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BIDDING FORSUCCESS September 2024 THE COST OF CONSTANT GRIND/ How to fix the culture of overwork. P.42 THE RECAP/ Sustainability Innovation Awards 2024 P.30 ALDHABI ALMHEIRI/ How to manage school and business P.15 IS PIONEERING THE FUTURE OF LUXURY COLLECTIBLES WITH UAE-BASED FALCONS P.18 DR. KEVIN KHALILI
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Contents/ September 2024 P.18 Bidding for Success UAE-based Falcons is pioneering the future of luxury collectibles - with CEO Dr. Kevin Khalili at the helm of carrying out this mission. P.30 Sustainability Innovation Awards 2024 The Sustainability Innovation Awards 2024 celebrated the innovative initiatives that contribute to environmental stewardship, social responsibility, and economic development in the MENA region. FEATURES 3 September 2024 / ENTREPRENEUR.COM / ← Dr. Kevin Khalili is the CEO of Falcons, a UAE-based platform specializing in the auction and private sale of luxury and rare collectibles.
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10 / ENTREPRENEUR.COM / September 2024 Contents September 2024 15 Balancing School And Business ALDHABI ALMHEIRI analyzes how young entrepreneurs can manage both worlds 30 The Recap: Sustainability Innovation Awards 2024 THE SUSTAINABILITY INNOVATION AWARDS 2024 commended sustainability initiatives and projects across all business sectors in the Middle East. 46 The Top 10 Unicorns In The UK LUCIDITY INSIGHTS’ research team analyzed the top 10 unicorns in the UK according to DEALROOM DATA, proving that the country is a hot bed for tech innovation. ‘TREPONOMICS 64 We Got Funded! KSA-based YALLA PLUS raises US$2.7 million in seed funding as it aims to further empower the kingdom’s hospitality sector. 66 The Global Debut NISSAN’S new Patrol unveiled at an event in Abu Dhabi 39 The Leadership Edge MARK SEPHTON explains why founders recharging with a month- long sabbatical is key to sustained business growth. 42 The Cost of Constant Grind JAY SHAHOLIA on how to fix the culture of overwork. entrepreneurship. IN THE LOOP BUSINESS UNUSUAL STARTUP SPOTLIGHT ↑ The seventh generation Nissan Patrol is the first of five SUVs to be introduced in the region as part of Nissan's global plan P.66 CEO Wissam Younane wissam@bncpublishing.net MANAGING DIRECTOR Rabih Najm rabih@bncpublishing.net ART DIRECTOR Simona El Khoury MANAGING EDITOR Tamara Pupic tamara@bncpublishing.net FEATURES EDITOR Aalia Mehreen Ahmed aalia@bncpublishing.net REGIONAL DIRECTOR Mahdi Hashemi mahdi@bncpublishing.net DIRECTOR OF INNOVATION Sarah Saddouk sarah@bncpublishing.net GROUP SALES DIRECTOR – B2B GROUP Joaquim D’Costa jo@bncpublishing.net HEAD OF PARTNERSHIPS Samir Glor Samir@bncpublishing.net COMMERCIAL LEAD Anna Chipala anna@bncpublishing.net COLUMNIST Tamara Clarke CONTRIBUTING WRITERS AlDhabi AlMheiri, Fida Chaaban, Mark Sephton, Jay Shaholia, Lucidity Insights SUBSCRIBE Contact subscriptions@bncpublishing.net to receive Entrepreneur Middle East every issue COMMERCIAL ENQUIRIES sales@bncpublishing.net ENTREPRENEUR.COM Access fresh content daily on our website All Rights Reserved 2024. Opinions expressed are solely those of the contributors. Entrepreneur Middle East and all subsidiary publications in the MENA region are officially licensed exclusively to BNC Publishing in the MENA region by Entrepreneur Media Inc. No part of this magazine may be reproduced or transmitted in any form or by any means without written permission of the publisher. Images used in Entrepreneur Middle East are credited when necessary. Attributed use of copyrighted images with permission. All images not credited otherwise Shutterstock. Printed by United Printing and Publishing. PO BOX 502511 DUBAI, UAE P +971 4 4200 506 EntMagazineME Entrepreneur-me
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12 / ENTREPRENEUR.COM / September 2024 CEO’s Message / A s we transition into the final quarter of the year, I want to take a moment to reflect on our progress to date, but first and foremost, to express my gratitude for your unwavering support over the last decade and more. Entrepreneur Middle East has published almost 150 issues, chronicling the hard work, dedication, and relentless pursuit of excellence of the MENA region’s best- from entrepreneurs as young as our 10-year-old founder of UAE-based online bookshop Rainbow Chimney, AlDhabi AlMheiri, to seasoned business leaders whose achievements are now embedded into the fabric of the success story of the UAE itself. I believe that we have cheered your every triumph and that our pages have been a source of motivation and inspiration when you thought that you could not do it anymore. And, as we all know, the journey isn’t over yet, and we will continue to be there for and with you, shoulder to shoulder, in good and bad times. Now is not just good but an extraordinary moment for our front cover star this month- Dr. Kevin Khalili, CEO of Falcons, a UAE-based platform specializing in the auction and private sale of luxury and rare collectibles, is getting ready for Falcons’ grand entrance into the luxury collectibles market with its most extravagant event to date: a live auction at the iconic Burj Al Arab on September 28, 2024. If you have a preference for finer things in life, make sure to check out their exclusive collection of rare automobiles, timepieces, and hand- bags. While we all plan to end this year on a strong note, it is important to keep in mind that sustained business growth is impossible without proper downtime, rest, and recharge. You can read more about that from Mark Sephton (P.39) and Jay Shaholia (P.42). In this issue, we also present you the winners of the Sustainability Innovation Awards 2024 (P.30), while our friends from Lucidity Insights looked into the UK entrepreneurial ecosystem, listing the country’s top 10 unicorns and top 10 venture capital firms (P.46 and P.54). As with any entrepreneurial journey, I am sure that yours is not without its challenges, but I’m confident that you’ll find plenty of inspiration as you flip through the other pages of this issue as well. To that end, let’s make September the start of a fantastic final quarter. STAY THE COURSE Ending 2024 on a strong note Wissam Younane CEO BNC publishing
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Balancing School And Business How young entrepreneurs can manage both worlds by ALDHABI ALMHEIRI 15 September 2024 / ENTREPRENEUR.COM /
16 / ENTREPRENEUR.COM / September 2024 B/Strategies ONE OF THE MOST EFFECTIVE WAYS TO MANAGE BOTH SCHOOL AND BUSINESS IS BY CREATING A TIME BLOCKING SCHEDULE. THIS SCHEDULE SHOULD INCLUDE DIFFERENT TASKS AND TIME DEDICATED TO CERTAIN GOALS OR TASKS.” “ A s a young entrepreneur, managing time, and balancing schoolwork with being a business founder can be truly challenging. School always has some work to do -while in school or as homework- but managing a business on top of that requires being very clear when managing time. In this article, I’d like to discuss my concept of time manage- ment and key ways to stay focused at work, and to give priority to some tasks and balance time. }Time management strategies One of the most effective ways to manage both school and business is by creating a time blocking schedule. This schedule should include different tasks and time dedicated to certain goals or tasks- it’s not just your school hours and business commitments but also personal time to relax and recharge. Using tools like personal calendars or scheduling apps on your devices can help keep everything in one place and block. Being able to visualize your week in advance and keep track of everything, gives you a sense of control, helping you tackle tasks one at a
time rather than feeling over- whelmed by everything at once and without surprises. }Prioritization Prioritization is essential when managing both school and business as a young entrepreneur. It involves identifying the most urgent and important tasks and focusing on those first. For instance, if you have a final test coming up, your schoolwork needs more focus to have fair study time on your schedule. On the other hand, if you have a launch or important meeting, you may need to focus on your business tasks more during that time. Since both school and business come with deadlines, learning to distinguish between what’s immediately necessary and what can wait helps you stay on track. }Key ways to stay focused One of the most challenging tasks is to stay focused while working on several tasks or topics. It’s easy to get distracted or be engaged with social media, family, friends, or any other activities, but keeping yourself focused and sticking to your target goals, even when it’s hard, can lead to success. One way to increase focusing on goals during your daytime is to turn off notifications, find a suitable quiet place to work or study, and setting short, focus on your work periods and have a fair break. Motivation is also important to staying focused. When you set your goals and the final destination you want to reach, you keep reminding yourself that you started such tasks to reach the final goals successfully, you will find it easier to stay driven even when tasks get harder. }Combining school and business for success Creating a balance between school and business can sometimes be difficult, but if you are surrounded with a supportive atmosphere this can create a huge difference. Young entrepreneurs can benefit from like-minded friends, and, of course, teachers and educators who can offer support and advice. Having a trusted ecosystem can change your behavior from stressful to confident. For instance, parents can help with everyday tasks, while teachers might give extensions for assignments when things get overwhelming. It’s challenging to balance school life and business. But with the right strategies in place, you can succeed in both areas by staying organized, prioritizing tasks, and maintaining focus on goals. Most importantly, don’t forget to enjoy what you are doing, you’re learning valuable skills that will prepare you well for the future! AlDhabi AlMheiri is a young Emirati columnist, entrepreneur, and publisher as well as a Guinness World Records titleholder. As the founder of Rainbow Chimney Bookstore and Publishing House, she is committed to empowering young writers and promoting cultural diversity through the transformative power of storytelling and publishing. AlDhabi firmly believes in the power of stories, providing children with a chance to express their thoughts, feelings, and experiences through books. As the author of two books and the publisher of over 52 works by children from diverse backgrounds, AlMheiri’s mission is to promote education, sustainability, financial literacy, and emotional resilience through narrative. Her initiatives, such as “Books from Children to Children,” foster creativity and self-expression among youth while addressing crucial social issues like diversity, inclusion, and emotional well-being. In addition to her work in literature, AlMheiri is a passionate advocate for children with additional needs, ensuring that their voices are amplified and their unique talents are recognized and nurtured. Her enthusiasm for finance has also driven her entrepre- neurial ventures, making her a role model for young aspiring business leaders. AlMheiri’s commitment to education and personal development is exemplified by her academic achievements. She graduated as a Fellow from Georgetown University’s School of Business in 2024, in collaboration with the US Mission to the UAE, and successfully completed the Entrepreneurship Program offered by Google and the UAE Ministry of Economy. Through her work and vision, AlMheiri is leaving a lasting impact on young people, advocating for a future where education, storytelling, financial literacy, and sustainability are the cornerstones of societal progress. Her initiatives are deeply aligned with the United Nations Sustainable Development Goals (SDGs), reflecting her dedication to creating a better world for future generations. rainbowchimney.ae IT’S CHALLENGING TO BALANCE SCHOOL LIFE AND BUSINESS. BUT WITH THE RIGHT STRATEGIES IN PLACE, YOU CAN SUCCEED IN BOTH AREAS BY STAYING ORGANIZED, PRIORITIZING TASKS, AND MAINTAINING FOCUS ON GOALS.” 17 September 2024 / ENTREPRENEUR.COM /
