some people even say they would rather be dead than never be able to walk again. But what researchers find is that when people actually suffer a traumatic event like living through an earthquake or becoming a paraplegic, their happiness levels are nearly identical six months after the event as they were the day be- fore the event. How can this be? THE IMPACT BIAS Traumatic events tend to trig- ger what Gilbert refers to as our “psychological immune systems.” Our psychological immune systems promote our brain’s ability to deliver a posi- tive outlook and happiness from an inescapable situation. This is the opposite of what we would expect when we imagine such an event. As Gilbert says, “Peo- ple are not aware of the fact that their defenses are more likely to be triggered by intense rather than mild suffering. Thus, they mis-predict their own emotional reactions to mis- fortunes of different sizes.” This effect works in a similar way for extremely positive events. For example, consider how it would feel to win the lottery. Many people assume that winning the lottery would immediately deliver long- lasting happiness, but research has found the opposite. In a very famous study published by researchers at Northwest- ern University in 1978, it was discovered that the happiness levels of paraplegics and lottery winners were essentially the same within a year after the event occurred. You read that correctly. One person won a life-changing sum of money and another person lost the use of their limbs and within one year the two people were equally happy. It is important to note this particular study has not been replicated in the years since it came out, but the general trend has been supported again and again. We have a strong tendency to overestimate the impact that extreme events will have on our lives. Extreme positive and extreme negative events don’t actually influence our long-term levels of happi- ness nearly as much as we think they would. Researchers refer to this as “The Impact Bias” because we tend to overestimate the length or intensity of happiness that major events will create. The Impact Bias is one example of affective forecasting, which is a social psychology phenomenon that refers to our generally terrible ability as humans to predict our future emotional states. WHERE TO GO FROM HERE There are two primary takea- ways I have from “The Impact Bias.” 1. We have a tendency to focus on the thing that changes and forget about the things that don’t change. When thinking about winning the lottery, we imagine that event and all of the money that it will bring in. But we forget about the other 99% of life and how it will remain more or less the same. We’ll still feel grumpy if we don’t get enough sleep. We still have to wait in rush hour traffic. We still have to workout if we want to stay in shape. We still have to send in our taxes each year. It will still hurt when we lose a loved one. It will still feel nice to relax on the porch and watch the sunset. We imagine the change, but we forget the things that stay the same. 2. A challenge is an impedi- ment to a particular thing, not to you as a person. In the words of Greek philosopher Epictetus, “Going lame is an impediment to your leg, but not to your will.” We overestimate how much negative events will harm our lives for precisely the same reason that we overvalue how much positive events will help our lives. We focus on the thing that occurs (like losing a leg), but forget about all of the other experiences of life. Writing thank you notes to friends, watching football games on the weekend, read- ing a good book, eating a tasty meal. These are all pieces of the good life you can enjoy with or without a leg. Mobility issues represent but a small fraction of the experiences available to you. Negative events can create task-specific challenges, but the human experience is broad and varied. There is plenty of room for happiness in a life that may seem very foreign or undesira- ble to your current imagination. For more on the fascinating ways in which our brain creates happiness, read Dan Gilbert’s book Stumbling on Happiness.

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Entrepreneur february 2016 62 It’s hard to come up with praise on the fly. And the one being praised knows that. If you take advantage of a chance encounter -if the oppor- tunity to praise someone was never even supposed to happen- then what you’re saying is perceived as authen- tic. The moment is simply an outlet for gratitude. The Esquire Guy on the power of praise in business (and how to do it right) By Ross McCammon TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO KEY TECHNICAL MATTERS 1. Praise should not begin with the phrase “You da ….” 2. Ending an expression of praise with “… and stuff” nullifies the praise. 3. Ending an expression of praise with “… now get back to work” also nullifies the praise. 4. In ascending order of forcefulness: email, face-to-face conversation, handwritten note, bear hug. 5. No bear hugs. 6. A handwritten note is worth more than a $100 gift card. 7. But probably not more than a $200 gift card. 8. Easy on the superlatives: “hardest- working,” “most glorious,” “awesomest,” “best-smelling,” etc. 9. Praise followed by criticism is not praise. 10. Praise followed by praise is probably a little too much praise. 11. Praise followed by criticism followed by praise is a sandwich. H ere’s what the psychologists think about praise: “Positive reinforcement works better than punishment.” Here’s what the management experts think: “Employee recognition leads to profit.” Here’s what the neurologists think: “Dopamine, which is released in the brain any time we hear something we like, is a powerful chemical.” Here’s what the psychologists, man- agement experts and neurologists think when someone in a position of power tells them they’re doing a great job: “Hell, yeah!” (That, of course, is the dopamine talking.) How important is praise in business? Extremely important. Research has been done. Analytics, even. A 2010 study published in Harvard Busi- ness Review found that at electronics retailer Best Buy, a 0.1% increase in employee engagement drove US$100,000 in operating income to the bottom line of each store per year. Now, employee engagement involves lots of things, of course: personal fulfillment, career advancement and free coffee. But according to Chester Elton -speaker, motivation expert and co-author of bestselling manage- ment book The Carrot Principle- at Best Buy and many other businesses the Harvard study looked at, simple recognition was the single most im- portant factor. “The number one driver of engage- ment is opportunity and well-being,” he says. “The number one driver of opportunity and well-being is recog- nition and appreciation. The Harvard study showed that you don’t just want employees satisfied, you want them engaged, because an engaged employee gives you their discretion- ary efforts.” For psychologists, the wisdom of that investment is obvious. “Praising people for what they do right seems to be more effective, regardless of whether you think it’s nice or not,” says Dr. Laura Carstensen, a profes- sor of psychology at Stanford Univer- sity whose work focuses on motiva- tion. “People buy lottery tickets, and mathematicians often say, ‘How can you waste that money?’ Psycholo- gists have a slightly different view, and that is, if buying a ticket for a fairly small amount of money allows you to dream and to think you might get to savor the anticipation of what that reward might look like, that’s probably worth the money.” Praise is like that. It involves very little effort and produces a lot in return. It’s a no-brainer, even for people who are otherwise ingrates. So that’s why you should give praise. But how? HOW TO GIVE IT Most management experts stress the importance of specificity. “You want to balance praise with construc- tive feedback,” says psychologist Dr. Wayne Nemeroff, CEO and co-found- er of PsyMax Solutions, a Cleveland- based provider of “integrated human capital management tools.” Nemeroff suggests, “Recall a particular situa- tion and describe a specific behavior;

