Entrepreneur Middle East
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QUESTIONING THE STATUS QUO/ Team Office Vs. Team Hybrid P.49 9 7 7 2 3 1 1 5 4 1 0 0 8 > September 2022 THE STARTUP ROLLERCOASTER/ From inception to exit P.20 PLAYING THE LONG GAME The founder of Vurse is tapping into opportunities hitherto unexplored by the global tech landscape P.30 SHADMAN SAKIB BEYOND EXCELLENCE/ Kuwait Airways CEO Maen Razouqi P.36
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8 / ENTREPRENEUR.COM / September 2022 Contents/September 2022 P.30 Playing the Long Game Shadman Sakib, founder of Vurse, is tapping into opportunities hitherto unexplored by the global tech landscape. by TAMARA PUPIC P.15 Breaking the Mould Haj He Yi, the co-founder and Chief Marketing Officer of Binance (really) in her new role as the Head of Binance Labs. by TAMARA PUPIC P.36 Beyond Excellence Kuwait Airways CEO Maen Razouqi is on a mission to bolster the future of Kuwait’s national airline. by ABY SAM THOMAS FEATURES IMAGE COURTESY BINANCE ← BINANCE announced in August this year that its co-founder, He Yi, will become the head of Binance Labs, its venture capital and incubation division that currently manages US$7.5 billion in total assets.
10 / ENTREPRENEUR.COM / September 2022 EDITOR IN CHIEF Aby Sam Thomas aby@bncpublishing.net CEO Wissam Younane wissam@bncpublishing.net DIRECTOR Rabih Najm rabih@bncpublishing.net CREATIVE LEAD Odette Kahwagi design@bncpublishing.net MANAGING EDITOR Tamara Pupic tamara@bncpublishing.net STARTUPS SECTION EDITOR Pamella de Leon pamella@bncpublishing.net FEATURES WRITER Aalia Mehreen Ahmed aalia@bncpublishing.net DIGITAL SOLUTIONS DIRECTOR Mahdi Hashemi mahdi@bncpublishing.net HEAD OF INNOVATION Sarah Saddouk sarah@bncpublishing.net GROUP SALES DIRECTOR – B2B GROUP Joaquim D’Costa jo@bncpublishing.net COLUMNIST Tamara Clarke CONTRIBUTING WRITERS Abdallah Abu Sheikh Fida Chaaban Muhannad Ebwini Sharene Lee Chris Scanlan Suraya Turk 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 2022. Opinions expressed are solely those of the contributors. Entrepreneur Middle East and all subsidiary publications in the MENA region are officially licensed exclusively to BNC Publishing in the MENA region by Entrepreneur Media Inc. No part of this magazine may be reproduced or transmitted in any form or by any means without written permission of the publisher. Images used in Entrepreneur Middle East are credited when necessary. Attributed use of copyrighted images with permission. All images not credited otherwise Shutterstock. Printed by United Printing and Publishing. PO BOX 502511 DUBAI, UAE P +971 4 4200 506 Contents September 2022 ‘TREPONOMICS 78 To Raise or Not to Raise? That Is the Question A guide for entrepreneurs wondering whether it’s time to seek funds to grow their startups. 72 In Focus A roundup of the up-and-coming startups in the Dubai-based Mohammed Bin Rashid Innovation Fund accelerator program you should be keeping an eye on. 70 Bolstering an Ecosystem The GUESSS 2021 report highlights the need to foster and support the entrepreneurial spirit in Qatar’s youth. 66 Lean and Mean UAE-based B2B startup MeatoDoor is taking a bite out of the GCC’s meat industry. 64 Ditching cash Mohammed Al Delaimi’s SkipCash is on a mission to enhance contactless digital payments in Qatar. STARTUP SPOTLIGHT BUSINESS UNUSUAL EntMagazineME Entrepreneur-me ↑ SHARENE LEE AND MORRAD IRSANE, the husband-and-wife entrepreneurial duo who founded Melltoo, with MOHAMMED SLEIMAN, founder and CEO of Cartlow P.20 20 The Startup Rollercoaster Looking back from its inception to exit, serial entrepreneur Sharene Lee reflects on the entrepreneurial journey of her tech startup Melltoo. 59 For the People (and By the People) Malak Yacout’s The Volunteer Circle is on a mission to mobilize the next generation towards active social impact in the Middle East and beyond. 49 Questioning the Status Quo There are now two sides to the “work from home” (WFH) debate: Team Hybrid and Team Office. We pick the minds of four UAE-based startup founders to find out which side they’re on- and why. 54 Back to the Basics Move over, super apps- the MEA needs ultra platforms that have user experience at their centers.
12 / ENTREPRENEUR.COM / September 2022 Editor’s Note/ Editor’s Note/ D on’t be afraid to fail” is a statement that often gets thrown about in entrepreneurial circles. It is a motivational trope we often tell people with the stated aim being that they shouldn’t be afraid to think differently, to voice original ideas, or to simply attempt something new. And while that is all well and good, I’ve begun to notice that what many of us say in this regard is in stark contrast to how we actually react when one among us makes a misstep. Now, don’t get me wrong- I belong to the school of thought that mistakes should be called out, and that critiques, as painful as they can be, still present an opportunity for things to be done in a better or wholesome manner. However, it’s one thing to state that something displeases us; it’s another thing altogether to call fire and fury on it to show our distaste. The latter is the kind of behavior that I now see a lot of people showcase -mostly on social media- when they come across something that disagrees with them. Their ire is often directed toward whomever they’ve deemed responsible for the gaffe that has so assaulted their senses- personal insults are thrown about, character attacks are aplenty, and even lawsuits are suggested as a valid response. But consider for a moment that the issue at the center of it all -the offense in question- might just be an unfortunate lapse in judgement made by a person or a group of people. Keeping this in mind, are they really deserving of all of the vitriol that’s being thrown at them? Also, let’s consider the message actions like these send to those around us- sure, we’re happy to spout cliches that tell them to, say, “not let the fear of failure stop them,” but if this is the kind of response that they can expect should they slip up, aren’t all of our words just hot air? Imagine a young person out there presenting something new, which, unfortunately, is riddled with honest oversights or unintended inaccuracies- do we expect them to still dare to put themselves out there when this is the kind of backlash they can potentially receive? The world of social media often puts us in binary thought traps, where everything is assumed to be one or the other. But the truth is that things are rarely, if ever, so black and white, and such a forced demarcation simply doesn’t allow for nuanced thinking, and neither does it treat new ideas -even if flawed- with openness, and, perhaps more importantly, with kindness. Again, the issue here is not with calling out a wrong- it’s with the manner in which we do just that. After all, mistakes are a part of any innovator’s journey- let’s simply not make them the end of it. Aby Sam Thomas Editor in Chief @thisisaby aby@bncpublishing.net TO TRY OR NOT TO TRY Experimentation is fair game
15 September 2022 / ENTREPRENEUR.COM / Breaking the Mould He Yi, co-founder and Chief Marketing Officer of Binance, is setting out to change the world (really) in her new role as the Head of Binance Labs by TAMARA PUPIC → BINANCE announced in August this year that its co-founder, He Yi, will become the head of Binance Labs, its venture capital and incubation division that currently manages US$7.5 billion in total assets. IMAGES COURTESY BINANCE
16 / ENTREPRENEUR.COM / September 2022 Binance, which is a combination of the words that mean crypto and safety in Chinese, has lived up to its name during the significant drop in crypto prices throughout the first half of 2022. There have been no reports of Binance cost-cutting, laying off staff, or something even worse- to the contrary, Binance has been focused on the future by, among many other things, being on a constant hiring spree, as well as by appointing Yi as the head of its venture capital and incubator arm, Binance Labs. With US$7.5 billion at its disposal, Binance Labs already supports more than 200 portfolio projects (which include success stories like Web3 trailblaz ers Polygon and FTX), and it enjoys a 2,100% rate of return on its investments since launching in 2018. And now, with Yi at its helm, it is expected to do even better. “I want to build the standard for the Web3 industry,” Yi explains. “I think that people have a lot of anger about our industry and that’s normal, and so, we need time to build the right standard and to make people understand what’s really true about this industry. For me, Web3 is a symbol, it’s more about sharing- like your commu nity and users make you successful, so you can and should give back to them. That’s Web3 for me.” In Web3, Yi continues, the growth of a company does not depend on funds it raises from venture capitalists (VCs), but on the power of one’s community. “It’s about this relationship change, and for that reason, I think that smart public chains are more efficient ways for people to raise money for their businesses, as opposed to getting it from VCs,” she says. “So, we need to let people know how this industry functions and what kind of people drive it, and we need to make them understand the logic behind blockchain. For one billion people to start really using it, you need to understand the technology behind it.” And when asked about the kind of startup founders that can count on the support from Binance Labs, Yi describes them as “people who know that the sign of a really good business is making the world more efficient, making people save money, or helping the world to become better.” She adds, “I’m leading Binance Labs, because I’m one of oldest OGs in this space, and so, I know a lot of people, and I know this industry. T his year, I have met He Yi on three separate occasions- at the Binance Blockchain Week in Dubai in March, Binance’s fifth anniversary celebrations in Paris in July, and over a Zoom call from our respective kitchens in Dubai in early August. The last of these encounters proves that the life of a Binance co-founder is not only about glittering affairs; however, I should be forgiven for assuming so, because, over the same time period, fellow Binance co-founder and CEO Changpeng Zhao – more popularly known as CZ- has been globe-trotting and meeting nation heads in a bid to secure permissions from their respective financial regulators- i.e. facilitate mass crypto adoption. And so, the proof that some seriously hard work is required to maintain what is reportedly the world’s biggest cryptocurrency exchange is in witnessing Yi keeping up with a pace that is as frenetic as the one she pursued back in 2017 when she joined the startup. ”After you, I’ll have another interview, and then one more one-on-one,” she tells me, as we talk at about 8pm in Dubai. “I usually have breakfast at lunchtime, and lunch at dinner time.” B/What’s Next?
17 September 2022 / ENTREPRENEUR.COM / Secondly, I have a good gut feeling to recognize the right person, and thirdly, I have a clear vision of our industry, and what we want to build in the future.” At this point, I’m becoming increasingly interested in what the woman sitting across my Zoom screen is actually about, and to be more precise, and where her unshaken belief is coming from. To begin with, Yi seems to be capable of placing absolute trust in a person or idea when her inner criteria are met, and even though real world parameters might be showing the opposite. For example, in 2017, Yi was enjoying a good employment package at Chinese mobile video sharing tech company Yixia Technology, when CZ, her former colleague from Chinese cryptocurrency-to-fiat exchange OKCoin, invited her to join his fledgling startup: Binance. “We were preparing for an initial public offering, and at that moment, CZ wrote a white paper for Binance, and began to raise money, and he asked me to do some consulting work for them,” Yi recalls. “A lot of people do consulting for startups and ask for a percentage or a token, but I did it for free because I believed in CZ- he was ambitious, hard-working, and so I believed that he could be successful.” And when Binance began to take off, Yi found herself drawn back to the enterprise. “When they raised the first $50 million, CZ called me and said, ‘Tomorrow, binance.com will launch, and we will grow, so join us,’” she remembers. “And it was a difficult situation for me, because I had a better-paying job, but then, I told him that I didn’t want his company to be successful only in China, but that I wanted a bigger challenge. It was already 3am or 4am in the morning, and it was just an offer over the phone, but I finally said yes.” However, Yi’s belief in Binance was tested the very next day. “The next morning, I had just quit from my current job at the time, telling them that I wanted to start up a business with my former colleague, and I went back to my desk only to see the 50% crash of BNB coin,” Yi recalls. “That was a very interesting moment. But I had run exchanges before, and I knew these things could happen, so in a month, I joined Binance.” Patiently working one’s way through difficult situations might be not only Yi’s best career tip, but also her advice for overcoming fears of fluctuations on the crypto market as it stands today. “People make a lot of drama about prices dropping, but the trust factor is always so important,” she says. “At that moment in 2017, I knew that I trusted myself and CZ, and I knew that money was not important for me, but what I wanted to do in life. I knew that I’m good at branding, marketing, operations, but that I didn’t have a tech background, so I needed a partner. I cannot be successful just by myself. Since I wanted to take on a global challenge, I knew that CZ was the best partner for me. Although the offer that I had from him looked worse at that very moment, I still accepted it, as I knew that we could build great things together.” And the rest, as the saying goes, is history. However, much before Yi demonstrated her belief in Binance, she had to learn to put this strong faith in herself first. “My mum didn’t believe that I could be successful,” she says. “When I was a kid and I would tell my mum that, when I grew up, I would go to another country, she didn’t believe that. I’m from a small village, so when I → IN HER ROLE AT BINANCE LABS, YI’S VISION is to drive the future adoption of Web3 and blockchain technology by “building the standard for the blockchain industry.” WE NEED TO MAKE THEM UNDERSTAND THE LOGIC BEHIND BLOCKCHAIN. FOR ONE BILLION PEOPLE TO START REALLY USING IT, YOU NEED TO UNDERSTAND THE TECHNOLOGY BEHIND IT.
18 / ENTREPRENEUR.COM / September 2022 talked with my mum about going to another country, how could she believe that? Growing up, I’ve got my power from two places- reading and the inter net.” Originally from a prefecture-level city in the southwestern province in China, Yi was born into a family of teachers, and for the most part, she was raised by a single mother, as her father passed away when Yi was only nine years old. “It was a poor family, but the good thing is that my family gave me a good base in reading and learning,” she says. “My mum hoped that I would be a teacher, because in her mind, women should be teachers or assistants, but never bosses. So, I think that the internet has changed that a lot, as women of my generation have started learning about inspirational examples from around the world.” Before Yi entered the crypto world in 2014 by joining a fintech enterprise in the realm, her career trajectory by then had seen her take on roles as varied as a university professor, a psychological advisor, and a host for a travel television show. “There were a couple of times in my life that I was trying different types of jobs, and trying to find out who I was,” she recalls. “I always challenge myself- one example is how I fought to get the job as a television host, because when they asked me what was my advantage, I said that I knew how to do my own makeup, so they would save money on that. That got me the job. And then, I was not a famous television host, but I was still somehow known, and no one believed that a television host would go into a crypto startup, because at that time, people thought that crypto was a scam, but I did do that.” And today, Yi is firm about the power of crypto and Web3 to change the world as we know it, and she hopes to contribute to making it happen with her role at Binance Labs. “We want to know how we can help more Web3 startups to be really successful,” she says. “The industry is much bigger than one crypto ex change, and there are definitely many fantastic use cases that really can make people’s lives better, but we don’t know which project can be successful, and so, I’m always asking where’s the best founder, where’s the best solution, where’s the best product that will really help people.” By this point, we had been talking for about an hour, and even though it was past 9pm, Yi hasn’t lost her zest, and seemed to be brimming with enough energy to take her through her next two appointments as well. But I decide to end our conversation then, and my final question to her was about what she would like to be known for. “I don’t really hope that people will know about me,” Yi replies. “I feel that everyone comes to this world with something that they need to do, and I want to do that one thing that is mine.” And, maybe, changing the world might just be that “one thing” that Yi is here for. TODAY, YI IS FIRM ABOUT THE POWER OF CRYPTO AND WEB3 TO CHANGE THE WORLD AS WE KNOW IT, AND SHE HOPES TO CONTRIBUTE TO MAKING IT HAPPEN WITH HER ROLE AT BINANCE LABS. Binance co-founder Yi He’s tips for women in business ‘TREP TALK }Adopt a growth mindset “For every woman, it’s important how you define yourself. Women should not limit themselves too much. I strongly recall that, when I was a television host, a friend was telling me about her dream of getting married, while I dreamt about changing the world. Three years later, when I was working for a mobile video company, a media company in China wrote about me, and she messaged me, "You did it!” Yet, that was much before Binance and the impact I can have now.” }Stay the course “Consistency is very important. Repeat, repeat, repeat. People tend to change focus too much, but I believe that the power of knowledge, understanding, and gut feeling actually develop from being persistent, from practice, from your day to day training.” }Develop (all) your skills “There is too much talk about female power, or people call it soft skills, but I don’t believe that it’s the right way. You should truly understand the power of your skills, and not define them as male or female.” → UNDER YI’S LEADERSHIP, Binance Labs will have an additional emphasis on investing in capable, driven founders who will play a role in shaping the future of the industry. B/What’s Next?