→ Dr. Kevin Khalili is the CEO of Falcons, a UAE-based platform specializing in the auction and private sale of luxury and rare collectibles. 18 / ENTREPRENEUR.COM / September 2024 BIDDING FOR SUCCESS UAE-BASED FALCONS IS PIONEERING THE FUTURE OF LUXURY COLLECTIBLES - WITH CEO AT THE HELM OF CARRYING OUT THIS MISSION. by AALIA MEHREEN AHMED DR. KEVIN KHALILI
19 September 2024 / ENTREPRENEUR.COM /
20 / ENTREPRENEUR.COM / September 2024 → Dr. Khalili's vision for Falcons is centered around creating a thrilling and seamless experience for collectors, combining authenticity, exclusivity, and accessibility. S ince the start of 2024, Falcons, a UAE-based platform specializing in the auction and private sale of luxury and rare collectibles, has been steadily building anticipa- tion around its launch. In March, the company heightened excitement with a high-profile partnership announcement with Steve Harvey, the renowned American television personality. Now, on September 28, 2024, Falcons is set to make its grand entrance into the luxury collectibles market with its most extravagant event to date: a live auction at the iconic Burj Al Arab, where registered attendees will bid on an exclusive collec- tion of rare automobiles, timepieces, and handbags. “This auction will not only solidify Falcons’ leadership in the UAE but also position the region as a burgeoning global hub for luxury collectibles,” claims Falcons CEO Dr. Kevin Khalili. “We expect the ripple effects of this auction to include an influx of international buyers and sellers, increased visibility for rare and valuable assets, and a heightened awareness of the investment potential within this space. This auction will catalyze the growth of the collectibles market in the GCC, driving demand and creating new opportunities for regional and global collaborations.” Dr. Khalili’s high expectations for the auction- are rooted in the exceptional caliber of the luxury items available for bidding. “What truly distinguishes this auction is the extraordinary rarity and historical significance of the pieces,” he explains. “Among the standout items are a Ferrari Enzo and a 1978 Rolex Submariner, both of which are certain to ignite fierce competition among collectors worldwide. This auction offers bidders a rare chance to acquire these extraordi- nary, once-in-a-lifetime treasures, ensuring the auction will be an unforgettable experience for all in attendance.” While in-person bidding, such as the upcoming live auction, forms a key part of the Falcons experience, it represents just one dimension of
21 September 2024 / ENTREPRENEUR.COM / THIS AUCTION WILL NOT ONLY SOLIDIFY FALCONS’ LEADERSHIP IN THE UAE BUT ALSO POSITION THE REGION AS A BURGEONING GLOBAL HUB FOR LUXURY COLLECTIBLES.” “
the many services the platform offers. For starters, Falcons has transcended traditional auction formats by providing clients with a range of options that include telephone bidding for remote sales and highly personalized private sales as well as a dynamic marketplace for direct on-demand sales. In such an exclusive environment, trust is of course paramount, and Dr. Khalili emphasizes that Falcons spares no effort in earning and maintaining that trust. “Our white-glove service is the cornerstone of the Falcons experience,” he remarks. “From the moment a client engages with us, they receive an unparalleled personal experi- ence ensuring that each interaction is flawlessly curated. This relentless commitment to excellence is what fosters long-lasting relationships and solidifies the trust we share with our clientele.” T hen, of course, there is the Falcons portfolio- a curated collection that, as Dr. Khalili puts it, “speaks to the very essence of luxury.” From iconic Hermès handbags to vintage automobiles from the likes of Mercedes and Ferrari, these offerings are meant to cater to the most discerning collectors. For horology connoisseurs, Falcons presents exquisite timepieces from legendary names like Patek Philippe, Audemars Piguet, and Rolex. And for those with a passion for rare sports memora- bilia, Falcons has sourced collectibles such as the 2020 Chrome Sapphire Edition Formula 1- a highly coveted collection of 200 F1 trading cards. “Our expert authentica- tors assess the provenance, craftsmanship, and rarity of each item, whether it’s a one-of-a-kind watch or a Ferrari with historical significance. From initial evaluation to the 22 / ENTREPRENEUR.COM / September 2024 ↓ By offering both live and online auctions, Falcons offers collectors with opportunities to acquire some of the world’s most extraordinary handbags, watches, heritage brands, sports memorabilia,trading cards, pop culture collections, and ultra luxury cars; all under one roof.
final listing, every item is subjected to rigorous scrutiny to ensure our clients acquire nothing less than genuine luxury.” B ut it is the introduction of sports card collectibles and memorabilia that has sparked a profound sense of excitement within the Falcons team. Collectively, the company views this addition as a transformative step that will solidify Falcons as a trailblazer in the region’s luxury and rare collectibles market. “We are proud to be the first to champion sports card collecting in this part of the world,” Dr. Khalili shares. “Falcons is setting the standard with live sports card breaking—an engaging and dynamic experience where collectors witness the unveiling of rare cards in real time. This cutting-edge approach has not only invigorated the market but also placed us firmly at the forefront of the collectible space. Our live breaking sessions will be a highlight of our upcoming auction, and we have something truly extraordinary planned for the F1 weekend at the Abu Dhabi Grand Prix from December 5-8, 2024, offering enthusiasts an unparalleled experience of live breaks in a setting as prestigious as the auction itself.” T here is also the yet-to-be-revealed collection of Floyd Mayweather, the renowned American boxer who holds 15 world titles and has won three national US Golden Gloves and an Olympic bronze medal. This curation of collectibles at Falcons will comprise of May- weather’s gloves, shoes, and robes, among other items, from some of his iconic bouts in the boxing ring. And according to Dr. Khalili, there is a clear reason why sports-related rare items create a lot of hype. “Sports cards and memorabilia hold significant value due to their rarity, condition, and the legacy of the athletes they represent,” he says. “On the Falcons platform, we’ve seen a surge of excitement around these items, and our ability to authenticate and showcase them has set new standards for sports memorabilia in the region.” B efore delving further into Falcons, however, it’s worth taking a moment to properly highlight Dr. Khalili’s impressive creden- tials. Indeed, with nearly two decades of entre- preneurial success spanning the sales, marketing, and technology sectors, he says that stepping into the role of a C-Suite executive at Falcons felt like a natural evolution in his career. “Luxury collectibles embody a fusion of art, history, and unrivaled craftsmanship, all of which align deeply with my values of exclusivity and enduring legacy,” Dr. Khalili reflects. “This market offers a rare confluence where passion, prestige, and investment meet, attracting high-net-worth individuals who seek not just possessions, but stories that reflect their own refined tastes. My decision to lead Falcons was driven by the vast potential to redefine this industry, seamlessly integrating tradition with innovation, and setting a new benchmark of excellence both regionally and globally.” B etween 2019 and 2022, Dr. Khalili was also a part of the teaching faculty at the Ameri- can University in Dubai where he taught courses in business, marketing, and entrepre- neurship- a tenure that he says further shaped his notions of leadership and people manage- ment. “The decision to step into academia was driven by my passion for shaping the next generation of innovators and leaders, while also solidifying my own understanding of the principles that drive successful ventures,” Dr. Khalili recalls. “Engaging with students from diverse backgrounds, each with their own perspectives, reminded me that leadership is about listening, learning, and evolving. Teaching also deepened my understanding of the theories I’d applied throughout my career, allowing me to refine my own strategies as both an entrepreneur and a business leader.” FALCONS IS SETTING THE STANDARD WITH LIVE SPORTS CARD BREAKING— AN ENGAGING AND DYNAMIC EXPERIENCE WHERE COLLECTORS WITNESS THE UNVEILING OF RARE CARDS IN REAL TIME.” “ 23 Se ptember 2024 / ENTREPRENEUR.COM /
