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GLOBAL OUTLOOK. LOCAL ROOTS. ISKANDAR NAJJAR MOHAMMED ALAHMAD KETMAWI The Middle East-based Equiti Group is determined to deliver global fintech solutions built on strong local foundations P.24 9 7 7 2 3 1 1 5 4 1 0 0 8 > THE RECAP/ Mastercard’s Women SME Leaders Awards 2023 P.46 IN THE ZONE/ Podcaster, advisor, and investor Loulou Khazen Baz P.13 FUELING UP/ Careem says its entre- preneurial journey is back on P.34 June - July 2023
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4 / ENTREPRENEUR.COM / June - July 2023 P.13 In The Zone As a podcaster, advisor, and investor, Loulou Khazen Baz -the founder of the Arab world’s first online employment marketplace, Nabbesh- continues to enrich the MENA startup ecosystem. by TAMARA PUPIC P.18 Forces For Good Having announced its 2023 fellows, the Cartier Women’s Initiative is now welcoming applications from women impact entrepreneurs for its 2024 edition. by ABY SAM THOMAS P.24 Global Outlook. Local Roots. Iskandar Najjar and Mohamed Alahmad Ketmawi, the co-founders of Equiti Group are keen on having the MENA region make its presence felt in the international fintech arena. P.34 Fueling Up Careem says its entrepreneurial journey is back on, with co-founder and CEO Mudassir Sheikha saying the company’s original values will continue to guide its next big chapter. by ABY SAM THOMAS P.46 THE RECAP: Women SME Leaders Awards 2023 Meet the winners of the second edition of the Women SME Leaders Awards, staged by Mastercard in collaboration with Entrepreneur Middle East. FEATURES Contents/June 2023 BUSINESS UNUSUAL
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8 / ENTREPRENEUR.COM / June - July 2023 59 The Myth Of The Business Plan YOUNESS YAGHCHA, founder of the Lab for Innovative Minds and Entrepreneurship, explains why we need to embrace experiments for entrepreneurial success. 62 Trust Is Built, Not Bought CHARLI WRIGHT, Managing Director for the Middle East at JWI, explains why acting ethically is key to building a business where teams thrive. 66 Answering Difficult Questions (The How-To) WILL HARDIE, co-founder of the International School of Communication, shares universal strategies from the new science of media training. 70 Rethinking The Ad Delivery Experience Want a 100% guaranteed view-through rate? Idealz One’z ZEINA ESTWANY explains how you can make it happen. ‘TREPONOMICS EDITOR IN CHIEF Aby Sam Thomas aby@bncpublishing.net CEO Wissam Younane wissam@bncpublishing.net DIRECTOR Rabih Najm rabih@bncpublishing.net CREATIVE LEAD Odette Kahwagi design@bncpublishing.net MANAGING EDITOR Tamara Pupic tamara@bncpublishing.net STARTUPS SECTION EDITOR Pamella de Leon pamella@bncpublishing.net FEATURES WRITER Aalia Mehreen Ahmed aalia@bncpublishing.net DIGITAL SOLUTIONS DIRECTOR Mahdi Hashemi mahdi@bncpublishing.net HEAD OF INNOVATION Sarah Saddouk sarah@bncpublishing.net GROUP SALES DIRECTOR – B2B GROUP Joaquim D’Costa jo@bncpublishing.net COLUMNIST Tamara Clarke CONTRIBUTORS Fida Chaaban, Zeina Estwany, Will Hardie, Atul Hegde, Charli Wright, and Youness Yaghcha SUBSCRIBE Contact subscriptions@bncpublishing.net to receive Entrepreneur Middle East every issue COMMERCIAL ENQUIRIES sales@bncpublishing.net ENTREPRENEUR.COM Access fresh content daily on our website All Rights Reserved 2023. Opinions expressed are solely those of the contributors. Entrepreneur Middle East and all subsidiary publications in the MENA region are officially licensed exclusively to BNC Publishing in the MENA region by Entrepreneur Media Inc. No part of this magazine may be reproduced or transmitted in any form or by any means without written permission of the publisher. Images used in Entrepreneur Middle East are credited when necessary. Attributed use of copyrighted images with permission. All images not credited otherwise Shutterstock. Printed by United Printing and Publishing. PO BOX 502511 DUBAI, UAE P +971 4 4200 506 Contents/June 2023 73 Unlocking Growth Behind the scenes of Belgium- headquartered Deliverect’s acquisition of UAE-based ChatFood. by TAMARA PUPIC 80 Allyship and awareness Paths To Progress, a forum staged by Heriot-Watt University Dubai, Female Fusion, And Entrepreneur Middle East, spurs conversations on gender equity. by AALIA MEHREEN AHMED 84 Primed for growth Following Qatar’s successful staging of The FIFA World Cup 2022, Qatar Tourism COO Berthold Trenkel believes the nation’s appeal as a tourist destination is only set to grow. by TAMARA PUPIC & ABY SAM THOMAS STARTUP SPOTLIGHT ↑ MEET THE NEWEST (AND PROBABLY THE SMARTEST) MEMBER OF YOUR STARTUP: ARTIFICIAL INTELLIGENCE According to YAAP founder Atul Hegde, the future looks set to be humans with -not versus- machines. P.35 EntMagazineME Entrepreneur-me
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10 / ENTREPRENEUR.COM / June - July 2023 Editor’s Note/ HAVE YOU EVER HAD THAT MOMENT WHEN YOU TAKE A LOOK AT YOUR SEEMINGLY NEVER-ENDING TO-DO LIST, AND YOU FEEL YOURSELF SHUTTING DOWN ALMOST INSTANTANEOUSLY? Or maybe this feeling gets triggered when an email pops into your inbox featuring a proposal for a new big project, or even just a crisis with an existing one- how do you add that to your already-packed agenda for the day, or, heck, even for the month? When you work at a startup or a small business, it’s safe to say that you will almost certainly have such instances where you find yourselves exceedingly overwhelmed with everything that’s on your plate. Personally, I can admit to experiencing everything from dizzying panic attacks to paralyzing procrastination in response to such situations- and let’s just say that these are definitely not states I like to see myself in. But all of us can find ourselves in such mindspaces from time to time, and there’s definitely a lot of information out there about how we can get ourselves out of them. Some point to the importance of having a purpose that keeps us going even when the going gets tough; others highlight the need for a support system of colleagues, friends, or family to pull us up when we are feeling down. All of these solutions have their own merit, of course, and it’s often a mix of them that get us through these moments of strain. When all is said and done though, I believe it comes down to a personal sense of understanding that regardless of the circumstances we may be feeling overwhelmed by, this too shall pass. After all, much like the highest of highs, the lowest of lows don’t persist either- and this transiency is what I like to remind myself of when I am in a funk. But this is not to say that this thought gets me up and running immediately after a stumble- on the contrary, I like to think a little wallowing in self-pity is allowed (and perhaps even necessary) to take stock of my emotions. It also just gives me time to rest, recuperate, and recalibrate. Being kind to myself is integral here, and that will essentially be what gets me to pick myself up, try to shake off all the negativity that’s bogging me down, and just get one foot ahead of the other, in an attempt to move past whatever difficulty I find myself roiled by. At the end of the day, I believe that getting past feelings of being overwhelmed often boils down to finding a balance between resilience and self- compassion. And while weirdly hard for some of us, we also need to remember that we are not alone in this journey- asking for help is never a bad thing, and that is often crucial in us regaining control of the situation, and, perhaps, emerging stronger than ever. Aby Sam Thomas Editor in Chief @thisisaby aby@bncpublishing.net Rolling with the punches Getting beyond what may feel like a breaking point
13 June - July 2023 / ENTREPRENEUR.COM / In the zone As a podcaster, advisor, and investor, LOULOU KHAZEN BAZ -the founder of the Arab world’s first online employment marketplace, Nabbesh- continues to enrich the MENA startup ecosystem by TAMARA PUPIC
14 / ENTREPRENEUR.COM / June - July 2023 I must say I work a lot,” says Loulou Khazen Baz, in 2023, more than a decade since she was one of the busiest entrepreneurs on the block after launching Nabbesh, the Arab world’s first online employment marketplace, and thereby proving that, well, some things don’t change with time. Indeed, since selling Nabbesh to UAE-based digital editorial marketplace Ureed in 2020, Khazen Baz today has built a portfolio of overlapping ongoing ventures that serve a singular goal- to enable entrepreneurs from the MENA region, and especially those in the early stages of their ventures. “I help by sharing my own experiences through my startup advisory,” Khazen Baz explains. “I help by bringing in knowledge from great guests and experts on the Conversations with Loulou podcast, and I also enable them by investing via the angel syndicate called Spade Ventures.” B/The Big Idea → AS KHAZEN BAZ CONTINUES WORKING ON “CREATING MORE IMPACT, MORE CONTENT, MORE MENTORSHIP, AND MORE INVESTMENT,” she is one of the few in such a position who admit the inconveniences and limitations of being driven and inspired to make change: i.e. the scarcity of time.
15 June - July 2023 / ENTREPRENEUR.COM / Before we delve into more details about each of these three projects, I ask: if the Baz who founded Nabbesh in 2012 were her mentee today, what advice would she give her younger self? Khazen Baz replies that her younger self faced the same three challenges that most founders usually struggle with in the early days- access to talent, access to funding, and market readiness. “My advice would have been to be ruthless about hiring and retaining the best people,” Khazen Baz explains. “To trust my gut, be weary of red flags, and act on them immediately. A small unresolved situation, a difficult discussion that needs to happen, a hard decision that needs to be taken can become existential if left unresolved. Sometimes, time has a way to solve problems, but more often, problems need to be dealt with on the spot. When the right team is in place, everything else becomes easy to deal with.” Talking about Nabbesh provides a neat transition into exchanging opinions about Dubai as a startup hub, and Khazen Baz considers entrepreneurs today to be “so lucky vis-à-vis when I was building [in 2012].” She says, “The ecosystem today is more mature, you have better access to talent, and you have more funding pouring into the ecosystem. The invest- ment community has certainly grown considerably. We went from investors dictating terms, to entrepre- neurs dictating terms, and it’s an interesting cycle. The great entrepreneurs, I believe, still have leverage.” This statement also offers an inkling to the insights that Khazen Baz shares through her advisory services for startups in the MENA—after all, who better to tell you what’s a good route to take in the entrepreneurial space than someone who’s gone through the whole roller- coaster ride by themselves! Khazen Baz describes exiting Nabbesh as “the end of a sprint,” and since she considers life to be a series of sprints, she always suggests “focusing on the next one,” and that’s what she did too. One of her current ventures is the angel syndicate Spade Ventures, a network of likeminded people “who are smart, accomplished, curious, and are looking to create value” by seeding the next generation of startups, with its website stating that the minimum ticket size per person is US$20,000. “As an entrepreneur, I was always excited about meeting other entrepreneurs who were building exciting things,” Khazen Baz explains. “Our ecosystem is so nascent, and there is so much to learn. So, I started investing in 2019 in founders that I liked, who were building something interesting, and who I felt had the resilience to see things through.” The website of Spade Ventures currently lists its portfolio of 10 early stage technology startups that operate in the Middle East, North Africa, and Pakistan, and Khazen Baz explains that she finds meeting “brilliant people who are brimming with energy and optimism” as one of most enjoyable parts of investing in early-stage startups. “It is a great opportunity to build friendships, to exchange notes, and to spend quality time with people,” she says. } “SOMETIMES, TIME HAS A WAY TO SOLVE PROBLEMS, BUT MORE OFTEN, PROBLEMS NEED TO BE DEALT WITH ON THE SPOT. WHEN THE RIGHT TEAM IS IN PLACE, EVERYTHING ELSE BECOMES EASY TO DEAL WITH.” Within her bi-weekly podcast, Conversations with Loulou, Khazen Baz has presented the stories and insights of 53 entrepreneurs and business leaders over the last two years.
16 / ENTREPRENEUR.COM / June - July 2023 Plus, she adds, angel investing is also an opportunity to learn and gain market insights while “witnessing a truly amazing founder journey firsthand.” She adds, “When you invest, you can truly help the founders with everything from user testing to strategy, to hiring, to fundraising. Sometimes, the founders just need to vent, and I am there to listen and offer a shoulder. The founders at that stage are humble, open to feedback, and are experiencing those highs and lows of a typical founder journey.” But perhaps Khazen Baz’s most popular project right now is her bi-weekly podcast, Conversations with Loulou, which has presented the stories and insights of 53 entrepreneurs and business leaders since launching two years ago. “It is another way to stay entrenched in the local startup ecosystem, and to continue to add value to the ecosystem by sharing stories, insights, tips from people who made it, and sometimes people who are early in their journey, but who are building businesses that are solving big problems,” she explains. The podcast has since gone on to be featured on Apple Podcasts for the Middle East region under the banner of “Shows That Made Us Think” for 2022, and it continues to be listed among the top 20 podcasts in Apple’s Business and Entrepre- neurship categories across the MENA region. Khazen Baz says here that starting a podcast is an endeavor that requires dedication, commitment, and consistency. “You also need to be very careful about guest selection, curating topics for the discussion, leading the discussion, and managing the flow, as well as editing the conversation to get a good story,” she says. “The last thing I want is to put a piece of fluff out there, and I try very hard to bring guests that can truly add value to the listeners.” The level of interest in entrepreneurship- related topics (which is evident through each of her episodes having “3,000 downloads across audio platforms and about 5,000 views on YouTube”) makes her confident in the potential of her podcast to scale significantly. “I am looking for sponsors to help me invest in distribution and building reach, so that our show can touch the lives of more people, and, hopefully, inspire them to build something.” As Khazen Baz continues working on “creating more impact, more content, more mentorship, and more investment,” she is one of the few in such a position who admit the inconveniences and limitations of being driven and inspired to make change: i.e. the scarcity of time. “I am currently in the process of automating a lot of what I do, and I try to avoid face-to-face meetings unless I absolutely must, and, in general, I must be very strict with my time to the dismay of others,” Khazen Baz says. “I wish I could grab a coffee, have a call, brain- storm, check someone’s deck and give advice, invest in every founder who reaches out, but I can’t. And I am not saying that because I am special. I think everyone needs to be super strict about their time; it is, after all, the most finite resource.” } Go all in “Building a startup is hard- you’ve got to be all in. If you chose to be an entrepreneur, you’ve got to accept that there will be a lot of sacrifice. You cannot have it all, sorry.” } Forge strong ties from the get-go “Build relationships with key stakeholders and investors from day one. Relationships take years to build, and people tend to support/ invest in people they know and trust.” } Make decisions quickly “Have these difficult conversations, fire someone who is underperforming, do not succumb to blackmail, do not have a single point of failure. Trust your team, but stay vigilant- everyone has got to earn your trust, as much as you’ve got to earn theirs.” Loulou Khazen Baz shares her tips for entrepreneurs 'TREP TALK B/The Big Idea
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18 / ENTREPRENEUR.COM / June - July 2023 INNOVATOR “Cartier is proud to continue building on its commitment for women’s empowerment, thus leveraging business as a force for good.” CYRILLE VIGNERON, CEO and President of Cartier International CYRILLE VIGNERON, President and CEO, Cartier International
19 June - July 2023 / ENTREPRENEUR.COM / W hether you believe in human rights, or just prosperity, it is a good idea to try to unshackle half the population of the world.” Amal Clooney made this statement during her speech at the 2023 Cartier Women’s Initiative awards ceremony held in Paris in May, and these words by the acclaimed Lebanese-British barrister are a reflection of the principles that drive this annual international entrepreneurship program founded by the French Maison, Cartier, in 2006. The Cartier Women’s Initiative envisions “a world in which every woman impact entrepreneur driving social and environmental change can achieve her full potential,” and it seeks to support women-run and women-owned businesses from around the world that aim to have a strong and sustainable positive impact on society as defined by the United Nations (UN) Sustainable Development Goals (SDGs). Female impact entrepreneurs working in any country and in any sector are welcomed to apply for the program every year, and the selected applicants are then provided with the necessary financial, social, and human capital support to grow their respective enterprises, as well as build their leadership skills. Since its launch, the Cartier Women’s Initiative has supported a total of 297 impact entrepreneurs hailing from 63 countries around the world, who have collectively been awarded US$7,440,000 in grant funding. } FORCES FORGOOD Having announced its 2023 fellows, the Cartier Women’s Initiative is now welcoming applications from women impact entrepreneurs for its 2024 edition by ABY SAM THOMAS FORCES FOR GOOD | CARTIER WOMEN’S INITIATIVE
20 / ENTREPRENEUR.COM / June - July 2023 Having been able to attend this year’s Cartier Women’s Initiative awards ceremony in Paris, I got to speak with Sophie Doireau-Tiberghien, who is the CEO for the Middle East, Africa, and India at Cartier, to better understand the objectives and aspirations with which the Maison runs this program. According to Doireau-Tiberghien, who is known to be one of key driving forces behind Cartier’s participation in the Women’s Pavilion at Expo 2020 Dubai, the Cartier Women’s Initiative is yet another indication of the Maison’s innate belief in the benefits the world stands to gain if it enables its women. “The fact is that when women thrive, humanity thrives,” Doireau-Ti- berghien says. “We have the strong belief that empowering women will empower the world, and that it will benefit everyone, both women and men.” Doireau-Tiberghien, a Legion d’Honneur winner who has been working at Cartier for 15 years now, goes on to tell me that the program is something that she has been especially fond of all through her tenure at the company, and she’s particularly proud about the fact that its cohort for this year, which awarded a total of 32 fellows, had 11 hailing from the regions under her purview. But while the 2023 edition of the Cartier Women’s Initiative has just come to an end, work has already begun on its next instalment. Applications are now open for the 2024 edition of this program, with Wingee Sampaio, Global Program Director at Cartier Women’s Initiative, saying that this signals the start of a process that will keep running until the announcements of the winners next year. “By the end of June, we’ll end up with hopefully lots of applications, but, typically, across the 11 program categories that we have every year, we receive around roughly 1,100 applica- tions,” she says. “But we don’t really look at the success of our program by the number of applications, because that is just how you roll your eligibility criteria- if you want a lot of applications, you’d just have less criteria. And so, for us, it’s actually really trying to figure out, given the resources that we have, given what INNOVATOR THE WINNERS Here’s the full list of awardees for the 2023 edition of the Cartier Women’s Initiative THE 11 FIRST-PLACE AWARDEES > Latin America and the Caribbean: Emily Ewell, Brazil, Pantys > North America: Wendy Owens, United States, Hexas Biomass Inc. > Europe: Iva Gumnishka, Bulgaria, Humans in the Loop > Francophone Sub-Saharan Africa: Yvette Ishimwe, Rwanda, IRIBA Water Group > Anglophone and Lusophone Africa: Dupe Killa-Kafidipe, Nigeria, Platinum Fisheries > Middle East and North Africa: Khadija Elbedweihy, Egypt, PraxiLabs > East Asia: Woori Moon, South Korea, 40FY > South Asia and Central Asia: Denica Riadini-Flesch, Indonesia, SukkhaCitta > Oceania: Ingrid Sealey, Australia, Teach Well > Science and Technology Pioneer Award: Poulami Chaudhuri, India, Helex > Diversity, Equity and Inclusion Award: Blake Van Putten, United States, CISE THE 11 SECOND-PLACE AWARDEES > Latin America and the Caribbean: Atilana Piñón, Colombia, Retorna > North America: Ania Wysocka, Canada, Simply Rooted Media Inc. > Europe: Mariam Torosyan, Armenia, Safe YOU > Francophone Sub-Saharan Africa: Siny Samba, Senegal, Le Lionceau > Anglophone and Lusophone Africa: Angella Kyomugisha, Uganda, Kaaro Health > Middle East and North Africa: Renad Aljefri, Saudi Arabia, Ad Astra Therapy > East Asia: Megan Lam, Hong Kong SAR (China), Neurum Health > South Asia and Central Asia: Dimple Parmar, India, ZenHeal Wellness Private Limited > Oceania: Lina Xu, Australia, Telecare > Science and Technology Pioneer Award: Liv Andersson, UK, BioZeroc > Diversity, Equity and Inclusion Award: Ishani Roy, India, Serein Inc. THE 10 THIRD-PLACE AWARDEES > Latin America and the Caribbean: Lidia Díaz, Dominican Republic, Plant Powered > North America: Kayla Castañeda, United States, Agua Bonita > Europe: Nathalie Lesselin, Switzerland, KOKORO Lingua > Anglophone and Lusophone Africa: Charlot Magayi, Kenya, Mukuru Clean Stoves > Middle East and North Africa: Farah Emara, Egypt, FreshSource > East Asia: Olivia Cotes-James, Hong Kong SAR (China), LUÜNA > South Asia and Central Asia: Mint Lim, Singapore, School of Concepts > Oceania: Lily Dempster, Australia, One Small Step > Science and Technology Pioneer Award: Adi Yehezkeli, Israel, Fabumin > Diversity, Equity and Inclusion Award: Chengchuan Shi, China, Voibook Technology
21 June - July 2023 / ENTREPRENEUR.COM / the program can do for a woman impact entrepreneur, about which group will benefit the most from this, which group is the most in need- that’s why we created those resources to begin with. So, those two goes hand-in-hand, what we’re good at, as well as what is needed, and, like all entrepreneurs, we’re also trying to solve for a product-market fit.” When asked if there are any particular characteristics that are common among all of the fellows of the Cartier Women’s Initiative so far, Doireau-Tiberghien replies by first pointing towards their genuine want to make something better in the world around them. “Regardless of the field, be it information technology, environment, healthcare, or others, they all realize that there is a lack in something around them,” she continues. “And then, when it comes to figuring out who could fill that gap, they think, ‘Why not me?’” Confidence and courage thus become key traits of the entrepreneurs that are a part of this program, despite the non-ideal circum- stances they may often find themselves in, or the challenges they might find stacked up against them. But, as Doireau-Tiberghien puts it, they still have an unrelenting thirst to make change happen, and for that, they are ready to move mountains as well. A cursory look at the Cartier Women’s Initiative fellows this year will be enough to understand what Doireau-Tiberghien is talking about. Consider, for instance, Khadija Elbedweihy, founder of Egypt-based startup, PraxiLabs, one of the winners in the MENA category this year. As a university student, Elbedweihy had struggled with the lack of access to traditional labs in Egypt to aid her education, and she soon found out that this is a problem faced in many parts of the world. } SOPHIE DOIREAU-TIBERGHIEN - CEO for the Middle East, India, Africa and Turkey, Cartier “WE HAVE THE STRONG BELIEF THAT EMPOWERING WOMEN WILL EMPOWER THE WORLD, AND THAT IT WILL BENEFIT EVERYONE, BOTH WOMEN AND MEN.” FORCES FOR GOOD | CARTIER WOMEN’S INITIATIVE Left: Wingee Sampaio, Global Program Director, Cartier Women’s Initiative. Right: Sophie Doireau- Tiberghien, CEO - Middle East, India and Africa, Cartier.