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20 / ENTREPRENEUR.COM / September 2022 B/The Big Idea
21 September 2022 / ENTREPRENEUR.COM / AN ENTREPRENEURIAL STORY- FROM INCEPTION TO EXIT by SHARENE LEEROLLERCOASTER THE STARTUP T ime flies. It’s been eight years since my husband and co-founder, Morrad Irsane, and I launched Melltoo, our tech startup based in the UAE and Saudi Arabia. In between, we’ve become a family of nine (yes, we have seven children), we’ve moved from the UAE to Saudi Arabia, we’ve gone through a pandemic, and we are now living through a “global recession.” From an entrepreneurial perspective though, after eight years of occasionally exhilarating, heart-wrenching, euphoric, ulcer-inducing moments in our startup journey, we finally have a happy ending with the acquisition of Melltoo by Cartlow. For those of you who are thinking of launching a startup, are in the middle of building a startup, or are close to exiting a startup, this story is for you. Read on as I recount a few harrowing experiences from my startup journey, from running out of cash, to pivots and investor fails. 21 September 2022 / ENTREPRENEUR.COM /
22 / ENTREPRENEUR.COM / September 2022 B/The Big Idea THE LAUNCH Build it and they will come? Not really Melltoo is a peer-to-peer transactional marketplace for secondhand items. The vision has always been to reduce the friction inherent in secondhand marketplaces by using technology to bring together a community of buyers and sellers in a fair and transparent marketplace. In August this year, Melltoo was acquired by fellow UAE-born startup Cartlow to further that vision, and to join Cartlow’s journey toward dominating the recommerce marketplace in MENA. How did it all begin, you ask? It started in late 2013, when Morrad and I conjured up the idea for Melltoo while on a teaching stint in Ha’il, Saudi Arabia. We were serial entrepreneurs, and we quickly tapped into our existing knowhow and networks to get the company off the ground. While it wasn’t our first business, tech was new to us. Because Dubai was the startup hub of the MENA at the time, we moved back to the UAE, and we started building in earnest. By then, we had seen the “overnight” successes of Facebook, Whatsapp, Souq.com, and a number of tech startups that were coming up at the time. So, we figured that since we were smart, experienced entrepreneurs, we were the one in a million, and that we would, of course, be able to make it. It didn’t quite happen like that though. Thinking back, I’m ashamed at just how arrogant we were. We were like teenagers who think they know better than their parents. We thought our incumbent competitors were clueless and out of touch. We thought we could build better technology with an outsourced team (!!) than established players. We attended startup events, and we practically scoffed at mentors who pointed out flaws in our business plan- to these mentors, you know who you are, I am sorry! Approximately six months after we started building, we launched our app in the app store and then… crickets. Someone suggested that we buy cheap downloads on Android, so we started burning our own cash to buy low quality downloads that were not converting to users and actual business. But hey, the business was “growing,” said our vanity metrics. We went to all the startup hubs and did “mini launches,” and some of our kind and charitable fellow entrepreneurs attended to hear us give our spiel. But no one was using the product. More importantly, no one really cared. People will never say anything negative to your face (they usually reserve their negativity for Twitter), so those we spoke to were always agreeable and encouraging, but no one cared enough about what we were doing to use the product. We soon came to realize that the best feedback was usually critical, and, thankfully, those alarm bells finally got through. After blowing through a lot of our own cash buying useless downloads for a product that was substandard, we pivoted our product and growth “strategy”- after all, it wasn’t so much a strategy as an answer to “What should we do today to get more downloads?” In this time, we had hired a Chief Technology Officer (CTO), who, little did we know, couldn’t code, but still managed to build a strong tech team around him. However, after several months of careful maneuvering, we managed to extricate ourselves from our no-code CTO. We were introduced to a clever app store hack by a fellow entrepreneur, which involved cloning our app, and naming the clones as popular search terms, and things started to grow organically. “WE SOON CAME TO REALIZE THAT THE BEST FEEDBACK WAS USUALLY CRITICAL, AND, THANKFULLY, THOSE ALARM BELLS FINALLY GOT THROUGH.” Melltoo at the turn8 launch event in 2014 IMAGES COURTESY MELLTOO
23 September 2022 / ENTREPRENEUR.COM / FUNDRAISING FAILS Running out of money 101 At this point in our startup’s lifecycle, we were able to raise some amount of funding that we put toward aggressively growing our user base. That’s when we launched the first iteration of our referral program. It was uncapped, and referrals were unverified- and things got exciting as we were essentially giving away free money to customers. In fact, we were tripling our gross merchandise volume month-on-month. To be fair, the referral program got out of hand, because we were unable to iterate the technology fast enough. We needed to add in a number of verification mechanisms and limitations for the program to be unit-economical ly viable. However, growth is addictive, and repairing an airplane’s engine as it is ascending is never an easy thing. We were cognizant that this growth strategy was a risky one, but we didn’t really have a choice, and we needed to continue growing to get us to our next round of funding. And, you know what, we almost made it… almost. We were in talks with the most important venture capitalists (VCs) in town (this was 2015, so there were, like, three of them) who all wanted to lead our bridge round. Cocky in our hypergrowth, we kept burning cash with the expectation that more was on the horizon. Unfortunately, MENA VCs do not have the risk tolerance of Softbank CEO Masayoshi San, and after several months of deep due diligence, it dawned on them that we were not being prudent with our growth strategy. One pulled their term sheet, another then decided against taking us to the investment committee, and the last said an emphatic no. Now, at this point, we were in deep doo-doo. This period of time was the most stressful in my entire life. Don’t get me wrong, we have run out of money many times since then, but the first time is always the most traumatic. I remember calling my mother in tears, asking her to loan me US$30,000- she ended up mortgaging her house to help us. We sold the last of our gold (yes, we were gold bugs, now bitcoiners) to keep the company afloat. Each day, I woke up with a pit in my stomach, and at the end of it, I went to sleep stressing about how to pay creditors. We really scrambled, we tried to scrounge up a last-minute funding round, we reached out to potential acquirers who may have been interested in a fire sale, and we even ended up in the home of a Russian oligarch- no further comment. Those were dark days. ↓ SHARENE LEE AND MORRAD IRSANE, the husband-and-wife entrepreneurial duo who founded Melltoo, with MOHAMMED SLEIMAN, founder and CEO of Cartlow "At the end of the day, we build companies to benefit customers, employees, investors, and to leave the world a bit better than before," said Melltoo CEO Morrad Irsane, after news broke that his classifieds platform for second-hand items that he co-founded with his wife, Sharene Lee, was acquired by UAE-based reverse logistics platform Cartlow. "The exit is just one part of the journey; what goes before it is much more important. As long as we benefited customers, employees, investors, and have left the world a better place, we are satisfied." The acquisition will see customers of Melltoo's 30 categories and over 500,000 products now be automatically redirected to Cartlow's platform to shop or sell their pre-loved and never-used items while also enjoying features like free delivery, 10-day return policies, and 12-month warranties. As for Cartlow, founder and CEO Mohammed Sleiman believes that the deal will allow the enterprise and its cloud-based technology to get a better foothold on the global reverse logistics market, which is projected to reach a value of US$958 billion in 2028. Commenting on the process of the acquisition, Sleiman says that there is no specific formula governing the same. "It lies under one simple principle- understand that acquiring a business is not about integrating but instead about accelerating the overall vision of the company," he said. When asked about the key lessons he learned in the process, he first points toward the importance of remaining focused on one's future goal. "In most cases, the negotiation stage is where people get stuck," Sleiman said. "The company that you are trying to acquire will have a certain vision, and it's crucial to highlight how this vision will blend into your own company's vision and objectives to ensure success in the long run." "WE GOT ACQUIRED!" Cartlow buys out fellow UAE-born startup, Melltoo
24 / ENTREPRENEUR.COM / September 2022 Fortunately, Morrad is tough as nails, and he stayed positive, and he kept hustling. We had to announce to our team that a round of funding fell through, and that we couldn’t pay them. We had to lay off half the team, and we asked everyone remaining to go part-time. Some of the team even stayed on as volunteers. To this day, I am grateful to them for their support. We had to call suppliers and explain that we couldn’t pay them- these were the same people we had sold dreams of grandeur to. We had to call customers and tell them that we had to delay payouts. Morrad made these dreadful calls- you would think that he would have been devastated by each call, but in fact, people were often sympathetic, and our proactive effort to reach out salvaged those relationships, and allowed us to continue the business. This was 2016. RISING FROM THE ASHES Pivot, pivot, pivot There is simply no shortcut to building and growing a business. All of those so-called overnight successes mask years and years of iteration and hard work. Once we stabilized the finances, it was time to get back to work. By that time, we had spent countless nights trying to figure out how to get rid of the business only to realize that we were both still bullish about its prospects, and that it was not time to give up. As Morrad would say, stick around long enough, and you’ll be the last man standing. But getting back to work wasn’t easy either. It’s one of the most difficult things for a startup that is growing rapidly to reset to zero, and then try to restart growth again. That was the situation we were in. We started by putting the needed guardrails in place around our referral program, which dramatically reduced our revenue, and it felt like starting from scratch. We needed to go back to the drawing board to figure out what really brought value to our customers, and why people were using our product. In other words, we had to -as Ross in Friends put it- pivot, pivot, and pivotttttt! You see, the underlying business model was sound, but the product was immature, and our focus on growth was misplaced. We had to start building out operations in other directions, and also open up new revenue streams in order to bootstrap the business. I believe that the near-death experience taught us the humility we needed to talk to investors. We were transparent about what went wrong, and it was on this basis that we began to regain investor trust, and be able to raise funding again to continue building out the new business streams. I cannot overemphasize the importance of resilience in startup life. It’s not talent, networks, experience that matter when times are tough; it’s resilience. You keep going even if there doesn’t seem like a future, you keep going even if there’s nowhere to go, you keep digging until you break through to the surface- or you end up buried and dead. If you’re not prepared to be resilient, then give up now. The story doesn’t end here, and we went through several more years of highs and lows. Funding opportunities missed, a lack of focus causing us to go off-course at times, almost running out of cash multiple times. But all throughout, we continued to build our product, and grow our customer base. The thing I am most proud of is that we brought value to our customers, and that we became a small -but important- part of their lives. It was always a pleasure to hear from our customers, even when they were complaining- I recalled the days when nobody even cared to complain, and I was happy to hear them passionately bashing our customer service. And the compliments were even sweeter. People cared about what we did, and they supported us- and there is nothing better than that. HONORABLE MENTIONS A few (noteworthy) odds and ends One day, perhaps, I will write a book about my startup journey, but today is not the day. However, I’d like to include a few fun stories as honorable mentions. B/The Big Idea “I CANNOT OVEREMPHASIZE THE IMPORTANCE OF RESILIENCE IN STARTUP LIFE. IT’S NOT TALENT, NETWORKS, EXPERIENCE THAT MATTER WHEN TIMES ARE TOUGH; IT’S RESILIENCE.” Sharene Lee at the 2017 Global Ventures summit pitch
25 September 2022 / ENTREPRENEUR.COM / Sleiman also suggests both parties in an acquisition process to make the effort to build rapport with the other side, as "it is more likely both parties will reach an agreement if they spend time getting to know each other and each individual's overall goal for the business." In addition, Sleiman also advises them to be open to smart trade-offs. "During negotiation, both parties are often stuck on specific challenges," he explained. "Therefore, capitalizing on the presence of those challenges is more likely to get both parties to reach an agreement." For his part, Irsane believes that understanding why the acquirer wants to buy one's business is a good starting point. "This is very important in negotiations in order to create a win-win situation," he said. "Also, this understanding helps you assess how far you can push in negotiations. Then, my second learning is to be patient, as so much in the closing of acquisition deals is outside of individual control." His ultimate tip for other entrepreneurs is to be radically transparent, as "it will prevent delays and help all parties avoid unnecessary conflict." Irsane added, "Being clear (and getting things in writing) is necessary. Often, deals get thrown off course by small misunderstandings. Disclosing as much as legally possible from the beginning will smoothen the path." Melltoo's acquisition comes after Lee and Irsane, who launched the company in 2014, have gone through three fundraising rounds for the startup, with the process seeing them talk with a total of 40 investors in total. "When we first started, startups were chasing investors, and venture capital was still a very small industry in MENA," Irsane recalled. "Fast forward eight years, there is a lot of money chasing startups now, and the landscape has changed." Having said that, Irsane says that there's a certain momentum within every fundraising process that startups need to maintain in order to have a smooth journey in this regard. "While startup life is never predictable, and growth is never linear, startups are still expected to progress along a certain trajectory in order to get funded," Irsane explained. "This is one of the many challenges of fundraising in the MENA, as investors are not particularly forgiving when a startup doesn't follow the expected trajectory. To overcome this, startups have to be extremely honest and self-aware- don't try to fudge the numbers, or attempt to skirt around the issue. Address whatever failings your startup has head-on with investors; this is the only way to build credibility and trust." When we first launched, I had a three-month- old baby that I was dragging around to events and meetings, including investor pitches. He was a quiet baby, and so, while I did get a lot of stares and raised eyebrows, it was generally uneventful. However, during one unfortunate investor pitch, my baby woke up, and he was hungry, and so, I proceeded to discreetly nurse him while continuing our pitch. Normally, he would fall back asleep, but on this day, he was annoyed, and he started fussing. To keep him quiet, I got up, and I started pacing around the room while rocking the baby. As it turned out, he had had a giant bowel movement, and it was leaking all over his white pajamas. But I kept a poker face, and I continued to discuss the financial model with the investor. The investor was extremely polite and cool about everything, but, needless to say, we didn’t get that investment. On more than one occasion, we’ve been either directly told or indirectly hinted at to rethink our Muslim “costumes”- Morrad is heavily bearded, and I wear a niqab. One investor even said that he was sure that he would succeed in getting Morrad to shave his beard after some time. Another investor told me that there is no need for my niqab, and that there’s no point in me wearing it. But despite such comments, we have not changed our “costumes,” and we have no plans to. Having said that, interestingly enough, despite their misgivings, the aforementioned investors (and many others) did invest in us. I think they understood that our convictions in our personal lives reflected our convictions in our profes sional lives. The lesson here: stay true to yourself. Six months after we first launched, our biggest competitor (and the market leader) -the one we don’t speak of- launched a copycat product of ours that was well-funded, well-designed, and heavily marketed. We were then told by well-meaning fellow entrepreneurs that this competitor would crush us. But from the very outset, this new product struggled, and they kept mimicking us in whatever we did, from product to marketing. At one point, because we were able to scalp many of their customers, they even sent us a cease and desist letter. We were intimidated at first, but then we realized that they were pretty much as clueless as we were. They shut down three years later in a whimper. We barely noticed. Morrad Irsane at the the 2019 World Economic Forum
26 / ENTREPRENEUR.COM / September 2022 B/The Big Idea TIME TO LET GO Our baby is all grown up Fast forward to 2022, and Melltoo has now been acquired by Cartlow. The acquisition was a journey in itself, and it’s perhaps best left for another discussion. One chapter of my life has concluded, and a new one is about to begin. While I’m pleased with the outcome in general, I am also wistful as I’m suddenly faced with an empty nest. So much of my mind space in the past eight years has been filled with Melltoo, and now, there is a void. Since the acquisition has been announced, many have reached out to congratulate us, and we are grate ful. I have spent the bulk of this story focused on our failures, even though we’ve had a lot of successes. After all, we’ve won a bunch of pitch competitions, got funded by the top VCs in the region, mentored a bunch of young people who I believe have been positively influenced, and built a company of value that customers have benefitted from. Along our journey, we’ve worked with many amazing people, whether investors, team, partners, or custom ers, and I’m grateful for you all. Nonetheless, I am telling this story through the lens of our failures, because nobody ever talks about their failures. There is a damaging false narrative that startup life is going from one success to the next. That’s not true at all- startup life is going from failure to failure, with occasion al stops for successes. Everyone is there with you to celebrate the wins, but no one is there for the losses. So, I hope my story will be a companion to you in your startup journey, especially when things get tough. Be comforted in the knowl edge that the startup journey is one of many failures, and that if you persevere, you will find a way through. EPILOGUE Starting up from scratch… again I always thought that when we finally exited Melltoo, we would find an island somewhere, and then stay there and ponder life for our remaining days. And I used to scoff at founders who sold their compa nies only to turn around and start a new one- what were they thinking? After years of toil and hard work, why would anyone do this again? Well… it turns out that entrepre neurs are crazy. No, really. We love the thrill of the chase. I suppose it’s like spicy food- it burns the tongue, but once you get used to it, every thing else tastes bland. After years of riding the highs and lows of the startup rollercoaster, normal life feels bland. And as such, we’re ready to get back on. Today, we’ve found a new passion, and each day that I’m immersed in it, I grow more passionate. Web3 is the future. The ethos of decentral ization and the flurry of startup activity around it reminds me of the early days of the internet. So much is new, and so much is being built- a whole new world is arising. And we’ve found our new calling: TAKADAO. TAKADAO is Shariah-compliant takaful insurance built as a decentralized asset organization Melltoo won the Best Female Led Startup title at GITEX in 2017 Melltoo at the 2017 Sharjah Entrepreneurship Festival
27 September 2022 / ENTREPRENEUR.COM / THE ACQUIRER'S VIEWPOINT Cartlow founder and CEO Mohammed Sleiman on what to keep in mind when considering an acquisition 1/ Consider the rationale behind the acquisition "Why are you acquiring this business, and what is your end goal? This needs to be a very strategic move for you in the market. Do you know the ins and outs of the business you are planning to acquire, and what can it help you achieve in the long run?" 2/ Know your competitors and market "Most entrepreneurs spend more time on their product than they do on getting to know the competition and the market. Always focus on what sets you apart from competition, and how acquiring a startup/another business can potentially benefit your overall ecosystem." 3/ Assess the impact on your financials "Basically, get to know how the acquisition will impact your financials, whether it will improve or decrease your profit margins, and how it will impact your revenues." THE ACQUIREE'S VIEWPOINT Melltoo co-founder and CEO Morrad Irsane on what to keep in mind when considering an exit via an acquisition 1/ Networking is critical "Exits happen in strong ecosystems, and ecosystems are built on networks. Be open to building long-term relationships with others in the ecosystem that are not purely transactional in nature. Don't be afraid to talk to your competitors. Our exit began with getting the right people to see value in our business, and this arose organically through a willingness to build relationships within the ecosystem." 2/ Look for a win-win "Business acquisitions and mergers are based on value-added- not necessarily monetary value, but certainly, the value that can be generated through the acquisition. Founders tend to be focused on getting the maximum financial return for their company, but approaching an acquisition from this angle results in an adversarial relationship between parties, which means that the deal is volatile and susceptible to falling through." 3/ Involve the team "Acquisitions impact the team to a large extent. It's important to get buy-in from the team and investors, and to involve them in the process. It's inevitable that hiccups occur in the course of an acquisition, and having the team be a part of the process means stability in business operations even when things look bleak, which is critical to ensure the completion of the deal." (DAO) on the blockchain. Takaful is the OG decentralized insurance community that existed since the days of the Prophet Muhammad, peace be upon him. Now, with the advent of Web3, TAKADAO can now be built as a global community mutually protecting one another across national borders. It is only with crypto and blockchain technologies that this vision is now possible, and we are excited and emboldened to commence our new startup journey. Will you join us for this new ride? Sharene Lee is the co-founder of TAKADAO, a Shariah- compliant takaful insurance- alternative built as a decentralized autonomous organization (DAO) on the blockchain. Previously, she was the co-founder and COO of Melltoo, a peer-to-peer transac tional marketplace for second-hand items, which was acquired by fellow UAE-born startup, Cartlow, in 2022. Sharene is a serial entrepreneur with two prior exits in the analog economy and one in web2. She was born and raised in Singapore, but she lived in the United States prior to moving to the Middle East; she now lives in Riyadh. Her passions include Islamic finance and Web3; in particular, how blockchains and crypto are a fertile ground for the growth of new financial paradigms. Sharene also enjoys mentoring and working with fellow female entrepreneurs. She is a mother of seven. takadao.io “BE COMFORTED IN THE KNOWLEDGE THAT THE STARTUP JOURNEY IS ONE OF MANY FAILURES, AND THAT IF YOU PERSEVERE, YOU WILL FIND A WAY THROUGH.”
