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january 2016 | www.entrepreneur.com/me | QAR15 january 2016 CONTENTS

33 Dr. R. Seetharaman

22 • Bader Abdullah • John Mullins • Genny Ghanimeh • H.E. Sheikh Mohammed innovator: Al-Darwish • Ali Haidary • Camilla d’Abo and Bin Essa Al-Khalifa THE EXECUTIVE • Arya H. Bolurfrushan • Nasser Sraiya Al-Kaabi Lucy d’Abo • Dr. S. Thomas Emerson SUMMARY (REALLY) • Mohammed Abdul • Maha Abouelenein • James Reynolds • Shahriar Khodjasteh IN CONVERSATION Rahim Al Fahim • Raouf S. Ghali • Martin Braddock • Ethan Koh WITH 107 OPINION • Wissam Al Mana • Sharene Lee • Salina Handa • Roshni Shewakramani SHAPERS OF • Suhail Algosaibi • Hassan Al Hazeem • H.E. Sheikha Bodour • Dr. R. Seetharaman COMMERCE, • Sobhi Batterjee • Dr. Kieran Mervyn Bint Sultan Al Qasimi • Amir Farha GOVERNMENT AND • Ali Hashemi • Jumana Twal • Julia A. Stewart • Samih Toukan INDUSTRY • Loulou Khazen Baz • HRH Prince Khaled Bin • Clare Woodcraft • Carlos Domingo START 2016 WITH • Marianna Boguslavsky Alwaleed Bin Talal • Nisreen Shocair • Abed Bibi THOUGHT LEADERSHIP • Sunil John • William Clay Ford Jr. • H.E. Noura Al Kaabi • Farhan Al Jarba CULLED FROM THE • Jean-Francois Manzoni • Alexander McNabb • Ronnie Dabbasi • Imad Atwi REGION’S MOST AGILE • Hazel Jackson • Tamara Bullock • Rasool Hujair • Guy Deslandes MINDS TO TAKE YOUR • M. Vasanth Kumar • Sami Khoreibi • Yusuffali M.A. • Haneen Dabain BUSINESS TO THE NEXT • Mark Sephton • Jelena Jakovlijevic • HRH Princess Reema • Beschir Hussain LEVEL • Badr Jafar Bin Drai Bint Bandar Al Saud • Nickhil Jakatdar • Simon Hudson • Samar Nabulsi Abdul • Umberto Maria Cini • Rula Galayini • Andre Hattingh • James Caan Majeed • Mahir Ali • Juan José de la Torre • Dr. Mohammed Al • Octavia Nasr • Dana Khairallah • Omar Hikal • Tony Hchaime Zarooni • Rahul Dhadphale • H.H. Sheikh Maktoum • Dipesh Depala and • Ramanathan Hariharan • Masood Mahmood • Lama Bazzari Bin Hasher Al Maktoum Ayman Fakoussa • Dr. Melodena Stephens • Sami Al Mufleh • Zeina El Dana • Dr. Shamsheer Vayalil • Dany Farha Balakrishnan • Omar Christidis • Robert Carroll Parambath • Alexander Rauser • Salma El-Shurafa and • Dr. Fred Moavenzadeh • Imad Ghandour • Ali Al Amine • James Dyson Veronique Ademar • Evgeny Kuzin • Lovrenc Kessler • Dr. Maher Hakim • Nathalie Haddad • Hasan Haider • Yogesh Mehta • Afiya Khaled • Moutaz Al Khayyat • Sahar Madanat • Dr. Rainer Behne • Ahmed Bin Shafar • Arva Ahmed • Ramez Mohamed • Khalifa Saleh Al Haroon • Dr. Adnan Chilwan

january 2016 Entrepreneur 3

Q70 Qatar Today English FP 20.5X27.indd 1 8/19/15 3:37 PM CONTENTS january 2016

16 Mudassir Sheikha and Magnus Olsson, co-founders, Careem

72 86 TECH: CULTURE: THE FIX TRAPPINGS Share All the Music, The future is… here ‘Trep gear Ten technology trends that The executive selection for the (might) change our world in entrepreneur on your list that Spread the Joy. 2016. From artificially intelligent has everything. Okay, maybe for a everything to algorithmic little self-reward as well. Connect with your music. personality diagnosis, tech and the application of that tech, is 82 And keep your favourite music with you at all times. changing quicker than you can CULTURE: Yamaha’s new network features make music imagine. LIFE 16 98 Business book rundown an even more integral part of your lifestyle. INNOVATOR: START IT UP: 76 Amal Chaaban reviews a few Full speed ahead STARTUP FINANCE ‘TREPONOMICS: business books for you before Careem co-founders Mudassir Making your resources last ASK A PRO you hit the bestseller aisle. Sheikha and Magnus Olsson Owais Dilawer explains four Growing pains It’s true that not all executive on surging forward with ways to decrease your venture’s Addressing succession planning material is created equally. growth plans, staying true to burn rate- this may come in in the context of a family its founding values, and being handy when potential investors business, and all the reasons why 66 awesome. are checking out your books. you might need outside help. CULTURE: LIFE 100 70 64 Get focused for the year ahead! START IT UP: TECH: ‘TREPONOMICS: Leap into 2016 with a clear mind, Q + A SHINY MARKETING and that means getting organized Bringing the best out of the #TamTalksTech Setting your enterprise on a at the most basic level- your GCC Gadgets and doodads that you growth trajectory stuff. Fouz Al-Sabah’s Kuwait-based might’ve missed out on, sourced Nicola Mendelsohn, Facebook’s Khaleejesque is more than a by a tech aficionado. Yes, it’s EMEA Vice President, talks 12 magazine, it’s a startup that is okay to want them all… and no, about how the platform can help EDITOR’S NOTE seeing growth year over year. it’s not our fault. your small businesses scale up. By Fida Z. Chaaban

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4 Entrepreneur january 2016 SUBSCRIBE EDITOR IN CHIEF Fida Z. Chaaban [email protected] Contact [email protected] to receive MANAGING DIRECTOR Walid Zok [email protected] Entrepreneur Middle East every issue DIRECTOR Rabih Najm [email protected] DIRECTOR Wissam Younane [email protected] PUBLISHER Nehme Abouzeid MANAGING EDITOR Aby Sam Thomas CREATIVE LEAD Odette Kahwagi PO Box 502511 Dubai, United Arab Emirates ONLINE LIAISON Kareem Chehayeb P +971 4 4200 506 | F +971 4 4200 196 COLUMNIST Pamella de Leon For all commercial enquiries related to COLUMNIST Tamara Clarke Entrepreneur Middle East contact COLUMNIST Shoug Al Nafisi [email protected] EVENTS LIAISON Mark Anthony Monzon

CONTRIBUTING WRITERS All rights reserved © 2016. Opinions expressed are solely those of the contributors. Lama Ataya Rani Nasr Entrepreneur Middle East and all subsidiary publications in Abdulla Barakji Soukaina Rachidi the MENA region are officially licensed exclusively to BNC Amal Chaaban May Rostom Publishing in the MENA region by Entrepreneur Media Inc. James Clear Yousef ElSammaa No part of this magazine may be reproduced or transmitted Owais Dilawer Mark Sephton in any form or by any means without written permission of Shelina Jokhiya Dr. Per Stenius the publisher. Ross McCammon Erika Widen

Images used in Entrepreneur Middle East are credited when necessary. Attributed use of Printed by Raidy Emirates Printing Group LLC copyrighted images with permission. All images not credited otherwise Shutterstock. www.raidy.com

In addition to our print edition, we’re bringing you all sorts of industry news on our web mediums. Joining us online means getting relevant business and startup content in real-time, so you’re hearing about the latest developments MIDDLE EAST as soon as we do. We’re looking forward to interacting with our readers on Access fresh content daily on our website! all of our social media and web platforms- like any thriving business, we’re looking to give and take. #TrepTalkME is already happening on all of our digi www.entrepreneur.com/me platforms, and all good conversations go both ways. See you on the web!

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6 Entrepreneur january 2016 EDITOR’S NOTE

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8 Entrepreneur january 2016

Entrepreneur_Magazine_ATS_CTS_121215.indd 1 12/15/15 1:25 PM INNOVATOR

and Sheikha claiming the board as an potential magnitude of their investor.” venture justifies the amount For those of of funding made in the same. us watching After all, Careem had seen the on-demand month-on-month growth of industry in the over 30% in its core mar- Middle East, kets in the last three years- the sheer size and so when they began of Careem’s their latest funding round, latest funding the co-founders were clear round (and, on wanting a substantial of course, the investment to further scale value that the Careem up. “If you look at Abraaj name our peers in other markets, by itself will they are raising hundreds bring to the and hundreds of millions of brand) has Mudassir Sheikha and dollars,” Sheikha says. “So, caused us to Magnus Olsson, co-founders, Careem at that point, we said, let’s take a renewed look for an investor that interest in has that kind of financial the company’s rivalry with origin was: let’s find a local “If you look at capability to come on board, fellow car-booking service problem, and solve that local write a big check, and also Uber, which started opera- problem. That’s where we how we started write even bigger checks in tions in this region in 2013. started. Since we were con- the future if required, so as It is perhaps ironic then sultants [with McKinsey at the business three to basically grow into the that Careem has often been that point of time], we were years ago- when we massive opportunity that referred to as the Uber of constantly traveling, [and] Since its establishment in this [enterprise] presents. the Middle East, a descrip- the problem [we settled on started, we didn’t Dubai in 2012, Careem has And that’s where Abraaj tion, which, while helpful fixing] was transportation.” say, let’s see what’s seen its business grow at a came on the map- they are in increasing exposure and Sheikha explains how rather rapid pace- it today one of the few people in this awareness, both Sheikha Careem started off as a happening in the has a presence in more than region who can write these and Olsson don’t seem to corporate-focused website rest of the world 20 cities spread across the kinds of checks. And not be entirely comfortable that would allow people to Middle East, and now, Af- only can they write the big with. “To be honest, I feel pre-book vehicles to take and bring it to the rica and Asia as well. (That checks, they are also quite it undermines a lot of what them to their required Middle East. Our pretty much explains why connected in the region. So we are doing,” Sheikha says. destinations- the company Careem was declared the when we looked at our next “This is my personal feeling. eventually moved to target- origin was: let’s find Fastest Growing Enterprise big markets –after Saudi Because if you look at how ing the general public with at Entrepreneur Middle Arabia, we were looking at we started the business its service, but even then, a local problem, Careem co-founders Mudassir Sheikha and Magnus Olsson on surging East’s 2015 Enterprise Agil- Egypt and Pakistan- and three years ago- when we the idea was to do it in a and solve that local forward with growth plans, staying true to its founding values, and ity Awards.) In November Abraaj is quite strong in started, we didn’t say, let’s way that made sense for last year, Careem secured both of these markets. So see what’s happening in the this particular region. “So problem.” being awesome By Aby Sam Thomas a Series C investment of that reinforced the value rest of the world and bring the whole operating model US$60 million with The that they would bring on it to the Middle East. Our that provides this service be in other markets- people Abraaj Group as the lead is quite different,” Sheikha take them for granted. So n the spirit of full disclosure, I must admit that I walked into my interview investor- this third round of declares. “We have call cen- when people say Careem is with Careem co-founders Magnus Olsson and Mudassir Sheikha with funding follows investments ters, for example, that not the Uber of the Middle East, a view to somehow rile them up- please note that this was not because made by other entities like only support the customer, it doesn’t recognize how Al Tayyar Travel Group, STC but support the captain as we started and the whole I had a personal vendetta against them, but more because I wanted to Ventures, BECO Capital, well- because we believe mindset that we have of Isee if I could get them to be anything other than the remarkably consistent Impulse, Lumia Capital that to offer a reliable and solving local problems- it and Wamda Capital. While accessible service in these sounds like we’re copying media portrayal of them as being, well, just really likeable personalities. But getting Abraaj –which man- markets, you need that abil- something, which is not re- barely a few minutes into my conversation with the two entrepreneurs, I ages $9 billion in assets ity. We realized that maps in ally what we have done, and realized that my attempts at rustling them up would be to no avail- I found around the world- to back this region are not accurate- which is not the way that we the Careem enterprise is an so we actually built our operate internally. Because Olsson and Sheikha to be, quite simply, just really nice folk, whose pervasive Careem achievement by itself, it’s captains are own maps. We spent a tre- if we copy someone, then we belief in the notion of being careem –Arabic for generous- governing also worth noting that the tasked with mendous amount of time in don’t think we’ll succeed- investment is one of the delivering a training and coaching these we won’t win. You cannot how they interact with others around them, and also how they run their great customer largest ones of its kind seen experience captains, who may not be as do something better than eponymous startup enterprise, the car-booking service, Careem. in this region, with Olsson sophisticated as they might someone else who came up >>>

10 Entrepreneur january 2016 january 2016 Entrepreneur 11 INNOVATOR

Start up like a pro aspect of it is quite stellar. “From day one, there as being just a job. “At Careem has also placed a lot the end of the day, we need Mudassir Sheikha and Magnus Olsson of importance on providing everyone at Careem our people to be part of our Careem co-founders offer tips and tricks for those excellent customer service- has stock options- success,” Olsson explains. of you with the entrepreneurial itch Olsson says he wanted to “So, at Careem, from day blow people’s minds with from the most senior one, everyone at Careem 1. “Solve local problems.” customers- and exceed their what the company offered team to the most has stock options- from the Focus on solving problems expectations. If you can do that, in this respect. “Customer most senior team to the specific to where you are then that’s amazing. service in this region is junior person... It most junior person, everyone located, instead of trying to somewhere between terrible is our way to kind has stock options. It is our copy other enterprises may 6. “Stay incredibly lean and non-existing,” he says. way to kind of actually say be doing in other parts of the and bootstrap.” “It’s because people are not of actually say everyone here is an owner. world. Not only will it allow you to live empowered, not trained- it’s everyone here is an It is one of our core values longer before you need capital, not their fault; it is what it owner.” as well. So that’s what we Careem had seen gether and decided to focus 2. “Hire awesome, but it forces you to do the right is. And so we said, we want are trying to do. This is the on building something that awesome, awesome, thing, forces you to focus, to set a completely new bar.” mission of Careem: it has month-on-month would solve an actual local awesome people.” forces you to prioritize. Careem’s captains are the door for you, does not always been there with us, growth of over 30% in problem. As consultants Make your people part of your another factor in how it make you comfortable in to do something meaningful its core markets in the who traveled a lot in this business’ journey; make them 7. “Find people who has managed to stand out the car, then everything else and big. Recently, we re- region, Olsson and Sheikha part of its success as well. can bring in more than as a startup enterprise- the is immaterial. And if he’s articulated our mission, and last three years- and had seen, firsthand, the dif- money.” company has invested a lot makes it meaningful for us,” not happy, then he cannot it is to simplify and improve so when they began ficulties of getting around in 3. “Stay focused and When looking for investors, in training and educating all Sheikha explains. “And at deliver amazing service. So the lives of people, and to the cities they were posted agile.” look for ones who can provide of the captains with them, the same time, a happy cap- we recognize it is business as build an awesome organiza- their latest funding in –problems ranged from Keep your eye on building one you with smart money- they and the results are there for tain makes a happy custom- critical as well to make sure tion that inspires. If we can round, the co-founders unreliable service times to profitable business, instead of should be as committed to everyone to see. Sheikha says er. So the thing is it’s very that we look after them and inspire our customers, our were clear on wanting chauffeurs (or as Careem dabbling in a variety of them growing the business as you that given the unfortunate good for business as well. keep them happy, for them captains, our colleagues, calls them, captains) who and losing your focus. are. way this workforce has often These people are, by the way, to deliver the kind of service but also outside in our a substantial invest- simply didn’t know where been treated (and regarded) the single most important that we want delivered to ecosystem –that’s what we ment to further scale to go- and after quite some 4. “Iterate like crazy.” 8. “When raising funds, in this region so far, Careem factor in the quality of ser- our customers.” are quite excited about, get- Careem up. review and consideration Be receptive to customer start early.” made it a priority to impact vice you get: the app would As for being careem to ting involved in the broader of other potential business feedback, and utilize it to build Build a relationship with their lives in a better man- be super amazing, and the their colleagues at Careem, ecosystem as well- if Careem opportunities, the two en- a better version of what you investors even before you need ner- and this made sound cars will be very, very nice as Olsson and Sheikha say they can be something that in- with this thing, right. So we trepreneurs zeroed in on this may have originally envisioned. the money- this will help you business sense as well. “It is well, but if the captain does wanted whoever worked at spires someone to go out and believe that the reason we particular issue and how it shape the product and business a deeply held passion to help not give good service, doesn’t the company to feel empow- do something cool, that’s have done so well is because could be fixed. It’s interest- 5. “Do what you do really, you’re building, and this will improve their lives; it’s what treat you well, doesn’t open ered, and not see their work awesome.” >>> we have always focused on ing to note that the two really well.” Deliver give them the opportunity to solving local problems, and co-founders claim to have on what you promise your see you in action as well. the way we will win in the not been focusing on just future is again [by] focusing the business potential when on solving local problems, they thought of Careem- as opposed to trying to see they were very emphatic on what others are doing and wanting to create a bigger copy them for these mar- impact with whatever it is kets.” that they developed for the Careem’s origin story region. began when both Olsson “We wanted to build and Sheikha had reached a an institution,” Olsson point in both their lives and remembers. “We wanted to careers where they felt the build something that can so-called entrepreneurial be big, and something that itch- while Olsson had, at can be meaningful. Let’s the time, just gone through create meaning in how we surgery to fix a brain do things. So that’s why aneurysm and was then we said: we wanted to be deliver really, really awe- drives all of what Careem looking to “find his purpose careem to our customers, we some products and services. has done, and continues in life,” Sheikha was want- wanted to be careem to our Because we feel there’s not to do, in the Middle East. ing to move away from his captains, and we wanted to a lot of such place here, we For instance, with respect career as a consultant and be careem to our colleagues. wanted to set the bar really to customers, Careem has do something different and In short, on the customer high, and deliver excellence.” built a sturdy app that is more “meaningful” instead. side, we wanted to build According to Olsson, this easy and convenient to The two then banded to- an organization that can mission statement basically work with- the technology

12 Entrepreneur january 2016 january 2016 Entrepreneur 13 INNOVATOR

even. So it’s still in that logistics was on show when journey to build scale until it delivered Christmas trees this breaks even. So yeah, a around Dubai during the couple more years is what holiday season last year, and we expect.” plans are afoot on utilizing To give the enterprise its Careem’s fleet of vehicles due, Careem certainly does and captains to collect cash not seem to be taking things payments from customers of slow in its roadmap to e-commerce enterprises in breaking even. Sheikha and the region. The road ahead Olsson reveal that further for Careem thus looks to be expansion is on the cards- one filled with a lot of prom- this includes increasing ise and opportunity- and their presence in markets with the likes of Sheikha Careem is already in (cities and Olsson at its helm, this like Dubai, Jeddah, Riyadh enterprise seems to be set In November last year, a look at the long-term and Cairo), and also intro- for a smooth ride ahead. Careem secured a Series success of this venture.” ducing its service to smaller Olsson also points toward cities in these countries C investment of US$60 the nature of the industry as well. “We are realizing By the numbers The Careem timeline million with The Abraaj they work in: “If you just there’s an opportunity in the Group as the lead investor- look at the economics of the second-tier cities,” Sheikha July 2012 Careem is launched by this third round of funding business, it is a low-margin explains. “For example, re- co-founders Mudassir Sheikha and follows investments made business. So, essentially, cently we opened in Mecca, Magnus Olsson you need to have quite a Medina, Jubail; these are September 2013 Careem secures by other entities like Al lot of scale for you to break the next tier cities in Saudi funding of $1.7 million in a round Tayyar Travel Group, STC even. And that scale will not Arabia. Similarly, there are led by STC Ventures Ventures, BECO Capital, happen overnight, but you some big cities that are still December 2014 Careem secures Impulse, Lumia Capital and need to get there fast. And missing or quite small in our funding of $10 million in a round so that’s why we are com- roadmap- so, for instance, led by Al Tayyar Travel Group and Wamda Capital. pletely crazy, gung-ho about we are making a big push in STC Ventures growing. So that at some Pakistan; Karachi, Lahore January 2015 Careem acquires As Olsson and Sheikha told point we reach a scale where are on the roadmap. We just Saudi Arabia-based home delivery me about all of the prin- we can fund ourselves- this launched in Lahore; we’re in service Enwani; its CEO Abdullah ciples and goals of Careem, will be great. But until we the process of launching in Elyas joins Careem as co-founder I couldn’t help but wonder get there, we’ll need help Karachi in a big way now.” November 2015 Careen secures about the materialistic part from external investors, Also on Careem’s agenda funding of $60 million in a round of it all: shouldn’t making which means that you need is to broaden its offerings led by The Abraaj Group money have been a priority to be both mindful of your in terms of its services. too when laying out the spending, and you need the “There’s an opportunity company’s ambitions? support from investors. So to do more things with “There is a fundamental be- you need to keep them ex- this platform- that lief [we have] that if we do cited. So, of course, we care is, we are currently the right thing, then money about the path to becoming moving people; we can is a byproduct,” Sheikha self-sustainable, where we start moving things as replies. “The focus is not on can generate our own means well,” he says. “And money- the focus is on im- to go where we want to go. while that is not a big pacting the lives of people, Once we get there, this will priority at this time, we and building an awesome or- bring money for the employ- recognize that we need ganization that inspires. And ees, for the investors, for ev- to start learning about if we get there, other things eryone- but it’s in that kind those opportunities will follow- shareholders of perspective.” So when as well. So there’s a will make money, people do the co-founders think Ca- product development here will make money- we’ll reem will break-even? “The expansion, coming up be fine. But let’s not focus on business plan always had a with new products and money. It’s the wrong focus- multi-year journey to break- services that leverage it makes you do things that ing even,” Sheikha says. the infrastructure that’s are short-term, it makes you “In the current [scenario], already been built.” do things that are not right. we’ll probably need funding Careem has begun The focus has to be on doing for another couple of years work on this front the right thing, and taking before the business breaks already- its potential in

14 Entrepreneur january 2016 innovator

ADVOCATING AGILITY H.E. Sheikha al-zain sabah al-naser al-sabah is fighting the good fight The Under Secretary of the Ministry of State for Youth Affairs won’t let the country’s entrepreneurs go it alone

By Fida Chaaban

ou have to have skin in the game. The reason that we’re seeing a lot of government “ consultants coming to the region and then little-to-no change is because they don’t have skin in the game. They’re contracted by these governments, they consult, and then they go home. They aren’t part of the implementation process- and that self- interest to make sure it happens isn’t there. If you don’t have a vested interest in seeing this work through, all these recommendations come to nothing.” This is Kuwait’s Under Secretary ofY the Ministry of State for Youth Affairs H.E. Sheikha Al-Zain, and she does have skin in the game. The game she’s talking about –building an entrepreneurial ecosystem- isn’t a spectator sport. You’re either all about kickstarting Kuwait’s economy –from a grassroots level- or you’re not on her team, and you never will be. You’ll even become persona non grata, and she won’t be deterred from calling you out for what she considers your inaction, no matter who you are. “We have the largest SME fund now in the world; the mandate came out about two years ago. They haven’t done any- thing yet with it, and that’s the problem. I can sit and draw up strategies and action plans and then mood board it all and make it look beautiful, but if I don’t action it, then what’s the point?” >>>