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february 2016 Entrepreneur 63 TEMPLATE FOR A CONCISE, HANDWRITTEN NOTE OF PRAISE _______, I couldn’t be more impressed with how you _______ the [hell/heck] out of _______. Not only did you _______, but you _______. Beautiful. Best, _______ the carrot principle amazon.com The principle of positive reinforcement states that behaviors that are rewarded are behaviors that will be repeated. But this can be bad. If we keep repeating behaviors, we lose sight of the most important part of what we do, which is innovate. Praise should establish a new bar. Here’s what the management experts think: “Employee recognition leads to profit.” Here’s what the neurologists think: “Dopamine, which is released in the brain any time we hear something we like, is a powerful chemical.” acknowledge the impact the behavior or action had on the group or the project or the action or on you.” Here’s what Elton suggests in his book: do it now. The closer the recognition is to the behavior, the more likely it will be repeated. Do it often. The more you message what’s important to you, the more people will focus on that. And finally, be specific. Specificity is important, of course, but it seems to us that everything flows from sincerity. Sincerity will automatically lead to praise- and, most likely, impromptu praise. Which is the best praise of all, be- cause it’s automatically perceived as sincere. It simply takes advantage of a moment that is already happening: an email that you’re sending anyway, the beginning of a meeting that’s happening anyway, a team-building exercise. (“Bob, never has anyone so elegantly held an orange with his chin.”) It’s hard to come up with praise on the fly. And the one being praised knows that. If you take advantage of a chance encounter -if the oppor- tunity to praise someone was never even supposed to happen- then what you’re saying is perceived as authen- tic. The moment is simply an outlet for gratitude. (Important note: never use the phrase “outlet for gratitude” when praising someone, or at any other time.) HOW TO RECEIVE IT Giving praise is the easy part. You just have to be aware of other peo- ple’s feelings and be in tune with what’s going on in your business. Receiving praise is trickier- ulterior motives and all that. When it comes to receiving praise, you want to subscribe to the gym- nastics rule: throw out the highest and lowest scores. Never put too much stock in someone telling you that you’re amazing, and never put too much stock in someone telling you that you suck. Listen to the stuff in between. (This also works with online hotel reviews.) And respond like this: “Thank you,” or something just as straight- forward. Anything else can spoil the moment. Praise should be as discreetly received as it is concisely stated. The principle of positive reinforce- ment states that behaviors that are rewarded are behaviors that will be repeated. But this can be bad. If we keep repeating behaviors, we lose sight of the most important part of what we do, which is innovate. Praise should establish a new bar. We should accept the praise and then try to forget about it. We should repeat the work that was praised, but immediately move on to doing a better version of it. What praise ultimately does is hold up a mirror. It acknowledges what people already think about them- selves: that they’re good at what they do. You’re making someone happy and fulfilled and more excited to work with you. And for almost no effort at all. Nice work. See this article in its entirety at Entrepreneur.com

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Entrepreneur february 2016 66 money ask the money guy | vc viewpoint | your money | ECON Regional investors in entities both big and small tell you what they look for when evaluating your pitch W hen evaluating a pitch, here are what some of the MENA region’s investors look for in your business model, and what might sway them in your favor. Some of these investors look at early-stage and even ideation, others in this list only consider large-scale models. At the core of the matter is that a pitch is a pitch, and you’ll notice that these investors all mention a few essential points… like how much drive and motivation you and your co-founders have to make your business work. Does your enterprise have what (and who) it takes to secure funds? Is your business going to attract THE funds you need? Entrepreneur february 2016 66

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february 2016 Entrepreneur 67 “ Omar J. Sati Director and co-founder of DASH Ventures www.dashventures.com @ojsati @DASHVentures “Building a business hinges on the successful execution of a grand vision. We love bold ambitious plans, but we also like simple and realistic. I keep my eye out for how in touch with reality entrepreneurs are. Are they aware of the many challenges that lie ahead? Do they understand the assumptions behind their numbers? Do they realize that building and growing a business is a marathon and not a sprint? It is a fine balance of optimism and realism.” Omar J. Sati, Director and co-founder of DASH Ventures “Because of our active, hands-on approach, we cannot ignore the importance of chemistry when evaluating an investment. While we understand that it takes time to build a relationship based on mutual trust and transparency, the first meeting or pitch can be very telling. We challenge an entrepreneur’s assumptions, test their hypotheses, and offer advice. How they engage is a good indicator of the likelihood of a productive and collaborative relationship moving forward.” W hen evaluating a pitch, investors have standard guidelines for formulating an investment decision. Beyond the required basics, below are specific ele- ments, unique to our investment philoso- phy, that we particularly take note of. 1. FOCUS Laser-like focus, particularly at the early stages, is critical and can sometimes mean the difference between survival and failure. In today’s distrac- tion-filled world, it is very easy to lose focus. This is easier said than done and requires will power, mental strength, and discipline. A lack of focus is a sign of a weak strategy, uncertainty of where the business is headed, and entrepreneurs must learn to filter out noise that deviates the company from its mission. The best pitches paint a clear and vivid path to success. 2. REALISM Building a business hinges on the successful execution of a grand vision. We love bold ambitious plans, but we also like simple and realistic. I keep my eye out for how in touch with reality entrepreneurs are. Are they aware of the many challenges that lie ahead? Do they understand the assumptions behind their numbers? Do they realize that building and growing a business is a marathon and not a sprint? It is a fine balance of optimism and realism. 3. WELL-ROUNDED TEAM Strong, com- plete, complementary founding teams. Weak and incomplete teams inevitably lead to failure. We specifically look for complete teams where each member is handpicked for a specific role, and has the skills and experience to make an impact. Great teams are complementary in skill sets and reinforce each other’s strengths. We look out for any signs of dysfunction or fragility that could be detrimental in times of difficulty. 4. BREAKTHROUGH We are looking for indications of a breakthrough. Some call it momentum, others use the term traction. Whether by overcoming a challenge, prov- ing the model works, achieving product- market fit, or demonstrating a defensible and sustainable competitive advantage. 5. CHEMISTRY Because of our active, hands-on approach, we cannot ignore the importance of chemistry when evaluat- ing an investment. While we understand that it takes time to build a relationship based on mutual trust and transparency, the first meeting or pitch can be very telling. We challenge an entrepreneur’s assumptions, test their hypotheses, and offer advice. How they engage is a good indicator of the likelihood of a productive and collaborative relationship moving forward.” >>>