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30 / ENTREPRENEUR.COM / September 2022 PLAYING THE LONG GAME The founder of Vurse is tapping into opportunities hitherto unexplored by the global tech landscape SHADMAN SAKIB I n Dubai, it is as if we are living inside a metaverse, and although I had come for only 12 days on my first trip here, it did not take me long to understand that Dubai will become the next Silicon Valley,” says Shadman Sakib, founder of Vurse, a Dubai-based venture developing cutting-edge technologies. “I knew that this should become my life, so I set up my company in Dubai in December 2021.” And just like that, Sakib turned Dubai from a vacation destination into a base for his future life and business activities. It was thus from his office in the Emirate that Sakib and I engaged in a conversation about what he has got up to with Vurse, and quite quickly I realize that he is the type of an entrepreneur who talks about his plans only in whispers, and then lets them speak for themselves when they materialize in the real world. But it is also clear that Sakib believes that he is working on something that’s set to make its impact felt -in a big way- on the world at large, and, as such, the rest of us can get ready for that celebratory moment by learning as much about Vurse as we can at the moment. by TAMARA PUPIC
31 August 2022 / ENTREPRENEUR.COM / 31 September 2022 / ENTREPRENEUR.COM / IMAGE COURTESY VURSE → According to Shadman Sakib, his company, Vurse, could well be the harbinger of cutting-edge tech that can come out of the UAE and, indeed, the wider MENASA region.
V urse currently counts 35 people as team members and Sakib aims to grow it into having a 5,000 - strong team in Dubai over the next five years. His Dubai- focused plans have been boosted also by the announcement of the Dubai Metaverse Strategy, which is designed to ensure that the contribution of the metaverse sector to the Emirate’s economy increases to US$4 billion by 2030. “Because Dubai is already known for its beautiful infrastructure, I think it’s time for it to be known for its digital vision and cutting edge deep-tech sector too,” Sakib says. The Emirate’s history seems to have also inspired Sakib’s philosophy for his business, in that he is eager to give it strong foundations that are expected to both empower and uphold its digital development in the future. This is especially evident through Sakib’s choice to simultaneously work on the three verticals of Vurse, which include an interactive short video platform, a blockchain-based ecosystem for content creators, and a Vurse metaverse. Starting with the Vurse short video platform, Sakib says that its key differentiator lies in the fact that it is not focused on user consumption, but user interaction. “One of our key drivers is to enable young people to make smarter choices in the way they interact with and consume content,” he says. “What I see today is that people’s consumption of social media is not correlated with the quality of the content or the value they can drive out of their time on it. With Vurse, we’re also trying to enhance the creators’ experience by supporting them in producing content that is intellectu ally stimulating, entertaining, and driving economic value. Once that happens, consumption will happen organically.” Meanwhile, for Vurse’s blockchain arm, Sakib has walked an extra mile in order to make a shift in the content creator economy. “Leveraging the blockchain technology, we are decentralizing the core foundation that exists for content creators, because we believe that they are the future driver of marketing,” he explains. “So, what we’re trying to do is to use technolo gies like Web3 and blockchain to enhance the interac tion with the content they create and the transparency around the economies of VURSE community and hence the overall experience. We believe that they will feel the excitement and motivation to do what they do.” Last but not the least are Sakib’s plans to build a completely new and independent metaverse for the Vurse community and essentially the world. “Since the metaverse is like the future version of the internet, I believe that this is where the entire world is going to shift to eventually, and so, we’re building our own ecosystem,” he says. “So, once that happens, not even the sky is the limit. At Vurse, we are very excited to see where we’ll go.” At this point, it becomes clear why Sakib will need to hire thousands of skilled tech talents to work on his three grandiose projects, but that in itself sounds as a task hard enough, keeping in mind the current state of the blockchain technology. “People who work with this technology and have gathered experience that matters are actually very few,” Sakib agrees. “For Vurse, we brought people from 12 countries here to Dubai to complement our global team. At the same time, we maintain a fun and open culture. We are all fun-loving, so we try to keep our work and entertainment all in one place, and that helps with recruiting the best. And for other entrepreneurs also seeking to recruit such talent, my advice would be to make sure you present your vision to them, and if they are aligned with that, they will jump on board, because the most talented people in the world are never actually driven by monetary factors.” S akib’s plans for his enterprise have also recently got a shot in the arm thanks to investors who did not hesitate to put their funds into Vurse. “We recently closed one funding round, where we invested ourselves, along with other institutional investors who previously invested in other decentralized technology platforms and reputed companies,” he says. “For our next round, we aim to raise US$1 billion, because our plan is to grow as quickly as possible, blossom as fast as possible, and show people something that will wow their mind.” Sakib adds here that raising funds, according to him, is all about maintaining relationships. “The best way to raise funds is not to work on raising it at all, so don’t ask for money, but instead, show your vision, and motivate the investors, because, at the end of the day, investors are people like you and me, and they would also like to understand what the vision is,” he says. IMAGES COURTESY METAHERO | EVERDOME “ONE OF OUR KEY DRIVERS IS TO ENABLE YOUNG PEOPLE TO MAKE SMARTER CHOICES IN THE WAY THEY INTERACT WITH AND CONSUME CONTENT.” → According to Sakib, THE VURSE SHORT VIDEO PLATFORM key differentiator lies in the fact that it is not focused on user consumption, but user interaction.
← For Sakib, just seeing someone use Vurse will be one of the most rewarding things he expects to gain from launching the enterprise. “I would love to see someone using it when I’m walking on the street,” he says. “I just literally live for that.”
34 / ENTREPRENEUR.COM / September 2022 “Most importantly, when you want to build a company at a global scale, you want investors who have the same mindset as you, and who hold a long-term vision, because patience goes a long way. It’s not like we can get a return on our investment tomorrow; no, it’s a long run.” M ass blockchain adoption might follow the opposite trajectory, Sakib added, in that it will happen sooner than we expect. “Blockchain is an emerging technology, and people are getting more serious about it, because those younger generations are very tech and business savvy,” he says. “If you ask them about tokens or coins, they will give you all sorts of ideas, so I can say that adoption is happening at a very rapid pace and will accelerate even more.” The missing part, according to Sakib, is creating blockchain technology solutions “that can be used even by a five-year-old, and that can be explained in like two sentences, literally.” But Sakib adds that he believes this will happen sooner than later. “We are coming closer to this and that is why, in my opinion, this period is a great time to invest. Let’s not look at what happened before, but let’s look at what’s going to happen in the future, because that’s where we are going to live,” Sakib concludes. “FOR OUR NEXT ROUND, WE AIM TO RAISE US$1 BILLION, BECAUSE OUR PLAN IS TO GROW AS QUICKLY AS POSSIBLE.” → Sakib’s chose to simultaneously work on the THREE VERTICALS OF VURSE, which include an interactive short video platform, a blockchain-based ecosystem for content creators, and a Vurse metaverse. }BUILD THE UNBUILDABLE “Try to build something that’s like impossible to build.” }PATIENCE IS KEY “Play the long game, not the short game.” }SURROUND YOURSELF WITH THE BEST “Hire in a way that the next one is better than the last one, but build a family.” Vurse founder Shadman Sakib’s tips for entrepreneurs TREP TALK ‘
36 / ENTREPRENEUR.COM / September 2022 KUWAIT AIRWAYS CEO MAEN RAZOUQI BEYOND EXCELENCE by ABY SAM THOMAS Meet the man on a mission to bolster the future of Kuwait’s national airline → MAEN RAZOUQI is a global leadership executive who is currently the Chief Executive Officer of Kuwait Airways. Prior to his current role at the state-owned national airline of Kuwait, he was the President and General Manager for the northern Middle East operations of Schlumberger, the world's largest offshore drilling company. IMAGES COURTESY KAMEH/NATELEE COOKS IMAGES COURTESY KUWAIT AIRWAYS
37 September 2022 / ENTREPRENEUR.COM /
38 / ENTREPRENEUR.COM / September 2022 D o you remember, Aby, who was the second person to walk on the moon?” When Kuwait Airways CEO Maen Razouqi posed this question to me when I interviewed him in August this year, I must admit that in that moment, I found myself stumped for an answer. A Google search later reminded me that the person who followed in American astronaut Neil Armstrong’s historic first steps on the moon was his colleague on the space mission, Buzz Aldrin, but the fact that I couldn’t recall his name off the top of my head allowed Razouqi to make his point. You see, at the time, Razouqi was telling me about Beyond Excellence (BE), the transformation program that he had initiated at Kuwait Airways earlier this year, and I had quizzed him on the reasoning behind the name he chose for the digitally focused initiative. “I come from a personal belief that you have to be number one, and being number two, to me, means you’re the first in the biggest line of losers,” he says. “So, coming second is not something anybody remembers. Do you remember, Aby, who was the second person to step on the moon?” And as I shook my head in response, Razouqi reiterated his reasons for wanting Kuwait Airways -the state-owned national carrier of Kuwait- to aspire to be at the top of its industry. “Within our capabilities and abilities, excellence is not satisfactory,” he declares. “I want us to achieve beyond excellence, because beyond excellence, there is no limit to how far you can go.” → AS THE FLAG CARRIER OF KUWAIT, Kuwait Airways aims to be associated with success and excellent performance. T he BE program is one of the most significant initiatives that Razouqi has kickstarted at Kuwait Airways since his announcement as its CEO in October 2021. The initiative, which was launched as part of the 68th anniversary of the enterprise, has been built on the directions on the strategy and goals set by the shareholders and board of directors of Kuwait Airways. Currently, the airline has 34 aircrafts under its purview that operate 57 direct routes, plus 82 in partnership with other airlines, with a workforce of around 6,000 employees. In 2021, Kuwait Airways was declared to be “an official five-star major airline” by the Airline Passenger Experience Association (APEX), whose rating program is the first of its kind in the global aviation industry that’s based solely on certified passenger feedback. From an operations perspective, Razouqi points out that the aviation sector is still trying to return to the high it saw in 2019, its best-performing year before the world was hit by the COVID-19 crisis, and that’s the case for Kuwait Airways as well. “The Middle East specifically will most likely not get to that stage before 2024,” he says. “It’s not a recognition of the lack of capabilities, but, obviously, the readiness of the infrastructure and resources that are required to go back to that stage.” As an example, Razouqi highlights here the 110% year-over-year (YoY) rise seen in the price of jet fuel lately, which can hamper the recovery being pursued by the aviation industry- however, he notes that there are factors working in its favor as well. “The good news is that the expected passenger growth will continue to be positive, at a compound annual growth rate (CAGR) of around 4% YoY,” Razouqi explains. “The expectation is that the number of total travelers around the world should reach double of what it was in 2019, which is around eight billion globally. So, the industry will grow. It’s the right industry to invest in, as the number of passengers will continue to grow globally.” And it’s this projected scenario that Razouqi believes Kuwait Airways can capitalize on as it moves into the future. You see, the growth in the number of global passengers is expected to be driven by people from the Asia-Pacific, especially from China and India, and Kuwait Airways, by virtue of its location in this region, stands to gain a lot if it can become the carrier of choice for the populations of
39 September 2022 / ENTREPRENEUR.COM / ↑ ESTABLISHED IN 1954, KUWAIT AIRWAYS celebrated its 68th anniversary this year, and the occasion saw the airline launch its Beyond Excellence transformation program, which is focused on enhancing its efficiency and sustaining growth, while also maximizing returns. these nations. At the same time, the government of Kuwait has been trying to privatize the carrier for a long while now, and while those attempts haven’t panned out in the past, Razouqi is determined to make it happen in his time as the CEO of the enterprise. “I have come into this role to achieve three main objec- tives in three years,” Razouqi says. “The first objective is basically around transformation and restructuring the organization, both internally and externally. The second, and most important, is to potentially accelerate its profitability in the aviation industry. And last but not the least, considering the privatiza- tion law that was passed prior to the onset of the COVID-19 crisis, the third is to decide how to implement it, in the right time, with the right value, for our shareholders.” A major restructuring process is thus underway at Kuwait Airways, with its target being both the workforce (the aim is to reduce the overall management structure cost by 20%, Razouqi reveals), as well as its assets, with the Kuwait Airways fleet set to average 50 planes by 2025 that will cover 60 point-to- point destinations, and 150 overall through partner- ships. Meanwhile, the enterprise’s transformation is also ongoing- Razouqi’s stewardship of the BE program has seen the airline engage more strongly with both its clientele and its employees to deliver on its overarching goals. Growth, performance, customer experience, and sustainability form the building blocks of the BE program, and Razouqi and his team’s efforts in these domains do seem to be bearing fruit. For instance, Razouqi points out that the second quarter of 2022 has seen the airline’s revenue growth increase by 9% compared to its performance in the first, and there’s also been a profit improvement of 42% with respect to the first half of the year. Passenger numbers have been steadily increasing (a 17% rise from the year’s first quarter), and a host of new destinations -from Salalah and Sharm El Sheikh, to Malaga and Vienna and more- have been added to the Kuwait Airways portfolio as well. Razouqi is also determined to give his custom- ers the best possible experience when they choose “BEYOND EXCELLENCE, THERE IS NO LIMIT TO HOW FAR YOU CAN GO.”
40 / ENTREPRENEUR.COM / September 2022 Kuwait Airways for their journeys- and this goes all the way from them simply thinking about booking a flight, to them picking up their luggage at their final destinations. That would explain, for instance, Kuwait Airways’ new home check-in offering that it provides to its premium class customers, or its creation of a new “platinum” tier in its loyalty program. Meanwhile, the airline’s use of the Airbus A320neo family of aircraft -which are known to achieve fuel savings of up to 20%- has been contributing to its environmental, social, and gover- nance (ESG) goals as well. A t the end of the day, all of these efforts are meant to serve a singular goal that Razouqi has outlined for Kuwait Airways, and it’s one that encompasses all of the enterprise’s different components, from aviation to catering, and engineering to training, and more. “Our target is to be the most efficient airline,” he declares. “And to be the most efficient airline, you don’t need to have 200 planes- all you need are two planes to benchmark your efficiency and performance. And we want to be the most efficient airline in the world.” Now, this can perhaps be considered to be a lofty goal for Kuwait Airways, but then again, consider the drive and dedication being exhibited by the person driving the enterprise to achieve it- I can personally state that Razouqi’s bullish and buoyant demeanor is hard to dismiss. Plus, he has come to lead Kuwait Airways with a wealth of experience from an illustrious career that has seen him work in various operational and managerial roles in the Middle East, Africa, Europe, and North America- in fact, his last role was as the President and General Manager for the northern Middle East region at Schlumberger, the world’s largest offshore drilling company. Add to that the fact that Razouqi, as a Kuwaiti national, considers his current role as a part of his national duty, and that adds a whole another level of drive to what he has set out to accomplish. “It was an exciting challenge,” Razouqi says, as he explains his reasons for taking up his current job. “It’s a very challenging position to be in. And that’s the drive. If we were the number one airline in the world, I may not be in this position, or even attracted to be in this role. But the fact that I want us to go down that route is what drove me to be here today.” Razouqi’s ambitions are clearly sky-high, and that bodes well for Kuwait Airways’ future as well- here’s hoping it takes off. ↓ BESIDES HIS ROLE AT KUWAIT AIRWAYS, Maen Razouqi is a co-founder and Executive Director at Afkar Ventures, a MENA-focused energytech investment enterprise. “To be the most efficient airline, you don’t need to have 200 planes- all you need are two planes to benchmark your efficiency and performance.”
