PNC Menon, Founder and Chairman, Sobha Group

Innovation starts at home Empower your employees to drive your business forward

Bringing in the business An eye for Leveraging the success law of attraction to win new Muse Capital clients for your co-founder Assia enterprise Grazioli-Venier What it takes to be an angel investor (that entrepreneurs would want to have on board their enterprises)

Driven by passion P.N. C. Menon The founder and Chairman of Sobha Group on his “unending pursuit of excellence” as an entrepreneur

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August 2017 | www.entrepreneur.com/me | UAE AED20 Nasma_11296_Launch_Campaign_20.3x27.3cm_Eng.indd 1 3/27/17 6:54 PM august 2017 CONTENTS

20 PNC Menon, founder and Chairman, Sobha Group

20 26 30 72 INNOVATOR: INNOVATOR: ‘TREPONOMICS: START IT UP: Driven by passion An eye for success PRO Q&A PNC Menon Assia Grazioli Venier Understanding the Middle Inspiring loyalty The founder and The co-founder of Muse Capital East’s skills gap Alborz Toofani, founder and Chairman of Sobha Group on what it takes to be an angel Market trends are CEO of Snappcard, looks on his “unending pursuit investor (that entrepreneurs reprioritizing valuable back at his entrepreneurial of excellence” as an would want to have on board skills, and in some cases, journey over the past five entrepreneur. their enterprises). demanding completely years. new competencies, writes Bayt.com’s VP of Employer 82 Solutions, Suhail Al-Masri. ‘TREPONOMICS: PRO 70 Innovation starts at home MONEY: Salman Dawood Abdulla, VC VIEWPOINT Executive Vice President, Envisioning potential EHSSQ and Business Enabling Future’s managing Transformation at Emirates partners Saad Umerani Global Aluminium and Hubertus Thonhauser (EGA), makes the case explain the Dubai-based VC for empowering one’s firm’s investment approach employees to drive and considerations. innovation.

26 Assia Grazioli Venier, co-founder, Muse Capital

august 2017 Entrepreneur 3

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34 42 TECH: TECH: THE FIX SHINY Blockchain: [much] more #TamTalksTech than a buzzword Gadgets and doodads Ian Dillon, co-founder, Now that you might’ve missed Money, explores how the out on, sourced by a tech fintech innovation can make aficionado. Yes, it’s okay a positive impact on global to want them all… and no, issues. it’s not our fault. 44 42 Huwaei Honor 9 CULTURE: TRAPPINGS 50 Educators have key roles to play in nurturing their students’ entrepreneurial spirit ‘Trep gear The executive selection for the entrepreneur on your 78 50 list that has everything. START IT UP: CULTURE: Okay, maybe for a little self- Q&A LIFE reward as well. Conquering the globe Fueling the future Dubai-based startup Tanvir Haque, founder, 46 Shedul’s software for the Freshstone Consulting, ‘TREPONOMICS: beauty industry has been explores ways in which ESQUIRE GUY adopted by over 40,000 educators can identify Happy endings merchants in more than 120 innate entrepreneurial skills The Esquire Guy walks you countries- in a span of just in children at a crucial age, through the best way to two years. and support their growth. wrap up a business meeting.

78 William Zeqiri, co-founder and CEO, Shedul

10 Entrepreneur august 2017

CONTENTS August 2017

34 Blockchain: [much] more than a buzzword

66 48 START IT UP: CULTURE: ECOSYSTEM LIFE Reimagining Iraq Constraints make you better Things are moving in the James Clear on why the right right direction for the limitations help in boosting country’s entrepreneurial performance. ecosystem, notes Marwan Ahmed, Director, Mishwar, 44 a grocery delivery startup in Hublot Baghdad. Classic Fusion Chronograph 16 Berluti 56 38 EDITOR’S NOTE ‘TREPONOMICS: TECH: By Aby Sam Thomas SKILLSET ONLINE ‘TREP Building your personal Usability first 60 infrastructure Clinton O’Leary, Chief CULTURE: Business coach Murtaza Commercial Officer of BUSINESS UNUSUAL Manji offers five Yvolv, says it’s key to Gifting done right suggestions to help you pay attention to the user UAE startup joi wants to achieve excellence- be it experience aspect of your become the go-to portal for personal or professional. tech product. all things gifts.

72 Snappcard’s Emre Kistak, Managing Partner UAE, Alborz Toofani, founder and CEO, and Onur Witt, Creative Director

12 Entrepreneur august 2017

etro.com MIDDLE EAST SUBSCRIBE EDITOR IN CHIEF Aby Sam Thomas [email protected] Contact [email protected] to receive CEO Wissam Younane [email protected] Entrepreneur Middle East every issue MANAGING DIRECTOR Walid Zok [email protected] DIRECTOR Rabih Najm [email protected] CREATIVE LEAD Odette Kahwagi MANAGING EDITOR Tamara Pupic STARTUPS SECTION EDITOR Pamella de Leon PO Box 502511 Dubai, United Arab Emirates P +971 4 4200 506 | F +971 4 4200 196 COLUMNIST Sindhu Hariharan COLUMNIST Tamara Clarke For all commercial enquiries related to COLUMNIST Shoug Al Nafisi Entrepreneur Middle East contact COLUMNIST Erika Widen [email protected] EVENTS LIAISON Mark Anthony Monzon

All rights reserved © 2016. CONTRIBUTING WRITERS Opinions expressed are solely those of the contributors. Entrepreneur Middle East and all subsidiary Marwan Ahmed James Clear Murtaza Manji publications in the MENA region are officially licensed Suhail Al Masri Nick Davis Ross McCammon exclusively to BNC Publishing in the MENA region by Fatima Al Shirawi Salman Dawood Abdulla Jasmine Montgomery Entrepreneur Media Inc. Helen Al Uzaizi Ian Dillon Clinton O’Leary No part of this magazine may be reproduced or Fida Chaaban Tanvir Haque Hubertus Thonhauser transmitted in any form or by any means without written permission of the publisher. Matthew Chaban Shelina Jokhiya Saad Umerani

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EntMagazineME EDITOR’S NOTE

Time is money Are you burning through a modern currency?

s someone who often one, that’d help me see if we can feels there aren’t enough get things done over email itself (or hours in the day to fin- maybe a call), and if not, we’d now ish all of the tasks on my be clear about the main points of plate, I am always be- discussion when we do meet with fuddledA by those who seem to have each other- surely, that’d be a bet- time to spare for meetings with ter use of time, be it yours or mine! me on a work day, with the agenda One important note here though: primarily being “just to catch up.” if you are going to set an agenda for In the modern economy, time re- a meeting, make sure it is specific ally is money. How are you spend- and to the point. For instance, time- and you sure as heck cannot ing it? Is there an ROI? requesting me for a meeting “to ex- expect anyone else to set aside “Catch up” requests, especially plore collaboration opportunities” their time for you for no reason. when they come from entrepre- doesn’t mean anything to me- I’d Keep it real, people. neurs, often set off warning bells in much rather have you do some re- my head. If your aim with a meet- search of your own, and then come ing is to apparently only exchange to me with potential action items pleasantries with me, rest assured that could work for the both of us. that I am already skeptical about For one, this shows me that you you and your intentions, and I defi- have seriously looked through nitely do not appreciate the seem- our work, and found out ways to ing disregard for my time as well. perhaps add value to what we do, Sure, there may be something you while satisfying your own priori- actually want to discuss in person ties- a win-win situation, if you with me- but if that is indeed the will, and that is often enough for Aby Sam Thomas case, wouldn’t it be better if you me to want to invest my time with Editor in Chief simply laid that out in your first you. As entrepreneurs, you don’t @thisisaby email requesting the meetup? For have the luxury of wasting your [email protected]

16 Entrepreneur august 2017

IN THE LOOP

Building a community Palestine early-stage VC firm Ibtikar Fund raises US$2.5 million from regional and global investors

inancial support, espe- agree with our current investors cially in the early stages in the potential of Palestinian Fof a business lifecycle is a startups and welcome them to missing link most startups in our fund,” he added. Palestine (and perhaps in many As per Ibtikar Fund’s invest- parts of the Middle East) suffer ment strategy, laid down on from. Helping make things its website, the firm supports better for Palestine’s entrepre- companies in two stages- seed neurs in this regard is Ibtikar and early-stage, and is looking

Fund, an early-stage venture to “invest in highly-skilled and Ahmed El Alfi, founder, Flat6Labs, H.E. Dr. Sahar Nasr, Minister of Investment and International capital fund with a mission to complementary management Cooperation, and other officials at the MIIC signing event “close a critical funding gap teams that are willing to take between acceleration and VC, risks and go out of their com- and other later-stage investors” fort zones.” At the seed level, Enabling Egypt’s for Palestine startups. And now the Fund looks for entrepre- the VC firm has got a boost neurs through local accelera- ecosystem in achieving this objective, as tors, and it also remains open Flat6Labs Cairo announces first close of it has announced raising an to make Series A investments its EGP100 million fund investment of US$2.5 million in its portfolio companies. Man- in July 2017 from the Interna- aged by Hazzan and Ambar arly-stage startups in Egypt, joining the accelerator (250,000 tional Finance Corporation (IFC), Amleh, the Fund benefits from the time is ripe to get your in cash, and 250,000 non-cash the Dutch Good Growth Fund the involvement of some of the Epitch decks ready, and pre- investment), and up to EGP1 (DGGF), and Reach Holding (a country’s renowned business sent your venture to Flat6Labs million per startup in follow-up Middle East-based global entity executives- its board is chaired Cairo. The accelerator program investment, allowing Egyptian headquartered in Palestine) as by Hashim Shawa, Chairman has announced the first close of startups to reach their customer investors. With this raise, Ibtikar and General Manager of the its EGP100 million Cairo fund base and scale their operations increases its capital to $10.45 Bank of Palestine (the fund’s called Flat6Labs Accelerator locally and regionally,” says Wil- million, giving it the ability anchor investor), and includes Company, which, according to lie Elamien, Managing Director, to invest in more Palestinian Zahi Khouri, Chairman and CEO, Flat6Labs, will help them “di- Flat6Labs Cairo. While MIIC says startups. National Beverage Company. rectly support over 100 Egyptian it aims to support entrepreneurs “We look for ideas and start- While this marks the first in- early stage-startups over the develop their skills by provid- ups that are scalable, and which vestment in Palestinian venture upcoming five years” with seed ing a conducive environment for serve the MENA region or glob- capital and in MENA region funding of up to EGP1 million per growing their business, EAEF, on al need,” declares the website of overall by DGGF, this is IFC’s startup, training, mentorship and its part, has said that it identi- Ibtikar (meaning innovation in first investment in Palestine’s a host of other services. This in fied a shortage of seed capital in Arabic), which launched in May ecosystem and the second turn will help create “more than Egypt, and decided to align with 2016, and has made 14 invest- under its new Startup Catalyst 1,000 high-impact jobs” in the Flat6Labs to help address the ments in Palestinian startups so initiative (the first was its Egyptian market, says Flat6Labs. gap. far, and growing. “These new support to Flat6Labs Cairo in The close of this round is As an early-stage startup investments are a validation Egypt). “We believe Ibtikar can supported by commitments accelerator, Flat6labs supports of our work over the last two play a pivotal role in strength- from Egypt Ventures- a com- startups at “idea, concept or years, and a vote of confidence ening the area’s entrepreneurial pany of the Egyptian Ministry prototype or early-revenue gen- in our management,” Habib ecosystem, creating jobs, and of Investment and International eration stages” and Elamien says Hazzan, Managing General attracting more investment,” Cooperation (MIIC) managed “they are sector agnostic, [but] Partner, Ibtikar, said in a state- Mouayed Makhlouf, IFC’s by NI Capital, and the Egyptian- are particularly interested in ment. “We are glad that the Regional Director in the MENA American Enterprise Fund [supporting] education, health- IFC, DGGF and Reach Holding region, said in a statement. (EAEF) with each party pooling care, fintech, digital content, in EGP10 million each. With consumer internet and ICT start- this financial injection, Egypt ups.” Flat6Labs Cairo’s ninth Ventures and EAEF join the In- accelerator cycle is scheduled ternational Finance Corporation to start later this summer, and [that invested EGP50 million in according to the organization, November 2016] in the list of the cycle has already witnessed strategic institutional backers an “unprecedented” number investing in supporting Flat6Labs’ mission to of applications- with over 500 innovative palestinian help grow Egypt’s entrepreneur- Egypt-based companies compet- startups ship community. ing for a space in the program “The fund will provide seed and to receive seed funding.