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Entrepreneur february 2016 68 money ask the money guy | vc viewpoint | your money | ECON Mehmet Atici member of the founding team at Earlybird Digital East Fund | www.earlybird.com | @ms_atici @EarlyBirdVC Rather than long-term financial projections, the investor is more interested in 6-12-18-month plans which are naturally more realistic and showing whether key next steps or key hires are already determined.” “B efore we invest, we’re looking for startups that can demonstrate traction. Every smart inves- tor wants to see numbers and will be driven by the momen- tum created by the founders. Although the satisfying level of traction may differ for different types of investors, the entrepreneur should be able to complement his story with convincing traction. At Earlybird, we seek to see product-market fit when developing our investment thesis. Whereas a seed/angel investor might be satisfied by just seeing early results from a few number of happy customers. Either way, it is crucial to show your progres- sion and the results you got since you have started your company. Secondly, mostly referred as the, ‘How big can this get?’ question, opportunity size is one of the crucial fac- tors. Targetable market size should be large enough for VC investors. In order for VC mathematics to work, large funds have to return huge chunks of money to their investors, that means every opportunity they invest in needs to be sizeable enough. Third is team- includ- ing biographies in the deck is a must to demonstrate relevant work experience and education background. Every large company built, without an exception, has amaz- ing people running them. Scaling a small startup into a sizeable business is quite complex and requires high caliber, right skills besides hard work. Fourth is value proposition, meaning that the investor has to be clear about what you do, which problem you solve, what value you provide and how you make money. Explaining your product at a basic level is sufficient and, in fact, better; if it is inter- esting enough the investor will always dig deeper. Finally, we look at the raise amount and use of proceeds. As an entrepreneur, you have to be sure about how much money you want to raise and where you will spend it on. Rather than long-term financial projections, the investor is more interested in 6-12-18-month plans which are naturally more realistic and showing whether key next steps or key hires are already determined.” Mehmet Atici, member of the founding team at Earlybird Digital East Fund

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february 2016 Entrepreneur 69 Samih Toukan Samih Toukan T he top five things I expect to see in an investment pitch are: 1. Clarity I like to know that the entrepreneur knows what he/she is talking about. 2. Passion It is vitally important to feel that the entrepreneur loves the idea and is passionate about it. 3. Scalability Ideas should be scalable to ensure sustainability. 4. Numbers The numbers should add up and should be realistic. 5. Commitment This is a must, as unfortunately it is becoming a trend with entrepreneurs -especially the younger ones- to ‘try’ things out to see if it works or not!” Walid Tahabsem founder and CEO of ITG, and co-founder and board member of Oasis500 www.oasis500.com | @wtahabsem Walid Tahabsem, founder and CEO of ITG, and co-founder and board member of Oasis500 Laith Zraikat Senior Investment Manager at Arzan Venture Capital www.arzanvc.com | @laithz Sami Abou Saab CEO of Speed@BDD | www.speedlebanon.com | @samiabs @speedlebanon Sami Abou Saab, CEO of Speed@BDD Talk about traction if you have any. Show some usage metrics, revenues, and explain user behavior. If you don’t have much traction, share some early customer stories and prove that at least some people love your product. Laith Zraika, Senior Investment Manager at Arzan Venture Capital “ “ “ I prefer startups ask for help and advice as opposed to pitching. Their questions will hold everything I need to know: team, product, traction, challenges, what they’ve learned, and how I can add value. That said, if you manage to get me to watch you do the pitch thing, here’s what I’d be waiting to hear: 1. INTRO Who are the team? What are you out to solve? What do you know that others don’t? What have you proven to be true that others believe is false? Use simple terms, and no buzz words. 2. TRACTION Talk about traction if you have any. Show some usage metrics, revenues, and explain user behavior. If you don’t have much traction, share some early customer stories and prove that at least some people love your product. 3. DEMO Show me your product. Your product demo will put everything into perspective. It will also show that you can execute. User experience is very important. If you have a beautifully-built product, you’re halfway in. 4. LEARNING PROCESS Demonstrate a learning process. What worked, and why? What didn’t work, and why not? Startups usually don’t stick with the exact same idea they set out to build on day one. Being dy- namic and having an iterative experimental methodology is essential. 5. VALUE ADD How can I help? Although money is very important, team is every- thing. A VC is part of that team. What value can I add and why is it going to be reward- ing to work with you?” >>> W e always look for a passionate team with the ability to execute, commitment, and expertise in the area of the startup. For the technol- ogy startups we invest in at Speed@BDD, we look for at least one technical co-founder for the startup to totally own its plat- form and to develop it. We look for an idea that has a sustainable and repeat- able business model, and for a scalable idea that goes beyond the initial target geography, and that can scale up worldwide. We also look for realistic and achievable financial goals in the first two to three years of operation. Some red flags in startups that we see are: non-scalable business models, a business model that has to change in the future for it to remain attractive to customers, business models that have very high customer acquisi- tion cost and that require a lot of initial investment for proving the concept, and business models that are dependent on other players in the ecosystem which have conflicting interests.”