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43 September 2022 / ENTREPRENEUR.COM / IMAGES COURTESY SAMSUNG GALAXY | SONY | BELKIN From A to Z → /Samsung Galaxy Z Fold2 B/Gear #TamTalksTech Gadgets and doodads that you might’ve missed out on, sourced by a tech aficionado. by TAMARA CLARKE Power Up ← /Belkin 10W Wireless Charging Pad Running out of battery power on your smartphone on a busy day at work? Avoid such instances by getting the Belkin 10W Wireless Charging Pad, which offers fast wireless charging up to 10 watts. Just lay your phone onto the pad for a quick and easy power boost. You can power up any Qi- compatible phone across a number of brands using this single charger, as the device has been engineered to charge Apple and Samsung smartphones at the fastest possible speeds, while delivering five watts of power to all other Qi-enabled devices. This “stand up” charger is also well designed with matte rubber for the flat charging surface, as well as “arms” that keep your phone from sliding off the surface. However, the only downside is that the Belkin 10W Wireless Charging Pad only charges smartphones, and not iPads or smartwatches. 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 When folded shut, Samsung Galaxy Z Fold2 5G has a 6.2-inch screen, but it opens up as a 7.6-inch display thanks to the device’s proprietary Ultra Thin Glass, which gives you more room to play with it- regardless of whether you’re using it to text, talk, or game. The screen size also completely changes the game when it comes to productivity. With the upgraded multi- window layout and the app continuity function, you can multitask with two apps on the cover screen, move it to the main screen, open a third app as a split screen, and then simply tap to work or play where you need to. The screen also emits less blue light, so you can unfold to a tablet-sized viewing experience, and enjoy it for hours on end without being too worried about eye strain. Meanwhile, the hideaway hinge design on Galaxy Z Fold2 enables fluid folding motion, and it also offers you the ability to take photos and videos from angles that most smartphones can't- no extra equipment needed! This smartphone also features three 12MP main cameras along with a 10MP front camera for optimal shooting; plus, its flex mode couples with auto framing to make capturing vlogs hands-free. Galaxy Z Fold2 comes in two striking colors, mystic bronze and mystic black, with a contrasting hinge. Sounds Good ↓ /Sony LinkBuds S Weighing in at approximately 4.8 grams, Sony LinkBuds S is the smallest and lightest noise- canceling, high-res wireless headphones in the world today, and it’s all thanks to its compact driver and integrated Bluetooth audio system-on- chip. Despite its size, the headphones reproduce powerful bass and crystal-clear vocals in music, movies, and podcasts, and, with enhanced noise-cancelling technology, LinkBuds S provides less distractions too. It gives you the best of both worlds- transparent ambient sound when you want to interact with the world around you, and high quality noise cancelling when you need to focus. Also, depending on where you are and what you're doing, LinkBuds S automatically switches between ambient sound and noise- cancelling modes. Even better, adaptive sound control helps to customize your listening experience by sensing where you are and what you’re doing, and then adjusting ambient sound settings for the ideal listening experience. Over time, the device learns your behaviors, and tailors sound to suit the situation you’re in. Furthermore, LinkBuds S fit like a charm owing to a shape that perfectly matches the human ear. With precise voice pickup technology that controls microphones on both the outside and inside of the earbud, you can also have clear conversations, even in noisy environments.
44 / ENTREPRENEUR.COM / September 2022 B/Gear From better goods to better wardrobe bests, every issue, we choose a few items that make the approved executive selection list. In this issue, our picks include a timepiece that pays homage to the speed of the 1950s, a summer scent from Ex Nihilo, and more. The Executive Selection Inspired by the dashboard of the iconic Porsche 356 Speedmaster from the mid-1950s, the Reservoir Kanister Silver has a distinctive design that will appeal to enthusiasts of both luxury timepieces and vintage speedsters. On its curious silver dial layout, instead of the usual twelve-hour format often seen on timepieces, we see a retrograde minute setup, where the minute hand starts at zero, counts up to 60, and then returns back to zero at the end of the hour. Crafted by Telos, the Swiss manufacturer of complicated horological mechanisms, the Reservoir Kanister Silver features a 41.5mm diameter case, and it has also been equipped with screw-down crown and sapphire crystal glasses on both sides. Meanwhile, if you look under the hood, you’ll see that the timepiece is powered by the new Reservoir RSV-240 self- winding mechanical caliber. reservoir-watch.com OFF TO THE RACES → Reservoir 44 / ENTREPRENEUR.COM / August 2022 44 / ENTREPRENEUR.COM / September 2022
45 September 2022 / ENTREPRENEUR.COM / If you’re looking for a new scent that will sweep you off your feet, take a look at Ex Nihilo’s Fleur Nacrotique Extrait de Parfum. With gentle floral and woody notes, the scent has been concocted by renowned French perfumer Quentin Bisch, and it was released in the summer of 2022. Reminiscent of peonies enveloped in woody accords, it also features notes of moss and musk, topped with scents of lychee, jasmine, and orange blossom. ex-nihilo-paris.com Designed in London and handcrafted in Italy, the Malone Souliers Spring/ Summer 2022 men’s collection is an ode to time spent as relaxed and idle days under the Mediterranean sun. Featuring a range of laidback loafers, lace-ups, and sneakers, it’s hard to pick a favorite from this line created by Malone Souliers founder and Creative Director Mary Alice Malone. Having said that, for workdays, we’re definitely leaning towards the Jean, a fun take on a lace-up shoe with a signature strap, whilst for after-work hours and weekends, we’d opt for the Tema, a contemporary suede loafer in soft caramel. malonesouliers.com ← THE RIGHT NOTES Ex Nihilo ↑ PUT YOUR BEST FOOT FORWARD Malone Souliers IMAGES COURTESY RESERVOIR | EX NIHILO | HERMES | FISIO Feeling like you’ve got a lot of knots in your body? Get them untangled by the good people at Fisio. Created by the Omorfia Group -the beauty and spa industry leader that brought Tips and Toes, Jazz Lounge Spa, and more to the UAE- Fisio is one of Dubai’s newest specialized clinics that aims to redefine recovery and make it an accessible part of your lifestyle. The center embodies a modern and minimal aesthetic, with warm lighting that highlights its incorporation of natural elements like wood and marble. Focusing on preventative health and physical recovery, its treatment lists offers specially curated therapies guided, of course, by licensed and trained physiotherapists. A key treatment we’re particularly a fan of its massage therapy- but don’t think of it as a typical soft, relaxing session you’d expect from a spa. Instead, the focus here is on making use of deep tissue and sports techniques that target strenuous and painful trigger points. Unlike your usual masseuse, the therapists at Fisio make the effort to understand your anatomy, and then work on a tailored approach for more effective results- the emphasis here is on preventative treatment, and that makes all the difference. fisio.ae EDITOR’S PICK ↓ FISIO
46 / ENTREPRENEUR.COM / September 2022 W alk into the Radisson Collection Hotel, Grand Place Brussels on a sunny morning in the capital of Belgium, and it’s almost impos sible to not be taken in by the grandiose atrium at the center of this post-modernist edifice. A seven-story-high skylight allows natural light to flood over this particular space, which is easily one of the most striking aspects of this building designed by Belgian architect Michel Jaspers in 1989. But that’s not the only thing about this hotel that will impress you if you stay as a guest here- rest assured that you’ll also be finding yourself bowled over by the service you’ll be getting here from General Manager Herman Klok and his team. From a more practical standpoint, regardless of whether you’re in Brussels for work or leisure, you’d want to be stay at a location that gives you easy access to all of what the city has to offer, and in that regard, the Radisson Collection Hotel, Grand Place Brussels certainly doesn’t disappoint. “We are fortunate to be within walking distance of the Grand Place of Brussels (a UNESCO heritage site), the Royal Opera House (La Monnaie), the Royal Galleries, and the most beautiful museums of the city,” Klok explains. “Our guests are also spoiled for choice when it comes to shopping and dining in the immediate vicinity of the hotel.” Radisson Collection Hotel, Grand Place Brussels ENTREPRENEUR ESCAPES B/Bleisure Radisson Collection Hotel, Grand Place Brussels
47 September 2022 / ENTREPRENEUR.COM / But when it comes to food, guests at the Radisson Collection Hotel, Grand Place Brussels don’t have to look too far for options, Klok notes. “Our property is a culinary destination in itself with two restaurants,” he explains. “Eneko Basque showcases the signature recipes of three-starred chef Eneko Atxa for guests to enjoy premium modern Basque cuisine. Mean while, Shanghai Kitchen offers typical dishes from this particular Chinese region in an elegant setting where you can watch the chef in action behind his kitchen counter.” According to Klok, 60% of guests who stay at the Radisson Collec tion Hotel, Grand Place Brussels are visitors who are in the city for business. The hotel itself houses a large conference center that can accommodate up to 500 guests, which only adds to the allure it presents for the B2B segment of its clientele. Of course, its provision of technologically-sound rooms and other incentives -like corporate rates- also help. “We strive to meet the changing needs of our clientele, especially in challenging times, when we all have to adapt to new standards, regulations, or rapidly changing lifestyles and work practice,” Klok adds. Such efforts are a clear reflection of the Radisson mantra when it comes to hospitality, and it’s one that is especially adhered to by Klok and his team at this hotel. “Guest satisfaction is at the heart of our commitment, and among our most appreciated services, our Clefs d’Or concierge and his team bring a genuine personalization and added value to the guest experience,” Klok says. “With 15 years of experience and a great passion for his profession, Gregory Van Bulck has the keys to the city, and he is attentive to the needs and tastes of each visitor to guide them in the activities to enjoy during their stay, or to organize the smallest details of it.” Keeping all of this in mind, it’s safe to say that the next time you’re in Brussels, whether it be for business, leisure, or bleisure, you now know the address you need to head to- Klok and his team at the Radisson Collection Hotel, Grand Place Brussels will be waiting. REGARDLESS OF WHETHER YOU’RE IN BRUSSELS FOR WORK OR LEISURE, YOU’D WANT TO BE STAY AT A LOCATION THAT GIVES YOU EASY ACCESS TO ALL OF WHAT THE CITY HAS TO OFFER, AND IN THAT REGARD, THE RADISSON COLLECTION HOTEL, GRAND PLACE BRUSSELS CERTAINLY DOESN’T DISAPPOINT. Q&A with Radisson Collection Hotel, Grand Place Brussels General Manager Herman Klok What can business travelers expect at the Radisson Collection Hotel, Grand Place Brussels? “We offer nine room categories, ranging from 27 to 110 square meters: • Collection Room • Superior Room collection (located on our top floor) • Family Room • Premium Room collection (can accommodate 3 guests) • Executive Room collection (access to the executive lounge) • Junior Suite • Suite • Premium Suite • Presidential Suite Guests staying in Collection Executive rooms and Suites benefit from exclusive access to our Executive lounge. Business travelers also enjoy free high-speed wifi, a comfortable desk, an espresso machine and tea tray, and 24/7 room service is available. One of our most spacious Suites, as well as the Presidential suite, feature a kitchenette, which is very convenient for longer stays.” THE EXECUTIVE SUMMARY Radisson Collection Hotel, Grand Place Brussels Executive Room IMAGES COURTESY RADISSON COLLECTION HOTEL | HERMAN KLOK IMAGE © MAURINE TOUSSAINT
49 September 2022 / ENTREPRENEUR.COM / I n 2010, the Bruno Mars song saying, ‘I wanna be a billionaire,’ was trending. Now, trending Instagram Reels deal with mental health advocacy and boundar ies at work.” This statement from Bhoomika Ghagada, co-founder of UAE-grown marketing agency Street FZC, is one way to describe the ongoing global phenomenon wherein employees have begun to prioritize their wellbeing over financial rewards and security (think: The Great Resignation). Born out of the many business ecosystem shifts that have trans pired over the course of the COVID-19 crisis, it is a changed perception that is tied to the ongoing debate of whether, after a long period of being forced to work from home (WFH), employees should return to work from their offices full-time, or if a hybrid working model is better suited for the new normal. Indeed, Tesla founder Elon Musk sparked quite the (online) furore when it was revealed that he had confronted his employees with an ultimatum in June this year: return to the office for at least 40 hours a week, or leave the company. While he got a fair bit of backlash for his views, Musk’s stance on this topic has since been supported by popular names in the business domain, a list that includes Netflix CEO Reed Hasting, JPMorgan Chase CEO Jamie Dimon, as well as Canadian author Malcolm Gladwell. But this is not a debate that’s restricted to the global business elite- it has definitely Questioning the Status Quo Distilling both sides of the debate between office work and hybrid work by AALIA MEHREEN AHMED
50 / ENTREPRENEUR.COM / September 2022 become a bone of contention among entrepreneurs leading enterprises all around the world, and we got firsthand evidence of that when we talked to a couple of startup founders in the UAE. Ghagada, for instance, pointed out that the hybrid working model is something she and her team at Dubai Design District-based Street FZC are extremely familiar with- in fact, she says that this structure has been in place for nearly a decade at her company. “At Street FZC, we’ve followed a hybrid model since 2014, when we began,” she says. “Flexible work has become the norm, especially post-pandemic, to retain talent. I think it’s a brilliant shift in what we value, in part due to a generation that questions the archaic ideas we’ve built our lives around, and correcting our over-identification with work.” }One of the key arguments often made by those who staunchly oppose hybrid work models is that remote work is not conducive to collaboration and productivity. Indeed, this was what Gladwell -who, by the way, is also the co-founder and President of audio production company Pushkin Indus tries- alluded to in a recent interview on The Diary Of A CEO podcast. “It’s not in your best interest to work at home,” Gladwell said. “I know it’s a hassle to come into the office, but if you’re just sitting in your pajamas in your bedroom, is that the work life you want to live? Don’t you want to feel part of something?” But Ghagada opines that such statements are measly in the grand scheme of things. “I think the bigger question is not how hybrid work affects productivity -that’s a fairly narrow view of hybrid- but how it helps build a fuller life for everyone who works with us,” she says. “We are not robots! You can use the time between work tasks at home to replenish, take care of family members (which some of our team members do), and do chores, so that your weekends are used for what they were originally intended for: relaxing! This naturally leads to better morale, since we’re acknowledging the full human, not just a team member’s ‘productive parts.’” Ghagada’s senti ments are mirrored by Siddiq Farid, founder and CEO of Dubai-based real estate investment platform Smart Crowd, and that perhaps explains why his enterprise too had allowed hybrid working structures much before the onset of the COVID-19 pandemic. “We are of the opinion that while work and life may rarely be in perfect harmony, ‘T/Culture FLEXIBLE WORK HAS BECOME THE NORM, ESPECIALLY POST- PANDEMIC, TO RETAIN TALENT. I THINK IT’S A BRILLIANT SHIFT IN WHAT WE VALUE, IN PART DUE TO A GENERATION THAT QUESTIONS THE ARCHAIC IDEAS WE’VE BUILT OUR LIVES AROUND, AND CORRECTING OUR OVER-IDENTIFICATION WITH WORK. ← BHOOMIKA GHAGADA, co-founder, Street FZC
51 September 2022 / ENTREPRENEUR.COM / work-life balance is a vital aspect of any healthy working environment,” Farid says. “At SmartCrowd, our hybrid work styles enable each employee to fit their work and life together in a way that works for them. This reduces stress, and helps boost employee productivity.” But while employers and employees continue to have increasingly different views about returning to the office post pandemic, a 2022 study by LinkedIn has shown that 70% of professionals in the UAE and Saudi Arabia have considered leaving, or have already left, their jobs because of a lack of flexibility. The study -which sampled 2,000 full-time working adults- then highlights how employees believe that flexible polices would help them thrive at their work places- something that Farid can testify to firsthand at SmartCrowd. “We believe in hiring the right people and empowering them; such autonomy and empowerment is key to our employee satisfaction,” he says. “If you provide full autonomy and decision-making on how, where, and when your team members work, employee satisfaction tends to skyrocket. By encouraging a culture that views remote work as a positive alternative to completing high-focus tasks in the office, our teams find a good balance of creativity and collaboration. Employees who need peace and quiet to focus, or who thrive in an office setting, are given the choice to work where and when they’re most productive.” }But all of this is not to say that Farid and Ghagada have entirely discarded the significance of a physical office space. On the contrary, Ghagada argues that a hybrid model actually allows for a complete reimagination of how an office space is used. “I’ve found that the energy of in-person is crucial for brainstorming or intellec tual/creative discussions,” she says. “I value this energy deeply, and instead of allowing it to dwindle, or use it for meetings that could be emails, hybrid allows me to consider: if we have two or three days in the office, how do we use them best? On office days, we reserve time for weekly growth training sessions, creative pitch meetings, or major workflow re-evaluations. We don’t feel rushed on these days -since we do our solo work on work-from-home days- and the lulls are a great time for bonding/chatter.” Perhaps unsurprisingly, this sentiment from “Team Hybrid” is one that many advocates of “Team Office” acquiesce to as well. And it BY ENCOURAGING A CULTURE THAT VIEWS REMOTE WORK AS A POSITIVE ALTERNATIVE TO COMPLETING HIGH-FOCUS TASKS IN THE OFFICE, OUR TEAMS FIND A GOOD BALANCE OF CREATIVITY AND COLLABORATION. ↑ LAURA MANNING, founder and Managing Director, BRW Society ↓ SIDDIQ FARID, co-founder and CEO, SmartCrowd IMAGES COURTESY STREET FZC, SMARTCROWD, BRW SOCIETY
