A Coalition of the Willing

FACILITATING CHANGE LEADING THE TRANSITION FROM FEMALE EMPOWERMENT TO GENDER INCLUSION

A COALITION THE FUTURE OF THE WILLING OF CITIES THE FIVE ROLES Tapping the YOU NEED TO MAKE transformative power YOUR CORPORATE of exponential VENTURING PROGRAM technologies A SUCCESS IMPACT AT SCALE TARIQ CHAUHAN THE GROUP CEO OF EFS FACILITIES SERVICES GROUP REVEALS HIS VISION TO BUILD A US$1 BILLION ORGANIZATION

9 7 7 2 3 1 1 5 4 1 0 0 8 >

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No residency visa required to buy property Open to all nationalities 22 28 32 62 INNOVATOR: INNOVATOR: INNOVATOR: ‘TREPONOMICS: IMPACT AT SCALE DESIGNS ON THE FUTURE THE FUTURE OF CITIES PRO Following outstanding sales in phases 1, 2 & 3, • No service fee for life Tariq Chauhan, Group CEO, Dubai’s Area 2071 is all Singularity University Building tomorrow’s ARADA presents Nasma Residences Phase 4. • Pay 60% on completion EFS Facilities Services set to deliver on the vision co-founder and Executive workforce Group, reveals his vision of making the UAE the Chairman Dr. Peter H. Jugal Paryani, VP of Located in the lush surroundings of • Up to 10% ROI to build a US$1 billion leading nation in the world Diamandis on how the Marketing, Oliv, explains a record-breaking community. organization. by 2071. world should tap the why we need to think transformative power of about talent the way we exponential technologies. think about sales.

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CONTENTS JULY 2018

58 40 MONEY: TECH: ASK THE MONEY GUY SHINY A coalition of the willing #TamTalksTech Duval Union Consulting Gadgets and doodads co-founder and CEO that you might’ve missed Dado Van Peteghem and out on, sourced by a tech Omar Mohout, Professor aficionado. Yes, it’s okay to of Entrepreneurship at want them all… and no, it’s Antwerp Management not our fault. School, list the five roles you need to make your corporate venturing 80 WakeCap team program a success. 68 54 84 START IT UP: FRANCHISE ‘TREPONOMICS: ECOSYSTEM Executing an experience PRO Shaping the future Sloan’s Ice Cream Moving with the times Jared Willis, General founder and owner Sloan Eelco van Keimpema, Head Manager, Berkeley Research Kamenstein, writes about of Commercial Insurance - Group, offers three maintaining brand and Middle East & Africa, AIG, recommendations to help product quality on a global says collaboration is key, spur entrepreneurship in scale, while franchising as old and new business Kuwait. your business. models collide. 41 LG Q Stylus

32 The future of cities

12 / ENTREPRENEUR.COM / July 2018

CONTENTS JULY 2018

42 48 CULTURE: CULTURE: TRAPPINGS LIFE ‘Trep gear Facilitating change The executive selection for Servcorp General Manager, the entrepreneuron your Laudy Lahdo, on leading list that has everything. the transition from female Okay, maybe for a little self- empowerment to gender reward as well. inclusion. 52 44 TECH: CULTURE: THE FIX TRAPPINGS Disrupting the status quo Visible spectrum Vuclip President and COO Mr. Draper offers a Arun Prakash believes that gentleman’s guide to color the OTT market is changing matching. 28 Area 2071 the way content is created, desired, discovered, and 66 consumed. MONEY: 74 46 YOUR MONEY START IT UP: CULTURE: 78 Cut your losses STARTUP FINANCE LIFE START IT UP: Five easy ways startups can We got funded! Bullies at work Q&A manage debts from day one, Bahrain-born food tech Stamping out abuse at Off the beaten path by Virtuzone’s Director enterprise Eat, UAE- the workplace can be an Dawaami founder and CEO of Domestic Structuring, based insurtech platform uphill battle for everyone Kamal Al-Samarrai is all Paul Bryson. Aqeed.com, and Egypt’s involved, says Manfred Kets set to wage war against online couture rental de Vries, Clinical Professor industry incumbents with 70 startup La Reina reveal the of Leadership Development his new online platform TECH: details behind their latest & Organisational Change at that aims to disrupt the ONLINE ‘TREP fundraising wins. INSEAD. recruitment sector. Changing the game Founder Akanksha Goel on the evolution and growth of her digital media agency Socialize. 64 ‘TREPONOMICS: PRO From operator to service provider Hany Fahmy Aly, Executive Vice President - Enterprise Business, du, on the role of telcos in achieving tomorrow’s digital future. 50 ‘TREPONOMICS: SKILLSET Back to work Louise Karim, Managing Director, Mums@Work, lists six tips for the region’s 74 mothers to get back on Eat team track after a career break.

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C100 │ M100 │ Y0│ K40 EDITOR IN CHIEF Aby Sam Thomas [email protected] SUBSCRIBE CEO Wissam Younane [email protected] Contact [email protected] to receive REDEFINING DIRECTOR Rabih Najm [email protected] Entrepreneur Middle East every issue CREATIVE LEAD Odette Kahwagi MANAGING EDITOR Tamara Pupic YOUR FREEZONE STARTUPS SECTION EDITOR Pamella de Leon FEATURES EDITOR Sindhu Hariharan EXPERIENCE GROUP SALES DIRECTOR – B2B GROUP Joaquim D’Costa PO Box 502511 Dubai, United Arab Emirates COLUMNIST Tamara Clarke P +971 4 4200 506 | F +971 4 4200 196 EVENTS LIAISON Mark Anthony Monzon For all commercial enquiries related to Entrepreneur Middle East contact [email protected] CONTRIBUTING WRITERS

Suhail Al Masri Sarah Jones Jugal Paryani All rights reserved 2018. Joby Beretta Sloan Kamenstein Arun Prakash Opinions expressed are solely those of the contributors. Paul Bryson Louise Karim Eelco van Keimpema Entrepreneur Middle East and all subsidiary publications in the Fida Chaaban Manfred Kets de Vries Dado Van Peteghem MENA region are officially licensed exclusively to BNC Publishing in the MENA region by Entrepreneur Media Inc. Mr. Draper Laudy Lahdo Jared Willis No part of this magazine may be reproduced or transmitted in any Hany Fahmy Aly Omar Mohout form or by any means without written permission of the publisher.

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800-SOUTH (76884) [email protected] DUBAISOUTH.AE EDITOR’S NOTE

Perception is everything When disaster strikes (hard)

or those of you who go understand or comprehend. In the through every line in a world of entrepreneurship, similar business contract, the scenarios can be seen to arise rather force majeure clause that’s regularly. It could be the last-minute often included as stan- loss of a deal on which a startup was dard in such documents pinning all of its hopes on owing Fshouldn’t be hard to miss: to someone else’s stronger clout it is the provision that exempts the (wasta, as the Arab world would call contracting parties from fulfilling it), or the crumbling of a what was their respective obligations due to once a perfect relationship between circumstances that are beyond their co-founders at an enterprise. reasonable control- these can range In the past month, I’ve been them that will define us- not these from unexpected natural disasters personally witness to quite a few of failures themselves. Indeed, we at to unanticipated governmental these kind of unexpected situations: Entrepreneur Middle East have often directives that cripple or destroy the there was a friend who got abruptly seen that the toughest hurdles that business activity that was agreed fired from an enterprise he had been happen along an entrepreneur’s upon. Now, there are, of course, working for about a decade, the lifecycle are what contribute to their actual events in the world that fit break-up of a couple that literally no greatest strengths and successes in the literal meaning of force majeure one in their social circle saw com- the long-term. And that’s something (which is Latin for “a superior ing, and an entrepreneurial venture, all of us should take to heart when force”) and occur –thankfully- not which was once a business to watch faced with our own versions of force on a regular basis. out for, now suddenly finding itself majeure events: these don’t have to But if one were to consider only in the doldrums, thanks to a slew of be the end- perhaps it’s just time for the devastating effects these kinds bad decisions. It is, of course, dis- a new beginning. of unforeseen events have on people tressing to see such things happen and businesses, then I’m going to to people you actually know- but wager that it wouldn’t be so hard the way some of them react to such to find parallels of that happening curveballs can be rather instructive around us on a day-to-day basis. For and inspirational as well. When instance, there are those who get faced with such situations, one suddenly laid off from jobs they’ve should be allowed (heck, encouraged had (and, by all accounts, performed even) to buckle down and grieve for well in) for quite a while. Regardless what has been lost, but wallowing in of the reasons for their dismissal, self-pity shouldn’t be the only order it’s always disconcerting to see of the day, there also has to be a Aby Sam Thomas how such people’s lives are thrown game plan to get back up after a fall. Editor in Chief into complete disarray owing to As debilitating as such occur- @thisisaby reasons that they often simply don’t rences may seem, it is in getting past [email protected]

18 / ENTREPRENEUR.COM / July 2018

IN THE LOOP

Inviting innovation Middle East luxury retailer Chalhoub Group invites tech entrepreneurs and startups for its new retail accelerator

Patrick Chalhoub, Civatte, Chief Transforma- Co-CEO, tion Officer, Rania Masri, Chalhoub Group and Head of Greenhouse Accelerator/Innovation Lab, Dina Sidani, are a few of the mentors who are set to be involved in the process. “As a leading retailer of luxury NOON ANNOUNCES in the Middle East, we’ve PARTNERSHIP WITH EBAY decided to transform,” said Patrick Chalhoub, Co-CEO, ”Our partnership with eBay opens a whole new ENA entrepre- Chalhoub Group, announcing world of shopping experience,” says founder neurs, if you are the initiative on the website. Mohamed Alabbar working on a “Our north star vision is solution that has to become a hybrid retailer we listen to our customers Mthe potential to delivering luxury experi- and tailor the online retail shake up the retail sector, ences to the fingertips of our experience to suit their this new challenge is sure to customers everywhere. This needs.” help you. Chalhoub Group, a is a unique opportunity for The partnership will see Middle East luxury retailer, tech companies and startups noon fulfil all eBay orders is looking for tech startups from all over the world to made on noon, and deliver with ready to deploy prod- implement and test their it directly to the customers’ ucts addressing a set of retail solution with the largest doorstep. According to a challenges through their new fashion group in the Middle release, noon and eBay Greenhouse Accelerator. East.” will also “explore joint Referring to their initiative “We are looking to collabo- opportunities in marketing, as “not a typical startup rate with you with the goal know-how and best practices accelerator,” Chalhoub of being your customer or sharing to leverage the strong Group notes on the official licensing your technology,” Mohamed Alabbar growth of online shopping in website that the “equity-free he adds. “We may also invest the region.” program will accelerate the in you at later stages,” reads The Mohamed Alabbar- “Our partnership with eBay implementation of the right the information on the equi- founded e-commerce platform opens a whole new world solutions” at the heart of its ty-free program, taking place noon has inked a partnership of shopping experience,” own company. Essentially, from September to Decem- with the California-based Alabbar added. “E-commerce the ideas emerging out of ber 2018 in Dubai, UAE, and multinational eBay, which will continuously evolves, and this the program stand a chance accompanied with a grant of see the former’s customers partnership guarantees noon to carry out pilots and case US$20,000, and access to in the Middle East be able to stays on top of the trends and studies with brands from a co-working space. Some buy products from the latter’s consumer preferences.” Chalhoub Group, and get an of the retail challenges that global marketplace. noon’s partnership with opportunity to deploy their the accelerator is looking to “noon is connecting the eBay follows fellow regional solutions at the MENA retail tackle relates to creating a region with the global e-commerce venture major. personalized in-store experi- e-commerce market through Souq’s announcement in In the process, the entre- ence, optimizing operations, our partnership with eBay,” December 2017, which saw preneurs/teams will also omni-channel retail, and said Alabbar, in a statement. the enterprise, thanks to get to work closely with human capital allocation in “With this, we are offering our its acquisition by Amazon and gain mentorship from the sector. Applications for customers access to products earlier that same year, offer retail and digital experts. Chalhoub Group’s Green- that are not otherwise readily its customers in the region Chalhoub Group’s Head of house Retail Accelerator are available in the region. As the opportunity to shop over Customer Experience and open until July 10. a brand from the region, million products on Amazon. Marketing, Grégoire Charpe- www.chalhoubgreenhouse.com IMAGE CREDIT CHALHOUB GROUP, MOHAMED ALABBAR MOHAMED GROUP, CHALHOUB CREDIT IMAGE

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INNOVATOR

Today, EFS is a regional leader in delivering integrated facilities management services with its network of 26 operating companies in 21 countries across the Middle East, Africa, South Asia, and Turkey. With 97% client retention rate, it enjoyed an AED3.5 billion contract back- log, 26% revenue growth, and 7% profit increase in the last year alone. Interest- ingly, that is the same year which the company’s media pack describes as a period of challenges and introspec- tion, since EFS experienced a 18.76% drop in gross margins driven by difficult market conditions, economic slowdown, and emerging competi- IMPACT tion. Two interesting points are to be noted here: firstly, Chauhan does not shy away from stating the unpleasant facts, and secondly, the market difficulties haven’t dramatically affected his plans, as EFS has already achieved the status of a large company. However, being a large busi- AT SCALE ness is no longer enough for Chauhan. “We have defi- TARIQ CHAUHAN nitely established ourselves amongst the large, but this large is still far from where I THE GROUP CEO OF EFS FACILITIES SERVICES GROUP want to be,” he says. “To be REVEALS HIS VISION TO BUILD A US$1 BILLION ORGANIZATION successful and sustainable in by TAMARA PUPIC the long-run, we need a quantum leap in our approach, and that is exactly what we have n 2009, Tariq Chauhan, the newly-appointed CEO of EFS Facilities done this year. Besides some obstacles, we have enjoyed a Services Group (EFS) at the time, was thinking big, despite personally 90% growth this year. We’ve recovering from a few scars of the 2008 global financial crisis. been growing by 25%, and EFS was well-positioned in the integrated facilities management by any global standard, that is considered extraordinary. services sector, but Chauhan was about to unleash a series of There has been a lot of work shrewd moves. “I felt that to have the critical mass and to be large in progress to develop our I was no more an option, but a necessity,” he says. “There was no capabilities to take on mega projects, and that is what has room for me to remain in the small to medium space -to be a US$100 million led us to this 90% growth. company- we had to have the critical mass, because of the challenges Three core mega projects have that the business was facing.” At the time (2010), EFS had 2,000 people on come our way. In the past, we did have some misses, but the books, enjoyed 76% of contract retention, and 21% revenue growth. eventually everything hap- However, Chauhan’s vision was only beginning to take shape. pens for a reason.” >>>

22 / ENTREPRENEUR.COM / July 2018 INNOVATOR

July 2018 / ENTREPRENEUR.COM / 23 INNOVATOR

“Every organization must “THERE IS A LOT OF INDIVIDUALISM have the right structure. Then, you need to focus on THAT COMES IN WHEN ORGANIZATIONS building systems, technology and processes in order to ARE UNDERGOING TRANSFORMATION.” achieve success. These are fundamental basics. Global knowledge, regional pres- The reason for the current believe that CSR is embed- In 2012, EFS adopted ence, and local experience dissatisfaction is in the ded in this role, because of “People, Passion, Precision” have become pillars of our details of Chauhan’s grand the structure of the business as its mantra, not just as organization. Then I again plan which is only now being itself- there is a large section a marketing slogan, but ask people where they can fully revealed- it includes of people who are at the as a fundamental part of find themselves in this.” In spurring social change by lowest part of the self-actu- its internal purpose. Hav- helping others, Chauhan is empowering individuals to alization curve,” Chauhan ing aligned his employees firm to point out those who pursue their own potential. explains. “So, with the suc- towards achieving one goal, have helped him along the To achieve that, his eyes are cess of this organization, we Chauhan then focused on way too- from a chance en- set on building a $1 billion are doing better for everyone, building organizational counter with the Chairman organization. “I seek social- and mostly for this section systems and structures. “You of EFS in a hotel bar in Dubai ism in capitalism,” he says. of people. When I talk to an can pick and choose the right nearly a decade ago, when he “As a $1 billion organization, average cleaner, there are two people but for them to flour- got the offer to take on the my business would employ things in life that he wants ish you need to create the challenge of transforming the about 100,000 people. These to have- to make sure to send right ecosystem,” he adds. company, to his sharehold- people and their families money to his family, and ers, clients, and employees would enable me to make an to own a house of his own. today. “Your choices in life impact on a larger percentage Furthermore, 90% of people “I REALIZED THAT come from your personal of the population. If you can who earn AED500 per month conviction, which does not create your good in others’ have dreams to finance their I NEEDED TO BE A PART only come through your own good, how better can it be?” sister’s marriage ceremony, OF A LARGER BUSINESS, stubbornness, but through His belief is strongly rooted to have their own house, and WHICH IS IN A SUNRISE others believing in you and in the company’s unique then to get married. When INDUSTRY, SO letting you succeed and col- ability to influence the blue- employing people, how often laborating with you,” he says. collar worker segment, which do managers discuss these I DECIDED TO LEVERAGE “That eventually leads to the forms the majority of EFS’ things? But here, we try to MY EXPERIENCE AND formation of your conviction. 15,000-strong workforce. “I do that.” JOIN EFS.” Success is not an individual WWW.EFSME.COM

24 / ENTREPRENEUR.COM / July 2018 story, but a mix of many col- helped us to keep reinvesting laborative approaches com- in our business. Also, our ing from different people- shareholders have been very your colleagues, your clients, strategic in their approach. your shareholders, and so They weren’t looking for any on. You need multiple en- cash dividends or cash pay- dorsements to be successful, outs, but they wanted us to and it does not necessarily reinvest in the business. In mean money. It includes the addition, we’ve built strong impact you create, and the relationships with the banks others buying into it, which to support our usual working eventually evolves into a capital requirements. Busi- Tariq Chauhan, pyramid. CEOs are the agents ness without the alignment Group CEO, EFS of the company’s success, of bottom line and cash flows and they cannot put them- can never be a sustainable selves ahead of the company. business. One of my prin- success is the extraordinary It is the institution that ciples has always been that “YOU NEED MULTIPLE pressure that the core team matters. Many have done three alignments are impor- ENDORSEMENTS TO has had to take on, and the that, trying to create their tant. Firstly, zero tolerance BE SUCCESSFUL, pressure on me to keep those personal brand, without for top line growth without AND IT DOES NOT members engaged. But, if I realizing that their personal cash flow sustainability. Sec- was not personally convinced brand’s sustainability lies in ondly, a consistent year-on- NECESSARILY MEAN and able to take the risk, I the overall sustainability of year growth. Consistency is MONEY. IT INCLUDES wouldn’t have reached this the company’s brand. CEOs critical to any sustainability. THE IMPACT YOU stage.” lead companies, but in this Lastly, it’s about alignments Therefore, the company pursuit, they must not lose of all stakeholders- employ- CREATE, AND THE is still on its growth trajec- the balance. The horse must ees, clients, suppliers, and OTHERS BUYING INTO tory, and Chauhan exhibits not become the brand. I am shareholders. They all have IT, WHICH EVENTUALLY nothing but patience and being careful, because there to have a common vision. It conviction. This wisdom, as is a lot of individualism that is important for a CEO to be EVOLVES INTO A in many other cases, comes comes in when organizations trusted by employees and PYRAMID.” from experience. Chauhan’s are undergoing transforma- respected by clients.” career started in banking in tion.” However, over the last two 1987 in Oman, and saw him Today, EFS’ goal is to con- years, the growth pace hasn’t generated internally to sup- working for three different tinue integrating automation, been as strong as expected. port developmental projects,” banks and operating in 11 dif- technology, and processes in “The facilities management Chauhan says. “This business ferent countries. He moved order to create an integrated is not a capital intensive is now going through a rapid to the UAE in 1995 to start management system- the last business; however, it does paradigm shift, from a con- managing a high-network in- part of Chauhan’s machine require investments in the ventional to a digital model, vestment portfolio for Elfina for making a quantum leap. times of austerity when you and, for me, digital is again Banking & Financial Invest- This was preceded by the are playing on low margins, about a mindset change. I ments Co., which would phase of stabilizing the busi- meaning in times when you am not overwhelmed by this, eventually become his own ness (2010-2012), and then don’t have enough profit although the price of our company. With the wisdom transforming it (2012-2016). of hindsight, he describes it “In the transformation stage, as a challenging period, but we started expand our ser- it did not prevent him from vice lines and our geographi- making further entrepre- cal presence, changing our neurial attempts. Later, he client mix, and many other started up other businesses, things, which have taken including KOL Corporation, the organization to the next an IT company providing level,” he says. “In achieving e-business integration, this, we have carefully cho- supply chain and real estate sen clients who haven’t kept solutions. “Unfortunately, us in the cycle of payments, the 2007/2008 [period] which is usual in this part shook me completely, and I of the world, but it has been was near financial collapse,” maximum 60 days. That has EFS at the IFMA event, April 2018 he says. >>>

July 2018 / ENTREPRENEUR.COM / 25 INNOVATOR

“IF I WAS NOT PERSONALLY CONVINCED AND ABLE TO TAKE THE RISK, I WOULDN’T HAVE REACHED THIS STAGE.”

“Then I decided that I had to focus on capital, and if I had to do that, I needed partners. I needed to work with people, not by myself. So, having gone through those previous experiences, and having realized that the capital requirement was critical for building a sustainable business, I knew that chasing $1 billion on my own was not feasible against the backdrop of one of the biggest recessions in the past 75 years. I realized that I needed to be a part of a larger business, which is in a sunrise industry, so I decided to leverage my experience and join EFS.” In less than a decade Tariq Chauhan, Chauhan has grown the com- Group CEO, EFS pany’s portfolio to include more than 300 governmental and international organizations, delivering over remain calm, focused, 75 service lines across 15 “WE HAVE ENJOYED A 90% GROWTH THIS and patient. “In 2008, we business verticals. In doing YEAR. WE’VE BEEN GROWING BY 25%, weren’t prepared, and it so, however, the emphasis was a reminder for people was on building solid foun- AND BY ANY GLOBAL STANDARD, THAT IS to wake up,” he concludes. dations and defenses from CONSIDERED EXTRAORDINARY.” “So, when the recent reces- any future market downturn. sion came to be, fortunately, “We diversified our opera- long-term and against mar- to preserve a certain level we were well informed, we tions,” he says. “More than ket dynamics. I’m not grow- of sustainability starts with had the past to remind us, 10% of our businesses must ing in all countries; in some, doing that to yourself first. and that helped us prepare. not be in one single country. I’m trying to consolidate, for That is exactly what I did Recessions are a part of life, No single contract should be example. You should keep from 2012 to 2016.” and serve for companies to larger than 10% of our busi- your company above mar- Having witnessed and suc- build their own character, ness. We have also brought kets. Preparing the core of cessfully navigated two eco- the overall organizational diversity in terms of ethnici- your organization for tough nomic slowdowns, Chauhan bloodstream. So, markets are ty of employees as well. That times, being able to take ends our conversation by ad- affected by it, but companies helped us to be sustainable shocks, to mitigate risks, and vising other entrepreneurs to should not be.”