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february 2016 Entrepreneur 71 ask the money guy | vc viewpoint | your money | ECON money “ “ Mohammed Al-Ayouti Managing Director of Vodafone Ventures Egypt www.vodafone.com.eg @Ayouti Mohammed Al-Ayouti, Managing Director of Vodafone Ventures Egypt Can the entrepreneurs pull it off? This would be most apparent by how the startup has progressed so far, but can also be assessed from their track record in previous startups, and/or their career experience. Are the entrepreneurs out there to create a lifestyle business or are they setting out to do 100x growth? A big watch-out here is founder compensation: entrepreneurs seeking large salaries imply that they seek comfort or aren’t confident about their startup, and that they are diverting a large chunk of the investment -given that we’re in early stage- straight to their pockets. W hen considering an investment pitch, here are the first five things I look for: 1.TEAM The fact that a team exists is the first filter. I don’t like single-founder startups, let alone one-man shows. The team members have to share the same vision, both short- term and long-term, and the key team members have to be dedicated to the startup- not employed elsewhere, or even worse, juggling other startups. 2. PROVEN ABILITY TO EXECUTE Can the entrepre- neurs pull it off? This would be most apparent by how the startup has progressed so far, but can also be assessed from their track record in previous startups, and/or their career experience. 3. MARKET UNDERSTANDING Does the team understand the space they’re in? Do they know their competitors? Also, I stay away from entrepreneurs who say it’s an X billion dollar market so if we get 1% we’ll be great. The question is how will you achieve that 1%? Bottom- up sizing beats top-down sizing in my book. 4. COACHABILITY From expe- rience, the odds of success for an entrepreneur who is always ‘right’ are very slim. It’s very likely that the startup will change direction a few times along the road as it seeks its product-market fit, and the CEO has to show that he or she will listen and respond to feedback. 5. HUNGER Are the entrepre- neurs out there to create a lifestyle business or are they setting out to do 100x growth? A big watch-out here is founder compensation: entre- preneurs seeking large salaries imply that they seek comfort or aren’t confident about their startup, and that they are diverting a large chunk of the investment -given that we’re in early stage- straight to their pockets.”

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Entrepreneur february 2016 72 Road warrior UAE startup Teach Me Now wins Hong Kong pitching contest By Pamella de Leon start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE Teach Me Now founder Thea Myhrvold meeting Microsoft CEO Satya Nadella Teach Me Now founder Thea Myhrvold at the Infiniti Lab in Hong Kong Infinity Lab, Hong Kong thea myhrvold meeting satya nadella image courtesy microsoft gulf I nfiniti Middle East held its first speed pitching session in December last year, which gave 30 bud- ding entrepreneurs seven minutes to pitch their ideas to three judges in an Infiniti Q70, while being driven around one of Dubai Autodrome’s racetracks. Talk about a memorable elevator pitch, right? That was how Teach Me Now founder Thea Myhrvold described the experience too. The 25-year-old founder of the educational tech platform was selected to represent the GCC and Levant region along with two other startups, social network Fallaha and booking appointment app Bookr. The contest’s finish line (excuse our pun) was held at the Infiniti Lab in Hong Kong, where the three finalists received mentoring and coaching sessions with Infiniti and Nest executives. Myhrvold’s startup won the final round of the pitch after a 10-minute presenta- tion and a Q&A with the panel of judges, and gained US$40,000 in seed funding. As a global marketplace wherein anyone can learn and teach with anyone on a one-to-one basis in real time, Teach Me Now’s busi- ness model is as follows: tutors can set up their own hourly rate, with the startup selling with a 15% markup for access to their virtual classrooms, and a pay-as-you-go system, so that students only pay for the time they spend learning with tutor of their choice. With an average hourly rate of $25 per hour, some of the platform’s classes include languages, math, chess the- ory, programming and cur- riculums for IB, GCSE, SAT, and Ivy League graduates as well. Myhrvold believes that user feedback is essential in improving their product, so developing and creating new features, such as launching white-label and customized solutions for schools, insti- tutes and governments for more teachers and students to use their technology is part of their next phase. Up and coming partnerships is also on Teach Me Now’s agenda. While Aptec founder and CEO Dr. Ali Baghdadi is a mentor and chair- man of the board for Teach Me Now, the startup also boasts of a partnership with Microsoft’s BizSpark, a three- year program that helps startups by providing free access to Microsoft’s cloud services, tools and support. This partnership with BizSpark proved to be especially worthwhile, because thanks to it, Myhrvold had the chance to meet Microsoft CEO Satya Nadella during his visit to Dubai in January this year. “To have an hour with someone of his caliber listening to what we do, giving us feedback and po- tentially strengthening our partnership beyond BizSpark is a once-in-a-lifetime op- portunity,” says Myhrvold. As Teach Me Now is her second venture in UAE (her first was IB Smart, a gamified app for students with learning challenges like ADHD and dyslexia), Myhrvold is no stranger to the ups and downs of the city’s entrepreneurial ecosystem- she mentions how the legal and business infrastructures can still be improved, while commend- ing startup hubs and incuba- tors in5 and AstroLabs for helping in reducing setting up costs. “It is hard for small tech companies -who don’t need an office- to set up shop and hire people to even get to MVP,” says Myhrvold, noting that these hurdles are usually lower barriers to en- try elsewhere. However, she insists the incentives to start up a business in Dubai and stay here outweigh it. “There is an amazing opportunity to make and impact the startup and tech space, and it is still early days in that sense. I am proud to be a female entrepreneur in Dubai, and there is nowhere else in the region I would rather start. I feel very encouraged and supported by the community and infrastructure.”