24 / ENTREPRENEUR.COM / September 2024 I n becoming the CEO that he is today, however, Dr. Khalili attributes much of his skill-set to his past endeavors in the entrepre- neurial arena. “Throughout my entrepreneurial journey, I’ve learned that resilience, adaptability, and the relentless pursuit of excellence are essential traits for success,” he adds. “These lessons have profoundly influenced my leadership approach at Falcons. I aim to position Falcons as a vanguard in the luxury collectibles space, fostering a global ecosystem that seamlessly integrates tradi- tional craftsmanship with cutting- edge technology. My long-term vision is to establish Falcons as the gold standard in authentication, trust, and customer experience. We are already working toward this by curating landmark auctions, expanding into emerging markets, and leveraging innovative platforms like blockchain to ensure the transparency and security our clients expect.” I ndeed, in a quest to ensure that Falcon’s top two values of transparency and trust are further strengthened, Dr. Khalili reveals that he has introduced the use of blockchain technology within the previously mentioned authenti- cation process. “Blockchain has revolutionized how we authenticate and trace the provenance of luxury collectibles at Falcons. By embed- ding blockchain technology into our authentication process, we offer clients an immutable digital ledger that guarantees the history and legitimacy of their purchases. While this technological innovation reinforces transparency, we remain committed to the human element— our team of authenticators provides the expertise and hands-on experience that complements and enhances the digital-first approach, ensuring the highest levels of trust and integrity.” I n a further attempt to stay vigilant of what the Falcons clientele seek, Dr. Khalili and his team have also integrated sustain- ability initiatives into their opera- tions. “At Falcons, sustainability isn’t just a trend—it’s integral to our ethos,” Dr. Khalili assures. “We actively promote the circular economy by curating and selling pre-loved luxury items in our sell section, thus reducing the environ- mental footprint associated with new production. By extending the lifecycles of these rare pieces, we not only preserve their legacy but also contribute to more sustainable consumption in the luxury market. This approach aligns with the values of our clients, who appreciate both exclusivity and environmental responsibility.” A s Falcons now aims to expand its customer base, Dr. Khalili says the UAE has been an ideal launchpad in this regard. “Our target clientele are connoisseurs who value exclusivity, craftsman- ship, and heritage— people who understand that luxury is not just a product, but a lifestyle investment,” he says. “As such, the UAE, with its flourishing luxury market and global orientation, offers the perfect environment for Falcons to thrive. The country’s blend of affluence, sophistication, and cultural openness makes it a magnet for rare and valuable items. As for the wider region, rare automobiles and iconic handbags like the Birkin Himalaya have garnered exceptional attention due to their symbolic status and rarity, reflecting the tastes of an audience that seeks the extraordi- nary.” N ow, beauty, as the saying goes, lies in the eye of the beholder. That concept is perhaps applicable to the notions of rarity as well. So what, according to Dr. Khalili, makes an item rare? “Well, rarity in luxury collectibles is defined by a combination of limited production, provenance, and historical significance,” he notes. “An item’s uniqueness comes from its ability to tell a story, evoke emotion, and represent a moment
25 September 2024 / ENTREPRENEUR.COM / in time that cannot be replicated. Whether it’s a rare edition of a watch or a classic car with a storied past, these elements are what truly make an item stand out. Our goal at Falcons is to continually curate items that not only possess intrinsic value but also capture the imagination of collectors.” A nd it is with this mindset that Dr. Khalili is now gearing up for the next stage of Falcons’ growth- starting with the live auction on September 28, 2024 at the Burj Al Arab. “I would say our most significant achievement so far has been building a platform that redefines luxury collectibles in the digital age,” he declares. “Another mile- stone we were able to achieve is assembling an exceptional team of experts. We’ve created an environment where every individual is empow- ered to succeed both on their own and as part of a collective mission. This synergy between platform innovation and team collaboration has allowed Falcons to set a new standard in the luxury collectibles market. By prioritizing both personal achievement and collective success, we’ve built something truly remark- able at Falcons.” FROM THE MOMENT A CLIENT ENGAGES WITH US, THEY RECEIVE AN UNPARALLELED PERSONAL EXPERIENCE ENSURING THAT EACH INTERACTION IS FLAWLESSLY CURATED.” “
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27 September 2024 / ENTREPRENEUR.COM / Time out → /Apple Watch Series 10 B/Gear #TamTalksTech Gadgets and doodads that you might’ve missed out on, sourced by a tech aficionado.by TAMARA CLARKE Picture This ← /Bravia Projector 9 Sony ups the ante for home entertainment with Bravia Projector 9, the brand’s latest native 4K laser projector designed to bring a professional-grade cinematic HDR experience into the home. Equipped with a projector XR Processor and Sony’s unique Laser light source, they deliver images with rich gradation in 4K HDR alongside deep black and brilliant colours. Its processing power also gives you professional-grade cinematic, sports, and gaming experiences right in the comfort of 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 © APPLE | BRAVIA | MV6 Apple Watch Series 10, which is powered by watchOS 11, features new sleep apnea notifications, faster charging, water depth and temperature sensing, plus new health and fitness insights. Apple Watch Series 10 is nearly 10 percent thinner and lighter than its predecessors. The case has more rounded corners and a wider aspect ratio, with the new models measuring 42mm and 46mm. The device boasts the biggest and most advanced display of any Apple Watch. The larger wide-angle OLED display improves readability and usability. In apps like Messages, Mail, or News, you can see an additional line of text or increase Game On ↓ /MV6 USB Gaming Microphone The MV6 USB Gaming Microphone, designed for PC gamers and streamers, is ready to use out-of-the-box and easy to operate thanks to integrated DSP technology including Auto Level Mode, Digital Popper Stopper and Real-time Denoiser. It’s also optimized for isolating the speaker’s voice from background noise. With its dynamic cartridge and Shure’s MOTIV Mix App, you can enjoy studio-quality performance in every session without worrying about gain adjustments, plosives, or background noise. Plus, the easily accessible tap-to- mute button adds an extra level of control without compromising your focus. MV6 is also one of the first microphones to receive the OBS certification, which guarantees that the MV6 microphone meets the criteria of functionality necessary to ensure you have a positive experience while using the microphone with OBS. your own home. With brighter lumens (3,400) to show the best picture in ambient lighting in any room. If gaming is your thing, the 4K 120fps at a 12ms input lag plus Auto Low Latency Mode via 2x HDMI 2.1 compatible inputs provide the necessary smooth and clear movement for responsive and immersive gameplay. Plus, an added bonus - Bravia Projector 9 works seamlessly with other Sony home cinema devices such as TVs and soundbars. the font size without sacrificing content. The larger display also makes it easier to type a message, pause a workout, or enter a passcode. If that’s not enough, Apple attests that it gives you 18-hours of battery life. Apple Watch Series 10 is available in both aluminum and titanium, in an array of stunning colors and finishes. Jet black is a new polished aluminum finish that is distinctively reflective and sleek, while new titanium cases — available in natural, gold, and slate — have a spectacular jewelry-like shine.
28 / ENTREPRENEUR.COM / September 2024 B/Gear Inspired by the rich Saint Laurent archives, the brand’s new Y line of tote bags has been introduced for Spring 2025. With the letter Y having been one of the most immediately noticeable and iconic codes of the fashion house for decades now, the bag’s design incorporates a reimagined version of the letter’s shape. With impeccable artisan work done on the leather, the Y tote bag has a refined and contemporary feel and comes in black and brick in fine grained calfskin, as well as in senna canvas desert dust and brick vegetal leather for a summery option. What’s more, this perfect daywear companion has recently been flaunted by the likes of global stars Bella Hadid & Zoë Kravitz! The Y line also has a small bucket bag, available in black and brick in fine grained calfskin, as well as in senna canvas desert dust and brick vegetal leather. www.ysl.com From better goods to better wardrobe bests, every issue, we choose a few items that make the approved executive selection list. In this edition, our picks include Saint Laurent, COS, Montegrappa and Dr. Provenance. The Executive Selection SAINT LAURENT → Y Tote Bag By Anthony Vaccarello
29 September 2024 / ENTREPRENEUR.COM / MONTEGRAPPA →/ Nerouno Ultimo Los Angeles-headquartered anti- aging and advanced skincare solutions brand Dr. Provenance has announced its global skincare debut in Dubai! Meticulously crafted by a team of highly qualified skincare specialists, the brand embodies over 30 years of cutting-edge scientific research. Indeed, at the core of Dr. Provenance's innovative approach is the brand’s CLRN6™ formula, an expertly crafted complex of unique patented molecular peptides, lipids, and nutrients. Our main pick from the plethora of products on offer in this gender-inclusive skincare brand is the Dr. Provenance anti-wrinkle serum, a specially formulated solution that aims to renew and nourish your skin as you sleep. This super hydrating serum also delivers visibly brighter, plumped skin while reducing the appearance of wrinkles and other signs of aging. www.drprovenance.com ↑ COS Autumn/Winter 2024 Mainline And Atelier Collections Montegrappa, the 1912-founded Italian brand, has unveiled Nerouno Ultimo, a brand new perfume collection that captures the essence of a woodland odyssey. With its earthy and mossy notes, this fragrance for men opens with a mystical blend of spicy elemi and saffron. These top notes create an enchanting first impression that lingers in the air. But as the scent’s many layers slowly unravel, Nerouno Ultimo reveals the comforting notes of patchouli and sandalwood, intertwined with a hint of sweet candy. The fragrance’s base notes bring forward deep and textured essences of cedarwood, vetiver, mossy notes, labdanum, and gurjun balsam. These rich elements blend seamlessly, grounding the scent with an earthy complexity that leaves a lasting impression. www.montegrappa.me The New York Fashion Week this month saw London-based fashion brand COS unveiling its Autumn/Winter 2024 mainline and Atelier collections. With earthy hues, rich textures and fabrications and vibrant green accents on display, it is easy to see how this season’s collection has been largely influenced by nature. Heritage fabrics and traditional designs have also been reimagined through modernist cuts, hardware embellishments and innovative layering techniques. Staying true to COS’ culture of embedding elegance within modernity, the womenswear mainline collection, with its trouser suits with softened structures and oversized and fluid silhouettes, is a keen embodiment of what contemporary femininity comprises. The menswear collection, on the other hand, focuses on reinventing classic wardrobe staples with barrel-leg trousers that are cut to fit loosely on the body, worn with draped silk shirts for a softer aesthetic. The show also marked the debut of the Autumn Winter 2024 COS ATELIER collection which draws inspiration from the elegance of ballet and the fluidity of movement, exploring sculptural elements in each silhouette. www.cos.com EDITOR’S PICK DR. PROVENANCE ↓ IMAGES COURTESY IMAGES COURTESY SAINT LAURENT| COS| MONTEGRAPPA | DR. PROVENANCE