22 / ENTREPRENEUR.COM / June - July 2023 That’s what led her in 2016 to launch PraxiLabs, which builds immersive virtual lab experiences that are acces- sible, usable, and affordable for educa- tional institutions and schools. Another example, also from the MENA region, would be Saudi Arabia’s Renad Aljefri, who, after finding it difficult to access to home-based therapeutic services for her child with special needs in the Kingdom, launched an online platform called Ad Astra Therapy that allows families to search for such offerings. Since its launch in 2020, Ad Astra Therapy today operates in more than 59 Saudi cities and towns, with its offering now using by more than 1,600 families across the country, and Aljefri is currently hoping to scale her enterprise to other Gulf nations, and then beyond the MENA region as well. Sampaio adds here that the Cartier Women’s Initiative would be especially beneficial for women impact entrepre- neurs who’d like to see their enterprises grow beyond the borders in which they currently operate. “I think that just given where Cartier is, given our reach, and what the resources of the program are, it makes sense for an impact entrepreneur who eventually has ambition for global change, or maybe learning global best practices of their work, etc.,” Sampaio explains. “And so, maybe in the immedi- ate timeframe, their business may expand, let’s say, from Dubai to the Middle East, and then from Middle East eventually to some selective market- if that’s their eventual growth path, then our program’s probably the right thing for them… All of the visibility, the grant funding, the education, the network, that we provide, it’s all global. So, if you are Since its launch, the Cartier Women’s Initiative has supported a total of 297 impact entrepreneurs hailing from 63 countries around the world NADINE LABAKI, actress, director and activist. INNOVATOR
23 June - July 2023 / ENTREPRENEUR.COM / C artier Women’s Initiative, the annual international entrepreneurship program that aims to drive change by empowering women impact entrepreneurs, is now calling inviting applications for the 2024 edition of the initiative founded by the French Maison, Cartier, in 2006. The program, which is open to women- run and women-owned businesses from any country and sector that aim to have a strong and sustainable positive impact on society as defined by the United Nations Sustainable Development Goals, had announced its 2023 fellows in May, and it is now calling for entries for its next edition. This year’s installment of the Cartier Women’s Initiative saw a total of 11 awards being presented. This included nine regional awards for the regions of Europe, North America, Latin America and the Caribbean, Francophone sub-Saharan Africa, Anglophone and Lusophone Africa, Middle East and North Africa, West Asia, South Asia and Central Asia, and Oceania, as well as two thematic awards, namely, the Science and Technology Pioneer Award, and the Diversity, Equity and Inclusion Award. A total of 32 fellows, representing the top three businesses for each of the nine regional awards, and for the two thematic awards, were announced at a glittering ceremony conducted in Paris, which featured several high-profile speakers and guests like Amal Clooney, Nadine Labaki, Melanie Laurent, Yara Shahidi, Sandi Toskvig, and several others. “We are thrilled to host the 16th annual awards ceremony of the Cartier Women’s Initiative in Paris, celebrating our ever-growing community of impact- driven entrepreneurs,” said Cyrille Vigneron, CEO and President of Cartier International, in a statement. “Cartier is proud to continue building on its commitment for women’s empowerment, thus leveraging business as a force for good.” The first-place awardees will take home US$100,000 in grant funding, while the second and third-place awardees will receive US$60,000 and US$30,000 respectively. To facilitate this, the total grant funding per edition has increased to US$2 million, its largest amount yet. In addition to the grant funding, all 33 fellows will also benefit from tailored mentoring and coaching, media visibility, networking opportunities and education courses from the leading business school INSEAD. The 2024 edition of the Cartier Women’s Initiative is now open for applications, with entries being accepted from Wednesday, May 10, 2023 to Friday, June 30, 2023, with the cut-off time on Friday, June 30 being 6pm Central European Summer Time (CEST). Only one application per business will be accepted; businesses that submit applications to multiple award categories will be disqualified. Initial selection decisions will be sent out on August 1, 2023, and all applicants will be notified by December 1, 2023. If your business is shortlisted, you will be asked to provide additional supporting documentation. That said, due to high volume of applications, the program will be unable to provide individual feedback to non-finalists. To submit your application for the Regional Awards of the Cartier Women’s Initiative, please head to this website: https://www. cartierwomensinitiative.com/regional- awards All information regarding the Cartier Women’s Initiative application/ registration can be found on this link: https://www.cartierwomensinitiative. com/awards A CALL FOR INNOVATORS Applications for the 2024 edition of the Cartier Women’s Initiative are now open until June 30, 2023 an entrepreneur who’s trying to get access to that, then it’s the right program for you.” Now, it’s one thing for the Cartier Women’s Initiative to offer support to female changemakers- but it’s another thing altogether for such women to actually make use of the opportunity that’s being presented to them. It is, unfortunately, not uncommon for several greatly deserving and highly capable women to doubt themselves. Research has noted how women often lag behind men in confidence, and so, to those doubting themselves, and wondering if this program is for them, Doireau-Ti- berghien insists that it is, and that they should dare to apply for it. “Yes, it’s for you,” she declares. “As long as you have a business that is doing something to make the world better, to have a positive impact on it, then, yes, this program is for you. You have to dare to be a part of it, because most of the time, it’s the self-confidence that we often don’t have as women that keeps us away from capitalizing on opportunities like these.” Again, Sampaio agrees with Doireau- Tiberghien, and her advice for women who might be doubtful about participat- ing in the Cartier Women’s Initiative is quite simple. “Oh, just do it,” Sampaio says. “Just do it. What’s stopping you?” FORCES FOR GOOD | CARTIER WOMEN’S INITIATIVE
24 / ENTREPRENEUR.COM / June - July 2023 LOCAL GLOBAL OUTLOOK. ISKANDAR NAJJAR MOHAMMED ALAHMAD KETMAWI THE MIDDLE EAST-BASED EQUITI GROUP IS DETERMINED TO DELIVER GLOBAL FINTECH SOLUTIONS BUILT ON STRONG LOCAL FOUNDATIONS 24 ROOTS. / ENTREPRENEUR.COM / June - July 2023
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26 / ENTREPRENEUR.COM / June - July 2023 T he rapid growth of Equiti Group, a market-leading Middle East-based fintech provider, has been making significant waves in the world’s financial arena. Indeed, its co-founders, Iskandar Najjar and Mohammed Alahmad Ketmawi, are passionate about establishing the MENA’s presence on a global scale by crafting international solutions rooted in local regulations. Driving through Dubai lately, it’s almost impossible to ignore the presence of Equiti. Over the past year, the Group has been intensifying its marketing efforts as part of its expansion plans, and it aims to bring the benefits of its online trading, payment services and digital asset solutions to as many people as possible. Iskandar Najjar, co-founder and Group CEO of Equiti Group, says, “Since 2017, Mohammed Alahmad Ketmawi, my co-founder and Chief Managing Director, and I have set out to build something that could serve everyone globally. While many international companies have established their presence here, we uniquely possess the experience, know-how, and talent pool to really build something from the region that can serve on on a global level.” A thriving fintech sector will undoubtedly enhance the competitiveness of the Middle East in the global economy, and Equiti is thus on a mission to ensure that such growth stems from strong ethical roots. Since its inception, the Equiti Group has rapidly expanded its operations, opening offices in the UAE, UK, Jordan, Seychelles, Armenia, and Cyprus. Some of their notable achievements include being the first specialized global brokerage to receive a license from the Jordan Securities Commission in over a decade, as well as being the first non-dealing online foreign exchange (FX) broker licensed by Kenya’s Capital Markets Authority. With an emphasis on innovative and regulatory quality, the Group is setting new standards in under-serviced markets worldwide. “Innovation is very much at the heart of what we do, but we have a regulation-first mindset, which really cements the foundations of our every step,” Najjar says. “We’ve built technologies that are very much focused on developing markets, but with our service offerings, we’re very close to the frontier and emerging markets as well. So, we are devoted to bringing global standards to markets that are significantly under-serviced in this space.” MOHAMMED ALAHMAD KETMAWI, co-founder and Managing Director at Equiti Group
27 June - July 2023 / ENTREPRENEUR.COM / Equiti’s unique strength stems from this approach of building global solutions on a deep understanding of emerging markets. “When we’re in Kenya, we want to be Kenyan. When we’re in Jordan, we want to be Jordanian. When we’re in the UAE, we want to be from the UAE,” Najjar explains. “And we’re servicing our clients accordingly, from onboarding to payment services to trading instruments, and all of this really allows us to be both globally scalable and locally available. That is what has really been a key pillar of our growth, and one of our key differentiators against competitors.” Speaking of business growth, Equiti has experienced aggressive increases in trading volumes and active accounts on its platform, quickly becoming one of the top 15 brokers globally in terms of monthly volume. This year also saw the launch of their proprietary mobile trading app, Equiti Trader, which has achieved remarkable success with a month-on-month growth rate of 50%. Najjar attributes this achieve- ment to the synergy between technology, regulation, and sales strategies. Building stable and resilient systems within the business is paramount for supporting such growth. “Firstly, it is essential to have the right data architec- ture in place in order to be able to understand what you want to automate and the necessity behind it,” Najjar says.“Secondly, building the right process management systems is essential to understanding how to make automated things better and how to support it for scale.” This is the methodology that has been realized by Equiti’s 500-strong team, of whom 130 are part of the Group’s tech hubs in Jordan, Armenia, Cyprus, and London. Najjar adds, “The world has changed, remote access to talent has become more accessible than ever before, but what has not changed is that having the right team is essential.” Equiti’s payment services have also witnessed impressive growth figures, and on top of this, the company also recently acquired a digital payment technology provider named Cloud Invest. Comment- ing on this deal, Mohammed Alahmad Ketmawi, co-founder and Chief Managing Director, says, “The acquisition of Cloud Invest bolsters our operational efficiency, and it enables us to achieve vertical integration while expanding our revenue lines.” } ISKANDAR NAJJAR co-founder and Group CEO of Equiti Group “WHILE MANY INTERNATIONAL COMPANIES HAVE ESTABLISHED THEIR PRESENCE HERE, WE UNIQUELY POSSESS THE EXPERIENCE, KNOW-HOW, AND TALENT POOL TO REALLY BUILD SOMETHING FROM THE REGION THAT CAN SERVE ON A GLOBAL LEVEL.”
28 / ENTREPRENEUR.COM / June - July 2023 Looking ahead, the future plans for the payment side of Equiti’s business include enhancing the Group’s offerings, and improving its operational efficiencies. “I expect this to happen quite soon, as soon as the second quarter of this year, and then, since we’re already servicing large retailers and large banks across Africa and the Middle East, we’re looking at presenting and offering our new payments solutions as well,” Alahmad Ketmawi explains. “For example, one of our quite innovative offerings is our tap-to-phone solution that is evolving the payments space by allowing clients to no longer use point-of-sale (POS) devices, but to be able to use their phones for executing transactions. So, that’s a very, very exciting piece that we’ll be pushing to market soon.” Expanding Equiti’s reach even further, Alahmad Ketmawi adds that “we are investing heavily in developing our fintech and many new solutions are coming to life as we speak,” such as tokenising real-world assets (gold, real estate, and other commodities) and developing more proprietary tech. Equiti is also a founding member of the Dubai Digital Asset Association (D2A2), a not-for-profit industry association registered under Dubai’s Digital Chamber of Commerce to promote sectoral growth, and to provide a standard-setting platform for the digital asset industry in the region. Equiti’s Managing Director of Strategy, Gaurang Desai, is the Chairman of the D2A2, while Najjar serves as the Director of the Board. } “WE’RE SERVICING OUR CLIENTS ACCORDINGLY, FROM ONBOARDING TO PAYMENT SERVICES TO TRADING INSTRUMENTS, AND ALL OF THIS REALLY ALLOWS US TO BE BOTH GLOBALLY SCALABLE AND LOCALLY AVAILABLE.”
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“The UAE has made major advancements in the still nascent digital asset space, positioning itself as one of the global leaders in this field.” Najjar says. “The regulators are fantastic in terms of providing a framework for bringing cutting edge technologies to life. Regulation is key, but it’s important to have it at the right balance, where it doesn’t strangle innova- tion. I believe the UAE has found the right balance, where it provides safety and governance, but at the same time, it provides a landscape for growth and development.” Going forward, Alahmad Ketmawi notes that Equiti has no plans of slowing down any time soon. To start with, the Group’s online trading service is planning to expand into Latin America and Asia this year. “We also want to continue our competitive edge in the Middle East and East Africa, and also to expand across South Africa and West Africa as well,” he adds. “Our strongest retail presence right now is in East Africa. From a B2B perspective, we’re quite equally distrib- uted across Europe, Middle East, and Asia. So, we expect to continue that growth. Our growth forecasts on the retail side are about 100% for this year, and for our B2B business, it is around 30% for the same period.” As we come to the end of the interview, Najjar highlights that only regulation can properly fuel the evolution of the digital asset space. “I think that the bankrupt cryptocurrency exchange, FTX, was a real learning curve for everyone to make them understand the importance of regulation, oversight and governance,” Najjar notes. “We are big believers in the technology behind digital assets, and we are believers in artificial intelligence, but only if aligned with all the important structures and related nuances.” Equiti believes that the growth of the fintech sector will support an innovative ecosystem that extends beyond finance, and this will encourage collaboration between established institutions and tech startups, fosters e-com- merce and regulation, and nurtures foreign investment and cross-border collaboration. At the end of the day, establishing the MENA as a respected and transparent hub for interna- tional fintech innovation can only strengthen its global standing, and the Equiti Group is dedicated to supporting that vision through its increasingly convenient and exciting financial services. “THE GROWTH OF THE FINTECH SECTOR WILL SUPPORT AN INNOVATIVE ECOSYSTEM THAT EXTENDS BEYOND FINANCE.” The Equiti Trader app, charts for visual purposes only. Image courtesy Equiti Group.