26 / ENTREPRENEUR.COM / July 2018 In Collaboration with

CMY

K INNOVATOR

Abdulaziz Al Jaziri, Deputy CEO, Designs on Dubai Future Foundation project, which H.H. Sheikh Mohammad Bin Rashid Al the future Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, AREA 2071 launched in March 2017 as a Dubai Future Foundation Deputy CEO Abdulaziz Al Jaziri five-decade government plan that aims to make the UAE, explains the vision for the path-breaking initiative launched by the time of the 100th by Dubai and the UAE by ABY SAM THOMAS anniversary of its founding in 1971, “the world’s leading nation.” s someone who has been involved with Area 2071 ever since it This is, of course, a decep- tively simple premise, but, was first announced in 2017, Dubai Future Foundation Deputy CEO as an ambitious plan that’s Abdulaziz Al Jaziri remembers a meeting with a global consulting focused on setting up future firm during the initiative’s early days, where he and his team generations of the UAE with presented its aim to be an ecosystem to “design the future.” In continued success and pros- response, the consultants asked for a benchmark on which Area perity, its visionary aspect 2071 was being modeled on, and Al Jaziri and his team replied that, cannot be denied. But how A can this actually be realized? well, there hadn’t been anything like this done ever before in the world. “It’s not just about being the best at things,” Al Jaziri re- Now, this little anecdote Al Nahyan, Abu Dhabi with a wise leadership that plies. “We truly believe that should, I feel, serve well as Crown Prince, and Deputy laid the sound foundation you, being the leading nation an indication of the pioneer- Supreme Commander of the and infrastructure for the in the world, means that ing nature of this particular UAE Armed Forces, at the launch of nation-building you have the most outsized initiative being led by Dubai conclusion of the Mohamed and development. Now, we contribution to humanity.” and the UAE, and why, by bin Zayed Majlis for Future breathe fresh air, and live a And it is to realize this grand virtue of this factor alone, it Generations in early 2017. happy life. Yet, we have to dream that Area 2071 has can be hard for many among At the event, which had make further efforts, and come into being- it is, as us to understand what Area about 3,000 Emirati youth develop a long-term vision, its official website declares, 2071 is all about. With this in attendance, Sheikh Mo- and plan in a sound way to “a physical manifestation in mind, it perhaps makes hamed noted how surveys reach the set goals, and en- of this vision, with the sole sense to go back to the ori- had revealed that 70% of able the coming generation purpose of creating positive gins of this initiative, which Arab youth wanted to come to live happily and safely global impact.” In terms of Al Jaziri says were through and live in the UAE. “The just like you do.” It was this its actual location, Area 2071 a speech delivered by H.H. reason is that 47 or 50 idea that provided the basis is located at Emirates Tow- Sheikh Mohamed Bin Zayed years ago, Allah blessed us for the UAE Centennial 2071 ers in Dubai, with the first IMAGE CREDIT AREA 2071 | WWW.AREA2071.AE IMAGE

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“WHAT AREA 2071 IS Area 2071 wants to bring and other prominent enti- but that doesn’t mean they TRYING TO BUILD IS together the government, pri- ties. Its physical location are going to be working in AN ECOSYSTEM THAT vate sector, youth, academia, at Emirates Towers is also isolation either. CHANGES WITH TIME, entrepreneurs, and startups especially significant- the Under the umbrella of Area BUT AN ECOSYSTEM to work on how the world office tower today plays host 2071, the common location THAT’S FOCUSED ON should be in the future. This to everything from the Office at the Emirates Towers SOLVING UNIVERSAL community is thus tasked of the Prime Minister of the Boulevard means that all of CHALLENGES.” with thinking up solutions UAE, to the Dubai Future Ac- the different players housed to some of the world’s most celerators, to the Youth Hub, there will now be walking pressing questions and chal- and much, much more. Now, distance away from each lenges- and this will also all of these different entities other, which will allow for phase of the space having involve an innovative reimag- at Area 2071 are here to rei- collisions between the enti- been officially inaugurated ining of the various sectors magine either themselves or ties to happen –sometimes by Sheikh Mohammad in that will drive the future, their respective industries- in a literal sense- that will >>> May this year. But describing such as education, transport, what the space actually is re- healthcare, etc. “What Area mains a fairly difficult task, 2071 is trying to build is an according to Al Jaziri. “It’s ecosystem that changes with not a startup ecosystem,” he time, but an ecosystem that’s says. “It’s not an incubator. focused on solving universal It’s not an accelerator… It’s challenges,” Al Jaziri says. not [just] a government play. This, in turn, should explain It’s much more than that.” why Area 2071 has tied up Indeed, having had this with both local and inter- conversation with Al Jaziri, national partners to help I have now come to the facilitate this redesign of the conclusion that Area 2071 is world as we know it- this list not just one of those things of allies includes the United he has listed- it’s better de- Nations, IBM, Proctor & scribed as a combination of Gamble, SAP, Emirates, Ernst all those things, and much, & Young, Pfizer, Wamda much more. Capital, GEMS Education, Area 2071

July 2018 / ENTREPRENEUR.COM / 29 INNOVATOR

Area 2071

“IF YOU ABIDE BY THE PRINCIPLES OF THIS SPACE, OF YOU BEING OPEN TO CHANGE, OF YOU BEING OPEN TO WORKING WITH THIS ECOSYSTEM, THEN, SURE, THERE’S A SPACE FOR YOU.” IMAGE CREDIT AREA 2071 | WWW.AREA2071.AE IMAGE

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enable the collaborative work with us. And we always aspect envisioned for this say, if you abide by the prin- space. “So, if a startup [at ciples of this space, of you Area 2071] needs to work being open to change, of you with a government entity, being open to working with or if it needs to work with this ecosystem, then, sure, a private sector entity, they there’s a space for you. If can just walk towards them,” you just want to close doors, Al Jaziri notes. “What I real- and work by yourself, this is ly love about this -and I hear not the space for you. If you it from our partners; I don’t are open to working with hear it from my team- is everyone in this ecosystem, [hearing] that GEMS going then this is home.” to SAP, or Pfizer, or Ernst & At this point, I’m going to Young, and saying how can wager that for most of us, Area 2071 we work collaboratively.” In- the fact that Area 2071 is deed, Area 2071 encourages focused on a future that is, all of the entities it has on- to put it quite simply, so AREA 2071 WANTS your labor are going to come board to interact with each far ahead in time, can be a TO BRING TOGETHER to life then.” And while other, learn from each other, reason for not being able THE GOVERNMENT, communicating what Area and, indeed, work with each to comprehend it. Al Jaziri PRIVATE SECTOR, 2071 is may seem like a chal- other. The openness of the agrees with this notion, but YOUTH, ACADEMIA, lenge now, Al Jaziri is firm in space is rather forthcoming, he also notes that it is the ENTREPRENEURS, AND his belief that when we see and while one may assume it far-reaching aspect of Area STARTUPS TO WORK actual results and outcomes to be a detractor in terms of 2071 that makes it such a ON HOW THE WORLD come out of this space a few interest, the fact that Area landmark initiative. The SHOULD BE IN THE months down the line, its 207 is getting pretty crowd- north star, Al Jaziri explains, FUTURE. significance will be better ed should serve as an indica- is the UAE’s vision to be the ascertained then. After all, tion of its attractiveness as a leading nation of the world the efforts in the reimagina- concept. “After we launched by 2071- and Area 2071 is bring us, what’s the return tion of existing entities and Area 2071, we haven’t done simply bringing together the on investment,” AL Jaziri sectors have already begun, any business development,” people and the companies says. “I think everyone here and so have the creative Al Jaziri says. “All of these needed to realize this future. believes in that vision of His collaborations that Al Jaziri partners have been flooding “They’re not looking at how Highness that you need to and his team hoped for. “I in, coming to us, to talk to much is this going to cost come together to redesign think at the beginning, we us, and seeing how they can us, how much is it going to the future, and the fruits of were anxious about the space, how would people understand and perceive it, and the support we’re going to get,” Al Jaziri remembers. “But we got all that and beyond; things that have been happening have been enormously successful. And just saying we’re running out of space -I mean, we can actually pick and choose our partners, depending on what our needs are- means success for us. Now, we’re at a stage where we actually know the vision- I think, [earlier,] it was a bit more of walking through a foggy space of how this is going to come to life. Now, everything’s clear; our mandate is clear- our vision is clear for the future.”

July 2018 / ENTREPRENEUR.COM / 31 INNOVATOR

THE FUTURE OF CITIES TAPPING THE TRANSFORMATIVE POWER OF EXPONENTIAL TECHNOLOGIES by DR. PETER H. DIAMANDIS

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If you could build a city from autonomous vehicles and the ground up using first prin- autonomous logistics hubs.” ciples, how would you do it? Unlike Sidewalk’s project in What would it look like? Toronto, this city would liter- By 2050, two-thirds of the ally be built from the ground population, more than six bil- up– currently, the 24,800-acre lion people, are expected to live site is a patch of empty land in in urbanized areas. the desert. Exponential technologies will Grady Gammage, a spokesper- radically change the way we son for the Belmont Partners, build and organize our cities in argues that this fact gives the the future. company a unique advantage: In this article, I will cover “Envisioning future infrastruc- mass urbanization trends, ture from scratch is far easier building future cities, and ex- and more cost efficient than ponential technology implica- THE UN ESTIMATES In 2012, Sidewalk’s subsidiary retrofitting an existing urban tions. Intersection began converting fabric.” Considering the transforma- THAT CONTINUING old payphones into free, tech- Eventually, the city (currently tive power of exponential tech- URBANIZATION nologically advanced access called Belmont) will boast nologies, is it better to take AND POPULATION points, complete with video 80,000 homes, 3,800 acres a top-down approach when GROWTH WILL ADD call capability and screaming- of industrial, office, and retail designing cities, or a bottom- fast Wi-Fi. Over the next sev- space, and 470 acres for public up approach? 2.5 BILLION PEOPLE TO eral years, 7,500 “links” will schools. Let’s dive in. THE WORLD’S URBAN be installed throughout New POPULATION BY 2050. York City. 3. DUBAI’S “SMART DUBAI 2021” MASS URBANIZATION In October 2017, Sidewalk PLAN Cities currently house over announced its plans to build Over the next decade, Dubai 50% of the world’s popula- demand for water and energy a tech-centered neighbor- will look more and more like it tion, and generate 80% of the will increase by 55%. By 2035, hood southeast of downtown came from a sci-fi movie.The world’s GDP. the demand for energy will Toronto called Quayside. city has laid out 2021 goals The UN estimates that increase by 33%. Waterfront Toronto, Side- that include: continuing urbanization As people migrate to cities, walk’s partner in the project, > 3D-printing 25% of the city’s and population growth will existing infrastructure will said that the city will be “a buildings add 2.5 billion people to the need to be improved, or we will testbed for emerging technolo- > Making 25% of transpor- world’s urban population by face significant shortages. gies, materials and processes tation trips automated and 2050, with nearly 90% of the Technology has the potential that will address these chal- driverless increase concentrated in Asia to dramatically reduce the lenges and advance solutions > Installing hundreds of artifi- and Africa. downsides of urbanization. that can be replicated in cities cial trees that use solar power While the city population is With big data, ubiquitous worldwide.” to provide the city with free growing dramatically, the foot- sensors, computer intelligence, Wi-Fi, screens with mapping print of the city (the number and transportation technology 2. BILL GATES & BELMONT information, and ports for of square kilometers it covers) (autonomous cars, flying cars, PARTNERS charging phones will grow at a faster rate, Hyperloop, and so on), we can Bill Gates recently announced > Integrating passenger drones ultimately causing the city imagine central systems that his commitment of US$80 that can carry individuals into densities (people per square are far more efficient and offer million to build a “smart city” their public transportation kilometer) to decline. far greater performance than just outside of Phoenix, Ari- system The expected increase in ur- the ones around today. zona with the help of Belmont > Becoming one of the top 10 ban land during the first three Partners, a real estate investing sustainable cities by 2020 decades of the 21st century will BUILDING FUTURE CITIES group. > Becoming the happiest city be greater than the cumulative Four recent projects in this In a press release, the com- on Earth urban expansion in all of hu- area have caught my eye: pany described the city as a man history. “forward-thinking community With this top-down approach, This poses a unique challenge 1. SIDEWALK LABS with a communication and Dubai is setting a prime ex- for sustainability endeavors, as Sidewalk Labs is Alphabet’s infrastructure spine that em- ample for other governments low-density cities tend to pro- urban development organiza- braces cutting-edge technology, around the world to follow. As duce higher carbon emissions tion that seeks to imagine designed around high-speed other nations see Dubai’s tour- than higher-density cities of what cities would look like digital networks, data centers, ism and efficiency exponential- a similar population size. By if they were built “from the new manufacturing technolo- ly increase, I’m confident that 2050, the UN projects that internet up.” gies and distribution models, other cities will follow suit. >>>

July 2018 / ENTREPRENEUR.COM / 33 INNOVATOR

SAUDI ARABIA IS ALSO movement of human capital to REDESIGNING THE IDEAL encourage innovation? FUTURE CITY WITH > How would you deliver edu- NEOM, A $500 BILLION cation? (Wait for my next arti- INDEPENDENT ECONOMIC cle for my thoughts on this.) We must ask all these ques- ZONE CURRENTLY UNDER tions as we adapt to large and CONSTRUCTION IN fast-growing city populations. A 26,500 SQ. KM. AREA Some cities, like the ones I’ve IN TABUK. mentioned above, have a head start on this with their proxy see exciting developments that MTP announcements. Will blur the lines between science they attract better talent, or Saudi Arabia’s NEOM project fiction and reality. dominate future trade? If I was starting a city from How will these implications scratch, here are the questions change the geopolitics in an And, as cities begin to intel- > A transportation system built I would ask and think about. oil-based region like the Mid- ligently incorporate big data in anticipation of future mo- What about you? dle East? into their infrastructure, they bility platforms, with a layout > Would you begin with a Mas- To me, one thing is crystal will become more efficient, equally suitable for pedestri- sively Transformative Purpose clear: the future of cities is an sustainable and prosperous. ans, cyclists and commuters (MTP) for the city? exciting place for innovation > Would you incorporate a and disruption. 4. KINGDOM OF SAUDI ARABIA’S Saudi Arabia is already city-wide Token/Coin and do NEOM PROJECT demonstrating how legacy an ICO for city services? This is the first in a four-part Saudi Arabia is also redesign- regulations and linear systems > Would you make human- series by Peter H. Diamandis, ing the ideal future city with must adapt to our exponential driven cars illegal? M.D., co-founder and Executive NEOM, a $500 billion inde- future. > Would all-autonomous cars Chairman at Singularity University, on how exponential technologies pendent economic zone cur- In November 2017, Saudi allow the elimination of all will create abundance and rently under construction in a Arabia granted the first citi- parking lots, parking garages opportunities for entrepreneurs 26,500 sq. km. area in Tabuk. zenship to Sophia, a humanoid and street parking? and governments alike. This tech utopia, part of the robot by Hanson Robotics. In > Do you need traffic lights? Dr. Diamandis will be in Dubai on Saudi Vision 2030 plan, will be June 2018, many Saudi women > Would you make the city Oct 29-30, 2018. powered solely by sustainable drove for the first time, as a and all transportation 100% Contact [email protected] energy. Economic incentives decades-old ban was lifted by renewable electric, with maxi- with comments or feedback. in nine sectors aim to reduce royal decree. mum solar penetration? regional dependence on oil, How will futuristic, open > Would you put a Hyperloop while an open source approach source, utopian cities like station at the center of the city invites global data scientists NEOM and Dubai interface plan? and entrepreneurs to catalyze with linear, slow-moving gov- > How would you leverage AR urban innovation. ernments? How will the rise of & VR for creating citizen ava- Other goals in the NEOM such global innovation hotbeds tars that potentially disrupt road map: rebalance economic activity transportation even further? > Automate and democratize and investments? > Would you require vertical access to government services farming to generate 50% of > Free highest-speed Internet IMPLICATIONS AND BIG the food supply? and free online continuous QUESTIONS > Would you offer wireless education for residents The implications of exponen- gigabit services for free within > Net-zero carbon footprint on tial technology on cities are the city footprint? all buildings vast. In our lifetimes, we will > How would you enable Dr. Peter H. Diamandis

Dr. Peter H. Diamandis is an international pioneer based diagnostic and therapeutic company focused prospecting of asteroid for precious materials. He in the fields of innovation, incentive competitions, on extending the healthy human lifespan. is also the co-founder of Space Adventures and and commercial space. In 2014, he was named one He is also the co-founder and Executive Chairman Zero-Gravity Corporation. Diamandis is The New of “The World’s 50 Greatest Leaders” by Fortune of Singularity University, a graduate-level Silicon York Times bestselling author of Abundance – The Magazine. In the field of innovation, Diamandis is Valley institution that studies exponentially growing Future Is Better Than You Think and BOLD – How to founder and Executive Chairman of the XPRIZE technologies, their ability to transform industries go Big, Create Wealth & Impact the World. Foundation, best known for its $10 million Ansari and solve humanity’s grand challenges. In the field He earned an undergraduate degree in Molecular XPRIZE for private spaceflight. Diamandis is also of commercial space, Diamandis is co-founder/ Genetics and a graduate degree in Aerospace the co-founder and Vice-Chairman of Human Co-Chairman of Planetary Resources, a company Engineering from MIT, and received his M.D. from Longevity Inc. (HLI), a genomics and cell therapy- designing spacecraft to enable the detection and Harvard Medical School. www.diamandis.com

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‘TREPONOMICS ETHICS | SKILLSET | MARKETING | PRO

BRING IN THE NEW BLOOD [THE HOW-TO] THE LOWDOWN ON HIRING FRESH GRADUATES aspect. In addition, the Bayt.com Middle East Skills Report forecasts that “technology AT YOUR ENTERPRISE THIS SUMMER by SUHAIL AL-MASRI and computer skills” will remain the most important skill in 10 years.

s you approach your hiring pipeline and you 2. QUICK LEARNERS Hiring fresh graduates grants you the op- sum up your needs for new talent to be added portunity to shape the individual into your to your workplace, consider the abundant current needs and to become part of your resource that is available more and more every organizational culture. Since most fresh A summer: fresh graduates. Although this group graduates have limited work experience, they of job seekers is well-educated, is highly eager to estab- are often eagerly seeking to learn and adapt to new work environments. Fresh gradu- lish their career, and is aggressively competing in the ates are often perceived as a “blank canvas,” market, some companies remain reluctant towards them. which means they are always open to new Here are a few reasons why hiring more fresh graduates ideas and opportunities. This should make may be a highly beneficial business decision. the onboarding, training, and teamwork processes much smoother.

1. COMFORT WITH NEW TECHNOLOGIES 3. LOWER SALARIES If the company is a No doubts, a big advantage of hiring a startup or has a limited With little to no experience, fresh graduates fresh graduate is their ability to adapt budget for salaries, then aren’t expecting high salaries. They are step- to the new and innovative technologies it’s a good opportunity ping into the job market to learn more about to hire fresh talent and that are constantly developed, specifi- train them to grow with how to perform the job and get hands on cally work-related software and applica- the company. Even experience of the job. In fact, the Bayt.com tions that could facilitate processes and larger companies with Fresh Graduates in the Middle East and clear structures and tasks at work. A big portion of the current job descriptions can North Africa Survey showed that “lower workforce has begun their careers prior easily benefit from fresh expectations on salary” is one of the main to the big advancements in technologies graduates. reasons behind why some industries hire that have unfortunately replaced job roles more fresh graduates than others, according and individuals. The new and upcoming HIRING FRESH to 42% of respondents. generations tend to be more familiar and GRADUATES dependent on technologies and are more GRANTS YOU THE likely to adapt and introduce advance- First salary received/expected ments that can boost overall organiza- OPPORTUNITY TO SHAPE THE Less than US$250 tional performance. 12 17 Without doubt, technology is a corner- INDIVIDUAL INTO US$251 to 500 US$501 to 750 stone of business success nowadays. The YOUR CURRENT 3 Bayt.com Ideal Workplace in the Middle 18 US$751 to 1,000 NEEDS AND 6 East and North Africa Survey showed less US$1,001 to 1,500 TO BECOME US$1,501 to 2,000 than four in 10 employers promote the use 9 US$2,001 to US$3,000 of advanced technology in their workplace, PART OF YOUR 12 More than US$3,000 despite that fact that 83% of job seekers ORGANIZATIONAL 12 10 Don’t know/can’t say feel that a workplace should promote this CULTURE. GRAPHS © BAYT.COM © GRAPHS

Q. Please indicate the monthly salary you received/ would expect to receive for your ﬁrst job? All ﬁgures are %’s 36 / ENTREPRENEUR.COM / July 2018 ETHICS | SKILLSET | MARKETING | PRO ‘TREPONOMICS

GETTING THE NEWBIES IN There are cases in which companies aren’t sure when to hire fresh graduates. First, if the organization has employees with specific skills who need an assistant or someone in a junior position, then fresh graduates are the perfect fit. They will learn from the experienced employees on how to perform the job and work closely with them. Also, if the company is a startup or has a limited budget for salaries, then it’s a good opportunity to hire fresh talent and train them to grow with the company. Even larger companies with clear structures and job descriptions can easily benefit from fresh graduates. Employ- ers tend to look for job roles with small YOUNGER PROFESSIONALS different experience that developed their business risk or roles that handle new or skills. Diversity is also seen as a critical temporary projects and assign them to WHO HAVEN’T EXPERIENCED element in the ideal workplace and a posi- fresh graduates. OFFICE POLITICS WILL HELP tive influence on company culture, team Alternatively, offering an internship dynamics, and overall employee satisfac- opportunity benefits you and the fresh CREATE A NEW EQUILIBRIUM tion. graduate. Internships mitigate the risk of AMONG YOUR TEAMS. hiring an individual who the organization 6. LACK OF OFFICE POLITICS isn’t fully sure of. Within the internship This indeed doesn’t mean unfair compen- Office politics can create delays, tension, period, the hiring manager can observe sation for fresh graduates, as there are and decreased productivity at any com- performance, learning potential, work- many tools out there, such as Bayt.com pany. Younger professionals who haven’t place ethics, and other qualifications Salaries, which help job seekers evaluate experienced office politics and haven’t that the interns possess. Internships can the competitiveness of their job offers and been in the job market to know what it help the hiring manager predict future compensation packages. It simply means entails, will help create a new equilibrium performance instead of giving an unfair that hiring a fresh graduate doesn’t break among your teams. In most cases, they judgment from the fresh graduate’s CV. budgets and can still yield very impressive will come in with a neutral and open- In a Bayt.com poll, titled Internships in outcomes in terms of productivity and minded attitude and will want to impress the Middle East and North Africa, more growth potential. the employer by focusing on performing than seven out of ten employers (73.6%) their best and avoiding unnecessary fuss. stated that internships allow them to >>> 4. NEW PERSPECTIVES Having the young generation in your workplace means that there is room for Reasons to hire fresh graduates having new innovative and fresh perspectives. Unfortunately, only 30% of Lower expectations on salary (42%) and being more willing to follow instructions (34%) are the main reasons respondents to the Bayt.com Ideal Work- why respondents believe that some industries hire more fresh graduates than others. place in the Middle East and North Africa Survey believe that their workplace encourages innovation and creativity. Fresh Fresh graduates have lower expectation on salary 42% graduates can be one of the resources that bring in creativity, which is needed Fresh graduates are compliant and willing 34% for every organization. They can bring in to follow instructions many new ideas that could take increase productivity at the workplace. Fresh graduates are able to handle more challenge 28%

5. DIVERSITY Fresh graduates are more creative 22% Diversity at the workplace plays a vital role in an organizational success. Hiring fresh graduates and young profession- Fresh graduates have better teamwork skills 18% als is one way to increase the diversity of your teams. University graduates come Other 6% from different backgrounds and have had All ﬁgures are %’s

July 2018 / ENTREPRENEUR.COM / 37 ‘TREPONOMICS ETHICS | SKILLSET | MARKETING | PRO

2. THE WRONG IMPRESSION First impression plays an indirect yet critical role in the hiring process. It can attract the most attention to one candidate or push away the interviewer from another candidate. These distractions lead to hiring the wrong talent and fail to give the hiring manager the opportunity to further explore real qualities and traits. Fresh graduates are new to the job search and interviewing process, and often find it difficult to give in their best during an interview. Therefore, employers are encouraged to be comforting and thorough identify talent for future positions. At the in their selection process to minimize Within the internship same time, internship opportunities help period, the hiring stress, and to avoid relying on first fresh graduates to get hands-on experience manager can observe impressions. and further develop skills and qualifica- performance, learning potential, workplace tions needed for the job market and the ethics, and other 3. NOT DISCOVERING POTENTIAL industry. qualifications that the Some fresh graduates have had some ex- Another way that companies usually interns possess. periences in internships or leadership pro- follow to have a successful experience grams, while others might not. However, with fresh graduates is by having train- INTERNSHIPS their quality cannot be measured by past ing schemes that create a smooth transi- MITIGATE experiences and most recent job perfor- tion for students between university and THE RISK OF mance. Thus, they need more opportuni- work. Some companies usually invest in ties to widen their skills set and get on site hiring and retaining candidates who have HIRING AN training. Hiring managers should evaluate a strong academic background and little to INDIVIDUAL their willingness to learn and adapt to new zero years of experience. These programs WHO THE environments. usually last a year or two and they offer As fresh graduates enter the job market students the chance to rotate around dif- ORGANIZATION and workforce with little experience, they ferent business sectors before settling for ISN’T FULLY are just short of training from management their final career path within the company. SURE OF. and seasoned employees to unleash their Sometimes, hiring managers focus solely creativity and potential. Learning from on the CV and interview, and in some cas- previous experienced employees with the es, overlook the right candidate. Therefore, creativity and innovation that the younger it is recommended for hiring managers to generation holds can be a huge asset to further explore the potential of the fresh all organizations to reach their objectives. graduates’ applicants pool. To hire the top They are also a huge segment in the Middle talent, employers are advised to be aware East and North Africa region, which af- of the following common mistakes: fords companies more choice when hiring. On Bayt.com, over 32 million job seekers 1. NOT TREATING THEM AS YOUNG are registered on the platform, many of PROFESSIONALS whom are fresh graduates and young tal- Some employers fail to treat fresh ent. Employers regularly navigate through graduates as young professionals and often the database but also make use of precise perceive them as amateurs or students. filtering tools to ensure they don’t compro- In fact, many fresh graduates are serious mise on relevancy and qualification, even about their career and are approaching with young talent. every opportunity they come across with excitement and determination to develop Hiring the younger generation is a reality their skills and impress the company. that organizations have to make use of at Therefore, employers are recommended to one point or another. They are the upcom- treat fresh graduates exactly as they treat ing professionals that could lead organiza- experienced employees. tions into innovative and creative spaces.