52 / ENTREPRENEUR.COM / September 2022 was evident when we spoke to two UAE-based startup founders -Laura Manning, founder and Managing Director of tea mixologist brand BRW Society, and Ibtissam Ouassif, co- founder of buy-now-pay-later platform Cashew Payments- who have had their teams return to working fully from the office, following a a two-year-long work-from-home period. In fact, both Manning and Ouassif endorse the view that an office space leads to a greater sense of belonging. “We are a new startup business; we are all still getting to know each other- so, I strongly believe that bringing the team back to the office will create a stronger office culture, and keep everyone engaged and connected to the brand,” Manning says. “I believe that the office environ ment increases productivity and helps the team stay aligned. I also think it makes team collaboration less challenging, and people feel part of the team in every aspect.” Cashew Payments’ Ouassif agrees with Manning- she too co-founded her startup in the middle of the pandemic, and she feels there are definite advantages to having her team work together from an office today. “When it comes to collaboration, within teams and across departments, we’ve seen increased performance and productiv ity working from the office, as so much of what we do requires ideation and brainstorming,” Ouassif says. “We’ve seen an increase in productivity, where working in the same office has allowed us to problem solve much faster and better meet deadlines. It is important not to neglect the social aspect of an office work environment too. Connect ing with like-minded people has been great for our team’s general morale, and we’ve found that working from the office has provided our team with better mental well-being overall while working.” }A 2022 report by technology solutions provider Poly and subscription-based knowledge platform Worktech Academy that looked into the hybrid working phenomenon noted that nearly two-thirds of the 3,000 employees that were surveyed, across nine European countries, now exhibit an increasing reluctance to return to the office. But Manning claims to have witnessed no such change in attitude from her team at BRW Society- and she thinks that may well be because not all employees are cut out for a WFH culture. “After working from home for two years, my team had had enough of working in isolation, plus some team members’ homes were not conducive to working from home,” Manning explains. “They found it stressful and difficult to manage; some found it lonely. Wellbeing is key, and I want to ensure my team has a good work-life balance. Returning to the office has really helped to reinforce ‘T/Culture CONNECTING WITH LIKE-MINDED PEOPLE HAS BEEN GREAT FOR OUR TEAM’S GENERAL MORALE, AND WE’VE FOUND THAT WORKING FROM THE OFFICE HAS PROVIDED OUR TEAM WITH BETTER MENTAL WELL-BEING OVERALL WHILE WORKING. ↓ IBTISSAM OUASSIF, co-founder, Cashew Payments
53 September 2022 / ENTREPRENEUR.COM / this. I encourage my team to do their daily work and then enjoy their personal time and holidays. When my team finishes work, they leave their laptops in the office, and completely switch off.” The point Manning raises here is yet another valid response to criticism that has largely questioned the efficiency of the WFH culture: mental burnout. Recent studies by mental health institutions like Australia-based Workplace Mental Health Institute and UK-based Mind have shown the dangers of turning homes into eternal office spaces. “I think when people work from home or work remotely, the lines can become blurred, and people struggle to switch off,” Manning adds. “I have personally struggled with this. You feel like you have to work 24/7, and you cannot leave things until tomorrow… That is not right. Returning to the office thus helps manage people’s time; my team is more focused at work with less distractions, and then they can switch off, and take time for themselves, without feeling guilty.” }When the “office versus hybrid” debate was made public, one of the biggest backlashes faced by those who ardently opposed remote working was that they were being too rigid. But that is certainly not the kind of demeanor being exhibited by Manning and Ouassif. “We do still maintain that some flexible working opportunities for our team are important,” Ouassif says. “For example, offering ‘work from home Fridays’ provided enough balance and an option that our team was happy with. We understand that the work environment requires nuance, and we have found that a one-size-fits-all solution is also unproductive.” Mean while, as advocates of hybrid working, Ghagada and Farid believe in the permanence of this model. “Remote work isn’t going anywhere, hence the challenge for employers is to work out how to optimize it, rather than worry about any disadvantages,” Farid says. As for Ghagada, she believes employee autonomy is what will ultimately create a good working environment. “We don’t simply operate with [only] the bottom line in mind,” she says. “We have different agency objectives -yet unquantifiable within traditional models- like being the best place to work in the UAE.” }At this point, taking into account the views expressed by Ghagada, Farid, Manning, and Ouassif, it seems apparent that the future of work isn’t one that should be decided by someone in their ivory tower, nor is it to be based upon the whims of an armchair warrior on social media. Every organization needs to make a decision on this matter on its own terms- Ouassif perhaps put it best when she urges business leaders to never feel coerced to go only one way or the other. “The issue with blanket statements is that it implies that all employees, all teams and all companies think and act the same, which is untrue,” she explains. “Certain indus tries require physical work environ ments, with manufacturing etc. Remote working has helped a lot of companies, and the hybrid model offers the flexibility that caters to the individual needs of an organization’s employees. For us, we see value in working from the office, but ultimately, the impetus is on leaders to figure out what works best for their teams.” ↑ CASHEW PAYMENTS has seen the positive social impacts of using an office space, which co-founder Ibtissam Ouassif believes adds to employee mental wellbeing IMAGES COURTESY CASHEW PAYMENTS
54 / ENTREPRENEUR.COM / September 2022 T he above story is my approximation of how the idea of super apps probably came about in the MEA region. Basically, it was a massive idea to allow for more funding and more hypothetical profit in the future, with complete disregard to user behavior. It’s no surprise then that the premise of trying to do all sorts of things by coercing user behaviors has proved to be a complete failure. For instance, you see taxi apps attempting health care services, and food platform apps trying to offer neo bank services. Businesses are jumping from one offering to the next, chasing the idea that they can force their users into a profitable unit economic behavior, which, as a concept, is bound for failure if the fundamentals are flawed in the first place. ‘T/Pro Move over, super apps- the MEA needs ultra platforms that have user experience at their centers by ABDALLAH ABU SHEIKH Back To the Basics “Well, our business has been losing money for the past decade, our unit economics will never ever make sense, and we are about to run out of cash. What do we do?” a senior executive asks. “Everything,” responds the brilliant Chief Financial Officer (CFO). Everyone in the room looks at him as if he has just discovered fire. “But how do we pitch it to investors?” the senior executive questions. “It’s super… It’s a Super App. Like WeChat in China,” the CFO responds.
55 September 2022 / ENTREPRENEUR.COM / The continuous bust of bad unit economic companies and devaluations is, therefore, not surprising, and investors are taking note. They have begun to see that the super app rhetoric is becoming nothing more than a false promise to future profitability. And this is where Astra Tech’s ultra platform stands apart. I am the co-founder and CEO of Astra Tech, a UAE- headquartered development and investment group that is building the first-ever ultra platform from the MEA region. The company intends to create a profitable business model that serves everyone using its ecosystem, which includes end consumers, businesses, and vendors. This would be a platform that will not be skewed towards one side of the marketplace, and instead aims to create value for all its stakeholders. Simply put– the ultra platform will revolutionize the way users and businesses interact, engage, and transact with each other by making it a lot more seamless, faster, and intuitive. Unlike super apps, Astra’s ultra platform will not rely on rented growth or jumping from one business line to another. The way the platform would be structured will avoid the unnecessary and unnatural alteration of user behavior that often leads to platform fatigue. Instead, it will help users reimagine the possibilities of a limitless and interconnected digital ecosystem and deliver value. Also, the platform’s partners and vendors will not be subjugated with unrealistic and unsustainable commission structures. We have a clear vision and aim for what this ultra platform needs to be, and what it needs to deliver. Our vision for this platform is one where innovation and experience are at the center of everything. Our aim is to reduce the cognitive dissonance they face in their daily lives by simplifying the way they communicate, shop, pay, and transact with each other. We will strip away the complexity for users by providing them with an ultra seamless, fast, and intuitive experience, and, at the same time, support the commercial ambitions of suppliers and businesses in a sustainable and healthy way. Astra’s ultra platform will thus not be a platform with links and compound commission structures that burden both the suppliers and the buyers from a financial as well as an experience perspective. We at Astra Tech have already announced the acquisition of some very powerful user- centric consumer platforms. These acquisitions will supercharge the ultra platform with cutting edge machine learning and artificial intelligence systems in incredibly smart ways, which will make the platform intelligent and ultra-fast right from day one. The future is indeed exciting. Ultra platforms > super apps. Abdallah Abu-Sheikh is one of the top serial entrepreneurs in the MENA region. He is globally renowned for launching ground-breaking future- ready platforms centered on sustainability, mobility, and digitalization, led by unconventional strategies and strong business ethics. As the co-founder and CEO of Astra Tech, a UAE-based technology investment and development group, Abdallah is spearheading the launch of a revolutionary new app-based ultra platform, which will bring together select consumer technologies, products, and services, and is specifically designed to address the “platform fatigue” many users are experiencing today. Another of his highly successful projects is Rizek, a localized digital marketplace launched in 2020, which was later acquired by Astra Tech in 2022. Rizek aims to meet the lifestyle needs of UAE residents through verified service providers. Abdallah also leads Barq, a first-of-its-kind tech-driven network of electric vehicles built to serve the MENA region’s last mile delivery sector. As the co-founder and CEO of Barq, he heads a team that offers ground- breaking solutions to address the transport industry’s much-needed demand for efficiency, comfort, and rider safety. astratech.ae UNLIKE SUPER APPS, ASTRA’S ULTRA PLATFORM WILL NOT RELY ON RENTED GROWTH OR JUMPING FROM ONE BUSINESS LINE TO ANOTHER. THE WAY THE PLATFORM WOULD BE STRUCTURED WILL AVOID THE UNNECESSARY AND UNNATURAL ALTERATION OF USER BEHAVIOR THAT OFTEN LEADS TO PLATFORM FATIGUE. → A SUPER APP IS A MOBILE OR WEB APPLICATION that can provide multiple services including payment and financial transaction processing, effectively becoming an all-encompassing self-contained commerce and communication online platform that embraces many aspects of personal and commercial life.
59 September 2022 / ENTREPRENEUR.COM / For the People (and By the People) Malak Yacout’s The Volunteer Circle is on a mission to mobilize the next generation towards active social impact in the Middle East and beyond by PAMELLA DE LEON → Aided by a small crowdfunding campaign in 2019, MALAK YACOUT SET OUT TO LAUNCH THE VOLUNTEER CIRCLE with mission to better harness the power of volunteerism in the Middle East. IMAGES COURTESY THE VOLUNTEER CIRCLE
60 / ENTREPRENEUR.COM / September 2022 And so, after meeting former co-founder and current board member Nadine Makarem, Yacout, aided by a small crowdfunding campaign in 2019, launched The Volunteer Circle as a digital social enterprise that links individuals or groups to volunteer opportunities in Lebanon, Egypt, and other countries in the MENA. Yacout positions volunteering as a gateway solution to solve some of the most pressing national challenges, such as unemployment and lack of funds for impact entrepreneurship. As such, The Volunteer Circle offers an artificial intelligence- powered platform, along with skills development opportunities. The platform matches volunteers, non-profit organizations, and institutions, and thus, connects the supply of skills from volunteers to community needs, on-demand. It also offers short and long-term volunteering with different levels of commitment, such as remote- only, one-shot, regular, skill-based, or time-based. “This is where you experience the sweet spot between a startup culture and social impact models,” Yacout says. “We’re innovative, real, and committed to supporting the MENA region by providing a smarter way to navigate volunteering, and positioning it as the primary touchpoint for sustainable development and employability.” Following its launch, the team at The Volunteer Circle certainly had their work cut out for them as Lebanon had undergone a number of crises at the time, which included the civil protests in October 2019, followed by the onset of the COVID-19 pandemic, and then the explosion at the Port of Beirut on August 4, 2020. Such instances saw Yacout, along with her team, make use of the platform to mobilize more than 6,000 volunteers to aid more than 250 organizations. In its early days, Yacout recalls wearing multiple hats as a founder- from operations, to strategy, and marketing, as well as being a tech wizard, mentor, and a first responder with participating organizations. “No two days looked the same since the beginning of our journey,” Yacout recalls. “The early days were mostly 2am calls with our web developers, then testing at 5am, back-to-back pitching, and not wasting time. As a woman and a young entrepre neur, society severely underesti mated what I can accomplish every other day, especially in Lebanon, where you don’t have the proper infrastructure to operate.” I magine a country on the brink of collapse, yet with no entry point of support beyond donor money.” This was what Malak Yacout told herself when she declined a job at her dream multinational company and decided to start The Volunteer Circle to tap into the potential of disrupting the volunteering landscape in Lebanon. “Volunteering was inaccessible when my home country was going through so many crises,” she says. “It did not make sense that amidst the refugee crisis, the environmental problem, and a presidential hiatus, we still had no way to find an opportunity to volunteer our time or skills in a meaningful way. I couldn’t just stand and watch.” Having thus witnessed firsthand the lack of human resources management in realizing social impact, Yacout set out on her entrepreneurial endeavor with a mission to better harness the power of volunteerism in the Middle East. → Shortly after its launch, THE VOLUNTEER CIRCLE had their work cut out for them as Lebanon had undergone several crises at the time. Q&A S/
61 September 2022 / ENTREPRENEUR.COM / But gradually, as the team successfully fulfilled volun teer requests, they estab lished trust and relationship with partner organizations and volunteers. The enter prise saw the number of volunteers rise from just three people to a community of more than 10,000, and it also saw the number of non-profit organizations it supported rise from 27 to over 230 of such entities across various sectors and locations. “Up to this point, the cost-saving for local authorities by The Volunteer Circle amounts to US$2,740,107,” Yacout declares. The Volunteer Circle’s grow ing traction, coupled with the multiple community needs it received, led Yacout and her small team to take on multiple roles in parallel, while also learning new skills through it all. This led The Volunteer Circle to start offering skills development training to volunteers, with the goal of matching them to jobs prospects later. “Through volunteering, one gains upskilling experiences and can secure a job that matches their professional ambitions, and this is mainly what we have been focusing on since August 2020,” says Yacout. The team have also been testing the option of replicating the platform’s functionality for employabil ity and talent matching, while encouraging the inclusion of profiles with previous volunteering experience. So far, Yacout states that 57 people have been able to secure jobs through The Volunteer Circle- and that happened in a span of just three months. The enterprise has also been approached by regional and international employers to source talent with volunteer ing experience. “We have been experimenting with a new referral-based revenue model where we connect skilled volunteer talent to full-time jobs,” Yacout adds. In June 2021, the platform launched The Volunteer Leadership Masterclass, which comes with a fee and is now a pre-requisite to join the platform. Initially taught in-person, it was turned to a comprehensive online solution that includes 12 episodes to explore the tools that organizations and volunteers need to maximize their qualitative and quantitative impact. Its other revenue stream is from fulfilling volunteer requests on behalf of institutions and organizations- which includes assisting them with attracting the right volun teers, and then retaining them as well. The startup has also developed an accelerator program, which, Yacout says, trains young talent “to become community champi ons in their areas, and decentralize volunteering SO FAR, ACCORDING TO YACOUT, 20% OF THE ENTERPRISE’S FUNDS HAS COME FROM THE SERVICES THEY PROVIDE, AND 80% FROM CROWDFUNDING CAMPAIGNS, GRANTS, COMPETITIONS, AND AWARDS WON. → THE DIGITAL SOCIAL ENTERPRISE links individuals or groups to volunteer opportunities in Lebanon, Egypt, and other countries in the MENA.