funding of EGP500,000 upon www.flat6labs.com/location/cairo flat6labs | www.ibtikarfund.com

18 Entrepreneur august 2017 www.ibtikarfund.com | flat6labs innovatorinnovator

“This is my playing ground- it’s not work! I get maximum enjoyment from this… It is [my] passion. It’s not business; it’s a very personal thing.” P. N. C. Menon, founder and Chairman, Sobha Group

20 Entrepreneur august 2017 innovator

Driven by passion Sobha Group founder and Chairman P. N. C. Menon

By Aby Sam Thomas

. N. C. Menon is a detail- a truly remarkable entrepreneurial journey, oriented person- that which sees him today at the helm of the particular aspect of his Sobha Group, which was established back personality became quite in 1976 in the Sultanate of Oman. As its clear to me as soon as I founder and Chairman, Menon has essen- began my conversation tially spearheaded the growth and develop- with the 68-year-old ment of the Sobha brand for over 40 years entrepreneur. I could now, and he continues to do that to this see Menon’s inquisitive very day- when I ask him what drives him nature come to the fore as he peppered me to come to work every day, he laughs and withP questions relating to my background replies: “This is my playing ground- it’s not and career so far- he was interested in work! I get maximum enjoyment from this… knowing the specifics, he wanted to know It is [my] passion. It’s not business; it’s a the how and the why. (The fact that Menon very personal thing.” >>> had actually listened to me and registered all that I said became apparent when he “[dubai] is one of the best places later introduced me to other members of his to do business. You are not organization by correctly recalling all of the disturbed in any way; you just particulars that I had told him.) Of course, do whatever you want to do to such attention to detail is one of the many roup G roup obha be the best. Every opportunity traits that has stood Menon in good stead is provided by the environment over the course of what can be described as and the country.” Image courtesy S courtesy Image

august 2017 Entrepreneur 21 innovator

Given that response, it’s easy to see “Diversify, get into something else. Move into where Sobha Group got its “Passion At Work” motto from- Menon certainly another geography… The growth is never- seems to live by that principle, and ending. Even for the biggest companies in the his company is following his lead in terms of what he calls “an unending world, I’d say that there is a tremendous pursuit of excellence.” With operations amount of opportunities for them to grow in India and the Middle East, Sobha further. Sometimes it may not be in the same has, since its inception, delivered over 89.64 million square feet of real estate domain- you just have to take a diversion.” projects, and is currently at work on 71 projects with a developable area of expertise (Menon notes the company’s third largest real estate development 101 million square feet. In India, where capabilities as a backward integrated company, in terms of total square feet Sobha Limited is a listed entity, it was institution as being one of its main dif- delivered. In the meantime, Sobha recently declared by the 2016-17 Brand ferentiators), as well as the uncompro- also made its entry into the UAE’s real X Report to be “the top national realty mising quality of its products, will help estate scene in 2003, with the Dubai- brand across asset class” for the third it become a market leader in this par- headquartered company focusing pri- consecutive year. In contrast to that, ticular space. Of course, Menon’s track marily on residential and commercial Sobha is a relatively new entrant in record so far does tip the odds in his projects. Menon has nothing but good the UAE’s real estate space, but the favor- after all, Menon’s now legendary words to say about doing business in developer has still managed to garner success story began with the Indian Dubai- he’s an unabashed admirer of quite a lot of attention and interest for entrepreneur arriving in Oman with the growth the Emirate has seen so far, its current projects, which include the only seven dollars to call his own in and he is definitely on board to partici- US$4 billion Sobha Hartland and the 1976. With borrowed capital, he set up pate in its continued development in $8 billion Meydan Sobha District One a small business that dealt in furniture the years to come. “It is one of the best developments in Dubai. With regard and interiors on the streets of Muscat, places to do business,” Menon declares. to the current state of the real estate and this outfit grew slowly (but surely) “You are not disturbed in any way; you market, Menon notes that while there into an enterprise that became known just do whatever you want to do to be may have been challenging times in the for its quality of work. As time passed, the best. Every opportunity is provided past year, he’s expecting an uptick in the company began securing a number by the environment and the country.” activity in 2017. “The real estate busi- of noteworthy interiors contracts, At this point, it’s pretty easy to see ness is cyclical, the world over; it’s not including projects from the Sultan’s that Menon has accomplished a lot –a only Dubai,” he explains. “According to office, which led to its next phase of lot- over the course of his entrepre- me, this year, we have gone into a posi- growth. As the business solidified its neurial career. But what’s particularly tive cycle.” presence in the Gulf, Menon then made interesting to note about his journey This, of course, bodes well for Sobha a move into India’s property sector so far is that when Menon reaches a as an enterprise in the UAE’s real estate by setting up Sobha Limited in 1995, particular stage of success, he then sector, where it hopes its finesse and which has since become the country’s goes and raises the bar for himself, by setting new goals to aspire toward. It’s a curious little trait- but it also makes it clear that Menon, as an entrepreneur, is never complacent. “You are born with that kind of outlook, you know,” he says. “You are never happy with what you do- there’s always a feeling that there’s a gap. And when you fill that gap, there’s another gap- so it’s an unending pursuit of excellence. I don’t think you can go to market and start developing that quality- it’s in the DNA of a person, who looks for that perfection.” As the saying goes, nothing succeeds like success, and Menon believes in that wholeheartedly- ac- cording to him, there is no finish line to the growth one can aspire to for their enterprise. “As a businessperson, you cannot [ever] say that you’ve reached the peak of whatever you wanted to A Sobha Group residential project achieve,” he says. “You cannot say that

22 Entrepreneur august 2017 P. N. C. Menon, founder and Chairman, Sobha Group there is no further scope for tation, among some of his “You’ve got to be extremely patient. you to grow. Diversify, get staff at least, as he himself You’ve to be extremely careful with into something else. Move put it, of being “a terror.” into another geography… Sobha Group President your name and reputation- build that, The growth is never-ending. Jyotsna Hegde tells me that create a strong foundation, and then Even for the biggest com- there were times not too long success is automatic. But if you’re going panies in the world, I’d say ago when Menon would lose to be in a hurry, you’ll have a weak that there is a tremendous his cool at subordinates who, amount of opportunities for say, had made a mistake, foundation, and you will collapse.” them to grow further. Some- or hadn’t ascribed to the times it may not be in the same level of perfection he that feeling. “When you Once you understand that, same domain- you just have believed in. But Hegde notes look at it from his side, it then you see the value of to take a diversion.” that such temper flare-ups was frustration,” Hegde everything you thought was Menon’s refusal to budge were simply a reflection explains. “Because he gets difficult, and you become from the high standards he of Menon’s passion for his it so quickly, and he knows accepting.” However, this has set for the company has work- he just couldn’t see it so quickly- and he is frus- matter is no longer a topic of also led him to have a repu- why others didn’t share trated that you don’t get it… discussion at Sobha, Hegde >>>

august 2017 Entrepreneur 23 innovator

reveals- Menon’s temper issues are “You are never happy with what you do- now a thing of the past. Last year -on October 3, 2016, to be exact (yes, Me- there’s always a feeling that there’s a gap. non remembers the date all too well)- And when you fill that gap, there’s another Menon lost his temper for some reason in the office, following which Hegde gap- so it’s an unending pursuit of excellence. told Menon that his actions would hurt I don’t think you can go to market and start the confidence of the young upstarts developing that quality- it’s in the DNA of a who had joined their company, and might even cause them to leave. “So, person, who looks for that perfection.” she said, you know, this will kill our company,” Menon recalls. “If you want time.” Did it work? “I have now needs to be convinced of the right- to build a professional company (which completed 10 months without shout- ness of a particular course of action. we are looking at, definitely), she said, ing,” Menon says, happily, with Hegde And once he has done so, it’ll be hard you need to please stop doing this, and confirming the veracity of this state- to budge him even a little from that it will be in the interests of the institu- ment. Of course, this is just another particular path- a quality that seems to tion. I said, give me three months’ testament to Menon’s psyche- he just have kept him on the right track for all his years in business. For people who are just entering the P. N. C. Menon, Middle East arena to set up their busi- founder and Chairman, nesses, the environment they have in Sobha Group front of them today is a lot different from the one Menon set foot in all those years ago. Menon notes that entrepreneurs today seem to be in a hurry to see their businesses succeed- it’s a characteristic that he –no surprises here- is not particularly fond of. “We should never be in a hurry,” he says. “The foundation, you know, is horizontal, and the growth is vertical. And the foundation of the business has to be done effectively… This is where I have seen most of the people fail [with their businesses]. They are in a hurry, they want to be a billionaire, they want to get to X/Y/Z- [but] it will not happen like that. You’ve got to be extremely patient. You’ve to be extremely careful with your name and reputation- build that, create a strong foundation, and then success is automatic. But if you’re going to be in a hurry, you’ll have a weak foundation, and you will collapse.” It may be a real estate-centered analogy, but Menon knows what he’s talking about- building the Sobha brand to what it is today has, of course, taken an awful lot of patience and hard work, but it has also involved an absolutely strict unwillingness to cut corners in any aspect of the business. It’s a value system that Menon has put in place at the top, and he believes it has indeed differentiated the company from its peers, and also ensured its longstanding success. “If you start chasing money in any business, you will fail,” Menon declares. “Start chasing success- money is only a byproduct.”