Suhail Al-Masri is the VP of Employer Solutions at Bayt.com, the #1 job site in the Middle East with more than 40,000 employers and over 30,600,000 registered job seekers from across the Middle East, North Africa and the globe, representing all industries, nationalities and career levels. Masri has more than 20 years of experience in sales leadership, consultative sales, account management, 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.

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GET IN THE GAME LOGITECH G512 KEYBOARD Logitech G512 Logitech expands its high- mechanical gaming keyboard performance gaming gear with the addition of the G512 mechanical gaming keyboard. The keyboard offers three different key switch choices -Tactile, Linear, and the new GX Blue- to fit your personal player preferences. The Tactile key switch provides discernible actuation for gamers who prefer direct feedback, while the Linear version delivers a is powered with four lighting design, the keyboard is sturdy through port to its own input smooth keystroke. The new zones using the free Logitech on-the-go. It has an anodized for 100% power throughout. GX Blue key switch provides Gaming Software (LGS), which and brushed aircraft-grade The mechanical gaming audible “click” feedback during can be customized across 5052 aluminum top case, keyboard is available in Carbon actuation that you can feel approximately 16.8 million with an integrated USB cable Black, and it’s the gear you and hear. The Logitech G512 colors. With its slim, durable connecting the USB 2.0 pass- want to get your game on.

STYLE ON CUE LG Q STYLUS

LG Q Stylus is a mid range instantly get more informa- smartphone packing premium tion on where to purchase that features. It’s a handwriting item, or learn about similar input smartphone equipped products. QLens is intelligent with a no-nonsense stylus to enough to recognize images of add more convenience and food, fashion, celebrities, and functionality beyond the typical even landmarks, making online keyboard experience. The intel- shopping a breeze. And don’t ligent palm rejection system worry, QLens takes great pho- ensures that accuracy is never tos too. It’s sporting an 8MP an issue, even when resting front camera and 16MP rear your hand on the display. Even lens. The Phase Detection Auto with the display off, the LG Q Focus (PDAF) feature makes Stylus will recognize and record the camera 23% faster than handwritten notes, which is conventional auto focus, while ideal when sudden flashes of Portrait Mode delivers great- inspiration hit. Beyond notes looking bokeh selfies. Addition- and memos, the stylus can al features include USB Type-C also be utilized to personalize fast charging, IP68 water and captured images and videos dust protection, and MIL-STD LG Q Stylus to create animated GIFs. LG 810G compliance. The Smart Q Stylus also has advanced Rear Key fingerprint sensor not You can get all of this in a sleek curved tempered glass, and camera technology like QLens, only provides easy-to-reach metallic body, with a 6.2-inch optimized body width all work which allows you to capture security, it also doubles as the FHD+ FullVision display. The together to make the phone fit an image of a product, and selfie camera shutter button. 18:9 screen ratio, thin bezel, comfortably in just one hand.

#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 @TamaraClarke.

July 2018 / ENTREPRENEUR.COM / 41 CULTURE BUSINESS UNUSUAL | LIFE | TRAVEL | DESIGN | TRAPPINGS

‘TREP TRIMMINGS THE EXECUTIVE

Sama SELECTION eyewear From better goods to better wardrobe bests, every issue we choose a few items that make the approved executive selection list. This edition includes an eyewear collection to consider for your summer ensemble, a luxury brand with a riveting story to tell, Sama and more. eyewear

Bremont ALT1-C SHADES ON SAMA Fresh out of Los Angeles, luxury eyewear brand Sama is now in the Middle East. Designed in California using custom Japanese acetate STEPPING UP and other materials, these BREMONT showstoppers can help you Bremont is giving a new take on the beat the heat and accentuate ALT1-C, a core model in the brand’s your look at the same time. lineup. As the first watch designed www.samaeyewearshop.com by founding brothers, Nick and Giles English, it set off a series that now incorporates polished cases and different dial colors. And now, a modern approach to the timepiece has been launched, inspired by the British Royal Air Force (RAF). Running on the BE-50AE chronometer, it offers a power reserve of 42 hours, encased within a 43 mm satin-brushed Trip-Tick case. Flip the watch over to appreciate the brand’s craftsmanship in showcasing movement. The collection offers two different dial variations- a blue dial (which is a nod to the British RAF), and a silver dial with black sub-dials. For those with an eye for detail, you’ll notice that the Arabic numerals traditionally used on the dial have been replaced by baton- style indexes for a stylish, subtle touch. For a chronometer that can go from the boardroom to a night out, you won’t go unnoticed with this. www.bremont.com IMAGES COURTESY BREMONT, SAMA, NOUS, ROSSANO FERRETTI ROSSANO NOUS, SAMA, BREMONT, COURTESY IMAGES

42 / ENTREPRENEUR.COM / July 2018 BUSINESS UNUSUAL | LIFE | TRAVEL | DESIGN | TRAPPINGS CULTURE

EDITOR’S PICK A GOOD HAIR DAY AT ROSSANO FERRETTI DUBAI I can count on the fingers of one hand that changes, with my hair paying the to date, The Method, which he developed the number of times I have written about highest price. Yes, like many other women, together with his sister, Lorenza, more beauty entrepreneurs, and even then, I treat it with ample heat styling, which than two decades ago. The Method brings we mainly talked about business plans, leads to it being weaker and with dry, out the natural beauty of each client’s hair funding rounds, or marketing strategies. brittle strands that flake and break off. by taking into consideration its texture These monthly beauty reviews, however, Having recently grown my hair out, I was and fall to produce a bespoke haircut have taken me out of my comfort zone, happy to keep the length, but I wanted to for each and every client. It delivers the both on paper and in real life. The reason bring it back to a healthy form. Therefore, so-called “Invisible Cut,” meaning that the is that, on ordinary days, my skincare I booked a haircut appointment at the hairstylist takes off between 12% to 18% routine is pretty basic, and my makeup is Rossano Ferretti Hair Spa in Dubai’s less of your hair than a traditional haircut, hardly visible. But, on those other days Jumeirah neighborhood. The renowned and cuts it in a way that allows it to fall when we attend various high-profile Italian hairstylist is responsible for one of with natural movement. gatherings and glamorous events, all of the most distinctive haircutting techniques Located on Jumeirah Beach Road, Ferretti’s first salon in the UAE (there Rossano Ferretti is one in Abu Dhabi as well) was clean, Hair Spa, Dubai modern, and flooded with natural light, and I was welcomed by one of the brand’s Method Directors, Christina Preinstorfer. She gave me an in-depth consultation not only about the style I wanted for my hair, but also about my typical maintenance. Then, she performed the well-known “Invisible Cut,” and soon enough my hair looked healthy, shiny, and strong again. And if you think that Billionaire SS18 your summer plans will prevent you from making an appointment at Rossano Ferretti salons in Dubai or Abu Dhabi, know that the brand has over 20 hair spas located around the world. By Tamara Pupic

www.rfhairspa.com

Nous STYLE AND SUBSTANCE jewelry NOUS Launched in May 2018 by Christina from local cultures, ranging from ceramic Noussis, Nous is a luxury brand that fragments found at the bottom of the curates distinctive jewelry and accessories sea bed in Vietnam, to silk-making from around the world. It aims to empower process and handmade ceramic pieces local artisans by providing them with produced from a pottery technique called an outlet to exhibit their pieces, thereby Raku. Going forward, Noussis sees the allowing them to share their stories company expanding to a lifestyle concept of culture and traditions, while also store, offering not just jewelry, but also supporting their respective communities. homeware, statement accessories, and The online platform currently features lifestyle products. “We want to share three collections –The Bian Collection, The more of what this world has to offer, and Stained Collection, and The Silversmith celebrate the talents behind them.” Collection, all of which take in influences www.bynous.com

July 2018 / ENTREPRENEUR.COM / 43 CULTURE BUSINESS UNUSUAL | LIFE | TRAVEL | DESIGN | TRAPPINGS

Styling suggestions from Mr. Draper and experiment with colors first in our combinations, like pink or purple, then we’ve balanced out a selec- knowing which base color tion of clothing you can piece goes with a host of other together that will perfectly colors will definitely give you complement your core ward- the confidence to go out there robe items. and try something new. A pink shirt with a navy blue 1. CREAM CHINOS suit looks the business, for Chinos are the Roger Federer example. Or, for a more casual of menswear; they never look, you could try a purple seem to age, and they just polo with beige shorts. keep on serving up winning Start to think of your ward- combinations. They really are robe as the equivalent of your an essential base color layer, very own swatch chart. You from which you can build the Visible spectrum wouldn’t redecorate your most stylish of outfit ideas. house without checking that With such a neutral trouser, THE GENTLEMAN’S (EASY) GUIDE TO COLOR MATCHING all the swatches matchup, you can afford to experiment by MR. DRAPER would you? Well, it’s exactly with your choice of shirt. the same with clothes. You We’re talking pink cotton could even start to see shirts, burgundy or black he addition of color and commitment that’s gen- yourself as a human canvas polos– think outside the box! can make or break an erally their undoing. But not on which to paint your own For a real suave statement outfit. In the wrong anymore. With these color individual style and combi- piece, you’ll want to slip on hands, it can be gar- matching essentials under nations. But, when it comes your blue blazer (more on Tish, distracting, and your belt, you’ll soon be ready to clothing, we’re aiming for that later!), over a fresh white downright disastrous. And to mix and match brave new color coded realism, rather shirt and a grey, fine-knit yet, when it’s done properly, color blends that you might than abstract chaos! sweater for a simple –but ef- the use of color can not only never have considered before. fective– chino killer combo. theme an outfit, but also add Color combinations– a dash of daring bravado. So, It’s all about that base putting it all together! 2. DARK DENIM JEANS when it comes to selecting the The base color of any outfit is The fundamental principle Dark jeans give you options. right colors to go with which what you’ll build the rest of to follow when selecting your They’re smart enough to outfit, how exactly do you your look around. As a gen- clothes and accompanying partner with a button-down decide? Using color match- eral rule, black or white are accessories is to choose colors white shirt with a subtle ing theory as our guide, we’ve the safest baseline colors to that harmonize with one an- print, an unstructured grey pieced together the ultimate go for. Some may argue that other. Plus, you’ll need to take marl jacket, and a patterned painting-by-numbers guide to neither are strictly colors, into account your own indi- pocket square. This whole help you nail your color com- but from a wardrobe perspec- vidual coloring. Skin tones ensemble perfectly balances bos each and every time. tive they’re crucial because and hair color can all look sophistication with a relaxed Us men aren’t renowned they form the basis of most very different when matched vibe. And they’re casual for our grasp of colors. While classic combinations. The with different clothes. It’s a enough to switch the shirt for women seem to be born with same could be said for beige. well-known fact that red hair a dark navy or black T-shirt a natural sense of what colors As a base color, it has more doesn’t go well with pink. It’s for a more athletic alterna- work and which ones will scope and possibilities than also hard to carry off yellow tive. Either way, your dark clash, most guys seemed to you may think. Beige goes with certain complexions. denims give you the freedom skip that particular lesson. In extremely well with black, But these colors are exciting, and flexibility to throw on fact, science is against us in green, red, and brown– and and, if you can unlock the your favorite white sneakers this regard. Color blindness that’s just for starters. key to each combination, we and trusty black leather belt affects around one in 12 men Play it too safe with your guarantee you’ll start to have to complete the look. This (8%) worldwide, compared baseline combinations a whole lot of fun with your really is the gold standard of to 1 in 200 women. That’s a though, and you’ll run the wardrobe again. hassle-free styling. lot of blokes hamstrung by risk of looking bland and But enough of the theory, genes even before they even unadventurous. But trust the let’s put the plan into action 3. LIGHT DENIM JEANS get started. theory, and the world can be and try out some actual Here’s the rub with light den- For the remainder, it’s a lack your oyster. So, if you’ve ever clothing and color matches. im jeans; they really do give of understanding, confidence, wanted to push the boat out Placing the base or main color you the best of both worlds.

Mr. Draper: some say he wasn’t born, but tailored. A treasure trove of information, and author of the gentleman’s rulebook. Effortless style, and permanently

fashionable. Elusive, but always appears when you need him. Let us know if you spot him! www.mrdraper.com | www.instagram.com/mrdraperae DRAPER MR. COURTESY IMAGES

44 / ENTREPRENEUR.COM / July 2018 Styling suggestions from Mr. Draper Dress to impress with your shirt. Otherwise, a bright blue jeans as the base, combined pair of shorts can be teamed with a darker denim shirt up with a smart white shirt for top (yes, we did just suggest a dazzling contrast. Or offset double denim!), overlaid with them with a navy and white a grey V-neck sweater and striped polo for a nautical finished with black leather twist. Finally, would sir care Chelsea boots for the ultimate for the salmon? Shorts, that smart casual look. On the is! This option goes great with flipside, if you’re aiming for a navy polo or striped, light an even more relaxed style, blue shirt to achieve the ulti- you can go for the classic mate preppy style. Any one of light jeans and white sneakers these outfits will be finished combo, with a white T-shirt perfectly with a pair of light on top and a grey hoodie tan espadrilles. outer layer. Simple! 6. WHITE SHIRT 4. NAVY BLAZER We challenge any man to We have to mention the show us a wardrobe that navy blazer, a particular Mr. doesn’t include a white shirt. Draper favorite, as one of the Aside from the obvious black most versatile base items accompaniment –whether in our color coordinated this be suit, dress pants, or wardrobe selection. This style even black jeans– you can icon does all the hard work, also build an outfit around making your clothing choices a classic white shirt with a an absolute breeze. Heading variety of other darker and out to a flash restaurant? lighter tones. Like your chi- No problem, your essential nos, this blank canvas gives navy blazer will look amazing you the chance to play around with a complementary pair with what suits your style of lighter blue chinos, classic best. Partner with chinos, white button-down shirt, dark jeans, or a navy blazer a pair of dark suede loafers for those smarter occasions. and finished with a colorful Or, when you’re heading to pocket square. Or how about the beach or an al fresco that date you’ve been plan- lunch, team your white shirt ning? Simple. Dig out those with colorful shorts, or more dark denim jeans again, but colorful chinos (sky blue, this time pair them with a salmon or green) and loafers. vibrant monochrome shirt (red, yellow, green, or blue Whatever your regular cloth- are perfect), a smart pair of ing selections might be, by brown leather Oxford shoes– adding some must-have base all tied together by your items to your wardrobe, and multi-purpose navy blazer. applying some color matching logic, you can quickly and 5. COLORFUL SHORTS easily begin building up your There is a time and a place layers of colors. So, give it a for colorful shorts. If the go, and take a fresh look at sun’s shining and the beach your wardrobe with a com- is beckoning, that’s generally pletely new and more colorful their cue. As a guy, this is one perspective. Armed with of those rare opportunities to these handy hints and tips, make a bold statement with isn’t it time you brought some your color choices. Bright yel- color back into your life? Join low shorts go brilliantly with Mr. Draper today, and let our a short sleeved, navy linen dedicated stylists redefine shirt, or a subtle grey polo your style.

July 2018 / ENTREPRENEUR.COM / 45 CULTURE BUSINESS UNUSUAL | LIFE | TRAVEL | DESIGN | TRAPPINGS

who’s often (but not always) in a position of authority. According to a 2017 survey by the Workplace Bully- ing Institute, 19% of adult Americans have experienced abuse at work, and another 19% have witnessed it. Bul- lying is a silent epidemic, causing stress-related health problems, including debilitating feelings of anxiety, panic attacks and clinical depression. In some instances, bullying can even lead to suicide.

THE BULLYING PERSONALITY The personality makeup of the bully is difficult to pin down. There may be a relationship between bullying and narcissistic personality disorder, the latter characterized by an exploitative way of dealing with the world and the perception that one is entitled to special treatment. Given bullies’ fre- quent lack of empathy and remorse, some even ascribe psychopathic characteristics to them. Furthermore, it is Bullies at work fair to say that most bullies Stamping out abuse in the workplace can be an uphill battle fall among the autocratic personality types which for everyone involved by MANFRED KETS DE VRIES include a strong need to control and dominate others.

ed, a senior VP at rate and high turnover. extended to cyberspace. MOTIVATIONS a large media com- When we think of bullies, To determine if you work Why do bullies behave the pany, was famous for we tend to remember the for a bully, ask yourself the way they do? One explana- publicly deriding and ones we knew as kids. Un- following questions: Do I tion is that they’re looking humiliating others. fortunately, bullying doesn’t regularly feel intimidated, for attention. Being noticed TWorking for him was like end in high school. Some criticized, and insulted? makes them feel important. walking on eggshells, as he of these bullies-in-training Have there been occasions In addition, they may be could fly into a rage over turn into full fledged ones in when I have been humiliated motivated by feelings of envy the most trivial matters. He adulthood. Although there in front of my colleagues? and resentment. Bullies are would also impose deadlines can be a fine line between Have I been called names? typically insecure and don’t designed to set his staff up a tough boss and an abu- Are my efforts constantly un- need very much to see other for failure. To top off his bul- sive one, bullying generally dervalued? Do I dread going people as threats. They may lying behavior, he expected refers to being subjected to work? Is working for my also be projecting their own his staff to work 24/7, lead- to repeated emotional or boss making me feel sick? If feelings of vulnerability onto ing many to complain about even physical abuse. Bullies your answers to these ques- their victims. In order to stress-related problems. deliberately manipulate, tions are affirmative, there avoid feeling ashamed and Ted’s management style belittle, intimidate, control, is a good possibility that you humiliated for their own sapped the morale of his or undermine their victims. are working for a bully. shortcomings, they go to division, which was afflicted And in our digital age, the Many organizations have great lengths to shame and by a disturbing absenteeism bully’s playing field has now a “resident bully,” someone humiliate others.

46 / ENTREPRENEUR.COM / July 2018 DEVELOPMENTAL Top executives who realize Equally challenging is put- If bullies continue their OBSERVATIONS the danger of bullying and ting some kind of “treatment unpleasant behavior, another Many bullies had a dis- want to do something about plan” in place. For example, strategy would be to set turbed childhood. They it are in for a challenge. It coaches may consider a boundaries. You should make often grew up in homes with may be difficult for bullies to behavioral carrot-and-stick it clear to them that their little warmth and positive unlearn what has become in- approach: The bully should behavior will be documented adult attention, raised by grained behavior over time. be made aware of the con- and that they may face some emotionally and physically And if bullying has already sequences that will follow form of disciplinary action. abusive caretakers. Such an become part of the organiza- if their dysfunctional way Furthermore, you should ask environment would have tional culture, the challenge of relating to others doesn’t your co-workers to support quickly taught them that is even more formidable. change. Another approach you, to serve as witnesses vulnerability leads to abuse If coaching is sought as could be to agree on one neg- and also to document what’s and that the best defense a way to deal with bullies, ative behavior pattern that happening. However, bul- is to lash out. By becoming coaches should note that needs to be replaced with lying is often sustained by bullies themselves, they gain bullies have limited self- more positive behavior. Once the silence of bystanders more control over their lives insight and empathy, which this change has occurred, unwilling to help. You should and compensate for the lack makes changing their behav- other seemingly harder to inform such people that this of attention (or the abuse) ior all the more problematic. modify behavior patterns stance could be viewed as they experienced at home. Coaches would do well to could be next in line. In this another form of bullying. start with a surface-level educational journey, bullies When building a case for MANAGING THE BULLY discussion of simple actions should realize the negative HR, it is crucial to demon- Despite the prevalence of that warrant change before impact of their actions and strate how bullying affects workplace bullying, surveys exploring the underlying dy- take responsibility. the productivity of the peo- show that the majority of namics for the dysfunctional ple working in the organiza- employers do far too little, behavior. THE OTHER SIDE OF THE COIN: tion. You need to make a very or even resist taking action BEING BULLIED clear and convincing busi- when bullying behavior is What should you do if you ness case to senior manage- THERE MAY BE identified. Why is that? are the target of a bully? The ment that the bully (in spite The easiest answer is that A RELATIONSHIP wisest strategy is to com- of his or her contributions to culprits could be in top BETWEEN BULLYING AND pletely avoid such people. the bottom line) will be just management. But even when NARCISSISTIC PERSONALITY But if that’s not an option, too expensive to keep in the that’s not the case, a fair DISORDER, THE LATTER the challenge becomes not long-term. amount of denial, ration- CHARACTERIZED BY AN to play their game. Don’t Finally, if you’re being bul- alization, and even tacit EXPLOITATIVE WAY OF allow yourself to be baited lied, you would be wise to acceptance of bullying can DEALING WITH THE WORLD or get emotionally hooked. If build a personal support net- be observed. AND THE PERCEPTION bullies are denied a reaction, work to bolster your feelings Those in power may turn a THAT ONE IS ENTITLED TO there is a chance that they of confidence and resilience, blind eye because many bul- SPECIAL TREATMENT. may stop. as bullies are experts at cre- lies are perceived as “rain- ating self-doubt. Of course, makers” contributing to there are always going to be profitability. In such cases, instances where top manage- bullies are tolerated so long ment is complicit in encour- as they ensure short-term aging bully-like behavior. In company success. But this that case, the final strategy neglects the potential costs may be to quit this toxic in terms of an organization’s environment. Staying would culture, not to mention that only make you sick. health deterioration, stress Whatever bullies try to do reactions and depression to you, keep in mind Eleanor among employees can all Roosevelt’s wise statement: impact the organization’s “No one can make you feel long-term bottom line and inferior without your con- survival. sent.”