ww T he Sustainability Innovation Awards 2024 celebrated the innovative initiatives that contribute to environmental stewardship, social responsibility, and economic development in the MENA region. The Sustainability Innovation Awards 2024, hosted by BNC Publishing on August 30, 2024, at the Al Habtoor Palace, Dubai, commended sustainability initiatives and projects across all business sectors in the Middle East. The event was supported by Hansgrohe and Numai Real Estate as Gold Sponsors, Aecom as a Silver Sponsor, and Al Shirawi Interiors as a Category Sponsor. Check out the full list of winners at the Sustainability Innovation Awards 2024 here: 30 / ENTREPRENEUR.COM / September 2024 THE RECAP | E N T R E P R E N E U R . C O M | E N T R E P R E N E U R A L A R A B I Y A . C O M SUSTAINABILITY Innovation Forum& Awards 2024
BNC PUBLISHING CEO Wissam Younane Photos credit © Farooq Salik WINNERS of the Enterprise Agility Awards 2024 31 September 2024 / ENTREPRENEUR.COM / GREEN PROJECT OF THE YEAR/BIN DASMAL DOORS LLC for EKTHAAR’S CEA MODEL FARM SUSTAINABLE RENOVATION PROJECT OF THE YEAR/AL SHIRAWI INTERIORS for ASI OFFICE SUSTAINABLE PROJECT INITIATIVE OF THE YEAR/OMAN CONVENTION & EXHIBITION CENTRE for 4.6 MEGAWATT-PEAK (MWP) SOLAR ROOFTOP SYSTEM SUSTAINABLE ARCHITECTURAL FUTURE PROJECT OF THE YEAR/R.EVOLUTION for EYWA SUSTAINABLE FIT-OUT PROJECT OF THE YEAR/DESIGN INFINITY for RAKBANK OFFICE SUSTAINABLE COMMERCIAL PROJECT THE YEAR/PINNACLE INTERIORS for PINNACLE DESIGN OFFICE SUSTAINABLE CONSTRUCTION PROJECT OF THE YEAR/ORASCOM CONSTRUCTION for MAGDI YACOUB GLOBAL HEART CENTER EV BUS LAUNCH OF THE YEAR/ABU DHABI MOBILITY for GREEN BUS ASSESSMENT PROGRAM SUSTAINABLE RETROFIT PROJECT OF THE YEAR/SAUDI ARAMCO for OFFSHORE OIL BROWNFIELD PROJECT ZERO PLASTIC INITIATIVE OF THE YEAR/Jumeirah Zabeel Saray SUSTAINABLE HVAC PRODUCT OF THE YEAR/RHEEM MANUFACTURING MIDDLE EAST for RHEEM DUCTED INVERTER AIR-CONDITIONING UNITS MOST SUSTAINABLE START-UP OF THE YEAR/E DADDY ELECTRIC VEHICLE MANUFACTURING LLC ECO-CONSCIOUS DRINKING WATER CAMPAIGN OF THE YEAR/PJSC LUKOIL SUSTAINABLE WORKPLACE OF THE YEAR/ATKINSRÉALIS SUSTAINABLE INNOVATION IN OUTDOOR LIVING/Ghaf Tree Awnings Manufacturing LLC GHAF TREE AWNINGS MANUFACTURING LLC MOST SUSTAINABLE INNOVATIVE SOLUTION/HANSGROHE SUSTAINABLE HOTEL OF THE YEAR/Swissotel Al Ghurair RENEWABLE ENERGY INTEGRATION AWARD/MARAFIQ SUSTAINABLE HOSPITALITY INITIATIVE OF THE YEAR/RADISSON HOTEL GROUP SUSTAINABLE FIT-OUT FIRM OF THE YEAR/INC Group SUSTAINABLE CONTRACTOR OF THE YEAR/NAEL GENERAL CONTRACTING LLC SUSTAINABLE HOTEL DESIGN/Al HABTOOR CITY COLLECTION HOTELS SUSTAINABLE REAL ESTATE DEVELOPER OF THE YEAR/ROSHN GREEN CONSULTANT OF THE YEAR/EGIS INNOVATION IN DECARBONISATION AWARD/PETROMIN CORPORATION SUSTAINABLE INITIATIVE OF THE YEAR/KEO INTERNATIONAL CONSULTANTS WOMEN PROFESSIONAL OF THE YEAR/MANAL SHAWISH from ATKINSRÉALIS YOUNG SUSTAINABILITY INNOVATOR OF THE YEAR/NAMITHA THOMAS from AECOM SUSTAINABILITY LEADER OF THE YEAR/Abdullah Al Hashimi from Marafiq
SUSTAINABLE CONSTRUCTION PROJECT OF THE YEAR - Orascom Construction project life cycle (PLC) for Magdi Yacoub Global Heart Center SUSTAINABLE CONTRACTOR OF THE YEAR - Nael General Contracting Group RENEWABLE ENERGY INTEGRATION AWARD - Marafiq (Centralized Utilities Company) SUSTAINABLE HEATING, VENTILATION, AND AIR CONDITIONING (HVAC) PRODUCT OF THE YEAR - Rheem Manufacturing Middle East for Rheem ducted inverter air-conditioning units FEMALE PROFESSIONAL OF THE YEAR - Manal Shawish, Senior Manager - Sustainability Advisory Lead, AtkinsRéalis ELECTRIC VEHICLE BUS LAUNCH OF THE YEAR - Abu Dhabi Mobility for Green Bus Assessment Program 32 / ENTREPRENEUR.COM / September 2024 SUSTAINABILITY Innovation Forum& Awards 2024
SUSTAINABLE INITIATIVE OF THE YEAR - KEO International Consultants YOUNG SUSTAINABILITY INNOVATOR OF THE YEAR - Namitha Thomas, Senior Environment and Sustainability Consultant, AECOM SUSTAINABLE WORPKPLACE OF THE YEAR - AtkinsRéalis MOST SUSTAINABLE STARTUP OF THE YEAR - E Daddy UAE September 2024 / ENTREPRENEUR.COM / 33 SUSTAINABILITY Innovation Forum& Awards 2024
SUSTAINABLE RETROFIT PROJECT OF THE YEAR - Saudi Aramco for Offshore Oil Brownfield Project SUSTAINABLE FIT-OUT PROJECT OF THE YEAR - Design Infinity for Rakbank Office GREEN PROJECT OF THE YEAR - Bin Dasmal Doors LLC for Ekthaar’s controlled environmental agriculture (CEA) model farm SUSTAINABLE FIT-OUT FIRM OF THE YEAR INC Group 34 / ENTREPRENEUR.COM / September 2024 SUSTAINABILITY Innovation Forum& Awards 2024
GREEN CONSULTANT OF THE YEAR - Egis SUSTAINABILITY LEADER OF THE YEAR - Abdullah Al Hashimi, Managing Director, Marafiq (Centralized Utilities Company) SUSTAINABLE ARCHITECTURAL FUTURE PROJECT OF THE YEAR - R.Evolution for Eywa SUSTAINABLE HOTEL DESIGN - Al Habtoor City Hotel Collection INNOVATION IN DECARBOZATION AWARD - Petromin Corporation 35 September 2024 / ENTREPRENEUR.COM / SUSTAINABILITY Innovation Forum& Awards 2024
SUSTAINABLE HOTEL OF THE YEAR - Swissôtel Al Ghurair MOST SUSTAINABLE INNOVATIVE SOLUTION - Hansgrohe ECO-CONCIOUS DRINKING WATER CAMPAIGN OF THE YEAR - Lukoil SUSTAINABLE INNOVATION IN OUTDOOR LIVING - Ghaf Tree Awnings Manufacturing LLC ZERO PLASTIC INITIATIVE OF THE YEAR - Jumeirah Zabeel Saray SUSTAINABLE REAL ESTATE DEVELOPER OF THE YEAR - ROSHN Group 36 / ENTREPRENEUR.COM / September 2024 SUSTAINABILITY Innovation Forum& Awards 2024
SUSTAINABLE HOSPITALITY INITIATIVE OF THE YEAR - Radisson Hotel Group SUSTAINABLE COMMERCIAL PROJECT OF THE YEAR - Pinnacle Interiors LLC for Pinnacle Design Office 37 September 2024 / ENTREPRENEUR.COM / SUSTAINABLE PROJECT INITIATIVE OF THE YEAR - Oman Convention and Exhibition Centre for 4.6 megawatt- peak (MWP) solar rooftop system SUSTAINABILITY Innovation Forum& Awards 2024 SUSTAINABLE RENOVATION PROJECT OF THE YEAR - Al Shirawi Interiors for Asi Office
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39 September 2024 / ENTREPRENEUR.COM / The Leadership Edge How to recharge with a month-long sabbatical for sustained business growth. by MARK SEPHTON A t the start of 2024, I set the ambitious goal of running fifty 3-mile runs (5km) and fifty 5-mile runs (8km). To reach this goal by year’s end, I need to run at least two times each week. As it stands now, I am on track to complete this goal, and have witnessed how consistency and persistence are crucial for excellence and proficiency. However, sustaining this regimen would also be impossible without proper downtime, rest, and recovery to stay fit and injury-free. These periods of rest are crucial.
40 / ENTREPRENEUR.COM / September 2024 about creating and maintaining balance on various levels. What steps do you take to prepare for a month-long break to ensure that your business operations run smoothly in your absence? Preparing for my break involves thorough planning, communication and delegation, of course. I ensure that all critical tasks are addressed or scheduled before my leave. Clear communication with my team is crucial, so they understand their responsibilities and have the autono- my to make decisions. I also establish protocols for handling urgent matters and designate go-to persons for different aspects of the business. Plus: I am always available for urgent matters that cannot be resolved by anyone other than me. For such cases, designated team members may reach out to me through a clearly estab- lished communication channel. This preparation not only keeps operations smooth but also empowers my team, fostering a culture of independence and resilience. What long-term benefits have you observed from this practice, and what key lessons have you learned that might help other leaders considering a similar sabbatical? The long-term benefits of taking a month off each year are profound. I’ve noticed sustained high energy levels, enhanced creativity, and greater resilience. This practice has also improved my decision-making and problem-solving skills, as the break provides me with a fresh perspective from a healthy distance. If you think of top athletes like the ones we recently saw in the Paris Olympics, it’s so logical that they need to balance their performance with times of rest and recovery. Unfortu- nately, what sounds like common sense, is often not so common in organizations. Many managers I work with are out of balance, the peaks of performance have turned into plateaus, and they pass on that same This balance of consistent effort with rest and downtime is just as crucial in running as it is in leading a team, driving a startup, or managing a business. Often, we are focused on the actions being taken toward one’s goals, but what we do between those runs and during the hustle of leadership is equally significant. Throughout my career, I have become adept at reflecting and reviewing what works to achieve greater results and protect myself from overwhelm and excessive stress. In the fast-paced world of business, leaders often find them- selves running on empty, their enthusiasm waning, and their stress levels climbing. By stepping away from the daily grind, we can find renewed energy, a clearer perspec- tive, and a deeper passion for our work. Thomas Gelmi, the owner and Managing Director of Movadis Ltd., an international executive coaching and leadership development company, is highly mindful of leader- ship burnout. Every year, he takes the entire month of July off – some- thing he encourages clients and other professionals to incorporate into their calendars. I wanted to ask Thomas some questions to empha- size the importance of safeguarding our mental and emotional well- being, as well as the performance benefits that can be gained through scheduled time off. Why and how did you decide that taking a month off each year was good for your own leadership, well-being, and performance? I would like to answer this question with an analogy: in the safety-on- board instructions on any passenger flight, you are told to put on your own oxygen mask first before you help others. The reason lays in the risk of becoming unconscious within a matter of seconds if you don’t. The same principle applies to life in general: we can’t pour from an empty bottle. So, a few years ago, I decided to take a month off right in the middle of each year. This break allows me to recharge, reflect, and return with renewed energy and fresh perspectives for the second half. It’s a proactive approach to staying balanced – physically, mentally and emotionally – and maintaining the passion and vitality I need for my work. What factored into your decision to choose July for a break and what are your suggestions to people that can’t take a whole month off? July is the ideal time for my mini- sabbatical because it aligns with the slower summer months when business activity naturally decreases as many people take a summer holiday. This timing minimizes the impact of my absence on daily operations. For those unable to take a whole month off, I recommend scheduling shorter, more frequent breaks throughout the year. Even a week or a few extended weekends can provide significant benefits. It’s about finding a rhythm that works for you and ensuring you take time to disconnect and recharge. Regular downtime, tailored to your schedule and tailored to your personal preferences, is essential for long- term well-being and effectiveness. Like with all things in nature, it’s ↑ Thomas Gelmi, the owner and Managing Director of Movadis Ltd, an international executive coaching and leadership development company.