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mention their lofty claims that streaming would inject more money into the music business than ever before. And Spotify was marred by disbelievers, with talent and industry folks buying into unfounded negative stories in the press that it wasn’t paying artists. But Spotify persisted, proved their model, built their product, evolved it continuously to attract and retain loyal customers, Muse Capital co-founder Assia Grazioli-Venier and have since pumped the music industry with billions on what it takes to be an angel investor (that entrepreneurs of dollars.” Grazioli-Venier is today also would want to have on board their enterprises) on the board of advisors of By Tamara Pupic Northzone, a European technology investment company here is a list when it comes to assessing sist disruption, but embrace whose portfolio includes Spo- of character an angel’s belief in the less the change,” she says, in her tify, iZettle, MarketInvoice, traits that experienced, how high would talk. As Grazioli-Venier sees Outfittery, Trustpilot, Fyndiq entrepreneurs you rate someone who sees it, achieving the impossible and Qapital. Furthermore, look for (or “no” as “on” as being one of and never taking no for an since 2012, Grazioli-Venier should look their strengths? This may answer is part of her daily has been on the board of for) in an be an everyday battle for agenda- and in today’s entre- Italy’s Juventus Football angel investor, with putting someone with dyslexia, like preneurial age, that is a skill Club, being the first female aT signature on the back of Assia Grazioli-Venier, but definitely worth having. and youngest board member a check or on the bottom this Los Angeles-based media “The best advice I can give to serve in such a role in of contracts being just one executive, angel investor and an entrepreneur is to go with the club’s history. With this of them. Various accounts, advisor to high-growth tech conviction, surround yourself professional background, including those often featured startups and investors has with the smartest people Ivy League education, and in our magazine, favor pos- found value in what many (smarter than you), and be an obviously undefeatable sessing industry expertise, may consider a hindrance. firm but flexible with your personality, she stepped facilitating introductions Speaking at a TEDxLUISS idea,” she says. “Most of the into a new role in 2016 by to their broad networks of edition in her native Rome most successful businesses co-founding Muse Capital, contacts, following a code of last year, she shared her ex- today had naysayers, and in an early-stage strategic conduct (this seems to have perience with dyslexia as one fact, some could say that the angel investment fund that risen in importance only example of how she learnt to more naysayers you have, focuses on consumer-facing recently), and the list -by no endorse disruption from an the better the idea could be.” entrepreneurs and technolo- means exhaustive- goes on. early age. “Life has already One example, she notes, is gies. Network and experience, There are different degrees taught me how to anticipate Sweden’s music streaming she says, are something that of all of those as well. But the unexpected, and not re- company Spotify, which is most young entrepreneurs reportedly valued at US$13 don’t have, but both are vital billion, where she has served to a fledgling startup. For as its Director of Special that reason, Grazioli-Venier Projects for over six years. explains that a good angel “When I started advising the investor needs to have the founder, Daniel Ek, and the power, experience, and influ- business, Spotify had under ence to help an entrepreneur 100 employees, and although bring his or her vision to they had a proven business life. “A great example of this model in their local Sweden, is our role as investors and everyone was telling them advisors to our portfolio they were crazy,” Grazioli- company, ReplyYes,” she Venier says. “They were says. “When we met them, told there was no way that they had an excellent team, a Assia Grazioli-Venier is a Los Angeles-based media executive, angel investor and advisor streaming could reinvigorate proof of concept and revenue, to high-growth tech startups and investors. the music business, not to but had been declined by 26 images courtesy muse capital capital muse courtesy images

26 Entrepreneur august 2017 Muse Capital co-founders Assia Grazioli-Venier and Rachel Springate “You invest in 100, hoping for one big win, but you can only do that when the 100 you have invested in are well-managed, great ideas led by truly talented entrepreneurs.”

neurs. There is incidentally a burgeoning ecosystem that no shortage of women entre- is not yet ripe and matured, preneurs, as Al Masah Capi- needs young, experienced tal estimated in 2016 that strategic investors, who work women-led SMEs in the Gulf alongside institutional inves- are worth $385 billion. There tors, with a global vision and is still a deficit of venture a local approach. The reasons capitalists in the region, and are plenty- Careem, Fetchr, those that have been there Bayzat, Souqalmal, and have not historically made Laundrybox are just a few any significant plays. But this examples of UAE-based start- is slowly changing.” Dubai, ups that can go global, she by itself, is turning into a real adds. From her personal per- startup hub, she adds. “Until spective, she reveals that the recently, the UAE has been Muse Capital team plans to leagues behind the Valley, or raise capital for one of their even cities like New York, DC, funds to invest in a well- and London. It has struggled balanced array of innovative to get there because, while startups both in the US and historically the wealth was the UAE over the next five there, the talent was not. years. So, what is their take After all, the Zuckerbergs of on the next big disruption? the region knew they were Rachel Springate, co-founder likelier to succeed if they at Muse Capital, says that relocated to an already estab- it will come from artificial lished hub like San Francisco. intelligence. “First, there But this has been changing was the internet/web, then significantly over the last mobile, but now the future is “There is incidentally no shortage of 1.5 years. The government is voice and using AI-enabled women entrepreneurs, as Al Masah pumping funds into Dubai’s voice assistants,” she says. Capital estimated in 2016 that women-led free zones and mini cities– “We will be controlling all SMEs in the Gulf are worth $385 billion.” Internet City is a good ex- aspects of our daily life with ample. Also, whereas money our voice, from summoning a used to immediately leave car, to navigation to control- investors. Within two weeks note address. With respect Dubai to Europe, for example, ling our homes to ordering of us investing, we had raised to the UAE’s entrepreneurial investors are now staying groceries, and so on. The ear- them just under $2 million ecosystem, Grazioli-Venier put. After Brexit and the liest iterations like Siri and from leading funds in the US, notes quite gladly that the potential breakdown of the Alexa/Google Home are just and supercharged their busi- number of angels, incubators Eurozone, people are playing the beginning.” Meanwhile, ness development outreach and accelerators here are all it safe and doubling down at the fund’s associate Zach to generate revenue more ag- on the rise. “I am thrilled to home. So, over the last two White thinks that emerging gressively. This led to further see that some of the most years, we’ve seen a sudden innovations in the financial investments by Disney, for prominent angel networks jump in activity in the UAE, service industries will be the example, who have now taken are centered on women, such with Dubai finally becoming largest technologically-driven them into their accelerator as WOMENA that unites high a major hub. It is now a cool, disruptive force across the program.” net worth women to make hip, and savvy environment, globe in the next decade. This autumn, Grazioli-Veni- joint investments, and the encouraging and attracting “With the proliferation of er will attend the 19th Global Women’s Angel Investment talent as well as funds. Tal- data-intensive platform- Women In Leadership Eco- Network (WAIN) that brings ent is now not just cropping based services offering a nomic Forum in Dubai, where together female investors to up, but staying.” wider range of products, the she will be delivering a key- support women entrepre- In her opinion, the UAE, as average retail investor will >>>

august 2017 Entrepreneur 27 “do not shy away from American VCs, thinking that American VCs won’t invest with you, because you’re in a different region. Don’t. If you have a solid product, with phenomenal revenue numbers, numbers don’t lie.” innovator

“While the right investors will increase gel’s investment and your startup’s success rates, the wrong support, the concept ones will put your business on the will come to nothing with a weak team. wrong trajectory, waste your time, and The second reason even cause you to miss opportunities to not to get infatuated raise more money.” with an idea is that ideas change. If an have access to more sophis- game of Russian Roulette,” angel only invests in ticated capabilities around she says. “You invest in 100, a company because their finances than ever hoping for one big win, but they’re in love with before,” he explains. “Once you can only do that when their idea, they’ll be niche areas of finance with the 100 you have invested disappointed when little traction, services such in are well-managed, great the practicalities as P2P lending, cryptographic ideas led by truly talented mean the concept exchange, mobile payments entrepreneurs. As talent has to evolve into and banking, and fully au- stays in the region, strategic something differ- tomated advice and wealth investors start investing, and ent. They might management are all examples titans of the business world even hang on to the Muse Capital co-founder Assia of the democratization of the get involved, the environment original idea for way Grazioli-Venier spoke about her battle with dyslexia at a TEDxLUISS industry. The flattening effect will be more open to risk.” too long, holding the edition in Rome last year of this once very institution- Grazioli-Venier is also hope- company back from ally operated business, in ful about seeing more people doing what it has combination with greater di- become angel investors in to. Another misconception spect, flattery, and subservi- rect access to the internet as the region- but for that to angel investors have is that ence. Once an investor has well as sources of data, will happen, she notes that some they’re going to be a part of this attitude, the company cause the average individual misconceptions about this the company and its lifestyle. is in trouble, as they’re ex- consumer to benefit most. As space need to be eliminated. While many startups have pected more and more to the increase in financial of- “The biggest misconception I a great team and exciting bend to the will of the inves- ferings drives prices down as see from new angel investors environment, angel investors tor, rather than doing what a whole across the industry, is that they want to fund cannot be there to make they know is best for their large banks and financial exciting projects, rather than friends. An angel investor company.” To prevent such institutions will need to supporting incredible teams,” needs to give the company situations from happening, aggressively and continually she says. “They become space and distance to carry Grazioli-Venier says that the pivot in order to offer consis- infatuated with an idea, and its idea to execution. Becom- onus is on entrepreneurs to tent value to their clients.” get involved so they can help ing friends with the team pick the right investors to To all of those willing bring it to life. There are might be tempting, but it will associate with. “Founders to support these kind of a couple of problems with ultimately waste time they should be on the lookout for forward-thinking ideas in the this. The first is that an idea need to become successful.” these behaviors when look- UAE, Grazioli-Venier’s advice is nothing without a smart, This can lead to destructive ing for an angel,” she says. is to be patient and optimis- capable, visionary founder at behaviors that angel inves- “While the right investors tic. “Investing, especially an- the helm, along with a strong, tors need to be wary of, says will increase your startup’s gel investing, is ultimately a vital team. Even with an an- Grazioli-Venier. “There is success rates, the wrong ones often an innate passion that will put your business on the an angel investor has towards wrong trajectory, waste your the company she or he is time, and even cause you to investing in,” she explains. miss opportunities to raise “And that passion can be more money. Conversely, funneled to accelerate the founders might endow their business, but can also lead angels with this power. They to an over indulgent investor might expect the angel to be who sees himself as co-CEO. a miracle worker, who can Or worse, co-founder. One give them all the money, con- of the most destructive nections, and customers they behaviors an angel investor need. Angel investors need to can exhibit is a thirst for look out for this and not feed power. When you invest in a this behavior. They need to company, they are necessarily strip the founder of their il- reliant on you. It’s all too lusions, and work with them Grazioli-Venier is the first female and youngest board member to serve has been on easy to start feeling the allure on the foundation of what is the board of Italy’s Juventus Football Club of that power, and expect re- realistically possible.”