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february 2016 Entrepreneur 73 A congregation of Eurasia’s entrepreneurial world RAMEZ MOHAMMED CEO, FLAT6LABS @ramezm start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE Startup Turkey 2016 comes calling President of IDB Group Dr. Ahmed Mohammed Ali, Mohammed Felloouse, CEO, El Wifack, Khaled Al Aboodi, CEO, ICD Round two! QSTP concludes second accelerator program with young entrepreneurs Ramez Mohamed, CEO, Flat6Labs Some of the speakers at Startup Turkey 2016 Q What are the biggest red flags you’ve seen in startup business plans? A “First, not doing their homework in terms of market research, customer discovery, and understanding competition. Second, no coherent or fully committed team. Third, addressing a shrinking or dying market- especially if the product is not scalable to other vertical or geographical markets. We, as Flat6Labs, usually shy away from investing in startups whose product is not scalable beyond a few thousand customers/users. In this early stage we prefer to invest in startups that have the potential to grow rapidly at some point in the future, if provided with the appropriate mentorship, support and capital. The fourth set of issues we see in startup business plans are fatal hazards. Fatal hazards include stolen IP, local regulatory restrictions, complicated onshore/offshore ownership structures, and unfamiliar jurisdictions. If a startup is planning to use IP that is not licensed or open source to use, this is usually a huge red flag to us. We definitely prefer startups that a) develop their own IP or b) use an external party IP legally.” W ith 700+ invitees com- prising of entrepreneurs, investors, accelerators, corporates and mentors, the eighth edition of Startup Turkey 2016 aims to bring together members of the entrepreneurial ecosystems of Eu- rope, West Asia, Middle East and Africa at Antalya this year. Besides offering a multitude of networking opportuni- ties through everything from dinners to startup competitions, the event, which is to be held from 25-27 February, will also include training sessions for selected seed and early stage startups applying for the startup challenge. In addition, attendees can expect to see pitching sessions, and talks by relevant investors and executives. With a line-up of speakers including Sebastiaan Vaessen, Head of Strategy e-commerce, Naspers Group, Yousef Hamidaddin, CEO, Oasis 500 and Kıvanç Onan, General Manager Turkey, Middle East & North Africa, PayPal, the event is also expected to include ven- ture capitalists and angel investors from across MENA, Eurasia, and the U.S. The sponsors for this year’s event include IBM, Microsoft, Intel, PayPal and Samsung among others. www.startupturkey.com N ine aspiring entrepreneurs have completed their three-month long training and mentorship experi- ence with business and technology leaders, under Qatar Science & Technology Park’s (QSTP) second Accelerator Program. QSTP, headed by Managing Director Hamad Al Kuwari, is a part of Qatar Foundation Research and Development, and this particular initiative, aiming to help promising entrepre- neurs bridge gaps between inspiring ideas and feasible businesses, offers participants a mix of both funding and mentoring. QSTP staged a demo day for startups on January 18, 2016 to mark the conclusion of the Accelerator Program. The entrepreneurs showcased their models in sectors and industries that included media technology, health and fitness, education, and enter- tainment. The nine projects graduating the current accelerator program include V3V, Tweet Mogaz, Aingel, Gamified Self, Metis, EcoGym, Ergonomic T-Shirt, MaktApp, and Braille Touch. The demo day brought to light ideas like TweetMogaz, a news portal that crowdsources news from social media posts of individual users, and MaktApp, a portfolio of all-in-one cloud solutions for SMEs. Metis, a project by students at Carnegie Mellon Univer- sity in Qatar, assists in academic planning for undergraduate students, while Braille Touch is a project that aids reading for the visually impaired through the use of existing touch devices. QSTP’s Accelerator Program sets out three clear objectives for those accepted into the program to work on: create a conceptual prototype, verify commercial viability, and ac- cess potential investors. Key program partners included Qatar Computing Research Institute (QCRI) and the Supreme Committee for Deliv- ery and Legacy’s Challenge 22. www.qstp.org.qa/home/support-programs/accelerator

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Entrepreneur february 2016 74 MENA art platform Artscoops gets funded through equity crowdinvesting on Eureeca By Pamella de Leon start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE Seeing dollar signs Featured artworks on Artscoops’ website www.artscoops.com I nstead of going for the usual funding routes taken by startups in the Middle East region, Artscoops chose another option to grow its business: crowdinvest- ing. The MENA art platform specializing in buying and selling art from MENA artists and commercial galleries has raised funds through equity crowd- funding platform Eureeca. Commenting on the raise, co-founder Raya Mamar- bachi says, “We raised US$130,000, although we have yet to receive anything as we are still in the process of finalizing the shareholder agreement and issuing the shares, but after Eureeca’s fees are given, I think it will be around $105-110,000.” Mamarbachi decided to opt for the equity crowdfund- ing route than traditional means of raising capital after reasoning that it might be easier to gain seed money from various smaller inves- tors, instead of targeting just one or two high-net-worth individuals, or an institu- tion. Among the factors that influenced her choice were the benefit of Arts- coops getting validated by the “crowd,” as well as the ability to include her family and friends who wished to “participate in [their busi- ness] journey.” The process also allowed Mamarbachi to learn how to evaluate a business, presenting it in a one-minute pitch, defend- ing its financial projections, and pitching in front of total strangers, while being ready to answer potential ques- tions on the site’s live Q&A feature. The process The process began with Mamarbachi submitting her business plan with a five year projection to an invest- ment committee, which de- termines the proposal’s eligi- bility to be on the website or not, checking “if it is viable, an interesting business or al- ready has proof of concept.” In this stage, Mamarbachi recalls an account man- ager was available “doing what’s called an ‘onboard- ing’ consultancy with us.” It took approximately one month to prepare require- ments such as its executive summary, business plan and creating offshore company, followed by a three-month planning for the launch. The Eureeca team trained them on questions that may arise from prospective investors, with the Artscoops team then given the opportunity to pitch to a room full of potential financial backers in Dubai. What happens next Mamarbachi has planned the funds to be divided into two broad areas: 75% of it will go into operations and IT development, and 25% in marketing and advertis- ing. On Artscoops’ agenda is creating an online auction feature, a mobile application, a design platform, and a re- sponsive website, alongside goals to hold a live auction in Beirut and further work in marketing, SEO and gallery expansion in the GCC.