16 Entrepreneur januarynovembe 2016r 2015 novemberjanuary 20152016 EEntrntrepreneurepreneur 17 innovator

There is always a question you who don’t know – and I we’ve managed to find a loca- that hangs in the sidelines for say this from experience- those The idea is that an entre- tion, and as much as possible our readers when we cover a born to extreme privilege are al- “ government brings in recruit the best team who were figure of government who is most never apologetic, and they creatives, entrepreneurs, all willing to leave the private also often of a royal bloodline. are also almost never breathless sector and come to the public I’m sure that same question is with overwork and/or overex- people from the private sector, sector to help Kuwait.” on your mind now: “Did she tension of resources.) So, when who can leverage limited Al-Sabah is shouldering an interview Al-Zain because she’s you read the rest of this feature immense responsibility to really a Sheikha, and they were after interview that was six months resources to invigorate and deliver on her promises, since a glitzy, high-profile cover?” in the making, you’re going to disrupt an immobile system. “ the Ministry of State for Youth The answer is no. I aggressively have to trust me when I say that Affairs is the youngest in the pursued this interview with being on the cover of Entrepre- in the U.S., Al-Sabah came back fairs currently employs a team Kuwait government. The Under H.E. Sheikha Al-Zain Sabah neur Middle East means that to Kuwait and dealt with this of 82, but they started off in Secretary now has to continue Al-Naser Al-Sabah because this person has the guts (with governmental quagmire first- one room as a meagre team of to demonstrate that it is in fact she’s forthright and outspoken, often little or no glory to speak hand. “I went to the Ministry of three. “I literally had to sell this needed, and more than needed, genuinely experienced in entre- of), and has captured my atten- Information to apply for a job in Ministry to people. This is your it’s actually going to be effective preneurship in both personal tion because of her actions (not 1997. After years in Boston and service to your country- if you despite the fact that she has and professional capacities, just talk). New York, coming home was a have something to give, come developed a highly unorthodox Al-Sabah is a shock. Staying in the Ministry give it here. I wanted to infuse formula, and she’s pretty much charismatic for a year and a half taught me new spirit by bringing in fresh doing everything differently and compelling what needed to be fixed, what graduates. Come serve your than anyone in the existing gov- speaker (pos- it was like to be stuck in the country then migrate back to ernment sectors is even familiar sibly stem- system, how frustrating it was private sector. I was pitching it with. She had to fight for this all ming from her waiting a week for a stamp on to everyone- that was my hard to materialize, and that’s no se- Sheikha Al-Zain Al-Sabah speaking at the 8th MIT Pan Arab Conference in Kuwait. Her Excellency also acted as a judge for the Startup Track competition. professional some document, and seeing all sell. The Kuwaiti government is cret. “I think we’ve gained quite background as a of the red tape. That on-the-job trying to get people to go to the a lot of traction- young men and badges, to come to work makes build this country.” Al-Sabah’s broadcast jour- training was invaluable,” and it private sector, since upwards of women have joined this Minis- me proud and happy because team “preaches” according to “I literally nalist working later helped her devise the Ku- 80% are employed in the gov- try from the private sector. The it means that they are sold on her, and I was able to verify with the likes of waiti entre-government schema ernment. This cradle to grave average age is 25 here and it’s our concept. That gives me the that they are in fact supremely had to sell Peter Jennings, that’s now being actioned. mentality is really pervasive a startup in every way, shape, visual that I want- where I see evangelical in their zeal for this this Ministry Editor-in-Chief Fida Chaaban interviewing Sheikha Al-Zain and later as an “This Ministry is the perfect here.” She sees the Ministry as and form. The fact that we have this mobilized army of people Ministry to work- a lot of this at the Ministry for Youth Affairs in Kuwait. entrepreneurial example of the pilot of an entre- a full-on startup since it was people that wear our logo, our that are doing all they can to passion, according to Al-Zain, to people. and because she is currently indie filmmaker and producer) government. Do more with less! established from nothing, and was born from the anger and This is your (legitimately) working herself but I’ve met lots of those, and We have budget constraints, Minister of Information and hopelessness stemming from and her team at the Ministry speaking doesn’t mean that you and Kuwait is finally, with the Minister of State for Youth THE NATIONAL YOUTH entrepreneurs need development the inertia of the intractable service into a frenzy trying to support are actually doing something. establishment of this Min- Affairs H.E. Sheikh Salman SURVEY OF KUWAIT of “infrastructure, mentorship, Kuwaiti establishment. A lack and strengthen the small but What she is doing is called an istry, starting to understand Sabah Al-Salem Al-Homoud www.youth.gov.kw even healthcare. Access is limited. of prospects, a bevy of wasted to your determined Kuwaiti entrepre- “entre-government,” and it’s that youth is the new oil. To Al-Sabah charged Al-Zain with “What we’re doing today is start- [The Ministry] bridges relation- young talent, and just seeing country- if neurial ecosystem. She’s not a term she coined during a propel the system forward, you recruiting a team, setting out ing from a solid base line of in- ships; we have a department no place for bigger dreams and big on personal publicity, and speaking engagement in Spain need to inject energy. Nobody Ministerial directives and the formation. It’s a whole ecosystem called Business Pioneers Rayidat innovative thinking -as clichéd you have she doesn’t leverage her family to describe what her Minis- knows how to do it better and path to turning those directives that we need to develop. What’s Al-Aaaml, and their job is to as that might sound- served as a something name -quite the opposite, as try does. “The idea is that an do it with less resources, than into tangible successes, and more important is now that I’ll create this ecosystem. We based catalyst, lighting a fire under Al- you’ll see later- since being a entre-government brings in entrepreneurs and people even finding a physical space have the data, what am I going to our departments on a lifecycle Sabah and her millennials. to give, come royal is often a double-edged creatives, entrepreneurs, people that have worked in startups, for them to work out of. “We’ve do with it? We’re going to develop approach –it’s very out of the box This same waste of talent and give it here. sword. Frankly, she’s so busy from the private sector, who SMEs, and fresh grads.” The been in operation for a year and a holistic national youth policy, for government- we have the pro- lack of innovative avenues and advocating for the advancement can leverage limited resources Ministry of State for Youth Af- nine months, and hamdulillah, and anyone that wants to work ject sector and the development channels of modern industry I wanted and strengthening of youth to invigorate and disrupt an with youth will have to abide by sector.” She admits that they have hits the Middle East right where potential that at the time of immobile system. Government this.” What Al-Sabah means by bitten off more than they can it hurts most: in the pocket- to infuse this interview at the Ministry in systems are built to stagnate,” “holistic” is that all governmental chew, and says that “the other book. It actually robs the region new spirit Kuwait City, she dashed into the says Al-Sabah. Anyone who has and nongovernmental entities Ministries are not doing their of financial leaps forward in room breathless and apologetic dealt with the bureaucratic red that intersect with youth in any jobs- from health to education terms of opportunity cost, and by bringing for her lateness. (For those of tape of governments that count way will be part of this process to the Ministry of Islamic Affairs. it also makes dangerous and in fresh national resources as the base to try and meet the myriad spec- If they were, we wouldn’t have detrimental alternatives seem “What we’re doing (and often the sole driver) of trum of needs of Kuwait young seen recruits going to Daesh.” Al- like viable ones. Al-Zain is graduates.” today is starting from their respective economies has, people. The goal? To give people Sabah admits that pitching this determined to stem the flood, a solid base line of with certainty, faced a myriad of with potential avenues to realize concept of her entre-government and she says this is exactly why glamorous the way ISIS have information. [...] We’re unnecessary blockages, frustra- it to the fullest, to address and was extremely difficult- the Kuwait must be proactive in marketed this idea.” One step going to develop a tions with archaic and irrele- improve upon weaknesses, and existing government entities approach: “ISIS has built the in her fight against preventing holistic national vant rules, and has likely stared to eventually foster an economic and governmental structuring ultimate brand. The reason they more onboarding of recruits to youth policy, and a stubborn and myopic public climate that champions vibrancy elements didn’t “understand it all. have penetrated so well with what is now arguably consid- anyone that wants to servant in the face at least once. and combats economic inertia. When I pitched it, it wasn’t even this brand is the disenfran- ered the MENA region’s biggest work with youth will After producing content and According to Al-Sabah, Kuwaiti like, ‘What?” It was like, ‘No.’” chisement that youth across problem? A two-tier initiative have to abide by this.” scripts for ABC during her time the [MENA] region feel. It’s so that begins with a nationwide >>>

18 Entrepreneur january 2016 january 2016 Entrepreneur 19 innovator

youth survey and followed by PERSISTANCE IN ALL the development of a compre- THINGS PAYS DIVIDENDS hensive youth policy based IN RESULTS on the results of the collected GET TO KNOW research. The youth survey AL-ZAIN AL-SABAH has a six-month timeline of execution, and the development “Perceptions before the war of the national youth policy is and after the war were differ- slotted to take an additional ent. Before the war, it was that six months post data analysis. I you were part of the enclosed tell Al-Sabah that it sounds like network- you were expected a very ambitious timeline for to finish high school, maybe EXCEED EXPECTATIONS. such a large scale undertaking, college, then get married.” This, DRIVE A BRAND NEW CADILLAC. but she is emphatic and will not according to Al-Sabah, is what by volunteering while constantly really good things here, was be deterred: “We don’t have the mindset she was dealing with haranguing them to put her in that they put us through a really luxury of being anything but when she broke the news to her school. Her persistence paid off, intensive scrutiny process. It ambitious! A lot of people ask if family that she’d be pursuing and she finished high school in was quite objective, otherwise I have a kamikaze streak in me. film school after her success- London, later attending Boston they wouldn’t have given it to I do, because at this time we ful period as a journalist. This University’s School of Journal- me. I went to USC, and got my don’t have any other option. We led to her first entrepreneurial ism. film degree.” can’t and won’t move forward endeavor, co-founding Eagle During her career in New York, Film is a very difficult space with anything to do with youth, Vision Media Group KSCC, and she met one of her personal to break into professionally, especially with all of these served at the company’s helm goals: structuring the global and Al-Sabah struggled just like factors in play –ISIS, drugs- as Chairperson and Managing narrative about the Middle other entrepreneurs to gather without the accurate data and Director. East. “When Peter Jennings investors: “I didn’t have a safety structure to do so.” Al-Sabah could have been a would send me a story about net. There was more at stake Having worked in the private socialite, even during her time Palestine and Israel and I knew for me- my family name was sector for over 16 years before as a refugee in London during it didn’t make sense, I was in at stake both here and abroad. she joined the Ministry, Al-Sa- the Iraqi-Kuwait war. “I was the position to tell him it didn’t The fact that my family’s name bah is used to fast progress and in 11th grade at the time, and I make sense and actually write came into play- if they knew my results, and in that regard, she was supposed to start school. a script that did.” One of the last name, they wouldn’t give has seen some movement al- This whole question mark that most influential broadcasters me [an investment], because OWN IT STARTING FROM ready. “We do have quick wins: everything could just stop in in the history of TV, ABC News they assumed I had [the capi- QR. we’ve supported more than 300 an instant is what prompted headlined by Jennings on World tal].” She didn’t, and success- 2016 SRX 2,999 / 4 TODAY PER MONTH YEARS youth projects in different cat- my need to do something with News Tonight was a program fully managed to follow through egories from tech, science and myself. I felt helpless and pow- that shaped global opinions. on her plans to be the story- health, to arts and culture. We erless seeing CNN’s coverage of After returning to Kuwait, teller with accurate narratives - SERVICE AND MAINTENANCE FOR 4-YEARS / 100,000 KM have so many projects that re- Kuwait during that period, and she decided to pursue film about the Middle East. She first volve around entrepreneurship their portrayal of the Kuwaiti professionally but wanted to get opened a production company - REGIONAL ROADSIDE ASSISTANCE FOR 4 YEARS* people. It was all so inaccurate.” formal education in the disci- in Los Angeles with partners, and incubating and cultivating - COURTESY TRANSPORTATION talent. We’re on the ground, and For context, as a refugee, like pline first. “I went through this and later in Kuwait. “We did we’re using digital and outreach many others who fled the war in whole arduous process to get some films that made the - AIRPORT PICK-UP AND DROP efforts nonstop- we will do Kuwait, Al-Sabah wasn’t able to a scholarship for my Master’s. rounds at festivals,” with some - WARRANTY FOR 4-YEARS / 100,000 KM anything that we need to do to go to school and since her fam- Even my family was like, ‘Zain, being recognized as cultural make this happen for Kuwait.” ily’s accounts were frozen, she film? What’s this?’ Journalism contributions. And after being there and seeing had to request the Embassy’s was considered prestigious, Next on her agenda was form- *TERMS & CONDITION APPLY her tenacious campaigning, assistance in paying for her but filmmaking was seen as ing an incubator based on a hearing her pitch deck, Al-Zain education. Al-Sabah made frivolous. I got the scholarship free and open exchange concept Al-Sabah sold me on the hard herself visible at the Embassy from KU. In Kuwait, one of the for youth in cultural endeavors. sell: Kuwait’s entrepreneurs will It didn’t work. “When you’re no longer have to go it alone. coming in from outside, the wall was impenetrable” and together “We have so many with the creatives, she retreated projects that revolve further in. While she describes around entrepreneur- this as a happy time, she now ship and incubating reflects on it as one more and cultivating talent. reason to fight for this overhaul We’re on the ground, of Kuwait’s establishment- so and we’re using digital Terms and Conditions apply. Above prices are based on a 20% down payment and subject to banks approval. young people with talent and and outreach efforts potential don’t retreat, and Opening Hours nonstop- we will do Sunday to Thursday 8.30 AM to 8.30 PM anything that we need instead are an active driver of Call Us Now: 4455 8709 Saturday 9.00 AM - 12.00 PM / 4.00 PM - 7.00 PM Cadillac.mannaiautos.com to do to make this hap- an economy sorely in need of a pen for Kuwait.” new enterprise injection.

20 Entrepreneur january 2016

Entrepreneur_Magazine_SRX_121215.indd 1 12/15/15 1:46 PM THE EXECUTIVE SUMMARY [REALLY]

Dr. Mohammed When looking for franchisee prospects, opt Al Zarooni, for a partner that will address you based on local Director General, Dubai Airport needs and client demands (not in a bureaucratic Freezone one-size-fits-all manner) (DAFZA) 2 “Candidly, our culture is to manage by the relationship and not by the contract.”

THE EXECUTIVE Julia A. Stewart Chairman and CEO, DineEquity, Inc “We are 99% franchised, globally- virtually no one in the world is 99% SUMMARY franchised. And so when you are 99% franchised, your leverage isn’t your company-operated restaurants- it’s your [REALLY] partners. We are not known as being contractual people; rather, we are about the relationship. My job isn’t to try to IN CONVERSATION WITH make you fail; it’s to help you be suc- cessful. So we have systems, processes, infrastructure, tools… The idea is to how to make it better. But fundamen- tally I have to think we are good at it… We have a core competency in branding, franchising and upholding standards. So Strategize your direction taking Julia A. Stewart, Chairman and I happen to think this business model into consideration both short-term CEO, DineEquity, Inc works best for us, because we take so avenues for business development much of our resources, and reinvest it in improving tools, systems and and long-term sustainable growth processes. We tend to say that our international partners are of a differ- ent ilk. Their pristine standards and level of excellence is, for the most 1“The consequences for hosting the third part, of a different ilk, because of the nature of the beast. So we want [to partner with] someone whose standards are beyond reproach.” largest non-profit event in the world – after the Olympics and the FIFA World Cup– are immense. We are already Remember that word of mouth can be the best (and seeing a renewed surge in investment worst) type of marketing for your brand- ensure that and confidence in UAE businesses as a your sector peers have enough confidence in your product or service to refer you to a potential client whole and Dubai in particular.” 3 Umberto Maria Cini OPINION SHAPERS OF Dr. Mohammed Al Zarooni Managing Director General Overseas Markets, Maserati COMMERCE, GOVERNMENT Director General, Dubai Airport Freezone 107 (DAFZA) “Client referrals are extremely important, particularly for a luxury brand, and in this region. We even find that we receive referrals from AND INDUSTRY “The emotion we saw established presence, luxury brands of other sectors such as from the jewellery industry, when Dubai was an- and in the long-term, luxury hotels or fashion. Maserati owners are part of a very exclusive Start 2016 with nounced as the winner when the Expo has group, and members are extremely well-connected amongst each other thought leadership culled of Expo 2020 is ongoing taken place, we will and share their product experiences.” from the region’s but it is also beginning have an increase in most agile minds to take your to translate into tangi- FDI from those coun- ble results. In the short tries who have seen for business to the next level term, we will witness themselves the incred- an influx of overseas ible benefits of operat- ver the past two years, we’ve connected with growth or even just to streamline existing processes. investments from the ing from Dubai. And some of the most effective and influential Some of these people are in fields far removed entire spectrum of busi- those are just the direct Ofigures of commerce, government and industry from your own, and all the better as they’re putting nesses, from SMEs to business investments. to bring you the absolute best advice for you as an forward tricks of their trades that you may never multinational corpora- Of course we have much entrepreneur or an executive, and for your busi- otherwise hear about. We tried our best to help you tions and government more to look forward to ness, no matter the sector, no matter the size. From prepare for 2016 by taking salient lessons from our entities. In the medium in terms of travel, tour- big companies to microenterprises, there is always collected works, and presenting them in an executive term, with the run up to ism and retail, which something new that can be put to good use for summary format, with a slight bit of context. Expo 2020, we will see in their own right are Umberto Maria Cini, Managing Director General the larger businesses immensely beneficial to Overseas Markets, Maserati looking to have a more the Dubai economy.”

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Look to Islamic banking for potential capital Dr. Adnan Chilwan, CEO, Dubai Islamic Bank injections as they often offer advantageous Hasan Haider, An efficient communication struc- CEO, Tenmou packages in their bids to court SMEs ture is a basic need for a stream- “As the engines of the local economy, small businesses lined (and more profitable) business, 4 and startups are critical in promoting innovation and can prevent setbacks IN THE and economic growth, and given its importance, we SHORT-TERM AND IN THE LONG-TERM have invested in developing a unique array of Sharia- complaint products to meet their needs.” 7 Dr. Melodena Stephens Balakrishnan Dr. Adnan Chilwan CEO, Dubai Islamic Bank Professor of Entrepreneurship, Karlshochschule International University “With a philosophy rooted in fair- growth of SMEs in the ness and transparency, Islamic banking country that not only “As your organization grows, silos might develop encourages practices that promote the provide valuable jobs, within your business which could lead to inefficiencies, betterment of the community. To this but have an important impact in creat- them and foster growth. With a constant- miscommunication and loss of trust. If this happens, end, the entrepreneurial spirit has the ing a more sustainable economy. DIB in ly evolving offering, high finance amounts you should focus on effectively and skillfully coordi- same values that are espoused by Islamic particular works on a personalized level and rapid approvals, we offer business nating between various personalities, expertise and banks. By providing access to these ethi- with entrepreneurs and small businesses finance solutions that unlock invaluable management levels. Concentrate on creating a strong Look at your acquisition pros- cal financial services, we encourage the to understand how we can best support opportunities for SMEs.” corporate culture where the business’ vision and values for the future are deeply embedded. A survey by pects with a realistic eye, McKinsey&Company suggests that those leaders who and don’t fall into the trap of create a sense of ownership amongst their frontline building to exit Don’t jump on the bandwagon, just because You have nothing to lose and staff fare better during periods of change. Work closely everything to gain by asking someone else had a successful run with a with other stakeholders to develop a structure to help to your existing network for help manage decision making too– try to avoid the paralysis 9“You need two things in order to have the prospect of an business idea doesn’t mean your copycat model in promoting your venture that sets in through too many meetings that have no acquisition– an existing relationship with your potential is going to do as well 6 outcome except frustration!” acquirer, and showing the acquirer that buying your “Don’t choose businesses that everyone else wants to start up because Maha Abouelenein Founder, OC startup makes more sense than doing it themselves.” of the glam factor. Choose the businesses that people don’t find “Asking for help is not a sign of weakness, exciting- these are the ones that are going to last in the market.” An effective delegation schema 5 it is good business. Let your friends and Hasan Haider CEO, Tenmou colleagues know that you’ve started your together with measured growth is H.H. Sheikh Maktoum Bin Hasher Al Maktoum own business and would appreciate their needed for venture sustainability “While there is an active the exit isn’t feasible as yet, and Chairman, Dubai International Holding Company support. You’ll find new business opportu- 8 M&A ecosystem in the U.S. of startups should be more focused nities, a ton of free advice, and maybe an established players acquiring on growth and sustainability for “I don’t want to hear about investor. If you need help from someone in Beschir smaller startups for between now. IPOs, even in a much more anymore cupcake shops or abaya particular, prepare your ‘asks’ and be spe- Hussain, US$20 million and $50 million, developed ecosystem such as the co-founder and fashion brands. These glamorous cific. When approaching someone for help, CEO, hellofood we haven’t seen that emerge U.S., are quite rare occurrences, types of copycat brands are flash give them all the information they need to Middle East in the region yet. Therefore, and it will take a lot of capital in the pan and generally not well make a decision. It’s important to think starting a startup in the MENA to build up a startup in order to thought-out. Just because it worked through what you need as the opportunity region while purely looking at reach an IPO exit in the region.” for someone else for a while doesn’t may only come once. You want to ensure mean it will work for you. Although that you do your homework, and that you it may be popular to chase competi- are well-prepared. I have never been in a tion, sometimes the more tradi- situation where I went to someone for help If you want your idea tional, less-exciting endeavors may and they haven’t been up to the request; be far more profitable and far less quality people usually deliver.” to succeed, there stressful. I myself have been there, 10 is no substitute for and the businesses I worried most Maha Abouelenein, founder, OC Beschir Hussain about were the passion projects. If Co-founder and CEO, hellofood Middle East you’re going to invest in an existing extensive research and business or launch a business your- “As an entrepreneur, you will not be able to do eve- development self, you need to find an under-ser- rything yourself if you want to grow and scale your viced market segment. One example company. You have to hire people, train them, give them in the Middle East is logistics- there responsibilities and the opportunity to succeed and fail. Haneen Dabain Founder, Pricena is always room in emerging markets When you start a business, you tend to do everything for innovative businesses that meet yourself in the beginning. You start giving away respon- “You need to research the market, the the logistical needs of all the other sibilities to your employees with the growth of your competition, and develop your unique market sectors. Consider stable, venture. What if the venture grows too fast though? If differentiator before jumping on your idea. Make more viable business models over you have to onboard 20 people in a quite short period sure you have a unique (or better) solution and above ‘exciting’ ones if you of time rather than five or 10, it becomes hard to define than what is currently offered. For sure, testing, really want to turn a profit and the transition and the level of control you need to give failing and iterating is what entrepreneurship is H.H. Sheikh Maktoum Bin Hasher Al Maktoum, survive in an increasingly crowded away. In these cases, I learnt to be more introspective about, but proper research and planning is also Chairman, Dubai International Holding Company enterprise arena.” and adapt before it is actually required.” important to increase your chances of success.”

24 Entrepreneur january 2016 january 2016 Entrepreneur 25 THE EXECUTIVE SUMMARY THE EXECUTIVE SUMMARY [REALLY] [REALLY]

When seeking to establish your status as an Yogesh Mehta, co-founder and Managing Director, Petrochem Middle East enterprise leader, begin by maintaining an excellent 11 internal and external reputation “Concept, financing, business plan- they all matter and are a No matter how good condition sine qua non for a successful self-created business. However, what gives us a drive to develop and expand business your team is, always is its good reputation on the market.” remember that the onus rests on you to protect Tamara Bullock the business Managing Director, Northern Grayling Gulf

“Choose the right people to work in Doha: ‘The right team with a 14 with and keep them involved similar ambition and work ethic “Rely on capable people but at the same as good reputation comes from is a key to a successful startup.’ time, you need to do your own follow within. YouTube co-founder, Chad However, such a team will only up. You need to delegate, yes, but the Hurley, as one of the pioneers of follow your business idea if they responsibility of follow up is solely on you. entrepreneurship said last year are fully engaged in its evolution.” Never completely depend on anyone but yourself if you want to succeed.”

Don’t just think about how your product or service fits into the status quo, think about what Bader Abdullah Al-Darwish isn’t right about the status quo and how your Chairman and Managing Director, Darwish Holding business can innovatively step up to alleviate that unsatisfactory condition Do seek answers to the “I have more than 1,200 employees, 12 status quo issues that and it’s close to a US$3 billion opera- “As technology quickly evolves, we must push ourselves frustrate you- it could lead tion. I love what I do. I have a great to a great business idea, team, and they’re like my family. I to look for new opportunities to solve bigger issues. This think with time and experience you but research and some type is the next challenge before us. We must find ways that learn to trust people who are qualified 13 of in-market knowledge is mobility can improve the human condition.” to run the business. Give people time, essential and then you will see if they deliver or not. Seeing is believing, and when I William Clay Ford Jr. “Frustration is very good. Frustration see someone that I’ve designated a job Executive Chairman, Ford Motor Company to delivering on his work, then bigger brings dissatisfaction and in order to responsibilities are given. Our family “What if we could move from solving problems created by vehicles, to bring any change there has to be a started from nothing, and now, where vehicles sorting by longstanding societal issues? We are building smart level of dissatisfaction.” we are, we continue to modernize and cars, and they will continue to get smarter, but we also need to build develop on pace with globalization. I smart roads, smart parking, smart transportation systems and more, hate to say we’ve reached the peak- no. and we need to connect them all using wireless telecommunication… Yogesh Mehta Instead, we need to see any mistakes, To keep traffic moving, we need an integrated transportation network Co-founder and Managing Director, learn from them, and assess the future that uses real-time data to optimize mobility on a massive scale.” Petrochem Middle East of what we’re facing. It’s very easy to say, ‘We reached the peak- we have William Clay Ford Jr., “If you do business, you need a skillset. If your excellent market share and history,’ but Executive Chairman, father or mother is a rich person- that’s your to continue upwards, you must always Ford Motor Company skillset? If you have a great talent and you’re try- do better. We will continue to innovate ing to hone it, then that’s your skillset? You can’t internal processes, and bring opera- just say I’m 29 years-old and I have to open my tions up to more successful reaches. own business. That doesn’t work! What business? Even in corporate governance we have What’s your focus? What do you know? How will strong procedures, but something can you go about it? What are the dos and don’ts? always be improved.” What’s your demand-supply situation? What’s your landscape? How are you going to map it? What are you going to do? What’s the footprint? These are all logical questions! I’m so-and-so and I’ve got so-and-so experience, only then you say you’ll start to do something on your own. You have to plan everything- market mapping, personal mapping. Do you have the talent? Do you have the skills? Your time only comes when you’re ready for it. You’ve got to have structure!”

26 Entrepreneur january 2016 january 2016 Entrepreneur 27 THE EXECUTIVE SUMMARY [REALLY]

2 Sobhi Batterjee, When entering into an President and CEO, Saudi German agreement with a VC, educate BUSINESS Hospital Group yourself on what your term SCHOOL sheet should include, and do WORLDWIDE 17 seek outside help FOR

Ronnie Dabbasi Associate, Afridi & Angell EXECUTIVE EDUCATION “The demand for venture capital funding in the Middle East is on the rise as successful startups emerge from FINANCIAL TIMES their cocoons and seek greater capital commitments 2015 RANKING through sophisticated financing structures. Basically, this has resulted in expanding opportunities available to investors and SMEs. As a company founder looking Reconsider how your to secure an advantageous capital injection, you need enterprise approaches CSR; to know your term sheet- it’s the initial key document that sets out the structure of a venture capital transac- think about developing a social tion. VCs will seek rights that are commensurate with entrepreneurship arm instead their level of investment, while the company’s founders will work to maintain capital flexibility and manage- 15 ment control and to ensure that the VCs rights are not “There is no longer anything called corporate too onerous.” social responsibility! It’s like saying I’m going to send a fax- it’s outmoded.” An effective digital marketing cam- Sobhi Batterjee paign is not free, no matter what you may have been told. Even the very best President and CEO, Saudi German Hospital Group 18 social media presences can only do so “CSR is a method of polishing a less fortunate people. I use my much without an advertising spend company’s image [and] if a new engineers and my architects person joins, they can scratch -we are a healthcare developer any CSR program they don’t not just hospital operators- like off the agenda overnight. we design hospitals, we build There’s no CSR these days, but them, we equip them, we staff there is social business and this them, we operate them, and is run by social entrepreneurs. we own them. So I can use Social business means creating that organizational knowledge a business for the community to develop low-cost hospitals. that is sustainable. Companies These hospitals won’t have can develop a separate entity the finishings of Saudi German away from the mother company, Hospital, nor the luxury, just the Alexander Rauser, functioning on its own, that minimal needed to concentrate CEO, Prototype provides services and products on healthcare items- that brings Interactive that are low-cost that can help the cost down.”