28 Entrepreneur august 2017 “do not shy away from American VCs, thinking that American VCs won’t invest with you, because you’re in a different region. Don’t. If you have a solid product, with phenomenal revenue numbers, numbers don’t lie.”

BNC_20.3x27.3.indd 1 7/26/17 1:19 PM TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

up many possibilities for new types of work (i.e. remote patient screening and smart contracting). Another example is the shared economy services. Think of Careem, Airbnb, and Udemy as examples. These new platforms empower the individual to be a self-employee, self-promoter, self-marketer, and, in a way, an overall entrepreneur. As a result, these market trends are reprioritizing valuable skills, and in some cases, demanding completely new Understanding competencies. Today’s most critical skills Luckily, most of the skills that are in the Middle East’s high demand remain to be soft and transferrable. According to employers, the top three most important skills for mid-career or junior positions are Skills gap is the difference between teamwork (83% of employers said it skills gap the skills required on the job and the is very important), time management actual skills that the job seeker (or (80% said it is very important) and Market trends are reprioritizing employee) possesses. As a matter of written communication (76% said it is valuable skills, and in some cases, fact, 65% of business leaders and very important). 59% of job seekers who participated in Job seekers also agree; 84% of them demanding completely new the Bayt.com 2017 Middle East Skills said that teamwork is a very important competencies By Suhail Al-Masri Report believe there is a skills gap in skill, 83% said time management is the market. very important, and 79% said written nemployment is one of the For a starting place, think about the communication is very important. biggest challenges that the technological acceleration, and how It is positive to note the fact that Middle East faces, and has it is impacting the type of skills that employers and junior job seekers agree faced for quite some time. In are in demand. The number of people on the most critical skills. From a job this very youthful part of the who are online as well as the amount seeker’s perspective, knowing what Uworld, competition for jobs creates an of data they are generating is growing employers expect from you and being overwhelming amount of pressure on exponentially. The development of vir- right about it can only help one focus job seekers and on companies alike. tual and augmented reality as well as on developing those particular skills Job seekers now have to go several the Internet of Things (IoT) is opening and land a job faster. extra miles to stand out from the large applicant pool. Businesses and organizations are often bombarded by the Most critical skills for junior positions volume of applications and are challenged to narrow down the prospects Creative thinking 47 Employers and make the most confident hiring 59 Employees decision. Global mindset 44 Even startups that are just begin- 50 Design / visual thinking 43 ning to dip their toes in the water can 53 41 easily receive hundreds of applica- Time management 78 tions, emails, and pleading letters for Logical / critical thinking 40 the handful of positions they offer at 59 40 a time. Entrepreneurship 49 But there is another big elephant in 39 People management 73 the room that we must confront, and Team work 38 it is known as the skills gap. No, this 87 34 is not just a buzzword that is thrown Written communication 76 around in research conferences and 34 Emotional intelligence 66 thought leaders’ Twitter feeds. This is 31 a serious issue that affects everybody Job-specific skills 60 29 in the marketplace– employers and job Technology and computer skills 66 seekers alike. www.bayt.com www.bayt.com

30 Entrepreneur august 2017 ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO TREPONOMICS HT RE TODY’S MOST CRITICL SKILLS? When it comes to senior roles, the top what are today’s most critical skills? three most important skills are time juniorJUNIOR roles ROLES Employers Job Seekers management (89% of job seekers and employers said it is very important), team work (88% of employers said it is very important and 89% of job seekers said it is very important) and people Team ork Time Management ritten Communication management (87% by both). 83 80 76 There is a large agreement between 84 84 79 employers and job seekers regarding the critical skills for this career level. There are, of course, some small differences in their ratings of importance for each skill, but only one is big enough to indi- Technology and Computer Skills People Management Job-speciﬁc Skills cate that it is not due to chance: visual 68 67 66 thinking. 75% of employers rated it as 74 76 70 very important while 69% of job seekers said it is very important. Creating powerful, highly visual presentations is a great way to influence and stand out as a senior resource in the company. Creative Thinking Logical / Critical Thinking Emotional Intelligence Senior job candidates should realize 62 58 55 how critical it is and allocate time to 74 67 60 develop it.

Matching talent with opportunities So, given that job seekers and employ- Design / Visual Thinking Global Mindset Entrepreneurship ers agree on the most important skills 53 51 48 in today’s marketplace, how difficult 60 60 62 is it for job seekers to find jobs and for those hiring to find skilled talent? Chart 4: Critical skills for mid-career and junior roles (% very important 8-10) Finding good candidates for junior or mid-career positions is very difficult for WhatQuestion if job asked seekers to employers: and employees hen searching be- for mindsetcandidates and for mid-career/53% claimed junior to positions, be “very about one in three companies (32%). It lieveho important they are aredoing each a of great these job skills? on Pleasethese use good”a scale atfrom visual 0 to 10,thinking. here 0 means “Not seems a little easier for junior candi- criticalimportant skills, at all” whileand 10 hiringmeans “Verycompanies important”. | QuestionHowever, asked there to job is seekers: a discrepancy Ho important in dates to find a job matching their skills, thinkis each the of these contrary? skills in improving your chances in ﬁndingtheir evaluation a job? Please of use their a scale creative from 0 thinkto 10,- whereas a quarter of them claimed that here 0 means “Not important at all” and 10 meansing “Very skills important”. against what employers said: it is very difficult to find jobs matching Spotting the mismatch 59% of job seekers evaluate themselves Bases: Employers looking to hire for junior roles (n=291) & Current job seekers for mid-career / their skills level. Job seekers and employers are very as “very good,” while 47% of employ- There is a much bigger gap between alignedjunior roles on (n=2,876) the skills that are most ers say it is “very difficult” to find this what employers and job seekers think important in the market nowadays. Yet, skill. It seems clear that candidates when it comes to senior roles. Just both parties are challenged and most overrate themselves on this skill and it under a quarter (24%) of senior job employers are having difficulties find- may be that “creative thinking” means seekers have reported that it is very ing the type of skills they need in their different things to businesses and can- difficult to find a job matching their prospective employees. So, what skills didates altogether. skills. On the other side, the major- are the most difficult to find, and how For senior roles, 53% of employers ity of businesses (58%) face major do job seekers evaluate themselves on claimed that it is “very difficult” to find challenges in sourcing employees with these skills? candidates who possess creative think- relevant skills for senior positions. This When looking to hire for mid-career/ ing. 51% of employers said the same may be surprising because it seems that junior positions, 47% of employers about critical thinking, while 49% said the skills gap in the Middle East is not surveyed said that they face the most that about global mindset. a matter of awareness, and despite the challenges when searching for candi- Similarly, to junior roles, job seek- fact that companies can probably bet- dates skilled at creative thinking. 44% ers rate themselves highly on the most ter communicate their required skills, of employers said global mindset is very critical skills. 93% of them said they there is already a common knowledge difficult to find, and 43% said visual are “very good” at team work, 87% said about them in the marketplace. thinking is very difficult to find. they are “very good” at time manage- What if the skills gap does not come Job seekers seem to tell a similar story ment, 87% said they are “very good” at from a lack of agreement on what the by rating themselves lowest on two of written communication, and 86% said important skills are but from a mis- these skills. Only 50% of job seekers they are “very good” at people manage- match in the assessment of one’s skills? claimed to be “very good” at global ment. >>> www.bayt.com www.bayt.com

august 2017 Entrepreneur 31 TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

current talent, as well as their prospec- Most critical skills for senior positions tive pipeline. It is also very wise for employers Creative thinking 53 Employers 74 to maintain close contact with the Employees Logical / critical thinking 51 technological changes at the macro 76 level, but also when it comes to talent Global mindset 49 67 acquisition and skill matching tools 47 such as Bayt.com. Over 40,000 em- Time management 87 ployers rely on Bayt.com for the hiring Entrepreneurship 46 69 technology as well as the latest market 45 Team work 93 insights and data, and millions of tal- 44 ent matches have been made success- Design/ visual thinking 67 fully. Bayt.com is home to more than People management 44 86 28.5 million CVs that employers can Job-specific skills 42 navigate and hire from. Companies who Money 80 42 use Bayt.com rely on its powerful tech- Emotional intelligence 77 41 nology that simplifies and streamlines Technology and computer skills 80 the screening and shortlisting process 40 Written communication 87 through precise filtering tools, ranking algorithms, screening questionnaires doesn’t grow and assessments, and many other tools However, on time management and governments, educational institutions, that make skill verification and match- team work, the gap between candi- businesses, and individuals. But coming talent significantly easier. This way, dates’ evaluation and businesses’ panies of all sizes can also champion companies looking to hire can bypass difficulty in finding the right skills is this process by investing in the training the tedious stages, and focus on the on trees? to the extreme: for time management, andH¡T professional ¡RE development TOD¡Y’S of their MOSTmost qualified CRITIC¡L candidates. 87% of candidates rate themselves as SKILLS? very good, while 47% of companies said they have big difficulties in finding what are today’s most critical skills? senior roles good candidates with this skill. Simi- SENIOR ROLES Employers Job Seekers larly, for team work, 93% of candidates rate themselves as very good, while 45% of recruiters find it very hard to find good employees with this skill. On job seekers’ self-evaluations, the Team ork Time Management ritten Communication Bayt.com study revealed that they 88 89 84 rated themselves highest on the same 89 89 86 skills they said are the most important. This is consistent but may also suggest At Virtuzone it does – for you that candidates feel compelled to say that they perform well on the skills Simply refer a friend who is looking to set up a business in the UAE and they had identified as being critical. Technology and Computer Skills People Management Job-speciﬁc Skills AED 2,500 In conclusion, it is evident that the 83 87 79 receive up to mismatch is between the skills compa- 82 87 81 nies have difficulty to hire for and the job seekers’ self-rating on these skills. Go to www.vz.ae/referral and ﬁll out the form to introduce your friends This means that job seekers often overrate themselves, when in fact they need and get them set up today. to take certain measures to upgrade Creative Thinking Logical / Critical Thinking Emotional Intelligence and develop their skills. 84 81 73 In light of the market trends and the 81 77 71 mismatch discussed above, it becomes clear that the skills gap is a fully relevant topic today, and everybody should pay attention to it. Without doubt, working within Design / Visual Thinking Global Mindset Entrepreneurship these conditions requires the effort of 75 75 74 everyone involved in the marketplace– 69 70 71