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february 2016 Entrepreneur 75 Tips for MENA startups when pitching from an equity crowdfunding platform Artscoops co-founder Raya Mamarbachi 1. Be realistic. “Set a realistic goal if you don’t reach 100% proceeds. It’s better to raise smaller amounts and use it wisely. Then, in the following year, raise more, [instead of] trying to raise too much at once. It sets a standard.” 2. Have a viable business model. “It’s better to already have proven sales or concept [than] just an idea on paper, as it’s an ‘easier sell,’ even better [if the startup] is [al- ready] at growth stage.” 3. Be willing to ask and accept help. “Seek the advice of the [platform’s] invest- ment committee on one’s evaluation, as they have more knowledge of the startup world.” “Generating early momentum in a campaign is important for it to be successful, and the best way for entrepre- neurs to do this is to tap into their personal networks for investment. People who know you and your business are most likely to invest first.” Sam Quawasmi, Co-founder and Managing Director, Eureeca Artscoops co-founders Raya Mamarbachi and May Bendki Mamarbachi Equity crowdinvesting: what you need to know Eureeca Managing Director and co-founder Sam Quawasmi According to Eureeca co-founder and Managing Director Sam Quawasmi, Artscoops’ campaign on the equity crowdfunding platform saw a total of 49 investors from its network (incidentally, it’s a Eureeca record) contributing to funding the enterprise, which specializes in buying and selling art from MENA artists and commercial galleries. Being a scalable business in the emerging art market of the MENA region made Artscoops an attractive enterprise on Eureeca, given the potential for it to be acquired by a larger online marketplace in the future. For startups hoping to replicate Artscoops’ success on Eureeca, here are a few of Quawasmi’s pointers on what to keep in mind when consider- ing equity crowdinvesting as a funding option: 1. Equity crowdinvesting requires effort- a lot of it. “Entrepreneurs who think they can launch a campaign, and then check back in in a few weeks to find that they have $300,000 in the bank, are mistaken. A lot of effort is required in the preparation of the proposal and engaging with investors during the campaign. If raising money offline is a full-time job, equity crowdfunding makes it a part-time job.” 2. Does your startup make the cut? According to Quawasmi, only businesses with two to three years of operation and ideally generating revenue should consider crowdinvesting as a funding option. For a business to succeed on a platform like Eureeca, it needs to be scalable and also have a feasible future exit opportunity to attract potential investors. 3. Beware of overvaluation. “Another pitfall is for businesses to overvalue themselves. It is natural for entrepreneurs to seek the highest valuation possible, but they must be wary of overdoing it. Over-valued businesses won’t get funded and entrepreneurs need to ask themselves if they are willing to greatly delay the capitalization process over their valuation.” 4. Use your network effectively. “Generating early momentum in a campaign is important for it to be successful, and the best way for entrepreneurs to do this is to tap into their personal networks for investment. People who know you and your business are most likely to invest first. Once they do so, and thereby validate your proposal, the crowd will have more confidence to follow suit and invest. To not tap into your networks is risky. Eureeca works with all businesses on the platform to build out their contact lists. You know a lot more people than you think!” 5. The investors’ advantage. For investors hesitant on the ROI of equity crowdinvesting as compared to traditional channels, Quawasmi points out that SME private equity, the asset class offered on Eureeca, has the potential to generate large returns for investors when liquidity occurs. “We are talking about 10, 20, 50, even 100x multiples,” he says, adding that equity crowdfunding has made the asset class more accessible and not just limited to angel investors. “Now pretty much anyone can tap into the asset class and invest in deals that can potentially yield this kind of returns.”

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Entrepreneur february 2016 76 A startup for startups Philip Bahoshy wants his online platform MAGNiTT to create a tighter knit MENA-wide entrepreneurial ecosystem By Kareem Chehayeb start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE In short, the founder describes MAGNiTT as “an online community con- necting entrepreneurs and their startups to investors, mentors, and co-founders from the MENA region.” Philip Bahoshy, founder, MAGNiTT A lmost all entrepreneurs who have com- pleted their MBAs want to immediately get the ball rolling on their enterprise ideas once they graduate, but many end up struggling. Founder and CEO of MAGNiTT, Philip Bahoshy was one of them. This British-Iraqi entrepreneur has been living in Dubai for seven years, after earning his B.Sc. in Economics from the London School of Eco- nomics, and an MBA from INSEAD. Bahoshy had many ideas that he wanted to de- velop after finishing business school but “struggled with getting concept validation, guidance and support, and funding opportunities.” And it turned out that he wasn’t the only one strug- gling with this problem: “The more I spoke to entre- preneurs in the community, I realized that this was a similar problem for many.” Bahoshy also mentions that after noticing the problemat- ic aspects of pitching events and other challenges entre- preneurs face to get their ideas to development stage, he began to notice a gap that he could fill. All in all, the focus was on what he calls the “invest-ability” of the startup, with minimal focus on “support, mentorship and guidance.” And that’s where MAGNiTT comes in. In short, the founder describes MAGNiTT as “an online community connect- ing entrepreneurs and their startups to investors, men- tors, and co-founders from the MENA region.” A web directory for startups by a startup? Sounds interesting. While much of the focus of the respective MENA en- trepreneurial ecosystems is on a local level, MAGNiTT’s vision is broader, in that it is regional. But developing a MENA- wide platform like MAGNiTT was not an easy feat. After designing the platform using “lean methodology,” Bahoshy then moved on to two primary focuses: having user-friendly mechanisms to filter through startups from the region, as well as to funnel information in a consistent manner. It’s definitely no surprise that these were priorities, as the founder reminded me several times that it takes a mere 15 minutes to get a startup listed on the platform. Not only did Bahoshy have to develop a top-notch product, but he is also work- ing on bringing in all of the actors of the MENA startup ecosystem in: we’re talking startups, VCs, business founders, and more. Sounds like a lengthy to-do list, and it is, especially given that the team is only Bahoshy and “an outsourced tech devel- oper.” That said, the founder is focusing on raising funds this year to grow the MAG- NiTT team. So far, the costs have been allocated to the website’s development- and it’s all been bootstrapped to date. A beta version of MAGNiTT was released with limited access, something that Philip Bahoshy found very helpful in hindsight. “This allowed us to improve and tweak the platform before opening it up to the

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february 2016 Entrepreneur 77 MAGNiTT’s marketing game plays on several fronts, but “social media is key” to the platform, according to Bahoshy. The startup is active on Facebook, Twitter, and LinkedIn, and it has used social media to directly interact with startups. Not only did Bahoshy have to develop a top-notch product, but he is also working on bringing in all of the actors of the MENA startup ecosystem in: we’re talking startups, VCs, busi- ness founders, and more. public,” says Bahoshy, who also says that it helped him make an important decision: MAGNiTT will be a mobile- responsive website, rather than a platform that’s both a desktop website and an app. Does MAGNiTT have the pull needed to attract the region’s entrepreneurial eco- system? First impressions appear that way. “We’ve been able to attract more than 110 startups,” says the founder, adding that 300 investors have also joined over the last few months– a grand total of 800 users so far. When asked about the registered startups’ respective stages, Bahoshy claims that 77% “are look- ing for mentorship for their startups.” Moreover, 19% of registered startups are at their prototype testing stage, while 17% are at seed stage. MAGNiTT is also going well on the networking front with “over 120 connections in the past two months alone.” Going forward, there is still much more that he wants to add to MAGNiTT. Over the next few months, we can expect some small but significant tweaks, including “improved” profile pages, funding sections, and a more comprehensive startup directory as well. There are more plans for MAGNiTT in the long term as well: Bahoshy wants to add more services for startups, includ- ing legal, marketing, and even HR. Also, startups will be able to pitch to VCs via video on the platform. On an editorial note, MAGNiTT will launch a blog, which Bahoshy hopes will become a valuable resource for entre- preneurs, as well as research reports on the different markets and entrepreneurial ecosystems in the MENA region. As for making money off MAGNiTT, Bahoshy says he plans on two ap- proaches to go about that: a subscription model for users that charges a premium for additional information, as well as advertising revenue from service providers that can support startups based on their specific needs and requirements. MAGNiTT’s marketing game plays on several fronts, but “social media is key” to the platform, according to Bahoshy. The startup is active on Facebook, Twitter, and LinkedIn, and it has used social media to directly interact with startups. The founder also says that social media has been a good tool for “education,” both for startups and other key stakeholders in the entrepre- neurial ecosystem. Bahoshy has also been attending startup conferences across the MENA region to reach out to startups, accelera- tors, VCs, and incubators, including the recent RiseUp and STEP conferences. What advice does he have to give to startups? “Listen, don’t react, take time and perse- vere, be agile, and solve a problem.” And Philip Bahoshy’s take on giving up all of his spare time for his startup? “I’m a firm believer that you either give something a 110%, or don’t bother doing it at all.”