62 / ENTREPRENEUR.COM / September 2022 for causes that represent them.” The graduates of this program by The Volunteer Circle are called “Mayors of Impact,” with Yacout calling them “a pil lar of our progress, just like we have unlocked many growth opportunities for them.” So far, according to Yacout, 20% of the enterprise’s funds has come from the services they provide, and 80% from crowdfunding campaigns, grants, competitions, and awards won. As for the future, Yacout hopes that impact investors will be a part of The Volunteer Circle story going forward. “To catalyze more change and have a more signifi cant impact, we need to encourage more venture philanthropists in the space of impact investing,” she says. “Moving forward with our vision, we will be launching our pre-seed funding round in 2023 to boost our expansion and scalability plans in the MENA region.” At the same time, Yacout and the team are planning to grow The Volunteer Circle across the region- they’re kicking it off with online volunteering awareness campaigns, while also scaling their activity to other locations with the support of strategic partners abroad. The company is also voicing its support for legislation around policies regarding volunteering and its importance- indeed, The Volunteer Circle itself published an official report on the impact of volunteering in Lebanon with comparable qualita tive and quantitative data. “Our dream vision is to become the go-to platform [for volunteering] in the MENA region and beyond,” Yacout says. “We are working to create the exemplary resource volunteer hub that the world needs- for the people, by the people.” Of course, Yacout’s journey with The Volunteer Circle hasn’t been a joyride. Creating awareness about a need that people didn’t know existed was the first challenge. Before positioning the platform as a tool that transforms traditional volunteering systems into a personalized and effective experience, Yacout says that she and her team first had to create a market around it. “Our concept resonated with people deeply,” she recalls. “Every time we would pitch the idea, people’s eyes would light up, and so many times, they would say, ‘Where have you been all my life?’” But Yacout and her team also learned that they had to constantly personalize their tone and approach, depending on the stakeholder or issue they were address ing, and the needs of the hour. “From one crisis to another, the civil uprisings, the global pandemic, Lebanon going bankrupt, and the Beirut blast, we were operating in triage mode, and many of our legal documents were halted,” Yacout recalls. “This episode allowed us to develop the agility of a startup, yet the hyper-responsiveness of a non- profit.” Such experiences have also led Yacout and her team to be better equipped to deal with any new hurdle that might come their way. “The more we get into it, the more we learn and unlearn important principles to succeed,” she says. “By this point, whatever challenge comes our way, it always brings us back to our purpose front and center. As an impact entre preneur, I don’t see my job and purpose as separate paths. My job is to utilize my purpose, to unlock opportunities and a better life for anybody who has been robbed of it, including myself.” Although Yacout is honest about sometimes feeling disheartened with her journey, the founder still believes that the hardships have been worth it nevertheless. “Many times, I felt discouraged to continue growing The Volunteer Circle,” she says. “I built my UP TO THIS POINT, THE COST-SAVING FOR LOCAL AUTHORITIES BY THE VOLUNTEER CIRCLE AMOUNTS TO US$2,740,107. → THE AI-POWERED PLATFORM matches volunteers, non-profit organiza tions, and institutions, and thus, connect the supply of skills from volunteers to community needs, on-demand. Q&A S/
career capital alongside building it, so I did not have access to a readily existing network and resources to channel and make it a loud success since the beginning.” The most prominent lesson, she states, has been realizing there’s no other path she would have rather taken. “Being an impact entrepre neur allows me to put my purpose into practice. I engaged in all cognitive/ mental gymnastics until I reached a point where I go to bed at peace, knowing that we have created a wheel of impact that keeps opening opportunities for those who need it the most,” she says. In fact, through building The Volunteer Circle, Yacout notes that that she has acquired insights on challenges and gaps in the market that should be addressed immediately, and in fact, that has pushed her to start building a second social enterprise. “With our constant renewal of energy and resources, I learned that there are no ends, only new beginnings. To create a substantial impact in Lebanon means you create value, then water it yourself- with little to no state assistance. Kudos to all the mountain movers, the entrepreneurs, the innova tors… They grow gardens in the shade.” Tips on making social impact from The Volunteer Circle founder Malak Yacout ‘TREP TALK }Learn by doing “At the beginning of your journey, when it is common to struggle to find resources, or to achieve your mission, don’t be afraid to fly without a safety net, especially if you are pioneering the market, and there is no benchmark for you to rely on or to compare to. Keep working well and with quality; funding and support will follow. Action is the best device for learning. You make a decision, take action, look at the result, and learn. This learning informs your following action and your next.” }Impact over everything “If you don’t have an opportunity to be an impact entrepreneur, help one. Impact entrepreneurship is the future. The world does not need more capitalists. We can no longer afford to look at our challenges mindlessly, where we only search for ways to make money. The world needs more people who leverage their journeys to create a legacy that improves livelihoods, while solving the most pressing challenges we face. Building a legacy means that the impact would remain, even if your business moves outside the industry.” }Serve first, lead later “The most successful entrepreneurs are the number one volunteers in their field. Volunteer frequently for the groups you serve, and always be the first responder to whatever your enterprise or partners need. This is how you keep learning and stay ahead. Between pitching and funding rounds, it is easy to lose sight of why we started our enterprises in the first place. Don’t miss out on the growth in between.” }Take the plunge “It is what you do with what you have that matters. Channel your time and energy where they cannot be easily replaceable. The journey from idea to reality is thrilling. And on most days, this is enough to keep going, despite all the challenges.”
64 / ENTREPRENEUR.COM / September 2022 idea for SkipCash whilst exploring shopping and payment experiences in both online and offline scenarios. “We wanted to solve the problem for both consumers and merchants when they do a cashless and digital transaction,” Al Delaimi says. As he explains it, SkipCash aims to solve three main issues that pop up in such situations: one, merchants need a POS device to accept cashless transactions, two, they have to acquire a POS device from a bank, which can prove difficult owing to cost and bank requirements, and, three, such POS devices are only useful within a store, and cannot be used for deliveries and other on-the-move services. }Licensed by the Qatar Financial Center and regulated by the Qatar Central Bank, SkipCash, which was launched in December 2020, offers consumers and merchants with a suite of payment solutions, such as a mobile app, payment gateway, and payment links. The app (available on Android and iOS devices) enables users to securely add their credit card, track spending, and organize payment receipts. It can also send and receive payments using mobile numbers, enable virtual accounts for children and family members, and give access to vouchers, coupons and cashback offers from merchant partners. Meanwhile, for merchants, the startup reduces the need for cash transactions, physical cards, and POS devices by enabling transactions electronically using a proprietary QR code for in-person payments, as well as online payment gateway solutions. “We want to make it pleasant to pay, have peace of mind, and unify this pleasant experience for all payment scenarios- on line, offline, and in-person,” Al Delaimi says. “We stand out by building a reputable fintech brand through solid partnerships, a great user interface and experience, customized payment methods, a holistic view of the business from different channels, the flexibility of the solutions, as well as prompt customer support.” }SkipCash’s business model involves taking a percentage from every successful transaction from the merchant, with a monthly subscription available for a customized payment solution. And so far, its strategy is working- Al Delaimi says that since its launch, the app has been downloaded more than 32,000 times, onboarded over 530 merchants, and processed more than 50,000 trans actions. In a span of two years, the startup has achieved noteworthy growth too: in July 2020, the startup received QAR700,000 (approximately US$192,000) from the Qatar Science and Technology Park’s product development fund, a grant awarded to Qatar SMEs for offerings that I n the wake of the COVID-19 pandemic, global retail commerce has increasingly gone cashless, and contactless payments have taken on a different level of adoption. It is in this landscape that Qatari entrepreneur Mohammed Al Delaimi is introducing SkipCash, a fintech platform he founded that offers a convenient payment experience for consumers and merchants alike, in order to reduce the need for cash, physical cards, and point-of-sale (POS) devices. Al Delaimi, who holds a master’s degree in strategic business unit manage ment from HEC Paris and serves as an Executive Director of Strategy and Corporate Planning at Qatari satellite company Es’hailSat, stumbled on the S/Q&A Mohammed Al Delaimi’s SkipCash is on a mission to enhance contactless digital payments in Qatar by PAMELLA DE LEON Ditching Cash
65 September 2022 / ENTREPRENEUR.COM / address local market needs. In the same month, the startup also joined Visa’s Fintech Fast Track Program, with which SkipCash was able to easily integrate and leverage the capabilities and security of VisaNet, the latter’s global payment network. As part of the program, SkipCash also had access to Visa’s extensive partner network and experts who offered support and guidance. The following year, SkipCash went on to raise an additional QAR7 million ($1.92 million) in a pre-seed funding round from private Qatari investors, enabling the startup to expand its data infrastructure and services across Qatar. }In 2021, SkipCash struck a strategic alliance with online food ordering and delivery service provider, Foodak, which ended up being a timely collaboration as consumers specifically sought out contactless payment options given the onset of the COVID-19 crisis. SkipCash customers were able to save their credit cards on the food delivery app, and then pay for their orders (and tip as well) upon delivery by simply scanning a QR code, without any extra fees. This year, in February, the startup signed a memorandum of understand ing with Microsoft Qatar to help SkipCash scale and grow its features and capabilities using the cloud computing platform Microsoft Azure. As part of the one-year agree ment, Microsoft will offer guidance and introduce the SkipCash team to its partner ecosystem, as well as offer opportunities to join upskilling workshops. Another recent partnership SkipCash engineered was with beIN Media Group, the global sports and entertainment broadcast er that holds exclusive broadcasting rights in the MENA region to some of the biggest international sporting events like the FIFA World Cup, English Premiere League, and more. With the collabora tion, SkipCash will be integrated into beIN’s payment options, allowing customers to link their credit cards in the app and pay at beIN kiosks and store outlets using the QR code. }Commenting on the entrepreneurial journey he has been on, Al Delaimi states that the biggest challenge he faced (and continues to face) is the fact that the local startup ecosystem is still underdevel oped. But even though such hurdles exist, Al Delaimi notes that there are certain advantages of building a business in the peninsula too. “Qatar’s high gross domestic product makes every startup want to operate here,” he points out. “Although the population is very low, the market potential is lucrative. Business relations here are built on trust and networks, and with the right network and good representation, you could scale rapidly.” When it comes to advice for his fellow entrepreneurs, Al Delaimi urges them to always look at things with a collaborative mindset, be it with their own team, or with partnerships with external entities. Cash flow is another thing he thinks startups should always keep an eye on, saying, “Preserve your funding, and plan for the worse. Think long-term, and be patient.” As for what’s next on the horizon for SkipCash, Al Delaimi says that he and his team are currently in discussions with stakeholders for an expansion in Oman, and a regional expansion is part of their long-term goals too. Al Delaimi is also gearing up to raise a seed funding round for his company, and thereby get SkipCash one step closer to its final goal, which he states is for SkipCash to “be the most flexible payment solution startup in the region.” Fingers crossed for SkipCash! IMAGES COURTESY SKIPCASH WE STAND OUT BY BUILDING A REPUTABLE FINTECH BRAND THROUGH SOLID PARTNERSHIPS, A GREAT USER INTERFACE AND EXPERIENCE, CUSTOMIZED PAYMENT METHODS, A HOLISTIC VIEW OF THE BUSINESS FROM DIFFERENT CHANNELS, THE FLEXIBILITY OF THE SOLUTIONS, AS WELL AS PROMPT CUSTOMER SUPPORT. ← AS PART OF ITS PARTNERSHIP WITH MICROSOFT QATAR, SkipCash will utilize the cloud computing platform Microsoft Azure to grow and scale its capabilities, as well as have access to Microsoft’s partner ecosystem
66 / ENTREPRENEUR.COM / September 2022 }Before she launched MeatoDoor, Khan had essayed a variety of roles in her career, which saw her doing everything from starting a clothing company to leading sales partnerships for a media publication. Looking out for opportunities is thus something Khan is well-versed in, and that is how she got the idea for MeatoDoor as well. “I remember that one day, we had a dinner party, and we had ordered meats from a butchery in Karama in Dubai,” she recalls. “I often buy my meats from my local butchers, as the supermarkets nearby my home do not stock the kind of meats we consume. The ordering process is always a hassle, as I either have to drive too far from my neighborhood to get the meats, or expect delayed/wrong orders if ordered over the call.” But the problems she faced when ordering meats for that particular gathering is what kickstarted her entrepre S/Q&A UAE-based B2B startup MeatoDoor is taking a bite out of the GCC’s meat industry by PAMELLA DE LEON Lean and Mean → AMBREEN KHAN IS THE FOUNDER OF MEATODOOR, a B2B online marketplace that is digitizing the meat ordering process. With a focus on building a vertical e-commerce solution for the meat industry, MeatoDoor's distinguishing feature is its reverse auction technology for procurement. M uch like many an entrepreneur out there, Ambreen Khan’s foray into the startup world was ignited when she couldn’t find a suitable solution to a particular hurdle she was facing. In Khan’s case, her issue was in acquiring premium meats, as well as in a lack of access to transparent data on their quality and pricing in the UAE and KSA. “The meat supply chain is highly unorganized with multiple suppliers, stock availability challenges, variation in quality and pricing, and lack of transparency,” Khan says, while adding that they are all major pain points for the US$40 billion meat industry in the Middle East and Africa, which has more than 60% of meats imported into the region. It is thus with a mission to solve these issues -while also tapping into the sizeable market opportu nity- that Khan launched MeatoDoor, a B2B online marketplace that is digitizing the meat ordering process by offering a one-stop solution that ensures quality standardization, transparency, and convenience in the procurement process.
67 September 2022 / ENTREPRENEUR.COM / neurial endeavor. “I would say the issues I faced ordering meat for the party that day was the trigger to start MeatoDoor,” Khan says. “The meats did not come on time that day, and they were not the same cuts I had ordered. When I discussed this at the party, everybody there told me they had the same problem of getting wrong orders, meats not cut to their exact specifications, not knowing when the delivery will come, and not having cash at home to pay for the order, and so forth.” Having witnessed the digital acceleration of online grocery platforms during the onset of the global pandemic, Khan was sure that there had to be a better way to make buying meat more effortless. She started to do her own research, which started by discussing meat-buying hassles with everyone in her social circle, followed by a quick market survey of butcheries and the problems they faced- that was how she found out that these vendors too would like a platform to showcase their products, and get support in deliveries and digital payments. “For the next month, I executed orders using WhatsApp connecting customers from Dubai’s suburban communities with the local butcheries located centrally to test if there was a gap, and how effectively I could fill it using technology,” Khan recalls, and all of these efforts eventually lead to the official launch of MeatoDoor in July 2021. “I built a platform aggregating over 70 community butcheries in Dubai, digitizing their ordering process, and providing payments and logistics solutions.” MeatoDoor soon went on to showcase over than 10,000 products in 10 different categories, but in December 2021, in a bid to better understand the meat supply chain and also gain control over quality of meats, Khan and her team decided to relaunch MeatoDoor as a B2B marketplace while also increasing its offerings. Khan says that the business model has since further evolved to become a safe and reliable meat trading community between importers and exporters, traders, wholesal ers, distributors, and food businesses. “We are creating an ecosystem for the meat industry by combining technology and data intelli gence to make efficient local and cross-border trades possible,” Khan adds. “We thus provide a trusted trade community for buyers and suppliers to connect, interact, negotiate, and do business with each other seamlessly through our tech.” Given her startup’s focus to build a vertical e-commerce solution for the meat industry, Khan states that MeatoDoor’s distinguishing feature is its reverse auction technology for procurement. With the platform, customers can inquire about products easily, get instant replies to their requests for quotations (RFQs), compare prices, and place orders with local and international suppliers. “The platform also allows suppliers to bid for the customer’s RFQs, make data-driven intelligent purchases, and liquidate their excess inventory through the platform using the auction feature,” Khan adds. “We are disrupting the B2B meat supply chain by creating a marketplace to eliminate inefficiencies in the supply chain.” The platform also offers industry analytics to help food service providers make informed purchase decisions and avoid stock waste. In addition, the startup also aims for its transactions to be secure between verified buyers and sellers by offering trade finance options, credit insurance, inspection, and quality testing services that are crucial for the meat trade industry. Meanwhile, its focus on the B2B market has allowed MeatoDoor a significant advantage as well. “While there are many direct-to-consumer grocery and meat players, the B2B space is primarily served by the traditional distributors giving us an opportunity for innovation,” Khan explains. “Being the first in the region, we have the first-mover advantage.” IMAGES COURTESY MEATODOOR I BUILT A PLATFORM AGGREGATING OVER 70 COMMUNITY BUTCHERIES IN DUBAI, DIGITIZING THEIR ORDERING PROCESS, AND PROVIDING PAYMENTS AND LOGISTICS SOLUTIONS.