Chart 5: Critical skills for senior roles (% very important 8-10) VZAE Suhail Al-Masri is the VP of Employer Solutions atQuestion Bayt.com. asked Al-Masri to employers: has more thanhen 20 searching years of experience for candidates in sales for leadership, senior positions, ho 8923 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 theimportant tools and are knowledge each of theseto build skills? their Pleaselifestyles use of achoice. scale from 0 to 10, here 0 means “Not important at all” and 10 means “Very important”. | Question asked to job seekers: Ho important

32 Entrepreneur august 2017 is each of these skills in improving your chances in ﬁnding a job? Please use a scale from 0 to 10, T&Cs apply here 0 means “Not important at all” and 10 means “Very important”. Bases: Employers looking to hire for senior roles (n=219) & Current job seekers for senior roles (n=2,918) Money doesn’t grow on trees?

At Virtuzone it does – for you Simply refer a friend who is looking to set up a business in the UAE and receive up to AED 2,500

Go to www.vz.ae/referral and ﬁll out the form to introduce your friends and get them set up today.

VZAE 8923

Blockchain [much] more than a buzzword By Ian Dillon

34 Entrepreneur august 2017 lockchain is Blockchain is simply a In the scenario of a cross-border money the big buzz- refined method of relaying transfer, blockchain simply rearranges word in finan- and verifying information. cial services at William Mougayar, author the same parties, so they instantly receive the moment, of The Business Blockchain, the same information simultaneously. seen as the uses a wonderful analogy of This is like Google Docs updating everyone next big thing, the way in which blockchain at the same time. All parties receive the much like “big data” was be- works versus existing meth- encrypted transaction information at Bfore it, and the “cloud” was ods, saying the traditional before that. If you’re like me, way of sharing documents the same time. you’ve likely been to a num- is to send a document to ber of blockchain confer- another recipient, and ask pass it onto the next– hence ences, forums and seminars them to confirm or make why the recipient can be where you find yourself sur- revisions to it. The problem waiting up to five days to rounded by slightly bemused with this is that you need to receive their money. It also bankers, lawyers and other wait until receiving a return gives criminals a number of professionals who are all copy before you can see or opportunities to intervene. excited to be part of this next make other changes, because Any modifications made -in- great innovation in fintech. you are locked out of editing tentionally by criminals or However, it quickly becomes it until the other person is unintentionally through er- apparent that few, if any, done with it. Two owners rors- are then passed on like of the attendees at these can’t be editing the same Chinese Whispers. The slow events arrive or leave ever record at once. By the same processing time and risks knowing what blockchain analogy, he says, blockchain inherent with this model actually is, what applications is like Google Docs- both mean that banks have to al- it will have, or when. As the parties have access to the locate capital to insure them co-founder of NOW Money, same document at the same against these risks– costs a startup using innovative time, and the single version which end up being passed fintech to solve problems of of that document is always onto the consumer. financial inclusion and re- visible to both of them. In the scenario of a cross- tions are also fully traceable mittance costs in the Middle border money transfer, –meaning that consumers East, I am excited about the William blockchain simply rearranges know where their money opportunities that block- Mougayar the same parties, so they is and when it has been chain will bring in so many instantly receive the same successfully received– in areas– but most significantly, information simultaneously. stark contrast to the current the impact it could make for Again, to use Mougayar’s system, where seemingly no the two billion unbanked analogy, this is like Google one knows where the money people across the world. Docs updating everyone is for the few days after you So, what is blockchain? at the same time. All par- send it. Blockchain was actually ties receive the encrypted All of this is very nice, of developed in 2008 as the in- transaction information at course, but how could this frastructure behind bitcoin. the same time. Provided all benefit the two billion cur- Bitcoin has had a bumpy ride parties confirm with the rently unbanked individuals, so far, and whether it will same details, the transac- many of whom live in rural prove to be widely successful We can use the above anal- tion is processed instantly. Africa and Asia? Remit- remains to be seen. However, ogy and apply this to a If there are any anomalies, tances from abroad are the blockchain is proving to real-life example of sending the transaction will not lifeblood of many families be far more important and money to another country. be sent. For a criminal to and even economies around wide-reaching than perhaps This is a familiar, expensive intervene, they would need the world. For example, even its creators imagined, and opaque process that to successfully hack each of the World Bank estimates with applications being com- most people have been the banks at exactly the same that 32% of Nepal’s GDP pletely separate to bitcoin. through. The traditional time– although theoretically comes from money sent from But it’s far from the first method using SWIFT takes possible, the chances of this abroad. That’s a staggering time an invention has uses 3-5 days. By Mougayar’s happening are close to zero. amount. Even in the huge far beyond its original pur- analogy, this is the docu- All of this means that the 1.3 billion-person economy pose– Play-Doh was origi- ment being passed from one risk to banks is almost elimi- of India, foreign remittances nally a (mediocre) wallpaper party to the next. It’s easy to nated, reducing their costs– received make up 3.3% of cleaner before being adopted see how this takes so long. and these cost reductions their US$1.9 trillion GDP. as one of the most successful Each bank takes its time to should (in theory) be passed Remittances to the develop- toys of all time. process the transaction and onto consumers. Transac- ing world total half a trillion >>> images © william mougayar | wiley wiley | mougayar william © images

dollars annually, and are the most. Blockchain, in the lives of the unbanked? Why not only a major advantage worth three times more than example of remittances, has is fintech so important to to the customer, but also to the global aid budget. These the capability to dramatically solving the global issue of the bank or other institution remittances often support reduce costs and time taken financial inclusion? And why processing information– as the poorest or most needy of for the recipient families to will fintech do this, when they can now do so far more the population. The average receive the money. This will nothing else before it has? quickly and efficiently. In NOW Money customer in have a direct and positive After all, banking has –in this sense, blockchain is no the UAE sends 65% of their impact on the populations some form or another– been different to almost all other earnings back to their fami- that need it most. around since before the fintech innovations. They all lies, predominantly in India, Ancient Greek and Roman focus on improving the cus- Pakistan, Bangladesh and Fintech as a power periods. The first banking tomer experience, efficiency the Philippines, and each for good systems were founded to for the financial institution, worker’s monthly remittance It is heartening to see wide- facilitate trade in the MENA and often both. Modern supports 5-10 family mem- spread and growing support region, however, today, 86% fintech innovations (such as bers in their home country; for fintech companies and of the population in MENA blockchain) are just the lat- sometimes as many as 20. innovations, and blockchain are excluded from financial est in a series of innovations African countries are also in particular, being shown by services. Why have banks that have occurred to date, highly reliant on remittanc- countries in the Middle East, throughout history exclu- including the introduction es; however, they face the given that it is estimated sively served the wealthiest of core banking systems highest remittance costs in that 80% of the world’s in society, when by the very in the 1970’s and 80’s, the the world. Remittance costs unbanked live in Muslim ma- virtue of being able to ac- introduction of ATMs in the average 10% in sub-Saharan jority countries. cess banking services, these 1990’s, and the introduction Africa, and can reach as However, with all the talk people have been able to of mobile money (e.g. M- high as 20%. That means if of fintech and blockchain, grow their wealth further? Pesa in Kenya) in the 2000’s. someone sends $100 back I often feel that the “why” As I outlined earlier, Possibly the first modern to their family in Botswana, about the importance of all blockchain reduces manual example of fintech including their family will receive just this gets forgotten. Why does processes, and therefore the financial inclusion is the $80. The Financial Times access to modern financial time taken, in sharing and introduction of core bank- estimates the cost of this services help improve the updating information. This is ing systems in the 1970’s. to African people to be a Before the introduction of “supertax,” totaling over $2 Blockchain is an important fintech core banking systems, each billion per year. innovation- it will allow companies and bank branch manually pro- These costs, delays and in- individuals to agree and settle contracts cessed its own transactions efficiencies are not absorbed by hand. Unsurprisingly, by the banks; they are passed and transactions very quickly and this was a labor-intensive on to the consumer, the very efficiently, and removes the need for process– and consequently people that need the money intermediaries or central counterparties. a very expensive one. These costs were passed onto consumers. Only the wealthiest could afford to sustain these costs, and therefore, only the wealthiest had a bank account. Core banking introduced an IT system that allowed a network of bank branches to all be connected, and log and settle transactions on the central “core” IT system. This drastically re- duced processing times and costs to the bank of providing a simple bank account, meaning that banks could profitably bank less wealthy customers for the first time. In Europe, in the period between 1975-1985 that core banking systems were introduced, the number of people with bank accounts tripled.