CAREEM SAYS ITS ENTREPRENEURIAL JOURNEY IS BACK ON 34 FUELING UP Co-founder and CEO Mudassir Sheikha says the company’s original values will continue to guide its new Super App ambitions by ABY SAM THOMAS I truly feel that we have a once-in-a-lifetime chance to use this opportunity, use the starting point we now have at Careem, to leave the region with a Google or Amazon type of institution that’s going to outlast us, and many people after us.” As Careem co-founder and CEO Mudassir Sheikha said this line to me, it was impossible to miss the sheer delight radiating from the face of the man who, while already being able to lay claim to one of the MENA region’s greatest entrepreneurial triumphs, was now setting out to lead his company on its next phase of growth. / ENTREPRENEUR.COM / June - July 2023
“From an ecosystem standpoint, the Super App and its growth should be an inflection point.” → MUDASSIR SHEIKHA is the co-founder and CEO of Careem. He grew up in Karachi, Pakistan, before graduating from the University of Southern California with a degree in economics and computer science and then completing a masters degree in computer science at Stanford. PHOTOGRAPHY ALEXANDER BUNGAS 35 June - July 2023 / ENTREPRENEUR.COM /
36 / ENTREPRENEUR.COM / June - July 2023 “I truly feel that we have a once-in-a-lifetime chance to use this opportunity.” → CAREEM IS THE EVERYDAY SUPER APP FOR THE GREATER MIDDLE EAST REGION. A pioneer of the region’s ride-hailing economy, Careem provides a host of daily services that people need to move around, order things, and transfer money in one unified smartphone app. IMAGES COURTESY CAREEM M y conversation with Sheikha happened in April, a few weeks after his enterprise had announced a US$400 million investment from fellow UAE-based tech and investment conglomerate, e&. After Careem’s ride-hailing business was bought out by San Francisco-based Uber for US$3.1 billion in 2019, the backing it has now received from e& for its Super App has been described by Sheikha as a “restart” of the company’s entrepre- neurial journey. (For those who may not remember, it originally kicked off in 2012.) And while one might have expected Sheikha to be particularly jubilant about the funds that Careem now has at its disposal, I felt that he was -more than anything else- espe- cially exhilarated about being able to lean into his entrepreneurial builder persona again, driving the creation of what he hopes will be “the preeminent technology platform of our region.” I got to see this firsthand when, toward the end of our conversation, Sheikha started to show me the One-Click Checkout offering that Careem’s payments arm had, at the time, just debuted on online retailer 6thStreet.com. In that moment, his eyes were sparkling, his grins stretched from ear to ear, and his enthusiasm was truly palpable. “I’m excited about this,” he says, as he tells me of all the benefits that this new product will bring to consumers in the region- but he might as well have been talking about the future of Careem. Indeed, the new investment from e& will lead to Careem operating as two organizational units- the first will be its ride-hailing business, Careem Rides, which will continue to be wholly owned by Uber, and the second will be Careem Technologies, which will operate the Super App as well as other verticals and enablers. The latter will be owned jointly by e&, Uber, the three co-founders of Careem (Sheikha, Magnus Olsson, and Abdullah Elyas), as well as a select group of their colleagues in the business. Under this new structure, Careem’s ride-hailing business essentially becomes a tenant on its Super App, and when asked about the reasons behind this demarcation of the enterprise, Sheikha pointed out that not only was it required from a legal standpoint, it also aided the company’s growth ambitions for the future. “The ride-hailing business, as you know, is profitable,” Sheikha explains. “It doesn’t require investment to scale, and it is Uber’s core business. But where the money and partnership was required was in scaling the Super App, which is why the investment was raised. It [the division of the busi- nesses] is also more aligned with our new partner’s strategic objective to build a Super App, rather than build a specific vertical in the Super App. It thus turned out to be the right answer for all the parties involved, and for the capital that was required to grow the Super App part of the business.” The Careem Super App came into being in Dubai in June 2020, and while it has undergone a number of iterations since, Sheikha describes it today as being “a one-stop-shop for all your daily needs,” where one can arrange everything from dry-cleaning for your clothes, to ordering your weekly groceries. “This is the place that you can get all of the things that you need to live your daily life done,” Sheikha says. “The reason why this one-stop-shop is valuable to customers is because you have the convenience of everything on a single app- you now don’t need to have multiple apps, multiple logins, multiple addresses, or
37 June - July 2023 / ENTREPRENEUR.COM / multiple payment methods. Now, you could argue that some people already have these things configured with other apps, but that’s for existing use cases- we are going through a digital revolution where more and more things are getting digitized, and there are so many apps that you don’t have today that you will have in the future. But if you just have a Super App, then you can save yourself the inconve- nience of having to download 20 more apps to use the 20 more services that will become available over the next couple of years. That’s the convenience value proposition of having a one-stop- shop.” The Careem Super App’s second value proposition, Sheikha continues, lies in the economic advantage it presents to both the consumer and the operator. From the latter’s viewpoint, for instance, the Super App just makes for a more efficient platform- one needs to acquire the customer only once on it, and then, one is able to monetize them over multiple services provided on it. In fact, Sheikha reveals that customers that use more than one service on the Super App are 1.5x more likely to stay on the platform -and transact 3x more- than customers that only use one service. In addition, there’s so much potential for the kind (and number) of services that can actually be provided on the Super App- this would also explain why Careem is already dubbing itself to be “the everything app” for the region. Now, it can be argued that customers wouldn’t really care about the efficiency that Careem sees as a result of its Super App - but Sheikha points out that it will start to matter when they see value being passed back to them as a result of it. Users of the Careem Super App get to see this by becoming mem- bers of its subscription and loyalty program, Careem Plus, which, at a cost of AED19 per month, allows them to gain savings of up to AED200 in the same period. It’s a good deal, all right- and the Careem Plus user base, which has grown by nearly 4x since January 2022, would agree. Of course, a big part of the Super App’s success lies in both the quantity and quality of services it is able to provide on its platform, and while Careem may be able to provide a few of them, Sheikha is clear that his company won’t be able to cater to all of them. “One of the challenges of becoming a Super App can be addressed in this question from a consumer standpoint: ‘How can you assure me that you’re the best in each of the things that are on your Super App?’” he explains. “And frankly, the answer is, you cannot. You are going to be good in some things that are or close to your core competencies, but everything else, you will struggle in… We come from a logistics (and a little bit of payments) background, having built a ride-hailing service across the region. Those are the core competen- cies of Careem, and there are also things close to them in which we believe that we’ve the ability to become the best-in-class in those services, because they’re closer to what we’ve done for a living. Every- thing else is something that we believe others can do better than us, or will be able to do better than us over the mid to long-term. So, the idea we’re going with is that let’s partner with the best-in-class players for those other categories, and bring them on the Super App, so that customers still get the convenience and the value proposition to use things in a single place, and we also address one of the biggest challenges of being a Super App.” } “The Super App is really a city-by-city game, and now that that we’ve seen the validation of the Super App in Dubai, we’ve made a list of the next five cities we want to enter.”
38 / ENTREPRENEUR.COM / June - July 2023 IMAGES COURTESY CAREEM It’s with this mindset that the Dubai version of the Careem Super App, besides hosting the services provided by Careem itself (think ride-hailing, bills payment, or its new DineOut feature), also hosts offerings “pow- ered” by other players with the local startup ecosystem- for instance, laundry is taken care of by Washmen, and an assortment of home services are covered by Justlife. Careem is on the lookout for more such external tenants to be added to its Super App, and that, according to Sheikha, will be something that plays out well for the MENAP region’s entrepreneurial players. “If you look at the cost of developing such services today, it is quite prohibitive,” Sheikha explains. “You have to do a lot of work to just build these services, and then, you have to spend a lot of effort to expand these services across the region, and, further, market these services. This is “The idea we’re going with is that let’s partner with the best in-class players for those other categories, and bring them on the Super App, so that customers still get the convenience and the value proposition to use things in a single place.” → CAREEM’S MISSION is to simplify and improve the lives of people and build an awesome organization that inspires. Established in July 2012, Careem operates in over 80 cities across ten countries and has created more than two and a half million income-generating opportunities in the region.
39 June - July 2023 / ENTREPRENEUR.COM / all very, very expensive. In a world where money was flowing cheaply, or the purchasing powers are quite high (which they are in some parts of the world), this is doable- you can build pure-play things for everything… But when the access to capital is a bit limited (which it is at the moment), and when you have markets like Egypt and Pakistan, where the purchasing powers are not necessar- ily very high, you have to build things more efficiently, and the Super App really becomes an enabler to get to the market the services that people need, because the price point of launching on the Careem platform is way lower than what it is to build a pure-play thing from the ground up.” Add to all of that the fact that Careem operates across 14 countries in the MENAP region, which means that a tenant on the Super App in, say, Dubai, will not only have the chance to offer its services in, say, Cairo, but it would also be able to make use of the underlying infra- structure to ease its expansion into such new markets. Meanwhile, looking at it from the viewpoint of the customers across the region, they now get access to a myriad of services that they didn’t have before, and that, according to Sheikha, feeds into Careem’s mission to simplify people’s lives with its various offerings. Now, all of this should be an exciting proposition for those of you building businesses in the region’s entrepre- neurial ecosystem, and, well, for his part, Sheikha’s eyes light up as he speaks of the impact the Careem Super App could potentially have on all of your dreams and ambitions. “From an ecosystem standpoint, the Super App and its growth should be an inflection point,” he says. “That’s what we are hoping to achieve over the next couple of years to bring the region together, to make it a lot cheaper to build these services, and to digitize and leapfrog more and more things in this region.” Of course, it’s still early days for the Careem Super App, and while the larger goal would be to have it function much like Apple’s App Store or Google’s Play Store whereby prospective tenants would need to apply and then be approved to be a part of the platform, Sheikha admits that he and his team are still at work to figure out how they can ensure the right quality of experience for its many customers. Plus, Sheikha adds, the Super App is something that needs to be built on a city-by-city basis. “There can be no such thing as a Super App for the region,” Sheikha declares. “In fact, there can be no such thing as even a Super App for a country. For instance, in the UAE, we are currently a Super App in Dubai, but we are not a Super App in Abu Dhabi… The Super App is really a city-by-city game, and now that that we’ve seen the validation of the Super App in Dubai, we’ve made a list of the next five cities we want to enter. As you’d expect, the next five cities are in the UAE, Saudi Arabia, Jordan, and some of our other key markets… We are going to do this city by city, and we’ll make sure that the right services get launched that makes sense for each of them.” And this is where e&’s entry into Careem’s stable starts to make a lot of sense. For one, Sheikha points out that there’s a lot of alignment between the visions of Careem Technologies and e&, which, by the way, is currently in the transforming itself from being known primarily as a telco to becom- ing a cutting-edge “techco.” There’s also a geographical overlap between the two entities- Sheikha highlights the fact that the countries in which e& has a commanding presence today -i.e. the UAE, Saudi Arabia, Egypt, and Pakistan- happen to be Careem’s key markets as well. “In these markets, e& has got both a large consumer base and a large business customer base, and, for us, it is an incredible opportu- nity to start up-selling and cross-sell- ing more services to these customers,” Sheikha notes. “We actually believe that the investment that has been made is a fraction of the value this partnership will unlock through the realization of synergies with that large customer base that e& has.” }
MUDASSIR’S CAREER IN TECH istarted with Silicon Valley startup Brience. Mudassir then moved back to Pakistan and co-founded DeviceAnywhere, a company that was acquired by Keynote in 2008, and he went on to join management consulting firm McKinsey & Company in Dubai. In 2012, he left to form Careem with ex-McKinsey colleague, Magnus Olsson. 40 / ENTREPRENEUR.COM / June - July 2023
41 June - July 2023 / ENTREPRENEUR.COM / But as Careem sets out on this new journey with e& behind it, what’s setting it up for success for the road ahead is the experience it has had over the past four years with its earlier backer: Uber. “In the region, we don’t know how to build and run a global technology platform, because we’ve never done it,” Sheikha notes. “But being a part of Uber gave us a pretty unique vantage point on how to do it successfully. There are a couple of very important lessons that we learned from Uber... For instance, one of the things we’ve seen Uber do is that they solve problems through technology and product, way more than they do operationally. This is one big realiza- tion and learning that we’ve had from Uber, which is that if you want to scale globally, scale in a large manner, then a lot more has to be technology-driven. A second thing that we’ve learned from Uber is that you have to find the right balance between growth and prof- itability. You cannot have this or that- you have to find the right balance. Another thing that I’ve personally learned from Uber CEO Dara Khosrowshahi is on how to really empower your leaders- for instance, in my case, [following Careem’s acquisi- tion by Uber], I could have felt like an employee of Uber, but I didn’t. I still felt like a founder of Careem, and that was, in a large part, due to Dara’s leadership, frankly speaking.” While such insights and experiences are certain to aid Sheikha’s leadership of Careem into its future, it’s interest- ing to note that he -and, by extension, his enterprise- continue to be gov- erned by a well-thought-out set of principles that has been a part of their journey since the very beginning. I got to see this for myself when, at one point during our conversation, Sheikha started to recite what is now called Careem’s Values, without at all hesitating or needing any kind of reference to boost his memory of them, which is currently in its fourth version since it came into being. “There’s owners not employees, which is value number one,” he lists. “Then there is to the moon and beyond, i.e. super ambitious, value number two. Third is every experience matters, which is customer centricity. The fourth is committed to developing each other, which is our responsibility from a development standpoint. The fifth is that we need to be responsible for our communities. Now, all of these five things were there in some shape or form from version one- of course, they’ve evolved, and they’ve been reinforced here and there, but they were there since version one. The last value that we now have though is new, which we added for our tenth anniversary- and that is to build a lasting institution.” That last point may have been formally added to Careem’s Values only recently, but it’s something that has been a part of Careem’s DNA from the start, with Sheikha and his fellow co-founders known to have always reiterated that their purpose is to build an awesome organization that inspires. But while its acquisition by Uber may have cast some doubts about the continued validity of that mission, Careem’s ambitions with the Super App now have recharged that original drive and dedication with which the company was conceptualized in the first place. “Our culture is going to become a lot more entrepreneurial [again], and that is what is needed to build the preeminent technology platform of the region,” Sheikha says. “We are a company that’s going to simplify the lives of the 500 million people that live in the region over the next decade, and that is going to become, inshallah, one of the largest companies in the region, and not just one of the largest digital platforms in the region. It’s going to require a lot of hard work, a lot of sacrifice, and a lot of entrepreneurial energy to make this thing happen- and that’s what we are getting unlocked through this process.” It’s with this spirited attitude that Sheikha is charting the course for his enterprise’s future, and when I asked him if the road ahead fills him with trepidation or hope, the entrepreneur points toward the chance he sees -with Careem- to improve the lives of people, at scale, in a single lifetime. “That’s what keeps me going, frankly,” he says. “Is it easy to build and keep going at this stage in the journey? It’s not, but who said it was going to be easy? To build something amazing requires multiple decades of devotion and commitment. And with the kind of opportunity that we have ahead of us, from our purpose, from an impact standpoint, I’m personally quite excited and pumped. I can definitely use a small break, of course, it can be exhausting after a while- but then again, I would not do anything else but what I’m doing at the moment.” “We are a company that’s going to simplify the lives of the 500 million people that live in the region over the next decade .” CAREEM became a wholly-owned subsidiary of Uber Technologies, Inc. in January 2020.