Alexander Rauser Move your career upward with HEC Paris’ Ask probing questions to Founder and CEO, Prototype Interactive unique range of international Degree Programs prevent needless work and cut “An important point to note: doing digital marketing (Executive MBA and Specialized Master in 16 right to customer concerns right can actually have some great impact on other Strategic Business Unit Management), aspects of your online marketing including SEO, PR and general content marketing. But there is a reason why Open-Enrolment and Custom Programs for executives Imad Atwi Strategy Consultant every seasoned digital marketer will advise entrepre- neurs to create a full digital marketing plan across mul- and companies in Qatar and the region. “Don’t overanalyze everything! Many times you’ll tiple channels. It’s not just to increase the actual scope, sit at your cubicle and in your team rooms for days but to create a round digital offering and avoid putting and weeks brainstorming all possible scenarios all of your eggs in one basket. The result of this is that Contact: and crafting assumptions, only to find out that the effort that will go into your digital presence will be some of these are irrelevant to the context of far from free and therefore every business should be [email protected] your client engagement. Talk to the client, probe, prepared to set aside a decent digital marketing budget +974 4454 0161 and most importantly, question heavily before to get things going and, by the end of it, there needs to developing the what-if list.” be a return on the investment either way.” www.exed.hec.edu/hec-qatar

28 Entrepreneur january 2016

EME_HEC_203x273_Qatar.indd 1 19/11/2015 10:15 THE EXECUTIVE SUMMARY THE EXECUTIVE SUMMARY [REALLY] [REALLY]

Before you decide to launch a new venture, Ensure that you are flexible ask yourself if it is significantly better than with your VALUATION- IT can deter 19 what’s already out there 22 potential investors Dany Farha CEO, BECO Capital Robert Carroll Venture Capitalist, Oasis500 “Does the business truly qualify as a transforma- tional solution? We look to invest in businesses that “Valuation is a difficult subject to discuss because leverage technology to transform an industry. The it’s highly subjective. The bottom line is that if your business needs to demonstrate that the solution it is valuation seems too high in comparison to your past offering is transformational, and it needs to be signif- achievements and future roadmap, you likely won’t get icantly better than what is already out there. Incremental improve- an investment. Your options are to negotiate down to a ments do not suffice. This is much more difficult to demonstrate in lower valuation, find another investor, or finance your the aggregate. If there is a cost saving or gains in reach and efficiency, startup in some other way.” these are usually easier to quantify than value propositions. Things like measurability and convenience are more difficult to quantify, and we normally suggest that the business at the very least describes the Passion equals perseverance, process improvements that lead to measurability and convenience and this will serve you in the Dr. Shamsheer Vayalil Parambath with H.H. Sheikh Mohammed Bin Rashid Al Maktoum improvements and, where possible, price these improvements into long-run when things might seem the total transformation gains that the new solution provides.” bleak for your enterprise The bigger you get as an 23 entrepreneur, the more you need to eyeball your company’s Target your business’ social energies H.E. Sheikha Bodour Bint Sultan Al Qasimi Chairperson, Sharjah Investment and employee retention and instead of just tossing cash at the first Development Authority (Shurooq). development schemas 20 cause that comes your way Founder and CEO, Kalimat Publishing Group 24 “Any CSR initiative, or social investment as I prefer to call it, should be Badr Jafar, Managing Director, Crescent Group “Do something that you are passionate about. Success “I’m personally involved in the selection of senior level considered in the same way as a commercial investment. In other words, doesn’t happen overnight– at some point in time you executives, and I’m always approachable to my team.” assess where and how you can create most value. If companies engage Do seek out mentors to help you will face obstacle and setbacks. But if you are pursu- around social issues that are relevant for their commercial operations, ing your passion, you will always be able to find the Dr. Shamsheer Vayalil Parambath they are more likely to stay engaged. For example, a pharmaceutical throughout your entrepreneurial journey- it might BE THE BEST TIME strength to keep going, because your heart, mind, and Founder and Managing Director, VPS Healthcare Group company engaged in promoting healthy living is more likely to add investment you’ll ever make for soul are working towards the same goal.” value and stay engaged in the long-term than if it were to promote say the solvency of your business “VPS Healthcare is diversified difference between success and arts and culture where it may have no intrinsic expertise or interest.” H.E. Sheikha Bodour group with healthcare as our failure; they are the ones that Bint Sultan Al Qasimi main stream of portfolio, and my add value, drive growth and cre- Clare Woodcraft CEO, Emirates Foundation 21“Although many aspiring entrepreneurs may be speaking at the personal attention is always on ate innovation. Mentoring peo- Women in Leadership highly educated or even experienced in a certain Economic Forum development of the people. To ple at VPS Healthcare is regular “To maximize and succeed at CSR endeavors, no matter how large or area, they may not possess all the skills and knowl- in Dubai, UAE on stay ahead in global economic affair and part of our culture- we small your business, try to ensure focus. Too much social investment edge necessary to establish and grow a business, and November 20, 2014. environment, challenges are to are a very young organization, is done with a ‘spray and pray’ mentality. In other words, companies this is where mentoring and guidance is so impor- develop and retain a professional almost eight years-old, and we and individuals focus on multiple sectors with limited impact rather tant. Of course, there are other challenges which face team- ultimately striking a per- have enough examples of people than choosing just one issue to concentrate on. Companies that have entrepreneurs, such as access to capital, but without fect balance between responsible working with us who have grown multiple sectors in their CSR portfolio deliver less value than those the right knowledge and support from business- business ownership and profes- significantly from entry level po- that choose one specific issue they want to address in order to create people who have successfully worked in the region sional management. The people sition to heading one or multiple long-term sustainable and systemic change.” tackling these challenges, it would be a lot harder to in any business will make the units as a director.” transform great ideas into meaningful businesses.” Clare Woodcraft, Your business’ client-facing team CEO, Emirates Badr Jafar Foundation Managing Director, Crescent Group members may be your most valuable sounding board “It is increasingly recognized that mentorship and 25 guidance are crucial in helping develop entrepreneur- ial ideas into fully functioning SMEs, providing en- Samar Nabulsi Abdul Majeed trepreneurs with access to a close support network to Co-founder and Managing Director, guide them through the process of achieving business Big On Children success. Research conducted by Ernst & Young sug- gests that 88% of entrepreneurs who have mentors “It gives my staff members confidence when we and the right support systems have been successful work as a team instead of a boss-employee relation- in establishing their businesses, while 50% of those ship. I share all new ideas, products and promo- without the necessary support have failed; therefore tions with the team to get their feedback and their it is imperative that entrepreneurs make use of all opinion. After all, they are the ones dealing with support networks available to them.” customers, and they know what the customers like.”

30 Entrepreneur january 2016 january 2016 Entrepreneur 31 THE EXECUTIVE SUMMARY THE EXECUTIVE SUMMARY [REALLY] [REALLY]

Today’s methods of constant feedback and encouragement is a much more effective management tool than 27 yesterday’s performance evaluations Salma El-Shurafa and Veronique Ademar Founding Partners, The Pathway Project (TPP) 26When launching new “The performance management process as we know it is ventures within your becoming obsolete, and whether you need to review it or scrap it altogether will depend on a number of factors. group’s portfolio, However, what is becoming obvious is that companies think synergistically. have to embed a new way of managing people. The truth of the matter is that employees don’t merely want to be Dr. R. Seetharaman, Group CEO, Doha Bank It can generate given a rating at the end of the year, but instead crave revenue by shifting regular feedback, understanding, guidance and recogni- Establishing clear and concise tion. When an ownership driven performance manage- documentation, governance and best business back and ment process is paired with managers applying coaching practices in bookkeeping is a long-term forth between skills, not only will you accelerate change and growth, security blanket, and without it, your but you’ll also boost employee morale and engagement enterprise may lose access to avenues of separate entities which will ultimately result in higher performance. The funding that you need to scale up operating under one way performance is managed has to be redefined and 29 managers have to be stretched beyond their current “There are many entrepreneurs who have the vision- they have umbrella skills so that they don’t just remain evaluators, but they the ideas, [but] they are not organized; they are not disci- become success-enablers.” plined. No banker will give you money unless they look at the credit capacity, the repaying capacity, visibly- the bookkeeping “Our strength makes has to be there, financial accounting should be there. If you us unique, as it Networking is skill that should be are single-entry bookkeeping, how can we lend you money? cultivated, AND IT CAN ACT a stepping stone So that’s why we have to work with them. From a governance originates from our for contacts that can prove valuable perspective, we have to set them into the right discipline.” 28 in terms of business development and businesses heavily support when your VENTURE NEEDS IT MOST supporting and Dr. R. Seetharaman Group CEO, Doha Bank “One of our top tips for helping SMEs get supplying each other.” noticed is learning to network and learn how to “You have to treat the organization away from your personal whims. really work a room.” You have to necessarily look at the organization independently to setting policies, procedures, process, accounting, legal structure- all these things are required. Only then, a good financial institution Camilla d’Abo and Lucy d’Abo, will lend you money. After all, they are not here to take the public’s co-founders, money and throw it [away]- they are here to make sure they get Nasser Sraiya Al-Kaabi DABO & CO back their money.” Vice Chairman, Al Sraiya Holding Group

“Many of our business can overlap ing our own in-house projects adds in terms of management and staff to our strength, and it eliminates Empower employees enough as cooperation amongst them is the burdens and complications of so that they think and act like key to the Group’s success. The five outsourcing. This alone uplifts the 30 corporate entrepreneurs fields we have expanded into cover extra effort needed to form networks almost everything from hospitality when outsourcing suppliers and to construction, consultation, etc., contractors, and allows us to invest Juan José de la Torre and we believe this is what also that energy, money and effort into Senior Executive, IBM MEA makes Al Sraiya a desired partner other affecting factors in the Group, in projects and new business plans. which other companies may not be Camilla d’Abo and Lucy d’Abo “Traditional corporate culture tends to disregard The company’s ethic of complet- able to do.” Co-founders, DABO & CO the entrepreneurial approach. However, with (acquired by Edelman in 2015) the proliferation of new startups and disruptive innovations, corporations have been forced to “The key to successful networking is having a genuine in- embrace the entrepreneurial approach towards terest in people, and fortunately, in this market you meet running and operating their business. An people from a variety of backgrounds and industries. entrepreneurial approach is not only more agile Networking is a skill in itself and one that does not come and dynamic, but also results in a more lean naturally to most people, but one that can reap dividends operation. By providing a strong level of staff in terms of getting a foot through the door in terms of an empowerment, you create a strong sense of all-important meeting with a potential customer or cli- ownership which results in better outcomes for ent. Once you’ve got that foothold, make the most of it.” any endeavor.”

32 Entrepreneur january 2016 january 2016 Entrepreneur 33 THE EXECUTIVE SUMMARY [REALLY]

Look to regional challenges, and examine Dr. Maher how your business might fit into the Hakim, Associate Professor of solution equation Entrepreneurship, 31 Carnegie Mellon University Qatar “The Middle East’s lack of fresh water resources has forced the region to look at innovative methods to keep its residents cool especially in the searing heat of summer.”

Ahmed Bin Shafar CEO, Emirates Central Cooling Systems Corporation (Empower)

“The importance of district cooling cannot be underestimated: with populations on the rise across the GCC and with billions of dollars- worth of infrastructure underway in all major cities to support world class events, such as Dubai Expo 2020 and FIFA World Cup in Doha in 2022, the need to be more sustainable in our everyday lives is paramount. The Middle East is rapidly developing into a major hub for district cooling globally. Dubai and the UAE in particular Money isn’t the only have shown strong signs of recovery in the years thing you need to scale, following the economic crisis, thanks to the constant support of the you also need the right government and long-term visionary planning. The arrival on the scene human capital of international heavyweights, such as IDEA which is over 100 years 33 old, cements the region’s position and allows us as an industry to col- “Innovation is a long, grueling and unpredictable late information and share our experiences on a global platform.” process that follows nature’s law of the survival of the fittest. In this case, the fittest are the innova- tors who, on the one hand, do have the skills and From a cost and talent acquisition perspective, stamina to endure the experimental and itera- think about home field advantage when setting tive nature of the process, and on the other hand, 32 up your production and development hub are able to continue to acquire and develop the resources (capital and people) needed to succeed.”

Ramez Mohamed, Dr. Maher Hakim CEO, Associate Professor of Entrepreneurship, Flat6Labs Carnegie Mellon University Qatar

“As a company enters the scale-up and growth phases, and as it hopefully succeeds in raising significant amount of funding to fuel its growth, it also needs to acquire the talent necessary to move forward: skilled professionals who have years of expertise working in product development organizations in various roles from administration and sales, to marketing and engineering, HR, etc. In Silicon Valley today, as in other parts of the world, you will find plenty of professionals who have worked for decades in places such as Yahoo!, Goog- le, Intel, Oracle, and the like. These professionals Ramez Mohamed CEO, Flat6Labs have the expertise required to organize the teams and establish the processes required to scale-up “While the upper management or business development startup per- and grow a startup. Many of them are of Arab sonnel are often based in Dubai, their actual production hubs are based descent and are ready to move back to the Arab throughout MENA in their home cities that are much more affordable, region and work at promising and well-financed and afford them a multitude of plusses. As Arabs, in our home coun- startups, in part due to a strong desire to raise tries, we know the talent, we have market access, we know how to do their children in an Arab or Islamic culture. With things there, and we are good at it. We always make use of this as a the absence of established organizations in the good sell to investors when talking about our startups. So, as a founder, Arab world today which develop technology-based when my development office is in Beirut or in Cairo or Amman, I’m products and services, recruiting and retaining paying them way cheaper than what I would in Dubai or London or San these experienced professionals is key to building Francisco.” the innovation ecosystem in the Arab world.”

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H.E. Noura Al Kaabi Opposite page: H.E. Noura Al Kaabi, CEO, twofour54, and Her CEO, twofour54 Focus on value-add Majesty Queen Rania of Jordan at the Abu Dhabi more than valuation Media Summit 2014 “As a result of my role and as a result development tools and internships, of twofour54 being such a dynamic and we are enabling young skilled media 34 vibrant company consisting of many professionals to learn from some of the units that attract talent and aspir- world’s best producers, directors, de- Imad Ghandour 35Handling demanding (AND OFTEN 38Look to fresh faces for new ing youth every day, I am in a position velopers and other experts in the indus- ILLOGICAL) clients is part of running Co-founder and Managing where I meet fresh faces and talented try. As we shift to the digital side of the your own business, adjust your team recruits, bring them Director, CedarBridge enthusiasts of the industry on a regular industry and e-commerce, following the strategies accordingly on board and then invest in basis. We are in a fairly new industry global trend that is especially appar- “More often than not, entrepreneurs training and development and because of our newness, I am in- ent in the Middle East, twofour54 will focus on the valuation of their company Octavia Nasr increase your enterprise’s spired by my colleagues at twofour54 as continue to support many growth stage before focusing on the other value- Founder, Bridges Media Consulting well as the talents as mentioned earlier. digital businesses by providing invest- added qualities of the incoming human capital worth Through different initiatives, talent ment funding to game developers.” private equity partner. And here is the “The most difficult client is the one who dilemma: The best private equity funds thinks she or he has essentially bought will be the least willing to overpay for you with their money, and they expect their investments. Remember, keeping you to do everything they say without your eye on the prize doesn’t mean questioning the logic. When you contra- eyeing the dollar signs. Private equity, dict them -no matter how politely and with its focused and experienced fund tactfully- they are defensive and usually managers, remains the best-suited form very stubborn. You can never change their of funding, especially in the early stages opinion no matter how wrong you think it of company formation, and the onus is. The best way to deal with them is to al- of choosing the right private equity low them to think about your suggestions partner -and consequently ensuring the and reformulate them in their own words, partnership success- remains on you as giving them the opportunity to claim own- Ali Haidary, CEO and founder, the entrepreneur.” ership over the idea or concept.” Sport & Entertainment Solutions (SES) Ensure that the upper management You don’t need to have in-house staff for 37 of your enterprise everything; some work can be outsourced is adaptable so that your company is for savings in time and money able to shift tactics 36 when needed “Outsourcing generic services to freelancers can mean great cost-savings for startups.” Ali Haidary Founder and CEO, Sport & Entertainment Solutions Sharene Lee Co-founder, Melltoo (SES)

“There are loads of things that we could to be managed as you would manage “With new technologies develop- do ourselves, but we don’t because the brand new employees. Never assume ing on a daily basis, and the fleeting opportunity cost of our time is far too they will understand something you take trends of an ever more influential high. The three hours it would take me to for granted because things are done very and younger consumer base, the design a business card are better spent differently in different cultures. Instruc- need to adapt is stronger than working on product development. One tions should be crystal clear and laid ever. Adaptability comes easier to word of caution though, freelancers need out step by step in a retrievable form if businesses whose decision-makers possible. For instance, we had our video are fewer. As an entrepreneur, it is explainer outsourced. Many screenshots essential to allow a business to not were used in the video and we had to only react quickly to new trends, specify the exact screenshot we wanted but to also take calculated risks in which scene and carefully label the in predicting them. Developing an graphic assets so that the outsourc- organizational structure that retains ing team could find everything easily to flexibility in its decision making is reduce the number of revisions. In addi- imperative to successfully operat- tion, we would record screencasts with ing in an industry as susceptible to instructions and feedback for the out- change as the events sector is. Being sourcing team. There are lots of freelanc- ‘adapt-friendly’ or preempting your Melltoo ing websites out there. If you are looking next strategic move (before you are co-founders for freelancers with local knowledge and forced to make it), can pay real divi- Morad Irsane and Sharene Lee skills, Nabbesh. Otherwise, our favorites dends to your long-term game plan are oDesk and Fiverr.” in a competitive market.”

36 Entrepreneur january 2016 january 2016 Entrepreneur 37 THE EXECUTIVE SUMMARY THE EXECUTIVE SUMMARY [REALLY] [REALLY]

Do turn to an experienced Dr. S. Thomas Follow the money: where there is infrastructural Emerson, investment, there is windows for your business to entrepreneur as a sounding Distinguished Career Professor of develop new revenue streams within existing models board for your ideas as Entrepreneurship 43 40 and Director of it can help you address Executive/Continuing “The UAE has strongly positioned itself as the Middle East’s Education, Carnegie top trading economy, with a fiscal surplus of US$11bn in 2011. potential pitfalls early on Mellon University in Qatar It was able to do so by heavily investing in infrastructures ranging from transport to tourism, connectivity and critically James Caan ICT, in turn becoming a dynamic hub for global commerce.” Entrepreneur, author and television personality Masood Mahmood “Running a business is one of the most challenging CEO, Yah Satellite Communications Company (Yahsat) things you can do, and you cannot underestimate the importance of mentorship. It is the most significant “Boasting one of the fastest growing economies in tool any entrepreneur can access- somebody experi- the world –the Ministry of Finance and Industry enced and impartial that you can turn to for advice. estimates that the nominal GDP rose by 20.8% Mentors can be a sounding board for any ideas you may in 2012 to $360 billion, compared with $298 have, they can provide honest feedback, and they can billion in 2011– the UAE not only relies on its rich inspire you to realize your potential. There is some- resources in hydrocarbon, but have developed and times a school of thought amongst entrepreneurs that diversified the local economy to encompass con- asking for help is a sign of weakness, but it isn’t. Being struction, transportation and ICT, as well as be- aware of your weaknesses is strength in itself, and coming a central player in international trade. As having a mentor to guide you can only be a good thing. Recognize that sometimes the a start, building up to Expo 2020 means there’s a When I started my first business over 30 years ago, the legal framework just isn’t drive for innovation from local and international on your side, and prepare one thing I didn’t have to begin with was a mentor. I investors, increased infrastructure capabilities, to seek out resources and made mistakes, as any entrepreneur does in their early external assistance that can and business expansion to meet consumer demands. The ICT industry days, but I wonder whether I could have avoided some help you get your business is seeing consumption trends increasing; for example in 1990 internet of these if I’d had someone to turn to.” off the ground penetration in the UAE was 0%, and by 2012, this had increased to Omar Christidis, CEO, ArabNet, speaking at ArabNet KSA 2013 85%, surpassing the United States, South Korea and Japan. Expo 2020 42 will drive companies to invest more in the Middle East and garner the Dr. S. Thomas Emerson rewards of one of the fastest growing ICT market in the world.” Navigating digital influencers If you’re trying to carve out a name for yourself professionally, Distinguished Career Professor of and user-generated content for Entrepreneurship and Director of you’ll need to become the go-to Executive/Continuing Education, Carnegie your brand is a slippery slope, person for demonstrated results It’s not just that you managed to land funding, it’s Mellon University in Qatar and it takes real work 41 and a strong set of contacts 44 also who you managed to land it from that matters 39 “In the GCC, investment capital is relatively “Sharing great content that your loyal fans share –user abundant, although a very small fraction of it is Carlos Domingo generated content- is a way of recognizing and thanking focused on early-stage companies. The barriers to Senior Executive Officer for New Business and Innovation, du them, and sharing with your network adds credibility. company formation in the GCC countries are more Nisreen Shocair on the legal side of the equation, than the financial “Who are the other investors in partners, and how much they You’re letting the fans talk to your fanbase, and your President, Virgin side. For example, in the U.S., an entrepreneur gets your business? This shows the value being around good people. It customers are talking to each other about your brand.” Megastores an idea for a new business and forms a team to ability of the entrepreneurs to also helps me validate my think- MENA pursue it. He/she can incorporate a new stock- attract smart money which is par- ing about the company discussing Omar Christidis Founder and CEO, ArabNet issuing company online for a few hundred dollars ticularly important at the begin- it with other investors I trust and with almost no legal barriers. He/she can then sell ning; their criteria when choosing value.” “You have to build a long-term Building relationships include stock in the startup company to venture capitalists relationship with digital influ- simple things like inviting them and/or qualified angel investors, and the venture Carlos Domingo encers. You can’t do a one-off. to events, sending care pack- has the capital resources to launch. In the GCC, Senior Executive Officer for New Business and The number one thing that I ages- but this is not about buying there are substantial legal barriers to this process. Innovation, du hear from people is that brands them. This about continuing to For example, the simple act of incorporating a new send me press releases asking have dialogue and sharing the Nisreen Shocair company can take many months and is not certain me to put it on my site. You are exciting things that you and the President, Virgin Megastores MENA of success. Further, the laws typically make no dis- asking for that blogger to trash digital influencers are doing tinction between a startup company selling a few you. A better thing? Give before together. Invite them to a private “Always take on initiative beyond your job description shares to qualified investors and a major company you take. Engage the blogger gathering and they’ll share it as and scope of work. Don’t shy away from responsibility. selling many shares to the general public. For ex- on different basis, before you an exclusive benefit and privilege The more you take on, the more it gives you a chance to ample, in Qatar a company must be capitalized at a ever consider asking them to do because you’ve presented them get noticed by upper management. Do as much net- minimum of QR10,000,000 in order to be allowed anything. Your goal is to make with that. It will also strengthen working as your time allows: within your own company, to issue stock. That is a barrier virtually no startup these influencers ambassadors your relationship. It’s cheap to your professional network or any other network. Ask company can meet. More than entrepreneurship for your brand, and that will only broadcast: ‘Hey this guy likes my questions, find out how others are doing things, read education is needed to solve this problem. Creat- happen when they feel that they brand,’ and it’s definitely not the up on related topics and be the one people come to for ing an environment that is friendlier to business have a real relationship with you. right way to do it.” contacts, ideas and information.” creation is required.”

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Boost profitability with the right Develop and maintain a healthy work culture for your pricing strategy: your typical 45 employees, and for the strength of your business sales rep pays great attention We are to the number of closed deals, brand new! but the profitability of orders is Lama Bazzari Founder, NStyle International 48 often neglected Discover 100 million reasons to visit us “Launching a business requires your business into a successful “For key accounts, customer-specific pricing passion, determination and focus and firmly established entity that can be systematized, and by restricting the as you turn your dream into real- can compete head to head in a ity. You need to keep your eyes largely competitive marketplace. amount of uncoordinated discounts, you may set on the big picture and not You need to lead by example, and see a significant increase in profit margins.” allow the hurdles you will face continue to develop and empower along the way to stir you off your your workforce and breed a posi- Lovrenc Kessler long-term vision- that of turning tive work culture.” Managing Director, Simon-Kucher & Partners Middle East Define what success means to you, then plan “In the tough economic environment today, sales your business or career based on that departments in the Middle 46 East are facing immense Loulou Khazen Baz Founder and CEO, Nabbesh challenges stemming from demands for higher revenue

Loulou Khazen “Only you can determine what suc- growth and cost efficiency. Baz, founder cess means for you. I’ve met plenty of Mature sales structures are and CEO, people with great jobs that make a lot being put to the test every- Nabbesh of money, but aren’t happy. I’ve also where. Large corporations and mid-sized firms seen successful corporate profession- are striving to improve their sales excellence in als leave their well-paying jobs to fol- order to profit even more from the sales side. Meetings Facade Room low their passions (making a bit less The ideal sales organization may look different money), but go on to make better and depending on the industry and company, but happier lives. Some even make much a sales optimization always involves five com- more money following their passions, ponents: sales strategy, market approach, sales but had to stop and take that initial structure, margin management, and controlling/ risk first. For each person, success will not look the same, so ultimately remuneration. The end game, strong sales, needs to monetize your potential you should focus on your true passions, and direction and implementation before it can really from there you can monetize the best life for you!” take off and achieve maximum results.”

When it comes to online reputation Dr. Rainer Behne, Chairman, management for your company, you should BehneMar Middle 47 be proactive not reactive East “To understand reputation management – both online and offline- one has to think of it like insurance: you don’t think about it when you don’t need it, but you’re really Noir Olea grateful to have it when you’re in trouble.”

Dana Khairallah Reputation manager

“Online reputation management is negative review about your prod- relatively new to most SMEs in the uct, it’s not by coincidence that it If you want to compete Following a USD 100 million refurbishment, discover the leading region, and businesses here have ranks only third after your website with the best, you’ll need luxury destination for fine dining and leisure in the UAE. just come to terms (and budgets) and Facebook page- it means that to focus on the quality of with hiring agencies, freelancers you didn’t do your homework. This Experience a new level of excellence with 373 fully refurbished your product or service or in-house experts as community can have adverse implications on guest rooms and suites and three brand new restaurants and lounge: managers to develop their social potential clients or prospective 49 before anything else media strategy and to manage their stockholders searching for you Olea, Noir and Salero Tapas & Bodega. day-to-day online presence. While online. Make no mistake, content Dr. Rainer Behne that is essential, it’s just a com- can’t be deleted completely but Chairman, BehneMar Middle East ponent of the overall long-term had you maintained a stronghold +971 4 341 0000 | [email protected] | kempinski.com/dubai strategy and the effort it entails to on your search rank, that review “Clientele in the MENA region are like any other truly control an online reputation. would have barely made it to page client in the world: they are only satisfied with When a popular blogger writes a three of Google.” superior quality.”