Manfred Kets de Vries is the Distinguished Clinical Professor of Leadership Development & Organisational Change at INSEAD and the Raoul de Vitry d’Avaucourt Chaired Professor of Leadership Development, Emeritus. He is the Founder of INSEAD’s Global Leadership Centre and the Programme Director of The Challenge of Leadership, one of INSEAD’s top Executive education programs. Professor Kets de Vries is also the Scientific Director of the Executive Master in Coaching and Consulting for Change (EMCCC). His most recent books are You Will Meet a Tall, Dark Stranger: Executive Coaching Challenges; Telling Fairy Tales in the Boardroom: How to Make Sure Your Organisation Lives Happily Ever After; and Riding the Leadership Rollercoaster: An Observer’s Guide.

July 2018 / ENTREPRENEUR.COM / 47 CULTURE BUSINESS UNUSUAL | LIFE | TRAVEL | DESIGN | TRAPPINGS

There are many ways and opportunities to facilitate this change, not just for female leaders, but also women in general to step up and move forward within their working lives. Here are three of my favorite and especially com- pelling thoughts on inclusion in the workplace:

1/ Choose your seat wisely From an inclusion perspective, I think that choosing your seat wisely is a fundamental consideration for involvement in strategic meetings. You should ensure that you are faced in front of, or very close to the key decision maker(s). This is vital to ensuring that when at the table, you are in a position where your points of view can be heard and appreciated. This non-verbal message of where you choose to sit also indicates that you have relevant and worthy ideas and insights to contribute. It is not uncommon to see women contributing to discussion with a “buffer” on her contribution- typically some apologetic phrase, such as: “I don’t know if this is relevant here,” or “I could be mistaken, but…” Instead, sit in a “power seat” and deliver your points of view with Facilitating change confidence. Organizations such as the Leading the transition from female empowerment to gender inclusion 30% Club are making excel- by LAUDY LAHDO lent strides in paving the way for more female leaders to be present on the boards of s a woman in a leading position, I am very pleased to see that leading multinational organi- the conversation on women in the workplace has evolved from zations. Female leaders on the board will soon become female empowerment to gender inclusion. Progressive and leading the new norm, and it is my businesses realize the strategic benefit of creating an equal-level hope that with this sustain- playing field for both men and women. We are, as a society, moving able framework being imple- from female inclusion being a tactical consideration to a strategic mented at the board level of Adirective by senior leadership. I am especially proud as an Arab- market-moving corporates, Australian woman of the great advancements in inclusion underway across the inclusion across all levels of organizations will become a Middle East, with leading women from the region owning the charge. Female systemic standard practice, empowerment has enabled women to break into the workplace; now that we are because there is clearly a here, the goal is to advance our positions within the corporate world. case for business.

48 / ENTREPRENEUR.COM / July 2018 2/ Be the change you want to an agent of change to and see in the workplace for ourselves. This not only Effecting positive change means supporting others, in the workplace begins but for women to take steps with yourself. If we all sat to their own self-empow- around and waited for policy erment, by recognizing and changes to occur before we overcoming our own mental took notice and adopted barriers and self-imposed the change, we would be restrictions, which may be getting nowhere extremely inadvertently preventing us quickly. Change starts with from reaching that level of an individual who notices inclusion in our places of a gap and endeavors to fill work. It is an adage, but very it. Removing unconscious relevant: change starts from biases is integral to design- within. ing behavioral change. Small changes in the workplace can 3/ Find your opportunities, lead to the removal of these and take advantage of exist- leadership skills, boosting biases, and create oppor- ing resources confidence, and improv- CHOOSING YOUR SEAT tunities for both men and I am a proud board member ing communication skills. I WISELY IS A women to succeed and play of Reach, a mentoring pro- encourage women to look for FUNDAMENTAL to each other’s strengths. gram that aims to help wom- opportunities to grow and CONSIDERATION FOR This scenario is the ideal en advance in their careers. advance through programs INVOLVEMENT IN working model in an office Mentoring is a great platform like Reach. STRATEGIC MEETINGS. environment. For example, for career advancement, not I would like to end with YOU SHOULD ENSURE the law in the UAE stipulates just for the mentee, but for an inspiring story that is an 45 calendar days for women the mentor as well. By ensur- entrepreneur’s dream. Serv- THAT YOU ARE FACED working in the private sector ing a proportionate focus on corp, where I lead as a Gen- IN FRONT OF, OR VERY for maternity leave. As the accessibility to senior pro- eral Manager, today is a large CLOSE TO THE KEY General Manager of Serv- fessionals and cross-sector multinational corporation DECISION MAKER(S). corp, I use my authority to mentors and role models for and the global provider of ask the pertinent question to both men and women alike, flexible workspace solutions. ing template in the region my female mother-to-be em- there is much inspiration, What is lesser known is that that allows for a collabora- ployees: “How much time do ideas, and insights that can our company was founded tive working environment you need?” Allowing women emerge. Mentorship provides many years ago as the vision with leading infrastructure to take the time they require many positive attributes of one man, our founder and and resources to help drive allows them to fully “return” for both the mentor and the CEO, Alfred Moufarrige. His businesses forward. to work both physically and mentee through increasing vision was brought to life The way we work is chang- mentally after bringing their through organic and sustaining and how we work is new child into the world. able growth. He has long changing thanks to technol- Given the proper resources EFFECTING POSITIVE since understood the value of ogy, and the multitude of and ability to take the time CHANGE IN THE inclusion, and has developed resources that we have now required, “we” don’t have to WORKPLACE BEGINS WITH an entity that sees men and to take an innovative idea have this bias that women YOURSELF. IF WE ALL SAT women in leading positions. and bring it to life. Through need to take a backseat in AROUND AND WAITED Now, with over 160 locations our collective actions to pave their careers because of FOR POLICY CHANGES TO globally, we are proud to say the way for great inclusion, motherhood. OCCUR BEFORE WE TOOK that most of our leadership the economy becomes more Another way to be a behav- NOTICE AND ADOPTED team are female. In fact, sustainable and the oppor- ioral designer is for each of THE CHANGE, WE WOULD 80% of our global workforce tunities for greater work life us to acknowledge that we BE GETTING NOWHERE are women. We have also just balance are available to both have the potential to become EXTREMELY QUICKLY. rolled out a global co-work- women and men.

Laudy Lahdo is the General Manager of Servcorp. During her Royce, Bloomberg, Dow Jones Indexes and Tiffany & Co, as well as local SMEs, tenure in this position, she has helped grow the company from some of which have grown to become multinationals. A founding member of just one office in Dubai’s Emirates Towers to 14 locations spread the Dubai Capital Club, a member of the Australian Business Council of Dubai across the UAE, Bahrain, Kuwait, Lebanon, and Turkey. She is and Abu Dhabi, as well as the Dubai British Business Group, Laudy has built playing an instrumental role in building a strategic relationship a strong foundational network for Servcorp. Laudy also serves as a board with the Department of Economic Development (DED) in Dubai, a first of its member of Reach, the first non-profit organization in the Middle East dedicated kind, and continues to work with the DED on regulations and compliance for to structured mentoring and leadership development for female professionals. the local market in the industry. She has led a team in working with several Established in 2013, Reach has seen more than 200 women at various stages of leading international law firms and corporations including Sotheby’s, Rolls- their careers. www.servcorp.ae www.reachmentoring.org

July 2018 / ENTREPRENEUR.COM / 49 ‘TREPONOMICS ETHICS | SKILLSET | MARKETING | PRO

breaks and returned stronger than ever. is important that you take a step back to Perhaps one of the most famous examples evaluate what you are particularly looking is Brenda Barnes, the former CEO of Pep- for and whether your interests and skills siCo, who took a seven-year career break have changed. Also, ask yourself whether and returned as COO, and then went on to the job you are applying for is suitable to become CEO of the Sara Lee Corporation. your new home life. What may have been The reality on the field is that there right for you pre-career break may not is still much to do in terms of changing necessarily be the best fit for you now. employer mindsets. The good news is Start by reviewing your support network that there are some key steps that tal- and openly discuss how the home will ented mothers can take to increase their operate when you return to work. Having chances of success. Here’s a list: a clear sense of what the deal breakers are will help you narrow your search, and 1. GO PUBLIC WITH YOUR JOB SEARCH avoid wasting precious time. Back to work Reach out to your ex-colleagues, clients, Getting back on track after friends and family. Tell everyone you 5. HONE YOUR CV Avoid leaving a big know of your interest to return to work. gap in your CV, even if your break was for a career break by LOUISE KARIM While most of these conversations will a significant amount of time. Instead, an not land you a job interview, there will be option could be to include a “relevant ex- at least a handful that can ultimately lead perience” section that highlights how you WE OFTEN HEAR OF PEOPLE STRUGGLING to a dream job opportunity. have developed characteristics that are to reenter the workforce after a career hi- considered desirable for an employee in atus. People who have taken career breaks 2. BE CONFIDENT Whether you’ve been your industry. If you are uncertain on how for elder care, personal health issues, and away from work for a few months or a to structure your CV, you can seek advice most commonly for full time parenting- few years, getting back into the workforce from a job coach or attend workshops. the responsibility of which largely weighs can be nerve-racking. If you’re inter- on women. Returning to work thereafter viewing at a new company, remember 6. CONSIDER RETURNSHIPS Around the is undoubtedly hard. Employers can be that a confident demeanor can go a long world, returnships have become increas- hesitant to hire people with a gap on their way towards leaving a positive lasting ingly popular, creating a bridge back to resume, while returnees may have doubts impression on the HR. If you’re looking senior roles for experienced professionals about their competency, especially if they to return to a company where you were who have taken an extended career break. have been out of work for a long time. previously employed, know that although In the region, however, this concept is These barriers lead to a lost talent pool, your confidence may have diminished, fairly nascent though we have begun to and significantly contribute to the gender your ex-colleagues will remember you see world-class companies in the UAE gap in mid to senior positions. In more for the quality of your work before your such as EY, IBM, and Visa start to realize general terms, the impact on the economy career break. the important benefits that come with is tremendous: US$28 trillion could be offering returnships. This means that we added to the global economy if women 3. KNOW YOUR STUFF One of the biggest are likely to see this offering grow tremen- participated in the workforce equally to concerns that employers have with re- dously in the coming years. Returnships men. gards to returnees is that they will not be are a win-win for both parties, because A recent survey by LeanIn.Org and up to date with the latest advancements, they give mothers a chance to see how McKinsey revealed that 43% of educated processes, and practices in their industry. they will balance work and home life women exit their jobs at some point to This may mean that interview questions while giving employers an opportunity to tend their homes. Of these, up to 90% will be a bit more difficult, as the hiring test the waters before offering a full-time would eventually want to resume work- manager looks to see if you know your contract. ing, but only 40% return full time. In stuff. The best way to prepare yourself is the UAE, the average of mothers looking to stay connected throughout your career Taking a career break is more common to resume work adds up to 77% of the break. This means making sure that you than you may think. Bridging this discon- female population, rising to 98% if the are staying on top of the latest trends, and nect is what drove Mums@Work to its in- work schedule offered flexibility. keeping up with news and key influencers ception in 2016. We recognized a need to In light of these statistics, returning in your industry. change perceptions and show companies to work might seem daunting. Luckily, that a woman’s ability to have a success- there are inspiring stories from all over 4. ASSESS YOUR SITUATION Although ful career does not change, just because the world, of women who have taken you may feel ready to return to work, it she has children.

Living in Dubai since 2009, Louise Karim has led teams at leading regional and international companies including DABO & Co, The Dubai World Trade Centre and Emirates Airlines. Representing a vast number of global brands including Virgin, Coca-Cola and The Four Seasons, Louise, a natural communicator with a drive to achieve, specializes in developing digital plans, which deliver strategic results. 2016 saw Louise take a shift in her career path, when she joined the Mackenzie Jones group to develop and lead the Mums@Work business. Louise’s insight into the target market through her own personal experience of juggling her role as a mother while still sustaining a successful career is an integral part of the partnership with co-founder David Mackenzie. www.mumsatwork.ae

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draw conclusions, as well as lighting both the diversity applying a conscious effort and similarity between the not to be tripped up by so two countries. This will affect called industry best practices, every aspect of the series, we have been able to bring a with both sides speaking local fresh new approach to OTT languages. content in the region. This is in addition to shows such as India’s What the GLOBALIZATION OF LOCAL Duck, a cricket-centered CONTENT, AND LOCALIZATION comedic talk show, and In- OF GLOBAL CONTENT donesia’s The Publicist, a ro- Video content isn’t concerned mantic drama series, proving with borders or language. If to be highly popular outside people like something that of their respective countries airs in another country, with expat communities they often have the means around the world. to watch it. But even better than just watching a dubbed, LIFTING UP LOCAL TALENT AND Disrupting low-quality version, now they CONTENT can watch shows that were We’ve also found that the successful in one part of the engagement of local talent the status quo world that have been tailored and key opinion leaders in de- The OTT market is changing the ways content is to air as localized versions veloping unique content has created, desired, discovered, and consumed with high production value. been a winning formula. A recent example of this We first identify, nurture, by ARUN PRAKASH includes Tollywood Squares, and provide an opportunity our Indian reboot of the for local talent. Once we do global franchise, Hollywood that, we can empower them BILL GATES FAMOUSLY SAID fashion trends, consumer Squares. This also marks the with the financial and that “content is king” in 1996, goods, and retail trends, they first major CBS game show to technical support to create and that became a guiding have sought to become true be produced in India. high-quality content that principle for the internet age. global citizens that wear, buy, Viu also recently teamed showcases their talent. And But it has never been more and consume the same. This up with the Endemol Shine then we can distribute it on accurate than when it comes is also true for their enter- Group to produce a local- Viu, where an audience of to describing millennials tainment consumption. ized, ten-episode season of millions is ready to enjoy it around the globe today, and The Bridge, a crime drama around the globe. their expectations when it AffordabilityMore consum- that was already popular in For an example of this, Viu comes to mobile video. ers have rising disposable Europe and the United States. conducted a recent pitching Unlike previous generations, income, reduced costs for This adaptation will take the forum in Indonesia, where mobile consumers now have: mobile data, and over-the- original premise and make it we held auditions in five top (OTT) premium content unique for the local audience, cities across the country Accessibility Anything hap- is able to benefit from both appealing to the diverse ar- and received hundreds of pening anywhere in the world these trends, and deliver rays of people, cuisines, and submissions, before picking is available to them in real more options and opportuni- ethnicities that call Malaysia Halustik by Sally Anom as the time. ties for consumers. and Singapore home, high- submission that we will turn These are realities that will Awareness Social media only continue to evolve in What The Duck has taught them to be savvy, the Middle East and around on Viu and access to global content the world. Of course, we have has given them heightened first-hand knowledge of this expectations when it comes to at Viu, Vuclip’s OTT service, production quality of shows. with our users each consuming an average of 1.2 to 1.8 Aspiration As today’s youth hours of content per day. By are constantly aware of global keenly listening to consumers and observing their habits to

Arun Prakash is the President and COO of Vuclip. www.vuclip.com IMAGE CREDIT VUCLIP CREDIT IMAGE

On a similar note, we noticed the video will fit into the con- opportunity to spotlight that the amount of time sumer’s life and habits, and amazing talent within our spent watching shows during not the other way around. own regions, make dramatic Ramadan increased every This is why most Viu content and localize shows year, so this year we devel- content has various lengths, from other regions, and oped specific content to watch including movies such as experiment in ways that during this time. This brought India’s High Jack; mini-series traditional ratings-driven eight Arabic shows to Viu, such as It Happened in Hong television era never allowed. many of which were devel- Kong, and our Ramadan And as the audience grows, oped by social media creators series in the Middle East; and their expectations throughout the region. 30 to 50-minute run time change, and more people use shows, such as Indonesia’s their access to find and share RANGE OF CONTENT FORMATS The Publicist; and then there their voice, vision, and tal- AND LENGTHS PROVE POPU- are What the Duck Googlies, ent with the world, we look LAR which are short form 3-5 forward to being there to help In addition to the trends minute clips from the very give them a platform and an above related to content de- popular What the Duck audience. The Publicist on Viu velopment and consumption, series. Everything changes so into an original series. This we’ve also noted that the rapidly, but when you boil it annual event helps us develop smartphone generation isn’t IN CONCLUSION all down, we’re giving more top talent and gives us ideas as concerned about historic The OTT market is changing people more access to hear on how to raise the status of video formats, such as what the ways content is created, more voices, and tell more the entire Indonesian content defines a clip versus a TV desired, discovered, and stories- and I can’t wait to industry. show versus a movie. Now, consumed. We have a unique see them all.

BUSINESS PARTNERS Brands and IT’S GETTING HOT IN HERE business partners going on vacation is Worried about a summer slowdown in your e-commerce business? 2 another challenge during the summer. Here’s how to plot a (better) business strategy for when the region travels Large percentages of all workforces in this by SARAH JONES country tend to take the summer months as an opportunity to leave, recharge, replen- Summer in the Middle East can be aptly speak to us. Summer is the peak season for ish, and gear up for the next busy season. described as stepping into a hot oven. This travelling, so we need to ensure inventory is E-commerce, however, sees none of this season brings unique challenges to every plentiful across all our travelling categories, slowdown, so proper planning is the key dweller in the region. With the hottest tem- whether that be basic necessities like to survive. At Sprii, we are still shipping 24 perature reaching over 50 degrees, residents feeding bottles and strollers, or last-minute hours a day, seven days a week; however, see this season as the best opportunity to sunscreens and soothers. Aside from the when you’re dependent on third parties to leave the country and cool down somewhere travel focus, demand in other categories process your orders, or logistics to deliver else in the world, making it even more changes dramatically as well. One example your packages, smaller workforces test us in challenging to forecast the demands of of this is toys- no one would want to be all areas as we never want to let the service our consumers and service them too. So, jumping around on a trampoline in their levels drop or the delivery times extend. how do we at Sprii gear up to prepare for garden under the scorching heat of the sun, this season, keeping in mind that we have right? So instead we’re fully focused on WORKING HOURS AND targets to hit, and growth to deliver? Here’s pushing our range of indoor toy wonders STAFFING Shorter working hours dur- an explainer: for excitement instead. Therefore, from 3 ing the month of Ramadan brings with a sales perspective, this season can be it additional challenges. Hiring in new staff PRODUCT MIX AND CHANGING considered slightly bipolar. Sales skyrocket, to create shift patterns to cover our 7 a.m. TRENDS We’re in hyper-growth because consumers shop their travel to 11 p.m. customer service hours that are 1 mode at the moment, so, planning in essentials, and at the same time, plummet still running seven days a week is a must. our business is key. Summer isn’t easy because consumers are off travelling. This The hours people are ordering with us also as consumers demand change– whether makes daily sales forecasting, staffing, and takes a real turn– orders scale up late in the that be the products they’re shopping, or planning much more challenging than other evenings and overnight, and we always want the hours they’re ordering or wanting to times of the year. to be replying and processing within a few minutes of receiving every order. So, what’s the solution? We quite simply need to get Sarah Jones is the founder and CEO of Sprii, the Middle East’s #1 shopping destination more creative and more efficient and plan providing everything for mums. www.sprii.com well weeks in advance.

July 2018 / ENTREPRENEUR.COM / 53 FRANCHISE

Sousse, Tunisia

and let others take control of some aspects– especially Executing an experience when expanding the pres- Maintaining brand and product quality on an international scale ence internationally. Within the franchising by SLOAN KAMENSTEIN industry, this means trusting your franchise partners with the successful execution hen we made many brands set goals to and brand experience will of your business in a new the strategic grow a certain percentage be the same as your brand market. For us, this starts decision to annually. In my experience, expands into new markets. with extremely open lines expand our however, we’ve found that of communication between Wbrand interna- focusing on quality franchise 2/ ESTABLISH OPEN LINES OF both the corporate team and tionally in 2015, we recog- partners has brought us the COMMUNICATION FROM THE our franchise partners. nized that doing so required most success in develop- ONSET When an individual be- an in-depth look at how we ing our brand in the Middle I’m sure it’s much to the comes a Sloan’s franchisee, were going to maintain the East. chagrin of most business they are looking to us for all Sloan’s Ice Cream experience Beyond finding franchise owners that they can’t of the answers as to what in markets that were, at the partners that share our be everywhere for their to do, how things should time, wholly unfamiliar and values, behaviors, and atti- business at once. But, as a look and how their business thousands of miles away. tudes, we have paid signifi- business continues to grow should operate. From the Three years later, we have cant attention to searching and expand, business lead- beginning, we strive to be six locations open across for franchisees who have ties ers need to loosen the reigns attentive in enforcing our Kuwait and Saudi Arabia, to the Middle East business and are sharing our proprie- community. Clout can be tary Sloan’s experience with extremely important when it BY ESTABLISHING entirely new cultures. But, comes to real estate, import- AN OPEN DIALOGUE FROM that road hasn’t always been ing goods, and other vital THE VERY BEGINNING, easy– it’s been paved with functions, so those existing YOU CAN BUILD A RAPPORT WITH THE PARTNER learning curves and chal- connections can carry a lot TO HELP ENFORCE lenges for both our corpo- of weight in helping to get BRAND STANDARDS AND rate team and our franchise things accomplished. GUIDELINES IN THE FUTURE. partners in the Middle East, When vetting partners that as we strive to strike a bal- are existing business own- ance between maintaining ers, it’s important to observe the brand’s personality and the way they support their product quality, and adapt- current business ventures, ing the concept for new their existing development markets. schedules, and how many As we continue to grow our other brands they currently presence in Saudi Arabia own or operate to get an idea and Kuwait, here are a few of their overall track record best practices I’ve found on of performance. We have how to maintain a brand on also seen success in allow- an international scale. ing our existing international franchisees that are 1/ BE DISCERNING WITH interested in growing their PARTNER SELECTION portfolios the opportunity It’s easy to get stuck in a to build their presence in mindset of quantity over other countries where they quality when developing have established operations a brand internationally and business experience. By –brand recognition is key sourcing from your current in helping a concept find network, you can better en- success in any market– and sure that the product quality

Sloan Kamenstein is the founder and owner of Sloan’s Ice Cream. Kamenstein’s rise to prominence stemmed from years of culinary practice in some of the best kitchens in the world, including London’s Le Cordon Bleu culinary school and kitchens throughout France. Sloan’s Ice Cream is known for its toy covered walls, colorful décor, and delicious sweets. The first shop opened in 1999 in South Florida and the brand began franchising in 2012. Since that time, it has grown to 11 locations in the United States and six in the Middle East.