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43 June - July 2023 / ENTREPRENEUR.COM / Bang & Olufsen’s Beosound A5 combines portability and style, thereby making it an ideal home audio solution. Its solid oak handle allows the speaker to be carried from room to room with ease, whether placed on the floor, shelf, or table. Thanks to an IP65 water and dustproof rating, Beosound A5 can also be taken outside on any adventure. Plus, you can control your audio experience with Beosound A5 using its sleek user interface, or directly from the Bang & Olufsen App. With more than 12 hours of playtime and a wireless phone charger integrated into the top panel of the speaker, Beosound A5 is Bang & Olufsen's most versatile speaker to date, and the perfect portable audio companion. B/Gear #TamTalksTech Gadgets and doodads that you might’ve missed out on, sourced by a tech aficionado. by TAMARA CLARKE HONOR’s foldable flagship, HONOR Magic Vs combines innovative design and top notch performance for an unmatched user experience. Measuring just 12.9mm when folded and weighing only 267g, HONOR Magic Vs is the perfect companion for jetsetting entrepreneurs who enjoy mobile entertainment. It’s super-light gearless hinge is crafted using a special aerospace-grade polymeric material that is 62% lighter than commonly used metals. At the same time, the lightweight yet robust material enables the hinge to withstand over 400,000 folds, equivalent to more than ten years of use, with 100 folds per day. The HONOR Magic Vs is equipped with a 5000mAh battery and powered by the Qualcomm Snapdragon 8+ Gen 1 Mobile Platform, which provides improved GPU and CPU performance and greater power efficiency, resulting in a faster and smoother user experience. The device rounds out with a triple camera system comprising of a 54MP IMX800 main camera, a 50MP ultra-wide and macro main camera, and an 8MP 3X optical zoom camera. Flip out / Honor Magic Vs Sound off Bang & Olufsen Beosound A5 / Acer ebii is an artificial intelligence (AI)- driven single-motor e-bike that utilizes an intelligent vehicle control box housing everything you need for an enjoyable and effortless ride. Its modular architecture fits the battery pack and control box into a single compact intelligent vehicle control box, making it easy to charge and transport the battery. The bike’s AI-powered ebiiAssist function adapts to pedaling power, riding conditions, and your preferred level of assistance, while adapting over time for a more personalized experience. During rides, the controller leverages its AI technology to automatically adjust motor output for a smooth, effortless and ride. The ebii’s AI also collects user insights through the ebiiGO companion app. You can connect your phone to the e-bike via Bluetooth, then use ebiiGO to check recommended routes, battery life, riding speed, auto-unlock settings, and more for greater control over their urban adventures. You can also access ebiiRide, an adaptive mission control app that works with ebiiAssist to ensure you never run out of power on the road. Ride on / Acer ebii TAMARA CLARKE, a former software development professional, is the tech and lifestyle enthusiast behind The Global Gazette, one of the most active blogs in the Middle East. The Global Gazette has been welcomed and lauded by some of the most influential tech brands in the region. Clarke’s goal is to inform about technology and how it supports our lifestyles. Talk to her on Twitter @TAMARACLARKE. theglobalgazette.com IMAGES COURTESY ACER | HONOR | BANG & OLUFSEN
44 / ENTREPRENEUR.COM / June - July 2023 B/Gear The Executive Selection From better goods to better wardrobe bests, every issue, we choose a few items that make the approved executive selection list. In this edition, we showcase the new drop from Karen Wazen Eyewear, Givenchy’s new fragrance for men, and more. EYE SPY / KAREN WAZEN EYEWEAR Identity, transformation, and self-expression are the concepts that come to the fore of Karen Wazen Eyewear’s new collection marking its ninth season, with it introducing four new cutting-edge designs in stylish colorways, tailored for vibrant and fast-forward women. This, of course, is a nod to the personality of the Dubai-based entrepreneur whose name leads this label, Karen Wazen, whose many claims to fame include being a globally recognized digital influencer with more than 15 million followers on her social media platforms. As someone who, as a young girl, used eyewear to boost her self-confidence, Wazen is now hopeful that her new line will inspire other individuals to experiment with new styles, and embrace their versatile natures. Each of the four new designs in this collection -SIR, SWIM, LASER, and SKI- are thus unique and bold in their own right, with the bold frames purposely designed to flatter all face shapes, and to make a fashion statement with any outfit. karenwazen.com
45 June - July 2023 / ENTREPRENEUR.COM / SARTORIAL SUPPLENESS / BRIONI FALL | WINTER 2023 Originating from Rome but traversing the globe, Brioni is seamlessly merging the profound essence of history with the fleeting moods of the present with its Fall/Winter 2023 collection. Indeed, this line has been described as “a path through the now,” with it depicting the idea of the theater of life in the form of a square, which is the quintessential stage of Italian social life, an intersection of experiences and styles. Embracing this notion of travel, the Fall/ Winter 2023 collection showcases garments that effortlessly flow and move- jackets, for instance, are longer, trousers are fuller, and shoulders are defined yet light. The Maison’s penchant for soft tailoring is evident too, and this translates into a selection of pieces that merge sophistication and ease effortlessly, and thereby making them well suited for use in a variety of occasions. brioni.com EDITOR’S PICK POISON DROP / Billed as “the ultimate destination for trend-setting jewelry that caters to any style, mood, or occasion,” Poison Drop is where you need to go the next time you want to add some bling to your ensemble. Maybe it’s a statement necklace you’re looking for, or perhaps a punchy ring for some pizazz- either way, rest assured that you will find all of the latest style trends catered to in Poison Drop’s online jewelry department store. Our eyes are on the motivational bracelets from the brand known as BNGL- because, well, we entrepreneurs need those affirmations more than most. poisondrop.com It was in 1975 that Hubert de Givenchy created the legendary Givenchy Gentleman fragrance, and now, almost 50 years later, the Parisian brand is reimagining this iconic eau de parfum in a new avatar: the Givenchy Gentleman Society. Composed by Maïa Lernout and Karine Dubreuil, Gentleman Society unveils a captivating scent, at the heart of which a wild narcissus flower is crossed by a deep woody accord. Housed in a sophisticated, sculptural, bottle, this unusual fragrance also features juniper berries from Croatia, combined with cardamom from Guatemala, as well as a quartet of vetivers hailing from Haiti, Madagascar, and Uruguay. givenchy.com CONTEMPORARY COMMUNITY / GIVENCHY GENTLEMAN SOCIETY IMAGES COURTESY KAREN WAZEN | BRIONI | GIVENCHY | POISON DROP
46 A W A R D S 2 0 2 3 The Recap T he second edition of the Women SME Leaders Awards staged by Mastercard in collaboration with Entrepreneur Middle East celebrated female business leaders from the regions of Eastern Europe, Middle East, and Africa. As a virtual event hosted by Jessy El Murr on May 2, 2023, the awards ceremony honored the achievements of women in 22 different categories, with the winners selected by a jury consisting of Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard, Nezha Alaoui, founder and CEO, Women Choice, and Tamara Pupic, Managing Editor of Entrepreneur Middle East. Commenting on the ceremony, Ajmal said, “The second edition of the awards has once again exceeded our expectations, from receiving entries from diverse businesses, to seeing the women of tomorrow raising the bar, as we embrace a future that includes more women across industries. I’d like to congratulate all the winners for their contributions and commitment to their SME success stories, and for being a part of the Women SME Leaders Awards 2023.” The Women SME Leaders Awards 2023 received a total of 4,547 submissions from women-owned and run SMEs, with the criteria for the businesses being that they should have a turnover of less than US$13.6 million, and should employ between six to 50 people. Launched in 2022 to empower entrepreneurial women, the Women SME Leaders Awards aims to shine a spotlight on women who are shaping the future of emerging markets around the globe. Staged in collaboration with Entrepreneur Middle East, the project is aligned with Mastercard’s global commitment to connect 25 million women entrepreneurs to the digital economy by 2025, as part of its goal to build a more sustainable and inclusive world. womensmeleaders.com / ENTREPRENEUR.COM / June - July 2023
47 THE DESIGNER Rim Guirari, founder of Mustard & Linen Interior Design (UAE) For Rim Guirari, founder of interior design studio Mustard & Linen Interior Design, leadership is about adopting an empowerment-focused approach. “My aim is to listen and empower each employee for them to be confident, and to take the lead on their projects,” she says. “I believe that each person in the office has been handpicked for their singular- ity, and by creating a multicul- tural team from a diversified background, we can all grow, join forces, and complement each other; therefore, learning from one another is essential and beneficial for all.” And to women looking to grow either their own businesses or the companies they work for, Guirari’s advice is to trust their inner voice. “It’s your guide,” she says. “Have faith in your intuition, be consistent, and be open-minded to tweak things where things need to be tweaked.” The other shortlisted nominees for this award were: Holly Hart, founder of Neon Star (UAE) Meher Iqbal, founder of Meher Jewellery (UAE) Brandie Janow, founder of Kingdom Creatives (Saudi Arabia) Sandra Woodall, Design Director at Tangram Architects and Designers (UAE) THE LOGISTICIAN Meher Mirchandani, Managing Director of Palmon Group (UAE) As an author, entrepreneur, and coach, Meher Mirchandani, Managing Director of Palmon Group, a UAE-based family business with interests in real estate and warehousing, considers it her mission to grow the awareness of individuals and businesses about the impact of self-love. “I lead my organization with love, compassion, and empathy,” she says. “My leadership style is a combination of servant leadership and transformational leadership, where I inspire and motivate my team to achieve a common vision, and encourage innovation, creativity, and personal develop- ment.” Mirchandani is fond to share her story of transformation from a depressed, purposeless soul to a managing director who turned a multi-million dollar into an aligned, profitable venture. “It was done just by practicing and encouraging others to practice self-love,” she says and adds to advise other women, “Before you can create influence, take the time to fall in love with yourself. Coming from this strong internal foundation, leadership, influence and impact will become effortless.” The other shortlisted nominee for this award was: Siddhi Joshi, CEO of Emovers LLC (UAE) June - July 2023 / ENTREPRENEUR.COM /
48 / ENTREPRENEUR.COM / June - July 2023 THE F&B LEADER Kim Thompson, founder and Managing Director of Raw Coffee Company (UAE) When asked about her leadership style, Kim Thompson, founder and Managing Director of Raw Coffee Company, says it’s all about building strong relationships- but when it comes to self-leadership, she prioritizes continuous learning. “My journey has been a steep learning curve; I have many traits I continually have to work on- public speaking and conflict resolution immediately spring to mind,” Thompson says. “What I love most about being an entrepreneur is the continual growth and learning; nothing remains constant.” In terms of advice for other female entrepre- neurs, she tells them to be focused and enthusiastic about their ideas, but also warns them to learn the pitfalls, and be acutely aware of the challenges. “Starting a company with limited financial resources is fraught with danger, and it will not only slow down your growth, but It will also be incredibly stressful,” she says. “Budget for three times your original projections, as everything costs more and takes longer. If all the information you gather still indicates potential and no red flags, then take a deep breath, be brave, and do it.” The other shortlisted nominees for this award were: Sara Daher, founder of Le Guepard (UAE) Justine Corrado, founder of Basiligo (UAE) Aline Kamakian, founder and CEO of FIG Holding (Lebanon) Laura Kaziukoniene, co-founder and CEO of Super Garden (Lithuania) Jawaher Aldhafyan, Global - Head Of People Success at Foodics (Saudi Arabia) Nooran Albannay, CEO of Coffee Architecture (UAE) THE RETAILER Marcela Sancho Montoya, founder of House of Pops (UAE) On her path to entrepreneurial success, Marcela Sancho Montoya, founder of dessert company House of Pops, has learnt to prioritize building strong relationships with her team members in order to work together towards a common goal. “I value open communication and transparency, and I strive to create a positive and supportive work environment where everyone feels comfortable sharing their ideas, feedback, and concerns,” she says. In line with this, her advice for other women striving to grow in their businesses or careers is to surround themselves with like-minded individuals who can help them build confidence and resilience. “Through my network, I have been able to stay motivated and focused on my goals, even during the most challeng- ing times,” she says. But she also adds, “Believe in yourself, and act on it. Trust your instincts and abilities, and put yourself out there; be stubborn enough to fight for it every day. Stay focused, persistent, and success will follow.” The other shortlisted nominees for this award were: Shibi Kabeer, founder and Chief Mum of Baby Store (UAE) Kate Kikano, founder of TKD Lingerie (UAE) Elaf Patel, founder of Sugargram (UAE) Anisha Oberoi, founder and CEO of Secret Skin (UAE) /Women SME Leaders Awards
49 June - July 2023 / ENTREPRENEUR.COM / THE EDUCATOR Masindi Netshakhuma, founder and CEO of Renof Productions (South Africa) As the founder and CEO of Renof Productions, a project that helps women in South Africa speak up about gender- based violence, Masindi Netshakhuma insists on a dignity-enhancing leader- ship approach. “I believe in having dignity, and maintaining it well, and that is why I create my own space to reflect and prepare, before I go out to lead other women,” she says. “As an entrepre- neur, there are lot of potholes we come across in our journey, but the main solution is to keep going. I am not saying that mine is the right way, but I believe a better way to build your confidence in your career is to know what you really want, and follow your heart than other people.” In the same vein, her advice for other female entrepreneurs is to simply work hard, and stay focused. “You don’t have to do what everyone else is doing to make it in life,” Netshakhuma says. “Even if what you are doing doesn’t seem to make sense, it’s okay. It will make sense one day.” The other shortlisted nominees for this award were: Marilyn Pinto, founder of KFI GLOBAL (UAE) Jennifer Obiorah, founder of TeamUpcy- clers (Nigeria) Salma Elloumi, co-founder of Creative Ad School (Tunisia) Clara Amonia Odu, CEO of Top Learn Horizon (Nigeria) Farisayi Chitsidzo Muruki, of Heritage Conservation Co-op Zimbabwe Trust (Zimbabwe) Deena Habib and Ban Jishi, co-founders of Yspot (UAE) Loide Dawid, founder of K-12 EdTech (Namibia) THE REAL ESTATE LEADER Latifa Bin Haider, founder of Baytuki (UAE) In leading Baytuki, a platform helping women make micro invest- ments in real estate, Latifa Bin Haider relies on a participative leadership style. “That involves actively engaging with my team members who are experienced, talented, and competent, to glean insights and advice from them,” Bin Haider explains. “I then integrate their feedback and recommendations with my vision for the company, culminating in a final decision that I then see through to fruition.” To women aspiring to start their own businesses, Haider advises to start by discarding any self-imposed limitations, as these can hinder their true potential. “By removing these barriers, you can unlock your full potential, and achieve great success,” she says. “Do not be afraid to make mistakes or experience setbacks, as every experience, whether good or bad, is an opportunity to learn and grow. Be emboldened by each experience, and use it to inform your decisions moving forward.” Another piece of Bin Haider’s advice includes surrounding oneself with a supportive network. “If such a network does not currently exist, do not despair, as you will attract the right people into your life through your actions and beliefs,” she adds. “In the interim, manage and balance your relationships with those who may not share your vision or are unsupportive. Lastly, do not hesitate to seek help or support from mentors and advisors who can provide guidance and insights to support your journey. You will be pleasantly surprised by the number of individuals who are willing to support and guide you.” The other shortlisted nominee for this award was: Skye Nguyen, Head of Global Expansion at Stella Stays (UAE) Anne Mwai, owner and CEO of Bama Diaspora Ltd (Kenya)
50 / ENTREPRENEUR.COM / June - July 2023 /Women SME Leaders Awards THE HEALTH CUSTODIAN Noora AlAskar, founder of My Nutribox (Kuwait) “I believe balance is key,” says Noora AlAskar, founder of My Nutribox, a health and wellness platform that acts as your “virtual pocket nutritionist” personalized to your specific nutritional needs, when asked about how she leads her team. “Anyone who has worked with me will tell you that I have a nurturing, but quite firm and assertive, solution-oriented, no-nonsense leadership style,” she continues. “As leaders, we lead by example, and in a small startup, we also set the tone for everything, including the culture that we want to build. It’s important to me to build an ‘I can’ culture of possibility, because that’s what I believe in. That’s positive, dynamic, energetic, but also structured, organized, and thriving.” Her advice for other female entrepreneurs is not to over-think, but to act. “Just go ahead, and do it,” AlAskar declares. “You don’t have to necessarily take a giant leap at first. You can dip your toe into entrepreneurship with a side hustle, while you are still working a full time job, and see how you like it… There isn’t a rule book of how things should be done, see what works best for you. You just need to have faith, grit, a sense of purpose, and a whole bunch of optimism to carry you through.” The other shortlisted nominee for this award was: Justine Corrado, founder of Basiligo (UAE) MOMPRENEUR OF THE YEAR Shilpa Mahtani, founder and COO of BNB Holiday Homes (UAE) Shilpa Mahtani, founder and COO of vacation rental agency BNB Holiday Homes, says that she leads both herself and her team with a basis on faith. “The COVID- 19 pandemic was a time that put us all to the test,” she recalls. “Losing loved ones, dealing with kids’ emotional states, and keeping a business afloat made me realize that having faith is the single most important thing. It is that faith that has given me the strength along my entrepreneurial journey.” When asked for her advice for other female entrepreneurs, Mahtani states a popular aphorism: “Don’t love your job, job what you love.” She explains, “This is the basis on which I have built the business, and helped it grow year on year. When one is passionate about what they do, it no longer qualifies as work. So, my one piece of advice to all women out there would be to chase their passion, and careers will follow. We are today in a society that molds us into making decisions based on certain career aspirations, but if we changed our mindset in a way that decisions are made based on what we love doing, that would lead to inevitable success.” The other shortlisted nominees for this award were: Amandeep Kaur, Managing Director of V Fix Maintenance & Technical Services (UAE) Christine Khasinah, founder and Head of Brand, Supama- mas (Kenya) Basma Chaieri, founder of Etika Jewels (UAE)
51 June - July 2023 / ENTREPRENEUR.COM / THE HOTELIER Marloes Knippenberg, CEO of Kerten Hospitality (UAE) THE TECHIE Marang Mbaakanyi, founder and CEO of Drones for Africa (Botswana) In her roles as the founder and CEO of Drones for Africa as well as the Chairperson of Botswana Drones Association, Marang Mbaakanyi wants to demystify technology and make it discover- able and accessible by everyone, and especially by marginalized groups. Her leadership style also follows this theme, as she describes it as very inclusive. “I am open to different opinions, and this has led to better decision-making and a more engaged environment.” Mbaakanyi explains. “Being both democratic and transformational has proven to be beneficial, as it ensures that everyone is involved in the decision-making process; they get to express themselves fully without any fear, making it very easy for them to relate with me.” In the meantime, when asked for her advice for her fellow female entrepreneurs, Mbaakanyi puts the focus on authenticity. “It is a crucial component of success,” she says. “Women should stay true to their values and vision, and they should not be afraid to show their personality and personal style. People are drawn to authenticity, and it can help differentiate one from competi- tors or colleagues.” The other shortlisted nominees for this award were: Latifa Bin Haider, founder of Baytuki Academy (UAE) Simona Agolini, founder and CEO of QiDZ (UAE) Carolina Fong Guzzy, co-founder and Digital Engineering Manager at Accienta (UAE) Linet Wanjiku Kinyua, co-founder of Pensoft Systems Limited (Kenya) Arthi Srinivasan, Director of Business Development at Powertech Mobility (UAE) Farah Zafar, co-founder and CEO of Lyvely (UAE) Iryna Lorens, co-founder of Weld Money (Ukraine)
52 / ENTREPRENEUR.COM / June - July 2023 /Women SME Leaders Awards THE PROFESSIONAL SERVICES LEADER Susy Massetti, founder and CEO, Maria Massetti Consultancy WLL (Bahrain) Susy Massetti, founder and CEO, Maria Massetti Consultancy WLL, is someone who believes in leading by example. “Walk the talk; show them the way!” she exclaims, when asked about how she leads her team. “Respect is earned, and respect creates followers or loyalty. I make sure that I add ‘value’ to anyone that I work with. I don’t just pay a salary. I want to make sure that everyone has the opportunity to grow, to learn, to be their best selves, and to have more opportunities, even if that turns out to be somewhere else. I apply the same rule to myself; this not only builds my confidence, but it also gives me the necessary strength to push through and further, and again, it sets the tone for the team.” To other women entrepreneurs, she advises being more vocal. “And I mean it in the sense of making yourself more present, noted, and heard,” Massetti explains. “I do believe that the female approach in many cases is too timid, almost silent, and humble, which by all means is a great attitude while learning, but not in delivering! Be assertive, be confident, and be the strong human being that you are!” The other shortlisted nominees for this award were: Rosheen Ngorima, founder and CEO, Neeps Consulting Services (UAE) Haifa Addas, founder and CEO, Instaglam (UAE) Natalia Suditu, Director at Foundation for Innovation and Sustainable Development (Moldova) Huda AlKhodari, General Manager of Fuel Collection (Saudi Arabia) Farida Yacine SAWADOGO, Chairwoman of Microfinance Fadima (Burkina Faso) Amandeep Kaur, Managing Director at V Fix Maintenance & Technical Services (UAE) THE INVESTOR Roaya Saleh, founder, Villa Mamas Restaurant (Bahrain) Bahraini restaurateur Roaya Saleh says that her biggest investment -Villa Mamas, a restaurant that serves local cuisine with Mediterranean influences in Bahrain- is a family business, and therefore, she considers leading her business to be no different than leading her family. “My four sons are actively involved with the operations of branches in Bahrain, London, Abu Dhabi, and Riyadh, and all of this means that our work culture is family-like,” she says. “I have an open-door policy with all my employees, and I encourage them to take ownership of their responsi- bilities, whilst providing guidance and support. During the COVID-19 pandemic, I am proud that we were one of the first restaurants to shut down for the safety of all our global employees, and no one was made redundant. This is because my employees are like my family!” When asked for her advice for other female entrepreneurs, she replies by saying that they should work on growing their confidence. “Be ambi- tious and take risks, believe in yourself and your capabilities, don’t be afraid to make mistakes, and ask for help,” Saleh says. “Always think outside the box, and surround yourself with positive and supportive people who will encourage and motivate you to achieve your goals. Lastly, it’s extremely important to prioritize self-care to avoid burnout, and thereby ensure longevity in your career.” The other shortlisted nominee for this award was: Dr. Maryam Fouladirad, founder, Fundii (UAE)