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Don’t just offer potential High risk often equals employees a salary, offer high reward, and to them a clear career path 50 succeed as a ‘trep you’ll that will act as an enticing 52 benefit, and also as a need to face that fact loyalty-builder “Attracting people to work in the Gulf is not in 54When embarking on new Suhail Algosaibi itself a huge issue given tax-free salaries (and partnership or deal, Founder, Ghazi Algosaibi Holding BSC added benefits), but keeping them for sustained trusting your gut is periods is where the real challenge sits.” important but executing “Entrepreneurialism equals neur- it would be too stressful. risk! Entrepreneurs are not only But the rewards are great too. due diligence is even risk tolerant, they embrace risk! There is nothing greater than the Rahul Dhadphale more so Anyone looking for stability and feeling of being in charge of your Regional Director, Executive Education, normality cannot be an entrepre- own destiny!” London Business School “When I initially meet someone, my gut feeling is “How do we retain high quality talent in the region? very important. If my gut Until now, most organizations have used salaries as feeling is negative, for their main weapon; however as the prospect of a talent whatever reason, I’d walk war brews in the GCC, businesses must also explore away happily. I have a list, other options to retain human capital. Organizations when triggered I walk who want to attract talent need to be looking creatively away, and there isn’t at where to find the right people with the greatest much that can be done to potential and then offer them attractive packages that change my mind once I’ve include development opportunities amongst others. decided. That being said, Human resource professionals must therefore think due diligence is one of the more strategically about talent retention (assuming we most important things I’ll do before going into are employing good quality talent). One aspect many business with anyone- no companies are trying to adopt is that of meaningful matter who they are. onboarding. This is not just the typical boot-camp Whether it delays an approach, but one where the new employee has a com- investment or not is fine plete understanding of the role on offer, expectations with me. I’ll only enter managed, and a thorough understanding of the leader- into an investment if my ship’s commitment to the organizational develop- research comes out good, ment. Employees must have a better understanding of Farhan Al Jarba, Chairman, Zain KSA and my instincts are how their career can and will grow, and how it will be telling me that I can rely managed. This should be made explicit to all potential on this person.” Much like personal relationships, employees so everyone is clear about what success can business relationships need TLC. Don’t and will look like for them.” allow yourself to put all-important communications with contacts on the backburner just because you don’t Today’s customer prizes see an immediately benefit discretion and security, so the 51 protection you afford client 53 information is often what may set Farhan Al Jarba Chairman, Zain KSA HRH Prince Khaled Bin Alwaleed Bin Talal you apart from then competition Chairman, KBW Investments “Business relationships are just entrepreneurs should start like friendships, they need to building relationships early, and “My main advice to any entrepreneur is to mistakes. Another thing that I’ve learned be in good repair. Keeping good they should never stop looking Mahir Ali be patient, be passionate and know your that impacted me and my businesses most records can stop them from for new ones. Much of our busi- Operations & Brand business inside and out, because when positively is having patience. I waited two fading away. For instance, try to ness culture rests on relation- Artistic Director for you present to me I will make sure I try years before I finally invested in Raimondi make a reminder list for meeting, ships. Do not wait until you are the Middle East and to outsmart you at your own game- and if Cranes, which we just closed in 2014. In speaking, or emailing at least one older or in a senior position to South East Asia, Ascots I win it’s over. Because chances are your line with that, you need to do your home- business contact every day. Time start establishing those impor- & Chapels competitors will know their business better work before you make a deal. You need to spent in keeping these relation- tant ties, and don’t just build re- than you, and that’s a recipe for disaster. know a company inside and out, and you ships strong is never wasted. lationships with a certain kind of “Privacy of clients is para- My worst mistakes in business happened need to invest in things that matter- com- Personal relationships remain people or be limited to one area. mount for us. Discretion is when I failed to ‘trust, but verify.’ I was too panies that have a solid history, but also a extremely important in Saudi Instead, try to develop a rich our first priority, in every trusting, and that alone isn’t enough when clear vision for the future. There’s a lot of Arabia, and understanding the mix across sectors. After all, you respect of our client prefer- you’re heading into new deals- big or small. hype right now about impact investing -do- culture of business relationships never know when a friendship ences, details, and informa- Let’s just say that the homework I do before ing business that addresses problems and Mahir Ali, is essential. Often, the older the or relationship will be useful to tion. It is partially what we Ascots & Chapels I do a deal today is now very thorough. It’s challenges in the world- and I try to stay relationship, the better. Young both sides.” are known for.” true that you do learn the most from your with my core values on that.”

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Customer-funding a In the Middle East, socioeconomic and business’ growth is an political challenges will potentially oft-ignored path that present themselves, and it’s important might work for you that you protect your investment by 55 staying the course “For most successful companies –today and 57 always– whether fast-growing or otherwise, the early funding comes from a much more agreeable Yusuffali M.A. CHAIRMAN, EMKE LuLu Group and hospitable source: their customers. Your funding can too. The vast majority of fast growing “I opened my first LuLu store in was talking about pulling their companies never take any venture capital.” 1990 at the height of the Gulf War, money out and fleeing the region! on airport road in Abu Dhabi. A I thought to myself that this is my few years before or after wasn’t a business, and I have invested so John Mullins risk, but that year it was ex- much in it, and in the community. Associate Professor of Management tremely so. The expat population I decided to stay and go ahead.” Practice in Marketing and Entrepreneurship, London Business School

“Whether you’re an aspiring entrepreneur lacking the startup capital you need, an early-stage entre- preneur trying to get your cash-starved venture into take-off mode, a corporate leader seeking to grow an established company, or an angel investor, mentor, or business accelerator or incubator professional who supports high-potential entrepreneurial ven- tures, a customer-funded approach offers the most sure-footed path to starting, financing, or growing your business or those you support. Too many of today’s entrepreneurs have come to the belief that the best way to start and grow a thriving business is to come up with a great idea, write a great business plan, raise capital from angels or VCs, flawlessly execute the plan, and (voila!) get rich! But it hardly ever happens this way, and the vast majority of suc- cessful businesses don’t ever raise venture capital. Instead, at least at the outset, and sometimes for the entire journey, they get the cash they need Yusuffali M.A., Chairman of Lulu Group, Saifee T. Rupawala, CEO, and Ashraf Ali M.A., Executive from their customers. They don’t do so because Director at the official launch of LuLu Group’s first hypermarket in Cairo, Egypt in December 2015. it’s easier, though. It’s not. They do it in large part The group’s 119th hypermarket was inaugurated by Khalid Hanafy, Egyptian Minister for Trade in the presence of Galal El Saeed, Governor of Cairo, Mohamed Abdul Sayed, Advisor to the Prime Minister, because of the unwelcome drawbacks entailed in Khalifa Thunaiji, Deputy UAE Ambassador to Egypt and other government and civil officials. The Group raising capital too early.” intends to invest US$300 million to launch 10 new hypermarkets over the next two years across Egypt.

Not all risk-taking need be steep Each and every client is an opportunity pluges, adopting measured risk might for repeat business. If they use your work for you and for your business 56 services once, they may do so again, and along the way if handled well can Arva Ahmed become precious advocates for your Founder, Frying Pan Adventures 58 enterprise “I tend to take risks that are well-researched, informed, and Omar Hikal CEO, Archimedia calculated. I’m not as risk- loving as a lot of other entre- “Referrals are our lifeline; our primary source of business comes preneurs in the region because from the referrals of happy customers, so we pay lots of attention to I believe in the one-step-at-a- making sure our clients are delighted with the work we do for them. time methodology. I prefer to We have one client who has used us for his homes in Dubai, Riyadh, invest in small experiments, Jeddah and London, in addition to his offices. We have done work for limit my exposure, see the re- his father and three of his brothers. A few years ago one of the re- sults, and only then take the next step. This might gion’s heads of state had us install identical solutions across many of mean missed opportunities and a lower reward his palaces and two of his yachts. This is very common for us. I don’t pool than for bigger risk-takers, but at least I can have the exact statistics, but I would guess that at least 35% of our sleep relatively peacefully every night!” clients have Archimedia systems in more than one home.”

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Do pursue executive education as it Downsizing during difficult Examine your Raouf S. Ghali, times isn’t always a negative exposes you to business methodology and President, venture’s IP potential; Hill International thing as it may save your valuable contacts that you can leverage business for the long-term, the proprietary 61 for your enterprise long into the future 59 and help it weather economic tech space is big and boom and bust cycles if getting bigger “While I don’t think an MBA makes an entrepreneur, executed strategically with I strongly believe that an MBA gives an aspiring an end game plan 60 entrepreneur the conceptual and analytical tools to “By the time Expo 2020 is upon us, I predict that better understand how to operate a business.” the UAE will be recognized as a major competitive Shahriar Khodjasteh, center for science, technology and innovation. It will co-founder Hassan Al Hazeem and CEO, DDE be a marketplace for the intellectual property that Managing Director and CEO, Intercoil International comes out of the country’s research institutions.” “In my own case, I knew what I wanted the most was to succeed in my father’s business, a company he founded 40 years ago. Work- Dr. Fred Moavenzadeh ing my way through the ranks, I took over the helm in 1999, when President, Masdar Institute of Science and Technology I was just 26. If anyone asks me if my MBA worth it, my answer is absolutely, yes. Studying in that environ- “Dubai and Abu Dhabi in particular have invested billions into ment not only helped me acquire knowl- building the ecosystem that a knowledge-economy requires; edge and skills in areas that are crucial improving the quality of education, establishing advanced uni- for running a business -from marketing versities, setting up free zones and drafting new laws and policies research, strategic business planning, to There is a multitude of to attract business. By the time Expo 2020 rolls around, these business law and organizational culture- business opportunities seeds that the UAE has planted will have begun to bear fruit. And but exposed me to likeminded people, for entrepreneurs one such fruit that is critical for the onward progression of the which for me was a great learning vehicle willing to venture into knowledge-economy ecosystem is the cultivation of entrepreneur- and an excellent networking opportunity. sectors aligned with ship. Entrepreneurs are the real engines for innovation. They are Where do I see my MBA studies helping the agents for change who can revolutionize the way we live with me in my current job? Definitely in my respective GCC national “2009 to 2012 were four difficult years. just an idea. Where others may just see a risk and limited reward, capacity to strategize, to think long-term, infrastructural 63 enhancements As an entrepreneur, as a small business, entrepreneurs passionately chase their dreams, resulting in new to solve problems more efficiently, and to this was extremely difficult to manage. products, services, and knowledge for everyone to benefit from. be a better manager.” Because, here we were agreeing to crazy It is only by taking on risk that great reward can be achieved, and Raouf S. Ghali entrepreneurs embrace that. In the run-up to Dubai Expo 2020, I President, Hill International rents in these big malls, having to go believe we will begin to see the real bloom of entrepreneurs in the Ample working capital and ahead, fit out these stores, put products UAE. They will “If you cannot find opportunity in the Middle East be homegrown managing cash flow responsibly then it’s not the Middle East that has the problem, it’s in, put people in… You’re adding so much dreamers who are two extremely important your business model. I believe that if countries invest fixed cost to the business. And it came to a have benefited factors in a VC’s eyes enough money in the infrastructure (what history has point where we were losing money. What from the im- shown in the last 50 years), the countries that invest proved educa- 62 in their infrastructures create a good platform for peo- “When approaching a VC for funding, it’s just as important we had to do we had to think very carefully tion, business ple to come in and do business there. It’s difficult to be about our position, and the decision was laws and sup- that you vet them as they vet you.” a new player, but there’s always an angle.” made that we would keep our five most port in the UAE, as well as for- Ali Hashemi Managing Partner, Avicenna Partners profitable stores, and close the other six. eigners drawn to Learning to really listen is We had to think cost efficiency- cut away the opportuni- “The fastest way to lose the attention of a VC is to give the impres- one of the most crucial skills the fat and become more efficient.” ties the Emirates sion that you don’t have a realistic sense of cash flows. For investors IN YOUR ENTREPRENEURIAL provide. And I who neither want to nor can be involved in your operations day-to- CAREER. Keep your ear to the am confident day, they have to have absolute confidence that you will not run out 64 ground with customers and that the UAE’s of money before the next funding round. Shahriar Khodjasteh team members to maintain leadership, in An acronym the Harvard Business School Co-founder and CEO, Dubai Desert Extreme (DDE) your business edge recognition of professor often uses is CIMITYM- Cash “What it taught us was that sometimes you must sac- the value of Is More Important Than Your Mother. rifice in order to keep going. If we had kept those stores entrepreneurs, If your accounts dry up early and you Roshni Shewakramani going, we wouldn’t have been here. Releasing that bur- will amend haven’t hit important milestones, not only Founder, Smitten Boutique den of fixed costs allowed us to invest into the efficiency the financial can you not make payroll but you’ve lost of our other retail [outlets] and keep those going, but regulations and any negotiating position in future rounds “The biggest lesson I have learned since launching my also invest into the areas of distribution, which was the business rules to of funding. A VC would much rather you own venture is being open to ideas, talking to my team next big thing for us, and also to continue our marketing give these agents seek out more funding up front than feel and most importantly to our clients. Try and translate efforts. We had to understand that we needed a change of change every Dr. Fred Moavenzadeh you’re bootstrapping too tightly. This is, of that into all aspects of the business. One of my sources in DNA- we needed a change in our overall strategy to be chance needed President, Masdar course, a delicate balance for the entre- of personal motivation is when I meet customers inside Institute of Science and able to survive… And we had to think of our people- we to achieve their Technology preneur– the more cash raised, the more or outside the store, and hearing positive or even nega- had 40-50 people at the time.” dreams.” equity you relinquish.” tive comments. It gets me extremely charged!”

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Don’t be afraid to say Samih Toukan, no to things that don’t Chairman, Jabbar fit into the bigger Internet Group 66 picture of your goal state 67A good founding reputation is Mark Sephton a great building block for the 65Be fluid in your Author, entrepreneur and mentor family business, but it needs approach to how “There is always to reinforced by the next your enterprise’s something to do; generation through excellent we all have an delivery on goods and services hierarchy is endless list of tasks, require- structured, and ments, goals, Moutaz Al Khayyat have partners and objectives. CEO, UrbaCon Trading & Contracting What do you do? (UCC) work in areas of Freeze, panic or their respective become lethargic? “My leadership strategy is very simple: When it comes honest, hard work, attention to detail, strengths to prioritizing, I and quality assurance of the end product. look at which endeavor will give me the These principles ensure that we continue greatest return of investment on my time, to build trust with our esteemed clients. money, and energy. Which one launches We, as a group of companies, know that we Dress to impress… me forward towards my purpose and life can undertake any challenge and succeed 69 (your pitch decks, that is) vision? Which one plays to my strengths by adhering to these basic principles. Our and harnesses my passion? Which task motto, ‘We Build Trust,’ in fact, originates Samih Toukan will open doors? Don’t be swayed by from the vision of the [Al Khayyat] family Chairman, Jabbar Internet Group instant gratification, instead look at the many years ago when the business was end goal. Start with the end in mind. It’s first founded in Syria. Throughout the last “When we are presented with a about managing your energy, and not your 30 years, we have maintained this vision, pitch we assess the level of prepara- time. Say yes to those things which play and aim to fulfill it with our continued tion and effort that has been put to your strengths and fuel your passions, sincere commitment to the requirements into the pitch, and this includes the and don’t be afraid to say no to everything of our clients. UCC continues to carry presentation itself and the research else. You are the author of your life.” forward this legacy.” done in the background.”

Consider that your business needs to bring Not everyone is something new to the table or you’ll quickly going to believe “The way we operate as a group, the management is very in your business 68 find yourself outmatched and outdone in at first, but horizontal, it’s very flat. We don’t have this typical hierarchical 70 you’ll need to an increasingly globalized world pyramid where you’ve got all these CEOs and vice presidents preserve and if and everyone’s reporting. It doesn’t really work.” “We have to innovate, and we have to shift companies’ philosophies from being need be, tune out market followers to market leaders. With the right platform, I am confident the naysayers Wissam Al Mana Executive Director, Al Mana Group that we can put MENA on the world map of product design and innovation.” completely

“My late father was the agent for Nissan, in our approach; we try to work with the Ethan Koh Founder, Ethan K he was one of the first to bring vehicles to best brands in each segment, as opposed Sahar Madanat the region. Our relationship with Nissan to the most brands. We’ve tried the ‘most Entrepreneur and Industrial “At the beginning stages of launch- and Renault is one of [our] major revenue- brands’ way, and it doesn’t work. I’m very Designer ing Ethan K, when I met customers streams until today. Between my brothers proud. There’s so many factors involved who were very brand-conscious and I there is a structure; we basically han- in being a good businessman- ethics, “It’s impossible to lead markets and had a different approach in the dle different responsibilities and different honesty. It’s a huge responsibility. I spend when your products are outdated luxury industry, they would often companies within the group. We all enjoy a lot of time in the West, and my broth- or offer the same features as the say that my brand wouldn’t have doing different things, we all like to put our ers have too. I think that’s actually a key imported product. It’s not an an opportunity in the marketplace. hands in certain industries and activities. to our success. The fact that we have this option to copy what the West is Even many of my university lectur- There’s no rule that I can’t do this because cross-cultured approach, we’ve managed to doing anymore, China will do it ers tried to discourage me at the my brother is. I do most of the business de- understand cultures across West-East. It’s faster and better. It’s important start. Fortunately, I felt [my] calling velopment. We’re becoming very selective an advantage to us.” to create a product that people was greater than their advice. With Sahar Madanat, Industrial Designer not only need, but also a product my family’s support -which was im- that they want.” portant to me- I created Ethan K.”

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Hazel Jackson, Not all influencers are created equally. If you don’t prioritize your health and Converting subscribers co-founder and Chief Choose the face of your enterprise wisely Executive, biz-group work-life balance, it will catch up with you to customers is possible, by confirming that both online and offline 75 but only if and when personas are cohesive with the image you M. Vasanth Kumar Group CEO, AL Malki Holdings 77 you allocate proper 72 want to cultivate for the brand resources to your email “While most of us dedicate a triangle of project management marketing by investing in “Is the individual suitable for the brand? Does the influencer have the lot of importance and commit- that consists of time, cost, and necessary attributes that best highlight the message of the brand? These ment to our work quality and the quality, in broader terms it holds your web presence are crucial considerations in the process of setting out niche luxury life cycle of projects that we are good for our personal life scenario associated with, we often fail to as well. The negative effects of marketing. As highlighted before, a bad fit could cause irreversible “Well-crafted permission based email damage to the stature of a brand when an ambassador or friend of the realize that our own quality of triple constraints in our personal brand is publicly seen flouting the guidelines and calling into question life and life expectancy are being life can be positively addressed by marketing can allow you to develop brand credibility. It is all too easy to engage an ambassador for a fee, but compromised in the process. All adopting and implementing one one-to-one relationships en masse like work and no play will lead to more triangle consisting of three is he or she someone who is true to your brand image?” boredom, potentially poor health attributes: balanced food habits, no other marketing channel can. Step and possibly even early retire- physical activity, and finally time one is to acquire subscribers, then over Dipesh Depala and Ayman Fakoussa ment. Like our triple constraint management.” time through anticipated, personal and Co-founders, The Qode relevant emails, you can turn those Leading often means “Brands are now faced with the ties who promote health and subscribers into passionate buyers.” question of who to approach exercise brands, caught on camera being able to delegate, that can properly represent their by lurking paparazzi as they walk and to be comfortable online and offline aims. Who is to the park cigarette prominently James Reynolds Founder, Veravo delegating tasks both the most suitable individual for in hand. Or the supermodels big and small, you’ll the role, and do they truly reflect that support PETA, yet they’re “In order to build an email subscriber base, you the brand ethos? It’s a crucial photographed sporting fur on an will need to offer something of value on your web- 71 need the right team on decision that can either propel evening out. Clearly, brands need site as a fair exchange for a new subscriber’s email board a brand to infinite stardom, or to do their homework before they address. Few if anyone, will give up their email to adversely banish it to the deep- opt for the influencer strategy, es- be added to a newsletter, but many will happily “In a prospective employee, I look est depths of Internet oblivion. pecially since the bigger the reach, exchange their email to download a premium piece There are the numerous celebri- the costlier the alliance can get. of content such as an e-book, a cheat sheet or an for a team player. Will they fit into educational course on a topic that’s relevant and the company culture and help interesting to them. To get more subscribers, offer It’s not enough to find a market niche, your offering more content like this. A simple cheat sheet or others by combining strengths? within that niche must demonstrate superiority to really resource guide promoted in your website’s sidebar Do they respect all levels and 73 convince customers that it is worth it and on pop-up forms will do well, but by far the best strategy I’ve found for growing an email list is believe everyone can bring value H.E. Sheikh Mohammed Bin Essa Al-Khalifa, Chairman and Acting Chief Executive, Tamkeen James Dyson Founder, Dyson the content upgrade. If your content marketing is to the organization and them?” to be a success then you must plan your content to “When some people think of an entrepreneur, they Create a business model that fill the wants and needs of your audience, not your think of someone who has found a gap in the market can be viable in more than own. This is an important point. Business own- Hazel Jackson which they are able to exploit– a quick fix to make one country so that your ers and marketers all too often bend their content co-founder and Chief Executive, biz-group a fast buck. But that’s not enough for enduring to their own thinking. If you do the same, your success. You need to make sure that your product alternatives to scale become content marketing will fail. Before you begin your “I am traditionally a pace-setter style of leader, out is different and better than anything else out there. endless content marketing program, get very clear on who in front, hunting for the next big opportunity and People want value for money and will pay a premium if they can see you are talking to only occasionally looking back to check everyone is that they’re getting a superior design that will last. Long-term success with your content James 76 Reynolds, still with me. I recognized five years ago that this is requires something that’s genuinely different and better.” H.E. Sheikh Mohammed Bin Essa Al-Khalifa by developing au- founder, great when you first build a business, but doesn’t Chairman and Acting Chief Executive, Tamkeen of the Kingdom dience personas. Veravo work as you scale. You need strong people manage- of Bahrain Most businesses ment skills, someone who can provide feedback, There is (almost) always a great return on investment will have at least [and who is] is available for discussion and sup- when you cultivate an exceptional corporate culture “What I would like to see more of it needs the right environment in one audience per- port. That’s when we hired our General Manager. I 74 in Bahrain is more people think- which all stakeholders are actively sona, but others continue to play to my strengths, and have learned ing bigger, beyond our borders. involved. We need to continue to will have several. to use the ‘multipliers’ practices based on the book Nickhil Jakatdar Founder and CEO, Vuclip You don’t need to grow that much promote entrepreneurial culture as For example, a by Liz Wiseman. It provides tools and a framework in scale to serve all of Bahrain. I’d a viable career option, especially nursery school for me to set challenges, get the most intelligence “Work culture is going to be your continued learning will motivate like entrepreneurs to consider how amongst youth. We need to start will have all these from each team member and hold others accounta- business’ most important asset. its staff to push themselves to they will take their businesses out- recognizing businesses and pro- audience perso- ble. It’s also freed me from doing all the thinking by I believe people are inspired to their full potential. This is a win- ward- a lot of people are pleased mote this more to create the next nas: children, parents, teachers and local authori- shifting the responsibility to others who are more give their best at work only when win situation; employees grow and content with the success generation because success breeds ties. Content for each of these personas would be capable. Having the right people on the team and they believe in what they are personally and professionally here, but it’s important to think success. We need to highlight the very different. Develop your audience personas by learning to let go of operations are two game chang- doing. In addition, a company while the company benefits from about having a regional impact and successes to motivate the next asking a few key questions of your audience. Firstly, ing approaches that have enabled me to play to my that values employee opinions, a diversity of perspectives and perhaps even a global impact. For generation, and it’s about giving who is your reader? What information does this strengths and allowed the business to grow.” and that offers avenues for ideas.” entrepreneurship to truly flourish, people the desire to grow.” person need? What does this person care about?”

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Wield consumer data to tailor communication campaigns, 80 and adjust as needed Guy Deslandes e-Commerce Sales Director, Collinson Latitude 82Only make busine ss “Being able to mine and dissect decisions that are customer data effectively is now fully in line with Mohammed Abdul a prerequisite. Transforming this Rahim Al Fahim, insight into a practical strategy your life principles, Group CEO, Paris Gallery Group is equally as critical. This means and leverage of Companies using information to build an ac- commercial wins for curate picture of customer preferences and behaviors, and tailoring the customer experience to fit. Custom- social good Focus on developing skillset of ers also expect a service experience that is above and beyond the rewards on offer. Using data to gauge your human capital, especially customer communication preferences and navigat- HRH Princess Reema those in the first lines of ing these channels effectively can strengthen brand- Bint Bandar Al Saud contact and positions that are customer relations and inspire long-term loyalty. President and Founder, For some, this means engaging in instant and cross- Baraboux consumer-facing platform interactions; for others, it means keeping 78 your distance. You need to be able to recognize these “If I’m going to put my name to “Our leadership wants this country to become the nuances and tailor your program accordingly.” something, I really feel that it center of luxury retail worldwide- the center of luxury has to be something that deliv- ers on the proposition. When retail, which will happen very soon. We, and our I look back at my career, what colleagues in the industry, are participating, together Make your financial literacy really interests me is providing with the shopping malls, we are working to improve skills a priority to encourage opportunities for other people. And particularly back home, your venture’s solvency retail through selection, service level and more.” the retail industry provides a 81 lot of job opportunities, so the Mohammed Abdul Rahim Al Fahim “Unless you develop financial skills more that I dive into that, the Group CEO, Paris Gallery Group of Companies specific to managing your business, you’ll more retail ventures that I dive into, I end up being able to cre- “In our company, we employee more than 70 nationalities. They all have a hard time staying afloat.” ate more jobs and that interests come from different cultures and corporations. They learn positive me and fascinates me which is and negative things, and take that with them. Because the luxury Jumana Twal where the social enterprise Alf industry is so dynamic and ever-changing, the human resources Founder and CEO, Bidaya Corporate Khair came about. The vehicle stability is not there yet. Since 2006, we have tried to change the Communications seems to be fashion and retail, Paris Gallery corporate culture. One part of our culture is that you and I find that intriguing.” own the business, you are accountable. You treat your areas of “Raising capital, responsibility as your own, and whatever you feel is appropriate managing revenue to do must be done. A big proportion of our junior managers and and profit, getting managers take decisions that aren’t in line with the brand because clients to pay on they are empowered to put the client first.” time– these are essentials that you won’t learn as an employee. Whatever To become a more effective entrepreneur, you do, whether it’s project manage your weaknesses the same way taking a course, find- you would project manage hiccups at the office ing a mentor or self- 79 educating by reading Jean-Francois Manzoni up on the topic, make Professor of Management Practice, INSEAD sure that you have the basics down as “Instead of spreading your time and energy across a few dimen- early as you can to sions, select one skill that is of significant importance to you, and save yourself from making costly mistakes. I was for- where you feel that improving on this dimension will deliver a very tunate to have seasoned CFOs and CEOs among my highGenny return on investment. Read about this practice or behavior. friends and family. Their advice and guidance during Ghanimeh MakeFounder notes and and then regularly review your notes. Phrase your goal those first few years of my company’s formation were positivelyCEO, Pi Slice instead of negatively, as in ‘I will stop X behavior’, and central to teaching me how to set up and manage my break it down into small, manageable components.” agency’s finances.”