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Entrepreneur february 2016 78 Algeria plays host to the finals of Arab Mobile Challenge 2016 Doha Guide of Qatar Raye7 of Egypt Best Startup Stage Track with a prize of US$20,000 won by Bookr of Kuwait Best Idea Stage Track with a prize of US$20,000 won by Vision Geeks of Sudan Stand out performances at AMC 2016 Best Idea Stage Track Vision Geeks from Sudan, an app to aid the visually impaired Best Startup Stage Track Bookr from Kuwait, an app to book any appointment-based service Qualified to compete at Global Mobile Challenge during the GSMA Mobile World Congress at Barcelona in February: • Synoos from Algeria, an app to help kids to improve their Arabic language, math and logical skills • Doha Guide from Qatar, an app to find services and search without the use of the Internet • Raye7 from Egypt, a carpooling mobile app tailored for the MENA region • MyU from Kuwait, an internal social network for a school • Gravilog from Palestine, an interactive healthcare app for pregnant women connected with their doctors via an electronic medical record over the cloud GITR KSA in pictures Speaking in code Winners of the Arab Mobile Challenge on stage in Algiers, Algeria Joseph Ged, CEO, Ooredoo Algeria 24 teams from 10 different countries around the Middle East battled it out in the regional finals of the third cycle of the Arab Mobile Challenge at Algiers, Algeria in January this year, with the competition aiming to find mobile apps that would be able to make a positive impact across their respective com- munities. While Sudan’s Vision Geeks and Kuwait’s Bookr won US$20,000 each to help bring their apps to market, five other teams –Synoos from Algeria, Doha Guide from Qatar, Raye7 from Egypt, MyU from Kuwait and Gravilog from Palestine- were qualified to compete at the Global Mobile Challenge, which takes place at the GSMA World Congress at Barcelona, Spain in February. This year’s contest saw Ooredoo acting as the tech- nological partner for the event, with Ooredoo Algeria CEO Jo- seph Ged saying the company’s support was a reiteration of “the constant commitment of Ooredoo to continue its policy of encouraging national talents and skills through its various programs, including iStart, tstart, Oobarmijoo and Injaz.” Entrepreneur Middle East was a media partner for the event, organized annually by IM- TIAZ MIDDLE EAST, with BNC Publishing Director Wissam Younane also acting as a judge for the competition. www.arabmobilechallenge.com

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Your Gateway to the World of Entrepreneurship Take your business ideas to promising new heights and develop your skills to become a successful entrepreneur in Dubai. Tejar Dubai is an initiative by Dubai Chamber which aims at qualifying and enabling creative Emirati youth to enter the world of entrepreneurship through three key pillars: assess, assist and attain. This program aims to raise competitiveness of national small and medium enterprises (SME) in Dubai. tejardubai.ae π«é°ùàdGh äÉeƒ∏©ŸG ø`e ójõŸ :≈`∏Y Éfƒ``©HÉ`J @TejarDubai Initiative by

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Entrepreneur february 2016 80 54° East founder uses her business to build your business Emirati ‘trep Rafia Al Mulla on F&B, expansions, and entrepreneurship certified graduate sponsored by dubai chamber in the spirit of facilitating emirati achievement via entrepreneurship start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE F or Roundup, making people’s entrepre- neurship dream a reality has been our goal from the very beginning. By help- ing them with their food truck businesses we achieved this goal,” explains Rafia Al Mulla, an entrepre- neur leveraging her own ven- tures to allow other aspiring ‘treps do the very same thing. Al Mulla’s impressive foray into UAE’s F&B space began with a now 22-strong chain of frozen yogurt outlets, and since then, she launched yet another successful and grow- ing subsidiary. The industri- ous founder of 54º East, a graduate of Cornell Univer- sity’s School of Hotel Ad- ministration in Foodservice Management who also has a Bachelor’s Degree in Business Administration in Real Estate Management and a Higher Diploma in Marketing, has developed a large scale enter- prise that not only develops homegrown brands, it actu- ally facilitates those brands getting out into the market via Roundup food trucks, a 54º East company. “Roundup handles everything from the truck ordering, equipment fit out, licensing, registration, delivery and even site allow- ance, for a monthly fee on top of the cost of the truck. We are a one-stop solution from support to building up the company with trade licenses, customization of menus, government approvals, and locations.” “The idea of Roundup is to give those interested in F&B access to vehicles and access the areas they could not enter- this is not just to make the food truck business sus- tainable, but also to enhance the social activities in Dubai. People [in UAE] socialize in malls, bars and restaurants, but seldom on the beach as we do in Europe or America. So we want to enhance, for instance, the park experi- ence. Our food trucks will be fun- not just food.” Al Mulla, active in the entrepreneurial ecosystem as part of Tejar Dubai and the Dubai Business Women Council, launched 54º East with a large-scale vision. She later created her own festival-type atmosphere with last year’s Roundup Market boasting over 30,000 visitors, and she plans on getting even more footfalls for 2016’s edition. “Roundup Market is the idea born in our desire to create a food truck village with a minimum of six trucks on site and fur- ther 20 F&B kiosks. Roundup Market will come back for another run this year, 2016. We plan to make it bigger and fun, and fully reach out to all people who have been craving to try and visit the Roundup Market.”