53 June - July 2023 / ENTREPRENEUR.COM / THE FASHION & BEAUTY LEADER Youmna Khoury, founder of Youmi Beauty (UAE) Youmna Khoury, founder and CEO of Youmi Beauty, a professional beauty and haircare brand, says that her business is much more than just that. “It empowers women, while also making a positive impact through charitable efforts,” Khoury explains. “My own experiences, spending 12 years in an orphanage after my father’s passing, fueled my passion for giving back to the less fortunate. That’s why I established the Youmi Beauty Charity Foundation in 2017, which directs 25% of all proceeds towards children’s orphanages, charities aiding the disabled, and countries in need.” This drive to care for others extends to her leadership style as well, with Khoury explaining that she prefers fostering strong relationships with her team, and creating a positive and productive work environment. Her team, Khoury adds, is one of the main pillars of her success, but it is also her innate resilience. “Throughout my career and entrepreneurial journey, I have faced numerous failures, and many people advised me to quit,” she says. “However, I refused to give up on my dreams, and something deep inside me kept me going. I worked hard to prove that I was more than just a beauty influencer, as many people believed I could not succeed in the competitive world of business. This experience has taught me to never lose passion for what I love and to trust myself.” As such, her advice for other women in business is to find their true passion. “To achieve success and fulfillment, it is also crucial to do what you love, but it should also challenge you,” she says. “My advice to women looking to grow their businesses and careers is to not be scared of failure, as failure is inevitable, and it provides valuable learning opportunities.” The other shortlisted nominees for this award were: Cathie Halim, founder of SPActacular (Egypt) Haifa Addas, founder and CEO, Instaglam (UAE) Atinuke Smith, CEO of Datina Designs (Nigeria) Holly Hart, founder and CEO, founder of Neon Star (UAE) THE MEDIA LEADER Sarah Curtis and Zainab Imichi Alhassan Alli, founders of POP Communications (UAE) The founders of POP Communi- cations, Sarah Curtis and Zainab Imichi Alhassan Alli, say that the strength of their leadership comes from their partnership. “The power of an aligned duo is unstoppable,” says Curtis. “There have been many times throughout our business journey when one of us has felt conflicted or defeated, and the other has stepped in and taken over as needed. When there is someone to tell you, ‘I’ve got this’ or ‘Go home, get some rest,’ it makes a difference.” When asked for their advice for other women in business, Alli replies, “Whether it’s capital gains and incentives, professional freedom, or stepping up the corporate ladder, make sure you enter this growth journey as your most authentic self. Then, some people will tell you networking is key for growth and it is important, but we’ve found forging a limited number of strong professional relation- ships triumphs.” The other shortlisted nominees for this award were: Mina Litvinova, founder and Managing Director, AR MORE (UAE) Ruwaida Abela Northen, founder of JRN Consultancy (UAE) Hebah Fisher, co-founder and CEO, Kerning Cultures (UAE) Sandrine ROLAND, Associate CEO at AOS Africa (Côte d’Ivoire) Stephanie Farah, founder and Managing Director, Empyre Communications (UAE) Nancy Paton, founder, Desert Rose Films (UAE) Mary Njoki, founder and CEO, Glass House PR (Kenya)
54 / ENTREPRENEUR.COM / June - July 2023 /Women SME Leaders Awards THE LEADER IN AGRICULTURE Mona Alami, co-founder of Ecofertil (Morocco) Mona Alami, co-founder of Ecofertil, a Morocco-based company that redirects agricultural and urban organic waste into a nutrient essential for soil preservation and plants production through composting, used to believe that her leadership style was not “strong” or “authoritarian” enough, leading her to think that prioritizing the needs of others, and involving them in the decision process was a weakness. “However, through experience and self-reflection as well as my commitment to personal growth, I became more self-confident, and strongly connected to my values as a person,” Alami continues. “Today, I consider that empower- ing others is key to achieving their full potential.” To other women entrepreneurs, Alami advises them to build their confidence, but to also cultivate a sense of humility. “That is important to be able to embrace a growth mindset, and to continuously learn and improve by taking challenging projects, seeking feedback, learning from failures, looking for opportunities, and surrounding yourself with a strong network of like-minded people of peers and mentors that can provide guidance and support,” she says. “Stay resilient, stay focused, and keep pursuing your goals with passion and determination.” The other shortlisted nominees for this award were: Lamiaa Salah el Dan el Saied, Chairwoman of the Fifth Generation Foundation (Egypt) Arafa Hamad Bakari, founder of Kilimo Hai Input Company (Tanzania) THE EXECUTIVE Jana Krimpe, founder and CEO of Best Solutions (Azerbaijan) As the founder and CEO of Best Solutions, a digitalization advisor for state entities in emerging countries around the world, Jana Krimpe believes in a leadership style that is a combination of being assertive, adaptable, and compas- sionate. “I believe in setting clear expectations, and empowering my team to take ownership of their work,” Krimpe says. “Throughout my career, I have built confidence and resilience by embracing challenges, learning from my mistakes, and continuously seeking self-improvement. I surround myself with supportive and like-minded individuals who encourage me to grow, and push beyond my comfort zone. This has allowed me to bounce back from setbacks, and become a stronger leader.” Her wish for other women entrepreneurs is thus to believe in their own abilities to be persistent in their effort. Krimpe adds, “Continuously invest in yourself by seeking new knowledge, develop- ing skills, and expanding your network. Don’t be afraid to take risks, and learn from your mistakes. Build a strong personal brand, and always prioritize your customers’ needs. Remember to remain authentic, ethical, and true to your values. Finally, embrace competition as a source of growth and inspiration, and never stop believing in your potential to succeed.” The other shortlisted nominees for this award were: Ruwaida Abela Northen, co-found- er of JRN Consultancy (UAE) Simona Agolini, founder and CEO of QiDZ (UAE) Konul Guliyeva, co-founder and CEO, Safavy (Azerbaijan) Marina Melad Abdelsayed Ibrahim, General Manager, 3M Metal Industries (Egypt)
55 June - July 2023 / ENTREPRENEUR.COM / THE ARTIST Anastasia Kopijevski, founder and CEO of Skaya Art Agency (UAE) To lead her Dubai-based boutique art consultant Skaya Art Agency, Anastasia Kopijevski makes use of participative methods with those around her. “I love to listen to ideas from artists and team members, and to involve them in the decision-making process, since they can then build confidence in their own ideas,” she says. According to Kopijevski, being in constant contact with others is what has helped her to connect and deal with people from different walks of life. “This is an important element in the art field, since I am always dealing with art collectors, curators, artists, exhibitors and more,” she explains. “Most of the artists I have dealt with are also very emotional, so we have to understand their feelings, and guide them accord- ingly. Sometimes, we feel like psycholo- gists helping them cope with stressful situations, and other times, we feel like warriors taking risks or even leaders who inspire them.” When asked for her advice for other women in the business arena, Kopijevski points toward embracing both positive and negative moments. “Embrace failure, learn constantly, stay focused, and take calculated risks,” she says. “Recognize that you can grow with every opportunity, and be ready to adapt to changing times. But also, celebrate your successes, as they are a testament to your vision, and they can help boost your confidence, and motivate your entire team.” The other shortlisted nominees for this award were: Priya Telavane, founder and Managing Director, 361 Degrees Design Solutions (UAE) Tshepo Phokoje, Director of Vixen Excursions (Botswana) Yasmine Dabbous, founder of Espace Fann (Lebanon) Abigail Abban, founder of the Big Girls Rise Foundation (Ghana) THE LEADER OF TOMORROW Dina Mattar, founder and CEO of Dverse (UAE) Dina Mattar, founder and CEO of Dubai-based Web3 consultancy DVerse, explains that when it comes to leading her team, she tries to connect one’s work tasks with their career passions. “I like to give credit where it’s due, and I also make sure that each person in our company has the flexibility to work in an area that they like,” she says. “My goal is to have everyone love their job, so we like to keep things friendly between us. I am very close to each member of my team, and I love to have a very family-cultured work environment, where everyone feels safe and comfortable to share their concerns, if they have them, and to know that we will always work together on their professional and personal goals.” Now, speaking to her fellow female entrepreneurs, Mattar urges them to trust their gut, take initiative, take risks, and step out of their comfort zones. “I have heard a lot about people believing that women are emotional thinkers and act on their emotions; I myself have also been called out on this,” Mattar adds. “Now, I know that this doesn’t apply to every woman, but I also believe that it’s not always a bad thing. I sometimes notice that I make decisions based on emotions, but I like to call it a gut feeling, and then later establish that these decisions resulted in success.” The other shortlisted nominees for this award were: Carolina Fong Guzzy, co-founder and Digital Engineering Manager of Accienta (UAE) Kagiso Madibana, founder of Nayang Association (Botswana) Nouran Farouk, founder and CEO of Dosy (Egypt) Cristina Frolov, President of Constan- tin Mimi Foundation (Moldova)
56 / ENTREPRENEUR.COM / June - July 2023 /Women SME Leaders Awards THE HUMANITARIAN Jennifer Obiorah, founder of TeamUpcyclers (Nigeria) As the entrepreneur behind a social enterprise that addresses critical environmental and social issues in Nigeria, TeamUpcyclers founder Jennifer Obiorah says that she is always open to new and innovative opinions on how to reduce waste and improve the health and well-being of the local population. “That is why my leadership style is very inclusive,” she says. “I believe that everyone has a unique perspective and experience that can contribute to the success of a project, and I strive to create a safe and inclusive space for everyone to share their ideas and opinions. I also prioritize building relationships and trust with community members and stakeholders, which is essential for achieving sustainable development goals.” To women looking to grow their own business or within the company they work for, Obiorah tells them to be persistent, take risks, and seek out mentorship and support. “It is essential to be confident in your abilities, and to have a clear vision of what you want to achieve,” she adds. “Seek out mentors and support networks to guide you through the challenges and celebrate your successes. It is also crucial to take risks and embrace failure as an opportunity to learn and grow. Finally, be persistent, and don’t give up on your goals, even in the face of obstacles and setbacks. Success requires resil- ience, hard work, and dedication, but with the right mindset and support, anything is possible.” The other shortlisted nominees for this award were: Assia Riccio, founder of Evolvin’ Women (UAE) Nawal Benzaouia, founder and Executive director of Massiraa (UAE) Opara Grace, Executive Director of Handmaid Skills Acquisition Initiative (Nigeria) Theresa Tsui, co-founder of Skills3 Creative Enterprise For Social Impact (UAE) THE VISIONARY Karima Anbar, CEO of Intisar Foundation (Kuwait) When asked about her leader- ship style, Karima Anbar, CEO of Intisar Foundation, replies by saying that she and her team are simply following in the footsteps of the entity’s founder and Chairwoman, H.H. Sheikha Intisar AlSabah. “It is an absolute honour to receive the Visionary Award at the 2023 Women SME Leaders Awards, as the work of H.H. Sheikha Intisar AlSabah is truly visionary,” Anbar says. “Not only have we coura- geously been tackling topics that are still not widely accepted in our Arab regions -mental health, war and violence trauma, and women’s empowerment- but we have turned these challenges into milestones.” She also believes that growth starts at the end of one’s comfort zone. “In my career, I have always accepted new challenges, believing that everything happens for a reason, even if we don’t always under- stand what is happening to us in that particular moment.” And to other women in executive roles, Anbar says, “To reach new heights of success, you must surround yourself with people who not only inspire you, but challenge you.” The other shortlisted nominees for this award were: Jen Blandos, founder of Female Fusion Network (UAE) Jana Krimpe, founder and CEO of Best Solutions (Azerbaijan) Sagarika Sahoo, founder and Managing Director of Commerce Connect (UAE) Khaoula Behi, founder of Future Islands (Tunisia) Nina Mazourik, co-founder of Sankom (UAE) Tadala Peggy Chinkwezule, Legal Services Manager at Tipeze Flea Market by Estac Events (Malawi)
57 June - July 2023 / ENTREPRENEUR.COM / THE CHANGEMAKER Beatrice Kiniti, founder of Jobenvic Enterprises Limited (Kenya) Beatrice Kiniti, founder of Jobenvic Enterprises Limited, describes herself as a lady carpenter who leads her team as their coworker. “I am not a boss, I am a leader,” she says. “I believe that there is no company that belongs to one person. We need other people in order to achieve our dreams, I have built a relationship above work, though with boundaries. I am approachable yet firm in my decisions.” Meanwhile, do what you love is what Kiniti would advise other entrepreneurial women. “Look for something that you love, and do it right from the beginning,” Kiniti says. “Seek for advice, do proper research and market surveys. Start with what you have. Let people know what you do. Have a business name that is easily identifiable- I learnt this late. Some businesses will pick up fast, but others might take months or even years to break even. But don’t give up, and always have a backup plan.” Kiniti also has an interesting piece of advice for women climbing corporate ladders. “Work like that company belongs to you,” she says. “Ask questions and clarification when in doubt, because it’s important to know that your employer banks on you to represent the company. Do not act otherwise. It’s important to know that there are other traits that can make or break a business or company like attitude, dressing, body language etc. Also, I would tell ladies who are employed, if it comes to leaving, or resigning, don’t break bridges. Your past employers can act as a reference.” The other shortlisted nominees for this award were: Jen Blandos, founder of Female Fusion Network (UAE) Assia Riccio, founder of Evolvin’ Women (UAE) Jennifer Obiorah, founder of TeamUpcy- clers (Nigeria) Emma Barber, Director of Dgrade (UAE) Nazila Hashimzade, Advisor to the Chairman at DOST Agency (Azerbaijan) Olga Timontieieva, founder of Salutis Publishing House (Ukraine) THE HOME-BASED BUSINESS OF THE YEAR Wada Kealotswe, founder and Director of Aiko Creations t/a Eco Zera (Botswana) When it comes to building self-confidence, Wada Kealotswe, founder and Director of Aiko Creations t/a Eco Zera, an eco-friendly pencil manufacturer from Botswana, prefers to learn from others who have done the same thing before her. “I enjoy learning and receiving guidance from my business mentor, learning from programs that give me practical experience in running a business, and from being open to risks and not fearing failure,” she says. Similarly, it is by giving guidance she chooses to lead her team as well. “As a leader in my community and business, I believe in nurturing people I lead,” she says. “I make sure all ideas and thoughts are taken into consideration. In most cases, I allow the people I lead to work independently to grow and learn with less supervision.” To other female entrepreneurs, Kealotswe has one piece of advice: do not procrastinate. She adds, “Plan through, and take calculated risks- be bold as a lion, and fear nothing. It is better to try and fail than not to take action at all. After all, there will be a great lesson from the experience for better results. The founder of KFC Colonel Harland Sanders tried 1,009 times and failed, but at 80 years old, he became a millionaire.” The other shortlisted nominees for this award were: Nazila Heydarova, founder of Reluxe Collection (Azerbaijan) Yetunde Taiwo Adekunle, CEO of Ytfoods (Nigeria)
59 June - July 2023 / ENTREPRENEUR.COM / The myth of the business plan (Or why we need to embrace experiments for entrepreneurial success) by YOUNESS YAGHCHA O nce hailed as a key component of entrepreneurial success, traditional business plans are now being challenged by visionaries like Steve Blank, Reid Hoffman, Alexander Osterwalder, and Brad Feld. These thought leaders argue that business plans can stifle innovation, and hinder an entrepreneur’s ability to adapt in a rapidly changing landscape. They can see that adaptability and an iterative approach are more likely to lead to sustainable growth and long-term success. In the ever-changing landscape of entrepreneurship, it’s time to debunk the myth of the business plan, and embrace experiments as the driving force behind success. As Blank wisely stated: “No plan survives first contact with customers.” }
60 / ENTREPRENEUR.COM / June - July 2023 ‘T/Pro Traditional business plans fail to account for the uncertainties and complexities of the entrepreneurial journey. Imagine a young entrepreneur named Sarah who had meticulously planned every aspect of her venture based on a traditional business plan. She believed that she had a foolproof strategy that would lead to success. However, as she launched her product into the market, she realized that things rarely go as planned. Customers had different needs and preferences than what she had anticipated. The market landscape shifted rapidly, and Sarah found herself struggling to adapt. Feeling frustrated and stuck, Sarah came across an article by the aforementioned Blank. In it, he challenged the notion of rigid business plans, and advocated for embracing experimenta- tion instead. Inspired by his insights, Sarah decided to take a different approach. She started running experiments to test her assumptions and gather real-world feedback. Through experi- mentation, Sarah quickly learned that her initial value proposi- tion was not resonating with customers. Armed with this valuable insight, she iterated and refined her product, incorpo- rating the feedback she received. This iterative process allowed her to create a solution that truly addressed customer needs and preferences. As Sarah delved deeper into the world of entrepreneurship, she also discovered the Lean Startup methodology. Blank’s approach emphasized rapid iteration, validated learning, and customer-centricity. She realized that rather than relying on speculative forecasts outlined in a traditional business plan, she could build a minimum viable product (MVP), and gather feedback to inform her decisions. Sarah also learned about Osterwalder’s Business Model Canvas, a visual framework that helped her map out key elements of her business model. By integrating experiments within the canvas, Sarah could validate critical assumptions, identify potential risks, and refine her model based on real-world feedback. The canvas became her dynamic compass, guiding her through the entrepreneurial journey. With each experiment and iteration, Sarah navigated the uncertainties of entrepreneurship with resilience and adaptabil- ity. She embraced uncertainty as an opportunity for growth and learning. Instead of being paralyzed by the fear of the unknown, she approached it as a chance to uncover new insights, and make data-driven decisions. And as Sarah continued to refine her business and build traction, she faced the challenge of pitching to investors. Knowing that some investors might raise concerns about the absence of a traditional business plan, she crafted a compelling narrative. She articulated the value of experimentation and customer validation, showcasing success- ful examples of startups that thrived through this approach. She highlighted how the iterative feedback loop allowed these startups to pivot, refine their strategies, and align their offerings with customer needs. In her investor pitch, Sarah invoked the words of Feld, who famously said, “Financial projections for startups are largely fiction. We know that 100% of financial projections from startups are wrong.” She emphasized that the true value of the business plan lies not in the document itself, but in the process
61 June - July 2023 / ENTREPRENEUR.COM / of researching and thinking about the business in a systematic way. By embracing experiments, Sarah was better equipped to build a scalable business model, and make informed decisions based on real-world data. As Sarah’s entrepreneurial journey pro- gressed, she realized that embracing experiments was the key to her success. She had learned from the wisdom of thought leaders like Blank, Hoffman, Osterwalder, and Feld. Their insights shattered the myth of the business plan, and empowered her to take a more agile and adaptive approach. Much like Sarah, it’s time for entrepre- neurs to challenge the status quo, and embrace experiments as the driving force behind their enterprises. Sarah’s story is just one example of how embracing experiments can transform the entrepre- neurial journey. By adopting an experi- mental mindset, entrepreneurs can break free from the constraints of traditional business plans, and open themselves up to a world of possibilities. Entrepreneurship is a dynamic and ever-evolving process. The world is changing at an unprecedented pace, and successful entrepreneurs are those who can adapt quickly and effectively. As Hoffman once said: “Starting a company is like throwing yourself off the cliff, and assembling an airplane on the way down.” The ability to navigate uncer- tainty and pivot based on real-world feedback is what sets apart thriving startups from those that falter. The myth of the business plan is deeply ingrained in our perception of entrepre- neurship. We have been conditioned to believe that a detailed plan is necessary for success. However, as Feld pointed out, financial projections from startups are often wrong. The unpredictable nature of the business landscape makes it nearly impossible to accurately predict the future. Instead of relying on speculative forecasts, entrepreneurs should focus on building a scalable business model that can adapt and thrive in any situation. Experimentation allows entrepreneurs to test their assumptions, validate their ideas, and gather valuable insights from real customers. It enables them to iterate quickly, incorporating feedback and improving their products or services. As Blank emphasized, startups now search for business models, rather than executing predetermined plans. The process of experimentation becomes a critical part of the journey, enabling entrepreneurs to find the right path forward. The Lean Startup methodology thus provides a roadmap for embracing experimentation. By building a mini- mum viable product and gathering feedback, entrepreneurs can make informed decisions, and steer their ventures in the right direction. This iterative process of build-measure-learn allows entrepreneurs to continuously improve and adapt, ultimately increasing their chances of success. Meanwhile, Osterwalder’s Business Model Canvas complements the Lean Startup method- ology by providing a visual representa- tion of the business model. Integrating experiments within the canvas allows entrepreneurs to validate assumptions, and refine their models based on real-world feedback. This dynamic approach ensures that entrepreneurs stay in tune with market needs and make strategic adjustments as necessary. Embracing experiments not only benefits entrepreneurs, but also instills confidence in investors. As Sarah discovered in her own journey, a well-crafted narrative can effectively address concerns about the absence of a traditional business plan. By showcasing successful examples of startups that thrived through experimentation, entrepreneurs can demonstrate their ability to adapt and make data-driven decisions. Investors recognize the value of an agile and customer-focused approach, understanding that it is the key to long-term success in today’s rapidly changing business landscape. In conclusion, the myth of the business plan has been debunked by visionary entrepreneurs and thought leaders who champion experimentation as the driving force behind entrepreneurial success. Embracing experiments allows entrepreneurs to navigate uncertainty, validate their ideas, and adapt their strategies based on real-world feedback. It aligns with the principles of the Lean Startup methodology and the Business Model Canvas, providing a framework for iterative improvement and customer- centricity. Aspiring entrepreneurs should take inspiration from the experiences and insights of industry pioneers like Blank, Hoffman, Osterwalder, and Feld. By embracing experiments, entrepre- neurs can unlock their full potential, innovate with confidence, and build businesses that thrive in the dynamic entrepreneurial landscape of today. The journey may be challenging, but with the power of experimentation, the possibilities are limitless. So, dare to challenge the myth of the business plan, and embark on a path of exploration, adaptation, and entrepreneurial triumph. Having founded the Lab for Innovative Minds and Entrepreneurship (LIME), Youness Yaghcha has been instrumental in fostering a thriving ecosystem for startups. LIME serves as a platform that bridges the gap between aspiring entrepreneurs and the support they need to succeed. Through Youness’s guidance and expertise, local startups have gained access to invaluable resources, mentorship, and funding oppor- tunities. As a seasoned entrepreneur and startup advisor, Youness brings a wealth of experience to the table. With a deep understanding of the challenges faced by early-stage ventures, Youness has played a pivotal role in incubating and nurturing promising startups, transforming their innovative ideas into successful busi- nesses. The combination of Youness’s firsthand entrepreneurial experience and strategic advisory skills has made them a trusted partner for businesses and authorities seeking to foster a vibrant startup ecosystem. ourlime.rocks THE MYTH OF THE BUSINESS PLAN IS DEEPLY INGRAINED IN OUR PERCEPTION OF ENTREPRENEURSHIP. WE HAVE BEEN CONDITIONED TO BELIEVE THAT A DETAILED PLAN IS NECESSARY FOR SUCCESS.