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Social entrepreneurs need to run the ongoing A healthy entrepreneurial Sami Al Mufleh, CEO, Hills search for funding differently, but that doesn’t ecosystem requires that Advertising, with HRH Princess Dina Mired, Director General, King society as a whole promotes 83 mean that the capital isn’t there Hussein Cancer Foundation bravery and even an “Social ventures don’t have the same flexibility identity structure on adventurous type of mindset leveraging capital the same way as regular startup ventures do.” 87 in business

Genny Ghanimeh Founder and CEO, Pi Slice “With the oil-based step-change transfor- mations of the Middle East’s economies and “Typically, a regular startup would turn to the following channels of associated changes in lifestyles, individuals’ capital: network investments, banking, equity debt, convertible debt, crowdfunding etc., with a relatively straightforward process for fund- once-natural appetite for risk-taking (such as ing channels that are revenue options models. To access the previously seafaring and desert caravans) and spotting mentioned capital streams, social ventures have to do several things of opportunities appears to have faded in line including intensive market research to prove the need and execution with expanding oil production.” capabilities. But funding roadblocks might arise, and for that social ventures look into the following three op- Genny Ghanimeh tions: leveraging partnerships, philanthropy Dr. Kieran Mervyn Founder organizations, and the multitude of social Professor, University of Roehampton and CEO, cause competitions and funds. Regarding Pi Slice revenue sharing partnerships, it involves so- “The notion of entrepreneurial cognition considers how Think on national opportunities, cial entrepreneurs thinking innovatively and we develop the skills of these leaders and whether we and how your enterprise can identifying partners who can bring econom- can actually teach the skill of spotting opportunities and capitalize on your country’s ic value both parties. The partner may share understanding the innovation pipeline from end to end. intellectual value or property, which adds Ramanathan Hariharan, CEO, Max In contrast to areas such as Silicon Valley, where risk is direction and market demand value to the venture in a completely unique applauded and failure is celebrated as learning, the Mid- way. The beauty of this avenue is that it is a Learn to leverage your position dle East approaches business development with much 89 “When you have such a big mechanism operating by your win-win situation for both parties involved.” to court international attention more caution. When we are considering what makes a side as one nation filled with intelligence, ethics and mutual and business as an entrepreneur great entrepreneur, it’s best to look at the roles innova- operating in an emerging market respect, as an entrepreneur, faith gives you the power and tion and leadership play. Certain personality character- strength to go big -beyond and above your opportunities- 85 istics are commonly associated with the entrepreneur: Do consider executive coaching for and this is when innovation and creativity really kick in.” personal skillset enhancement, and the Ramanathan Hariharan perseverance, resilience, patience, curiosity and a crav- ing for knowledge. There’s a host of literature around impact it could have on your emotional CEO, Max this subject matter and, in the context of a successful Sami Al Mufleh Founder and CEO, Hills Advertising intelligence quotient together with its “When you’re a startup, it means you have to entrepreneur, creativity and being an innate risk-taker application to your management style engage with your suppliers, give them the vision are often core traits. It is the very spotting of opportuni- “I am originally Jordanian, side. OOH media is more than 84 of where you want to go, and how you can help ties (and the ability to structure their exploitation effec- but I have always felt that it just a medium- I consider it “Good leadership demands emotional strengths and behavioral them to start and grow along with you. One of the tively and efficiently) that sets entrepreneurs apart.” was a smart move to set up my a beautification project that characteristics, and being prepared to apply these to your business things that we used to always talk to our vendors professional career in Dubai enhances the city. With all life. Emotional intelligence is essential for your personal growth in about was that most of them were only servicing over 20 years ago. Back then, the technological innovations the European and U.S. markets- they never had had Rasool Hujair, Dubai was only a project in the Expo2020 will bring us, I am tandem with the growth of your enterprise.” exposure in the Middle East. So we would intro- CEO, Majid Al making and professionals didn’t looking forward to see where it Futtaim Finance duce the Middle Eastern market, and tell them how want to risk it- they’re feared will take us in terms of OOH. I Martin Braddock emerging it is, how important it is for them to have investing in a project that wasn’t have seen all of the ambitious Associate Director, Performance Development Services an account here, to start off business with us.” matured as yet. My educational projects become a tangible background as a civil engineer reality, and I assure that the “In todays’ rapidly-changing business environment, effective leader- with a Master’s degree in leaders of this nation could not ship requires attitudes and behaviors which characterize the leader Don’t underestimate or Business Management gave have done it without its people. and their ability to relate to people (or stakeholders if you want to use downplay the risk both you and me the completed vision of my So ‘connecting minds, creating corporate terminology) at all levels. It’s not just the learning, it’s the your investors are taking when current endeavor, Out of Home future’ is something that has application of that learning that really matters! I have been fortunate launching a new venture (OOH). I was able to create and been already done with the to work with some inspiring and ultimately very successful leaders 86 manage both the commercial country’s operational ethos, and and, yes, most of them have possessed a high level of self-awareness Abed Bibi Co-founder, YouGotAGift.com Think mobile first for your enterprise’s and management knowledge now in light of the Expo winning and understanding of how they prefer to work and behave at work. in addition to the technical bid, we go global.” Partner, HoneyBee Tech Ventures online presence, and allocate your However, I have not yet worked with one who hasn’t been able to learn resources accordingly how to modify a behavior or two at times, to enable them to continue “Know the risk involved. 88 with their own successful careers. We are all able to learn new methods An entrepreneur should be Don’t give in to self-defeating narratives and skills to be more effective leaders, but the trick is applying these passionate, optimistic, and Rasool Hujair 90 learnings and being prepared to step outside our own self-transcribed hopeful for the future, how- CEO, Majid Al Futtaim Finance comfort zones. The principles and application of Emotional Intelligence ever, an entrepreneur should Tony Hchaime Wellness coach that can assist in dealing more effectively in areas such as conflict also be realistic. They should “We live in a different environment [now], where mo- management, relationship management, empathy and understanding of understand that there’s a bile is becoming dominant. It’s really personal and it’s “Without exception, the biggest hurdle I come across when it others and supporting organizations and individuals through periods of major risk involved for both so powerful that it has the potential to change a lot of comes to high performance is the self-defeating thought of: ‘It can’t rapid change and development.” you and them.” our habits and enhance a lot of our experiences.” be done.’”

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Not all VCs are created equal- Establishing internal “Adding the human element Sunil John find the one that cares about payment systems and to the story will help set CEO, ASDA’A Burson-Marsteller your industry, not just the one regulatory framework your story apart from “As an entrepreneur, no one will be benefits your business your competitors. Don’t be better at telling your story than you. who has the cash 93 In our overly-messaged society, it is in more ways than just 91 afraid to talk about your important to ensure that your master bookkeeping 95Learn how to tell narrative is carefully crafted to not “I believe in this region, and in its innovation potential. failures and the lessons you The Middle East, and the UAE in particular, is in the the story of your only appeal to all stakeholders but have learned. The most is also memorable, to the point and second inning of mini technology boom, and we expect “Payment solutions for SMEs are fast evolving business with interesting lessons interesting. A successful master narra- this to continue as locally based companies continue to to meet the needs of your business, so explore successful entrepreneurs your options and make these solutions work for that you have tive should answer a few fundamental bring their new ideas to life. Hopefully, we can help.” have made mistakes and questions like what is your back story? you. From simple things like choosing your busi- learned from both What challenges do you face? What are ness payment card to enlisting the help of an positive and negative learnt from them– that is the stakes? What is the pay off? And Arya H. Bolurfrushan efficient online management system– you can experiences what makes you different.” finally, what is the future promise?” CEO, Bolurfrushan International Group increase productivity, streamline your financial Co-founder Emerge Ventures processes, and keep your mind focused on the big opportunities ahead.” “To innovate on a global scale you need a relatively level playing field; basically you need the in- Andre Hattingh frastructure to educate, develop, Head of Commercial Products CEME, Visa integrate and roll out ideas. The Middle East is still developing “Whether you’re a small business, entrepreneur, the ecosystem for the virtuous independent contractor or sole proprietor, operational cycle of innovation to take hold efficiency is increasingly critical for you to remain but global trends makes this competitive and to drive real growth beyond cycles. inevitable; it’s just a matter of Financial processes such as payment management are time. There is a boom on the a critical component of running your business and you horizon for the Middle East and need control, convenience and cost-savings. Payment it is this changing landscape that management is designed to enhance the efficiency of makes investing in this region small businesses processes and improve your bottom so exciting. A large part of the line, better manage your cash flow and help growth– role of venture capital is to fuel not just with startups, but for those who need to grow innovation and mass adoption. to the next stage.” This fuel comes in the form of capital, structure, access and expertise. Each of these factors plays a critically important role in aiding startups and entrepreneurs– Before you do anything the expertise is just as important as the capital that a VC can with your business, make provide. When I first started investing, it was something that I did sure that you’ve (seriously) on my own, as a kind of hobby. I ended up investing in 27 startups. done the homework I learned a lot about various sectors and regions but more impor- 94 tantly the common pitfalls, the founder’s dilemma and the life of a company after the investing honeymoon period. Now that this interest has pivoted into an institution, it has taken on a whole new meaning. We are investing in the structural building blocks of the technology industry and look at VC as a way to build upon the talent and resources in the region.”

Waiting for the opportune time to start your business 92 means that you might never start

Jelena Jakovlijevic Bin Drai Serial entrepreneur

“I would advise any entrepre- There is definitely a certain neur, whatever their passion amount of risk-taking in being or specific industry, to just go an entrepreneur– starting your H.E. Sheikh Faisal Bin Qassim Al Thani for it. It can be easy to make own business is hard, chal- Chairman, Al Faisal Holding excuses, but there will always lenging and uncertain, but it be a reason not to do some- also offers huge rewards which “Carry out full legal, financing and environmental due thing– if you are waiting for the outweighs the fear of taking a diligence when evaluating any opportunity and before right time, you will wait forever. chance.” making any business decision.”

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Content creation for your Focus on the markets that business is a multifaceted chal- In today’s hyper competitive suit your arena of business market, your clients need to be dazzled, lenge that should center around not just serviced 96 best, and don’t stray into 102 organic shareability value 98 products and services Marianna Boguslavsky Alexander McNabb Author and consultant that you aren’t personally Founder, Boguslavsky & Co. “Content made for your acclimated to “Over-deliver, and then over-deliver some more. consumers to share is I’ve seen this the hard way: doing only what you’ve your ultimate goal. You quoted/agreed upon/promised is just not enough to want people talking “I think Dubai of the best cities for the high-end keep clients happy. You need to go the extra mile if you about you, offering your hospitality business. It’s such a nice city; you have want to convert those clients into return clients, and insights and experience so many different nationalities, a beautiful crowd. if you want to build your business by positive word on to others, thereby Very good clients who like to go out to good places of mouth. Once I started exceeding client expecta- giving you their effective Khalifa Saleh Al Haroon, founder and CEO, Haroon United Group (HUG) tions, I noticed immediate results- from being asked to endorsement. Remem- to get good service, good food, get a good product. quote on extra services to being recommended to their ber how hard PRs used connections. In the first year of running your own That’s exactly what we’re bringing to them.” People may not understand your to try for endorsement business, make sure your focus is on putting in the in the good old days? idea initially, but once you’ve extra time and effort to deliver phenomenal work and demonstrated traction you’ll find Well, you’re still aiming Evgeny Kuzin Co-founder, Bulldozer Group offering terrific service to your clients.” for it, but in the form of it much easier to pitch for funds sharing. If your content “In a challenging arena like hospitality there are many factors and generate support isn’t shareable, it’s back that influence success, but the most important thing is synergy. 100 Strategically consider the to the drawing board. You have to be the right equity percentage you’re The one question you person to open the right Evgeny Kuzin , Khalifa Saleh Al Haroon giving up- too much or need to ask when you’re reviewing any proposed content venue. We knew the market, co-founder, Founder and CEO, Haroon United Group (HUG) 103 offering: “why would I share this?” from visiting and from living Bulldozer too little gives potential here in Dubai. You have Group “I knew that to generate revenue ment now though, some of the investors food for thought to exactly know what you off of my website, I would need same institutions I asked years Play to co-founder strengths want to deliver about the to come up with a plan for ago now ask me for support. “As a rule of thumb, entrepreneurs should give up and ensure that division of labor project. When you know expansion and reach a critical Sadly, it was hard for them to anywhere between 15% and 33% in the earlier what you want to give to the mass. Since growing a brand wrap their head around a busi- maximizes each person’s skillset rounds of funding- 15% is just enough to give inves- 97 people and what you like takes time, many investors ness that didn’t sell anything tors skin in the game, and 33% can indicate that the and personality yourself, and you’re proud didn’t want to wait… I am glad and just generated revenue off entrepreneur is not that excited about his or her busi- and passionate about it. that I didn’t take any invest- advertising.” ness because they’re giving up a significant chunk.” “It’s critical when starting a business that It’s simple. We find Dubai you get the right people around you to help is very attractive. I came make the company a success.” here six years ago, and I Do consider crowd-investing as a viable funding Amir Farha Co-founder, BECO Capital used to stay in Abu Dhabi. route for your venture We first came here for the 101 “When looking to invest in a Sami Khoreibi Founder and CEO, Environmena investments and properties, “Crowdinvesting shows credibility and confidence on the entrepreneur’s startup, the first thing we do and then we turned to the behalf about the potential of the company.” is build a capitalization table, “I am fortunate that my co-found- F&B business.” which shows the different ers are old friends of mine. Erik Rula Galayini Founder, Rula Galayini funding rounds that have been Voldner is the Executive Director raised by the business, the for Operations, and responsible for No matter how good your “Crowdfunding involves accepting donations for an idea, but then investment and the number overseeing the company’s opera- not necessarily being accountable for it where as I wanted the of shares (with percentages) tions and business development profits look, never allow message that I had a clear business plan and was dedicated to the owned by each shareholder. activities. And Sander Trestain is complacency to set in growth of my business. Accepting to be held accountable gives Once the historical cap table the Executive Director for Projects 99 investors confidence. Likewise, by giving investors a share of the is built, and you’ve reached and oversees the construction, company through crowdinvesting, you gain mutual interest and the current shareholding, you commercial contract negotiation, Nathalie Haddad they become dedicated to facilitating or accelerating the growth of need to insert the new funds required and provide project management and contract Founder and Managing Director, the business. Investors see it as good way to an assumption for the valuation. This should help tendering. One difficulty in our Right Bite become part of an interesting concept with generate a price per share for investors. Once we have partnership is that we have quite different risk tolerances. a minimum investment capital. They gain an established a working model, we would then make My approach to winning new business and growing the “It’s been over 11 years and there are many emotional sense of ownership that is both an assumption on the number and sizes of the future firm is quite aggressive, whilst their approaches are more lessons I have learnt from my business motivating to them, and productive to the rounds required (since we invest early, there is likely studied. This works well for the business because we bal- endeavors but one of the main ones is that entrepreneur. There is also an aspect of giv- to be a further two or three rounds of funding). The ance each other out and take a more measured approach! I believe you can never sit back and say. ing back to the local economy that is quite future rounds, if all goes well, will be done at higher We all have a passion to succeed; we work hard and have ‘That’s it! I have made it!’ You always have noble. Typically, investments were poured valuations, but will also dilute all shareholders includ- a high tolerance threshold– a must when starting a busi- to be on top of things; and continuously ed- into telecom and service industries, but ing the investor. When we invest, we assume that we ness! Also, we have a compelling mix of engineering and ucate yourself, your team and develop your Rula Galayini, slowly unconventional industries are being would at least participate on a pro-rata basis (meaning founder, old energy skills, perfect for pioneering change in the offerings; the market is always changing Rula Galayini considered, providing solutions to entrepre- we would invest the required amount that will keep energy sector.” and you have to be ready to change with it.” neurs from diverse backgrounds.” our shareholding at the same level).”

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THE EXECUTIVE SUMMARY [REALLY]

Your success as a ‘trep Simon Hudson, founder and CEO, Brndstr doesn’t need to be measured 106 by profits, the learning curve is valuable, too

Afiya Khaled Founder, Afiya Khaled Makeup Artistry

“The most challenging -but exciting- aspect of entrepreneurship is the uncertainty. It can be very nerve-wracking going to bed not knowing if your hard work will pay off. However, I find it very -ex citing because eventually, regardless of the result of every project, there is a lesson to be learned.”

Despite the fact that you might face many competitors with similar Demonstrate your dedication offerings in the market, as an entrepreneur to generate 107 good quality and service investor interest and inspire can help to determine 104 a positive outcome for investor confidence your business “I have heard investors say that they need Ali Al Amine a 100% focus on an idea to consider putting Managing Director, FitRepublik C M “The barrier to entry to entrepreneurship is the cash in, and I can see why.” much easier in this part of the world, because all Y the foundations are all laid down in place. The CM economy is also a rich one, and so that also helps Simon Hudson Founder and CEO, Brndstr MY a lot. At the end of the day, this is a generous “My US$1.6m seed raise did not find someone who will truly get market, and more importantly, there is a fight for CY just take a month or even a year- I what you are doing, and who will quality. The consumer in Dubai is a consumer that CMY

have been in training for most of believe in it. Also there needs to seeks quality. I think when we compare ourselves K my life. In my case, since the age be evidence of financial commit- to quality service providers, I think there is an of 15 I was always crafting an idea, ment from your side. For myself, opportunity for us to share the market and coexist trying to start a business, and other than the lifetime of dedica- in a healthy manner.” become the next Richard Branson. tion and money spent on tweaking Taking the mistakes on board and my skills, I also invested through Ali Al Amine, learning along the way, I was able partners and personal savings Managing Director, to achieve a major pivot in my over $120,000 into Brndstr be- FitRepublik career and successfully raise the fore any seed funding was raised. seed capital I needed. To generate Not only did this show that I was investor interest, having a proto- serious about taking my company type is key. Without this concept forward, it also reduced the risk and proof that what you are want- for our investors in turn giving ing to build will work, it’s hard to them more confidence.”

Some of the most stable business models in the world 105 rely on only one question when formulating new offerings: what does my customer want?

Salina Handa Founder, SensAsia Urban Spa “Never lose sight of what your clients are coming in for.”

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TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

And we are seeing more and could use the same tools as a platform allows for such Setting your enterprise on more people doing that, more the world’s biggest advertis- experimentation to happen and more businesses.” ers, I think they would never in a big way. “A big idea, told a growth trajectory Mendelsohn is not exag- have believed it- and yet that well, told simply, and told Nicola Mendelsohn gerating when she says video is absolutely true today,” in a creative way is one that has exploded on Facebook- Mendelsohn says. “All the will just emote with you and Vice President, EMEA, Facebook the company has stated more tools that exist are virtually also draw you in as well,” How Facebook can help small businesses scale up than eight billion videos are the same, [no matter] if you Mendelsohn explains. “So By Aby Sam Thomas being generated on the social are one of the world’s biggest that’s what I would say [to network every day, with advertisers, or if you are businesses]: be true to your more than 500 million peo- just starting up… Actually, I product, be true to your in- or someone who half years since I have joined ple watching these videos on think that some of the most stincts, and also be creative was declared by [Facebook], and I think the a daily basis. The MENA re- innovative and most entre- in how you tell your stories. The Telegraph as biggest change I’ve seen in gion, in particular, has been preneurial of our advertisers You want to stop people- you “the most power- this period is that Face- an early adopter in terms of are small business owners, want to stop their thumbs ful British woman book is [now] a mobile-first video content on Facebook- and that is definitely true in in their tracks as they are Fin the tech industry,” Nicola company, without question,” not only is the audience here this region as well, where we scrolling through, and ar- Mendelsohn seems to be ab- she says. “I also think the receptive to it, Mendelsohn see people looking to connect resting imagery and arresting solutely at ease with the title Middle East is a mobile- notes that MENA businesses, with the people that matter videos are the things that conferred upon her by the first region. The adoption regardless of whether they to them. They are using In- will grab people’s attention. U.K. newspaper for her role of technologies across all are multinational corporates stagram extensively -Insta- Nicola Mendohlson, Vice President, Facebook EMEA speaking at ‘Video Unplugged’ event in UAE And they will also make sure as Facebook’s Vice President the different countries here or startup enterprises, have gram here has really taken off that your business is the one for the Europe, Middle East is really significant: the been setting benchmarks with small business owners that they stop on, dwell on, and Africa regions. Her calm, adoption of smartphones [is of sorts for the rest of the as well- but they are using custom audiences and looka- you come to be inspired. And chances at reaching their de- and hopefully go and buy easygoing demeanor made growing], people are coming world by creating compelling Instagram plus Facebook, like audiences tools to reach there is a difference between sired consumers. “You know from as well.” it easy for me to talk with on through feature phones as and creative video content and they are connecting to parents across the MENA discovery and inspiration. your business better than an- her when she paid a visit well, so people are consum- to market themselves on people through Messenger region. This is just one ex- On Instagram, you might fol- ybody,” she says. “You know to Dubai in November last ing a lot of content. And I Facebook. The younger com- and WhatsApp as well. So ample though, and Mendel- low people you don’t know- your consumers better than Making an impact year, which was also when think the biggest difference panies are the ones that are they are using a whole suite sohn notes the availability you might have celebrities, anybody. With that knowl- Nicola Mendelsohn’s tips Facebook announced that it we see here is the love of standing out in this realm of [tools] in ways that we are of several other such stories channels, entertainment. edge and with that insight, for small businesses had more than 100 million video- video has exploded on though- Facebook’s leveling not even [using]- they are to take inspiration from. “I On Facebook, you’re not as I think you can do extraor- marketing on Facebook people accessing the social mobile! And a huge number of the playing field in terms ahead of us sometimes. And think that if you are a busi- likely to do that. So there is a dinary things, because you network through mobile of people in this region are of access to its advertising that’s the thing to say [to ness owner, and you are very difference. But the beauty is can go out and target your 1. List your goals, and make devices in the MENA region. consuming video, and really tools means that businesses other businesses], is to test clear on what your business they can also work together audiences, in a way that in them measurable According to Mendelsohn, enjoying video on mobile as now have equal opportu- and learn.” is, and you’re very clear on really well. So we’ve seen the past, it would have just “Know what you are trying to these figures are a reflection well. So I think if you are nities to make the social Mendelsohn uses the exam- the sorts of people you want lots of cases where you been whoever was passing achieve. Be really clear about your of the changing nature of not a business and you want network work for them. “I ple of the UAE-based startup to target, then Facebook and might start on Instagram and you on the streets of Dubai- objectives, because if not, you won’t just the audience Facebook to connect to people in an come from a family of small Mini Exchange (winner of the Instagram are a fantastic way then follow the retargeting now, you can target similar know what to measure afterward.” caters to, but also Facebook engaging way, the way to business owners, and if my E-Commerce Agility Achiever to do that,” she says. “And through on Facebook, or vice sets of people anywhere in as a platform as well. “I do that is through video on grandparents and my parents title at Entrepreneur Middle what we can make is that versa, for different reasons, the world, and I think that’s 2. Know who it is you want think it’s [been] two and a mobile. There is no question. were told that one day they East’s 2014 Enterprise Agil- Facebook and Instagram are depending on what it is that a fantastic opportunity. So to reach, and strategize for ity Awards) to illustrate her the best mobile platforms you are trying to achieve.” I think the message is -and that specific market point. This online retailer to connect businesses with what I have learned from the “Be very clear about who your catered toward parents and people, and they are the “the Middle East is a mobile- world of tech is- to test and target audience is. Think about kids launched in 2014 with best way to go and advertise first region. The adoption of learn. Test and learn- and the target audience and their technologies across all newsfeeds, and how you can stop a portfolio of just over 500 products as well.” But this the different countries here learn also when it doesn’t products, and it today offers isn’t to say that one should is really significant: go right, because it doesn’t them in their tracks. What will be more than 30,000 products approach marketing on Face- the adoption of smartphones always go right. I’m not say- the creative, message, offer or from 250 brands around the book and Instagram as being [is growing], people are ing that everything’s perfect- thinking that will really stop them coming on through feature globe. Its growth curve has one and the same- Mendel- phones as well, so people are sometimes you might get the and get them [interested]?” been remarkable, to say the sohn strongly advises against consuming a lot of content.” targeting wrong, sometimes least- the company recently a one-size-fits-all mental- you might get the creative 3. Experiment… completed a seed round ity for this matter. “I think Mendelsohn stresses on wrong. But the important and then experiment funding of US$1.1 million, Facebook is a place that you the need for businesses to thing to do is to make sure some more and Mendelsohn says that come to be connected with be clear with what they you go back, evaluate, build “Just because you don’t get it right Mini Exchange founder Sa- your family, your friends, are trying to achieve with on and double down on the the first time, that doesn’t mean rah Appleton has attributed the businesses- you come to their marketing efforts on successes- because that’s you have done it completely wrong. 20% of her revenues as hav- Facebook to discover,” she Facebook- because that es- what really matters.” Being Go back, try again, and I promise ing come through advertising explains. “Instagram is born sentially spells out how they innovative is of the essence, you that you’ll see really strong on Facebook, with online visual, and it’s born visual should go about the same, of course, and the relatively results- so, just go for it.” Nicola Mendohlson, Vice President, Facebook EMEA speaking at ‘Video Unplugged’ event in UAE sales being driven through its mobile- so it’s often a place and thereby bettering their young nature of Facebook as

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Tip the scales in your favor IN 2016 Achieve work-life balance

as an entrepreneur By Suhail Al-Masri

t is that time of the year again. The time to not just eat, drink and be merry, but also to make New Year’s resolutions. A very popular New Year resolution professionals make in the Middle East is to achieve a better work-life balance. According to a regional poll by Bayt.com Ion the top New Year resolutions among professionals in the Middle East, 12.8% said they want to spend more time with family and friends; 11.8% said they want to work out more; 9.2% said they want to take more vacations; and 5.6% said they want to meet new people.