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standards and in helping the let alone countries– without Sloan’s Aziz Mall franchisee find the resources making some alterations to that they need on the local the products or services that level. This includes a robust they offer. Varying cultural initial training process, daily norms, product availability, and weekly check-ins, and or local laws can all affect a visits to the international brand’s offerings in interna- stores multiple times per tional markets. year. For example, when ship- By establishing an open ping food products inter- dialogue from the very be- nationally, you have to take ginning, you can build a rap- into account the shelf life port with the partner to help of those products. In some enforce brand standards and cases, we’ve had to find guidelines in the future. alternatives or sample local products that meet the 3/ KEEP AN OPEN MIND ABOUT brand standard, and are PRODUCT ALTERNATIVES OR easy to obtain by the local SUBSTITUTIONS franchise partner. We go through great lengths Additionally, there may be quality that Sloan’s is syn- Replicating the brand to maintain the same instances in which interna- onymous with and follow the experience and product Sloan’s experience that we tional partners find products quality control process. This quality on an international established in the US on an at a cheaper rate locally than includes sharing pictures scale can be difficult, but international scale, as that’s what it would cost to import and samples of the substi- with the right business proven to be very successful them from the US. While we tute product so that our partners, open lines of in the Middle East with our always encourage our part- corporate team can ensure communication and an open brand and others. That being ners to save money where guests at any location are all mind, you can find continued said, very few concepts can they can, it is extremely receiving the same overall success in international expand into new markets – important to maintain the Sloan’s experience. markets.

FRANCHISING YOUR BRAND A checklist to keep in mind when you are approaching franchisees for your brand in the Middle East by JOBY BERETTA

Once your homegrown F&B concept has name isn’t already in use by a third public records, their financial accounts, proven to be successful with the first party in those countries. Remember that background checks on the shareholders, outlet or two, it may be time to consider here in the Middle East, there are some etc.) The franchisee will also be doing franchising to further its growth. Here is restrictions on registering certain products; similar due diligence on you and your a basic checklist of points to keep in mind for instance, alcoholic drinks. brand, so you may wish to prepare when franchising out your brand. a standard pack of information for 2. Build your manual franchisees, which is a legal requirement in PART ONE The next step to creating a franchise is to some countries in Europe and around the PREPARING TO FRANCHISE develop the franchise manual. This docu- world. If this is the first time you are considering ment essentially sets out the way in which franchising, before approaching any the franchisee should operate the business PART TWO franchisees, there is some homework you under the brand. There are various consul- BUILDING THE FRANCHISE AGREEMENT need to do beforehand: tants out there that can assist with this if The final piece of preparation for you need professional help. franchising is to ask your franchise 1. Protect your brand specialist lawyer to prepare a template First, you will need to make sure your 3. Perform due diligence agreement for you. It is market standard brand name has been registered as a As the franchisor, you will want to for the franchisor to prepare this, and you trademark in the relevant territories in undertake sufficient due diligence in will need to decide your approach- i.e. which you are looking to franchise. As a relation to both the proposed territory putting forward a fair and reasonable short bare minimum, a clearance search should (e.g. the competition, specific local laws, form agreement, or going for a more “belts be undertaken to make sure the proposed etc.) and the franchisee (e.g. checking and braces” franchise agreement. >>>

July 2018 / ENTREPRENEUR.COM / 55 FRANCHISE

Key points to consider in the franchise agreement include:

1. Term/Renewal You will need to decide the initial term (often 5-10 years) and terms for renewal (including whether it’s mutual, or subject to the franchisee meeting certain criteria).

2. Territory Here in the region, the franchisee often requests exclusivity for one or more countries in the GCC, but that will obviously come at a cost. Alternative 7. Granted rights 11. Competition law issues options are to grant rights to a single Will the rights be exclusive (bearing in mind Consider whether any particular country, but give a first right of refusal on the commercial agency laws in the UAE restrictions on the franchisee could additional countries. and wider Middle East, which may protect give rise to competition law issues (e.g. the franchisee)? Also, will any of the rights restrictions on exclusivity, setting of 3. Development plan be subject to amendment (e.g. removal prices, non-competition, etc.). Is this franchise agreement going to be of exclusivity) for failure to perform (e.g. for a single outlet, or a development failure to meet the development plan)? Will 12. Governing law and dispute resolution agreement which provides the framework there be separate rights for development What is the preferred approach for for multiple outlet agreements? If and operation of the outlets? governing law and dispute resolution i.e. the latter, what is the roll-out plan/ courts or arbitration (applicable rules, development schedule for the territory 8. Specific assignment or termination seat, language)? Consider applicable i.e. how many outlets to you expect the rights mandatory local laws in the territory. franchisee to roll out? Do you want any specific rights of Is the country where the franchisee is termination? Are your IP rights restricted located a signatory to the NY Convention 4. Fees in duration in any way (e.g. patented on Arbitration? Do the local courts have How are you going to structure the fees? systems/licenses from third parties)? Do power to assume jurisdiction on matter of For example: is there a territory fee, a you need any specific rights of assignment public policy? royalty fee, an outlet fee, a training fee, e.g. upon sale of the brand/intra-group etc.? How are these paid- i.e. upfront, or reorganizations? 13. Applicable foreign laws on opening of outlets, or quarterly, etc.? Are there any applicable anti-bribery laws 9. Sub-franchising (e.g. US FCPA and/or UK Bribery Act) or 5. Tax What rights, if any, will the franchisee have data protection laws (e.g. GDPR) that Remember to set out who pays for any to sub-franchise in the territory? Will such you are required to pass down to the applicable taxes such as VAT on the fees, sub-franchises be on an agreed form of franchisee? and whether the fees will be grossed up sub-franchise agreement attached to the for any taxes, including withholding tax? main franchise agreement? Will you be 14. Right of step-in Find out which of your entities will be a party/have third party rights to directly Do you want the option to step-in upon entering into the franchise agreement, and enforce against the sub-franchisees? termination of the franchise agreement, if tax advice has been obtained on this in to the extent possible, taking into relation to this particular territory. 10. Specific restrictions on the consideration the foreign ownership franchisee restrictions onshore in the UAE and 6. Franchisor obligations Are there any specific restrictions on the elsewhere in the region? What will you be offering in terms of franchisee e.g. no internet sales/no re-sales support/training for the franchisee? Will to discount shops/malls? What restrictions 15. Specific requirements this be provided from your own country, (if any) are you expecting to place on Do you have any other specific or will you travel to the franchisee? This the franchisee in relation to franchising/ requirements such as purchasing of will impact the tax advice, so it should be operating a competing business, and how equipment/special ingredients from you, decided upfront. long will this last, and which brands does the process for approval of suitable sites, it apply to? format of monthly reporting, etc.?

Joby Beretta is Director of The Bench, an award-winning innovative legal services provider offering cost-effective legal services, legal recruitment, and lawyers on demand. The Bench was set up in the UAE in 2016 based on client demand in the Middle East for a boutique firm focusing on the technology, media and telecom, and hospitality sectors. www.thebenchlaw.com

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A coalition of the willing The five roles you need to make your corporate venturing program a success by DADO VAN PETEGHEM and OMAR MOHOUT

e probably don’t have landscape. As a result, their business brilliant misquote of Mark Twain, “The to convince anyone models are being challenged by the reports of my death are greatly exag- that the world is new players on the block. To prevail in gerated,” describes to a tee the state changing faster than this new world, you need a faster clock of larger companies and corporations ever. That tech- speed than the market. Unfortunately, today. Corporations and small- and nology is evolving most companies are behind the curve. medium-sized businesses (SMBs) W exponentially, and And we all know it won’t slow down are in the best possible position to that consumer behavior and economic from here; on the contrary, it will con- leverage their brand, talent, resources, markets are radically changing as a tinue to accelerate. network and scale to defend and even result. We’re clearly up for a challenge Having the opportunity of working grow market share. However, corporate in our companies. Many organizations with a lot of different organizations, I venturing is already happening in many are falling behind the rapidly chang- believe that corporate venturing can companies and industries, but not ing customer, market and technology help you to move faster, together. A necessarily in the right way.

58 / ENTREPRENEUR.COM / July 2018 ASK THE MONEY GUY | VC VIEWPOINT | YOUR MONEY | ECON MONEY

Let’s first begin with defining corporate add and receive the maximum amount venturing. It is about setting up struc- of value. This plan will be created to- THE FIVE C’S OF tural collaborations with external ven- gether with the “connectors”- more on CORPORATE VENTURING tures/parties to drive mutual growth. that in a moment. The problem arises when corporates Other responsibilities of the fleet WHAT YOU NEED TO SET UP think startups are evil, and vice-versa. manager are reporting to the corporate A CORPORATE VENTURING Everything depends on the clear intent management, proposing new ventures, FRAMEWORK IN YOUR COMPANY and expectations of both parties. negotiation with new ventures and Your corporate venturing program setting targets. The fleet manager is 1. COALITION requires some of the brightest people in connecting the dots between the speed- Selecting the right team and your organization. You will find people boats and the mothership. competences is of crucial with broad backgrounds and skillsets to importance to make your be suitable for the roles you need. You corporate venturing activities need to form a “coalition of the will- YOUR CORPORATE VENTURING successful. What type of roles do ing,” people who are 200% committed, PROGRAM REQUIRES SOME you need to put in place? and have a passion to set up collabora- OF THE BRIGHTEST PEOPLE tions. IN YOUR ORGANIZATION. 2. CONFIGURATION To address your first concern, you YOU WILL FIND PEOPLE WITH Corporate venturing comes in don’t need a completely new team to BROAD BACKGROUNDS AND many forms and it’s important run this program. We’re defining roles SKILLSETS TO BE SUITABLE FOR to choose the right configuration here, some of which will be performed THE ROLES YOU NEED. by multiple people, while others are for your company and maturity done by the same person depending in collaboration with ventures. on their skillset. You will likely get the 2/ Mentors Where to start? best results when people can focus on Mentors are a key to success. They one role, but this is not feasible for all guide the ventures in their strategic 3. COMMUNICATION organizations. Try to find the best with decisions and daily operations. Like the How are you going to signal the the people that you have. fleet manager, mentors must under- market about your activities and Here are the five roles we defined as stand how to execute like a startup. You collaborations, and what channels crucial to making your corporate ven- may find some of these people inside are you going to set up to enable turing program a success. your organization, but it is more likely that? that you will need to find external men- 1/ Fleet manager tors in startups and scaleups. 4. CODE OF CONDUCT The fleet manager is the primary The mentor role is intentionally Defining the partnership and responsible for your corporate ventur- loosely defined, because there are no behavior of both parties involved ing activities. This person is deeply perfect solutions. Mentorship requires involved in the overall corporate strat- chemistry and a genuine interest in in the very beginning of the egy, and helps direct it based on their what the venture is trying to accom- collaboration can avoid difficult experience and learnings from turning plish. Simply paying some tech guru situations later on. What do you the mothership into a fleet. to help your venture won’t get you the need to take into account? This person needs to both understand kind of results you’re hoping for. the framework of the corporate world, Ideally, a venture will have multiple 5. CULTIVATION and the radical new approaches that internal and external mentors to guide Evaluating the collaboration startups employ. Ideally, this person them. We would advise against set- from both sides is needed to has experience with both, but if you ting this up through structural meet- continuously learn & adapt to can’t find someone like that, then pick ings. Instead, let the connection grow meet each other’s expectations. the startup side over the corporate side. organically and see what kind of setup What are the right KPIs? It is easier to learn how to function in a they prefer. If either party is unhappy corporate, since they move slower and with the relationship, there are no often in more structured ways, than it strings attached to find other mentors. is to execute on the startup side. Different stages and challenges for the The fleet manager’s main responsibil- ventures will require different types of 3/ Connectors ity is to ensure the program gives the expertise anyways. While mentors help the ventures deal maximum possible ROI for all parties Avoid focusing only on the big with obstacles and opportunities, con- involved. This is not just about short- “known” names in the industry who nectors help create those opportuni- term financials, but growth in all areas. will attract startups, but also try to ties. These roles can be performed by He or she needs to ensure that when a bring in hands-on experts as mentors the same people, if the mentor shows a new venture becomes part of the fam- that can really deliver detailed exper- deeper involvement on both the corpo- ily, there is a plan ready to help them tise. rate and venture side. >>>

July 2018 / ENTREPRENEUR.COM / 59 MONEY ASK THE MONEY GUY | VC VIEWPOINT | YOUR MONEY | ECON

Connectors need to be able to identify, possible. Scouts report their findings to will be evangelists, but there is a dif- judge and create valuable connections the fleet manager, who can then move ference between networking and seeing between the ventures and internal or in to negotiate and potentially set up opportunities, and marketing a story external parties. Together with the fleet the collaboration. across different channels. manager, the connectors will create a The team described above should plan to do this in a structural way. 5/ Evangelists connect optimally with people in the When a new venture joins, you’re at Do not only rely on scouting oppor- business units (which can be inno- a make-or-break moment and many tunities; you will need evangelists to vation/digital/startup leads for the corporates get this wrong. They often “signal” the market. They will spread units), and each party needs a clear acquire a venture, and then start think- the word on what you’re trying to ac- role. The best approach to set up suc- ing afterwards about what they can complish with your corporate ventur- cessful corporate venturing is match- do to create a valuable and mutually- ing program. ing people in the field (drivers), who beneficial relationship. While your fleet manager has the know the needs of the customers with We urge you to come up with a plan right vision for this, chances are they a central unit (enablers) for coherence for this beforehand, along with owner- may have their hands full running the and inspiration. ship and accountability. The connec- program and won’t always be available The end goal of your corporate ven- tors create this plan together with the for this. turing program is to generate impact fleet manager, so that all ventures are Your evangelists spread the story, on your organization on many different supported in a structural way. both online and offline, to put you in levels- business, innovation, culture, The plan can consist of simple steps the market and claim your corporate etc. This implies that it’s important to like: venturing position. This may invite the infuse the collaborations within the > Onboarding process in the assets the right parties to collaborate with and business as much as possible, to avoid corporate provides. add value to the program. So, going to it becoming a separate unit acting as a > Contact details of go-to people inside events, speaking at the right confer- black box. the corporate for things like distribu- ences, communicating about the out- tion or event organization. come of collaborations, etc. are of vital This is an edited excerpt from the book Corporate > Pitch events to introduce the venture importance to attract the right parties. Venturing: Accelerating Growth Through Collabora- to the organization. Evangelists need to be advocates, tion with Startups by Dado Van Peteghem and > Invitations for upcoming company ambassadors, and great storytellers. Omar Mohout. The book is now available to buy events. Some of your most outspoken scouts from: www.corporateventuring.co > Encouraging employees with similar ideas to approach the new ventures. 4/ Scouts Your scouts are the people responsible for finding interesting ventures to invest in or to collaborate with. You can compare this role to sports scouts that spot and track young or undiscov- ered talents. Observant people with a passion for networking are perfect for this role. You will find people like these across different departments in your organization and probably primarily in business development. The more people that can help you spot opportunities, the better; as long as they have the strategic insight to spot the kind of ventures which is the vision of the program. They also shouldn’t be afraid to bring up radically new ideas. Scouts can use platforms such as ProductHunt and AngelList to find opportunities, but they should primarily be out in the field as often as

Dado Van Peteghem is the co-founder and CEO of Duval Omar Mohout is a Professor of Entrepreneurship at Antwerp Union Consulting. Management School.

60 / ENTREPRENEUR.COM / July 2018 obundonce Q 360 1.oubai

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• =j!._ Singularity In partnership with: -��-t�••• ••• ·•••J� UNIVERSITY ‘TREPONOMICS ETHICS | SKILLSET | MARKETING | PRO

CREATE STRUCTURED PROGRAMS THAT WATCH YOUR STAR PERFORMERS AND SUPPORT THEM TO ACCELERATE THEIR GROWTH, WHETHER IT MIGHT BE FOR SKILL OR LEADERSHIP DEVELOPMENT.

This way we can manage sales processes, predict revenues and make plans for the future. More companies need to start thinking the same way in terms of managing talent and that starts with building talent pipelines. Adopt a funnel approach where revenue is the jobs you’re looking to fill, milestones are skills that need to be developed, and leads are potential Everyone’s looking for senior candidates. Using talent BUILDING TOMORROW’S developers, digital market- pipelines, companies can ing managers, and seasoned solve major challenges WORKFORCE sales professionals- but for mid-to-senior level where do they all come requirements by developing We need to think about talent the way from? There’s a culture junior employees’ skills we think about sales by JUGAL PARYANI of talent poaching that’s relevant to their business. becoming exponentially more expensive, rather than CRAFTING YOUR TALENT alk to founders of any growing building sustainable talent ROAD MAP business and you will find one structures. In most companies, revenue common pain point- lack of access to 69% of employers say that targets are typically set on a top talent with the right skill sets. their inability to attract and quarterly or monthly basis, retain middle-skills talent and with younger companies, Even the most successful companies frequently affects their com- even weekly, to align the in the Middle East are not immune pany’s performance. There’s overall company strategy and T to the region’s skills gap, a widening another way to solve that goals. Yet most companies mismatch between the demand for skills, and the problem. don’t have set plans for tal- supply of talent that has them. This, of course, ent. Talent projections can USING SALES STRATEGY FOR be mapped out in a similar isn’t a problem unique to the region. But with TALENT MANAGEMENT way- what should your one of the youngest populations in the world, Sales strategy typically team look like in 6, 12, 18, it’s more important now than ever that we see works in funnels, with teams months? significant investments in education and learning helping prospective clients It’s imperative that those to prepare our workforce for tomorrow. But move across key milestones plans are aligned with rev- in a sales process, thereby enue targets, road maps of what can business leaders do today to prepare building a pipeline of rev- your products and where you for tomorrow? It starts by rethinking talent enue based on the likelihood see your competitive advan- management. of deals closing. tage materialize.

Jugal Paryani is the VP of Marketing at Oliv, leading performance and growth marketing strategy with the aim to help youth employment rates in the Middle East. He recently led the company rebrand from InternsME’s to Oliv, crafting the brand story, design guidelines, and garnering media support. Jugal was a guest lecturer at the University of Toronto, Canada, and has delivered talks at AstroLabs, UAE. He is regularly invited to panels on marketing, startup growth, and tech events such as Social Media Week Dubai, Thomson Reuters’ 150th Anniversary in MENA and Dubai Eye 103.8 Radio Station. He holds a Bachelor’s degree in Economics, Books, and Media Studies from the University of Toronto, Canada. www.oliv.com

62 / ENTREPRENEUR.COM / July 2018 BUILDING TALENT PIPELINES able idea on what your team Start setting up talent fun- might look like down the line, nels with milestones that you can start mapping data structure early-stage careers points against your talent at your company. This starts road maps. with building frameworks Are you on track? Where across your hiring process- are you still seeing mis- defined job descriptions, can- matches between demand didate experience, hiring KPIs and supply of skills needed? and insights, career pathways How can you pivot your and people analytics. talent pipeline strategy to These milestones should correct course? It will need be varied depending on the the investment of your time flydubai and VUL9 signing an MoU at the first edition of Dubai Startup Hub’s career paths outlined- for a to answer these questions to Market Access program in 2017 developer, it might look like make sure your business is shipping a product feature ready for tomorrow. end-to-end, for sales, it MAKING (REAL) DEALS HAPPEN might be leading new revenue ADOPT A FUNNEL APPROACH DUBAI STARTUP HUB LAUNCHES SECOND EDITION streams, or for marketing, it WHERE REVENUE IS THE OF MARKET ACCESS PROGRAM might be setting up growth JOBS YOU’RE LOOKING engines, and so on. Dubai Startup Hub (DSH), customers and digital only of- TO FILL, MILESTONES ARE the entrepreneurship initia- ferings for millennials, among SKILLS THAT NEED TO BE tive of Dubai Chamber of others. Sanofi, a biopharma- DEVELOPED, AND LEADS ARE Commerce and Industry, has ceutical company, aims to POTENTIAL CANDIDATES. kicked off the second edition attract solutions to enhance of Market Access, its program relationships with its custom- MAKING TOMORROW EASIER that aims to bridge the gap ers, and global conglomerate Bringing in that early stage and facilitate deals between NIKAI Group is looking for talent and developing it actu- startups, SMEs, and leading products and services in the ally helps solve another chal- companies and government areas of technology, digital lenge looming over business- entities in Dubai. DSH has transformation, blockchain, es today- employee retention. called on startups and SMEs logistics, education and Studies show talent that have to submit ideas and solutions healthcare. gone through a company’s that solve key challenges “Following a very successful internship program are 34% faced by prominent compa- first edition of Market Access, more likely to stay at the nies and organizations in the we are aiming to broaden the five-year-mark compared to Emirate. scope of participants and at- external hires. DP World, Emirates NBD, tract startups and SMEs with PREDICTING LEADERS AND That means with effective Sanofi, and NIKAI Group are new ideas and cutting-edge CHAMPIONS talent pipelines, not only the four large enterprises par- solutions,” Dubai Chamber’s There’s no reason to map are you developing talent ticipating in the second edi- Manager for Entrepreneur- out milestones if they aren’t relevant to your business, but tion of the program, and the ship Strategy Natalia Sycheva going to be tracked. Use are also more likely to retain companies have also listed said in a statement. “This milestones and the pace in that talent after those skills projects or core challenges unique program provides an reaching them to identify star are developed. they are facing, with an aim ideal platform for participants performers, similar to using Government and education to attract solutions that can to market their solutions probabilities on deals in your sector intervention necessary be implemented within their and products and benefit revenue pipelines. to close in on the skills gap entities. DP World is looking from new growth opportuni- Create structured programs often lags behind, and given for smart technologies to ties,” she added. Selected that watch your star per- the pace of technological be implemented within its candidates are offered an formers and support them innovation rapidly increas- headquarters including those opportunity to tailor their to accelerate their growth, ing, businesses can no longer related to virtual reality, face ideas to meet specific needs, whether it might be for skill afford to rely on market recognition and urban farm- gain experience, and network or leadership development. forces for talent, but begin ing. Emirates NBD is seeking with industry players, while developing the skills needed solutions that can enhance also getting the chance to PLANNING SUPPLY BASED ON internally. customer service and opera- secure real deals for their COMPANY GOALS Or else risk become obso- tional efficiencies, in addition enterprises. Once you’ve set up talent lete, just like the hundreds to new banking products for www.dubaichamber.com/ pipelines and have a reason- of jobs at risk. retail, SME and corporate dubaistartuphub/marketaccess IMAGE COURTESY DUBAI CHAMBER DUBAI COURTESY IMAGE