62 / ENTREPRENEUR.COM / June - July 2023 ‘T/Pro On the surface, ethics are the moral principles and values that guide an organization. Deeper than that, they are the constant consideration of how decisions and actions affect others. The ethics of your company lie at the core of its culture. When the two don’t align, you have a problem. In my opinion, businesses have a habit of throwing money at the issue -such as throwing an outlandish Christmas party- rather than investing in culture and employee wellbeing day to day. It’s one thing to establish ethics and values on paper (yes, they also look wonderful plastered on a boardroom wall!), but it’s another to put them into action, and make employees feel secure, valued, and truly motivated throughout the year. As the Managing Director of UAE- based creative marketing agency JWI, what I’ve learned in my time leading it is that running a business is not about the destination, it’s about the journey. To get Trust is built, not bought Why acting ethically is key to building a business where teams thrive by CHARLI WRIGHT I f we all lived by the old adage “treat others how you’d like to be treated,” ethics in business would be a given. However, having worked with a variety of companies, from SMEs to global multinationals, I can tell you it certainly is not. Ethics is a term often thrown around by businesses to protect their rep, or simply to tick a box to prove that their employees are being treated fairly. This isn’t to say there aren’t businesses that operate ethically in the region, but rather an observation that there is a gap between preaching and practicing it.
63 June - July 2023 / ENTREPRENEUR.COM / the best out of your team, they should feel truly seen and heard, not only when there’s a problem, but each and every day. Having built a creative agency from the ground up, I’ve picked up a few things about turning ethics into actions to create a thriving company culture- and I’ve listed them below: 1 The ethics of your business should not be limited to the law. In this region, ethical business behavior is generally deter- mined by the parameters of its respective nation’s labor laws. Whilst undoubtedly important, it’s important to remember that providing employees with visas, health insurance, or an annual flight home is a mandatory legal requirement- not the foundations of your company values or culture. At JWI, we go beyond transactional HR requirements, and invest time and effort in creating two-way relationships with each employee that foster mutual trust and respect. On top of quarterly perfor- mance development reviews, our dedicated employee experience manager carries out regular one-to-ones with each team member to provide a safe, confiden- tial space for sharing. This year, I also implemented personal reflection sessions to deep dive into the personal motivators and mindset of every employee. The learnings have been invaluable, and reintegrating them back into the working environment has helped create a company culture shaped from within. 2 A transformational leadership style should prioritize passion. “Transforma- tional” leaders are known for being empathetic and attuned to the needs of their employees. But there should also be an element of reciprocity, in which employees inspire leaders to lead. Without your people, there is no business, so giving them the opportunity to play a leading role in their own development is necessary to nurturing passionate employees that really care about their work and your business. That’s why training and development is a huge focus for the leadership team at JWI. Team members are encouraged to pursue their passions -even beyond their job role- and play a part in carving their own path. Take our Global Exchange Program, for example- members from our Dubai and London teams are awarded with the opportunity of a two-week, all expenses paid trip to their sister office. The program gives employees the chance to explore new markets, learn new areas of the agency and teach new team members their expertise and passion. 3 Empathy should be deeply rooted. Empathetic workplaces are proven to benefit from stronger collaboration and greater morale. Since teams are a collective of diverse personalities, tension and miscommunication are inevitable. However, when team members act with compassion and understanding, miscom- munication is minimized, leading to greater synergy. Still, despite their efforts, many leaders struggle to actually embrace empathy as part of their company culture. JWI is a place where everyone feels seen and understood. The JWI leadership team has grown with the business. Since they’ve experienced the breadth of agency challenges and roles, they have a deep understanding of what their team faces every day. On the flip side, employees know their managers have been in their shoes, creating a dynamic of mutual respect. Ultimately, acting “ethically” is subjec- tive, particularly in a region with a huge diversity of mindsets. But at its core, ethical behavior involves taking a human-centric approach that places people before profits, and integrates actionable ways for this to be felt in the workplace every day. With the UAE termed as a job-hopper’s market, creating a company that your employees don’t want to leave has major commercial benefits. When you place people first, employee retention remains high, leading to greater business success. Charli Wright is the Managing Director for the Middle East at JWI, a creative marketing agency with offices in London and Dubai. jwi-global.com IN MY OPINION, BUSINESSES HAVE A HABIT OF THROWING MONEY AT THE ISSUE -SUCH AS THROWING AN OUTLANDISH CHRISTMAS PARTY- RATHER THAN INVESTING IN CULTURE AND EMPLOYEE WELLBEING DAY TO DAY.
64 / ENTREPRENEUR.COM / June - July 2023 ‘T/Marketing T he widespread proliferation of artificial intelligence (AI) has elicited a confused mixture of anxiety and ambition. But sandwiched between the two is the actuality, which is the revolutionary applications of AI and its bankabil- ity for entrepreneurs. The unfounded wariness towards machine-generated output and the overly ambitious claims about it have equally obscured that actuality. As such, there is a pressing need to shed light on it and induce much-needed clarity. The crux of the matter is that AI is here, and it is here to stay. However, it didn’t happen with the advent of ChatGPT. Digital-first companies such as Spotify have embraced and incorporated it from the get-go, commissioning algorithms to analyze consumer behavioural data and tailor recommendations to individual preferences. Such AI-generated results were con- sumed unconsciously by the majority. As such, recent break- throughs such as ChatGPT have only opened avenues for conscious consumption. So, what is the difference now then? Well, that would have to be termed as colossal, because when such technologies are accessible to end users and startups, the scope for value creation grows several folds. In fact, the proof is in the pudding: ChatGPT’s user base grew to 100 million in just two months after the launch- the highest-ever growth rate for any platform. Evidently, despite lingering hesitancies toward adoption, AI has everyone’s attention. For SMEs and entrepreneurs, now is an opportune moment to explore in-house use The future looks set to be humans with -not versus- machines by ATUL HEGDE MEET THE NEWEST (AND PROBABLY THE SMARTEST) MEMBER OF YOUR STARTUP: Artificial Intelligence
65 June - July 2023 / ENTREPRENEUR.COM / An award-winning thought leader, digital marketing and branding veteran, investor, and entrepreneur with over 25 years of experience working with global brands and agencies, Atul Hegde is a name that connotes excellence. He is the founder of YAAP, a leading new age tech and data-led content company with offices across Singapore, UAE, and India. YAAP has worked with leading brands here in Dubai like Bayut, Fitbit, Dubai’s Department of Economy and Tourism, Disney Games, among many others. He has been instrumental in the development of YAAP’s 3D philosophy and full-spectrum data-led communi- cation, from design to discovery to distribution. Atul’s vision is embodied by Rainmaker Ventures, a $50 million venture capital firm that he co-founded, which seeks to wholly mentor budding startups. Despite his busy schedule, he has championed the cause of non-fungi- ble tokens, crypto, and metaverse-relat- ed ventures and innovations, enabling brands’ digital transformation. When he is not a full-time branding guru, he is a sneakerhead with an impressive collection to boast. yaap.in cases, complete trial-and-error applica- tions, and be AI-ready, before it becomes a business differentiator. The need for AI readiness transcends sector and industry lines, making a case for adoption in creative domains such as content marketing. Though seemingly counterintuitive or a cardinal sin even, machine-generated content is gradually making inroads into marketing because of its demonstrable value. As it turns out, AI is not stifling creativity, but enhanc- ing it, by eliminating common errors and things that do not bring value. So, content marketers, particularly ones operating in startups and SMEs, have business-centric reasons to separate anxiety from the actuality of AI adop- tion. Content creation can be time-consum- ing and repetitive. Even after persistent efforts, content marketing can elude engagement and positive business results. Such conditions are ripe for the adoption of AI tools, which can auto- mate tedious functions like keyword research, search engine optimization (SEO), and audience segmentation. Entrepreneurs hoping to maximize the efficiency of content marketing can leverage such tools, executing campaigns at scale, bridging quality gaps, and automating error-prone repetitive tasks. It is an unmistakable human-in-the-loop scenario aimed at fine-tuning the algorithms to organizational require- ments with each passing campaign. At the same time, it does not need too many humans- the lean workforce befitting a startup. In application, AI tools process vast amounts of behavioural customer data at a speed and scale that supersede human abilities. Content marketers can receive ready, actionable insights pertaining to keywords, messaging, and other resources- all contextualized to specific audience segments, and with nothing slipping through the cracks. That, in turn, can be used to formulate failproof marketing campaigns characterized by agility, personalized recommendations, and meaningful and measurable engagement. Together, such characteris- tics represent a step change in delivering content-driven experiences. As the chill of a “funding winter” grips entrepreneurs, resource optimization has emerged as a priority. To that end, automating laborious tasks and shifting the focus toward critical areas such as value creation is a no-brainer. Unsurpris- ing, therefore, that about 77% of companies are exploring AI to some extent, with 35% actively harnessing it, whereas the remaining 42% are checking viability. By automating, say, proofreading and SEO, startups can avoid hiring many content and copywrit- ers while saving time and money without undermining output. Needless to say, AI can become a veritable member of a startup. The findings of early movers attest to AI’s impact on bottom lines: a McKinsey survey revealed that about 79% of marketers posted at least 5% year-on- year revenue growth due to AI adoption. Meanwhile, PwC estimates a US$320 billion potential impact of AI for the Middle East, with the UAE capable of adding 14% to its gross domestic product in 2030 as a result of it. Such prospects boil down to the UAE’s exemplary AI readiness, which budding entrepreneurs, too, can build by being receptive to advancements such as ChatGPT. Indeed, this openness will initially pave the way for standalone AI applications in grammar-checking or text-to-image synthesis, before unlocking interdisci- plinary possibilities. All the while, you are course-correcting a deep-learning model that can eventually give a run for your money- except, in reality, you are not giving, but only gaining. THOUGH SEEMINGLY COUNTERINTUITIVE OR A CARDINAL SIN EVEN, MACHINE-GENERATED CONTENT IS GRADUALLY MAKING INROADS INTO MARKETING BECAUSE OF ITS DEMONSTRABLE VALUE.
66 / ENTREPRENEUR.COM / June - July 2023 ‘T/Pro Sadly, it only works on Buddhist monks, and not on children asking if Santa Claus is real. Happily though, there exists a large toolbox of practical techniques for answer- ing difficult questions when they come your way. We teach them in in media training at the International School of Communication (ISOC), and also in public speaking training, for Q&A sessions. These strategies are versatile enough for you to use with bosses, clients, investors, customers– or anyone else in that category of people whose questions you might prefer not to answer directly. The best practices in this regard have changed fundamentally from the bad old days of spin doctoring. Not long ago, it was common for politicians, spokespeople and executives to use clumsy “blocking and bridging” techniques when hit with an unwanted question (or indeed any question). They would dodge the question with a generic blocking phrase: “That’s an interesting point…”, and then change the subject with a bridging phrase: “… but to put it in perspec- tive…” Does this language sound familiar? It lingers like a bad smell in set-piece scenarios like presiden- tial debates and formal interviews with legacy media. We advise against this approach: it’s counter- productive to duck a question in a way that makes you look slippery. How can we remain authentic and truthful while handling a question that simply can’t be answered straight? Trust and authenticity are the real currencies of the new media landscape, because these are also the basic dynamics of human communication. That is why there is no tolerance for being evasive. Practice the following approaches, and you will be well equipped to handle almost any difficult question that comes your way in an inter- view, at work, or in life. 1. Don’t answer, and say why We are conditioned from childhood, at an instinctive level, that when Answering Difficult Questions (THE HOW-TO) Universal strategies from the new science of media training by WILL HARDIE I n Zen Buddhism, there’s a useful word meaning “neither yes nor no.” When an acolyte asked a foolish question, the Master could reply “mu,” meaning “I say ‘yes,’ but I mean ‘no,’ and the actual answer is: unask the question.” If only we could say “mu” in modern life!
67 June - July 2023 / ENTREPRENEUR.COM / someone asks us a question, we are expected to answer it. A child doesn’t have the option to decline to answer. That conditioning tends to surface in adulthood, particularly when the person asking the question is an authority figure. We are also conditioned as children to be cooperative and helpful. All of this adds up to a feeling that when we’re asked a question, we really should answer it. That leads people to tie themselves in all kinds of knots, trying to dodge a question that they could most reasonably decline to answer. Just because somebody asked you a question does not mean that they are entitled to an answer, or that you are obliged to answer it. Very often, there is a good legitimate reason not to answer. When faced with a hard question, the first thing to do is to ask yourself: do I need to answer this at all? If not, you could say: “I’m sorry, we haven’t made that informa- tion public yet,” or “I’m sure you understand, I can’t talk about individual cases,” or “I’d love to tell you the details, but our competitors would love that even more.” 2. Challenge loaded questions Many hard questions are hard, because they are loaded with a negative or controversial assumption– particularly the “gotcha” style of confronta- tional interview. Questions are designed as traps, along the lines of the classic false dichotomy: “Have you stopped beating your wife?” To answer “yes” is to admit that you once did beat her; to answer “no” is to admit that you still do. It’s usually wise to answer by pointing out the false assumption, because to let it stand could be seen as confirming it. 3. Connect verbally with the question Old-school “block- ing” tactics are obvious and infuriating, because they make no attempt to address the question- it feels disrespectful. Even if you can’t answer the question directly, find a way to engage genuinely with it. If you connect with a question in some way, even superficially, you are cooperating. You are playing the game. It’s as simple as making a verbal, conversational connection. Riff on the topic, neutrally, even just to play for time: “That’s a question I’m often asked, and it matters deeply to us because…” This is some- times called an “acknowledg- ing” tactic. 4. Dismantle the question, and use the ingredients What is a question, anyway? Here’s another piece of conditioning that we need to overcome. As children, we are taught that the right thing to do when asked a question is to analyze it, and figure out as precisely as possible what information the person wants from us, and then give them that informa- tion. That’s how we pass tests and exams. But for difficult questions, we need to get more creative, and think entirely differently about what a question is for. Think of a question not as a request for information, but as a starting point for your answer. Practice active listening. Find something positive. Find something you can agree with. Seize on anything that you can use– even if it’s not directly the thrust of what the questioner was looking for. In other words, treat the question like a buffet. Is there a part of it that you can answer, if not the whole thing? Is there a word in the question that you can use? Is there an idea in the question that you can run with? For instance: if asked something along the lines of whether “your failure to deliver on your forecasts show that you were ridiculously over-ambitious,” you might answer by talking positively about ambition. 5. Riff on positive words Even horrible questions often include useful ideas or words. If so, repeat them at the start of your answer. Connect your answer to positive ideas in the question. This signals that you are answering, cooperating, engaging. Even if your answer as a whole doesn’t directly address what the questioner was looking for, this is much less obvious and jarring when your answer shares vocabulary with the question. Here’s how that could work for the aforementioned example: “It was indeed an ambitious target, and, of course, we’re disappointed that we missed it, but that doesn’t change the spirit of ambition that drives every- thing we do.” 6. Don’t pick up negative words Never repeat the negative language of a question. American President Richard Nixon famously told a group of newspaper editors: “I am not a crook.” It was a crisp and clear denial of wrongdo- ing, but also the most damaging kind of soundbite, because the word that stuck was “crook.” Sometimes when you’re asked a question that contains nega- tive words (“failure,” “crisis,” “disappointing,” “incompe- tent”), those words sneak their way into the answer. This puts you on the back foot: you start your answer in defensive territory, and you have to work just to get back to the neutral zone. Instead, start your answer in the positive. Don’t inherit negative ideas– don’t have words put in your mouth. If you have to push back against a false idea, do so without restating it: “On the con- trary…” or “That’s not true…” If anyone ever asks you if you’re a crook, deny it by coming out fighting with a positive statement in the opposite direction: “I am a person of principle.” 7. Disagree by agreeing Science fiction author Theodore Sturgeon was once challenged that “90% of science fiction is crap.” He famously replied: “Yes, indeed- 90% of everything is crap.” That statement rang so true that a lifetime later philosophers still cite Sturgeon’s Law as an adage: whatever you look at, from music to film to education to government to literature to architecture, 90% of it is, indeed, crap. What interests me is the genius of that phrase as an answer to a hostile question. The critic’s agenda was to dismiss the whole genre of science fiction, and Sturgeon not only disarmed him of this false assumption, but did so by agreeing with him in a clever and selective way. } NOT LONG AGO, IT WAS COMMON FOR POLITICIANS, SPOKESPEOPLE AND EXECUTIVES TO USE CLUMSY “BLOCKING AND BRIDGING” TECHNIQUES WHEN HIT WITH AN UNWANTED QUESTION (OR INDEED ANY QUESTION).