Our poll on work-life balance has revealed that the ability to maintain a decent work-life balance is key to achieving personal happiness and job satisfaction in the region. While 56.7% of professionals agree that they have achieved a good work-life balance, 43.3% claim they have not. The same poll shows that 26.9% of respondents feel the area most affected due to work-life imbalance is their mental health. For 15.6% of them, the imbalance is felt to hinder their professional and busiest of entrepreneurs strike a balance personal growth, and for 7.8% the between personal and professional life. imbalance deters performance on the job. Only 12.8% of professionals polled agree 1. Be clear about your priorities that what they like most about their job is Take some time to revisit your values and the level of work-life balance achieved. priorities, and understand what really For many entrepreneurs, creating a matters to you most. Is it money, and if work-life balance is nearly impossible. so, how much do you really want or need? Entrepreneurs generally struggle with Is it time with family and friends? Is it managing their working hours, spending freedom to pursue hobbies and interests? quality time with loved ones and Is it accelerated professional growth and personally-fulfilling activities, and at the recognition? Once you have come to grips same time, getting enough sleep, healthy with what you truly value most, you can

meals and exercise. With the odds stacked seek to focus on that area and accept o m

against them, how can entrepreneurs changes, even compromises in others, as yt.c a achieve the dream of work-life balance? you minimize distractions in search of Here are just a few tips to help even the a better balance. According to our poll, >>> cs © b © INFOGRAPH i cs

66 Entrepreneur january 2016 january 2016 Entrepreneur 67 CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

64.8% of respondents would agree to an better work-life balance. Think of all income cut if it would allow them more the time you can free up to do other free time. The poll shows that 14.8% feel things if you improve your productivity better prioritization of home and work levels through that much extra effort, tasks is key to achieving a better work-life focus, efficiency, or learning. The most balance. ambitious and successful entrepreneurs are lifelong learners committed to always 2. Set SMART goals being ahead of the curve in the learning As per the same poll cited above, it requires to achieve leadership in their 63.2% of professionals admit that they domain. usually work outside of regular work hours, and 27.8% admit that they do 4. Get organized it out of necessity. Often, this is due Poor organization could lead to your work to poor planning and lack of clarity on hours bleeding into your personal time what constitutes success on a task or and to that constant feeling of panic and project. Without SMART goals, you confusion. Get organized to regain control are invariably setting yourself up to an over your life. Start the year with a clear unhappy scenario. Unless you understand vision and an annual plan for both your where the goalposts in life are, you are personal and professional life. Clear your almost sure to miss them every time. Ask mental and physical spaces and make yourself in your professional and in your room for the new by relieving yourself personal life at very regular intervals of clutter and thoughts and habits that where you are planning to go and how have not served you well in the past. To- soon you need to get there to have a very do lists are a great tool to help you both clear vision of success and then plan a organize and prioritize your daily tasks. clear path to get there. Without careful Keep your lists realistic; if you find that planning and a sound vision and measure you have too many things to do and too of success, you may exert more effort than little time, you need to either prioritize or needed in some areas of your life at the schedule to do them later. expense of others you value equally or more. 5. Choose a healthy lifestyle Bayt.com’s work satisfaction poll 3. Optimize your productivity shows that 39.3% of professionals are 22.2% of respondents in the work- occasionally affected by work-related life balance poll believe that greater stress, and as many as 34.8% indicate 6. Celebrate your weekend productivity is most needed to achieve a work stress affects them most of the time. The weekend is yours. And just as you set This may be correlated to the fact that a daily planner for tasks at work, make 46.7% of professionals admit that they sure you do the same for your weekend don’t spend enough time with their family and time off work. Schedule activities and friends and 57 % say they don’t with family and friends, take the kids on a spend enough time exercising. Work- weekend trip, go camping, hiking, biking; related stress can eat away into not only just make sure you do allot a couple of your productivity, but also your personal hours solely for your personal well-being. and family time. Often, managing work- Indulge in a spa session, a soul feeding related stress is largely about managing mini-retreat, a long walk or any other expectations. Ask yourself: is there an activity that makes you relax and unwind. easier and faster way to complete your You’ve worked hard all year to make ends more stressful tasks? Or perhaps there meet and you absolutely deserve it! No is no easier way, in which case you need matter how much you love your business, to ask for help. Work-life balance begins remember, you are working to live; not with managing stress by committing to living to work. 33% of professionals a healthier lifestyle that includes better believe a better work-life balance would time management, better eating habits, cause them to feel more fulfilled overall, regular exercise and a generous time as per a recent poll by we executed on allocation to activities that make one feel happiness and personal fulfillment in the truly satisfied, fulfilled and happy. Middle East.

Suhail Al-Masri is the VP of Sales at Bayt.com. Al-Masri has more than 20 years of experience in sales leadership, consultative sales, account manage- ment, marketing management, and operations management. His mission at Bayt.com goes in line with the company’s mission to empower people with the tools and knowledge to build their lifestyles of choice.

68 Entrepreneur january 2016 TECH SHINY | WEBSITE TO WATCH | GEEK | MOBILE TECH | ONLINE ‘TREP | THE FIX

The Sony BRAVIA™ X9400C Series 4K LCD Android TV

Use protection Welcome to the new year! It’s a great time to tune up your tech, and opt productivity boosters- be it at work or at play. WD releases new operating system WD My Cloud OS 3 is the new, on your smartphone and it also redesigned operating system enables support for Chrome- that powers WD personal stor- book and Chromecast. In addi- Get it done Be on beat age devices. It features an intu- tion to new software upgrades, Microsoft unveils Surface Pro 4 Daman and Sony launch ActiveBeats itive user interface, automatic WD has also introduced a new file synching, backup and a version of My Cloud Mirror Surface Pro 4, dubbed the tablet to facilitate your productivity. If getting fit is at the top of streamlined photo gallery you personal cloud storage devices, that can replace your laptop, is The Surface Pro 4 Type Cover your list of resolutions, Daman can view on any PC, Mac, iOS featuring two hard drives thinner, lighter and faster. At also comes with an optional and Sony Music Middle East or Android device. Through set to Mirror Mode (RAID 1), only 8.4 mm thin, it features a fingerprint scanner bringing you may be able to help you suc- two new services, you have ensuring content is stored on 12.3-inch PixelSense Display and the convenience of Windows ceed. The companies joined more control and privacy over one drive and automatically 6th Generation Intel Core m, Core Hello. Microsoft also improved forces to create ActiveBeats by your personal data. MyCloud. duplicated to a second drive. i5, or Core i7 processor which Surface Pen which now features Daman, a mobile application com provides global access to My Cloud Mirror personal enables you to get more done 1,024 levels of pressure sensitiv- that uses the power of music to My Cloud via a web browser cloud storage includes the new on the go. With up to nine hours ity, so you can write, draw and make physical activity more en- and enables file collaboration features announced for My of battery life and a redesigned mark documents with precision joyable. While listening to music and comprehensive access Cloud OS 3 and an improved cover featuring a mechanical ink on one end and an eraser on during exercise is certainly not a management. WD Sync is the processor and 512 MB RAM keyboard with optimal key spac- the other. Whether you prefer to new concept, ActiveBeats does WD My Cloud OS 3 feature that synchs data across for faster file transfers and ing to quickly take the device write by hand or type, you can give it an interesting twist: the devices to backup media files application support. from tablet to laptop, it’s made get it all done with Surface Pro 4. app contains music overlaid with fitness instruction allowing you to get the latest hits and exercise tips while you’re training. You can choose from dozens of songs, including Keep connected Arabic music, with three different levels of intensity. The Microsoft Office 2016 tips, available in both English and Arabic, could be the mo- tivation you need to bang out that last rep or two. Active- Office 2016 delivers new versions of Beats can be downloaded for free from the App Store and the Office desktop apps for Windows, Google Play for iOS and Android powered mobile phones including Word, PowerPoint, Excel, respectively. Get downloading and hit the gym! Outlook, OneNote, Project, Visio and Access. By subscribing to Office 365, you can get always-up-to-date, fully installed apps for use across all of your other devices too. That’s any device -whether powered by Windows, iOS or Android- you can start work on one

Surface Pro 4 and finish on another. This move by Microsoft adds mobility to any work environment and enables teams to work together more seamlessly. Combined with services, such as OneDrive online storage, Skype for Business, Delve and Yammer, Office 2016 has the power to push your business forward.

#TAMTALKSTECH Tamara Clarke, a former software development professional, is the tech and lifestyle enthusiast behind The Global Gazette, one of the most active blogs in the Middle East. The Global Gazette has been welcomed and lauded by some of the most influential tech brands in the region. Clarke’s goal is to inform about technology and how it supports our lifestyles. See her work both in print regional publications and online on her blog where she discusses everything from how a new gadget improves day-to-day life to how to coordinate your smartphone accessories. Visit www.theglobalgazette.com and talk to her on Twitter @GlobalGazette.

70 Entrepreneur january 2016 january 2016 Entrepreneur 71 TECH SHINY | WEBSITE TO WATCH | GEEK | MOBILE TECH | ONLINE ‘TREP | THE FIX

It sounds like something already use similar algo- Google Now, and the rise of capacity to deliver them.” out of an Isaac Asimov sci-fi rithms, but StumbleDNA has the artificially intelligent Services similar to PowerApp story, but if we take a look a beautiful visual interpreta- personal assistant. Let’s hope are to programming what at the emerging trends of tion that really puts things in they won’t run away and de- Instagram is to photography, today and the speed at which perspective for the platform’s cide to form a singularity like giving the average person a they are evolving, we would user base. According to the in Spike Jonze’s blockbuster user-friendly and accessible realize that the speed of Harvard Business Review, movie Her. solution. that advancement towards a 2016 will be the year that The future is… humanity merged with tech is these algorithms will spread 4. BACKDOORS AND SECURITY increasing at an exponential out to be used by insurance DEBATES rate. There’s lots of hype go- companies, banks and other Backdoors are sets of code here ing around tech circles about financial institutions, and that enable manufacturers Ten technology trends that (might) change our robots taking human jobs your potential employers to upgrade our devices and and self-driving cars making determine the type of person services without our direct world in 2016 By Rani Nasr driving the horseback riding they’re investing valuable interference. However, these of the future, but it doesn’t time and money in. We’re not backdoors can also allow f you ask Google, “When will the singularity happen?” then you will get this answer: just end there. The beautiful as unique as one might think, unwanted intruders into our “[Ray] Kurzweil estimates that the singularity will happen in the year 2045. But (and perhaps even intimidat- and computers have already personal data. Given the vari- that’s not all. The singularity, which is to say a humanity which has merged with ing) spectrum of technology is figured us out. ous situations of political and technology, will turn its own intelligence into pure energy and saturate the universe still unfolding, and 2016 is a civil unrest around the globe, I at, or beyond, the speed of light.” crucial turning point on many 2. ARTIFICIALLY INTELLIGENT and that many of these move- levels. Here’s a forecast on EVERYTHING ments are digitally-enabled, what we think will happen in Though controversial, the rule controversy is rising on the the coming 12 months: is pretty simple: if there’s a ethical ownership of people’s human that can do it, there’s 3. EVERYONE IS A personal data. Should govern- an AI that can do it better. PROGRAMMER ments or corporations be We’ve seen IBM’s Watson Just last month, Microsoft allowed to access your data beat the best human contes- launched PowerApp, a just because you belong to tant on trivia show Jeopardy, platform that allows users to a group that may be viewed and on a more serious note, create their own application as a threat? Add that to our it’s aiding thousands of doc- for iOS, Android or Windows first point on this list and tors today in research and without any prior knowledge we’re onto something really diagnosis. At the time of of coding. Although Micro- intrusive, and potentially writing, researchers at the soft did not introduce this dangerous. Massachusetts Institute of concept, they sure did bring Technology, New York Uni- app building possibilities to 5. AUTONOMOUS ROBOTS versity, and the University of the fingertips of many more Autonomous robots are 1. ALGORITHMIC Toronto, reported a new type individuals and SMEs just intelligent machines that can PERSONALITY DIAGNOSIS of visual machine learning in because of the giant that perform tasks without human Social feeds have already the journal Science in which Microsoft is. The Microsoft interference or assistance. shifted the concept of per- “a computer vision program blog shared that according to Amsterdam has already set sonal branding into what outperformed a group of Gartner, “through 2017, the loose a robot in their airport people share online, and how humans” when trying to iden- market demand for mobile that helps lost travelers find people interact in a virtual tify handwritten characters app development services will their gates. Self-driving cars space. This diagnosis will be based on a single example. grow at least five times faster and drones also fit into this

F i lm taking it one step further by The achievements that are than internal IT organization category. Amazon will be >>> a l ia having a computer program happening in neural network

tesy It tesy use an automated algorithmic technologies in speech detec- Microsoft’s PowerApp, a platform o u r personality detection function tion, image recognition, and that allows users to create their to determine your character even art creation, are bringing own application without any prior e c e i m ag based on your curated online machines closer to rivaling knowledge of coding r ste persona, subsequently fitting and potentially surpassing e po v i e you into one of its pre- human capabilities. In fact, m o defined categories. If you’re a almost every industry in StumbleUpon user (like me), the world is witnessing an t | He r | of t s you’re already familiar with exponential rise in artificial the StumbleDNA concept intelligence within its core which determines your digital processes: customer service, e © m i c ro © e i m ag footprint based on the stuff finance, transportation, toys,

we rapp you like and suggests related aviation, news, and more- not things. Facebook and YouTube to mention Siri, Cortana,

The F015 Luxury in Motion autonomous drive concept po of t s car by Mercedes-Benz unvelied at the 2015 International

Consumer Electronics Show m i c ro

72 Entrepreneur january 2016 january 2016 Entrepreneur 73 TECH SHINY | WEBSITE TO WATCH | GEEK | MOBILE TECH | ONLINE ‘TREP | THE FIX Your Gateway

launching their drone delivery 7. QUANTUM COMPUTING to the World of service, Mercedes will be Google and NASA just an- launching their self-driving nounced that their quantum cars, and the whole world will computer really works and Entrepreneurship be tinkering with DIY autono- that it’s 100 million times mous bots. We’re not going to faster than our normal com- dig into the military applica- puter- while there are some tion of autonomous robots, naysayers who have poked but one should note that this holes in this claim, the general could be where these robots consensus seems to agree with The world’s first 3D printed office was announced in 2015 by the Emirate of Dubai. are really exploitable in terms the staggering announcement. According to a statement released by the UAE National Innovation Committee, the one- story prototype building will have approximately 2000 sq. ft. of floor space, and will be of their full potential. The implications of this, if it printed layer by layer by a 20-foot tall 3D printer. is indeed true, Nissan and are still far NASA partner beyond hu- channeling the information dustry billionaires just formed for autonomous drive vehicles man imagina- that interest us. To take the Breakthrough Energy tion. We can’t this further, scientists at Coalition to invest and sup- even begin to University of Southern Cali- port green energy innovation. understand fornia have been developing When names that shaped our what this a cognitive neural prosthesis world as we know it stand to- will mean for that works like a mental exo- gether, it is safe to say that it the future, skeleton that enhances and will have a huge global impact. but let’s just restores memory functions. This revolution set its base in imagine a sce- This implies that Kurzweil’s 2015 with Musk introducing nario where a vision of merging a digital the Tesla Powerwall, a low- self-improving processing core with our cost high-efficiency storage AI is dwelling organic prefrontal cortex to battery that will help us move in these pro- augment how we process one step towards disconnect- cessors and knowledge and connect with ing from main electric grids 6. DRONES mimicking human behavior. I each other is not just the stuff and go self-sustainable. The In addition to drone delivery would recommend a viewing that science fiction dreams application of the Powerwall services, riot-control drones, of Johnny Depp’s Transcen- are made of. in developing countries drone video shooting, agricul- dence or the underrated Ex will be life-changing on the tural drones and lots of other Machina to explore the realm 9. PROSTHETICS AND BCIS scale of millions. The best applications, programmable of such a future. Brain-computer interfaces part about this is that Musk drones are taking online (BCIs) or brain-machine in- extended Tesla’s open source markets by storm. Drones are 8. AMPLIFIED KNOWLEDGE terfaces have progressed policy for the Powerwall for low-cost, readily accessible We already live in a world significantly in recent years. any company in the world to and they can be programmed where all information is ac- Some BCIs aim to restore produce a similar product or to do pretty much anything. cessible to everyone at the mobility to people who are take this innovation forward. Airspace will look a bit dif- edge of our hyper-connected paralyzed by spinal cord ferent in 2016, and we should fingertips. Many discussions injury, stroke or brain disease, When the transistor was get used to looking up at a these days end with someone while others aim to restore invented in 1947, it changed drone looking back down at saying that they will Google senses like sight or hearing. In the entire world and the Take your business ideas to promising new heights and develop us. The industry will need the topic under debate. We 2015, we witnessed the birth evolutionary flow of all tech- your skills to become a successful entrepreneur in Dubai. some new legislations to reg- act as nodes in different of brain-controlled robotic nologies around it. With the Tejar Dubai is an initiative by Dubai Chamber which aims at ulate airspace safety, privacy networks of knowledge just prosthetics, and not just with current speed at which tech- and personal security. by being present online, and humans. Even chimps could nology is evolving, there’s no qualifying and enabling creative Emirati youth to enter the world of be trained to remote control way of accurately predicting entrepreneurship through three key pillars: assess, assist and robotic arms using only the what’s to come. Admittedly, This program aims to raise competitiveness of national small power of thought. The next my ten-point list is just my attain. year will bring a lot more forecast based on what I’ve and medium enterprises (SME) in Dubai. amazing achievements in researched and what develop- this domain, especially in the ments I’ve been following, fields of medicine. and not a detailed report on what to expect in 2016. But 10. GREEN ENERGY I do hope that the modern REVOLUTION equivalent of a transistor will Initiative by Bill Gates, Mark Zuckerberg, be discovered this upcoming Richard Branson, Elon Musk, year, and knock my expecta- and a bunch of other tech in- tions out of the ballpark. Switzerland-based Flyability won the US$1 million grant in the international category of π«é°ùàdGh äÉeƒ∏©ŸG ø`e ójõŸ the 2015 Drones for Good Award staged in Dubai, UAE. @TejarDubai :≈`∏Y Éfƒ``©HÉ`J tejardubai.ae 74 Entrepreneur january 2016 TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

What Is Succession Planning and Management? 19 What Is Succession Planning and Management? 19 resource development, in- Exhibit 1-6. Reasons for Succession Planning and Management Programs cluding areas like recruiting, Exhibit 1-6. Reasons for Succession Planning and Management Programs talent development and re- Question: There are many reasons decision makers may wish to establish a Succes- tention. Building an in-depth sion Planning programQuestion: in There an organization. are many reasons For each decision reason makers listed may in the wish left to column establish a Succes- below, please sioncircle Planning a response program code in in an the organization. right column Forindicating each reasonhow listed important in the left column important סunderstanding of the roles you believe thatbelow, reason please to becircle for your a response organization code in. Use the right the following column indicating scale: 1 how ס theImportant; following scale: 1 ס forSomewhat your organization important;. Use 4 ס Not that important; reason to be3 ס and responsibilities of the Not at all important;you believe 2 ;Important ס Somewhat important; 4 ס Not important; 3 ס Very important.Not at all important; 2 ס company, and the key posi- 5 .Very important ס tions which act as connection 5 Reason N Mean SD points (points where a lot of Reason N Mean SD communication or decision 1 Contribute to implementing the organization’s Strategic Business1 Contribute Plans to implementing the organization’s16 4.38 1.15 paths come together) is key. Strategic Business Plans 16 4.38 1.15 Given all this, the amount of 2 Cope with effects of downsizing or other staff reductions2 Cope with effects of downsizing or other staff15 2.07 0.96 fact-based analytics that goes reductions 15 2.07 0.96 3 Cope with the effects of voluntary separation with succession planning may 3 Cope with the effects of voluntary separation programs—such as early retirement offers and programs—such as early retirement offers and surprise many managers who employee buyouts 15 2.13 0.99 have not dealt with the topic employee buyouts 15 2.13 0.99 4 Help individuals realize their career plans within the 4 Help individuals realize their career plans within the before. organization 16 3.69 1.01 characteristics of a family- across generations requires a organization 16 3.69 1.01 5 Improve employee morale 15 3.13 1.06 The family business: owned business, choosing lot of attention and patience. 5 Improve employee morale 15 3.13 1.06 challenges vs. strengths the right kind of support is This is not a simple task, 6and Improve employees’6 Improve ability employees’ to respond ability to to changing respond to changing environmental demands 15 3.07 1.16 Family owned businesses even more critical. Typically, certainly just being a good environmental demands 15 3.07 1.16 have many strengths, such succession planning issues listener is not enough. Many7 Reduce headcount7 Reduce to essentialheadcount workers to essential only workers only15 1.6015 0.74 1.60 0.74 as their ability to look at the appear across generations, times the external party must8 Increase the8 talent Increase pool the of talentpromotable pool of employees promotable employees 16 4.56 16 0.63 4.56 0.63 long-term development of the and it’s useful if the partner step up and help in resolving9 Identify ‘‘replacement9 Identify ‘‘replacementneeds’’ as a means needs’’ of as targeting a means of targeting

company and having aligned . helping in these matters has conflicts and Gordian knots,necessary training,necessary employee training, education, employee and education, and employee developmentemployee development 16 4.2516 0.68 4.25 0.68 interests between manage- the status of a trusted advi- and in addition, there are ment and owner, especially in sor, with trust that spans moments where direct and10 Decide what10 workers Decide canwhat be workers terminated can be without terminated without damage to thedamage organization to the organization 15 2.0715 1.43 2.07 1.43 Growing pains the case of “owner-operator” across multiple generations honest (and sometimes quite 11 Encourage11 the Encourage advancement the advancement of diverse groups— of diverse groups— structures. However, there Wi t hin m fro le n t Ta of the family members. In tough) feedback must be Addressing succession planning in the context such as minoritiessuch or as women—in minorities or future women—in jobs within future jobs within are also many challenging short, choosing a partner that shared. the organization 16 3.81 1.33 of a family business u i ld ing the organization 16 3.81 1.33 issues, such as how to objec- can build trust, and that can 12 Provide increased12 Provide opportunities increased opportunitiesfor ‘‘high potential’’ for ‘‘high potential’’ Why you might need outside help tively evaluate performance help both with the succession Ensuring the solvency ofworkers workers 16 4.3116 0.87 4.31 0.87 a family business By Dr. Per Stenius and capabilities, and how to planning itself, but also re- 13 Untap the13 potential Untap for the intellectual potential for capital intellectual in the capital in the

best ensure talent develop- B Con t in u i ty an d lated key issues such as talent Note that succession planningorganization organization 14 4.0714 0.92 4.07 0.92 Source: William J. Rothwell, Jin Gu Lee, and Hong Min Kim, Results of a 2009 Survey on Succession Planning and Management ment within the family. In and career planning, skills is not about just sendingSource: theWilliam >>> J. Rothwell,Practices Jin. UnpublishedGu Lee, and survey Hong results Min Kim, (UniversityResults Park, of a Pa.:2009 The Survey Pennsylvania on Succession State University, Planning 2009). and Management he subject of family owned business is important globally, and in particular, in Practices. Unpublished survey results (University Park, Pa.: The Pennsylvania State University, 2009). some cases, families -despite a de r s hip development, governance, L e American Management Association the Middle East, where it is further exacerbated by the fact that many of these having a common base to communications, and role American Management Associationwww.amanet.org types of businesses are first or second generation family-owned companies. build on- have difficulties definition is important. www.amanet.org In these first and second gen entities, topics like succession planning are still with open discussion within En su ring : As you can see from this, to

the family members. It’s very anning be able to effectively manage Tpretty new, and in some cases have not yet received significant attention. Succession Pl hard to disconnect emotions and guide in succession plan- planning is actually a difficult topic- not only is it about securing succession on the and to be fact-based and ning, an external party must highest level of leadership, it applies across the organization on multiple levels. In objective in a family setting. have a broad set of skills. addition, succession planning by its very nature requires an extremely proactive and So having some external im- These skills are partly related forward looking mindset. It is about ensuring that there is a solid pipeline of talent in partial support can be quite to the topic of succession helpful. planning, but having a broad

the company that can address the needs for filling critical positions. The first thing to realize S uccess ion i ve ect Eff t h well’s understanding of strategy and o about succession planning operations, and what these

In the GCC, succession plan- where the economy is devel- last moment. This makes the is that it is not a “project;” R J. ia m ll functions require both from ning is extremely relevant, oping rapidly. The challenge task even harder. rather, it is a way of managing top and middle management, with many studies reporting faced by the second and third When considering succes- the company professionally. and the board, is powerful. In that family businesses often generation are substantially sion planning, one has to As I mentioned earlier, this is addition, having experience in fail before the third gen- different from that faced by deal with the organizational also not only about the suc- governance, including topics eration. (I’m also sure that the first generation (often a structure and demograph- cession at the top, the same such as board evaluation and these statistics apply more single founder), and thus, ics, and also many core issues appear across the com- development, is helpful. On

generally, not only within the this is perhaps not that processes such as governance, pany at all levels. So having W © progra ms eme n t m anag an d the soft side, working with GCC.) Similar challenges can surprising. Also, given that communications and avail- adequate processes in place is family companies requires anning

be observed for example in the first generation is often ability of critical information, necessary for all companies, p l both communication and South Korea, where family- highly entrepreneurial, they decision making routines not only family-owned busi- collaboration skills, and in owned businesses have a often tend to “forget” about and documentation, and nesses. However, given the particular, good listening large role, and also in Iran, succession planning until the human resources and human generation-by-generation success ion skills, since building trust s for on s a s r e

76 Entrepreneur january 2016 january 2016 Entrepreneur 77 TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

second and third generation this– succession planning is Dealing with external 100% trust with all members family? A uniquethe process. social contract: to the top schools. It’s about much more than strictly an parties for your fam- in the process, and you need 2) What limitations are im- Succession planning, just careful career planning and HR topic. ily’s business to have the sense of long- posed on the family members like everything else in a skill development, and more While the family members All in all, for family-owned term engagement. We have in relationAre to the company governments company, is something that supporting importantly, it is about share a natural bond, it is key companies, if they can find found that this approach management? develops over time. For every making sure that the core to understand that sometimes an external party that they is even more important in The growing pains that iteration, new improvements processes in the company, this is also a critical limita- feel provides the trust and family-owned businesses, are usually associated with can be identified. I mentioned including governance, com- tion. Younger generations long-term perspective the where trust is so critical. from the familyfirst generation firms?earlier that it is not a project; munications and decision may find it difficult to raise family itself has, I think it At the same time, we feel “entrepreneurial” style to rather, it is a way of managing making, are such that they certain issues or desires can be very beneficial to very privileged to work with proper professional grade professionally and it also ties support succession planning. with their elders, and older have that external impartial family-owned companies succession planning require into proper risk management. Key areas that often are in generations may either be body of brains, ears, and around the world, and in a major change in mindset. Moreover, it is also the center of this are intra- too lenient or too critical mouths be a part of the particular in the Middle East. Sometimes this is only pos- something where continuous Family firms feel under-valued company communication of them in turn. Issues like process. Trust is very, very It is a very interesting task sible in conjunction with Somedevelopment of the world’s applies. largest So this corporations began life as and overlooked routines, decision-making these are highlighted in the important. At Reddal, we do to work across generations, the actual generation shift. topic is something that should Dr. Per Stenius, CEO and Client family businesses, and in the yearsDirector since at Reddal,Rémy has Martin a diverse Our results suggest that regardless processes, documentation, family setting more than in not consider ourselves con- helping the family to estab- However, it is much better be part of daily management, bottled his first brandy or Williambackground Procter in science,founded top his of their size, sector or market, and sharing of information. “regular” corporate environ- sultants- we put very strict lish a management model if succession planning and it should be systematically management consulting, venture family firms are proud of the economic The task of an external party ments, where there is less of limitations on the way we that is robust and lasts across governance are already ad- soapapplied, and candleand there firm, should the be relationship between THE RECOMMENDED READ capital, startups, and operative contribution they make, and yet many helping a family-owned busi- an emotional connection. So work. For example, once generations. Also, the true dressed within the time of the governmentscontinuous development and firms likein this management.has changed Dr. Stenius radically. serves “A book that goes into the de- ness in succession planning is ensuring open communica- we engage with a company, commitment to long-term first generation. This way, the Asiterative part of ourcycles. survey In short, we askedit familyas an Adjunct businesses Professor at Seoul feel thistails ofis overlookedsuccession planning, or underrated and to take a big picture view on tion, trust, and taking a fact- we will never engage with a development that is intrinsic process is smoother and has is an intrinsic core element School of Integrated Sciences & by theirthat ownI myself governments. at times refer Firmsto, in whether they feel valued by theirTechnologies, governments, and as anda lecturer what at all of this, provide a frame- based analytical approach competitor– not now, not in in most family-owned busi- a better likelihood of success, of modern professional marketsis William like Turkey,J. Rothwell’s Switzerland, Effective more they think should be done toYonsei support University them. in South Korea. work that helps everyone to the topic of succession the future. In addition, we nesses is very inspiring. which includes preserving management, and key for all He has published well over 20 Mexico,Succession India, Planning: Malta and Ensuring Singapore to see the relevance of the planning is what an external refrain strictly from taking That being said, sometimes good relationships across the companies who look for long- articles in leading journals for busi- generallyLeadership agree Continuity that their and government Build- many parts of the puzzle, and party can provide. Of course, a position on an individual families have difficulties family members throughout term success. ness and science. valuesing their Talent sector, from Within. but this There positive build momentum for concrete in addition to this, given the person’s performance. We in setting a direction, and sentimentare of course was outweighed many books onoverall by changes and improvements complexity and breadth of do address issues with team during certain periods their this topic, but this one is quite the number of respondents who step-by-step so that the fam- the topic, an external party performance and succes- decision making may fluctu- comprehensive, and can help ily owned business prospers also needs to bring in-depth sion, but we stay away from ate considerably, so there are Family businesses feel negatively about government’s role in helping consideredwhen family that business theirs does leadership not – South and develops. Again, being expertise and experience from individual performance certainly challenges when them in the current climate. Again, differences by market Africa,is considering the UK, France, the many Russia, aspects Italy, Net agreement that your government is doing what it can to help businesses survive able to address strategy and having done this type of work evaluation. The reason is working with family-owned Romania,of succession and Greece planning.” were the most and develop their activities in the current economic climate* financial issues is part of at multiple occasions. simple: you need to have companies. negative here. Singapore 34% Corporate governance, Malta 19% 8% Real support – growing pains, and your Turkey Contingency planning