July 2018 / ENTREPRENEUR.COM / 63 ‘TREPONOMICS ETHICS | SKILLSET | MARKETING | PRO

be able to monetize services A new business model that and streamline operations caters to the demands of on a fundamental level; from businesses, and particularly there, they must develop a SMEs, will ensure that ICT converging framework for players stay ahead of the customer access and devise pack in terms of maintain- new strategies to offer cus- ing a competitive edge and tomers more as their needs establishing a leading posi- change. The SME sector is tion in the digital transfor- constantly changing to fulfill mation. The crucial aspect new demands and adapt to of this adaptive phase is the the business landscape– and willingness to expand beyond in the coming years, overcom- connectivity and become true ing these obstacles to keep service providers, embracing pace with SMEs will require the vital role of telcos in the From operator operators to focus on three technological takeover. In or- key business components: der to maximize and optimize to service provider connectivity infrastructure, resources, competencies, and digital media, and informa- experiences, operators must The role of telcos in achieving tomorrow’s tion and communication channel their efforts to be- digital future by HANY FAHMY ALY technology (ICT) solutions. come more versatile and agile In the digital revolution, in their role. infrastructure plays an In line with these senti- n recent years, the world number of companies operat- integral role as the founda- ments, du is working towards has plunged head-first into ing in the UAE. As SMEs tion for digital uptake and implementing these strategic a technological transfor- continue to function as the technological transformation. changes as it prepares for I mation that has altered backbone for the business It facilitates connectivity and the digital future in the UAE. almost every aspect of our landscape and economy in the acts as a major instrument Particularly in terms of the lives. This is the new normal, UAE and across the region, in the economic, social, and smart city agenda, which and we foresee the continua- telcos will become the nerve digital development of cities will revolutionize Dubai as tion of this trend into the fu- center of a digital future, sup- and countries. Next is digital a global innovation hub, du ture. As the world grows more porting the stark majority of media, which acts as the is laying the groundwork digitally dependent, the role businesses by facilitating in- primary vehicle for moving for SMEs to lead the smart of telcos in achieving the con- novation and transformation beyond traditional services of city transformation through nected future will continue from every angle. Achieving voice and data connectivity. innovation and technol- to evolve at a rapid pace. this will depend on the ability It presents an opportunity to ogy implementation. With While connectivity is found of operators to adapt to the capitalize on new, revenue- initiatives like Dubai Pulse, a at the center of all things convergence of life, mobility, generating business strategies central operating system for digital, telecoms operators economy, governance, and en- that will come as natural next the city’s smart services and must endeavor to increase vironment under an overarch- steps in the digital transfor- technologies; and Smart Con- their agility and versatility as ing technological umbrella, mation. Finally, ICT solutions cierge, which helps business- service providers, delivering and to embrace a change of are fundamental: they are es solve visitor management disruptive services and solu- mindset with a visionary ap- the tool that operators have problems through blockchain tions that will catapult the proach towards digitalization. always had and will, in the technology, du is providing digital transformation ahead In so doing, telcos must presence of evolution and the value-added services of the competition. overcome obstacles associat- adaptation, continue to be that support the smart city Particularly in business, and ed with achieving the digital telcos’ most valuable asset. future for both the public and for the ever-growing SME vision for the future– espe- By zeroing in on key compo- private sectors. With a focus category in the region, the cially as they pertain to SME nents like these, and address- on SMEs, which are already digital future will rely on the operations. These obstacles ing how they can be adapted acting as a driving force provision of a comprehensive revolve around data moneti- to best serve enterprises and behind the digital transfor- suite of services– from basic zation, operational efficiency, other customer segments, mation in the UAE, du is thus connectivity to high-end ICT converged access, and adding operators can expect to see making strides towards the solutions. Currently, SMEs value. As telcos’ business continued growth as the digi- successful shift from operator represent 94% of the total models evolve, they must tal transformation unfolds. to service provider.

Hany Fahmy Aly is Executive Vice President – Enterprise Business at du. Hany brings more than 18 years of experience to his position at du, where he heads up the company’s Enterprise Business division. His past experience leaves him well-positioned to do this, having worked in diverse sectors such as marketing, sales, customer experience and relationship management, with a strong foundation of financial skills. Prior to joining du in 2013, Hany worked with Vodafone in Egypt, where he spent 13 years working up to the position of Chief Business Officer. Hany started his professional career with Procter and Gamble in Egypt. Hany holds a Master of Business Administration from Columbia Business School in New York, from which he graduated with honors.

64 / ENTREPRENEUR.COM / July 2018 IN PICTURES

Isobel Abulhoul Obe, CEO & Trustee - Emirates Literature Foundation and Director - Emirates Airline Festival of Literature, and Dr. Farooq Wasil, CEO & Global Head - Affordable Schools, GEMS Education

Dr. Fatima Al Aydaroos, Space Science Senior Specialist, UAE Space Agency; Fatima Al Kaabi, Youngest Emirati Inventor; H.E. Dr. Maryam Matar, Chairman, UAE Genetic Disease Association; Dr. Ismahane Elouafi, Director General, International Center for Biosaline Agriculture; and Maya AlHawary, Chairwoman of Board of Governors and Director of Planning at Dubai Carmel School

Winners of the National Treasure Business Excellence Awards 2018

A panel discussion at STEP 2018 included Dr. Fatima Al Aydaroos, Space Science Senior Specialist of the Sustainable growth UAE Space Agency, Heather Henyon, National Treasure Conference 2018 focuses on socially founder of WAIN, Helen Al Uzaizi, CEO of Bizworld UAE, Dr. Lance E. De Masi, responsible entrepreneurship President of the American University in Dubai, Isobel Abulhoul OBE, CEO and Trustee of the Emirates Literature athering experts in The event kicked off with an opening Foundation, and Dr. Raza Siddiqui, CEO healthcare, education, note by Dr. Maryam Matar, founder of Arabian Healthcare Group. sustainability, women and Chairperson of the UAE Genetic The conference ended with the entrepreneurship and Diseases Association, who addressed National Treasure Business Excellence social enterprises, the need for supporting ecosystems Awards 2018, which recognized promi- the second edition of that enables STEM careers. The confer- nent entities and entrepreneurs in their the annual National ence also emphasized on taking strides fields. Neha Shaikh, founder and Chief Treasure Conference was held in in the education realm, particularly Innovation Officer of National Treasure, GApril 2018 at the Amity University on building inclusive institutions to commented, “The series of excellence Dubai. Hosted under the patronage achieve sustainable development. It awards is much more than recognizing of H.H. Sheikh Nahyan bin Mubarak also explored how technologies such as successful organizations or individuals; Al Nahyan, Cabinet Minister and AI can be sustainable in building future it is an encouragement and motivation Minister of Tolerance, and President smart cities, plus the shift in healthcare to our winners to excel further in their of UAE Genetic Disease Association, to build business models that are more respective fields. The winners were the conference focused on sustainable patient-centric using new technologies shortlisted and selected for extraordi- growth, entrepreneurial opportunities such as mobile apps, virtual care cent- nary work towards youth, sustainabil- and socially responsible ventures in the ers and personalized interactions with ity, women empowerment, society and

IMAGE CREDIT NATIONAL TREASURE NATIONAL CREDIT IMAGE region. health specialists. Some of the speakers innovation.”

July 2018 / ENTREPRENEUR.COM / 65 MONEY ASK THE MONEY GUY | VC VIEWPOINT | YOUR MONEY | ECON

is far more lucrative and fun to leverage your strengths instead of attempting to fix all the chinks in your armor. Focus on better use of your best weapons instead of constant repair.” Accept you will be in debt at some stage, and con- centrate on those tasks which are going to bring profit.

2 ASSIGN A BUDGET (AND ANALYZE IT) A 2016 study in the UK showed that some 9% of startups had no set budget, which means these businesses are setting themselves up for trouble. Why? Because assigning a startup budget doesn’t just mean planning on how to spend your money, but also how to control your costs. Setting a startup budget means identifying both setting up and ongoing business costs from day one. These will be a mixture of variable and fixed ex- CUT YOUR LOSSES penses, such as office space, staff wages, Five easy ways startups can manage debts from day one utilities, equipment, and marketing. But don’t just guess at these numbers. Do by PAUL BRYSON your research to make sure you haven’t underestimated anything. Remember that in the UAE it is not tarting your own business often means getting into debt. always easy for startups to get access You might have a little equity of your own for the setup, to credit in the first place: according to but chances are you’ll also be using a loan, a credit card, or the Organisation for Economic Co-operation and Development, loan applica- even a few investors. And as startups generally don’t see tions are rejected between 50 and 70% Sprofit for three to five years, this means you’ll be in debt to of the time. This can be a good thing in some degree until business takes off. So, here are five easy ways to the sense that it is more difficult to get into debt– but one thing you should not keep on top of it– along with a few warnings to keep in mind. do is take out loans from less reputable sources to help with your setup costs. 1 STAY CALM AND ACCEPT IT Research experts CB Insights found, in Setting a startup budget helps identify A lot of articles focus on managing debt a recent study of 101 startups, that the those costs essential to getting your once you’re already in it. But there’s top two reasons for failure were run- business running, as well as giving you no better way to avoid problems than ning out of money (29%) and a lack of a spending plan that allows you to grow by preparing for what to expect in market need (42%). These reasons are while paying off your debts. By creating advance. inexorably interlinked– not only with this kind of budget, and analyzing it on Setting realistic expectations about each other, but more importantly with an ongoing basis to allow for movement being in debt can take off some of the a lack of forward thinking. It demon- in the market and the economy, you’re pressure. New business owners have strates the importance of making sure giving your business the best chance of enough to worry about in terms of you’re spending your money strategi- success. setting up shop, finding new clients, cally, while also keeping business focus pleasing investors, and doing the work. on filling a market need. As a startup, 3 CONSOLIDATE WHAT YOU CAN Worrying unnecessarily about debt this is where your focus needs to be, Many startups get their start through is only going to detract from focus on not on fretting about debt. funding from multiple sources. Re- growing the business and create an As entrepreneur and author Tim Fer- search based on data of the fastest obstacle to success. ris wrote in The 4-Hour Work Week: “It growing companies in America showed

Paul Bryson is the Director of Domestic Structuring at Virtuzone, based in Dubai, UAE. He is also a member of the Board of Directors for the British Business Group, Dubai and Northern Emirates. A knowledgeable and active member of the business community in the UAE, Paul advises large multinationals and small startup businesses on how to best establish their commercial presence in Dubai and across the rest of the UAE and Gulf region. Before embarking on his career in the Emirates, Paul graduated from the University of the West of Scotland with a Diploma in International Business. www.vz.ae

66 / ENTREPRENEUR.COM / July 2018 ASK THE MONEY GUY | VC VIEWPOINT | YOUR MONEY | ECON MONEY

that over half had financed through a 4 TRIAGE YOUR PAYMENTS 5 CUT BACK ON ALL UNNECESSARY bank loan, while other main sources Remember that in business, EXPENSES included credit cards and angel inves- everything is relative. Shikhar Ghosh It’s easy to get into debt by chasing a tors. And with each debt there are on- from Harvard Business School has vision. And you wouldn’t be alone: ac- going requirements, repayments to the illustrated this by pointing out that cording to the Institute of International creditors, and the threat of penalties for not all company “failures” are equal. Finance, global debt hit a record high missed payments. If failure means literally liquidating of US$233 trillion in the third quarter Managing just one source of fund- all assets, then the rate is around of 2017- and the largest chunk of this, ing is tough enough, let alone dealing 30-40%. However, if it is defined as $68 trillion, belongs to non-financial with multiple streams. Burdening your simply falling short of a projection, the companies. startup with unnecessary stress and rate is up in the 90-95% region. time-consuming accounting, when its This applies to debt, too– not all of ASSIGNING A STARTUP BUDGET focus needs to be on earning money, is a them are equal. Some are essential to DOESN’T JUST MEAN PLANNING good way to find yourself with spiraling the survival of your business, while ON HOW TO SPEND YOUR MONEY, money problems. others are a little more flexible. So, BUT ALSO HOW TO CONTROL Pulling all of your debts into one manage them better by prioritizing YOUR COSTS. consolidation loan is a great way of which are the most important, and managing them. It means turning sev- which can wait a little longer. But if debts are beginning to stack up eral repayments (all at different times Priority debts are the ones that to an unmanageable level, you need to of the month) into a single payment, will cause you serious problems if think about where you can scale back which makes it easier to keep track of they remain unpaid. These could operations. This not only means iden- your financial situation and set your include things like utility bills, rents, tifying priority debts (as above), but budget accordingly. Depending on mortgages, and taxes, or in more looking at every expense and figuring which consolidation loan you opt for – extreme cases possibly even court out what is essential and what can go secured or unsecured– the interest rate fines and bailiff action. They might or be reduced. For example, having the may be lower too, although, given the not be the largest debts, but they are latest technology might not be essential risks involved in taking on a secured the ones that you absolutely must take for most startups, in which case you loan against assets such as your house, care of first, otherwise you could be could look at moving to second-hand car, etc., it would be wise to talk to a facing penalties of anything from loss equipment, or even explore leasing, professional debt consolidation service of power, to bankruptcy, or even losing which could allow for more updated provider to discuss your options. your home. technology with a lower upfront cost. Any non-urgent debts can wait until There are always expenses you can you’ve taken care of the important cut back on. Second-hand or leased ones. These non-priorities might equipment is usually an option, and include things like bank loans, credit you can also investigate cheaper utility cards, or overdrafts, where you might alternatives, more flexible working be able to pay the minimum amount arrangements (staff working remotely required until you can afford to pay equals lower office overheads), and more. The consequences of non- reducing your service offering to a more payment with these will also be less manageable level until you can invest serious than your priorities, with small more as the business grows. And don’t fines the most likely, so this will again get yourself into worse debt by putting help take the pressure off, although extra expenses –such as advertising repeated non-payments will still lead costs– onto your credit card. to serious consequences, so consider It’s easy to let multiple debts (and this only a very short-term fix to get Keep it simple repayments) get out of control. Consoli- you out of trouble. As stated in the Small Business Sur- dating them into a single loan is a great Write a list of all your debts vival Book, “Just about every business way of managing your total debt and and highlight those where the faces difficult financial periods at some will allow you to better stick to your consequences of non-payment will be time. Despite the best of business budget. Which also relates to an impor- catastrophic for your business. Also plans, tough times can result from tant warning: avoid taking on unneces- include those debts with the highest things beyond your control.” So, debt sary loans when your startup is in its interest rates. Make these your priority is an often unavoidable part of being a fledgling phase if you’re not confident repayments and clear them as soon as startup. But developing a smart, cost- you’ll be able to pay them back in time. possible. Meanwhile, pay as little as effective business mindset will keep Take time to think very carefully about you can on the non-urgent payments you out of trouble– putting you in a which expenses are vital to the running until such time as you can spare the great position to manage your debt, and of your business, and which can wait. money to clear them too. keep your startup fighting fit.

July 2018 / ENTREPRENEUR.COM / 67 START IT UP ECOSYSTEM | WHO’S GOT VC | Q&A | STARTUP FINANCE

Kuwait Vision 2035

The opportunity for a country such as Kuwait is clear. DRIVING OPPORTUNITY There is a homegrown phenomenon of local concepts THREE RECOMMENDATIONS TO HELP SPUR ENTREPRENEURSHIP IN KUWAIT in food & beverage (F&B) and retail, often taking ad- by JARED WILLIS vantage of avid use of social media amongst Kuwaitis to promote and distribute n recent years, there has been a strong trend amongst oil-rich products and services. The innovation is not just in the nations in the Middle East to diversify their economies in order to creativity behind the busi- reduce dependence on oil and its cyclical swings. This policy is nesses, but includes finding presented in Abu Dhabi’s Vision 2030, which aims to create a secure, unique workarounds to the challenging bureaucracy open economy through sustainable diversification, as well as in and business environment Saudi Arabia’s Vision 2030, unveiled by HRH Prince Mohammed bin dominated by international I Salman in 2016. In Kuwait, Vision 2035 aims to transform Kuwait brands and large conglomerates. Kuwait’s extreme into a commercial and financial hub, and among other targets, aims to connectivity enables firms create 3,500 small businesses. The concept of diversification in this to sell and promote their context goes beyond simply increasing the number of sectors taking part products and services through innovative medi- in economic activity- it also involves fostering innovation and encouraging ums such as Instagram and entrepreneurs, small businesses, as well as foreign direct investment (FDI). WhatsApp. KUWAIT VISION © NIGEL HUNT NIGEL © VISION KUWAIT

68 / ENTREPRENEUR.COM / July 2018 Berkeley Research group other “clusters of inno- managed from home. A small A final recommendation (BRG) recently studied the vation” such as those in and coordinated investment involves implementing entrepreneurial ecosystem smaller European countries could go a long way towards protocols to create and retain in Kuwait to explore ways or Singapore, we found that encouraging visits by high- high-value and high-risk the government can better Kuwait has an opportunity spending tourists to increase entrepreneurial ventures align its support of SMEs to to be strategically focused the country’s revenue and in Kuwait. This is more the aspirations and strategic on areas of local strength– bolster the energy and complicated as not only do goals of Kuwaiti entrepre- the country’s economic investment in small busi- the business and regulatory neurs. Our study noted that vision can be accomplished nesses. environments have to keep due to the relatively high by properly capitalizing on A second way to capitalize up with global competition, purchasing power of Kuwaiti these phenomena, and align- on the homegrown F&B and but it has also become easier nationals, subsidies, and ing government support with retail phenomenon in Ku- for other countries to attract other government programs the needs and aspirations of wait would be to encourage Kuwait’s top talent through to support the private sec- local entrepreneurs. large Kuwaiti conglomerates their economies of scale. To tor, many of these F&B and One key source of income is to identify and partner with combat these issues, Kuwait retail businesses are highly Kuwait’s budding reputation SMEs to help them expand needs to better coordinate profitable in Kuwait but as an F&B and retail cluster. into regional and global its strategic efforts around their business models are Large numbers of GCC na- chains in the Middle East education and R&D in areas not duplicable elsewhere. tionals and expats could be and beyond. The possibili- it thinks it can add value. Our study also looked at attracted to visit Kuwait by ties are worth exploring as An overhaul of the entire the phenomenon of Ku- leveraging Kuwait’s existing an investment and partner- ecosystem is required, from waiti businesses that aim reputation and marketing ship of this nature would primary education to extra- for global markets from the it in target markets, as well merge the key strengths of curricular activities, from outset. Many of these find as by providing incentives. the Kuwaiti private sector. universities to scientific re- Dubai a more suitable busi- Examples of this include dis- search bodies, all supported ness environment, because counts on Kuwait Airways AN OVERHAUL OF THE by the presence of multina- of its easier (albeit more for weekend trips to Kuwait, ENTIRE ECOSYSTEM tional corporations. expensive) and more open and establishing a website The seeds of success are regulatory environment, and (e.g. www.visitKuwait.com) IS REQUIRED, FROM already in place, yet it will larger talent pool. that organizes information PRIMARY EDUCATION take strong leadership, a Our study concluded on local festivals and activi- TO EXTRACURRICULAR sense of urgency to act, an that Kuwait’s support of ties, promotes Kuwait’s tra- ACTIVITIES, FROM appetite for risk-taking, and entrepreneurs risks fail- ditional restaurants and cof- a coordinated effort for the ing to achieve the country’s fee shops, as well as pop-ups UNIVERSITIES TO current initiatives to bear ultimate economic goal of Kuwaiti retail stores that SCIENTIFIC RESEARCH fruit. Fortunately, Kuwait has of diversifying sources of may be Instagram-based and BODIES. a relatively small population, income, as many of the small and the resources are in place businesses in F&B and retail that will allow it room to ma- are not scaling up into global neuver. In a region filled with businesses. As a result, oil so much hype and cynicism, earnings remain the most Kuwait has an opportunity dominant driver of revenue to set an example of how a into the country. In addi- country can overcome the tion, many of the high value “resource curse,” and com- and scalable businesses are bine its historic reputation as relocating out of Kuwait, and a hardworking and innova- so, the country is losing out tive business community on the value, either in jobs with its natural resources to or spillover effects, created both maintain its high stand- by their innovations. ard of living, and support the Nevertheless, by draw- Kuwait Vision 2035 needs and aspirations of local ing on lessons learned from entrepreneurs.