36 Entrepreneur august 2017 People could, often for the tions to shape the future of jobs. It creates a raft of new very quickly and efficiently, first time, receive interest our economies and business opportunities in online and it removes the need for on everyday savings; and get ecosystems. The next wave of retailing, credit and lend- intermediaries or central finance to start businesses, innovation could make finan- ing, loyalty and many other counterparties. This is espe- finance major purchases cial inclusion possible for all, areas. People can access the cially relevant within Islamic such as houses and cars; all and the need for this in the world of opportunity that the finance –one of the core prin- of which helped contribute MENA is especially pressing, privileged few of us couldn’t ciples of which is to have en- to an increase in standard of given the astonishing amount imagine our lives without. forceable contracts which are living. Another example is of financial exclusion in the Fintech innovations are fair, transparent and agree- the aforementioned M-Pesa. region. But how will bring- changing the face of com- able between parties– where By simply allowing custom- ing these people into the panies. 20 years ago, it was the opportunity to help its ers to access finances via financial system change the inconceivable that a company community is the largest. their mobile phone –close world, or even the business in the UAE without stores The huge potential reduction by and convenient, unlike landscape? And how will this could grow from nothing to in cost of transactions that the few bank branches affect us as individuals? being a sustainable and prof- blockchain brings means its around in Kenya– M-Pesa Bringing an individual into itable business sold for $650 reach and potential impact is tripled financial inclusion the formal financial system million within 12 years- this enormous. It is important to between 2006 (the year allows them to build a credit year, Souq.com has done just remember that blockchain is before its launch) to 2013. It history, access credit, start that. And this achievement just the latest in a long line of is estimated to have directly companies, pay for goods and has been realized with 86% fintech innovations that have lifted 850,000 people out of services online, among many of the population unable to changed the face of business poverty, with up to 50% of other things. All of these access its services- imagine for consumers– however, this Kenya’s GDP flowing through actions help individuals grow the opportunity if we get this time, it really could make the M-Pesa. their wealth and improve population into the financial final leap required to making So, it is clear that fintech quality of life. In the UAE, system, and able to purchase the world a fairer, more in- innovations will allow great- Moody’s research implies goods and service online. clusive, and more prosperous er access to the financial that a 20% increase in card Blockchain is an important society– and this will benefit system for unbanked indi- penetration would bring fintech innovation- it will us all, and who knows– one viduals. Blockchain is widely a 0.5% increase in GDP, allow companies and indi- day, blockchain could per- anticipated to be the latest worth $8 billion a year, and viduals to agree and settle haps be more famous than in a line of fintech innova- generate 100,000 new skilled contracts and transactions Play-Doh.

Ian Dillon is the co-founder of NOW Money. Ian was educated at Cambridge and Exeter Universities, and while at Cambridge, he started a successful e-commerce business which has recently been sold. Ian’s former banking career was spent at HSBC, working in retail and corporate banking and FX, before taking a management role within investment banking capital markets. In 2015, he co-founded NOW Money, an accounts and remittance service for the unbanked population of the Middle East.

outlet, or on the shelf of your user research, user-centered daily grocery store; rather it design, and experience design could be in your pocket or on can help resolve some of these your desk, accessible with issues. the touch of a few buttons. It Building a great user experi- is because of this factor that ence requires research and user experience is of such planning to determine what criticality. the customer needs, where This multidimensional each element should go, concept goes beyond the tried and what the design should and tested task-oriented ap- convey. Here are the most im- proach of traditional human- portant aspects of an efficient computer interaction (HCI) user experience design: and brings out facets of fun, pleasure, beauty and personal Discovery Discovery is a huge Usability first growth. Apart from basic us- part of user experience. It Pay attention to the user experience ability, enjoyability is a vital includes seamless and unique aspect of your tech product- that’s key part of user experience. This interactions with the key to its success By Clinton O’Leary paramount shift from usabil- stakeholders, learning every ity to experiential factors has aspect of the customer’s ith digital design mentality, standard forced researchers to consider business. Often, stakeholders transformation tools, and techniques used to what user experience is, and might have different goals, enveloping every produce desired effects in a how to evaluate and improve which, might overlap. Based Waspect of our person or persona. The advent upon it. User experience on the research, the UX lives, or rather, the entire of user-centric designs, web (UX) outlines the individual designer needs to prepare human civilization adapting accessibility, and usability expectation, evaluation, cog- feedback and plan the design to the digital way of life, transformed the way websites nition, and communication of accordingly. The product user experience has evolved were created. Gone are the a product interaction by the structure, content and audi- as a characteristic worth days when a website had the user. Not paying attention to ence are a direct reflection of investing in with world’s best looks of a simpleton with the user experience during the these discovered goals. technologies and technical products elementarily listed. development of technically minds. At the center of this Today’s websites and applica- mature products can result in Building personas After goal transformation, resides the tions are glossy, user-centric, absolute failure. However, by setting, the next step is to customer– the ever maturing multiple-view abled, and a focusing on positive experi- identify the customer base and evolving customer. User result of psycho-analytical ence design during product and create personas. Personas appeasement is at the center study and research on human development, the potential to are the personification of us- of how user experience is buying behavior. create exciting products and ers who will use the product. ideated upon, planned, and customer loyalty increases A product can have multiple finally implemented. THE TRANSFORMATION manifold. personas, and each per- In recent years, websites OF THE WEB A study conducted by sona can have different back- and web applications have Traditionally, only two fac- Institute of Electrical and grounds, personalities, needs, undergone significant changes tors influenced design– what Electronics Engineers gives a and end goals. Segregating the and have experienced a would look good, and would better understanding of the personas and identifying the fundamental shift in their as- the client like it. The last de- criticality of user experience course of action helps provide sessment of user-product in- cade witnessed a transforma- design and on why software the best possible experience. teractions. Emotional aspects tion of the web. The number fails. The result shows that are becoming more important of web users has increased organizations spend almost Content is key Understanding than traditional aspects, globally to roughly 3.4 billion US$1 trillion on Information the goal and audience helps such as mere usability and users. The increase in access Technology (IT). 15% of these develop the right content. functionality. How and what to the internet via various IT projects are estimated to be Creating engaging and is the user experiencing with devices, like mobiles, tablets, abandoned or failed because relevant content is key. Con- the product? A once one-way laptops and desktops along of poor user experience. sidering the shorter attention static medium has evolved with more browser options, Failure of these projects is span of users, engaging them and advanced into a very rich and various internet connec- avoidable. Some of the rea- quickly is critical. Provid- and interactive experience. tion types, has resulted in the sons why a software fails are: ing users the right kind of Design professionals use the surge of accessibility. Your unrealistic project goals, inac- content plays a major role in phrase “user experience de- favorite product is no longer curate assessment of needed customer branding. sign” to describe certain user- just available only behind the resources, poor reporting centered design methods, glass showcase of the brand’s tools, unmanaged risks, com- Business benefits Cost saving mercial pressures, and use of is one of the primary benefits immature technology. Focus- of user experience. A survey Clinton O’Leary is the Chief Commercial Officer of Yvolv, a ing on user experience by way conducted by Econsultancy, technology joint venture between Alibaba Cloud and Meraas. of stakeholder interviews, reveals that almost three-

38 Entrepreneur august 2017 quarters of companies con- of a customer friendly yet tions, including the UAE and eMarketer predicts the UAE sider the role of user experi- result-oriented user experi- Bahrain, are at the forefront and Saudi Arabia will witness ence relevant for escalated ence is nothing less than dire of this digital transformation. an 80% increase in internet sales and conversions. The necessity. According to Digital McK- users by 2020. study was carried out in as- insey reports, there are 128 The standard procedure sociation with WhatUsersDo, Today’s websites and million active smartphone for designing a good user and involved more than 1,400 applications are glossy, users, and as this represents experience is consistent digital and e-commerce pro- user-centric, multiple-view only 53% penetration, sig- across the globe. There is abled, and a result of fessionals. nificant headroom remains. no independent “Middle psycho-analytical study and research on human buying The MENA region recorded East user experience.” It is a USER EXPERIENCE IN THE behavior. the highest mobile data design where the experience MIDDLE EAST traffic growth in the last few revolves around the user. The Middle East is no excep- Over the last decade, data years. The most interesting What it requires is a better tion to the global digital flow connecting the Middle forecast is an increase in understanding of the user’s transformation, nor is the East with the rest of the 3G/4G users from 170 million needs, motivations, and importance of an effective world has witnessed a to 330 million by 2020. Con- goals. After all, the Middle and efficient user experience. substantial increase, almost sidering these developments, Eastern user experience may With world’s top brands more than 150-fold. The digital-first organizations incorporate unique trends rushing towards the Middle Middle East is at the center are leveraging the structural from the region, but the user- East to cater to the shopping of a digital transformation. shift in how industries treat centered experience remains friendly region, the existence Several Middle Eastern na- customers. In its Q1 forecast, the same.

| in the loop |

in the tech such as Emirates Post, DHL, Aramex, and others, for smart drones ship- The UAE could soon see the future of logistics in its surroundings ping solutions. Johmani says the growing e-commerce industry in the MENA region, eople in the UAE could soon locations across Dubai in “30 minutes or gives them “an integration opportunity” receive their online shopping via less.” The drones, which will run with a pro- with companies like Souq.com, for instance. Pautonomous drone delivery service if prietary mobile application, will allow users “Souq at the moment uses more than everything goes according to the plans of to track and manage their orders as well. 200 bikes to deliver their items to their Space Autonomous Drones, a new Dubai “We have already manufactured and tested customers in Dubai alone, which has a high company created as a result of partner- the drones in San Francisco, and done a full operational cost attached to it from Salik, ship between UAE-based tech company operational test with Swiss Post in Switzer- to fuel and drivers associated costs; Space Eniverse Technologies and San Francisco- land, and in September [2017], we are con- Autonomous drones will cut these costs to based drones maker Skycart as announced ducting first delivery test in Dubai, aiming almost zero, hence we are actually creating in July. Currently seeking legal approval at getting the regulation approvals to start a new market and category in the logistics from the Dubai government, Space Au- operations between March and September industry,” he says. tonomous Drones estimates the launch of 2018,” notes Mohammed Johmani, CEO, As part of the partnership, the US-based the service to be “between 2018 and 2019,” Eniverse Technologies, and founder, Space Skycart will bring its drones experience and and expresses confidence in a statement Autonomous Drones, speaking about the technology to the UAE, while Eniverse (a that “it will fulfill all the legal criteria and plans for launch. Johmani says the com- company that prides itself on “incept[ing] kickstart operations ahead of schedule.” pany plans to price the solution between ideas that become successful businesses”) Once launched, Space Autonomous AED10-15 per delivery, while traditional will “draw the operational structure of Drones’ technology will enable shipping of deliveries usually cost up to AED25. “This Space Autonomous Drones,” to meet all products weighing up to five kilograms to shows you the economics of the concept in regulatory requirements of the UAE. With comparison to the tradi- the UAE’s emphasis on Smart City initia- tional delivery methods,” tives, and with governmental entities such he adds. as RTA and Dubai Future Accelerator using As industry reports technology to improve quality of living for estimate the demand for Dubai residents (for instance RTA’s autono- drone technology in the mous air taxi, which was tested in June Gulf region to reach over 2017, and is set to start the trial operation US$1.5 billion by 2022, soon), Johmani is confident that “Dubai

utonomous D rones utonomous Space Autonomous -through its Dubai 10X program and Drones aims to capture Dubai Future Accelerators- will realize the a part of this market potential of the autonomous drones, and by collaborating with its positive impact on Dubai’s economy.” established companies Here’s hoping to catch soon the drones in

pace A S pace courtesy I mage that would be interested action in the UAE skies!

august 2017 Entrepreneur 39 TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

these assessments are analyzed and verified by an expert business psychologist, in combination with an array of other structured behavioral exercises, they form a much fairer guide than relying on gut instinct or the poor predictive validity of the average unstructured job interview. By putting in place such an objective and thorough recruitment assessment process you can alleviate many of the cognitive biases that sabotage recruitment practices, you can pinpoint leadership potential early on, and you will improve staff retention rates.