41 September 2024 / ENTREPRENEUR.COM / pressure to their teams. The result is stress-related symptoms and decreas- ing engagement. How does taking this time off increase productivity and creativity upon returning to work? Overall, the sabbatical acts as a powerful reset button halfway through the year, enhancing my ability to perform at my best and maintain a high level of creativity throughout the entire 12 months of the year. It significantly boosts my productivity and creativity, and upon returning, I feel rejuvenated and more enthusiastic about tackling challeng- es. The space created by the break allows my mind to wander, often leading to innovative ideas and solutions that I wouldn’t have discovered in the daily grind. The time away also helps me gain clarity on my overarching visions and priorities, making me more focused and efficient when I am back. In a speech about creativity, British comedian John Cleese refers to this as switching between the «open and closed mode», the open mode being the basis for creativity, the closed one for implementation and delivering. During my break I am in the open mode, when I am back at work I switch to the closed mode. How do you spend your time during your month-long break, and how does this aid in you in finishing the year strong? During my break, I engage in activities that nurture my mind, body and soul. This includes spending quality time with loved ones, taking long walks in nature (particularly through forests), traveling, and indulging in other activities that I’m passionate about, such as riding my motorbike. The latter is an activity that immediately clears my mind, as it forces me to be focused and in the present moment, with little to no tolerance for mind-wandering. I also use this time for personal reflection and visualization, which helps realign my vision for the remainder of the year. Regular mindfulness practices are other integral parts of my routine that benefit from the additional time and space during my break, ensuring I return with a healthy body and a clear and calm mind. By strategically disconnecting from work, I can reconnect with what truly matters, providing the fuel I need to finish the year with vigour and a clear sense of purpose. Mark Sephton has helped numerous high-level thought leaders and creatives unveil their story, voice, and visibility so they, too, can make their mark on the world. He creates a safe space for aspiring thought leaders to feel heard, find confidence, and ignite their impact. He does this by increasing their visibility and rapport through storytelling, interviews, content creation, and media presence. In fact, he has conducted over 5,000 life-changing interviews with thought leaders and creatives, and is often referred to as the “King of Conversation.” For almost a decade, he has been a contributing author for reputable business magazines, including Entrepreneur, Brainz, Global Woman, and SUCCESS. Serving as an example for his own advice, Mark has shared his life experiences as an author of three books on the subject of personal development: Inside Job, Plot Twist, and Mark of a Man. He’s recognized for his contribution as an inspiring storyteller who provides positive exposure and opportunities for others who have a great purpose and passion to make their mark in their own distinctive way. marksephton.com FOR THOSE UNABLE TO TAKE A WHOLE MONTH OFF, I RECOMMEND SCHEDULING SHORTER, MORE FREQUENT BREAKS THROUGHOUT THE YEAR.” “
42 / ENTREPRENEUR.COM / September 2024 ‘T/Skillset T he word ‘workaholic’ conjures up so many different ideas that we often find we’re not all talking about the same thing. For some, it’s a badge of honor and simply means ‘working hard’. For others, it’s a type of self-destructive behavior. However you define it, it’s tricky to diagnose, and there is no easy cure for being a workaholic. In the high-energy business environment of Dubai, there seems to be a workaholism pandemic. Again, some people see this as a good thing, while others are not so sure. Dubai is a place full of ambitious people, which can make the concept of being a workaholic not just acceptable but necessary. The Dubai lifestyle makes it easy to spend long hours working, talking about work, and thinking about work – after all, when you look out of your office window, it seems that everyone is constantly on the move, continually busy. There’s an old saying, ‘Make hay while the sun shines’; but to what extent should we apply this in today’s world? In this article, I’ll pin down what exactly a workaholic is (and is not), the risks associated with being one, how to figure out if you are a workaholic, and what to do if the answer is yes. In all cases, I’ll argue that we need to be very careful about that fine line between hard work and workaholism. So, let’s start with some definitions. WHAT EXACTLY IS A WORKAHOLIC? A workaholic is someone who has an uncontrollable or obsessive need to work to an extent that impacts other areas of their life. Workaholics are generally preoccupied with their work, often exceeding the requirements of the job. This obsessive focus on work often leads to neglecting personal and leisure activities. Workaholics often don’t get adequate sleep, spend inadequate time with their family, and skip holidays. Over time, personal well-being may be neglected, and social connections can break down. This often leads to loneliness and isolation. WHAT A WORKAHOLIC IS NOT Someone who works long hours is not necessarily a workaholic. There are times in many jobs when working late is necessary – covering for a colleague on leave, completing a time-sensitive project, and so on. The difference is that diligent hard workers are still able to enjoy rest and personal time, whereas workaholics are continuously preoccupied with work-related thoughts and cannot shift their focus to other things. In short, they cannot relax. There is certainly nothing wrong with working hard. It should be noted that individuals who engage in their work with passion and maintain a strong sense of purpose (but are not workaholics) are more likely to experience lower levels of stress and higher levels of job satisfaction. This sense of purpose can contribute positively to mental health, countering some of the negative impacts typically associ- ated with long working hours. The same can apply to a long career – the likes of Warren Buffett and Richard Branson continue to work well into their later years, and this shows that, when done mindfully, working hard (and long) can be beneficial. It’s just a question of whether you’re able to switch off. Workaholism shouldn’t be confused with ‘workism’, a term coined by Derek Thompson, who noticed that for many people, the idea of work had ‘morphed into a religious identity – promising transcendence and community, but failing to deliver’. While this may be connected to worka- holism, what Thompson was getting at was the idea that work becomes a person’s entire world, and they look to it to provide everything they need in life. It is an immediate red flag if a person starts seeing their work as an almost spiritual endeavor. Work needs to be kept in its place. The Cost of Constant Grind Is it okay to be a workaholic? by JAY SHAHOLIA
43 September 2024 / ENTREPRENEUR.COM / FINDING THE BALANCE – A SENSE OF PURPOSE VS WORK OBSESSION While working long hours can be acceptable, it’s crucial to ensure that it doesn’t come at the expense of health. The key lies in striking a balance between professional ambition and personal well-being. Regular exercise, a balanced diet and adequate sleep are essential components of a healthy lifestyle that can support sustained productivity. There’s no question that today’s work environments are marked by immense pressure. The demand isn’t just to perform but to surpass expectations and excel. Deadlines seem to perpetu- ally loom, and as soon as one is met, another appears on the horizon. This relentless pace can create pressure to constantly push yourself without room for a break. However, maintain- ing this constant drive can lead to a loss of balance in your life. Even if it seems you’re achieving your goals and meeting deadlines, the reality might be that you’re actually falling behind. The Harvard Business Review featured an insightful study on this point. It involved a survey of 763 people and found that while the number of work hours did not correlate with health issues, workahol- ism did. The study showed that employees who were obsessed with their work, regardless of the length of their working weeks, experienced more health problems and had a higher risk of developing a serious medical condition. These individuals also reported a greater need for recovery, more sleep disturbance, increased cynicism, higher levels of emotional exhaustion, and more depressive symptoms compared to those who simply worked long hours but did not exhibit workaholic tendencies. SIGNS OF WORK ADDICTION – HOW TO SPOT THEM AND WHAT TO DO Let’s look now at some of the warning signs of work addiction: }Spending unnecessarily long hours at the office }Sacrificing sleep to work on projects or complete tasks }Obsessive focus on work-related achievements }Strong fear of failure }Paranoia about job performance }Allowing work to damage personal relationships }Being defensive about other people’s work }Using work to avoid personal relationships }Using work to manage feelings of guilt or depression }Using work as a distraction from personal problems If you feel you may fit into some of these categories, it’s worth looking at the Bergen Work Addiction Scale. It was developed in Norway (by the University of Bergen) and measures several different factors in your home and work life. Sometimes, seeing it on paper or a screen can help you identify and even admit that an issue might need addressing. PUTTING WORKAHOLISM IN PERSPECTIVE I’m not saying that turning away from workaholism is easy. Dubai’s skyline, with its skyscrapers and office blocks, seems to stand as a testament to non-stop work. It’s an environment where hard work is not only appreci- ated but celebrated. There’s nothing wrong with that – after all, the opportunities here are considerable, and the drive to seize them can mean long hours and intense focus. When this happens, the boundary between professional commitment and personal fulfilment can blur. And let’s not forget that working hard and enjoying it can be a source of immense satisfaction. If you’re genuinely enthusiastic about your work, the hours can feel less like a burden and more like an engaging challenge. But employers, employees, and entrepreneurs alike should be mindful of the importance of breaks and establishing or seeking mental health resources. In places like Dubai, where the work culture is intense, wellness programs and a balanced approach to work can enhance productivity and job satisfaction. For each individual, the key is to enjoy the journey while maintaining a balanced lifestyle that supports your professional and personal life. Jay Shaholia is the Chief Operating Officer at Meydan Free Zone, where he oversees and optimizes core operational functions to support the strategic growth and success of the organization. Prior to joining Meydan Free Zone, Shaholia held the position of Group Project Head at the Creative Zone group of companies. In this role, he was responsible for spearheading a wide range of high-impact projects, including strategic marketing initiatives, scoping, and man- aging financial audits for new ventures presented to the board. Shaholia holds a degree in finance from the University of Wollongong, where he developed a strong foundation in financial analysis and management. He is also a certified member of the Association of Chartered Certified Accountants (ACCA), further solidifying his expertise in financial auditing, reporting, and corporate governance. www.meydanfz.ae
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45 September 2024 / ENTREPRENEUR.COM / BRITISH B R I L L I A N C E 30% of adults in the United Kingdom either run their own business today, or plan to start one within the next three years. This is as per the UK National Report 2023/2024 by the Global Entrepreneurship Monitor (GEM). And it is a statistic that marks a very palpable shift in the general perception towards entrepreneurship in the country. The same GEM report also highlights that a considerable rise in early- stage entrepreneurial activity since 2000 is currently underway in all regions of the UK, with female-led early-stage ventures having grown from just over 3.5% in 2002 to 10% in 2023. From the multicultural demographics that make up certain regions of the nation (such as its capital and startup hotbed London!), to the economic ramifications that were caused due to and after the coronavirus pandemic, plenty of factors have played a role in the UK’s renewed entrepreneurial aspirations. To give you a taste of how the British startup ecosystem has come along so far, we’ve put together a list of some of its most prominent unicorns and venture capital firms! GLOBAL SPOTLIGHT