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february 2016 Entrepreneur 81 Tejar Dubai is a development program committed to nurturing potential UAE nationals into becoming entrepreneurs. Launched in 2013, the program identifies, develops, and mentors promising UAE nationals to expedite the growth of an embryonic business idea and advance it to the point of being ready for immediate implementation. www.tejardubai.ae | @TejarDubai TejarDubai | TejarDubai ‘TREP TALK Q+A Become an emerging Emirati entrepreneur Tejar Dubai is here to help you realize your enterprise potential “With the list of food truck members that we have on our team, we can assure that we appeal to all demographics and are suitable also for catering bookings and private events all over UAE. It is one of OUR strategic plans to diversify in our product range and locations by expanding into a wider variety of cuisines providing opportunity for every eating occasion.” Do you consider 54° East a startup since you’re already a large operation? “Yes. 54° East is a company that is getting bigger and big- ger every year. I want to tap in to all F&B corners as much as possible. This way, I am able to reach all my market and cater them with good and quality service. Roundup aims to cater different concepts to fit into people’s ever changing taste in food. With the list of food truck members that we have on our team, we can assure that we appeal to all demographics and are suitable also for catering bookings and private events all over UAE. It is one of our strategic plans to diversify in our product range and loca- tions by expanding into a wider variety of cuisines providing opportunity for every eating occasion.” Where did the idea for Roundup by 54° East originate? “I have been in the F&B and catering business for more than 10 years now, and with my ex- perience I believe that UAE is a potent source for international F&B ideas and concepts. The idea of Roundup by 54° East evolved to infuse the UAE mar- ket with the concept of having diverse street food with a bet- ter international forefront. We believe that food trucks (along with portable food kiosks and food carts), will be the headline of the street food industry in UAE which is expected to serve an estimated 2.5 billion people every day. Roundup food trucks will lead the way to the future of gastronomic mobility in Dubai and the UAE enriching dining experiences with authentic food concepts. Furthermore, our mission is to develop and create a profes- sional B2B network by offering and giving support to other F&B operations.” Can you elaborate on Roundup’s roster of brands that are food truck members? “Roundup handles everything from the truck ordering, equipment fit out, licensing, registration, delivery, and even site allowance, for a monthly fee on top of the cost of the truck. Food trucks who are proud Roundup members includes Mastiha Shop UAE, Calle Tacos UAE, Toasted, Shawarma Station, Bio Bean Coffee, Shawarmaty, The Mob Truck, Go Bai, Kono Pizza, Fit Truck, Fruteiro, and Mr. Brisket. We can say that all of our food trucks are unique and special in their own way. All of our food trucks offers different and delicious menus that all people will definitely enjoy. From shawarma to desserts to Mexican food to Italian cuisine to organic specialty coffee to gourmet grilled cheese sandwiches to delicious wings and burgers to bagels, and many more.” As an entrepreneur how do you stay motivated? “Passion. What matters most is how you treat your clients -make your clients happy and give them what others will not- that’s the key stepping stone. I always love competition. This way, I have a good perspective on how to improve my busi- ness, and become motivated every day to become better organization.”

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Entrepreneur february 2016 82 start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE By Con O’Donnell Small startups are good for big business Entrepreneur Con O’Donnell is an investor in 11 promising Egyptian tech startups. He co-founded Arabic dotcom pioneer Sarmady Communications and was a first-mover in digital advertising for mobile apps. O’Donnell is also the co-founder of RiseUp, one of the MENA region’s top entrepreneurship events. W hy are the big- gest corpora- tions in the world getting close to entrepreneur- ship and startups? I’m not talking about incorporating them into some “aren’t- those-entrepreneurs-cute” corporate social responsi- bility scheme. I’m talking about a serious strategy on the part of some of the biggest and best-known corporations that are tak- ing a hard look at how to grow their business and transform their industries. Here are four reasons why. First, acquiring or invest- ing in a startup can be less expensive and more effective for rapid growth than a company’s own research and develop- ment. Internal R&D rarely disrupts a company, much less an industry; startups, by definition, will. So maintaining close relation- ships to entrepreneurs and startups that are driving the innovation of entire industries is key to growing and innovating individual businesses ahead of the competition. This can be done by acquiring startups -and their talent- outright, or by investing in them to ensure the corporation has a stake in their future or, better still, partnering with them early on. The problem is, most cor- porations are not struc- tured for making multiple small investments or rapid acquisitions. Even venture capitalists, whose job is to pick winners, have a suc- cess rate of just 20% and many corporations don’t have an appetite for that kind of risk. The catch-22 is that as a disruptive startup gains market share, its value increases expo- nentially, often reaching 100 times its earnings or more. With the benefit of hindsight, we all know the value of Amazon, Google and Facebook, but who understands the value of Slack or thousands of other startups? Some corporations do get it though. Huge companies that have successfully taken the path of making multiple small investments include Google, Intuit and General Electric. Google, Yahoo and Facebook, among others, adopted early acquisition strategies, while Barclays, Disney, Coca-Cola and Zain have created industry-vertical business accelerators to boost startups. These big-name corporations get it, and they have made nurturing startups part of their corporate DNA. Secondly, today’s start- ups will be tomorrow’s Fortune 500 companies. An analysis of the business landscape by Innosight, a top global consultancy, pre- dicts that three-quarters of current S&P 500 compa- nies will disappear in the next 10 years. And who will replace them? Mostly companies that don’t exist today. Then there is the restora- tion of an entrepreneurial mindset. As companies grow, they typically add layers of management, and systems and processes become more complex. Get- ting close to entrepreneurs’ resilience, innovation, col- laboration, simplicity and fail-fast philosophy reboots the corporate culture, which can transform vener- able giants of business into something that is relatively nimble and agile. Finally, startups can illuminate new ways of doing business by identify- ing gaps and turning them into growth engines. This has happened in long- established sectors such as telecommunications, banking, insurance, travel, health care, airlines, trans- portation, retail, fashion, media and energy... the list is endless. These changes are being driven mostly by advances in technology, coupled with new business models. Corporations need to be close to startups to under- stand how their businesses are changing and what is on the horizon. If they don’t, there’s a good chance they will be left behind. Sadly, many big busi- nesses in the Middle East and North Africa region and elsewhere are stuck in the “look at the cute little entrepreneurs” phase. Creating an environment where entrepreneurship and innovation can thrive should be business as usual. With their ample cash and know-how, large corporations are well posi- tioned to compete for the best and brightest in the entrepreneurial ecosystem. Yet venture capitalists are far ahead when it comes to financing new enterprises. For big business, opportu- nity is knocking.

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