Know who to promote (it isn’t always easy) If you have recruited selectively and wisely, your workforce should now be populated If you expect excellence and demonstrable with eager, intelligent and engaged employ- Turning leadership from certain employees, you ees. With the cream of the crop, how do need to invest in them and provide them you know who to promote, or who to offer with the tools to grow. leadership development? good There are a lot of misconceptions about Excellent leadership begins with leadership, and acting on these misconcep- employees recruitment assessment tions can prove pricey in a number of ways. When hiring for a given position, it is a For example, you don’t want to simply into great wise move to look to the future. For most promote your top performing employees. roles, you don’t want to hire someone you They might be excellent in their current leaders believe has no potential to improve, climb role, but do they have the necessary charac- Secure your company’s future the ranks or provide further value down the teristics required to lead a team? Can they line. It’s a much smarter decision to recruit motivate and inspire, while uniting a team by investing in the right people an individual who is proactive, willing to behind a given project? Are they constantly By Nick Davis learn and who is both enthusiastic about micromanaging? Do they exhibit trust and improving the company as well as them- instill it in others? Similarly, you don’t selves. want to promote those who are simply the Great leadership matters. Regardless If you think this sounds like a complicated most extroverted and confident. Keep an of whether your company is a global enter- task, you’d be right. Not only do you have eye out for quieter, calmer employees who, prise or an SME, you should be concerned to consider leadership skills and charac- despite their introverted nature, are able to with succession planning. You’re going to teristics for both current and potential motivate others to be productive. want to ensure that the right people are be- future positions but you also need to take You don’t want to waste time and money ing trained, and given the tools they need to into consideration those personalities who backing the wrong employees for top posi- become your inspirational company leaders would best fit within your existing (or tions. Put in place thorough development of tomorrow. Without the right people, desired) company culture. This will require centers to assess for key leadership compe- your company is likely to have a short a comprehensive analysis of the critical role tencies and don’t overlook certain employ- future and lose out to competitors who competencies, what your company stands ees just because they’re not aware of their have put solid, well-constructed leadership for, what its values are and where it aims to own leadership potential. development plans in place. be in two to five years’ time. So how does a company appropriately se- In order to obtain as much objective and Let your employees know you lect, manage and encourage leaders so that reliable data as possible, many companies promote from within they are able to reach their potential and decide to make use of psychometric testing. There are a lot of benefits, financial and unite a team? There are a number of ways In fact, approximately 80% of the Fortune otherwise, to promoting from within. Your of doing so- and it all begins with recruit- 500 employ psychometric tests in some existing employees have shown themselves ment and hiring for potential. You then way or form. During the recruitment as- to be reliable, are aware of the company need to take the necessary steps to ensure sessment process, you’ll be able to explore culture, and they know how the business these employees are given the opportuni- each candidate’s personality, leadership operates. On average, external hires also ties, confidence and training necessary capability, motivations and attitudes, as tend to perform worse than those hired to excel beyond their own expectations, well as managerial judgement, potential from within. On top of this, promoting remembering the whole time that great behavioral derailers under pressure and existing employees can do wonders for leaders are not born- they are developed. cognitive abilities. When the results of company morale. Once your company

Nick Davis is a business psychologist and Director at Davis Associates, an HR consultancy based in Surrey, UK. Davis uses his knowledge and expertise to improve organizational performance for companies around the world.

40 Entrepreneur august 2017 knows that you favor existing panies choose to utilize leader- them to take charge of their and become excellent future employees, you begin to develop ship development programs. own professional development. leaders, but as no leader is born a more loyal reputation, which Such a program should be Many executives feel a sense of with all the skills and strengths will actually facilitate future tailored to your needs and can isolation in their senior role, necessary, they need their com- recruiting efforts. It will also help potential leaders learn especially when faced with panies to lend a helping hand. demonstrate to your current how to cope with the complexi- crucial decisions. Coaching can Put in place thorough employees that you are invested ties inherent to a managerial facilitate this transition and recruitment assessment in them and their futures. This position. Employees will also be make the whole process seem processes. Highlight potential means they will be able to able to explore what leadership less daunting. A coach will help and succession plan through more confidently work towards means to them in their role and shine a spotlight on behaviors structured development a leadership role with your company, what the positive and that if overplayed can become centers. Give your leaders organization, instead of looking negative consequences of their counterproductive and impede the training necessary for opportunities elsewhere. natural style of leadership may leadership effectiveness. This is through a tailored leadership be, how to cope with change perhaps why Psychology Today development program. Then Many companies decide and deal with the pressures of has stated that “every CEO support those in senior to use leadership the role. needs an executive coach.” At positions through executive development programs a time when CEOs and senior coaching. Demonstrate to your Deciding who to promote to a Behind every great CEO managers are facing more chal- employees that you have faith leadership position is only part is an executive coach lenges and pressures than ever, in their abilities, you appreciate of the battle. You then have to Executive coaching is a confi- a little help can go a long way- their efforts, and you believe give them the developmental dential, one-on-one experience, particularly given the tendency they have the building blocks support required to become a wherein the executive is given CEOs have to burning out. for leadership. In time, you’ll great leader. This can be done impartial, third-party sup- There are a number of ways to benefit from dozens of potential in many ways, and some com- port, which ultimately allows encourage employees to develop future leaders.

| STARTUP FINANCE | As for his experience in raising funds for Bloovo.com in the region, he believes that “We got funded!” since the founding team is “well-connected” Algorithm-based online recruitment startup Bloovo.com in the GCC business circles [founders’ closes US$3 million funding background is in private equity and they are serial entrepreneurs], it gave them AE’s algorithm-based online recruiting a few of the company’s core offerings, something to leverage on. “You should be ment platform Bloovo.com has he says its features include “scientific prepared to answer any question relating Uclosed a US$3 million funding round matching percentages, probabilities of suc- to your venture, your differentiation, the in June 2017, led by GCC-focused private cess, candidate 30-second pitching videos, industry you are in, and its dynamics. Sur- equity firm Noble Partners with participa- insightful dashboards for both employers round yourself with at least one strong and tion from ProCapita from Kuwait, Oman’s and job seekers, in addition to an advanced exposed co-founder, and be ready to work Mohamad Moosa Abdulrahman Investment but smart online recruitment monitoring 48 hours non-stop- no holidays, no rest, office, Al Serkal and Al Shafar from the software for employers.” and more importantly you should never UAE, among others. The entrepreneur holds a firm belief that give up,” says Khamis, sharing takeaways With this financial injection, Bloovo.com with data playing a huge role in the lives of for MENA’s aspiring entrepreneurs from his aims to accelerate growth across MENA individuals and companies when it comes to own fundraising experience. (by expanding in Saudi Arabia), enter decision making, Bloovo.com’s premise to Indian market, invest in advertising, and utilize big data to streamline the recruit- Ahmad Khamis, strengthen its team to support operations, ment process has potential to scale as a co-founder and CEO, aiming to grow the current 16-member business- both in the MENA region and Bloovo.com team to 40 by the end of 2018. The HR globally. Acknowledging that the Middle tech startup, which started operations in East is home to numerous conventional January 2016, says both business and team recruitment portals, he adds that, at Bloovo. size has gained momentum since then, with com, “adopting data science in the recruit- its employer base (clients) growing from ment play was [their] theme.” 260 in 2016 to over 1,850 employers as of Besides creating a product that scientifi- May 2017. cally ensures appropriate fit for open roles, “The job mismatch problem is a univer- with growing concerns of robots and other sal one, and what we try to do at Bloovo. technology taking over human jobs, Khamis com is to find the means to solve such a says he wanted to “create something that problem through the use of data science is algorithmic, [and hence] would not only and advanced algorithms to make job survive in the technological disruption matching a reality,” says Ahmad Khamis, era, but be a best choice when it comes to the startup’s co-founder and CEO. Explain- recruitment.” mage courtesy B loovo.com courtesy I mage

Gadgets and doodads that you might’ve missed out on, sourced by a tech aficionado. Yes, it’s okay to want them all… and no, it’s not our fault.

Style and substance huawei Honor 9

Huawei has launched the partnerships with Grammy matter when or where you new and improved Honor 9 Award winner Rainer Mailler are. Huawei also continues smartphone. The upgraded and Monster for audio fine- its commitment to security flagship device features a tuning and optimization. with Honor 9’s front-facing dual-lens camera, which Thanks to its 5.15-inch FHD fingerprint sensor, which includes a 20MP mono- screen with 428 PPI, offering lets you quickly unlock your chrome lens and a 12MP RGB true-to-life color reproduction device without picking it up. lens with hybrid zoom and and color saturation levels Honor 9 is uniquely designed Huawei Histen 3D sound field of up to 96%, this device with a curved 3D glass back technology that has three dif- is certainly nice to look at. and metal frame, and for a bit ferent modes -near, front and The sunlight, night, and eye of additional style, it’s now wide- to replicate surround comfort modes ensure that available in a cool new color sound. Huawei also leveraged your screen looks great, no called Glacier Grey as well.

Honor 9 smartphone

Touchscreens all around Sony Xperia Touch

Sony is pushing past its Sony Xperia Touch Sony competitors with the launch of its Xperia Touch new smart projector, the Xperia Touch. Built with the latest Sony intelligence, this compact and lightweight short-throw projector transforms a wall, table, floor, or any flat surface into an interactive 23-inch HD touchscreen. Whether you want to play games on the living room floor, project a recipe onto the kitchen counter, or simply make your wall a message board, Xperia Touch adds a whole new dimension to your home. The projector features presence Sony sensing technology, two-way Xperia Touch stereo speakers, horizontal and vertical displays. It’s also Wi-Fi connected and compatible with Android apps and games in the Google Play Store.