THE TOP 10 UNICORNS IN THE UNITED KINGDOM The United Kingdom has always been a hotbed for tech innovation, birthing over 100 tech unicorns over the years. Today, the UK is home to 87 active privately held startups, each valued at over US $1 billion allowing each to reach the coveted “unicorn” status. These unicorns operate in a broad range of sectors, from cleantech to crypto, from healthtech to gaming, and proptech to fintech; each are applying disruptive technologies or business models to disrupt existing sectors or creating brand new ones. Fintech is by far the most common industry amongst the list of UK tech unicorns, with 18 currently operating in the space. These include six of the country’s leading challenger banks, including OakNorth Bank, Revolut, Starling Bank, and Monzo. This dominance comes as no surprise, given that fintech consistently ranks as the UK’s top-performing high-growth industry, attracting more equity investment than any other startup sector. As of 2023, Artificial Intelligence (AI) companies have become the biggest recipients of equity investments, knocking fintechs off the coveted top position. Nine of the companies listed in the 2024 unicorn report feature artificial intelligence in their products, but AI is still in its early-adoption stage. The question isn’t will we see AI firms take-over the global unicorn list, but when we should expect to see this happen. Here is a list of the top 10 unicorns in the UK according to Dealroom data analyzed by Lucidity Insights’ research team. 46 / ENTREPRENEUR.COM / September 2024
47 September 2024 / ENTREPRENEUR.COM / Company Sector Funds Raised (US $) Valuation (US $) 1 2 3 4 5 6 7 8 9 10 FNZ Revolut Rapyd Blockchain.com The Access Group Checkout.com Global Switch Ion Group Octopus Energy SumUp Fintech / Wealth Management Fintech / Neobanking FinTech / Mobile Payments Blockchain / Crypto Exchange Software / Business Management E-commerce / Payments Data Center / Real Estate IT Software / Web Development Cleantech / Energy Efficiency Fintech / Mobile Payments $1.4 billion $1.7 billion $770 million $600 million $1.3 billion $1.8 billion n/a $439 million $2.5 billion $662 million $20.0 billion $18.0 billion $15.0 billion $14.0 billion $12.0 billion $11.0 billion $10.5 billion $9.2 billion $9.0 billion $8.5 billion TOP 10 UNICORNS IN THE UNITED KINGDOM, BASED ON VALUATION (MAY 2024) 47 September 2024 / ENTREPRENEUR.COM /
48 / ENTREPRENEUR.COM / September 2024 Let’s take a closer look at each of these unicorns, to get a feel for each of them. Sector: Fintech / Wealth Management Sector: Fintech / NeoBanking Founded: 2003 Founded: 2015 Funds Raised: US $1.4 billion Funds Raised: US $1.7 billion Valuation: US $20 billion Valuation: US $18 billion Founded in 2003 by current Group CEO, Adrian Durham, FNZ is a global financial services company that provides investment platforms to major financial institutions and wealth management firms. Its end-to-end wealth management platform integrates modern technology, business operations, and investment services to help financial institutions and asset managers deliver differentiated value to end investors and advisors. FNZ has partnered with over 650 financial institutions and 12,000 independent wealth managers worldwide, manages a staggering US $1.5 trillion in assets under administration (AUA). Founded in 2015 by current CEO Nik Storonsky and CTO Vlad Yatsenko, Revolut is a global neobank and financial technology company that offers banking services for retail customers and businesses. It provides accounts and debit cards that can be used abroad with no foreign transaction fees and a “real” exchange rate with no further fees. Revolut offers a suite of financial services including peer-to-peer payments, currency exchange, foreign exchange, p2p and bank transfers & remittances, ATM withdrawals, donations, hotel and experience booking. The European Central Bank granted Revolut a full banking license in 2021 when its valuation was US $33 billion, making it the most valuable UK tech startup at the time. The company’s customer deposits reached US $15.5 billion in 2022, and as of December 2023, Revolut had more than doubled its headcount, employing over 7,500 people in over 30 countries. 1. 2. FNZ REVOLUT
49 September 2024 / ENTREPRENEUR.COM / Sector: Fintech / Mobile Payments Sector: Blockchain / Crypto Exchange Founded: 2016 Founded: 2011 Funds Raised: US $770 million Funds Raised: US $600 million Valuation: US $15 billion Valuation: US $14 billion Founded in 2016 as a consumer-mode e-wallet called CashDash by current CEO Arik Shtilman, VP Arkady Karpman, and GM Omer Priel, Rapyd is a global payments platform which allows customers to utilize various financial services, including payouts, fund pooling, payments, foreign exchange, card issuance, and virtual IBAN accounts. Today, Rapyd has operations in over 100 countries, over 250,000 merchant clients globally, and an expansion of the Rapyd Global Payments Network to over 1,200 payment methods supported by 18 settlement hubs. The company has raised US $470 million, acquired the payment service provider KORTA, and partnered with both MasterCard and Visa, boasting a portfolio made up of Tier 1 enterprise clients including Adidas, Google, Ikea, Meta, Netflix, Rappi, and Uber. Founded in 2011 as “Blockchain.info” by current CEO Peter Smith along with board member Nicolas Cary and Benjamin Reeves, Blockchain.com is a Bitcoin block explorer service, as well as a cryptocurrency wallet and a cryptocurrency exchange supporting Bitcoin, Bitcoin Cash, and Ethereum. The Blockchain.com platform lets you access Bitcoin, Ethereum, and other leading cryptocurrencies, and customers can also use a card or bank account to buy crypto, earn rewards, connect to DeFi, and explore blockchain data. The company began as the first Bitcoin blockchain explorer in 2011 and later created a cryptocurrency wallet that accounted for 28% of bitcoin transactions between 2012 and 2020 when Blockchain.com had 40+ million wallets created in over 140 countries. 3. 4. RAPYD BLOCKCHAIN.COM
50 / ENTREPRENEUR.COM / September 2024 Sector: e-Commerce / Payments Sector: e-Commerce / Payments Founded: 1991 Founded: 2009 Funds Raised: US $1.3 billion Funds Raised: US $1.5 billion Valuation: US $12 billion Valuation: US $11.0 billion Founded in 1991 by current CEO Chris Bayne, CFO Rob Binns, and CSO Jon Jorgensen, The Access Group is a business software company that provides business management software to over 100,000 organizations across the UK, Ireland, the US, and the Asia Pacific region. The Access Group is passionate about helping organizations thrive and grow, and specializes in serving small and mid-sized organizations, both commercial and not-for-profit. They offer a range of business management solutions that streamline operations and boost productivity, and their dedication to product innovation and service excellence has empowered ambitious businesses like APXpress and the Fawcett Society for over 30 years. Founded by CEO Guillaume Pousaz in 2009 (previously Opus Payments), Checkout.com is a British multinational financial technology company that processes payments for other companies. It offers a global payment platform that supports online, mobile, subscription, and issuing payments. It also provides fraud detection, identity verification, and intelligent acceptance tools to boost your performance and customer experience. In May 2020, Checkout.com acquired Australian company Pin Payments, allowing Checkout.com to expand into the Australian and New Zealand markets. It had a valuation of US $40 billion in 2022, making it the most valuable European fintech startup. 5. 6. THE ACCESS GROUP CHECKOUT.COM
51 September 2024 / ENTREPRENEUR.COM / Sector: Data Center / Real Estate Sector: IT Software / Web Development Founded: 1998 Founded: 1998 Funds Raised: n/a Funds Raised: US $439 million Valuation: US $10.5 billion Valuation: US $9.2 billion Founded in 1998, Global Switch is a leading owner, operator, and developer of large-scale network-dense, carrier, and cloud-neutral multi-customer data centers in Europe and Asia-Pacific. Global Switch is one of the world’s highest credit-rated data center providers, with investment-grade ratings from Fitch, Moody’s, and S&P Global Ratings. Its network is home to some of the most forward-thinking public and private organizations of all sizes, who rely on it to house their mission-critical IT infrastructure and connect them seamlessly to a diverse choice of telecoms, internet, and cloud providers. Founded in 1998 by CEO Andrea Pignataro, ION Group is a global financial software and data firm that plays a crucial role in transforming the way businesses operate through automation technology. ION Group provides insights and tools for accessing and analyzing data from global capital markets, enables efficient trading and risk management, facilitates connectivity to exchanges and markets, and streamlines operational processes. By automating repetitive tasks, ION encourages creativity and long-term thinking, challenges boundaries, and questions assumptions to drive transformative leaps. ION Group serves over 100,000 organizations across various sectors and regions globally, and recently raised $276 million through separate loan sales in Europe and the US aimed at distributing cash to shareholders and strengthening its cash reserves. 7. 8. GLOBAL SWITCH ION GROUP
52 / ENTREPRENEUR.COM / September 2024 Sector: CleanTech / Energy Efficiency Sector: Fintech / Mobile Payments Founded: 2015 Founded: 2012 Funds Raised: US $2.5 billion Funds Raised: US $562 million Valuation: US $9 billion Valuation: US $8.5 billion Founded in 2015 by CEO Greg Jackson, Octopus Energy is a renewable energy group that stands out for its commitment to providing great value, green energy, and innovative smart tariffs. Octopus Energy has won more awards for customer service than any other energy supplier, and their standard prices are consistently cheaper than those of other large suppliers as they focus on long-term affordability rather than just fixed-term deals. Octopus Energy already manages £6 billion of green energy projects globally, and plans to invest £15.5 billion in offshore wind projects by 2030. Founded in 2012 by current CEO Daniel Klein, along with Jan Deepen, Marc- Alexander Christ, and Stefan Jeschonnek, SumUp is a financial technology company that offers smart tools to help businesses grow, from taking payments and processing orders, to customer acquisition and managing money. Over 4 million businesses have already chosen SumUp to be their partner as the company provides a suite of financial services including peer-to-peer payments, currency exchange, foreign exchange, p2p and bank transfers & remittances, ATM withdrawals, donations, hotel and experience booking. SumUp raised just under US $307 million in 2023 and aims to use this funding to grow its business both organically and inorganically. The company has plans to launch additional financial services around its existing card readers and other point-of-sale tools, expanding its current offerings which include invoicing, loyalty programs, and business accounts, while expanding its geographical reach beyond the 36 countries where it currently operates. 9. 10. OCTOPUS ENERGY SUMUP
53 September 2024 / ENTREPRENEUR.COM / Don’t forget, these are just the top 10 of 86 active unicorns headquartered in the United Kingdom to date. Bolstered by companies like these being flag bearers for the next generation of startups, the UK’s thriving tech ecosystem showcases a blend of innovative ideas, robust investment, and a willingness to embrace disruptive technologies. This dynamic environment reflects a broad spectrum of opportunities for growth and transformation. Looking ahead, the key questions are how these unicorns will sustain their growth amidst increasing competition and how they will evolve in response to global economic challenges and technological advancements. The future of tech is bright, with many exciting developments on the horizon across the globe.