Worksheet to structure your thinking about predictions for succession planning . family business Middle East 3% or benignApproximately neglect? 70% of American andExhibit management 16-1. Worksheet in tothe Structure future Your Thinking About Predictions for Succession Planning and Canada -14% Instilling corporate gover- Feelingsorganizations run even and higher one-third when of it ExhibitManagement 16-1. in Worksheet the Future to Structure Your Thinking About Predictions for Succession Planning and Switzerland -19% nance into the business model the U.S. companies listed Stan- Directions:ManagementUse in this the worksheet Future to structure your thinking about possible predictions that may influence SP&M programs in South Korea -24% comes to the action governments are is more of a mandatory thing, dard & Poor’s 500 (S&P 500) theDirections: future. ForUse each this worksheet prediction to listed structure in Column your thinking 1 below, about indicate possible in Column predictions2 whether that may youinfluence believe thatSP&M the predictionprograms in is Hong Kong -26% taking – or not taking – to support m Wi t hin m fro le n t Ta thetrue. future. Then describe For each under prediction Column listed 3 what in Column you believe 1 below, the prediction indicate in means Columnin your2 whether organization you believe and under that the Column prediction 4 how is rather than just a benefit. Mexico -32% familyfall firms.under the Only family three business markets much impact that prediction will have in your organization. Finally, under Column 5, offer suggestions about what your true. Then describe under Column 3 what you believe the prediction means in your organization and under Column 4 how Without proper governance, u i ld ing Austria -36% category. The 2012 PwC Global organization should do about the prediction. There are no ‘‘right’’ or ‘‘wrong’’ approaches to addressing these predictions. (Singapore, Turkey, and Malta) much impact that prediction will have in your organization. Finally, under Column 5, offer suggestions about what your a company (be it family- India -38% Family Business Survey found organizationInstead, use this should worksheetdo about to dothe some prediction. brainstorming There are about no ‘‘right’’ predictions or ‘‘wrong’’affecting approaches SP&M in to your addressing organization these inpredictions. the future. agree that their government is owned or not) can simply not Sweden -38% an even higher number in the Instead,Add paper use if thisnecessary. worksheet to do some brainstorming about predictions affecting SP&M in your organization in the future. mrcnMngmn Association Management American doing everything it can to help survive. This is even more Germany -39% Middle East, putting the number Add paper if necessary. Column 2 Column 3 Column 4 Column 5 mrcnMngmn Association Management American d B Con t in u i ty an d Ireland -42% them, and there was overwhelming Do you What does the How much impact What actions should critical today, when busi- at 80% of regional businesses www.amanet.org Column 2 Column 3 Column 4 Column 5 Taiwan -47% dissatisfaction from countries believeDo you the Whatprediction does the willHow that much prediction impact Whatyour actions organization should nesses have to deal with very being run or controlled by fami- www.amanet.org Column 1 prediction mean in your have in your take to address the a de r s hip Belgium -49% believe the prediction will that prediction your organization complex issues almost from L e suchlies. as Australia,In the West, Denmark, in particular WhatColumn is the prediction? 1 predictionis true? organization?mean in your organization?have in your takeprediction? to address the the start, and often, these is- UK -54% France,after Romania, dramatic theevents USA, such Italy, -56% SuccessionWhat is the planning prediction? and Yesis true?No organization? organization? prediction? sues are global in nature. For Brazil as 9/11, succession planning : En su ring : Finland -58% South Africa, Russia, and Greece. Successionmanagement planning will: and Yes� No� a family-owned business, this is nowadays considered tightly Australia -62% 1 Promptmanagement efforts by decision will: �□ □� is even more critical, since anning NET agreement integral to overall corporate Pl Denmark -62% 1 Promptmakers effortsto find bya flexible decision range □ □ just like every company, they leadership and risk management. France -66% Western Europe: -37% makersof strategies to find to aaddress flexible organi- range need to secure the best pos- Large corporations have plans in zational talent needs. Romania -71% Eastern Europe: -75% of strategies to address organi- vey sible talent in every position. USA -71% North America: -46% place for large-scale transitions 2 Leadzational to integrated talent needs. retention □ □ This puts a lot of pressure on Latin America: -48% where they may be required to policies and procedures that Italy -72% 2 Lead to integrated retention □ □ Middle East/Africa: -45% seek the early identification of family members, and coming S u r us in ess South Africa -77% move the location of their head- policies and procedures that Asia Pacific: -26% seekhigh-potential the early identification talent, efforts of to up with the appropriate roles, Russia -78% quarters to another continent, ly B a m i ly

S uccess ion i ve ect Eff t h well’s BRIC: -51% high-potentialretain that talent, talent, and efforts efforts to to responsibilities and career o Greece -97% and to replace large parts of their retain older high-potential F a l retain that talent, and efforts to o b paths. In addition, questions *NET agreement = proportion of those agreeing and subtracting the proportion of those disagreeing top management on a very short workers. Gl C retain older high-potential frequently come up such as: R J. ia m ll Source: PwC Family Business Survey 2012 notice. workers. 1) What is the role of the t © 2012 Pw 2012 © t W © h eet or ks c har w 18 Family firm 78 Entrepreneur january 2016 january 2016 Entrepreneur 79 in pictures

Con O’Donnell, co-founder, RiseUp Summit

Christopher Schroeder, author, Startup Rising, Hala Fadel, founder, MIT EF Pan-Arab, Ahmed El Alfi, founder and Partner, Sawari Ventures, and Dave McClure, VC and Founding Partner, 500 Startups

RiseUp Summit 2015

Mike Butcher, Editor at Large, TechCrunch

RiseUp Summit 2015 The audience at the talks stage for 240 speakers and 110 investors came together in Cairo RiseUp Summit 2015 for the event that saw 4000+ attendees total of 140 sessions Egyptian capital. One of the featuring 240 highlights of the event was its local, regional installment of the international and international Get in the Ring competition, Aspeakers were conducted at which has startups face off the third edition of the RiseUp against each other in a boxing Summit in Egypt, which took ring, in front of a jury and place in Cairo from December audience of potential investors. 12-13, 2015. The two-day While fashion-centric social conference, which had the network Slickr was declared likes of 500 Startups’ Dave the winner of the contest in Henri Asseily, Managing McClure, Y Combinator’s Jared the Lightweight category, solar Partner, Leap Friedman, The Abraaj Group’s power provider SolarizEgypt Ventures Walid Bakr, Sawari Ventures’ won the coveted honor in the Ahmed Alfi, Flat6Labs’ Ramez Middleweight battle. The event Mohamed, Leap Ventures’ also saw many companies make Henri Asseily and others in key announcements of note to attendance, saw more than the region’s entrepreneurial 4,000 people attend the ecosystem- PayFort, for various workshops, panel instance, launched a new discussions and pitching online payment gateway OR K events held under the RiseUp product called START catered Ali Faramawy, President, banner at The GrEEK Campus toward startups. Microsoft MEA

and other locations in the www.riseupsummit.com N ETW M O4 es i m ag

80 Entrepreneur january 2016 CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

The Heart Led Leader: How Living and Leading from the Heart Will Change Your Organization and Your Life Tommy Spaulding

The basic premise of this book is quite begin to appreciate the complexity behind simple: leaders who live and lead with this author’s work. Spaulding, address- their hearts in conjunction with applica- ing an audience of the truly-dedicated, READ BETWEEN THE LINES tion skills are more successful. Authentic- encourages self-analysis, learning and ap- BUSINESS BOOK RUNDOWN ity is key, as are qualities such as humil- plication. The author puts forward ideas By Amal Chaaban ity, empathy and love. Businesses can no to changing the culture of how you do longer run with just capable leaders, they business, and posits that you’ll be able to ust because an author demonstrates great sales doesn’t mean their must have leaders who live by the phi- succeed using the principles he sets out. business advice is applicable in the boardroom, or even good for losophies they espouse. It all sounds very To be connected, one must not only lead, Jpractical application otherwise. Our reviewer takes a look at some simple, but as the reader winds their way they must feel, and that is what The Heart of the titles getting hype recently and gives you the executive summary. through The Heart Led Leader, they will Led Leader wants to help you achieve. Before you hit the business bestseller aisle, read these reviews to see which of these known books are actually worth your while.

The Business Romantic: Give Everything, Quantify Nothing, and Create Something Greater Than Yourself InsightOut Tim Leberecht Dr. Tina Seelig When you think of business, is your people feel about business, it will spill In the world of business today, she also feels that anyone can be first thought of how romantic it can be over into other areas of their lives and innovation is a key player in the suc- taught to bring even their wildest or how you can apply the principles of change that, too. Leberecht offers what cess or failure of any company. It’s ideas to life with the right tools. romance to your business career? No? he calls the “Rules of Enchantment” no longer enough to just have ideas, Each chapter has real life examples I thought not. Tim Leberecht feels that that show the value of thinking those ideas must be brought to life and projects that the reader can in a world that has become mistrustful romantically. On the surface, this book through action. Dr. Tina Seelig, a fan do to apply all of the theories and of capitalism and everything that comes certainly is not your average business of innovation and entrepreneurial tools she presents. At the outset, with it, the application of romantic book, as it seems to target people spirit, demonstrates this well in her she states that her “goal in this thinking may help both consumers and wish to be successful and really have latest book InsightOut. Readers, you book is to bring together what we producers of products re-evaluate those passion for what they do. For tactics might remember her from inGenius, know about creativity with what negative associations. This author and pathways to improve both your reviewed in August of last year, we know about entrepreneurship,” hopes that The Business Romantic’s personal and professional lives, check when she discussed creativity and and she succeeds in doing so. Busi- strategy will not only change how this read out. imagination as underutilized and/ nesses who are looking for a way to or stifled arenas in the corporate release all of the creativity they feel world. In addition to expressing her is locked up in their human capital belief about how important it is to should pick this one up and share it teach our youth to be entrepreneurs, with upper management. Four ways to make friends 3. Get to know your you talk, and don’t force colleagues better friendships that aren’t there. at the office By May Rostom Talking with your colleagues You don’t need to be best will probably tell you a lot buds with every single person ometimes making from, your previous jobs, likes, about what they like and what in the office, that’s not what friends at the office dislikes, and include something they don’t like. Try to find this is about. You do need to The New Rules of Marketing and PR can be a daunting to lighten things up. common interests that you be a positive team player, and David Meerman Scott task. We’ve all had can share, and make sure you being on the chummier side our turns being 2. Always avoid politics, expand that. helps that along. Marketing was formally a far simpler task just throw ad money at a campaign anymore; Sthe new kid on the block, religion, inter-office than it is in today’s connected world- not too instead companies must also use social media and it can add to the stress romances, and gossip 4. Meet them outside of long ago, it was along the lines of thinking up to bring a brand to life. Enter author David of learning the ropes at a When it comes to a new the office a catchy slogan, designing an eye-catching ad, Meerman Scott, an early pioneer in the use of fresh post. Here are a few workplace, you never know Meeting co-workers outside of filming a memorable commercial. If your busi- social media marketing tactics. If there is only simple tips that I use to get who’s fanning old rivalry the office will bring you closer. ness did any of those well, you had it made. one book out there that marketing depart- better acquainted with new flames, who’s dating who, and Suggest going out for drinks Who doesn’t remember the catchy slogans of ments have on the must-read list, The New colleagues: who stands for what. Saying after work or grabbing a quick the 80’s soda wars? Today’s keyed-in, con- Rules of Marketing and PR is it. With a prov- something wrong can leave a bite at a nearby restaurant. nected generation, that’s who. The current en track record of using social media to great 1. Introduce yourself very bad impression that will If your offer isn’t taken up, marketing climate has become a mix of all benefit, he shares what he knows in this book. (properly) Not in a “Hello, my take time and energy to wipe wait for them to approach you of the above with the element of the excep- For those wading into social media space, give name is Khan” sort of way, but clean. Keep your office topics next. tional use of social media thrown into the this a read and pass it along to your in-house more like a little intro about generic, and make sure you Good rules of thumb? already-demanding mix. Entrepreneurs can’t head of comms for maximum benefit. yourself: where you come stay on the positive side. Always listen more than

82 Entrepreneur january 2016 january 2016 Entrepreneur 83 CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

Get focused for the year ahead! Leap into 2016 with a clear mind By Shelina Jokhiya

ow often do you electronic to-do list called wake up and start TickTick which I can access thinking about the on my computer and also on not-so-positive my phone at any time. I often events that hap- write lists of items that are Hpened over the past week? next on my to-do agenda, Maybe you wake up with old projects or maybe something regrets and leftover guilt, for the future, and of course, TAKE IT DAY BY DAY walks, even if it is around a mulling on negative emo- my shopping list. Focus on important, essential mall, to clear my head. tions? The crush of your items to complete each day. pending daily tasks (possibly PROJECT MANAGE Don’t have daily musts; they TAKE A STEP BACK even past due), long-term Create a to-do list for each will only stress you out. Calm down. If you don’t finish projects, reminders for your project. There are steps you it today, you can do it tomor- family, paying bills or even have to go through to reach WORK OFF THAT STEAM row. It will not be the end of your business goals and aspi- the end goal of the project, so Exercise. There are always the world. rations- all of these can lead set them out individually and articles about exercising and Don’t overcomplicate to a flood of wasted time and conquer one task at a time. how it can help to increase simplifying your life. Start energy. It’s much better setting items the oxygen into your blood with the first step and then If such out instead of keeping them cells, which then goes to your the next step, and next, until thoughts are in your head. brain and makes you more gradually you’ll get used to a cluttering productive. I’m no advocate new, decluttered methodol- your mind FOCUS ON ONE THING (ONLY) for physical activity, but I do ogy, and later, you’ll find it before you Stop multitasking. We end find this to be true. I go for becomes habit. even get out up wasting time skipping be- of bed, how tween different tasks. Do one can you fo- thing well, finish it to your cus on being satisfaction, and then move TREP TALK ME patience in my team members. GET OUT the best at onto the next task. THE BUSINESS You need to be very patient with what you do? Imagine if you Afterschool.ae providers and parents and guide were able to clear that clutter REVIEW AND REORDER THE ‘TREP them to use the platform, which out of your mind’s eye to cre- Every week, review your cal- Founder and CEO Joanna can be difficult sometimes, ate a stress-free, emotionally- endar, inbox and to-do list. I Santillan but you have to do it! I like to calm environment around set aside time in my calendar Q What’s one thing you make motivate the team by listening MORE THAN you. The results would be each week to spend solely on sure you do for your company to every person’s suggestions astounding. To enable you reviewing my administrative to run efficiently? and see how best we can work to start to clear your mind life, filing documents in their A “I don’t believe in micro- it. I motivate them to think of space, here are some tips I folders, trashing items that management. Yes, you have Afterschool.ae as their own.” have picked up over the years need to trashed, and setting to be aware of what’s going www.afterschool.ae to relieve stress, increase my new reminders and re-prior- on in every department and productivity, and make me itizing tasks at hand. make decisions for the team. YOU PUT IN. more organized in my head: But one thing that works for A FitRepublik membership won’t just JOT DOWN IDEAS 03 MONTHS GET AED500 Afterschool.ae is that we give get you fit. It’ll get you a free coupon START WITH A LIST Put down any random responsibility and ownership to FITREWARDS 06 MONTHS GET AED850 Write down everything in thoughts into a notebook. I the people in the team. When booklet to spend in our shops, cryotherapy, Nathalie’s Cafe, and even against your head as a to-do list use Evernote, but you can the team is happy and they are more memberships for friends and family. So join now, and reap the rewards. 12 MONTHS GET AED1200 in a digital notebook or a also use the Microsoft version encouraged to perform, the diary; whatever method called OneNote, or even an company will inevitably grow. works best for you. I use an old-school notebook. It is very important for all the team members to be aligned with the vision of the company, and have the same passion Shelina Jokhiya is the founder of UAE-based startup Decluttr Me. DeCluttr Me has recently become the first international towards reaching the goals. I accredited member of the Association of Professional Declutters look for passion, hard work, 045561800 and Organizers U.K. (APDO). sincerity, and most importantly, www. trepublik.com

84 Entrepreneur january 2016 CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

Flawless, yet again Givenchy RTW SS16 Ricardo Tisci at the helm of the ‘Trep trimmings Givenchy House can only mean one thing: absolute perfection of form meeting function. The Givenchy SS16 RTW men’s The executive collection is a crossroads of just that thanks to the creative leadership of the brand’s glob- ally renowned designer. Tisci selection is living up to his reputation since the latest range to be pre- rom better goods to boardroom wardrobe bests, each sented by the hallmark fashion issue we choose a few items that make the approved House exceeds all expecta- executive selection list. In this issue, we present the tions. Pristine cuts paired with Givenchy RTW SS16 men’s collection, the right way to superior fabrics are typical F of Givenchy, but this season wear a great timepiece, and our suggestions for the relaxed gentleman’s wardrobe. you’re able to find colors like olive and graphic design motifs

in interesting themes. Givenchy Givenchy Givenchy www.givenchy.com RTW SS16 RTW SS16 RTW SS16

Givenchy RTW SS16 Relaxation never Editor’s pick looked so good One coat to rule them all Façonnable SS16 After taking a gander at A new year means it’s time to update Givenchy SS16 ready-to- your wardrobe, and that includes wear lineup, you’ll find more your off-the-clock staples. The SS16 In a collaborative effort than one clothing mainstay with prestige automotive collection by the experts at Façon- company Jaguar, of note, but in our opinion, nable can help you out in that regard. Bremont has released this season’s standout piece Debuted under the apt theme of the Bremont Jaguar MKI is the supremely attractive Mediterranean Journey, the range and Bremont Jaguar MKII. Presented here, overcoat. With the best fit of fine linen, airy cotton and jersey the Bremont Jaguar MKI and a comfortably clean is presented in shades of French with brown and black cut, this snap button coat Riviera-inspired blues, crisp boating calf skin leather straps. in darker hues is a wardrobe whites, and anchor-worthy navy. Re- investment that pays for gatta time, anyone? www.faconnable.com itself. Elegantly accented at the just-wide-enough cuffs Façonnable SS16 Masterclass ing cars, and just to give you a and the broad lapels, it’s Bremont and Jaguar bit of contextual background, roomy enough to wear over teach you a thing or two the 1961 E-Type was famously your best suit without feeling For those of you who appreci- referred to by Enzo Ferrari constricted, and drapes in ate solid engineering, smooth as the “most beautiful” car. exactly the right way over lines, and an altogether Perhaps then, there is no ve- the shoulders. While spring supremely-crafted timepiece, hicle more suited to act as the is a great time to sport this British watchmaker Bre- inspiration behind watches number, we expect that mont might have just what meant to be both worn and you’ll be taking it out to wear you’ve been looking for. In collected. Some of the finer again in the fall. a collaborative effort with details include the rotors of prestige automotive company the watches taking on the Jaguar, Bremont has released look of the E-Type’s steering the Bremont Jaguar MKI wheel, the calf skin leather and Bremont Jaguar MKII. straps with stainless steel pin The watches are a nod to the buckle, and water resistance carmaker’s six ‘continuation’ up to 100 meters. Time is ble a ç onna lightweight E-Type sports rac- ticking! www.bremont.com t b r em on t © es i m ag F gi ve n c h y, © es i m ag

86 Entrepreneur january 2016 january 2016 Entrepreneur 87 Wissam Younane thereby raising the bar of their to the 2015 Indian Innovator addressing the assembly on behalf respective industries. Speak- award winners. The Consul of BNC Publishing ing on behalf of Entrepreneur, General also discussed the Wissam Younane, Director, increasing enterprise strength BNC Publishing, began by of the award winners, and the thanking the evening’s Guest importance of the Indian busi- of Honor, Consul General of ness community to the UAE as India Anurag Bhushan, for his a whole, lauding the power- support. Younane followed his ful and warm relationship INDIAN initial greeting by welcoming between the UAE and India. award winning Indian singer The Indian Innovator K. S. Chithra together with Awards, Entrepreneur of the Indian actress Saritha to the Year, seeks to acknowledge event as esteemed guests of agility across a variety of the awards. industries including luxury, Organized by Entrepreneur healthcare, construction, hos- MENA, the 2015 Indian In- pitality, education, banking, novator Awards recognized and communications, amongst n the occasion of the as clear industry innovators and honored enterprise lead- other key drivers of the Middle second annual Indian who have made significant ers and individuals who have East’s economy. In closing, INNOVATOR Innovator Awards, contributions to Middle East distinguished themselves and Younane congratulated the Entrepreneur of the business arena, and set the shown sector significance award winners and thanked OYear, BNC Publishing as part benchmark for corporations and outstanding business them for their continued sup- of the Entrepreneur MENA operating across the region. conduct across a variety of port of Entrepreneur opera- franchise, awarded individuals A total of 19 awards were industries that are key drivers tions in MENA, counting them across multiple categories on presented, with all of the of respective Middle East’s as some of “our most valued December 7, 2015 at Jumeirah winners having set themselves economies. On behalf of the friends of the brand,” and Golf Estates in Dubai, UAE. apart from their peers in the Indian Consulate, the Consul promising to maintain the The relevant award winners region by showcasing a com- General of India, Anurag relationships for many years Awards have established themselves mitment to excellence and Bhushan presented the awards to come. >>> The winners of the 2015 Indian 2015 Innovator Awards

PLATINUM ALLY

A PRODUCTION BY SUPPORTED BY

ECOSYSTEM ALLIES GOLD ALLY

88 Entrepreneur january 2016 january 2016 Entrepreneur 89 indian innovator K. Rajaram accepting Gaurav Sinha accepting the Market Yogesh Mehta accepting the Entrepreneurial Awards 2015 the Thought Specialization Innovation award Ecosystem Development award Leadership award

RESPONSIBLE LEADERSHIP DAWOOD BIN OZAIR THOUGHT LEADERSHIP K. RAJARAM EDUCATION INNOVATION THUMBAY MOIDEEN CONTRIBUTION TO BUSINESS DILIP RAHULAN ENTREPRENEURIAL ECOSYSTEM DEVELOPMENT YOGESH MEHTA COMMUNICATIONS INNOVATION DIPESH DEPALA LUXURY ENTREPRENEUR OF THE YEAR ROSEMIN MANJI MARKET SPECIALIZATION INNOVATION GAURAV SINHA INDUSTRIAL INNOVATION BHARAT BHATIA SUPPLY INNOVATION RIAZ KHIMANI Stephen Marney, Master of Ceremonies Kaushik Soni accepting LOGISTICS INNOVATION ABHISHEK SHAH the Fastest Growing CONSTRUCTION INNOVATION FAIZAL KOTTIKOLLON Enterprise award FASTEST GROWTH KAUSHIK SONI SUSTAINABILITY INNOVATION DHILIP KUMAR REAL ESTATE INNOVATION RIZWAN SAJAN HEALTHCARE INNOVATION DR. SHAMSHEER VAYALIL LEGAL INNOVATION ASHISH MEHTA FINANCE INNOVATION RAJEEV KAKAR BANKING INNOVATION DR. ADNAN CHILWAN

Dr. Adnan Chilwan accepting the Banking Innovation award

Ashish Mehta accepting the Dr. Shamsheer Valayil, Legal Innovation award Healthcare Innovation award, accepted on his behalf

Rajeev Kakar, Finance Innovation award, accepted on his behalf

90 Entrepreneur january 2016 january 2016 Entrepreneur 91 indian innovator

Rizwan Sajan accepting the Real Estate Consul General of India, Anurag Bhushan, addressing the assembly Awards 2015 Innovation award

Faizal Kottikollon accepting the Construction Innovation award

Thumbay Moideen, Education Innovation award, accepted on his behalf

Rosemin Manji accepting the Luxury Entrepreneur of the Year award Dipesh Depala accepting the Communications Innovation award

Indian actress Saritha, Entrepreneur Middle East Managing Editor Aby Sam Thomas, and award-winning Indian singer K. S. Chithra

Dilip Rahulan accepting the Bharat Bhatia Contribution to Business award accepting the Industrial Innovation award

Dawood Bin Ozair accepting the Responsible Leadership award Riaz Khimani accepting the Supply Innovation award

Dhilip Kumar accepting Abhishek Shah the Sustainability accepting the Logistics Innovation award Innovation award

92 Entrepreneur january 2016 january 2016 Entrepreneur 93 AB16-EntrepreneurME-W 406mm x H 273mm.pdf 1 12/21/15 6:35 PM

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Here are some key points and what you’re looking for, is one right opportunity to for others. The right events investors are more to help you get on the right it’s easier to find someone change the course of your will help you knock on more likely to feel more track: who can make a good intro journey, so don’t miss it. than one door at once and trusting of you if they or schedule yourself to be with good planning and know you spend your Don’t attend every event at the right time, place and Learn more about your preparation, you might open time working on your just for FOMO’s sake mind set to grab the right audience the right one that was meant company and less time A lot of entrepreneurs go opportunity. Create your I’ve seen first hand a lot of just for you. Start network- being distracted by down that path and think own chances and don’t wait people pitch to big investors ing and getting your busi- social events. The key it’s mandatory to be pres- for them to happen. at these big events. They ness the attention it needs here is knowing how ent in every event to show think that if they just talk to get to the next level! to balance. that you’re still surviving or Try to be on stage about their idea, investors because of a fear of missing If there’s a chance for you will be swept off their feet an important opportunity. to be pitching or talking on and throw in their money. It takes some time to realize stage, there’s a bigger chance It’s safe to say that this this, but investors are more you’ll get more exposure never happens. If you get the likely to feel more trusting of faster and maybe the right chance to talk, start with you if they know you spend person will come looking for the important numbers, lead your time working on your you instead. If that’s not an with your traction, show company and less time being option for you, then try to them you’re building some- distracted by social events. get involved as much as pos- thing successful and they’ll The key here is knowing how sible, attend sessions, rent a want to hear more about the to balance; try to pick the booth, join workshops. Don’t idea behind it. events that you know certain just stand there, be there! key people will be attending Think different or that meet the right stage Don’t miss the big You might fail at reaching of your company. Usually it’s opportunities by thinking the right investors at an better to aim for the bigger small event, but there might be an events that happen once A lot of people think that even better chance for you a year and bring in all the these events are a waste to find the right partner or important stakeholders in- of time. I can say from a grow your customer base. volved all at one place. This personal experience that These events are a good should save you a lot of time the right events aren’t. Our chance for you to market and effort. company was able to suc- your company to potential SugarMoo co-founders Raki Phillips and Jawad Yehia cessfully raise its first big customers, employees or Define your needs round from a single day at partners. Make the best out It’s very important to first RiseUp in Egypt. It took us of that opportunity, talk to have that tightly buttoned- decide what you want to get one opportunity to pitch at as many people as possible! TREP TALK ME up. Secondly, review the out of each event. What are the right panel and we were As an entrepreneur you THE BUSINESS financials! Make sure you you looking for? Investors? able to set the first stone should know by now that SugarMoo are well-funded and your New partners? Networking that was just the beginning there’s no right formula to business plan makes sense opportunities? You’ll be to a series of other rounds, building a successful busi- THE ‘TREP financially. Raising capital much more efficient and and it all started on that day. ness. What worked for some Co-founder Raki Phillips can be much easier with a Prepare for your next big opportunity you’ll make the best of each Lesson learned: all it takes might not necessarily work solid financial model. Have as a freshman entrepreneur opportunity if you know Q What are your top three a buffer in your working exactly what you’re looking tips for MENA entrepreneur capital, as you will be hit (You don’t have to be everywhere all of the time) for. looking to start a business? with expenses you are not By Yousef ElSammaa prepared for. And finally, hire Do your research A “First, take your time with the right team [as] they will Once you’ve identified your business plan. Develop get you to your goal faster. s an entrepreneur, you’re faced with constant opportunities for different what you’re looking for, it’s a concept and work on it I always believed in hiring events taking place all year in the entrepreneurship ecosystem. These important to find out all over and over until you feel people that are better than events differ from small competitions and group mentorship sessions, to that you can about who you it’s perfect, then work on it you! They will only drive you bigger scale events like summits and forums. It’s hard to decide on which want to talk to, and why? some more. Your business to elevate yourself to the In these big events, people plan has to have a solid core next level. If someone is not onesA to attend and which not to, and it’s even harder to know how to prepare for rarely have time to talk to and defined purpose, yet working out, then don’t let these events and what to expect, especially as a freshman entrepreneur. everyone. If you know who fluid enough to adapt to the them hold you back. Make several changes it may need sure you surround yourself to become a viable business. with a team that has one Also, get good legal advice, vision and endless passion.” Yousef ElSammaa is the co-founder and CEO of ElWafeyat, a company that offers a digital alternative in the Middle East for obituaries, condolences as it’s so important to www.sugarmoo.com and funeral services. ElWafeyat has been through Flat6Labs in Cairo and 500 Startups in Silicon Valley, gaining a lot of exposure and experience in the process. Yousef is also one of the co-founders of The Hit, the first product innovation competition show at the American University in Cairo.