68 / ENTREPRENEUR.COM / June - July 2023 ‘T/Pro 8. Pick what you like from the buffet Often in a Q&A session or news conference, somebody stands up and rambles on for a minute or more with a multi-part question. Complex questions can be intimidating, if you’re trying to remember every detail and answer precisely and comprehensively. Instead, think of questions like a buffet- you don’t need to take a bite of everything. Choose what you like best. Pick one or two ideas or topics from the question, and run with that. This also works with unclear or incoherent questions– if you’re not sure what they are asking you, don’t bother asking for clarification. Instead, answer a version of the question you’d like to have been asked. It’s rare to be challenged. 9. Build a connection You may have heard of the idea of “six degrees of separation.” This is the idea that any two human beings in the world are connect- ed by a chain six or fewer “a friend of a friend” links. It is also true of questions and answers. Your challenge is to find the connection between the question and something positive that you can say. We play a game in media training, in which I ask each person a random question (“What would you like for your birthday?” or “Where did you get that shirt?”), and the task is to answer conversationally in a way that mentions their brand or product. It’s intentionally clunky, which makes it a hilarious game– I would never want a spokesper- son to answer in this way. The real goal is to change the mindset from “what does the questioner want” to “what is there in this question that I can use.” 10. Reframe the topic Instead of avoiding a question, consider if there is a way that you could answer it more easily from a different perspective. “Reframing to action” is a common approach: asked about a problem, talk about the solution. Asked about the past, talk about the future. Asked about a mistake, talk about what was learned. With reframing techniques, you are not being evasive– you are just answering on your own terms. Other reframing tactics include humanizing (reframing from events or things to people affected), reframing outside-in (stop talking about “we,” and answer in terms of “you”), and emotionalization (answering in terms of how you and/or your people genuinely feel about the situation). 11. Sacrifice a pawn If you can’t answer the question, at least give the questioner some satisfaction. This is useful particu- larly in combative interviews when the journalist is taking the role of a cham- pion holding the mighty to account (i.e., you). If you let the journalist feel like they have scored a point, or somehow drawn blood in the encounter, this reduces your chance of being hit again repeatedly with the same line of questioning. Taking a hit can be as simple as a “you are right ¬that” or “I acknowledge that” statement. Will Hardie is a communication strategist, advisor and coach with more than 20 years’ experience working in more than 50 countries. He studied experimental psychology for a master’s at Oxford, and later journalism and politics in the US. Will joined the Reuters news agency in London and took foreign correspondent postings in Brussels, Stockholm, and Belgrade. He specialized in financial and economic news, and reported on a many high-profile breaking stories. He covered major international summits, interviewed ministers, heads of state, CEOs and other senior executives, and managed regional teams of journalists. Back in London, Will co-founded Pinnacle PR, a global communications consultancy, and the International School of Communi- cation (ISOC), a specialist professional training company. Will is one of the world’s leading communications advisors. He has executed large projects to create communica- tion strategies and systems for national governments and major corporations. For six years, Will was the chief advisor to the head of communications in the office of H.H. Sheikh Mohammed bin Rashid al Mak- toum, UAE Vice President and Prime Minis- ter and Ruler of Dubai. During that time, he advised and helped prepare for many interviews. Will has personally media trained more than 15 high-ranking cabinet ministers as well as five Sheikhs. He has also been involved behind the scenes in stage managing large-scale announcements and news events (e.g. Emirates Mars Mission), and managing the media dynamics around reputational challenges and crises. Elsewhere, Will has counselled hundreds of cabinet ministers, senior politicians, CEOs, and other senior executives across Europe, North America, the Middle East, Africa and Asia. He specializes in executive coaching, media training, crisis communication, strategic messaging and communication strategy development. He has led long-term projects to develop top-level communication strategies for federal and national governments, and written crisis plans and positioning for global top-500 companies. Will lives in Dubai where he divides his time between managing ISOC and delivering consulting and training projects worldwide. isoc.com
F irst things first: aren’t we all annoyed with ads? It may sound like an overgeneralization, but let’s face it, most of us are guilty of skipping ads as soon as we see them. However, this annoyance doesn’t stem from a hatred of advertising itself. Instead, the overwhelming clutter of irrelevant ads floods our screens. Even the creativity of advertisers doesn’t help as the entire ad-watching experience is intrusive when people just want to enjoy their journey on YouTube, Facebook, or any other online platform. Let’s be honest: the advertising formula is broken, and the impact of intrusive ads on both consumers and brands has been nothing but negative. Digital ads can be helpful when used properly, but skipping has become an undeniable habit, with many brands vying for attention. According to recent studies, a staggering 90% of consumers skip pre-roll video ads, with 70% doing so out of habit. These numbers are alarming, and they only prove that big budgets spent on creativity are soon wasted with a simple skip button. Our company, Idealz One, was born out of the desire to improve the ad delivery experience, and we have done so by simply putting ourselves in the shoes of our customers as they surf the online world. Our mission was to create a mobile application that offers a unique ad-watching experience, allowing users to enter this fun space on their own time, and get rewarded for their time. Indeed, the platform’s innovative “press and hold” feature allows viewers to watch any ad from start to end, and ensures their undivided attention. Idealz One also offers hyper-targeting capabilities, where brands can guarantee that consumers watch ads that are relevant to them. With a database of over one million registered users, marketers can target a relevant audience, and address them with any message they want. The exciting part of all this is the reward, the winning element for users, where they enter a draw to win a prize by simply watching an ad in full. This approach repositions the entire ad-watching experience to being inviting and rewarding, and it’s important to highlight here that our draws are conduct- ed live and are regulated by the Dubai Department of Economy and Tourism. In addition, the Idealz One platform guarantees a 100% view-through rate for video ad campaigns, a metric that is unrivaled by any other digital channel. We also offer the flexibility to customize the ad space, and plug multiple call-to action buttons to ensure that brands can engage with their desired target audience. Generally, we recommend short-form video ads knowing that they deliver the best results- in fact, videos up to 30 seconds have a 70% click-through rate, making them the most popular form of video content on social media. In conclusion, ad-skipping and banner blindness have created a missed opportunity for brands to connect meaningfully with their target audience. It’s time to embrace new solutions that address the challenges of the digital age, and deliver a better ad-watching experience for all. ‘T/Marketing by ZEINA ESTWANY Having built a career working with the likes of Saatchi & Saatchi, M&C Saatchi, Joe Fish, and Product of the Year MENA, Zeina Estwany joined Idealz Holding in 2022, where she co-founded Idealz One, a groundbreaking mobile app revolutionizing the ad delivery experience. idealz-one.com Rethinking the Ad Delivery Experience Want a 100% guaranteed view-through rate? Here’s how you can make it happen 70 / ENTREPRENEUR.COM / June - July 2023
The old playbook doesn’t work. THE ADVERTISING FORMULA IS BROKEN Capturing the aaennon of customers is no longer easy. Where ads are actually watched. WE CAN HELP
73 June - July 2023 / ENTREPRENEUR.COM / Unlocking growth Belgium-headquartered Deliverect acquires UAE-based ChatFood by TAMARA PUPIC NAJI HADDAD, MENA General Manager at Deliverect BEN MOUFLARD, CEO and co-founder of ChatFood D eliverect, a Belgium-headquartered global software-as-a-service (SaaS) company that integrates online orders from food delivery channels, has acquired ChatFood, a UAE-based omni- channel ordering and data-driven marketing platform provider for hospitality brands, in a bid to create a unified solution that could enable profitable growth in the restaurant industry. Together, Deliverect and ChatFood serve over 43,000 restaurants and food service businesses around the world, and power over 300 million orders in 42 markets. With the addition of ChatFood, Deliverect will offer customers a one-stop digital platform that eliminates complexity and drives value for both in-restaurant dining and online delivery experiences. }
74 / ENTREPRENEUR.COM / June - July 2023 S/Q&A In a statement, Zhong Xu, co-founder and CEO of Deliverect, said, “We are thrilled to welcome ChatFood to the Deliverect team. With ChatFood, we now provide a 360-degree solution inspired by the challenges our customers face, supporting them both with in-restaurant dining and online food delivery. This milestone is significant for our company, because each day we strive to simplify the lives of restaurant owners, and help them thrive in the digital age.” Meanwhile, Ben Mouflard, co-founder and CEO of ChatFood, said, “We’ve had an opportunity to observe Deliverect’s values and dedication to their customers through our existing integration and long-standing partnership. We recog- nized that their approach aligned with our own. We are so excited by this next chapter in our journey, and bringing our solutions to restaurants around the world.” Naji Haddad, General Manager of MENA for Deliverect, added, “The acquisition of ChatFood is an important step for Deliverect in MENA in particular, given the company’s notable presence and success in the region. We are delighted to invest further in the Middle East, demonstrating our ongoing commitment to our customers here, as well as to the wider community.” Commenting on the ecosystem at large, Haddad noted that there has been a growing trend of global solutions being localized for the UAE’s restaurant industry, which allows for the incorporation of cultural and regional elements, customization of menus to cater to local tastes, and implementation of local marketing strategies.”However, it’s important to strike a balance between localization and preserving the essence of the global concept,” Haddad added. “While adapting a solution to suit the local market is crucial, it’s essential to ensure that the unique qualities and strengths of the original concept are not compro- mised. Successful localization involves understanding the local culture, consumer preferences, and market dynamics, while staying true to the core values and principles that made the global solution successful in the first place.” With more than 3,000 food service locations in the GCC relying on its technology, ChatFood solutions have resulted in 35% higher average spend from customers, three times more tips, and 25% more labor efficiency. Follow- ing its acquisition of ChatFood, Deliv- erect will now offer new solutions like social media ordering, which allows restaurants’ customers to order from their social media accounts, as well as order and pay, which creates custom QR codes for menus, ordering, bill manage- ment, and payment. deliverect.com Naji Haddad, General Manager - MENA at Deliverect, offers four ideas for restaurant owners to stand out from the crowd 1. Have a unique concept “Differentiate your restaurant by offering a unique concept or theme that sets you apart from competitors. Whether it’s a specific cuisine, a fusion of flavors, or a novel dining experience, having a distinct identity can attract customers looking for something new and exciting.” 2. Focus on quality and consistency “Maintain high standards of food quality, service, and overall dining experience. Consistency is key to building a loyal customer base and generating positive word-of-mouth recommendations. Focus on delivering exceptional food, using fresh ingredients, and providing excellent customer service.” 3. Invest in menu innovation “Regularly update and innovate your menu to keep customers engaged and intrigued. Introduce seasonal dishes, specials, and chef’s recommendations to provide variety and freshness. Consider incorporating local ingredients or adapting global trends to cater to local tastes.” 4. Say yes to tech “Embrace technology to enhance customer experience and streamline operations. Offer online ordering, delivery services, and reservation systems to meet the evolving needs and preferences of customers. Utilize social media platforms and online marketing strategies to reach a wider audience and engage with customers.” The executive summary ZHONG XU, CEO and co-founder of Deliverect “WITH CHATFOOD, WE NOW PROVIDE A 360-DEGREE SOLUTION INSPIRED BY THE CHALLENGES OUR CUSTOMERS FACE, SUPPORTING THEM BOTH WITH IN-RESTAURANT DINING AND ONLINE FOOD DELIVERY.”
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76 / ENTREPRENEUR.COM / June - July 2023 Plug and Play, a Silicon Valley-based startup innovation platform that connects startups, corporations, venture capital (VC) firms, and government entities, has announced an investment in Clara, a UAE-born legaltech startup that is now headquartered in the UK, while also entering into a long-term partner- ship with the enterprise. With over 40,000 startups on its platform already, Clara’s legaltech services primarily focus on digitizing and automating legal tasks for business founders. On the other hand, Plug and Play offers over 60 accelerator programs and other corporate innovation programs that has so far supported more than 15,000 startups. Through this investment and partner- ship, both entities now hope to work towards easing the legal bottlenecks that continue to hinder startup founders. “Through our partnership with Clara, we aim to revolutionize the way legal services are accessed and utilized by startups,” said Carolin Wais, Partner at Plug and Play. “Clara provides self-suffi- ciency to founders, empowering them to take greater control of legal aspects, and make informed decisions. By streamlin- ing legal processes and reducing costs, startups can focus on driving their businesses forward.” Weis also noted that Plug and Play’s investment in Clara is reflective of its genuine interest in the Middle East’s overall business landscape. “For Plug and Play, the Middle East is certainly one of the most exciting regions to be, there is tremendous potential for further creating a stronger startup ecosystem,” Weis added. “We see ourselves at the core of this economic progression, working with organizations such as Saudi Arabia’s Ministry of Communications and Information Technology, Abu Dhabi Investment Office, MISK Foundation, Neom, Department of Health Abu Dhabi and many more to drive innovation in construction tech, healthcare, travel, sustainability, and much more.” Commenting on the partnership, Patrick Rogers, co-founder and CEO of Clara, said that startups within the Plug and Play network will now be getting to directly avail his enterprise’s services as a result of the tie-up between the two entities. “We will be using some of the Plug and Play investment to build workflows specific to Plug and Play’s accelerator cohorts, allowing their portfolio companies to take care of all the legal tasks that make them investment- ready from the get-go,” Rogers explained. However, the synergetic results of this partnership will not remain exclusive to Plug and Play. Indeed, according to Henrik Bærentsen, Director of Plug and Play Saudi Arabia, one of the foremost goals of this collaboration will be to create a more seamlessly connected business ecosystem in the Middle East as a whole- a result that will be reflective of the work Plug and Play has achieved in other global regions. “WE GOT FUNDED!” The story behind the recent fundraising successes seen by MENA- born startups Clara and Tarabut Gateway by AALIA MEHREEN AHMED Startup finance S/ CLARA /clara.co/ Patrick Rogers, co-founder and CEO, Clara, and a representative from Plug and Play. Carolin Wais, Partner, Plug and Play
77 June - July 2023 / ENTREPRENEUR.COM / “This partnership extends beyond startups,” Bærentsen said. “By working together, Plug and Play, corporates, and government entities can foster collabo- rations that further support startups. Corporates can leverage Plug and Play to enhance their interactions with startups, streamlining legal processes and facilitating partnerships. Similarly, government entities can use the partner- ship to provide startups with the necessary guidance and resources to navigate legal challenges, ensuring a conducive environment for growth and innovation. This collaborative approach unlocks the potential for strategic partnerships, industry-specific innova- tion, and the development of new technologies that address regional challenges.” Of course, to achieve such end results, startups will first have to bypass time-consuming and complicated legal framework issues- and that is where Clara claims to be the ideal solution for founders. “It’s never too early to turn to Clara!” Rogers said. “We give a huge amount of best practice guidance and knowledge away for free through our website chatbot. For example, if a founder is trying to understand a legal concept like “vesting,” they can simply ask our bot and be provided with relevant (and accurate) answers, without even having to create a Clara account.” As someone who’s been at the helm of Clara since its launch, Rogers also offered commentary on what are some of the most pressing legal issues startups face in the Middle East’s ecosystem, and how his enterprise can help tackle them. “Structuring would be one- founders face a lot of friction in getting a corpo- rate structure set up that venture capital firms will invest in,” he explained. “Another area founders struggle with is the management of their cap tables (a document outlining a company’s ownership structure, specifically the percentage of ownership held by each shareholder and type of securities they hold, often requested by VCs). Clara gives founders the ability and confidence to manage these types of tasks quickly and efficiently while saving a tonne of money on lawyers.” Sharing Rogers’ sentiments on the matter, Plug and Play Saudi Arabia’s Bærentsen added further insights on how startup founders can set themselves up for success through Clara. “By leveraging Clara’s platform, founders gain the ability and confidence to manage tasks such as setting up a corporate structure and handling cap tables quickly and efficiently,” Bærentsen added. “This streamlined process not only saves time and money but also enhances the overall professionalism and preparedness of startups, making them more attractive to investors. Once legal issues are effectively addressed by solutions like Clara, tech startups in the region can unlock several doors of opportunity. And so, overall, our partnership serves as a catalyst for fostering a robust ecosystem where startups, corporates, and government entities can work together to drive innovation and fuel economic progress in the region.” Tarabut Gateway, a Bahrain- founded open banking platform, has raised US$32 million in a series A round led by Pinnacle Capital, a Saudi Arabia-based alternative investment firm. Tarabut Gateway’s Series A round also saw the participation of Aljazira Capital, a Saudi Arabia-based Shari’ah compliant financial services firm; Tiger Global, a US-based investment firm focused on global Internet, software, consumer, and fintech sectors; and Visa, a US-head- quartered global digital payments tech platform. Following this funding round, Visa and Tarabut Gateway also entered into a strategic partnership that will allow both entities to collaboratively work towards developing new products and solutions that use open banking capabilities. Launched in 2019, Tarabut Gateway offers open banking application program interfaces (APIs) that promise secure and instant flow of money, as well as financial information across a network of banks and fintech companies in the region. With offices currently located in the UAE and Bahrain, the company now aims to make a mark in the growing Saudi finance market using this new infusion of capital. “Our primary focus following the Series A fundraise is deploying capital to grow Tarabut Gateway’s presence in the Kingdom of Saudi Arabia,” Abdulla Almoayed, founder and CEO of Tarabut Gateway, said. “The KSA’s fintech market is one of the fastest growing in MENA, presenting an extraordinary opportunity. TARABUT GATEWAY /tarabutgateway.com/ Henrik Bærentsen, Director, Plug and Play Saudi Arabia Abdulla Almoayed, founder and CEO, Tarabut Gateway