68 / ENTREPRENEUR.COM / September 2022 S/Q&A }Khan and her team at MeatoDoor went on to participate in the Riyadh Techstars Accelerator program in November 2021, which concluded in February 2022. As a program backed by Raed Ventures and the Saudi Ministry of Communications and Technology, Khan describes her participation in it as having been a wonderful experience meeting and learning from the community of mentors and fellow founders. Today, the startup is operational in the UAE, and it has also closed an undisclosed pre-seed funding round which has seen participation from the Dubai Angel Investment Network, along with other angel investors from Kuwait and the UAE. In October of this year, the startup also aims to raise a seed funding round, with Khan also noting that since its relaunch in December 2021, MeatoDoor has grown by 65%, month- over-month. “We have crossed $1 million in gross merchandise value, and tracking close to $3.6 million for the year,” says Khan. “Currently serving more than 300 food businesses in the UAE, we have processed closed to 5,000+ B2B transactions and sold 350+ tons of meat.” But while the startup’s growth is something to be proud about, Khan admits that she and her team have faced unique challenges at every stage of the enterprise. Khan reveals that putting together an in-house technology team in the UAE turned out to be too costly, and so, they started to look for remote talent to build the platform, and today, MeatoDoor has engineers in four countries coordinating in real-time to work on the enterprise. Another challenge MeatoDoor faced in its early days was in onboarding suppliers, as they resisted revealing their pricing strategy on the platform fearing competitors. “We enhanced our product to overcome these hurdles by creating [our] reverse auction technology,” Khan notes. “We now have more than 100 local suppliers listed on our platform.” Besides all of this, starting a venture in the middle of the COVID-19 pandemic was also a daunting aspect for Khan- however, she didn’t let her fears get the better of her either. “I quit my job to follow my dream of entrepreneurship,” Khan says. “It was a significant risk, but I believe taking risks is one of the most vital qualities of a successful entrepreneur.” But this is not to say that Khan took a blind leap of faith to start her business- indeed, her advice for fellow upstarts wanting to follow her lead is to be rational and take calculated risks when embarking on their own entrepreneurial journeys. “If you have a business idea that’s driving innovation, disrupting traditional practices, and you have the fire in your belly to execute it, the craziness that makes you jump out of bed every morning, and the resilience to stay strong during the most challenging times, then start today, as now is always a good time,” Khan says. “Founders shouldn’t get daunted by the COVID-19 crisis and the current global economic downturn, but rather, trust their gut and take a leap.” Khan also urges founders to validate their ideas, focus on a sole product, customer, and market, listen and take feedback from customers, and pivot the business model whenever needed. “Follow test-and-learn methods to constantly evolve [your] business model, and take funding early on to grow fast,” she adds. }As for Khan herself, she believes her enterprise is well-placed to capitalize on what is a burgeoning industry. Khan points out that with a supply chain that is complex, fragmented, and unorganized, there’s a massive opportunity to “digitally eliminate the inefficiencies and address customers’ pain points using RFQ-based procurement, fintech solutions and cross-border services to create a secure and trusted meat trading community.” Indeed, the team is keen to “build a global meat community” as Khan and her team at MeatoDoor have started onboarding sellers from meat exporting countries such as Kenya, Ethiopia, India, Pakistan, and South Africa, to connect with the platform’s regional buyers. Headquartered at the Abu Dhabi Global Market, it has a representative office in KSA, and it will soon be establishing offices in India, Pakistan, Kenya, Australia and Brazil as well. “We aim to return to serving the customers as the end goal, where we control the entire supply chain from farm to fork to encourage responsible sourcing, minimize waste, and provide accurate information to take sustainable action,” she concludes. CURRENTLY SERVING MORE THAN 300 FOOD BUSINESSES IN THE UAE, WE HAVE PROCESSED CLOSED TO 5,000+ B2B TRANSACTIONS AND SOLD 350+ TONS OF MEAT. → MEATODOOR TEAM wins the Smart Innovation Award at the Future Workforce Summit & Awards 2022
69 September 2022 / ENTREPRENEUR.COM / I t is often said that how we talk about others says more about us than them, and I remember this when talking with Dr. Jowhara Al Qahtani who describes Qatari women as “strong, ambitious, creative, and clever,” adding that they not only seize opportunities but create new ones for others. But what is interesting to note is that with these words, Dr. Al Qahtani is truly describ ing herself as well- indeed, the posses sion of those three skillsets have allowed her to become a surgeon, a marathoner, and a running coach. As a surgeon, Dr. Al Qahtani practices acute care surgery at the Hamad Medical Corporation in Doha, and as a marathoner, she has completed five marathons so far. Dr. Al Qahtani believes that running has helped her change her life, and that’s why she founded Run The World, Qatar’s first female-only running team, with the aim to help other women live their best lives as well. “Running has changed me a lot, and made me cope with different levels of stress and convert that into doses of happiness and positivity,” Dr. Al Qahtani explains. “I tell my ladies that every one of them has her own story and journey, and it is up to them how they want to share their stories, but we can do it together through running.” At this point, one might ask: where do all of Dr. Al Qahtani’s diverse interests and activities come from? She explains that they all stem from her goal to create a happy and different future for herself and her family. “This goal made me climb mountains, and overcome many challenges and obstacles, just to be the person I am now,” she says. “I develop a new skill every time I face a hardship. Most learned skills are centered around myself; however, recently, I started working on skills that involve my interaction with others, such as emotional intelligence and time management.” As I piece together Dr. Al Qahtani’s formula for success, she points out that it all started with her mother, who supported her pursuit of a career for herself. ”I grew up in a very conserva tive Bedouin community,” Dr. Al Qahtani explains. “The expectations of me were typical of any community, to get married, and so on. But my mother pushed me to study hard, and to become something big in the future.” This explains how Dr. Al Qahtani went on to earn a bachelor’s degree in molecular biology from the University of Colorado in the USA, and a medical degree with honors in community services from Weill Cornell Medicine in Qatar. Dr. Al Qahtani’s work experience also includes working as a teaching assistant at a college and an associate researcher in an oil company, but she says, “All this wasn’t as satisfying as studying medicine, and becoming a surgeon. Currently, I am doing two masters, and completing my sub-specialized surgery training in emergency surgery. So, I won’t say I had everything given to me on a silver plate, because life was full of twists and hardships.” And to those wanting to follow her lead in building a successful life for themselves, being “focused, goal-oriented, and disciplined, paying attention to details” is what matters, Dr. Al Qahtani says. “But it is [also] about how to utilize those skills to reach what you want,” she adds. S/Motivation Dr. Jowhara Al Qahtani, Qatari surgeon, marathoner, and running coach on how she does it all by TAMARA PUPIC The Success Equation
70 / ENTREPRENEUR.COM / September 2022 The report was co-authored by Allan-Villegas Mateos, Research Associate, HEC Paris in Qatar, Mahmoud M. Abdella tif, Director, Center of Entrepreneurship at Qatar University, and Mokter Hossain, Assistant Professor, Qatar University. In comparing entrepre neurial career inten tions and underlying motivations of univer sity students in Qatar with those in 58 countries, the GUESSS report aimed at understanding the role of Qatar-based universities in fostering and supporting the entrepreneurial spirit. With the country transitioning into a knowledge-based economy, the report identified three key reasons for students opting not to pursue entrepreneurial careers- the absence of a strong entrepreneur ship culture among younger generations, the role of family expectations and backgrounds in influencing motivations and attitudes towards entrepreneur ship, and a lack of alignment between university courses and the accepted notion that entrepreneur ship involves a process of develop ing appropriate mindsets and skills through curricular and co-curricu lar programs. According to Mateos, while culture has a significant impact on desired career paths, mandatory entrepre neurship courses and other ways of engaging with students can eventually lead to creating a wider, society-wide impact in shifting preconceived notions. “Many who study entrepreneurship may not go on to set up their own business, but with a greater understanding of setting up and running a business – including the challenges, sacrifices needed, opportunities, and rewards– go on to become investors, corporate entrepreneurs, or supporters of S/Ecosystem GUESSS 2021 REPORT HIGHLIGHTS THE NEED TO FOSTER AND SUPPORT THE ENTREPRENEURIAL SPIRIT IN QATAR'S YOUTH by AALIA MEHREEN AHMED Bolstering an Ecosystem T he number of active and nascent entrepre neurs in Qatar has been found to be above the regional and global average, accord ing to a 2021 National Report of Qatar released by the Global Univer sity Entrepreneurial Spirit Students’ Survey (GUESSS). The report also showed that entrepreneurship is a preferred career choice for current university graduates in Qatar, despite 87% of them not having taken an entrepreneur ial university course and 37% of the students not having taken a related module. Notably, however, the GUESSS study also revealed that most students’ entrepreneurial drive fizzled out within the first five years after graduation- this, despite 89% of them being aware of business incubation and accelerator programs within the country. → ALLAN-VILLEGAS MATEOS, Research Associate, HEC Paris in Qatar
71 September 2022 / ENTREPRENEUR.COM / startup entrepreneurs,” Mateos said, in an interview with Entrepreneur Middle East. “Entrepreneurship courses help create more than knowledge of how to start a business; they develop leadership, a culture of business and innovation, professional development capabilities, and networking skills– all facets that can lead to success within the corporate world. The difficulty, however, is to bring entrepreneurship courses to non-business schools like engineering, medicine, arts, etc.” Mateos’ statement aligns with what the report suggests are important ways to bring about the develop ment of a successful and sustainable university-based entrepreneurial ecosystem, including offering mandatory entrepreneurship courses at all educational levels, and increased efforts to reach student communities as well as faculty members through better communication, hosting and sponsoring entrepreneurship activities, and ensuring access to business infrastructure. The report also highlights the need to develop robust and effective organizational infrastructure including the training of faculty involved in teaching, research, and curriculum development, advancing, and managing entrepreneurship initiatives tied to research incentives and rewards, and outreach using business incubators, technology parks, knowledge transfer offices, co-working spaces, and other infrastruc ture. A fourth action point the report indicates is ensuring that ecosystem leaders, sponsors, and champions readily have the financial and non-financial resources needed to support young entrepreneurs. When it comes to the last point, Mateos shared that stakeholders in the entrepre neurial ecosystem need to look beyond just seeking investments. “The lack of access to capital is not always due to lack of liquidity or investment avenues but can be associated with the investment readiness of projects,” he said. “Entrepre neurs must validate their business ideas, build minimum viable products, and be innovative to show the potential to scale rapidly with the proper investment. Therefore, in the short term, the founders must focus on that readiness and practice their pitches before ap proaching an investor. In the long term, I think there is a vicious cycle that needs to be broken, which is that the best investors are former successful entrepreneurs that have exited and reinvested in the next generations of founders. It is a multiplier effect that brings to the company they invested access to networks and knowledge of the sector.” Mateos also raised one more key point for new entrepreneurs to keep in mind before venturing out into the business world. “The problem right now is that most investors are wealthy, not because they are former entrepreneurs, and they tend to expect quick returns on investments- the new entrepreneurs need to understand this landscape, so that they can address the issue and raise funding properly.” With the FIFA World Cup 2022 right around the corner in Qatar, Mateos believes it is the right time to start making necessary changes in the country’s startup ecosystem. “Any entrepre neurial ecosystem needs to create success stories to attract more investments and human capital- so, the FIFA World Cup brings the opportunity to showcase to the rest of the world the business opportunities available and the options to settle and come to live in Qatar,” Mateos concluded. IMAGES COURTESY HEC PARIS IN QATAR I THINK THERE IS A VICIOUS CYCLE THAT NEEDS TO BE BROKEN, WHICH IS THAT THE BEST INVESTORS ARE FORMER SUCCESSFUL ENTREPRENEURS THAT HAVE EXITED AND REINVESTED IN THE NEXT GENERATIONS OF FOUNDERS. HEC Paris in Qatar
72 / ENTREPRENEUR.COM / September 2022 S/Q&A B y 2030, the adoption of circular economy models can yield economic benefits of up to US$4.5 trillion, according to a 2022 study by the World Economic Forum. But the same report also highlights that only a mere 8.6% of the global economy is circular. It is in this landscape that Brazil- based biotechnology startup Biosolvit makes an impression as a firm that uses “nature as a source of inspiration,” and has engineered all its services to showcase some of the many benefits of the circular economy. “Our business always has the same starting point: the development of new materials from renewable raw material sources,” Guilhermo Queiroz, co-founder and CEO of Biosolvit, says. “We reuse discarded waste in other production processes, and generate value from this by manufacturing what we believe are ecologically correct products that contribute to the preservation of the environment. Our researchers use residues from the most diverse origins as raw material, and transform them into innovative products, promoting the concept of circular economy.” → GUILHERMO QUEIROZ, co-founder and CEO, Biosolvit IMAGES COURTESYBIOSOLVIT Biosolvit /biosolvit.com / A roundup of up-and-coming startups in the Dubai-based Mohammed Bin Rashid Innovation Fund accelerator program that you should be keeping an eye on by AALIA MEHREEN AHMED IN FOCUS
73 September 2022 / ENTREPRENEUR.COM / }Launched in 2018 in the Brazilian city of Rio de Janeiro, Biosolvit was conceptualized by Queiroz along with fellow co-founders Wagner Martins and Edson Fantini. Its offerings are demarcated into two main business verticals: BioBlue, which aims to industrialize products meant for the preservation of water (these include three product lines for oil absorption, and one for oil containment), and BioGreen, which is a completely sustainable gardening line of products, which include its 100% biodegradable pots known as Xaxim Pots, substrates, as well as soil. “Both lines have very impressive solutions,” Queiroz says. “BioBlue’s most innovative product is a natural oil or derivatives absorber called BioBlue Natural Absorber. And according to the France- based international team of experts in accidental water pollution at Cedre Institute, it is the most efficient in the world.” Queiroz goes on to explain that Biosolvit’s BioBlue line of products cater to industries such as oil and gas, mining, as well as steel mills, but he especially highlights the BioBlue Natural Absorber’s impor tance, given that oil spills are among the greatest risks involved in the oil and gas industry. }While the great oil spills of Exxon Valdez (1989) and Gulf Coast (2010), and more recently the one in Mauritius (2020) and Orange County (2021), may have made headlines, a lot of recent studies have shown the prevalence of smaller oil spills that happen much often than most people are led to believe. As such, the relevance of Biosolvit’s innovations cannot be understated. “BioBlue Natural Absorber has at least twice the absorption capacity than any competitor in the market, in addition to being at least twice as fast,” Queiroz says. “Besides, our product is the only one that allows the reuse of up to 95% of the oily residues that are absorbed. And all this is without mentioning its origin- since it is a natural line, BioBlue Natural Absorber is made from reused organic waste from several crops in Brazil.” Meanwhile, with the BioGreen line of products, Biosolvit offers items that can be used by those blessed with the green thumb, or simply anyone interested in gardening more sustainably. “Analyzing the industry of palm fiber, we identified that only 3% of a given tree is used, while the other 97% is discarded- we thus reuse this biomass to create Xaxim Pots, a 100% ecological garden pot,” Queiroz says. “It thus allows plant roots to be incorporated into their walls after their development. It is free of tannin [a class of biomolecules that have been found to disrupt iron absorption in plants], and has a high water and nutrient absorption rate.” But while BioBlue and BioGreen are two of Biosolvit’s key verticals, Queiroz adds that there is a third area the company focuses on, and that is research and development (R&D). “The breadth of our business gives us a ‘vertical ization differential’ that makes us very competitive in the markets in which we operate, and the search for innovation is in our com pany’s DNA,” he says. “We have the BioCollab platform where researchers from all around the world may submit their projects to be analyzed by our R&D team. If an idea or project gets approved, Biosolvit will connect the THE BREADTH OF OUR BUSINESS GIVES US A ‘VERTICALIZATION DIFFERENTIAL’ THAT MAKES US VERY COMPETITIVE IN THE MARKETS IN WHICH WE OPERATE, AND THE SEARCH FOR INNOVATION IS IN OUR COMPANY’S DNA. ↑ THE BIOSOLVIT TEAM
74 / ENTREPRENEUR.COM / September 2022 researcher with investors to start working on it. The main idea is to work on sustainable new solutions and products. So, Biosolvit depends on both innovation and minds!” Of course, a business needs funds too- and while it was initially boot strapped by its three co-founders, Biosolvit has since received funding from Brazilian bank Banco BMG, as well as Brazil-based family office GHT4 (previously known as MCLC4). “In terms of growth, we’ve been growing amazingly, even during the COVID-19 pandemic,” Queiroz says. “In 2022, we achieved 27 times the revenue of 2019, all of 2020’s revenue in just one month, and the entirety of 2021’s revenue in six months.” }With the confidence that stems from such growth, the Biosolvit team is now aiming to make its presence felt in the Middle East and Africa (MEA)- and joining the MBRIF program has been the first step in this new journey. “We joined the MBRIF program because of the market perspec tives and connections it offers in the MEA,” Queiroz adds. “This market is super important for our BioBlue line, and it’s a market that has been growing so fast during the past years. We are still participating and getting ready with the help of the MBRIF, and until now, it has been an amazing program. It’s helping us understand this market better, and to get an approach to possible partners and clients.” Although Biosolvit’s services are not yet offered in the MEA, the startup is currently seeking business partners to work with as well as investment opportunities. “The main objective for Biosolvit now is to create its own operation in the region, and to better attend to the growing market,” Queiroz concludes. “And as for the impact we expect, and hope to create, it would be the increase in Biosolvit’s revenue, and the application of sustainable, innovative, and more efficient products to our future clients, and at the same time, helping them reduce costs.” ↑ PREDICTIV CO-FOUNDERS Sajung Yun and Sijung Yun ↑ THE BIOBLUE line aims to industrialize products meant for the preservation of water- these include three product lines for oil absorption and one for oil containment IMAGES COURTESY PREDICTIV S/Q&A F or brothers Sajung Yun and Sijung Yun, the co-founders of Silicon Valley-based DNA testing firm Predictiv, the inspiration to create the startup came from a place of personal agony. You see, a few years ago, the twins’ father had been diagnosed with a rare type of cancer. “He is okay now, by the way,” Sajung reveals. “But it was later, while I was researching at the National Institutes of Health, and teaching genomics at Johns Hopkins University, that I analyzed my father’s DNA, together with my twin brother, Sijung (who is also a DNA analytics expert), and found out that this cancer could have been predicted and prevented. We therefore wanted to provide this opportunity to other people before it’s too late. That is why we built Predictiv.” Predictiv /predictivcare.com /
75 September 2022 / ENTREPRENEUR.COM / }Conceptualized in July 2020, Predictiv was built with an approach wherein the platform “integrates your health history, your lifestyle, and your genes.” This involves three primary steps: DNA collection, DNA sequencing analysis, and genetic counseling. By sequencing DNA from a patient’s fingernail tips, Predictiv aims to identify genetically susceptible diseases based on the DNA variants in a given patient’s genes. “Basically, Predictiv offers a DNA-based digital twin to predict and prevent diseases as well as predict adverse drug reactions,” Sajung, who is the startup’s CEO, says. “Once digital twins are made, we can use them to find medically relevant information and simulation of drugs before taking them, in order to reduce side effects and increase the efficacy. Our goal is to ensure that no one dies or gets permanent damages from preventable diseases or preventable side effects of drugs anymore.” }Genetic testing is quickly becoming one of the most widely used services in precision medicine- a Global Market Insights report notes that the genetic testing market size surpassed US$14.8 billion in 2020, and that it is expected to grow at over 11.6% com pound annual growth rate till 2027. Aware of the market’s sudden boom, the Yun brothers took an intentional decision -very early in their entrepreneur ial journey- to differentiate Predictiv from its industry peers. “Other companies analyze selected genes or diseases; however, we analyze all 20,000 genes humans have,” Sajung explains. “Other companies also make PDF reports to provide genetic sequencing results. However, we provide a summary PDF report as well as a digital twin platform where they can Google their own DNA concerning health and medications. Our company thus has a truly human- based approach.” }Since its services first became available to the US market in 2021, Predictiv has already completed its beta testing phase. “Three months after we first established Predictiv in 2020, we received our first institutional funding from Plug and Play Ventures in Silicon Valley,” Sajung says. “We then received another funding from California- based early-stage venture capital firm Draper Associ ates. For our pre-seed round that was closed in 2021, we raised $1.15 million, and for the seed funding in 2022, we received investment from AIDG and South Korean online platform Naver. We have also made partners in eight different countries including Thailand, Singapore, Korea, Spain, UAE, Malaysia, and KSA.” Having secured these funding rounds, the Predictiv team is making inroads into the MENA and Southeast Asia regions, and the UAE has proven to be the perfect launchpad for the enterprise. Indeed, it is now home to Predictiv Middle East, a 100% subsidiary company of Predictiv, based in Abu Dhabi, led by Sajun and Mhy-Lanie Adduru. }Having already received a commercial license during the firm’s time at Abu Dhabi-based tech incubator Hub71, Sajung says joining the MBRIF’s accelerator program only felt like the next right step for Predictiv. “As Dubai is very active in businesses, we too wanted to expand into the city, and the MBRIF brought us great opportunities for business partnerships,” he says. “And as for the next step for Predictiv, we now expect to engage with several national level digital health projects in order to achieve our aim of elongating healthy lifespans.” OTHER COMPANIES ALSO MAKE PDF REPORTS TO PROVIDE GENETIC SEQUENCING RESULTS. HOWEVER, WE PROVIDE A SUMMARY PDF REPORT AS WELL AS A DIGITAL TWIN PLATFORM WHERE THEY CAN GOOGLE THEIR OWN DNA CONCERNING HEALTH AND MEDICATIONS.