96 Entrepreneur january 2016 january 2016 Entrepreneur 97 start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE

1. Customer acquisition by increasing the amount costs allocated to CAC, creating a Operating costs have a self-perpetuating cycle. significant impact on the success of a new venture, 2. Investment in capital but many startups place too assets much emphasis on aspects Capital expenditures are like minimizing office space necessary for any venture and labor expenses, and not to acquire or upgrade assets enough on the costs that are such as buildings, vehicles, really relevant. equipment, and other prop- For startups, some of the erty that are essential to the most important components operation of the organiza- Making of operating expenses are tion. Other times, ven- customer acquisition costs tures use funds to increase receives $50,000 in revenue 4. Competition (CAC). CAC figures encom- production capacity, provide each month, then the gross Companies that are fighting your resources last pass all of the expenses new products or services, or burn rate is $100,000 for customers will need associated with attracting, bolster supply in anticipa- and the net burn rate is to burn more capital to Four ways to decrease your venture’s burn rate engaging, and retaining cli- tion of increased demand. $50,000. With a million establish and expand their By Owais Dilawer entele, including: Those costs are unavoidable, dollars in the bank, it will market share. However, > Advertising and marketing and often less controllable take 20 months for a firm to businesses that can work campaign costs than operating costs. exhaust its capital with no within a specific niche company’s burn rate describes how fast a venture is going through its > Wages for sales and mar- However, “less control- revenue coming in. will oust much of their keting staff lable” does not mean While both of these figures competition, decreasing the funds, giving decision-makers and investors a better understanding of an > Marketing and sales uncontrollable. While some are important for tell- rate of those expenditures. organization’s fundraising needs. A high burn rate is usually a red flag, software, such as market of these expenses may be dif- ing different sides of the The key is for companies as those companies are often unable to sustain themselves for very long analytic programs and e- ficult to negotiate, decision story, comparing the two to focus on areas of the commerce platforms makers can save a consid- is particularly helpful for industry in which they have afterA financing rounds. Out of all of the elements that compose a company’s burn > Professional marketing erable amount of money determining how vulner- a competitive advantage. rate, there are four primary factors to consider. An entrepreneur who can manage and sales services, such as by examining whether the able a company is to revenue For example, accounting designing and consulting expenditures need to happen fluctuations. Big differences software startups may decide these factors effectively will significantly decrease the venture capital burn rate, The closer the CAC is to the in the first place. By analyz- between the gross and net to specialize in healthcare, and demonstrate better business acumen. ROI a customer provides, the ing the need for and benefits burn rates can mean that construction, or government less valuable each patron be- of the purchase or upgrade, an organization’s current sectors. Customers in those comes. If the cost of acquir- companies may find ways to operational strategy is not industries will likely be ing new customers surpasses increase the performance of sustainable. This is especial- more interested in working the customer rate of return, their existing assets, or dis- ly true for companies that with businesses that have then the company will not cover lower-cost solutions. find themselves with only a knowledge and insight survive. few customers who make up into their particular trade, Ultimately, it’s about 3. Gross burn vs. net the bulk of their earnings, eliminating competing more than simply lowering burn or for companies who rely companies that can’t offer customer acquisition costs. When experts talk about on the business of startups the same expertise. In other Startups must work to make burn rates, they’re actually and other less-than-stable cases, a company can focus customer acquisition more discussing two different organizations. on a single aspect of their efficient to maximize the numbers. The first is the However, a high gross offerings -such as price funds that go toward this gross burn rate, which is burn rate does not always savings or an innovative vital task. By eliminating the total amount a company mean trouble. If this spend- approach to an age-old waste and ineffective sales spends within a given time ing relates to growth and issue- to become the leaders approaches, organizations period. The second is the net development, the gross burn of a completely new branch can reduce and sharpen the burn rate, which subtracts rate can actually signify within their targeted market. sales cycle. This increases collected revenues from the a calculated risk strategy Being choosy about verticals profits and slows the burn gross burn figure. This tells that can yield high returns helps startup organizations rate by replenishing spend- you how long a firm’s capital if the company manages penetrate the market easier ing with revenue. Those will last. For example, if to increase the value of its and decreases marketing extra funds also allow expenses equal US$100,000 products and services while costs, leading to lower burn companies to grow faster per month and the company also broadening its reach. rates.

Owais Dilawer is a Managing Partner at Spear Alliance Consulting. He has more than 10 years of experience in consulting across the Kingdom of Saudi Arabia and Europe. He has strong experience in startups, corporate strategy and process optimization, business/financial analysis as well as due diligence. He is also the investor and founder of three startups that are operating in the Middle East region.

98 Entrepreneur january 2016 january 2016 Entrepreneur 99 start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE

cially started.” That’s quite portant. Fouz is always keep- Khaleejesque 2015 editions impressive given the costs ing tabs with which plat- they have had to should to forms are trending. “Most keep the ball rolling. Apart recently, Snapchat has been from rent, printing, and dis- a hot spot, and despite tribution, co-founder Fouz Instagram usage declining believes that the team is the regionally, our following has most pivotal investment of grown by more than 15% in them all, explaining that less than a year.” There are “their skills and knowledge also some other components determine the quality of in the Khaleejesque mar- everything we produce.” keting strategy, including partnering up with events in They’re also working hard on Kuwait and the GCC, as well their webstore; Fouz promises to bring in a “more interactive as “sending complimentary online marketplace” in early print issues to a VIP list, 2016. The co-founder also told embassies and hotels.” You us to keep our eyes peeled for can find some of their issues all its forms.” That definitely a sister venture called the at the VIP lounges in Qatar’s applies to how she has ap- “I can safely say we’ve Crowd Creative House, which she describes as “an independ- Hamad International Airport proached Khaleejesque reached a point where we ent content agency.” and at Dubai International from day one. A notable Airport in the UAE. They’ve example of this under the achieved a higher ROI than A quality team definitely also partnered up with Ku- Khaleejesque brand is their pays off, and Fouz justifies wait Airways, where you can subscription boxes called the we initially predicted when that with the positive feed- find the magazine’s latest il.box. Fouz explains that she we officially started.” back that they’ve received, issue on all their flights. was inspired by the “sub- Left to right: Fouz Al-Sabah, co-founder and Creative Director, Lucy Moore, Managing Editor, Xeina Al-Musallam, Project Manager, and Zahraa Hamadi, Graphic Designer even after they took a huge Fouz Al-Sabah describes scription box trend” that course, it had a local twist to tion she thinks they truly leap into becoming a larger herself as a “curious ob- many American publications it. “We make sure to feature deserve. What about pay- media group. They were able server who is fascinated by were trying, and decided to a collection of exciting ment? Here’s a surprise: no 70 writers” and others from to keep many loyal readers creativity and innovation in have a go at that herself. Of regional businesses as well COD. “We’ve strictly chosen Bringing the best out across the GCC. who she says have been with as exclusive collaborations, to stick to debit and credit Reader and user feedback the publication from the limited edition pieces and card payments,” says Fouz, of the GCC is always a priority for Fouz start, and they have “also innovative Khaleeji-inspired who hopes that this will Fouz Al-Sabah’s Khaleejesque is more than and co., allowing them to been seeing an increasing products.” It’s a luxury ser- drive more readers to move a magazine By Kareem Chehayeb expand beyond a website; interest from international vice, so some readers have towards more efficient and they “formally created readers.” Her main take- voiced complaints about effective forms of online pay- Khaleejesque Media Est. in away from all this? “More how expensive it is. There ment. To my surprise, they hen Fouz Developing Khaleejesque 2011,” which took the brand representation is needed to are also challenges with haven’t faced any complaints and Noufa proved to be a huge learn- to print publishing and show a glimpse of life in the “locating vendors, produc- with that. The co-founder Al-Sabah ing experience for Fouz and “other creative ventures.” Arab Gulf.” At this point in tion constraints, and ship- credits that to the younger started Noufa for many different That said, keeping the web- time, their largest readership ping issues.” However, the generation who are “much blogging as reasons. They first spent a site in top shape is still high comes from their native Khaleejesque team still sees more tech-savvy and eager Wstudents at the American three-month period start- on the agenda. Fouz explains, Kuwait, followed by the UAE the potential in the il.box, to shop online.” It also only University of Kuwait, they ing in March 2009 where “our main priority is to and KSA. and is confident that more took one day to “install the probably didn’t expect they gathered “like-minded always have the website be a You’d think that with that and more readers will find it API to start receiving orders that they would establish a members and writers from strong first impression of the kind of user interaction to be a worthy investment. online”, which she describes publication that has a wide across the Arab Gulf,” before Khaleejesque experience.” and readership, marketing They’ve also entered the as a “huge improvement in readership outside of the launching khaleejesque.com All in all, developing the wouldn’t be as important. realm of e-commerce with the e-commerce market in country. “Noufa and I want- on June 1 later that year. brand was not capital- Wrong. Even though a Khaleejesque webstore. Kuwait.” ed to work on a project after Then came a curveball: Fouz intensive, even without Khaleejesque as a print Why? “We could feature The folks at Khaleejesque graduation that highlights temporarily moving to Lon- angel investors; yes, this is magazine is a “marketing so many local and regional will be tackling m-commerce inspiring people, places and don to earn her Masters in another successful boot- channel” itself, the team product designers yet rarely next, but in addition to that, stories in Kuwait,” Fouz says, Cultural Creative Industries strapped venture! That said, supplements it with other had easy access to their the team is also working on but they soon wanted to take at King’s College. They man- Fouz doesn’t rule out exter- tools. Along with a dynamic items,” says Fouz, highlight- adding Arabic content to things up a notch and look at aged however to overcome nal funding in the not too website, they also use their ing the importance of adding their enterprise. Not only other countries in the GCC. the obstacles they had, distant future. And ROI? “I online newsletter to keep new dimensions in the does that give tribute to the Keep in mind that this was and they now have a team can safely say we’ve reached readers informed of what’s “Khaleejesque experience” GCC’s native language, but o m back in 2009, before the of seven in their Kuwait a point where we achieved a happening under the and promoting designers it will certainly also expand

proliferation of social media headquarters, as well as a higher ROI than we initially Khaleejesque brand banner. j esque.c in Kuwait and the rest of their readership across the platforms. “freelance network of over predicted when we offi- Social media is also very im- the GCC who get the atten- region. They’re also working >>> www. k ha lee www.

100 Entrepreneur january 2016 january 2016 Entrepreneur 101 start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE in pictures

Lightweight battle Fix GITR KSA Tag vs. Vanoman

hard on their webstore; Fouz That said, she believes that The truth about entrepreneurship promises to bring in a “more Kuwait is working hard on By Abdulla Barakji interactive online market- creating a sustainable entre- place” in early 2016. The co- preneurial ecosystem that uccess is neither quick, day and night on new ideas founder also told us to keep will “allow entrepreneurs to nor easy. It takes years because I know that deep our eyes peeled for a sister reach their full potential.” Sof dedication and con- down, I want to launch a venture called the Crowd She stays hopeful with local tinuous failure until one day venture of my own. The Creative House, which she success stories, including you come up with the perfect difference is that I didn’t describes as “an independent Basil Al-Salem, who owns formula. Learning from oth- know those harsh realities content agency.” And for the Gastronomica ME, launching ers’ mistakes is good, but it’s when I first started, and I future? “Long-term plans more than five restaurants in not the best teacher. If you had to learn the hard way. includes our own product Kuwait. Fouz describes him want to do something right, Aside from the long hours of line, video channel, and as an “inspiring entrepre- keep making mistakes and commitment to your startup, many other surprises.” As I neur” who many young GCC learn from them; after all, here are a few tips: First place winners Vanoman and Myndplay said before, keep your eyes entrepreneurs can learn from what works for others might • Read a lot of books. You peeled. when it comes to turning not work for you. might want to start with I decided to take a step “a local concept into a suc- If you want to be an Life’s A Pitch by Philip Delves back from the exciting things cessful brand with the right entrepreneur just because Broughton. happening at Khaleejesque amount of creativity, dedica- it’s trendy, you’re on the and asked Fouz Al-Sabah to tion, and passion.” wrong boat; leave– fast. tell me what’s been happen- Before wrapping things up, Entrepreneurship isn’t just ing in Kuwait’s startup scene I noticed that Fouz didn’t about coming up with an as a whole. “There have been mention any hardships with idea; it’s about implementing many developments from maintaining a print publica- it. Entrepreneurs are ones the public sector,” says Fouz, tion in a digital and paper- who take unusual risks and who mentions the new Min- less age. “I see it as a filtering never give up. You sit count- istry of Youth in addition to process more than anything less days and nights to put the National Fund for SME else,” says Fouz. “The quality together a business plan, and Development. The private publications are surviving go through a rollercoaster of sector in Kuwait has also and are more influential than emotions thinking you made played its part, launching ever before.” a mistake. Then you find “numerous startup incuba- yourself a co-founder and tors” over the past couple You’d think that with that kind of after all the road bumps you The 2014 GITR KSA winner, Sawerly, addressing the audience of years. So what’s holding user interaction and readership, go through, you’re ready to Kuwait back from booming marketing wouldn’t be as important. launch. You might think this Wrong. Even though Khaleejesque as doesn’t seem so bad; well the winning slot. Represented organization, GITR currently like some of their other GCC a print magazine is a “marketing chan- It’s game time! counterparts? Fouz claims nel” itself, the team supplements this is merely just the very • Don’t let money be your by Fadi Almaghrbi, Vanoman is stages over 130 events per year that Kuwait is “lacking the it with other tools. Along with a beginning. main driver; you’ll have to Get in the Ring KSA edition an online platform for transpor- across 80 countries, and began dynamic website, they also use their From that point onwards, give that up too for some tation bookings, while Mynd- in 2012 with only 12 events. By foundation and structure online newsletter to keep readers to build a solid and stable informed of what’s happening under you have to work ten times time. et in the Ring (GITR) startups were selected from play, represented by Tre Azam, leveraging GITR’s 100 global entrepreneurial ecosystem.” the Khaleejesque brand banner. harder and make sure your • Don’t quit your job too Saudi Arabia, an event the original 20, and then were is an enterprise that works with partners, the Foundation aims business survives. You have early- wait until you’ve thor- hosted by STC and its matched two by two to compete “neurofeedback technology and to support startup success both to do whatever it takes, oughly planned it. new startup incubator/ for the top spots. The “light- acts as a research and media here in the MENA region, and Khaleejesque headquarters even if that means giving up • Keep learning new things. G accelerator InspireU, weight battle” finalists were company.” The 2014 winner of on an international level as well. sleep. I often say that one • Don’t allow people to let was staged in Riyadh, KSA, on Vanoman vs. Fix Tag, with the GITR KSA, Sawerly, spoke to The KSA finalists will represent of the secrets to success is you down. December 7, 2015. A total of 20 former taking the winning slot, 300 audience members as the Saudi Arabia in the regional keeping yourself motivated. There was this one time I startups were chosen to “bat- while the “middleweight battle” keynote welcome discussing GITR event, scheduled to take Personally, I enjoy watching was having a conversation tle” for a position on the final finalists were Myndplay vs. Ma- the entrepreneurial ecosystem place in February 2016. motivational segments on about success, and the stage that same evening. Four harah, with the former taking in Saudi. A global nonprofit www.getinthering.co YouTube. One of the videos person I was talking to said, I’ve watched talks about why “If you own a restaurant and you should probably give up the dishwasher breaks, you MEET THE JURY

sleep if you want to become better put on a pair of gloves Christos Mastoras successful. The reason was and start washing those Founder and Managing Partner, Iliad Partners, and GlamBox co-founder ra l ia ust simple: you might miss the dishes.” Involve yourself in a Dr. Mohammed Fitaihi opportunity for your dream every aspect of your business Chairman, Oqal Western Province, and CEO and founder, Baby Fitaihi to become a reality. and have patience– success p e ng u in © Riyadh Alruwais ve r I am not an entrepreneur will then follow. If you’re not o Partner, STC Ventures who has launched multiple strong enough to face the

k c b oo k Thamer M. Elrayes ventures, but I still work challenges of entrepreneur- Director of Digital Innovation, STC h pi tc e’s a l if e’s

102 Entrepreneur january 2016 january 2016 Entrepreneur 103 start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE Roarin’ roadshow Turning travel into profit

and Egypt. There is also a great have some presence, they admit that recognize the skyrocketing amount of demand for Dubai packages.” Next up the Indian market is something they mobile internet usage in the region. for the startup is growth, and they’re aren’t interested in at this point in For now, with funding secured, the currently focusing their energies on time, and that they simply “drive main concern for these ‘treps will The startups targeting Middle Eastern markets, [their] technology development from be to continue to onboard users, specifically the GCC and Egypt, and our office based in India.” Travel buffs and actually get them to use their plan to launch an Arabic website in who want to use HolidayME via their services, not just browse around. HolidayME the near future. When asked about mobile device can expect an app later Maybe it’s time to take a trip! Co-founders Digvijay Pratap targeting India, where they currently this year, and both Pratap and Bhalla www.holidayme.com and Geet Bhalla

Ghaith Marketing strategy is erate users, like benefitting ho doesn’t look co-founders Akkad, critical when trying to “from the power of their forward to their proudly claim Founder, penetrate a saturated Graph API and friend con- Tripzzle next holiday? You’re that Holi- market, so how is this nections, which, in turn, probably thinking dayME con- startup approaching the means more personalized about your next tains a “wide game? Tripzzle is using recommendations.” The tripW as you read this. That said, you inventory of social media to generate team is hard at work and probably aren’t thinking about the over 1,000,000 interest and user base by recently “introduced a map hassle of preparations; after all, it’s hotels, 8,000 “mainly targeting travelers to visualize hotel destina- a lot more than just booking plane sightseeing looking for inspiration, tions. We’re also silently tickets. Do endless tabs on your activities and which is considerably updating the logic behind web browser of hotels, a long list of airport pick-up an easy target, but very our ranking mechanism. things to do, and little to no time to and drop facil- expensive to attract hence More exciting features are figure things out ring a bell? Two ity across 300 the competition. Social in the plan,” says Akkad, Dubai-based ‘treps, co-founder and cities globally.” media -especially Twitter- confirming that they’re Managing Director Digvijay Pratap A small team was a great help in directly currently working on both and co-founder and CEO Geet Bhalla, of “five people reaching out to people mobile and tablet apps that are trying to put an end to the incon- out of a small seeking travel ideas and should be available soon. venience with HolidayME. “We were garage sitting Tripzzle hotel recommendations,” www.tripzzle.com convinced that the market needed a across from says Akkad, crediting Twit- simplified platform to plan and book a each other, ter for providing 20% of Founder Ghaith Akkad Akkad and his team designed and holiday experience with a few simple brainstorming Tripzzle’s overall traffic. structured a ranking algorithm clicks,” explain the co-founders. Self- and exchanging t first, Tripzzle They “combined various They’re not stopping at that he claims “is both intuitive proclaimed avid travelers Pratap and ideas” eventu- sounds like just databases like hotels, cit- Twitter though; they’re and scientific to pinpoint ally turned into another book- ies, passions and interests, working on a Facebook various tourism destinations a multinational ing website, weather information, aver- strategy and taking advan- The co-founders’ approach to HolidayME around the world that match venture with but turns out age room prices, and so on. tage of some of the tools it focuses on the technological aspects: travelers predefined criteria.” offices in the Then we needed to come provides that can help gen- “right from the onset, we wanted to Ait’s more than just that: UAE, India, Saudi Arabia, and a team So how have folks received the web portal “provides up with a smart algorithm create proprietary technology and IP.” consisting of more than 85 people. HolidayME so far? The co-founders travelers with highly accu- to rank more than 160,000 In terms of marketing, the co-founders The co-founders’ approach to Holi- are quite pleased with what they’re rate travel destination and hotels based on a complex “have already started with online dayME focuses on the technological seeing- what they’re happiest about hotel recommendations criteria, and return no campaigns through paid search, display aspects: “right from the onset, we isn’t just website engagement, based on their passions more than a 100% almost and social channels.” wanted to create proprietary technol- but “it’s particularly reassuring and interests when they handpicked hotels- all that ogy and IP.” In terms of marketing, to notice so many users using the seek ideas about where to should be super easy to Bhalla make a solid team with their the co-founders “have already started customization option to build their go and where to stay.” In a use, and super instant.” It different skillsets: Pratap holds a with online campaigns through paid itinerary and make a booking.” Most saturated market, provid- looks like that they’ve cre- Master’s degree in Computer Applica- search, display and social channels,” popular holiday destinations thus ing recommendations ated a visually simplistic tions, and has worked as a software and they kicked off above the line far on the portal? “We are getting based on consumer tastes (yet rich) online database. engineer for various businesses in dif- (ATL) advertising campaigns in major queries for European and is a huge bonus, which The numbers so far are ferent industries, from hospitality to March 2015. Social media channels Asian markets, including the popular could foster them long- great in terms of interested e-commerce, while Bhalla has spent play a huge role in their marketing touristic destinations like London, term success. How does it people and conversion the last 15 years in finance and bank- campaign- HolidayME can be reached Paris, Amsterdam, Thailand, Turkey, work? Akkad and his team rates at 12% to 15%, where ing technology. on various platforms, with the co- designed and structured a looking up hotel details What makes HolidayME stand out founders mentioning Facebook, Twit- ranking algorithm that he for booking is considered from its competitors? Everything is in ter, and Pinterest in particular. That HolidayME contains a “wide webs i te zzle claims “is both intuitive a successful conversion.” the customers’ hands. Sure, you can said, they both believe that Facebook inventory of over 1,000,000 and scientific to pinpoint Launched in August 2014, book flights and hotels through other “from a business perspective” is their hotels, 8,000 sightseeing activities various tourism destina- digital marketing and platforms, and maybe even have a favorite platform, noting it for its ad- and airport pick-up and drop tions around the world that promotion were significant te | t rip | webs i te me y bunch of packages to choose from, but min access to detailed analytics, plus facility across 300 cities globally.” a match travelers predefined in luring in visitors and

HolidayME lets you customize. The its high regional user base. ho l i d criteria.” growing the user base.

104 Entrepreneur january 2016 january 2016 Entrepreneur 105 start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE

Clear skies ahead MAKE A RIDE OUT OF ANY DRIVE. for entrepreneurs THE ALL-NEW NISSAN MAXIMA 2016. Mohammed Al-Shaker FEEL AGAIN. and Yousef Wadi ArabiaWeather’s capital boost means more forecasts By Kareem Chehayeb

rabiaWeather’s Jabbar Internet Group, with airline companies. An im- founders, Moham- ArabiaWeather planning pressive 35 million consum- med Al-Shaker and to use the capital “to make ers in the region currently Yousef Wadi, must strategic investments in ex- make use of ArabiaWeather’s haveA been more than happy panding its weather offering weather forecasts and to announce receiving a for businesses and consum- related information, which hefty US$5 million in funds ers in the Middle East.” are obtained through its in November 2015- given After starting in their native website and mobile app. The that it comes close on the Jordan in 2006, Arabi- founders are also part of the heels of the $2.1 million they aWeather now provides its Endeavor Jordan network, raised earlier in the year. weather information servic- which currently supports The Series A funding came es across the MENA region, 26 high-impact Jordanian from Badia Impact Fund and and have partnered with var- entrepreneurs representing ArabiaWeather co-founders Mohammed Wamda Capital, as well as ious businesses, including 18 different companies. Al-Shaker and Yousef Wadi DASH Ventures and Jordan’s Arab TV channels, airports, www.arabiaweather.com

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