54 THE TOP 10 MOST ACTIVE VENTURE CAPITAL FIRMS IN THE UK TODAY In the United Kingdom, a vibrant venture capital (VC) landscape has given rise to some of the world’s most active firms supporting the growth of startups and fostering the development of local, regional and global entrepreneurial ecosystems. We dug into the data and present to you the 10 most active VC firms in the UK, highlighting their significant contributions to the startup ecosystem based on the EMEA VC Investor Prominence Rank developed by Dealroom. The algorithm uses a comprehensive analysis that evaluates portfolio size, total value of the current portfolio, total deals, level of activity in the past 12 months, the ability to spot ‘winners’ in the early seed stage, and the number of unicorns and ‘predicted soon- icorns’ backed. Ranking Methodology There are some interesting metrics included in this ranking methodology. The total number of deals completed by the VC firm, particularly those in the last 12 months, measures the firm’s activity level and ensures no zombie VCs are considered. The ability to spot ‘winners’ in the early seed stage is also a crucial indicator, as it evaluates the firm’s foresight and capability to invest in startups with high growth potential early on. Additionally, assessing the number of unicorns that each VC firm has backed reflects the firm’s success in identifying and supporting high-growth potential startups. The ranking also takes into account the number of companies within the VC firm’s portfolio that exhibit the potential to become unicorns in the future, indicating the firm’s ability to invest in promising startups at early stages. To ensure a fair comparison among firms, Dealroom has introduced a dilution factor to this year’s ranking, which adjusts for the success of investments based on the stage at which the VC firm first invested in a company, such as Seed, Series A, or later stages. For example, investing in a startup during the Seed round carries more weight than investing at Series C, reflecting the higher risk and potential impact of early-stage investments. This adjustment accounts for the varying levels of risk and reward associated with different investment stages, ensuring a balanced assessment of each firm’s performance. 54 / ENTREPRENEUR.COM / September 2024
55 September 2024 / ENTREPRENEUR.COM / Investor 1 2 3 4 5 6 7 8 9 10 LocalGlobe Index Ventures SeedCamp Balderton Capital Entrée Capital Northzone Episode 1 Ventures Passion Capital 83North MMC Ventures Companies in Portfolio 277 695 416 291 162 196 87 99 97 125 Estimated Value of Current Portfolio (USD) $38.8 billion $241.4 billion $42.6 billion $64.4 billion $39.8 billion $51.0 billion $3.2 billion $19.1 billion $35.0 billion $10.5 billion EMEA Ranking 1 2 9 12 20 23 29 31 36 44 No. of Exits 61 245 54 143 34 70 20 20 41 27 TOP 10 VENTURE CAPITAL FIRMS IN THE UNITED KINGDOM (AS OF MAY 2024) Now, let’s explore the top 10 most active VC firms in the UK, looking at their investment strategies, notable portfolios, and their overall impact on the startup landscape. It wont’ come as a suprise that every last one of these top 10 VC firms are headquartered in London. Source: Dealroom VC Prominence Ranking 55 September 2024 / ENTREPRENEUR.COM /
56 / ENTREPRENEUR.COM / September 2024 LocalGlobe primarily focuses on Seed-stage and impact investments through two main funds: LocalGlobe Fund for Pre-Seed and Seed investments, and Latitude Fund, a growth-stage fund with an additional US $220 million for breakout and early growth stages. LocalGlobe has closed a total of 402 rounds with a portfolio of companies spanning technology, healthcare, and consumer goods among other industries. They have had a total of 61 exits, including link management platform Bitly, payroll automation solution Pento, tech job search platform Otta, and online kitchen and home portal Food52. Index Ventures invests in companies at various stages, from Seed to Series A, across diverse sectors, from AI, adtech, and fintech, to enterprise, hardware, and more. Some of their notable portfolio companies include cloud storage player Dropbox, OpenAI competitor Cohere, and language translation company DeepL. Index Ventures has made 1,124 investments to date, their most recent being DeepL which raised US $300 million in a Series A round on May 22, 2024. 1. 2. LOCALGLOBE INDEX VENTURES Established: 1999 in London, UK Participated in Deals Totaling: US $11.5 billion No. of Companies in Portfolio: 277 startups Total Estimated Value of Current Portfolio: $241.4 billion No. of Exits: 61 (23% Exit Rate) Established: 1996 in London, UK Participated in Deals Totaling: US $43.6 billion No. of Companies in Portfolio: 696 startups Total Estimated Value of Current Portfolio: $241.4 billion No. of Exits: 245 (36% Exit Rate)
57 September 2024 / ENTREPRENEUR.COM / Seedcamp supports startups at the Pre-Seed and Seed stages by investing early in world-class founders who are attacking large and global markets through disruptive technology. Seedcamp has an impressive portfolio that spans various industries, and among their notable investments are educational platform MarcoPolo Learning, high-performance time-series database QuestDB, and Ezra AI, which is leveraging AI for medical imaging applications. They’ve also seen significant growth, with wefox raising one of the largest Insurtech rounds at a post-money valuation of US $4.5 billion in 2022, a 50% increase from the previous year. Seedcamp’s unicorn count grew to 9 when viz.ai and Grover joined the herd that same year. Balderton Capital is known for its investments in early-stage Series A technology and internet startups across Europe, and has completed 516 investment rounds since their establishment in 2000. Their notable portfolio companies includes fintech company Revolut, the world’s largest online betting exchange Betfair, and Sophia Genetics, a leader in genomic data analysis for personalized medicine. They have been involved in 3 IPOs and 11 acquisitions in the last 18 months alone, and their most recent investment in cleantech trawa raised €10 million on May 15, 2024. 3. 4. SEEDCAMP BALDERTON CAPITAL Established: 2007 in London, UK Participated in Deals Totaling: US $3.8 billion No. of Companies in Portfolio: 416 startups Total Estimated Value of Current Portfolio: US $42.6 billion No. of Exits: 54 (13% Exit Rate) Established: 2000 in London, UK Participated in Deals Totaling: US $11.5 billion No. of Companies in Portfolio: 291 startups Total Estimated Value of Current Portfolio: US $64.4 billion No. of Exits: 143 (50% Exit Rate)
58 / ENTREPRENEUR.COM / September 2024 Entrée Capital provides predominantly seed-stage funding for innovative startups and companies worldwide. Entrée has backed startups across SaaS, AI, Fintech, Security, Data, Consumer, and more, with over 31 exits and IPOs including monday. com (NASDAQ:MNDY), Deliveroo (LON:ROO), Cazoo (NYSE:CZOO), PillPack (acquired by Amazon), and Breezometer (acquired by Google). From a total of 259 investments, Entrée Capital’s most recent investment was in MagnusMetal in April 2024 when it raised US $74 million in a Series B round. Northzone partners with founders most often for Series A funding rounds across Europe and the US. They’ve made over 300 investments during their journey, and their notable portfolios include music streaming giant Spotify, freight mobility company Einride, and Homa, the world’s leading platform for creating and publishing mobile games. Northzone raised a landmark fund of €1 billion in September 2022 which is furthering investments in fintech, healthtech, SaaS, and consumer tech, and their annual Impact ESG Report contributes to transparency and accountability within the ecosystem. 5. 6. ENTRÉE CAPITAL NORTHZONE Established: 1996 in London, UK Participated in Deals Totaling: US $9.7 billion No. of Companies in Portfolio: 198 startups Total Estimated Value of Current Portfolio: US $51.0 billion No. of Exits: 70 (36% Exit Rate) Established: 2010 in London, UK Participated in Deals Totaling: US $4.3 billion No. of Companies in Portfolio: 162 startups Total Estimated Value of Current Portfolio: US $39.8 billion No. of Exits: 34 (21% Exit Rate)
59 September 2024 / ENTREPRENEUR.COM / Episode 1 Ventures specializes in investing in B2B software-driven businesses at the Pre-Seed and Seed stages. They build relationships early, make decisions swiftly, and engage with founders for the long term, guiding startups toward successful funding rounds. Their portfolio includes clinical research tech company Sano Genetics, global employment platform Omnipresent, and open-source time- series database QuestDB, and they have had several successful exits, including FatMap and SimplyCook. To identify promising founders early on, their data platform has expanded their top-of-funnel by 53% over the last three months and have made approximately 15 investments using their new data-driven tooling, sourcing promising startups. They recently closed their third fund at US $95 million. Passion Capital was established with a mission to bring founder-friendly, operationally-minded venture investing to the UK and Europe and stands out as one of the first operator-led venture funds in Europe with a female founding GP, Eileen Burbidge. Specialized in investing in Seed-stage tech startups, Passion Capital has made 191 investments in startups such as pet health and wellness platform Lassie, and AI-powered video interview analysis tool Retorio, their most recent being in conversational AI platform PolyAI’s US $50 million Series C round in May 2024. 7. 8. EPISODE 1 VENTURES PASSION CAPITAL Established: 2013 in London, UK Participated in Deals Totaling: US $718 million No. of Companies in Portfolio: 87 startups Total Estimated Value of Current Portfolio: US $3.2 billion No. of Exits: 20 (23% Exit Rate) Established: 2011 in London, UK Participated in Deals Totaling: US $1.9 billio No. of Companies in Portfolio: 99 startups Total Estimated Value of Current Portfolio: US $19.1 billion No. of Exits: 20 (21% Exit Rate)
60 / ENTREPRENEUR.COM / September 2024 83North has rich history of backing innovative startups primarily in Series A funding, supporting exceptional entrepreneurs who aim to build global category-leading companies. They leverage data to identify promising startups early on, making informed investment decisions and providing experienced mentorship to their portfolio companies. 83North has made 259 investments since inception in companies including leading ride-sharing platform Via, software commerce platform Paddle, and global marketplace solution Mirakl. Their US $400 million fund closed in 2022 brought their total capital under management to over $2.2 billion. MMC Ventures invests in early-stage, high-growth UK companies from Seed to Series A and distinguishes itself through its commitment to going deeper—both in the technologies they invest in and the partnerships they build with founders. MMC Ventures has made 206 investments in a diverse range of startups like companies that create sustainable choices for customers, including those in the Circular Economy. Some of their notable investments include AI-driven predictive maintenance platform for industrial machinery Senseye, sustainable ventilation system provider Breathing Buildings, and home exchange platform Love Home Swap. MMC Ventures is the first commercial venture capital firm in the UK to qualify as a B Corporation, and their client Gousto became the UK’s first and only profitable B Corp unicorn, delivering over 1.5 million meals every month. 9. 10. 83NORTH MMC VENTURES Established: 2000 in London, UK Participated in Deals Totaling: US $1.8 billion No. of Companies in Portfolio: 125 startups Total Estimated Value of Current Portfolio: US $10.5 billion No. of Exits: 27 (22% Exit Rate) Established: 2006 in London, UK Participated in Deals Totaling: US $9.3 billion No. of Companies in Portfolio: 97 startups Total Estimated Value of Current Portfolio: US $35.0 billion No. of Exits: 41 (43% Exit Rate)
61 September 2024 / ENTREPRENEUR.COM / There is no magical crystal ball to look to in order to assess winning startups to back. The ability of top VC firms like these to spot potential ‘winners’ early and provide the necessary support and resources for exponential growth sets them apart. As more and more firms continue to back the next generation of groundbreaking companies and soonicorns, we look forward to seeing how these venture capitalists and their peers will undoubtedly play a crucial role in defining the UK’s position in the global startup arena.