Jared Willis serves as General Manager of Berkeley Research Group’s (BRG) Kuwait subsidiary. He has extensive experience and expertise working on and managing strategy-related engagements in the Middle East and particularly within the Gulf Cooperation Council (GCC) countries, facilitating the best approaches and methods from both the private and public sectors to solve complex business and public policy challenges. Willis is fluent in Arabic and has advised Middle Eastern governments, non-governmental organizations, and private businesses. He has managed several large projects involving teams from diverse business cultures operating around the world. He has worked with Middle Eastern businesses on marketing strategy, branding, and export opportunities to the United States. Willis has experience in public policy strategy and reform, economic and foreign policy, governance issues, entrepreneurship ecosystem development, business environment reform, healthcare, energy, construction, banking and finance, and intellectual property. www.thinkbrg.com

WakeCap team

Akanksha Goel, founder and Managing Director, Changing the game Socialize Founder Akanksha Goel on the evolution and growth of her digital media agency Socialize by PAMELLA DE LEON

or a company agile agencies, and agility is allowed us to reach millions that started out impossible in an environ- of potential customers, and as a one-woman ment constrained with hier- we believed that if we could show, Akanksha archy or predefined bureau- get our message in front of Goel, founder and cracy. Our tight selection of people- that motivational, Managing Director clients and people enabled emotional message that of Socialize, cent- us to create an ecosystem of caused people to change their ‘TREP TALK Fers the company’s like-minded individuals, that minds, that would create Akanksha Goel, founder and accolades to its team: “The came together to do great business results. Today, that Managing Director, Socialize truth is, an entrepreneur work, taking Socialize from is still true, but the platforms starts a business, but it is just a startup to becom- have changed. The message, What’s your advice to ear- the team that makes it suc- ing one of the region’s most the creative [content] is still ly-stage entrepreneurs? cessful.” In 2010, Goel recalls widely recognized independ- important- but the single “My first tip is simple: dare launching the company at ent agencies.” platform is no longer avail- to try. Only those who dare, a time when social media The company’s first-mover able for the single message. succeed and only those who was dubbed as “Web 2.0,” advantage, says Goel, was The platforms are fragment- succeed make a difference. and social networks weren’t the catalyst for their growth ed across different digital While it is comfortable to considered as marketing to being a one-stop shop and analog tools, with brands continue doing what you channels. Socialize sought to for a client’s digital market- needing to tailor their mes- have always done, the way it fill the gap in the market by ing needs. Building a strong sage for the target audience has always been done, you being an agency that “could foundation of “process- and for the platform. Finding need to have the audacity help brands connect with the driven operations” was the intersection between the to follow your dreams if you region’s increasingly digitally essential: “We’ve adopted a appropriate message and wish to lead and create. Do savvy consumer, and harness full-service-agency busi- ideal platform is key. And the not be afraid to say you do the untapped potential of the ness model and built a truly most personal platform we not know. We cannot know then-emerging social plat- integrated offering that cov- have is mobile- especially in everything and as strong as forms.” With a clear vision ers everything from planning a region that has moved to we may be at our skills, we of the solution, Goel set out and ideation, to creative and mobile at record speed and are as easily brought down “transliterating the vision technical execution, to social spends more time within by refusing to accept our into a tangible service offer- strategy and digital media social networking apps weaknesses. Surround your- ing that clients could under- buying.” With a 40-person than anywhere else in the self by people who are pas- stand.” The founder empha- strong team and a regional world. This makes the social sionate and believe in your sizes on the significance of client base including Sony, newsfeed the most valuable cause and values. It is easier choosing the right people to General Mills, Mercedes- media entity for brands, to to teach someone technical “maintain the integrity, the Benz, Bioderma, GEMS Edu- reach and engage potential skills than to teach them to purity, and thus the success cation and Singapore Tour- customers. And this social care. Listen. Information is of the Socialize value propo- ism, Socialize rose at a time newsfeed, is our playground. everywhere. Knowledge is sition,” and thus, has been when social platforms were At Socialize, we help brands power and in every piece of closely involved in recruiting being perceived as a way to leverage social platforms and knowledge, there is an op- and onboarding talent. This interact with customers, and tools to effectively reach the portunity, which could make selectiveness also extends to not as critical tools to drive right audience, with the right your (next) success. My last clients the company works business. On its strategy, message, at the right time– tip comes from Sir Richard with: “To win in a world that Goel explains, “Everything and when done right, this Branson, ‘If you don’t know is rapidly changing, due to we know in marketing today has the power to instantly how to do something, say the disruptive forces of tech- started with the introduction convert online social engage- yes and learn how to do it nology, brands need to be of radio, and then television. ment into offline business later.’ Opportunity favors nimble. Nimble brands need These were the tools that actions.” the bold.” IMAGE CREDIT SOCIALIZE | WWW.SOCIALIZEAGENCY.COM | SOCIALIZE CREDIT IMAGE

70 / ENTREPRENEUR.COM / July 2018 So, how has Socialize actually gone about doing this? Goel reveals its strategy to be something she calls “ART + SCIENCE.” “ART stands for thumb-stopping creative,” she says. “In a region where people spend so much time on mobile, a brand’s content/ message/story needs to stand out while their audience is scrolling. Our creative team specializes in creating this content that is built for the mobile newsfeed. SCIENCE stands for innovative media, harnessing the power of real-time social data to target audiences with military precision, allowing our personalized messages to be seen by the right people, at scale– driving measurable business growth for clients.” An example of Socialize’s modus operandi can be seen in a recent project it did for a client. For Mercedes-Benz Cars Middle East, Social- “OUR TIGHT SELECTION use of a messaging app like brand under Goel’s leader- ize created an automotive [...] ENABLED US TO Messenger for this project. ship, while leveraging We Are bilingual chatbot called Using AI and natural lan- Social’s global infrastruc- Kamal that “brought the car CREATE AN ECOSYSTEM OF guage processing, customers ture and agency ecosystem. showroom directly” to the LIKE-MINDED INDIVIDUALS, were able to make use of the Though the company has Messenger app. Their target THAT CAME TOGETHER chatbot to virtually explore been approached for acquisi- was the younger consumer TO DO GREAT WORK, the full range available from tions or partnerships over who’d rather scroll through TAKING SOCIALIZE FROM the automaker, and get model the years, Goel noted that a newsfeed than through a JUST A STARTUP TO recommendations based they had sought for a fit that showroom, while also placing BECOMING ONE OF THE on habits, among others, to would “complement our a high importance on speed get real-time personalized vision, escalate our brand, and convenience of com- REGION’S MOST WIDELY engagement. and provide growth oppor- munication- which is why RECOGNIZED INDEPENDENT And what Socialize has tunities, while also valuing Socialize decided on making AGENCIES.” been doing has caught global Socialize’s unique strengths interest too. We Are So- and culture.” It was impor- Socialize cial, the global socially-led tant for the team to bring on office creative agency, announced a partner that would help in June 2018 that it had them scale, and not someone acquired a “majority stake” who would “rescue” them. in Socialize. The acquisition Key criteria, says Goel, was would extend We Are Social’s finding a partner that would reach to the MENA market, “give us the freedom to con- adding to its 11 offices across tinue being Socialize,” and nine countries, while also We Are Social’s leadership increasing its employee count team was someone they’d to over 700. As of writing, share similar passion and vi- the transaction is subject sion for the future with. to regulatory approval from One’s leadership prowess is relevant UAE authorities. exemplified by the quali- Socialize would continue to ties one tries to live by, and operate as an independent when asked about the kind >>>

of qualities that have led “WE’VE ADOPTED A great leader of an organiza- picture and the importance to where she is today, Goel FULL-SERVICE-AGENCY tion too. “The transition from that they personally play in lists three main ones. First, entrepreneurship to leader- the achievement of this tar- having a constant desire to BUSINESS MODEL AND ship is never an easy one, get.” No detail should be left know more. As someone who BUILT A TRULY INTEGRATED as one needs to transit from unnoticed, says Goel, as even loved to study and research OFFERING THAT COVERS being passionate about doing the most menial of tasks con- how tech changes consum- EVERYTHING FROM only one thing and doing it tributes to the success or loss ers’ lives, Goel says she’s also PLANNING AND IDEATION, well, to being able to manage of a campaign. She also says compelled as to how compa- everything, and still doing that her other principle is to nies and brands respond and TO CREATIVE AND that one thing, which defined “never let evolution slow us react to such changes. Next TECHNICAL EXECUTION, you as an entrepreneur in the down.” With the changes in is having attention to detail, TO SOCIAL STRATEGY AND first place, well.” She regards the industry, Goel says, “As which Goel says, drives DIGITAL MEDIA BUYING.” being a great leader as know- we grow, we need to maintain her and her team forward ing one’s strengths, having our agility. So, I regularly as their business involves a good listener is essential, the humility to acknowledge encourage my team to think building brands. “It takes says Goel, as it’s important to one’s weaknesses, and finding on their feet and make deci- years to build trust, and one have an open mind to listen the right people to comple- sions quickly. Being able to careless logo placement to to her team, clients and ment you in your moments of pivot on a dime is a quality shatter it,” she says. “I am a mentors. “I’d say that half of weakness. Another vital trait that wins games and evolves strong believer that the key what I know today, I learnt Goel emphasizes on is empa- business strategies.” to success is in the details, on the job, and the other half, thy: “Our business is based in these little things, and it I’ve learnt by listening to on fulfilling an existing need, is important, when laying others. Having the humility or solving a client’s problem. AKANKSHA GOEL’S out the broad strokes, to to constantly listen and seek It’s impossible to identify a FIVE STEP PLAN pay attention to these little advice allows you to benefit need or a problem without TO BEING SUCCESSFUL details. History is full of the most, after all, ‘You don’t the ability to put oneself in IN YOUR INDUSTRY stories where a single detail know, what you don’t know.’” in another person’s shoes; be has changed the destiny Taking in her years of doing it client or employees.” And 1. OBSERVE of millions, and in today’s business in the UAE, Goel her mantra to leading her Everything you need to know digital world, we remain also notes the range of fac- teams and achieving targets? is already out there and never conscious that it all comes tors, which contributed to Goel believes that the key before have we had such down to the smallest pixel in molding her to not just being is for every team member easy access to information. the end.” And finally, being an entrepreneur, but being a to “understand the bigger 2. PLAN It is important to have a plan, but equally important to Socialize know sufficient planning is team enough planning.

3. LEAP Innovation is what happens outside of your comfort zone. Take the first step and trust yourr team/agency to be able to learn and improve along the way.

4. IMPROVE Test and iterate constantly. Accept data with an open mind, even if it means going back to the drawing board.

5. REPEAT Innovation is a virtuous circle. You are never finished- you’re just at the start of something else.

72 / ENTREPRENEUR.COM / July 2018 Why Study at GMU? • Internationally Recognized Curriculum • Innovative teaching learning methods • Joint program with International UNDERGRADUATE PROGRAMS Universities • Clinical Training at Thumbay Academic • Bachelor of Medicine and Bachelor of Surgery Health Care Centers • Bachelor of Biomedical Sciences • International Elective Training programs • Associate Degree in Pre-Clinical Sciences • Prospects for employment within the group • International Alumni Network • Doctor of Dental Medicine • Diverse culture of students and faculty • Doctor of Pharmacy • Bachelor of Physiotherapy • Bachelor of Science – Medical Laboratory Sciences • Bachelor of Science – Medical Imaging Sciences • Bachelor of Health Science in Anesthesia and Surgical Technology • Bachelor of Science in Nursing

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+971 6 7431333, +971 6 7030691 - 96 [email protected] www.gmu.ac.ae START IT UP ECOSYSTEM | WHO’S GOT VC | Q&A | STARTUP FINANCE

region, with customers in Bahrain, UAE, Kuwait, and Saudi Arabia, among others. Eat also claims to have paying customers based outside the “WE GOT FUNDED!” region, from over 35 countries globally, and reports to have “seated more than 3.5 million Bahrain-born food tech enterprise Eat, UAE-based insurtech platform Aqeed.com, customers to date, generat- and Egypt’s online couture rental startup La Reina reveal the details behind their ing over $250 million worth latest fundraising rounds by SINDHU HARIHARAN and PAMELLA DE LEON of orders for restaurants in mainly two countries so far- Bahrain and UAE.” On the supply side, Eat says it has EAT that MEVP’s expertise in ervation at a restaurant, Eat is grown its restaurant base four www.eatapp.co SaaS, scheduling software, a result of the entrepreneur’s times over the last 12 months, and restaurant technology efforts at finding a better way and monthly revenues by Eat, a Bahrain-born regional can aid them in scaling the to do the same. “Reservations over 250%. “Currently, our restaurant reservations plat- platform. From an investor over the phone are time- business model includes form, has raised an undis- perspective, Walid Mansour, consuming and frustrating; selling our SaaS product, and closed amount of investment Partner and Chief Investment if I can book an Uber or making a commission on each led by VC firm Middle East Officer, MEVP, believes Eat reserve a hotel room online, actualized online reservation,” Venture Partners (MEVP). offers a strong product and why can’t I do the same for Kadhem notes. Existing investors Tenmou, is backed by a model that is restaurants,” asks Kadhem. Elaborating on the fundrais- Pinnacle, and 500 Startups “sustainable and valuable Launched in 2014, Eat now ing process and the team’s also took part in this round, in the medium/long run.” covers the entire MENA takeaways from it, Kadhem and with this, the total funds He considers the startup “a says that the process is (not raised by Eat are now at true success story out of the “EAT IS WELL POISED surprisingly) a “long and US$3.4 million. “MEVP’s Bahraini entrepreneurship TO BECOME THE tedious” one, and the time investment [the current ecosystem,” and notes: “Eat from the initial contact to round] will help us accelerate is well poised to become LEADING PROVIDER having the funds in the bank our growth, and expanding the leading provider of tech OF TECH SOLUTIONS can take up to six months, our offering across the Middle solutions to F&B players TO F&B PLAYERS and often longer. “Therefore, East, as well as scale our team across the MENA- beyond ACROSS THE MENA- we have made it a point to size and product portfolio,” its current core markets, and BEYOND ITS CURRENT maintain relationships and says Nezar Kadhem, founder beyond table management.” open communication with all and CEO, Eat. Besides helping Following Kadhem’s own CORE MARKETS, major VC funds in the region Eat accelerate its growth, tedious experience in early AND BEYOND TABLE before any fundraising takes the entrepreneur believes 2013 in trying to make a res- MANAGEMENT.” place,” he says. “We typically send a report every quarter to every major VC, updating them on Eat’s progress and achievements. That way, when the business becomes the right fit for the VCs, they typically reach out to us, which was the case with MEVP.” As for the negotiation skills that entrepreneurs need to work on to close a deal on favorable terms, the founder is emphatic that it all depends on leverage. “It really helps when more than one VC is involved, as this allows for counter offers. Also, cash in the bank is leverage, allowing you to extend the negotiation process, or decline the offer

Eat team IMAGE CREDIT EAT CREDIT IMAGE

74 / ENTREPRENEUR.COM / July 2018 Nezar Kadhem, founder and CEO, Eat acquire users online,” notes Kadhem. “Restaurants plug into us, and we activate online reservations for them across a multitude of the largest B2C channels, including TripAdvisor, Google, and Time Out… No one else is doing this.” He adds that their “robust table management system and consumer facing app” is also a plus, and so is their availability and brand recall globally. “We have Eat’s restaurant manager product paying restaurants in major markets like Australia, USA, and UK, but also in smaller and search for a new VC, all “RESTAURANTS PLUG geographies like Malta, Guam ‘TREP TALK while continuing to run the INTO US, AND WE and Ibiza,” he says. Given its Nezar Kadhem, business. Having no money ACTIVATE ONLINE food tech focus, I can’t help founder and CEO, Eat means there is immense pres- RESERVATIONS FOR THEM but ask Kadhem if we’d soon sure to just accept the offer ACROSS A MULTITUDE see Eat make an entrance in a What are your three top tips due to urgency,” he explains. OF THE LARGEST B2C related vertical- food delivery, for the region’s startups to A tactical decision-making CHANNELS, INCLUDING where it’d have to compete secure investments for their sense is another positive that TRIPADVISOR, GOOGLE, with the likes of Deliveroo and ventures? seems to have worked to Eat’s AND TIME OUT… NO ONE Uber Eats. He replies, “At this advantage right from its early ELSE IS DOING THIS.” stage, it makes more sense for 1. Get traction. “Before you days- in fact, as early as the us to focus on our vertical and even begin thinking about pitch- time of its launch. “Dubai has moving to Dubai eight months keep building on our offering ing, grow your business. Get the highest number of fine later, Eat was also able to to become more rooted at the some traction in the industry, dining restaurants, compared project its market leadership restaurant level. It will be and focus on creating a product to all other GCC countries,” in Bahrain as a selling point to easier to enable online deliv- or service people want.” Kadhem explains. “As a result, restaurants “that previously ery, as well as other verticals restaurants receive cold calls would have refused to speak such as automated marketing, 2. Become a part of the all day, and have been become to an unknown startup.” loyalty, etc. at a future stage ecosystem. “We understand extremely selective and While its fundraising strate- once we’ve completed the running a startup is difficult, but unforgiving; a less than stel- gies seemed to have worked ecosystem part.” it’s incredibly important to make lar product will find it very in the startup’s favor, Eat is In line with this thought the time to attend conferences. difficult to get a meeting. As now working on its vision for process, the company’s short- It helps to show up and make a young startup, we knew we its extended growth. “We’re term goals are to develop your presence in the ecosystem needed a user base that was positioning Eat to become a the product, and grow the known. We make it a point to more forgiving; a core group platform for restaurants to team that would help them attend regional conferences such that allowed us to test our expand- especially in other as STEP, GITEX, etc., whenever technology, and that would GCC countries. Having said we can. Over time, you start give us crucial feedback. that, the company also claims to see the same faces, and the So, we decided to launch in to have something “exciting” industry starts to feel more another market, just an hour in store for their users in the familiar.” flight from Dubai, but far medium-term. “We’ve been away from competitors. We working on eat0x- the world’s 3. Share your updates with launched in Bahrain. It had first blockchain product in relevant stakeholders. “It’s almost 20% of the number of Ahmed Wadi, the food tech space,” Kadhem okay, and even encouraged, restaurants in Dubai, but it founder and CEO, says. “eat0x will address to be transparent about your was perfect; we could launch Moneyfellows major challenges in our space, results. Whether you do this on uninterrupted and work our including payments and filling the web through an official blog way to a solid product. That seats when restaurants need post, or by sending quarterly strategy worked; we managed it the most.” We’ll have to reports to some of the biggest to acquire 92% of the fine- wait and watch to see how investors in your industry, it’s dining market, including the Walid Mansour, Partner and this plays out though- keep great to let people know what Four Seasons Hotel.” Then, Chief Investment Officer, MEVP your eyes on Eat! >>> you are up to.”

July 2018 / ENTREPRENEUR.COM / 75 START IT UP ECOSYSTEM | WHO’S GOT VC | Q&A | STARTUP FINANCE

Left to right: much more than just funds to Aqeed Chief Product Aqeed. “Insurance companies ‘TREP TALK Officer Hadi Radwan and Hadi Radwan, Chief Product CEO Rachid Abi Nader and customers would like to work with companies that po- Officer, Aqeed.com tentially will still exist in the coming few months,” Abi Nad- What are your three top er says. “The same applies to tips for the region’s start- our teams- they want to work ups to secure investments in a startup environment full for their ventures? of new challenges, however, they want sustainability and 1. Validate your business. security at the same time.” “Make sure you have nailed the product-market fit before “INSURANCE IS ONE OF asking for money. I have seen THOSE INDUSTRIES BEING a lot of entrepreneurs pitch for DISRUPTED GLOBALLY. IT funding before proving that AQEED the current perception of the IS BEING REVOLUTIONIZED their idea solves a real prob- www.aqeed.com industry as being “complex,” THANKS TO NEW lem. More importantly, vali- he says Aqeed was built to TECHNOLOGIES ALLOWING date your idea before seeking Having the “DNA of a startup, accelerate the digital trans- THE REINVENTION AND investment. A cool technology and the strength and stability formation of the conventional DIGITIZATION OF THE alone will not cut it.” of a corporation,” sure sounds sector in the region, and align BUSINESS. HOWEVER, like something every fledgling it with global trends. Being INSURANCE IN THE MIDDLE 2. Be transparent with your venture out there would envy, focused on consolidating their EAST IS STILL LAGGING prospective backers. “Tell and Aqeed.com, a new UAE- presence in the UAE, as well BEHIND.” your investors how you will be based insurtech platform, as entering Saudi Arabia and using their money and what is claims to be blessed with such other Middle East markets, Sharing a few key takeaways your expected cash runaway. a structure. Aqeed, a technol- CEO Abi Nader says, “We are from their experience in It is crucial that you are very ogy company focused on help- also in the process of hiring launching Aqeed, Radwan transparent and candid with ing consumers understand, the right talents, and invest- says that raising money “can the investors. They hate being manage, and buy insurance ing in the latest insurance be an intimidating process” taken by surprise.” on their platform, is founded technology… Our objective that needs to be managed by the shareholders behind is to go beyond the tradi- well. “It is critical that you ar- 3. Nail your demo. “While international reinsurance tional and online distribution ticulate to investors what pain fancy graphics on a pitch deck corporation Barents Re, and model, and invest heavily in point you are solving, how you is nice, there is nothing more Equitrust, a group company of bringing the latest insurtech are solving it differently than powerful than a product in MENA’s media and advertis- innovation- from artificial what already exists in the action. Investors have seen ing enterprise Choueiri Group. intelligence, machine learn- market. More importantly, in- plenty of pitches with a lot of Launched in April 2018, raising, internet of things (IoT), vestors have to be convinced standardized presentations. ing an investment of US$18 telematics, as well as business that the return on their in- Be different!” million in funding from their process enhancement and vestment is a substantial mul- founders, Aqeed’s manage- automation.” tiple to compensate for their ment is led by experienced With regard to the monetary opportunity cost,” he says. before committing any money industry hands including CEO boost for the startup right at “Our shareholders were very to the project.” From the in- Rachid Abi Nader (previously its inception, Radwan and Abi conscious about having the vestor’s point of view, Patrick a Lead Consulting Director, Nader say they are fortunate business case nailed to per- Thiriet, Chief Strategy Officer, Insurance, Middle East at to have two tier-one corporate fection. That is why we had to Choueiri Group says the com- PwC), and Chief Product Of- shareholders who are bringing build a fully working platform pany is “delighted” to partner ficer Hadi Radwan, formerly head of M&A with a leading insurance group in Dubai. “Insurance is one of those industries being disrupted globally,” Radwan says. “It is being revolutionized thanks to new technologies allowing the reinvention and digitization of the business. However, insurance in the Middle East is still lagging behind.” Referring to IMAGE CREDIT AQEED CREDIT IMAGE

76 / ENTREPRENEUR.COM / July 2018 with Aqeed in their endeavor ance products to the portfolio to ease the life of MENA soon. “The typical MENA consumers. “Our capacity to customer expects to be well reach out to those consumers informed about the options in the region is certain to be available to them, pay the an asset, as they gain traction right price, and be properly with their unique offering,” taken care of when they have he adds. a claim,” says Radwan. And Having kicked off with with Aqeed’s emphasis on motor insurance, Aqeed al- showcasing its “key pillars of Members of the Aqeed team lows customers to buy and simplicity, transparency, and compare car insurance in a process further. Customers panies, view how much they accessibility” in the region’s matter of minutes on their can make use of a dashboard are paying, and get notified of insurance space, addressing platform, and at the time of that’ll allow them to access their upcoming renewal dates. these needs figures high on writing, a mobile app is also documents and policies in The team is also planning to the startup’s agenda. Good in the works to facilitate the force, contact insurance com- add home and travel insur- times ahead!