78 / ENTREPRENEUR.COM / June - July 2023 Our plan is to hire top talent in the coun- try, further develop our local presence, and strengthen our partnerships with fintechs and banks. Additionally, we aim to reinforce our position in Bahrain and the UAE by increasing bank coverage and enabling more fintechs to build their solutions through our open banking API. We are closely monitoring open banking regulations across all MENA jurisdic- tions, and we are ready to enter new markets swiftly if the regulatory environment becomes favorable.” But while geographical expansion has been clearly mapped out for Tarabut Gateway’s journey forward, Almoayed adds that a major part of the funds will also be allocated towards ensuring greater innovation in his enterprise’s services. “On the technology and product front, the fundraise will be used to advance our existing products: Tarabut Gateway (TG) Connect, unifying customers’ financial data with region wide bank connectivity; TG Categoriza- tion, enriching data to allow auto-cate- gorization of transactions; TG Pay, enabling direct, fast, and cost-efficient payments; and TG Income Verification, helping lenders streamline loan application processes, to just name a few,” he explains. “We are particularly focused on lending solutions that empower lenders to optimize revenue and reduce costs. Our solutions help lenders streamline their application and underwriting processes and improve their credit decisions. Our open banking solutions also power other use cases, such as personal finance management, bill payments, and account top-ups for digital wallets.” Take a quick look at the trends and consumer behaviors that currently rule the regional finance market, and it’ll be easy to see how Almoayed’s vision for Tarabut Gateway’s future is deeply linked to the ongoing shifts in the ecosystem. The UAE in particular has been at the forefront of MENA’s fintech boom, having recorded a market value of US$2.5 billion in 2022 (as per the UAE Ministry of Economy). A report by Magnitt also highlights that the MENA fintech market recorded $925 million in funding across 131 deals in 2022 alone- a statistic that is reflective of the confi- dence shown in the sectors by investors. But when it comes to the growing interest in, and demand for, open banking services in particular, Almoayed notes that it has been the result of the contribution of a number of factors. “Firstly, regulators in the GCC, such as Saudi Central Bank (SAMA), the Central Banks of Bahrain and the UAE, the Dubai International Financial Centre and Abu Dhabi Global Markets have played an instrumental role by creating and implementing forward-looking policies and regulations,” he notes. “This has facilitated the introduction of open banking concepts and allowed fintechs to capitalize on emerging market opportunities. Secondly, banks and other financial institutions have proactively embraced open banking, recognizing its potential benefits rather than perceiving it as a threat to their business. There was and still is a lot of appetite from banks to integrate with fintechs and other third-party service providers, resulting in enhanced service offerings which help banks retain existing and attract new customers.” However, apart from regulatory assistance and collaborative efforts within the ecosystem, there is also one key factor that will perhaps continue to be the most important deciding element in how open banking fares: consumer behavior. “Tech-savvy consumers increasingly demand personalized products, fast and secure transactions across various merchants, and greater control over their personal finances,” Almoayed says. “This has spurred fintech innovation, as evidenced by Mastercard’s report that 89% of people in the KSA used a fintech-enabled payment method in 2022. This shift in consumer behavior appears almost natural in retrospect. As soon as regulatory changes allowed for innova- tion, consumers gravitated towards user-friendly financial products that leveraged new technologies to simplify their lives. Prior to this regulatory shift, the MENA financial sector lagged behind North America and Europe, with unmet consumer needs.” The acute awareness displayed by Almoayed and his team has certainly stood them in good stead, and even earned them the support of regional and global investors. “Tarabut Gateway’s innovative approach to open banking and their strong focus on Saudi Arabia make them a perfect partner for us, and we’re excited to see them grow to new heights and contribute to the growth of the Saudi Arabian fintech space as part of the Vision 2030 strategy,” Abdulwahab Al Betairi, Founding Partner of Pinnacle Capital, says. Andrew Torre, Regional President of Visa CEMEA, expresses similar sentiments when he adds, “Next-generation digital experiences and innovation are driving the future of financial services, and open banking is a growing movement that can help consumers better access and manage finances. We look forward to partnering with Tarabut Gateway, combining our global payments network and proven local solutions with their open banking platform to allow innovative financial services across the region.” Startup finance S/ Abdulla Almoayed, founder and CEO, Tarabut Gateway
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80 / ENTREPRENEUR.COM / June - July 2023 Ecosystem S/ I n 2022, the World Economic Forum’s Global Gender Gap Report showed that the UAE ranked first across all Arab countries and 68th globally, which was four spots higher than its position in the previous year. Indeed, it is a milestone that speaks volumes of how the nation’s gender equity measures have reaped success over the years. But while there is plenty to celebrate about, there also seems to be a quiet collective agreement across the UAE business ecosystem that there is still room for improvement when it comes to achieving gender equity. That sentiment was on full display on May 10, 2023, when the Dubai campus of Heriot-Watt University, a pioneer of higher education in the UAE, played host to Paths To Progress, an event jointly staged by the university along with Female Fusion, a global digital membership for female entrepreneurs that helps them start, build, grow and scale their businesses, and Entrepreneur Middle East, one of the most authorita- tive business magazines in the region. Held under the theme of this year’s International Women’s Day, #EmbraceEquity, the forum brought together individuals from the education, healthtech, retail, and Paths To Progress, a forum staged by Heriot-Watt University Dubai, Female Fusion, And Entrepreneur Middle East, spurs conversations on gender equity by AALIA MEHREEN AHMED Allyship and awareness Professor Dame Heather McGregor, Provost and Vice Principal, Heriot-Watt University Dubai
81 June - July 2023 / ENTREPRENEUR.COM / commerce sectors to discuss and debate ways on how they can truly embrace equity within their work- places. The event was kicked off by Claire Roper-Browning, Regional Director at Heriot-Watt University Dubai, following which Professor Dame Heather McGregor, Provost and Vice Principal of Heriot-Watt University Dubai, gave the keynote address. Titled “Mentorship Matters: Paving The Way For The Female Leaders Of The Future,” the presentation offered a realistic view on how, and why, male professionals have a role in ensuring their female counterparts get a seat at the tables the latter are often blocked from. Dame McGregor did this by offering an honest appraisal of her own corporate journey, which has seen her grow from being an investment banker, to becoming one of the founding members of The 30% Club, a UK- based association that aims to boost female representation at board and c-suite levels across the globe, to, now being at the helm of an educational institution. “Women hold up half the sky, as the saying goes,” Dame McGregor said. “It is women and my female colleagues who have helped me for half my life. But at every key stage in my career, things wouldn’t have worked out had I not reached out to a man for assistance. Life is co-educational- we must always remember that.” Next on the event’s agenda was a masterclass by Jennifer Blandos, CEO of Female Fusion, targeting the entrepreneurially minded in the audience. Titled “Avoiding Entrepreneurial Pitfalls: Lessons Learned And Strategies for Success,” Blandos’ presentation offered the audience a very hands-on ten-step approach to how entrepreneurial success can be forged. “What I see very often when I meet entrepreneurs is that there are certain things that work and don’t work,” Blandos said. “And so for me, today, even if all my employees end up being sick for a day, I can take care of my business- from accounts to sending out emails to handling social media. So, you must know the basics!” Blandos then cautioned entrepreneurs who remain averse to using technol- ogy by adding, “I’m 49 years old, and I have learnt how to use technology, so nobody else has an excuse. Technology opens up the world for your business!” Blandos then steered her conversation towards a territory that many entrepreneurs sometimes tend to overlook as part of their success strategy: wellbeing. “I’ve had cancer twice,” Blandos revealed. Jennifer Blandos, CEO, Female Fusion Claire Roper-Browning, Regional Director, Heriot-Watt University Dubai AT EVERY KEY STAGE IN MY CAREER, THINGS WOULDN’T HAVE WORKED OUT HAD I NOT REACHED OUT TO A MAN FOR ASSISTANCE. LIFE IS CO-EDUCATIONAL- WE MUST ALWAYS REMEMBER THAT.” “
82 / ENTREPRENEUR.COM / June - July 2023 Ecosystem S/ “And that is a result of me not taking care of myself- putting everybody but me first. I interviewed my 14-year-old daughter for a podcast, and I asked her what piece of advice she would give to herself when she’s my age. She said to me, ‘You need to take care of yourself first! You are number one before anyone else.’” Blandos’ advice, of course, is extremely timely, given that mental health issues among entrepre- neurs continues to deplete. In fact, a 2023 report by Startup Snapshot shows that the mental health of 72% of the surveyed startup founders was adversely affected, whilst 37% suffer from anxiety. Following Blandos’ session, the final event of the day was a panel discussion. Moderated by Tom Urquhart, a presenter at Dubai One TV and Dubai Eye 103.8 FM, the session was titled “Gender Equality: Not Just A Women’s Issue.” The panelists included Claire Roper-Browning, Regional Director, Heriot-Watt University Dubai, Ritesh Somani, Director, Amazon Logistics MENA, Gunjan Shroff, Partner, KPMG Lower Gulf, and Perihan Abouzeid, founder and CEO, PeriCare. The discussion that ensued focused primarily on exploring the role men can -and should- play in advancing gender equity within their workplaces. For instance, when sharing his views on how Amazon Logistics MENA has introduced initiatives to incorporate greater female inclusion, Somani spoke of the Female Delivery Associate Program launched in Saudi Arabia. “It was the first of its kind in Saudi,” Somani said. “But it took a lot of time and investment for us to make a mindset change in people that this is a genuine advantage for us, and not just about driving compliance or chasing metrics. And I’m proud to say that while the numbers are still growing, right now, around 5% of our delivery associates in the Kingdom are females.” PeriCare’s Abouzeid, however, was quick to point out that while initiatives to include more women are important, there is also an equal need to reconsider existing workplace policies for female employees, and how they’re structured. GUNJAN SHROFF, Partner, KPMG Lower Gulf, “While we’re talking about promoting women’s inclusivity and getting our numbers, we may sometimes be making the men feel a sense of perceived inequality,” PERIHAN ABOUZEID, founder and CEO, PeriCare, “Instead of just increasing maternity leave and making it longer, we recommend calling it a parental leave instead.”
83 June - July 2023 / ENTREPRENEUR.COM / “For example, instead of just increasing maternity leave and making it longer -because a lot of companies take pride in offering a longer maternity leave than the legal one- we recommend calling it a parental leave instead,” Abouzeid said. “The reason being that when you offer a longer maternity leave, any hiring manager can subconsciously be biased against hiring a woman, knowing that she might leave work for three months or more.” Abouzeid’s narrative proved to be the perfect segue for an interesting point put forward by KPMG Lower Gulf’s Shroff, who highlighted the dangers of leaving men out of the gender equity conversation. “While we’re talking about promoting women’s inclusivity and getting our numbers, we may sometimes be making the men feel a sense of perceived inequality,” Shroff said. “So, we’re driving more inequality in the system, when we start talking about this purely in terms of numbers alone. The other thing would be the emphasis we place on the importance of role models and mentors for women. But when we say that, it’s almost as if that is the best way to go. But I think what’s important for the mentors themselves is to understand that not everyone is walking on the same path that guarantees them success. At the end of the day, I may have a supportive ecosystem of family and friends, but that may not be the exact same case for somebody else.” Shroff’s comments were validated by Heriot-Watt Univer- sity Dubai’s Roper-Browning, who touched upon how she had no female role model to look up to during her previous career as a sports marketer. “My boss at the time, a male, was the one who gave me very frank advice when I received an offer from another sports marketing institution,” Roper- Browning recalled. “In fact, he told me something that I didn’t really want to hear, and that was that I won’t just have to break glass ceilings, I would have to literally go through them to make it to the top, because there were no female role models. It wasn’t the advice I was looking for at the time, but I took it on board, and that’s when I made the switch to education.” On that note, Somani noted how education still remains the number one starting point if men are to be incorporated into achieving gender equity. “I think one of the greatest dilemmas for male employees that still exists is understanding if the term ‘allyship’ is a verb or a noun,” Somani said. “And so, when we speak of better policies and more engaging conversations to shift the needle on gender equity, men need to be educated on the topic better. From there, we can ensure the mindset shifts that are needed to drive change.” Ritesh Somani, Director, Amazon Logistics MENA Tom Urquhart, presenter, Dubai One
84 / ENTREPRENEUR.COM / June - July 2023 Ecosystem S/ I t may seem like the nations that make up the GCC are competing amongst each other when trying to lure tourists to the region, but according to Qatar Tourism COO Berthold Trenkel, each of the countries in this bloc have unique offerings that are specific to themselves, and that’s the reason for his continued confidence in the positioning of the nation that he represents. “I think that we are all chasing different things, and if I could summarize where Qatar stands out, it is [in] the topic of family,” Trenkel says, in an interview with Entrepreneur Middle East on the sidelines of this year’s edition of Arabian Travel Market in May. “H.H. Sheikh Tamim Bin Hamad Al Thani, Emir of the State of Qatar, always points out that Qatar is a family destina- tion, and this means that we don’t have to compete in every space, but that we have our own strength. We will, therefore, keep reinforcing our offering that is more family-oriented, more family-friendly, in addition to premium to luxury segments.” Although the Travel and Tourism Development Index 2021 Report by the World Economic Forum, which evaluated 117 destinations on factors such as development, sustainability, and resiliency of tourism, placed Qatar on the high third place in the MENA region (and 44th globally), the country and its tourism sector have experienced a massive transformation since then. Indeed, the successful delivery of the 2022 FIFA World Cup in Qatar was a culmination of decade’s worth of preparation that resulted in many first-time visitors to the nation, as well as a huge rebound in arrivals from key regional markets. “The FIFA World Cup 2022 in Qatar really helped to shift brand metrics, and we now really have new brand measurements in 15 areas,” says Trenkel. “In our Q1 results for this year, I can see jumps in the measurements such as brand awareness, but the most interesting one is that the biggest change in our brand recognition happened in India. Even though India didn’t participate in the World Cup, it happening in close proximity [to the nation], resulting in its people engaging much more than they might have in some other World Cup happening in some other part of the world. The second big jump was China, and although none of us thinks of China as a football nation, but because it is a big country, even if 10% of a country that big watched the World Cup 2022, it brought us more spectators than from many other parts of the world.” Trenkel is also appreciative of the global event helping break several erroneous notions about Qatar around the world, with one example being people’s concerns around safety in the country. “Only when people come do they realize how safe this country is,” he says. “With many media spending time here, we had this misconcep- tion changed significantly.” Today, Trenkel and his team are focused on achieving new goals, including to welcome 6-7 million visitors annually, increase employment in the tourism sector, and have tourism account for 12% of the country’s gross domestic product (GDP). “You have the Qatar National Vision 2030, and under it, the Qatar National Government Strategy, which then has Plan 1 and Plan 2. Both of those finished in 2022, and they were about getting us to the 2022 World Cup,” Trenkel explains. “Now, we are focused on Plan 3 which looks at how we can grow new sectors, including tourism, financial services, and a bunch of other things.” This next stage, Trenkel adds, will be built on the solid foundations that come from the fact that the major infrastruc- tural projects in the country have been completed- the Doha Metro in 2019, as well as the Hamad International Airport’s expansion in 2022, to name but a few. “One thing that we are doing now in collaboration with [the nation’s official airline] Qatar Airways is to target markets and audiences together, because, at the end of the day, most travelers will end up flying with Qatar Airways, and then we want to prolong that good experience they have on the flight [Qatar Airways was declared Following Qatar’s successful staging of The FIFA World Cup 2022, Qatar Tourism COO Berthold Trenkel believes the nation’s appeal as a tourist destination is only set to grow by TAMARA PUPIC AND ABY SAM THOMAS Primed for Growth
85 June - July 2023 / ENTREPRENEUR.COM / Skytrax’s Airline of the Year 2022, the only airline awarded for a record seventh time] with what they experience once they land in the country,” Trenkel contin- ues. “That’s a new way to commercially cooperate, and we can do this because we have a strong home carrier, which is also a global airline, a global player. This puts us in a position that not everyone has.” Trenkel continues that the third stage, Plan 3, will therefore build upon the FIFA World Cup 2022 helping highlight Qatar’s growing reputation as a world-class destination for travellers seeking unique experiences. “So, we now work on opening people’s eyes to what they can do in this destination,” Trenkel explains. “If I ask what you can do in Tokyo, or in Paris, you would have a stereotypical list, whereas for the Middle East, it would not be clear. We now have some work to do on educating the audience about what activities they can enjoy when in Qatar.” Focusing on “different unforgettable experiences” will also help Qatar to unlock the potential of the tourism sector to contribute to employment. “Pre COVID-19, the tourism sector was at about 6% of GDP, and our goal is for it to be 12% of GDP by the end of the decade.” Trenkel believes that the success of this approach will lie in how it’s executed, and as an example, he points out Qatar Tourism’s ongoing efforts to grow the country’s cruise line industry. “The cruise ships business has been growing since 1960/70s, but at the time, Qatar didn’t have a cruise terminal, so the first ships would dock in the morning, people would spend a day in the country, and come back to the ship in the evening. That did not contribute to the economy that much,” Trenkel recalls. “We have now started what we call a turnaround board- ing, which means that people fly in with Qatar Airways, then they board a cruise ship, and we have gone from 0%, to 20% of the market share. This was only about connecting the airline and the cruise ship that were already there, and making it into one, friction- less experience.” Another sector that is also expected to contribute to furthering Qatar’s tourism agenda is the F&B sector. “We have a very interesting plan to launch a rating program for restaurants in order to help restaurants to become better in their overall experience,” Trenkel says. “Our work is now about how to put a pressure on these people to do better, but also how to recognize those who are already doing it well. Thus, we’ll also launch an awards program to reward the good ones.” And while such initiatives get spearheaded, Trenkel believes that they will also bring many opportunities for entrepreneurs in the tourism sector. “If you look at the value chain of big hotels, there is the asset owner, the operator, and then there are certain pockets where one can find and seize opportunities,” Trenkel explains. “Over the last three years, we’ve looked at different experiences and activities and we found that there is room for vendors to enhance their offerings. We are interested in this because the experiences that these vendors provide (or not) add to the overall evaluation of the destination, and the quality of life here.” At the end of it all, Trenkel points out, all of the projects that Qatar Tourism is embarking on is aimed at realizing a singular goal- which is to ensure tourists visiting Qatar have a pleasur- able experience that begins with their entry into the coun- try, and continues throughout their stay. “We want visitor satisfaction at all points to be really good,” Trenkel con- cludes. Berthold Trenkel, COO, Qatar Tourism
86 / ENTREPRENEUR.COM / June - July 2023 IN THE LOOP/ T he sixth cohort of the Innovation Accelerator program by Moham- med Bin Rashid Innovation Fund (MBRIF) -an initiative launched in 2016 by the UAE Ministry of Finance to foster innovation in the UAE- officially graduated on May 15, 2023 at an event hosted in Dubai. The occasion also saw MBRIF open applications for the seventh cycle of its Innovation Accelerator Program, which will be accepting entries until July 13, 2023. The Demo Day for the sixth cohort, which included entrepreneurs from the UAE, UK, Canada, Tunisia, KSA, Lebanon and the USA,whose ventures are at various levels of business maturity (from prototype to growth stages), was kickstarted by a welcome speech from Shaker Zainal, Head of MBRIF and Chief Business Officer at Emirates Develop- ment Bank. Following this, H.E. Dr. Tariq Bin Hendi, Senior Partner at UAE-based international venture capital firm Global Ventures, gave a keynote address. The highlight of the graduation ceremony, however, was all 14 graduating startups pitching their business ideas to a panel of investors and venture capitalists. The three-minute-long presentations by the startup founders showcased innova- tive and disruptive solutions across a number of sectors, including health, transport, education, technology, clean energy, water and space technology. Three awards were handed out over the course of the Demo Day. Sinterex, a UAE-based 3D printing startup that solves supply chain mismanagement issues for UAE companies, won the Best Pitch award. Lisan, a UAE-based artificial intelligence-powered proofreading platform that guarantees error-free Arabic writing, won the Best UAE Homegrown Business award. Finally, Mruna, a Lebanon-based urban resilience solutions firm, won the Most Impactful Business award. “MBRIF is proud to have facilitated the growth and development of some of the most innovative and promising startups in the world through tailored solutions, expert mentorship, meaningful connec- tions and access to investors,” said Fatima Al Naqbi, Chief Innovation Officer at the UAE Ministry of Finance and MBRIF, in a statement. “The Demo Day showcased the talent, depth and ingenuity of the graduating cohort, and MBRIF is excited to see where their businesses will go next. We would like to congratulate all the members and award winners, and wish them the best of luck for the future. We will continue our unwavering support to our members and alumni as an integral part of the innovation ecosystem in the UAE, and in support of the UAE’s National Innovation Strategy.” MBRIF’s Innovation Accelerator program is a six-month-long course designed to offer innovative startups with access to industry insights, the market and other key resources that can help them scale regionally and beyond. Applications for the seventh cohort of the MBRIF Innovation Accelerator Program are now open until July 13, 2023. Commenting on the new cycle, Al Naqbi said, “MBRIF aims to empower innovative businesses by providing access to the tailored resources, expert mentor- ship, meaningful connections and affordable funding they need at every stage of their growth, from startup to scaleup, in order to achieve sustainable growth and impact. Our Innovation Accelerator program has supported some of the most innovative companies globally in accelerating their growth trajectories. With the opening of applications for our new cohort, we look forward to welcom- ing the next generation of entrepreneurs to our network.” mbrif.ae/accelerator-2 Onward and upward Having graduated its sixth cohort, the MBRIF Innovation Accelerator program is inviting applications for its new seventh cycle Noor Alasadi and Nour Alemerey, co-founders of Lisan, with the Best UAE Homegrown Business award.
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