64 / ENTREPRENEUR.COM / September 2024 Y alla Plus, a Saudi Arabia-based tech platform that caters to restaurants and cafes, has raised US$2.7 million (SAR10 million) in a seed funding round led by Merak Capital, a KSA-based investment firm that focuses on tech startups. The round also saw the participation of Khwarizmi Ventures, a KSA-based venture capital firm that invests in early-stage startups, Isometry Capital, a US-based next-generation asset management company, as well as angel investors from both the Middle East and the US. Founded in 2022 by Abdullah Alrabeh and Bader Alnasser, Yalla Plus offers the hospitality and restaurant sector with an integrated point of sale (POS) system comprising payment management tools, customer feedback processing, and delivery solutions. The platform was thus created with a vision to become a technical enabler for hospitality companies, and enhance their operational efficiencies and performances, through offering detailed data analytics. In just two years since its launch, Yalla Plus has already expanded its operations beyond Saudi Arabia, to 11 countries in total. Over the next five years, the startup aims to establish its presence across 50 countries, including those in the Middle East, Europe, and Southeast Asia, and offer its services to 100,000 entrepreneurs. According to co- founder and CEO Alrabeh, the current global hospitality ecosystem offers a ripe opportunity to tap into. “With the rise of connectivity and mobile technology, businesses are swiftly shifting from traditional pen-and-paper or WhatsApp methods to streamline software solutions,” Alrabeh notes. “Integrated and automated processes allow businesses to leverage data for better decision- making and performance optimization. At Yalla Plus, we provide entrepreneurs with tools for digital transformation through an all-in-one platform with powerful analytics, helping them stay competitive in the evolving market.” Of course, with new funds at their disposal, the Yalla Plus expansion plans have now undoubtedly gained pace. “We will use the newly raised seed funds to accelerate product development and expand our market presence in the GCC and adjacent markets,” Alrabeh adds. “Our short-term focus is on enhancing our POS system to serve food and hospitality entrepreneurs with more features for operational efficiency and customer engagement. We also plan to expand into new verticals such as inventory management and customer engagement to provide a more comprehensive suite of tools for businesses to grow faster and more efficiently.” It is precisely this propensity to cement itself at the center of the global hospitality industry that has played a major role in the startup gaining Merak Capital’s financial support. “Yalla Plus demonstrated significant growth by rapidly expanding its customer base and securing key partnerships within the foodtech sector,” says Merak Capital Partner and CEO Abdullah Altamami. “Their ability to develop compelling solutions and capture market share was a decisive factor in our investment, highlighting their potential to lead in this space.” Altamami adds that many of Yalla In The Loop/ IMAGE COURTESY YALLA PLUS “We Got Funded!” KSA-based Yalla Plus raises US$2.7 million in seed funding as it aims to further empower the kingdom’s hospitality sector by AALIA MEHREEN AHMED ↑ The team behind Yalla Plus, a KSA-based hospitality tech platform.
65 September 2024 / ENTREPRENEUR.COM / ↑ Abdullah Altamami is the Partner and CEO of Merak Capital, a KSA-based investment firm that focuses on tech startups. Plus’ aspirations as a company aligned well with that of Merak Capital’s own goals- another reason the investment firm was keen on backing the hospitality tech startup. “Yalla Plus reflects the qualities Merak Capital values in tech-driven ventures: innovation, scalability, and a deep understanding of market dynamics,” Altamami reveals. “Their strategic use of technology to enhance operational efficiency and customer experience aligns with our vision of investing in pioneering companies capable of transforming industries. Their proactive approach to leveraging data and technology for market disruption fits our mission to support companies driving meaningful change.” In its bid to cater to a plethora of geographical markets, however, the Yalla Plus team has had to be mindful of how they adopt technological trends within a given nation. “When serving diverse markets, we’ve learned that a tailored approach is essential,” co-founder Alrabeh notes. “We’ve noticed varying technology preferences, such as iOS being more popular in some regions and Android in others. Small and medium enterprises (SMEs) may prefer managing their operations on tablets in certain areas, while mobile phones are more common in others. Similarly, unique business models like drive- thrus thrive in specific areas. Adapting our platform to these local preferences ensures we provide the best experience for all our users.” But while global expansion makes up one part of Yalla Plus’ mission, the startup is also, still, very rooted in its vision to reshape Saudi Arabia’s hospitality industry. Indeed, it aims to position itself as “a global Saudi tech firm” by attracting top local and international talents. “Our objectives in Saudi Arabia also align with Vision 2030’s goals of growing the hospitality sector,” Alrabeh continues. “We aim to be the digital infrastructure powering the Saudi hospitality experience, while also supporting entrepreneurs with digital tools and fostering strategic partnerships with other tech players. Our focus is on empowering entrepreneurs and contributing to Saudi Arabia’s economic development.” And as per Merak Capital’s Altamami, Yalla Plus’ endeavors could set a preamble for other up and coming startups in this sector in the years to come. “Yalla Plus aims to make a major impact in the foodtech sector in Saudi Arabia by setting new standards for technology integration, customer satisfaction, and operational excellence,” Altamami says. “Their success story inspires innovation among tech startups, demonstrating that local companies can achieve global influence through strategic use of technology. This sets a precedent for the broader ecosystem, encouraging startups to pursue ambitious goals in the Kingdom’s fertile ground for tech-driven entrepreneurship.” www.yallaplus.com AT YALLA PLUS, WE PROVIDE ENTREPRENEURS WITH TOOLS FOR DIGITAL TRANSFORMATION THROUGH AN ALL-IN-ONE PLATFORM WITH POWERFUL ANALYTICS, HELPING THEM STAY COMPETITIVE IN THE EVOLVING MARKET.”
66 / ENTREPRENEUR.COM / September 2024 G lobal car manufacturer Nissan has unveiled the seventh-generation Patrol at an event in Abu Dhabi that was attended by Nissan’s President and Chief Executive Officer Makoto Uchida, Senior Vice President of Global Design Alfonso Albaisa, Chief Planning Officer Ivan Espinosa, and more than 600 guests. “The Patrol is the longest uninterrupted product line in Nissan’s history,” said Uchida. “Thanks to the passion and effort of our teams at Nissan over many decades, it has consistently maintained its off-road heritage while integrating refinement and innovation. The Middle East has always been a market where the Nissan Patrol has a deep emotional connection, and so it is only fitting that we chose this region for the global debut of the seventh-gen- eration model. The all-new Patrol also marks the first of five SUVs to be introduced in the Middle East as part of our global business plan, The Arc, underscoring Nissan’s commitment to customer needs and the region as a whole.” Thierry Sabbagh, Divisional Vice President, President Middle East, KSA - Nissan, INFINITI, added, “The Middle East, a region of key importance, continues to play a pivotal role in Nissan’s global strategy, serving as the perfect stage for the world debut of the all-new Patrol. This momentous occasion is a testament to the loyalty of our customers and the invaluable support of our regional partners, who have played a key role in the Patrol’s enduring legacy as an icon of power and prestige across the Middle East for nearly seventy years.” Powering the all-new Patrol are two engine options: a 3.5-liter twin-turbo V6, producing an impressive 425HP and 700Nm of torque, and a naturally aspirated 3.8-liter V6, offering 316HP and 386Nm of torque. Both engines are paired with a 9-speed automatic transmission, enhancing on- and off-road performance while improving fuel efficiency. The exterior design is an evolution of the Patrol’s signature look, featuring a striking V-motion grille, Adaptive driving beam headlights, and a distinctive full-width light bar at the rear. Inside, the Patrol offers a premium cabin experience with advanced infotainment systems, including a 28.6-inch monolith display and Klipsch premium audio system. The all-new Nissan Patrol is available for booking at Nissan’s partner network across the UAE, Saudi Arabia, and the wider Middle East region, with prices starting from US$ 65,000. The Global Debut Nissan’s new Patrol unveiled in Abu Dhabi → The seventh generation Nissan Patrol is the first of five SUVs to be introduced in the region as part of Nissan's global plan. In The Loop/ IMAGE COURTESY NISSAN