LA REINA the problem. The company’s With respect to the investors www.lareinagowns.com USP, Diab says, is its distinc- they got on board for La tive offering in Egypt- in the Reina, the founders have Founded in 2016 by Ghada past two years, according to known 500 Startups since El-Tanawy and Amr Diab, El-Tanawy, La Reina counts 2016, with the startup having La Reina, an online platform having 250 clients and 80 benefited from its expertise for couture rental, has raised brides, with the dress own- on digital strategy and US$1 million in a Series A ers themselves collecting marketing. As for Algebra funding round led by venture $3.5 million. “Now that the Ventures, El-Tanawy noted capital fund Algebra Ventures concept itself is gaining mo- that the initial meeting and global investors 500 mentum, our USP is in how itself made it clear that the Startups. The Egypt-based systematically we operate,” two entities shared similar couture rental platform al- Diab says. “Our process se- visions. “We consider them lows women to rent their cures the safety of each dress more of partners rather than THE INVESTOR’S VIEW evening and bridal gowns, through standard paperwork investors,” he notes. With Ziad Mokhtar, Managing wherein its business model and insurance. On the other the newly acquired capital, Partner, Algebra Ventures is based on partnership with hand, our USP in comparison the founders intend to utilize clients, working hand in hand to new competitors is in the it on finding talent, with a Why did Algebra Ventures with dress owners, as the diversity and volume of our long-term outlook on being decide to get on board as startup receives a rate upon inventory.” a player in the local fashion investors for La Reina? consignment. El-Tanawy had industry. As for their future “When a tech startup is taking the idea for the enterprise “WE AIM TO BECOME plans, Diab says, “When you steps to transform an industry after facing difficulties in THE BIGGEST FASHION think online fashion in Egypt, as big as fashion, this attracts finding the right designer CLOSET IN EGYPT La Reina should become the our attention. This is happen- dress for her budget at her THROUGH REACHING THE answer. We continuously ing because La Reina offers own wedding, and sought to THRESHOLD OF 5,000 work towards the day a 10x improvement in what develop a digital solution for ITEMS BY NEXT JANUARY.” when renting becomes a someone can wear for any spe- daily choice for millions of cific amount of money. When Egyptian women.” El-Tanawy such a startup is also led by Amr Diab, Ghada El-Tanawy, founder, founder, adds, “We aim to become founders, like Ghada and Amr, La Reina La Reina the biggest fashion closet in who are visionary, smart, and Egypt through reaching the resourceful, we get excited. threshold of 5,000 items by Fashion is sizable, it is a next January. This would not multi-billion dollar industry. only mean a revenue worth Shifting consumption behavior of EGP8 million for the dress from owning to sharing can owners; but also, a humble turn around the whole industry. boost for the local economy, Being early-stage investors, and a starting point for an we aim to realize substantial underrated business model.” returns on a successful exit.” IMAGE CREDIT LA REINA LA CREDIT IMAGE

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Off the beaten path Dawaami founder and CEO Kamal Al-Samarrai is all set to wage war Kamal against industry incumbents with his new online platform that aims Al-Samarrai, founder and by TAMARA PUPIC to disrupt the recruitment sector CEO, Dawaami

rustration is a risky meaning that in a week, we catering to medium-sized state to be in, es- would send you interviewed enterprises that employ 50 to “WE NOT ONLY GIVE pecially if you are candidates specifically for 100 people, and appreciated a YOU A CANDIDATE, an entrepreneur. To the role you need, and not personalized approach in re- BUT WE HAVE Kamal Al-Samarrai, a just people from a database. cruitment. He describes them GUARANTEE PERIODS Dubai-based banker- The problem with traditional as businesses “where the CEO FOR THEM. AND THAT turned-entrepreneur, it recruitment in this part of is easily accessible, the HR Fhas served as inspiration to the world is that, firstly, a can speak directly to the CEO, IS WHAT BIG GROUPS overcome limitations of the lot of the big, international they know what they are look- HERE STILL DON’T global recruitment industry groups have contracts with ing for, and they don’t mind UNDERSTAND ABOUT by launching Dawaami, an big, international recruiters paying that small recruitment RECRUITMENT.” online marketplace disrupting from abroad. Secondly, local fee to get the right person.” the sector. companies that own 90% of Recruiters and executive recruitment business is doing But, in doing so, he aims to the rest of the business have search firms usually get paid a okay only because of the rela- first put one entrepreneur out massive recruitment teams fee of the candidate’s annual tionships I’ve built,” he says. of business- himself. internally, because they hire a starting remuneration, which “The people who work for me In 2012, Al-Samarrai lot across the board. Thirdly, ranges from 5% to 35%, have built their relationships launched Dawaam, a Dubai- those small companies that and is billed on the first day with certain clients that con- based specialized recruitment you can go after source Asian of employment. In difficult tinue to give us roles, because agency, out of his living room, recruitment teams that will times, however, it is a burden they trust us. We’ve been and self-funded and grew it charge much less than 15% for smaller companies looking here for five years, we know to employ 12 people and fill of the annual salary. So, if for ways of cutting cost. For the market well, we know the around 160 roles for 87 differ- they have one sales guy here, that reason, the impact of the right people. We not only give ent clients per each of its peak and the whole recruitment slower market conditions on you a candidate, but we have years- 2014 and 2015. With team in India, they can charge Al Samarrai’s business has guarantee periods for them. 12 years of banking experience 5% or one-month salary. been evident over the last And that is what big groups behind him, including stints That was killing our mar- two years- the client list has here still don’t understand at Merrill Lynch in London gins.” However, Al-Samarrai reduced dramatically to just about recruitment. They sign and Abraaj Capital and Al Mal managed to find a niche in 37 names. “My traditional up lots of recruitment firms, Capital in Dubai, it wasn’t an arduous task. “In 2012, my idea was that since Dubai had started to move up again, it would need more staff,” he remembers. “I had banking experience, and I knew a lot of people, so I decided to start a recruitment company. Business was much easier at that time. I remember that we were sending CVs out, people were hiring, and the business grew really well until about the end of 2016. Our USP was the so-called Dawaam promise –a one-week promise– WWW.DAWAAMI.COM

78 / ENTREPRENEUR.COM / July 2018 and when they get a job, “WE DON’T PAY THE RECRUITER STRAIGHTAWAY, ‘TREP TALK they send it to all of them. DAWAAMI FOUNDER AND Everyone ends up chasing the BUT WE HOLD IT FOR 60 DAYS FOR OUR 100% CEO KAMAL AL-SAMARRAI’S same people. We are small, MONEY BACK GUARANTEE.” TIPS FOR ENTREPRENEURS personalized, and we want to grow, but we need the support sign terms of business with escrow. So, we don’t pay the 1. Be mindful of who you do of the groups here. If those companies, which takes too recruiter straightaway, but business with big groups work only with big much time and effort. Then, I we hold it for 60 days for our “Contracts are often not recruitment players, then the know that there are roles that 100% money back guarantee. respected here, so make sure middle market doesn’t work. I can fill, but I cannot reach On the 61st day, we pay 50% to know your clients before For all those reasons, my cli- them because I don’t have to the recruiter, and on the you do business with them. ent list hasn’t changed over terms of business with them 91st day, we pay the other Notice how they do business the last year at least. And that at that very moment. Lastly, 50%. So, the hiring company with you, how quickly they sign is the reason why I started my fee is fixed regardless is protected for 90 days which a contract, whether they come my new business, and why I of the time and effort that is better than most guarantee to see you, and so on. All of am really excited about it. I particular job opening might periods that you have. For those can be warning signs. want to disrupt my current require.” recruiters, it’s the other way The more warnings signs add business model, because it’s He continues, “When around- I can work with any up, the more you want to avoid old and archaic. Dawaami will I realized all these three company I want that posts on the client.” be the largest recruitment points, I started to think there, and for the fee that I company that doesn’t have how to change this indus- want. Those are the struggles 2. Take care of your finances any recruiters.” try. So, I thought, what if I that I’ve had as a recruiter. “Avoid taking loans from banks. This irritable situation has could design a platform that As a recruiter, if I could go I would have closed my doors given rise to Al Samarrai’s both a hiring company and a on a platform where there long time ago had I been in mission to lower the time recruiter agree to sign up to, are enough clients giving me debt to a bank. The pressure and the cost of recruitment. and they are governed by the roles, without the limitations that amounts on you is huge, Launched in May 2018, principles of the site? A hir- of the contracts that I have just to pay your staff, let alone Dawaami is an online marketing company places a job on and the geography I operate paying a bank on top of it.” place that connects recruiters the site, posts it for free and in, I could do it all day and and hiring companies globally. anonymously, and recruit- night. If I could access job 3. Get the best people It not only cuts out the mid- ers start to bid on that job, openings globally, I wouldn’t around you dleman, but it also embeds a depending on how much they stop. It is about not being “Loyalty is very important, and bidding system that enables want to bid for- a percent- limited by constraints of a I look for that in people that I the two parties to conduct age of the annual salary, or a traditional business, like any have around, because times will real-time auctions, setting fixed fee. Also, they can bid recruiter is right now.” get bad, and you need people the terms of each interaction on the jobs that they think When it comes to revenue who will stick around while you as per their own preferences. they can do, allowing them to generation, and consequently are going through that. I’ve lost “Throughout my six years in specialize for certain roles. A profit, Dawaami charges a some good people over time, recruitment, I have started hiring company can pick and percentage of the recruit- because I couldn’t afford to to understand the faults in choose up to five recruiters ment fee. The business model keep them. But it is important recruitment, from my own work with on any one role. seems to be too simple to be how they leave- they should do perspective, and from the It makes recruiters to work overlooked by major recruit- it with honesty and openness. perspective of HR manag- for them more efficiently, ment players, which is a People forget how much a busi- ers,” Al-Samarrai explains. because they can pick the question Al-Samarrai gets ness means to an entrepreneur, “Firstly, HR managers have exact specialization that they asked a lot. “People ask me and how hurtful it is when to sign terms of business, need. So, if you sit in London why LinkedIn isn’t doing someone they trust and is key which takes time and effort. and want to open an office it,” he says. “It’s a database to them leaves them.” Secondly, you are stuck in Dubai, but you don’t have that connects people, we are with the same fee with that any recruiters here, you can not. LinkedIn would have to recruiter, no matter what you hire them via our platform change their business model last year, Hays was at around look for, a driver or a CEO. without signing terms of busi- from B2C to B2B. We are a $7.2 billion. So, why would Thirdly, when an HR manager ness, and you can pick and very niche B2B marketplace they change it? What incen- has a job opening and goes to choose a fee that you want. that connects HR managers tive do they have?” But Al- a recruitment company, you It’s important to say that the to recruiters. Also, this is a Samarrai has that spark the don’t know who will be the HR manager is still protected US$350 billion industry glob- incumbents miss, and that recruiter actually working on by the system. When a hiring ally, it’s a huge market that is is how we end our interview. it. All those three things are a company hires someone, we controlled by a few who don’t “Dawaam has been a means problem. On the other hand, invoice the hiring company, want to change it. Adecco to an end, Dawaami is a pas- as a recruiter, I also have to but we hold the money in made $22.7 billion in revenue sion,” he concludes.

July 2018 / ENTREPRENEUR.COM / 79 START IT UP ECOSYSTEM | WHO’S GOT VC | Q&A | STARTUP FINANCE

Left to right: WakeCap co-founders patent pending,” Albalawi Rami Nassouh, Software says. “In the future, we plan Engineer, Roy Gilsing, Industrial designer, to roll out more productiv- Rene Wassenburg, ity features, such as track- Electronic Engineer, ing tags for equipment and and Hassan Albalawi, machinery on construction founder and CEO sites, where the dynamic environment demands real- time knowledge of all the moving parts.” Launched in August 2017, the startup is currently finalizing the development of their product in the form of a pilot with Consolidated Construction Contractors (CCC), one of the largest construction players in the Middle East. “Our pilot with CCC is taking place on the Opera Grand Tower Project, a 70-storey building in Dubai, where the management will be able to achieve total worksite visibility over their 400 workers, improve communi- Safety is productivity cation and injury response times, as well as reduce time Dubai-based tech startup WakeCap aims to disrupt the construction industry spent on collecting data on by focusing on the wellbeing of the workers actually on a project site worker attendance, location and project progress,” by SINDHU HARIHARAN Albalawi says. By focusing on fine-tuning its product and securing new projects rom drones to solutions that often need aims to connect and stream- where the technology can be 3D printers to upfront investment, though line tools, equipment, and deployed, the company aims augmented reality, their benefits are spread out workers at the job site. to “start generating revenue there’s no dearth long-term. Started as a response to a as of early 2019.” of technologies “We noticed that construc- near-death incident faced Speaking of goals, one look impacting the tion is still running on the by its founder Albalawi -an at the core team’s skills, and way traditional same foundations as it was incident that inspired him their respective contribu- Findustries function, and even a 100 years ago, and it’s to find a way to detect the tions to the business, and though most of these may getting worse,” says Hassan drowsiness levels of onsite you’d believe WakeCap is sound as fads or luxuries, Albalawi, founder and CEO laborers- WakeCap’s mission well-equipped to meet their there’s no denying that the of WakeCap Technologies, is to empower the construc- business goals. The techni- world at large (including the explaining the origin of his tion worker with technology. cal mind behind the product, MENA region) is closer than Dubai-based construction To achieve this, WakeCap Albalawi, is supported in it has ever been to imple- tech startup. “We have a makes use of mesh network development by three senior menting such solutions. global productivity problem technology, which works in software, electrical, and However, if you take the on our hands, and much of it combination with integrated industrial engineers, Rami construction sector -pretty is due to the slow, outdated sensors attached to the Nassouh, Rene Wassenburg, much the lifeline of the GCC information sharing, and construction helmets. These and Roy Gisling- all of whom economy- it’d be safe to say the reliance on inefficient sensors are able to extract collaborated to win the third that it is perhaps quite be- manual processes on site.” data that pertain to the place in the Stars of Science hind its peers when it comes WakeCap believes that labor safety and productivity of competition television show- to embracing and deploying is the largest (and also the the workers, which include well-equipped, for a helmet smart technologies, with least understood) compo- attendance, live-location, that was able to detect the industry not being very nent in the construction and common accidents. drowsiness levels of the peo- welcoming of new digital world, and the enterprise “Our technology is currently ple wearing them. Further, IMAGE CREDIT WAKECAP | WWW.WAKECAP.COM | WAKECAP CREDIT IMAGE

80 / ENTREPRENEUR.COM / July 2018 Badis Glaied, the business development professional, helped Albalawi work out the early stages of the market analysis, business development, and investor relations tasks, and the entrepreneur, through the region’s ecosystem platforms and activities, also met co-founder Ishita Sood, who’s been integral in establishing the company’s operations in Dubai, closing investments, and working on the pilot as well. “Currently, our team has nine members, all based in Dubai, except our three senior engineers, who are working remotely lawi. “WakeCap transmits be wrong. “Workers receive from the Netherlands and real-time count and loca- automatic alerts when enter- Lebanon,” says Albalawi. He tion of all workers on-site ing pre-defined danger zones notes that in this early stage, without having to spend or unauthorized worksite having a small team proves valuable time doing visual areas, while management to be quite beneficial to the checks. WakeCap sensors receives a phone notifica- fledgling venture, since they detect whether a worker is tion of this event, along WakeCap are able to have an “active being inactive and provides with the name and zone of helmet and direct communication real-time, accurate, and the worker,” explains the with each other, [and able automated data collection on entrepreneur. “Addition- to] see the impact of your the number of construction ally, WakeCap streamlines to be; moreover, accord- work in the company.” workers deployed for specific evacuation of workers by ing to a study conducted In a region (and specifi- work activities.” If you think activating the simultaneous by Deloitte, workers are cally in the UAE, as a nation) that it’s just the bosses that alarms on their WakeCap reluctant to wear an ad- that is characterized by a benefit from WakeCap, you’d hard hats no matter where ditional piece of equipment skyline dotted with numer- they are located on the site… [to tackle safety],” notes the ous construction works “WORKERS RECEIVE Through the data collected, entrepreneur, explaining why in progress, the WakeCap AUTOMATIC ALERTS WHEN we can quantify productivity they put in that additional solution could well be a big ENTERING PRE-DEFINED and improve safety to deliver effort in integrating their boon by enabling automation DANGER ZONES OR projects on time and under technology into workers’ and digitization of a number UNAUTHORIZED WORKSITE cost.” helmets. However, in terms of tasks. “Firstly, attendance As for the impact that the of a measurable market, the is automated by detecting AREAS, WHILE MANAGEMENT enterprise hopes to have on entrepreneur admits that every time a worker enters RECEIVES A PHONE the industry as a whole, the industrial IoT wearables in the worksite or leaves it, NOTIFICATION OF THIS EVENT, team is keen on altering the construction is an area that thereby ending long check- ALONG WITH THE NAME AND status quo of the state of does not have a known or in/out queues,” says Alba- ZONE OF THE WORKER.” productivity in the sector. calculable size via publicly “Construction’s poor pro- available data. “Using a bot- ductivity leads to 98% of the tom up approach of 542,000 construction projects incur- construction workers and 30 ring cost overruns or delays, million square meters of to- due to the lack of connectiv- tal project area in Dubai, we ity, slow information shar- estimate the serviceable GCC ing, and a lack of automation market to reach a number of on site,” notes Albalawi. US$1.4 billion, that includes Further, making the spaces only Dubai, KSA, Oman, more safer for workers is also Kuwait, Bahrain, and others,” on the top of the enterprise’s says the founder. WakeCap’s agenda. “Most accidents product and services are of- occur because a worker was fered on a weekly, monthly or not where he was supposed annually subscription basis. >>> WakeCap co-founder Ishita Sood pitching at 1776 Challenge Cup

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WakeCup team startups, and that has been ally causing their rejection our biggest challenge yet,” he by field personnel.” Stating says. “With regards to this that WakeCap has taken all aspect, investors are mostly of these considerations into worried about the problems account, Albalawi makes a that frequently arise when declaration that may well put mass producing hardware, the product and its benefits which could ultimately cause into context for you. “We aim a startup to fail.” But to allay to disrupt the construction any such concerns from the industry, without disrupting investors’ side, the team is the construction work,” says also in talks with helmet the entrepreneur. manufacturers to manufac- ture and manage the supply chain of helmets. Another ‘TREP TALK challenge that the startup Ishita Sood, co-founder and foresees and is working to COO, WakeCap “We would charge a one- “WE PLAN TO ROLL OUT counter, is the reluctance time fee for the helmets and MORE PRODUCTIVITY on the part of construction What’s your take on then a subscription fee based FEATURES, SUCH AS companies to take a bet on MENA’s current entrepre- on the number of workers, TRACKING TAGS FOR new technologies. “One of neurship ecosystem? the construction site, and the EQUIPMENT AND MACHINERY our objectives for our pilot is “More and more startups are desired features,” he adds. to quantify labor productiv- emerging from the MENA The startup’s objective ON CONSTRUCTION SITES, ity and safety, which we be- region. Everyone is trying to to disrupt the convetional WHERE THE DYNAMIC lieve when shown how much do something new and dif- industry is also slowly but ENVIRONMENT DEMANDS a construction company can ferent. The entrepreneurship surely being recognized by REAL-TIME KNOWLEDGE OF save by using our technology ecosystem is definitely rising, global and regional play- ALL THE MOVING PARTS.” will help us penetrate the and I feel the support system ers. An endorsement for market,” says Albalawi. Find- is very strong too, in terms the startup’s product first hilarating experience for us,” ing the right people with the of ease to setup your venture came from global entity HAX says Ishita Sood, co-founder right background to expand and getting the right platform. Accelerator, a seed stage pro- and COO, WakeCap, who the team is also something In the last one year, we have gram focused on hardware was part of the team that that the startup has its attended multiple startup startups that selects startups showcased the product at struggles with. events, where you meet all for investment and offers on- the challenge. “There were As for the way ahead, kinds of people and you learn site support and mentoring more than 300 applicants WakeCap is focused on a lot from these events, be it in Shenzhen, China. Besides for the competition, and we their pilot with CCC in the the corporate initiatives for honing their product during got shortlisted to top 50, short-term in order to final- innovation and development, the program, WakeCap also and then top 10. We didn’t ize the development of their or meeting individual people received $175,000 in funding expect we would win.” She product, and begin manu- for mentorship. However, from HAX. “In seed funding, adds that the enterprise also facturing the product. In the the system lacks robustness. we have raised $300,000 benefited greatly from the long-term, the company’s Fundraising in the region is a from CCC, we have another resources provided through- priority is to deploy their bit difficult for startups. The commitment of $400,000 out the competition, as well technology in the various valuations are much lower, from other sources that is as the networking opportuni- construction projects across and the rate at which the com- yet to be signed [at the time ties. “The team at the Dubai the MENA region, and also mitment from the investors of writing],” says Alba- Startup Hub was really to expand to other industries materializes to real investment lawi. Further, the startup encouraging and helpful,” such as oil and gas. “We are is very low. This market still also managed to impress she notes. ambitious about the expan- has a lot to learn from other the who’s who of Dubai’s Even as fundraising sion of WakeCap, because emerging markets.” business community as it remains a key issue for the construction productiv- emerged the top winner of startups working on solu- ity crisis is a global issue,” What are your top three the third cycle of the Dubai tions across industries, Albalawi says. “Previous tips for an entrepreneur to Smartpreneur Competition, Albalawi’s views on investor worksite technologies have start a business in MENA? organized by Dubai Startup appetite for product/hard- failed, because they demand- “[First], investigate deeply Hub, the entrepreneurship ware startups such as theirs, ed time and attention for the problem you’re trying to development arm of Dubai comes as no surprise. “Inves- learning, using, and trouble- solve. [Second], form a good Chamber of Commerce and tors in the MENA region are shooting, thus affecting other team. [Finally], land your first Industry. “It was an ex- reluctant to back hardware work processes and eventu- customer.”

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digital disruption are impos- blurred. Creating new, in- sible to ignore for insurers if novative insurance products they want to stay alive– and for these markets will require this demands an ability to close cooperation and risk introduce new products and expertise from across the innovations at a pace previ- personal (personal auto and ously unthinkable. personal insurance) and It’s little wonder that commercial (public liability, insurtech has ruffled feathers professional liability and among traditional industry employer’s liability) areas. competitors, but those who Insurers therefore need to resist change will most cer- develop the overall innova- tainly pay the price. So how tion agenda within their should the sector respond? business models, and then I believe both insurers and determine where startups startups will need to change or the sharing economy their collective mindset and sit within it. Traditional approach to extract maximum businesses need to embrace Moving with the times value from working together, innovation as part of their Collaboration is key as old and new business models and to overcome differences everyday businesses, and this collide in traditional industry sectors in culture, workforce, agility, means it needs to be em- and technology. braced by everybody in the by EELCO VAN KEIMPEMA From a recent roundta- organization as part of the ble debate AIG held for key corporate culture. industry leaders to discuss The sharing economy may he sharing soon find themselves left the challenges and oppor- only be in its infancy here, economy, whilst behind, selling services which tunities facing business in and its effects on many still in its infancy are no longer fit-for-purpose. the UAE’s sharing economy, industries are yet to be fully in the GCC, is The sharing economy has it was highlighted how this understood. However, it’s rapidly gaining seen particular growth across region already has the key clear from our observations momentum across five main industry sectors: ingredients in place needed and discussions that we need T the region. This transport, financial services, to ensure a successful sharing to find a common ground growth is an encouraging household services and ac- economy. The UAE is highly between traditional business sign that the region’s invest- commodation. A report by urbanized, with a population models and those which are ment to become a tech- and Strategy& found that in that is largely tech-savvy. only just emerging. For insur- innovation-friendly environ- 2016, more than US$10.7 Importantly, customers are ers, a clear understanding of ment is paying off. billion was spent on sharing already reacting positively to which parts of a company’s For traditional business economy platforms across the the services on offer. offering requires cover is key. sectors, however, it also region, mainly in the UAE. An important point which For those insurance com- represents a significant chal- For companies working was noted is that sharing panies which are up to the lenge. For most, their busi- within this business model, economy platforms capture challenge, and which are ness models have been able flexibility is key. For example, far more data than tradi- able to rethink some of their to evolve and adapt over long they might typically be ex- tional companies do. They products to suit the sharing periods of time, and until pected to include on-demand are able to provide a more economy model, I believe recently this was perfectly or pay-as-you-use micro accurate, real-time measure there are exciting times acceptable– but this is the cover in response to the of the risk exposure looking ahead. age of digital disruption. growing number of peer-to- forward, which is naturally As a global leader in the Insurance companies are peer, small-scale, or short- an advantage for insurers to insurance sector, AIG is certainly among those which term transactions. design better-fitting products committed to strong col- need to move with the times– While meeting these chang- and mitigate risks more accu- laboration with sharing ours is a sector which is not ing needs is, of course, a rately. This represents a huge economy businesses, and renowned for technological major test to the status quo, opportunity for insurance our experience to date has innovation, but which now it also represents a future companies to develop solu- been overwhelmingly positive must quickly adapt in order opportunity for insurance tions, which truly respond to and fruitful. Companies in to meet the changing face of companies that take an the needs of these fast-mov- the sharing economy sec- demand. Those businesses innovative approach. The ing markets. tor are keen to engage and which are complacent will concepts of insurtech and One significant challenge be listened to because the when it comes to insuring resulting solutions will be a within the sharing economy, win-win for all stakeholders, Eelco van Keimpema is Head of Commercial Insurance Middle East & Africa at AIG. To download a full copy of the AIG White is how personal and business as old and new worlds come Paper, please visit https://goo.gl/y5GSpc. lines of insurance can become together.

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