76 / ENTREPRENEUR.COM / September 2022 Here, Al Senaidi emphasizes that all these ideas are driven by one sole purpose. “What inspires us is the youth, since they are the main asset of all economies,” he says. “Furthermore, we have realized that there are no limits to content production. Thus, we believe that we can create a variety of content that will be admired by viewers, and will show our capabilities as an Emirati company in this field.” While Al Senaidi is clear about Cino Trends’ offerings today, he admits that this wasn’t the case when he first set out to conceptualize his venture- but this was where his participation in the MBRIF accelerator program helped. “The business model at the beginning was too broad, and was focusing on future revenue only, rather than present revenue,” he recalls. “The MBRIF helped a lot in clearing the bigger picture for us, in order to build a legit and strong business plan. In addition, the MBRIF connected us with many important experts in the field to make sure that we had a strong base, and arranged workshops as well to widen our horizons.” As the Cino Trends team now gears up for its official launch, Al Senaidi remains conscious about the fact that they are about to deliver to an audience that consumes a lot of online content as it is. In 2021, as per a report by Statista, the top monthly online content activity of 66% of Internet users in the UAE was watching videos. Another study by Global Media Insights shows that, as of 2022, there are 9.978 million active social media users in the UAE out of a total population of 10.08 million. Given this landscape, it’s easy to see why Al Senaidi is planning to make use of a variety of plans for his enterprise to cater to it. “We are always focusing on quality and the benefits that our customers will gain from our platform and products, and therefore Cino Trends is aiming to make it feasible for everyone to use the platform to advertise- especially home and small business owners, as well as any individual that wants to present his or her show/product on our channel,” Al Senaidi explains. “We are thus collaborating with Galeria application, a mobile application platform for all home business owners and small businesses to sell their products on. Moreover, as we previously said, we are aiming to create a unique Emirati cartoon character that will be a model worldwide that will assist us in reaching our vision.” Part of the vision Al Senaidi alludes to includes the production of “cinematic animation movies with Emirati characters that will mainly focus on the UAE,” as well as organizing competitions with prizes to ensure audience engagement. But through it all, Al Senaidi believes there is one aspect that will remain crucial to his firm’s future success. “Innovation is what will make us standout among the crowd,” he says. “We have many innovative ideas that will be executed at the right time and the right moment; so please stay tuned to see our latest innovations!” ↑ CINO TRENDS co-founders Sanad Al Senaidi and Kamel Al Kintar CINO TRENDS IS AIMING TO MAKE IT FEASIBLE FOR EVERYONE TO USE THE PLATFORM TO ADVERTISE- ESPECIALLY HOME AND SMALL BUSINESS OWNERS, AS WELL AS ANY INDIVIDUAL THAT WANTS TO PRESENT HIS OR HER SHOW/PRODUCT ON OUR CHANNEL. S/Q&A IMAGE COURTESY CINO TRENDS F or UAE-born platform Cino Trends, the vision that underlies its creation is simple: to become an Emirati media company that produces locally made animated content for the youth of the nation. Co-founded by CEO Sanad Al Senaidi and General Manager Kamel Al Kintar, and based in the capital city of Abu Dhabi, a YouTube channel has already launched as part of Cino Trends’ offerings, and the platform itself is expected to launch by the end of September 2022. “Cino Trends is creating a YouTube channel that will have diverse shows, one of which is a new Emirati cartoon character that will be used for our branding and advertisement,” Al Senaidi explains. “We are also planning to produce some animated series for our channel and other media platforms. Additionally, we aim to create comics, as well as sell gadgets, stationeries, and toys that are related to our shows. Finally, we are building an advertisement platform for both companies and individuals.” Cino Trends
A s someone who began his music career at the age of 14, DJ and music producer Julien Passeron -professionally known as Moojo- is well versed with the ins and outs of how the music industry works. But when certain hurdles related to record labels kept becoming a persistent thorn in his journey, he decided to tackle them by taking matters into his own hands by launching electronic music label Calamar Records. “The ultimate vision for the Calamar Records label is simple- for it to grow around the globe, and for us to be able to launch parties with the label in several cities, which we have already done in Hong Kong and Saint Tropez,” he says. “The vision is to always set the goal higher. The motto of the label speaks for itself: ‘we rise by lifting others.’” Moojo launched the label with eight of his close friends in the industry, who he emphasizes are “more like family than friends.” Originally from France, and with Calamar Records headquar tered at Hong Kong, Moojo is now hoping to bring his record label’s house and indie music expertise to the UAE as well. “The UAE music market is growing step by step,” he says. “But, honestly, I believe it’s missing out on a lot of local talent, because I know there are quite a few, especially in the electronic music industry. The country has so much to offer, in my opinion, and I’m talking particularly about the nightlife industry.” Excerpts from a chat with Moojo: How have you been able to balance your passion for music and your responsibilities as the founder of Calamar Records? It’s a lot of work, but mostly, it’s also my passion. I feel like my “music label owner” title is fitting me well, but it’s also so interesting to discover new talents, help your friends on their projects, share ideas, and making people discover your world through your music and your label. I believe it’s a long-term vision, a form of storytelling. How similar, or different, are the processes of producing music and running a business? Music is my passion, but it’s a business too. My vision on this is that you should work with a team full of people that you trust. I don’t believe any business in the world is one that you can make by yourself- it’s team work, and there is always going to be someone better than you at something. So, you just need to be smart and patient. Could you describe the kind of artists you like to work with at your label? I like people with talent, but I especially appreciate people with ambition and charisma. You need to feel good in your sneakers, and be confident about yourself to make it as an artist. After all this, of course, musically, it’s important to have a signature sound- to sound different from others. Nothing is impossible, however. If you have a dream, you need to give it your 1000% if you want to make it. But as an artist, my dream is to collaborate with known names such as Jorja Smith, Burna Boy, and Drake in the future. I’m sure that if we mix something from our different musical universes, it can be dope. I already have so many ideas! How do you maintain an approach where you can stay true to yourself and the art you create? Honestly, I don’t look that much at what others do. I’ve always wanted to do music the way I love it, and if people like it, it’s simply a bonus. I don’t try to follow a trend or whatever. I believe you should follow your first intention. Besides, there is so much music released everywhere, every day, that you can’t really follow everything. So, just stay true to your art, and believe in yourself. S/Q&A IN CONVERSATION WITH MUSIC PRODUCER AND DJ JULIEN PASSERON, AKA MOOJO, FOUNDER, CALAMAR RECORDS DRIVEN BY PASSION 77 September 2022 / ENTREPRENEUR.COM /
78 / ENTREPRENEUR.COM / September 2022 TIMING IS EVERYTHING/ In business, timing is everything. Many people think timing is down to luck, but nothing could be further from the truth. If you can harness timing to your advantage, it is a critical success factor in terms of establishing sustainable operations and growing your startup. If you are considering whether it is the best time to start raising capital, it’s time to ask some direct questions: • Have you run out of cash to continue to self-fund your startup? • Are you reluctant to risk your personal assets, such as leveraging a home mortgage? • Are you looking to avoid additional risk by using new lines of credit? BOOTSTRAPPING/ Don’t just raise capital because you are a startup. It should be because you want to increase the value of the business and facilitate growth. Bootstrap ping may be a better option if you are already growing well from existing and projected revenue from your customers or clients. Cash from external investors may not be the best plan in this scenario, as they will dilute your equity stake. Bootstrapping also gives you time to build traction, gain higher valuation, and demonstrate growth. However, if bootstrapping is not an option, and it’s definitely time to raise funds, its important to make sure you are in a strong position to attract To Raise or Not To Raise? That is the Question A guide for entrepreneurs wondering whether it’s time to seek funds to grow their startups by SURAYA TURK A ccording to a recent survey, approximately 9 out of 10 business startups fail in the first year, and one of the most common reasons for this is a lack of funds. So, are you wondering whether it is the right time to raise funds for your startup? The answer will be different for every company. The first place to start is to ask yourself what you need the funds for, and then decide which funding option is most suitable for your business. If you’ve decided it might be the time to raise funds, then here is your guide to tackling the question of capital raising. Startup Finance S/
79 September 2022 / ENTREPRENEUR.COM / investors. Make them feel that they will be missing out if they do not invest in your startup. Consider raising funds when you are celebrating a business win or milestone that you can boast about to a potential investor. WHAT DO INVESTORS WANT TO SEE?/ Ready to start pitching to investors? Building a basic financial model for your startup is crucial. This model will provide a roadmap in terms of cash required for your next business milestone and future business targets. You will also be able to pinpoint your short- and long-term capital needs. Understanding your startup’s growth, projections, and legal structure, delivered in a punchy pitch, is also important. Investors will need to understand your vision, projected growth and opportunities, and legal structure they are investing in, delivered in a concise and engaging pitch that they won’t forget. CHOOSING THE RIGHT INVESTOR/ Investors provide a vital monetary injection, but they can also bring fresh ideas, concepts, and their unique life experiences to the table. Key questions to consider when choosing an investor include: • Can friends or family meet your funding requirements? • Do you need a more significant investment via formal series rounds? • Would your business benefit from a professional network, including legal and financial professionals as well as an inspirational mentor? • Does your investor provide opportunities for growth and expansion? Successful startups typically have a network of industry professionals they can reach out to in order to support them through the develop ment period. In the UAE, this includes investor communi ties, startup hubs and angel investors. Tapping into these resources will help you answer these questions and choose the right funding option for your startup. So, how can startups structure their raise? Here are a few options: FAMILY & FRIENDS Many startups look close to home by raising capital from family and friends. This funding route is pretty common in the early stages of a business startup, but it can also be an option in later stages. Your family and friends will be emotionally invested in you, and they are likely to value your success over any returns on their investment. However, making sure you give them a fair deal is important, as they are not professional investors. ANGEL INVESTORS Network ing will help you meet angel investors, who typically invest smaller amounts of capital into various startups. Angels will have different goals, possibly rapid growth or cutting-edge projects as well as risk-adjusted returns, particularly in the current economic climate. Focus on developing a demonstrable product or service, strong sup port team, and well-thought- out financial plan. INSTITUTIONAL VENTURE CAPITALISTS (VCs) Approach ing a venture capital fund may be the best option if you have left the seed round, and your business is still growing. VCs can provide a large-scale investment in exchange for an equivalent level of control in terms of your business. Attracting an experienced and visionary VC requires the ability to demonstrate rapid growth, traction and the potential for scalability. CORPORATE VENTURE CAPITALISTS/INVESTORS Many larger companies directly invest corporate funds into external startup companies. They operate in the same way as institutional VCs, but often tend to invest in companies they wish to acquire in the future. OVERSEAS VENTURE CAPITALISTS Seeking out international investment from the US, UK, and Europe can offer you limitless possibilities in terms of market size and capacity. This typically happens once you have moved past the development phase to the later stages of funding. A good approach here is to look at your future target market, and network with international investors in this industry. You also need to consider the difference in legal systems, particularly in terms of due diligence and business negotiations, as well as addressing cost and tax implica tions of a potential relocation to the VC’s country of origin. THE LAST WORD Raising capital is an exciting time for your business. Embrace this challenge as you take your business forward to its next stage of growth and development. When raising capital, you need to determine: • Current levels of risk • Growth projections • Structure of the raise • Investment terms and the level of investor control Critical to your success will be the ability to connect with the right professionals who can share your vision, and deliver the right type of expertise. Suraya Turk is the Managing Partner of Legal Circle, a UAE-based law firm uniquely positioning itself as a frontrunner in the area of technology in the vital sectors. Legal Circle provides startups, SMEs, multinational companies, and government entities with practical and innovative legal and commercial solutions to navigate and develop the regulatory landscape. As a former Managing Director of international and local law firms in the UAE, and prior to that as an Australian qualified lawyer, Suraya has led law firms and legal specialist teams. She is currently leading and cementing Legal Circle’s strong reputation for being an agile, nimble, adaptive, and innovative law firm which provides practical legal and innovative commercial solutions for clients. legalcircle.co NETWORKING WILL HELP YOU MEET ANGEL INVESTORS, WHO TYPICALLY INVEST SMALLER AMOUNTS OF CAPITAL INTO VARIOUS STARTUPS. ANGELS WILL HAVE DIFFERENT GOALS, POSSIBLY RAPID GROWTH OR CUTTING- EDGE PROJECTS AS WELL AS RISK-ADJUSTED RETURNS, PARTICULARLY IN THE CURRENT ECONOMIC CLIMATE.
80 / ENTREPRENEUR.COM / September 2022 U AE-based online store management platform Dukkantek has raised US$10 million in a pre-Series A funding round led by Dubai-based venture capital firm BECO Capital. The round also saw the participa tion of California-headquartered early-stage venture capital fund Rocketship, as well as London-based early-stage technology venture fund Colle Capital, with other strategic investors in the round including Comma Capital, AMK Investment Office, Chaos Ventures, and Wamda Capital. A platform that launched in the midst of the COVID-19 crisis in January 2021, Dukkantek’s ultimate mission is to help traditional merchants ease into the process of building a digital presence. “Our aim was to provide smaller businesses with the opportunity to facilitate online ordering and digital payments,” says Sanad Yaghi, who co-founded Dukkantek along with co-founders Shadi Joulani and Ali Alsayegh. “The types of small and medium enterprises (SMEs) that we focus on were late adopters of e-com merce solutions- it wasn’t until the pandemic that these merchants were even open to the idea of having a digital presence. However, once the significance and value of e-commerce was clear, it was up to us to deliver a solution that would be simple and effective.” The Dukkantek platform offers advanced in-store boxes fitted with a point-of-sale system that can be accessed online by merchants from anywhere in the world. Its cloud-hosted software also enables easy tracking of transactions, monitoring of sales, and generating of reports, amongst other offerings. “However, providing the technology is one thing; driving end consumer engagement is another,” Yaghi adds. “As we continue to expand our product offerings, we have prioritized automated marketing tools and other in novative solutions to aid our merchants in utilizing e-commerce channels not just for retention but also for growth.” This round of funds marks the second round of investment this year for the platform. In March of this year, the firm had raised a seed round of $5.2 million, which played a pivotal role in catalyzing its expansion into Kuwait, Qatar, Bahrain, Saudi Arabia, Oman, and Turkey. With the new infusion of capital, Yaghi and his team have two major goals in sight for Dukkantek. “The first is to continue to provide value through innovative product improvements and solutions, and the second is to realize our global ambitions and become the world’s market leader for empowering SMEs in the digital world,” he says. The Dukkantek co-founders admit to not having it easy along their fundrais ing journey, but they were helped in the fact that their venture had started out as an entirely bootstrapped enterprise in its pre-seed stage. “The challenges we faced in this fundraise were driven by externalities, the main externalities being the economic climate,” Yaghi explains. “Conversations were dramati cally different to those in our seed round, with greater focus on margin optimization strategies, rather than the growth-at-all-costs mentality that reigned for the prior years. However, due to our bootstrapped history, we were well prepared for the deep strategic questions that challenged our structure, our go-to-market strategy and our ability to sustain similar levels of growth from a larger base.” This reflects how Yaghi and his fellow co-founders look back at the initial phase of their journey- and it is a learning curve that other budding entrepreneurs may find worth gleaning from. “Bootstrapping our pre-seed period was critical to the overall success that we’ve had to date!” Yaghi says. “It led us to have to really prioritize our resource allocation, drive sustainable growth and be very aware of churn, among many other things. These first principal pillars meant that even in an economic downturn we were an investable business with high growth and healthy margins.” UAE-based Dukkantek secures US$10 Million in a pre-Series A funding round to further its mission of digitally empowering SMEs in the MENA region by AALIA MEHREEN AHMED IMAGE COURTESY DUKKANTEK “We Got Funded!” ← DUKKANTEK CO-FOUNDERS Ali Alsayegh, Sanad Yaghi, and Shadi Joulani S/Startup Finance