Sony Xperia Touch

Print on the go HP Sprocket app HP Sprocket

HP puts the fun back in ink cartridges and prints vibrant, photography with the Sprocket smudge-proof photos in a Photo Printer. This pint-sized matter of seconds. You can also device prints 2x3 inch photos print from your mobile device on peel-and-stick paper that’s running iOS or Android using both tear and water resistant. the HP Sprocket app. Sprocket Sprocket is petite, portable, and is available in white with rose it truly does fit into your pocket. gold accents, and comes with a It uses HP ZINC Photo Paper, 10 pack of HP ZINC Photo Paper : huwaei | sony | hp | sony | huwaei : which eliminates the need for to get you started. HP Sprocket COURTESY IMAGES

#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.

august 2017 Entrepreneur 43 CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

‘Trep trimmings The executive selection From better goods to better wardrobe bests, every issue we choose a few items that make the approved executive selection list. In this issue, we present our selections from the Salvatore Ferragamo Spring/Summer 2017 range, a timepiece combining the best of two brands, and an eyewear piece worthy of your collection.

OFF THE CLOCK OFF THE CLOCK ON THE CLOCK Salvatore Salvatore Salvatore Ferragamo Ferragamo Ferragamo WINNER TAKES ALL SS17 SS17 SS17 Salvatore Ferragamo Spring/Summer 2017 Fresh from the departure of the House’s former Creative Director, Massimiliano Giornetti, Salvatore Ferragamo showcases a renewed take on the brand that hints at adventure. Bringing in dark toned jackets atop silk shirts, the SS17 collection makes for the ideal summer scenester suit. The pieces are light and comfortable, without sacrificing structure. Along with office attire, you’ll find variations for both streetwear and sportswear. Need to tone down your ensemble for a casual night out? Look no further, Ferragamo’s latest line goes the extra mile. www.ferragamo.com

Salvatore Ferragamo SS17

Salvatore Ferragamo SS17 A-GAME SS17’s pocket squares Completing Salvatore Ferragamo’s SS17 range is the interesting selection of F ord om suited up pocket squares. Step up your game with the House’s fine silk pocket squares. Need a touch of excitement to change up your existing wardrobe sta- ples? Then opt for a few of these beau-

ties, which will instantly add a burst of T H ublot, F erragamo, alvatore color and personality. After all, it’s the details that count. www.ferragamo.com images courtesy S courtesy images

44 Entrepreneur august 2017 TEAM PLAYER Hublot x Berluti Worthy collabs often produce the best results. Bringing together the watchmaking expertise of Hublot and fine leather craftsmanship of Berluti is always a good idea, and we’ve got proof as this is the second time the two tag team created an especially noteworthy piece. With the Hublot Hublot Classic Fusion Chronograph Berluti edition, the brand wanted to improve it by applying the concept on a chronograph- a concept that may seem simple, but still requires (and shows) skill in having a dial, and two counters made of leather. Available in two styles, black ceramic and warm gold, as well as black leather and brown leather, this timepiece is sure to up your ante. www.hublot.com

Classic Fusion Chronograph Berluti

Tom Ford Tom Ford Private Eyewear Private Eyewear Collection Collection

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august 2017 Entrepreneur 45 TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

Happy endings The Esquire Guy walks you through the best way to wrap up a business meeting By Ross McCammon

ast impressions are under- What you do rated in business. Else- Obviously, you shake hands with where? Not underrated. At everyone. Obviously, you smile. The a restaurant: dessert. At key is to shake hands and smile in a the Olympics: closing cer- way that suggests you are, say, 30% Lemonies. At the end of The Cannon- more pleased with how things went ball Run: a hilarious blooper reel. than you actually are. Politicians do But at the end of a meeting? Some this all the time. Especially after a handshakes and business cards. debate. Fathers of the bride do this, What restaurateurs and Olympics too. So do the North Koreans after organizers and movie producers their leader says something. The know that the rest of us don’t is scientific term for it is: Post Event that a good ending magically makes Feigned Delight. Used in a sentence: you think that everything preceding “Bob, nice work in the meeting, but it went off better than it actually would it have killed you to have did. The last impression is a power- upped the PEFD a little?” ful thing. The ending is important. This is straightforward if the Especially in a meeting room. meeting was innocuous. But To be clear: this isn’t about end- what if the meeting was difficult? ing a meeting. Ending a meeting has For advice on that, we turn to never struck us as all that difficult. a group of people who have This is about what happens after been indispensable to us when this is about what happens after the meeting has already ended. The discussing meeting etiquette in the the meeting has already ended. The handshaking. The small-talking. past, people who have witnessed handshaking. The small-talking. The walking to the door. The asking more difficult meetings than almost The walking to the door. The asking where the restroom is. This is about anyone: former White House press where the restroom is. This is about leaving- but in a meaningful way. secretaries. leaving- but in a meaningful way.

KEY TECHNICAL MATTERS No matter how contentious the “Great meeting!” The best attitude to have while meeting, always shake hands After a bad meeting,don’t say, “Bad leaving a meeting room is: hopeful. with your counterparts while meeting!” The second best attitude to have is: looking them in the eye and saying After a ho-hum meeting,don’t say, kind of hopeful. something positive. “Ho-hum meeting.” Do not tout the quality of your No hugs. In fact, never, under any doodling. No high-fives. circumstances, say “ho-hum,” ever. Unless it is of remarkably high No butt slaps. Do not say, “Hey, let’s be careful quality with fine lines and a certain If you’re hosting the meeting, see out there” … unless you just panache. your guests out as far as the door or wrapped up a meeting with your Leave the last doughnut. elevator. fellow police officers. You can go back in a few minutes and Talk about anything except what Do not hand out gold stars to those grab it after everyone else has left, you just met about. who did a good job. but for now, just walk away from After a great meeting,don’t say, Even metaphorically. the doughnut.

46 Entrepreneur august 2017 In other words, move on- which is How to wrap up a meeting what you’re physically trying to do anyway. Template 1 In the interest of equal time, For when you want to make sure here’s Dana Perino, former press each person knows that you value secretary for the George W. Bush their time, talents and hard work: administration: “If the meeting “Well, I think this has been a didn’t go well, having a chance to [positive adjective] discussion of say something that is more person- [meeting subject]. We’ve figured al, or neutral, is good. In the brief- out how to fix [the problem]. We’ve ing room, even if I wanted to scream inside or sometimes cry, I wouldn’t discussed new ways to [tasks]. And let them know it. It’s a little bit of [name of person in meeting] showed a poker face, but also a grounded- us how to sleep with his eyes open. ness that I believe in what I said, I Oh [name of person in meeting], I’m believe in my idea and I’m grateful I kidding! Your input was [positive met these people.” adjective] as always. So unless The question often comes up anyone has any questions, I think of who to talk to when leaving a we’re in [middling-to-positive room. You want to engage who- adjective] shape for now. Thanks, ever’s nearby. Because that’s the everyone.” most social thing to do. “There’s a tendency for people when they are Template 2 getting ready to leave a meeting to go talk to the highest-ranking per- For when you’re not all that son in the room,” McCurry says. “I concerned if each person knows that always sought out the person that you value their time, talents and for whatever reason hadn’t partici- hard work: pated very much.” “We’re done. Hand me that Boston It’s an interesting notion. cream. I like a good Boston cream.” Not only is it a generous act, but it also fulfills the mission of the meeting in the first place: to get key The question often comes up of “In a meeting that has been conten- people into the room so everyone who to talk to when leaving tious, with some difficult emotions can participate. You’re retroactively a room. You want to engage whoever’s nearby. Because that’s expressed, it’s never good to have imposing that participation upon the most social thing to do. people leave a room angry, because the reticent, but still. it’s not going to serve whatever get from somebody is, ‘I’m so grate- common purpose you were trying “In a meeting that has been ful you gave me any time at all.’” to address,” says Mike McCurry, contentious, with some difficult But don’t linger. Everybody has emotions expressed, it’s never former press secretary for the Clin- work to do, and your business has good to have people leave a room ton administration. “There has to angry, because it’s not going to concluded. So, move along. Walk be some kind of acknowledgement serve whatever common purpose and talk. After all, as Perino told us, that there was a difficult conversa- you were trying to address.” “No one will believe you value their tion. To name the difficulty and to time if you seem to be wasting it.” acknowledge that we’ve dealt with What you communicate What’s going on when you’re the difficulty, even if it’s unresolved, The main message you want to leaving the room is socializing. The it leaves people thinking their impart is: gratitude. “You never business is over. The process of be- emotional input to the meeting has know if those meetings are going to coming people who aren’t obsessed been acknowledged.” lead to something else,” Perino says. only with numbers and strategy has Establish common ground even “And the people you meet on the begun. A meeting is an alternate if you couldn’t find any in the way up are the same people you’re reality that you should consciously meeting. Irony and sarcasm can going to see on the way down. So, transition out of. When you’re be useful. (“Well, that was easy.”) you’d better be nice to every single leaving the room, you and everyone But I think it’s better to be honest. one of them, and take that oppor- else become re-humanized. You’re (“Well, that blew.”) Then pro- tunity to thank somebody for their putting yourself back in the context ceed to have an equally authentic valuable time, and smile and hold of real life, which is useful, because conversation that has nothing to your head high as you walk out. One that’s where the best ideas happen ee this article in its entirety at E ntrepreneur.com at entirety its in article this S ee do with what you just met about. of the highest compliments you can anyway.

august 2017 Entrepreneur 47 CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

a network, barely enough resources. Certainly, some of these constraints do hold us back. However, there is also a positive side. The constraints in our lives often force us to make choices and cultivate talents that would otherwise go undeveloped. Constraints drive creativity and foster skill development. Just as the constraints of futsal forced Brazilian children to develop creativity and better ball handling skills, constraints can also drive your own skill development. In many ways, reaching the next level of performance is simply a matter of choosing the right constraints.

How to choose the right constraints AFF AIS Futsal From what I can tell, there are three Championship 2016 primary steps to follow when using constraints to improve your skills. Constraints 1. Decide what specific skill you want to develop. The more specific make you better the skill, the easier it will be to design a good constraint. For example, futsal Why the right limitations boost performance didn’t help players develop the skill of By James Clear being good at soccer. That’s too general. It helped them develop creative ball n 1930, a 23-year-old teacher in players get 600% more touches during handling skills, which turned out to be Uruguay named Juan Carlos Ceriani a typical game than soccer players do. valuable in the game of soccer. created a new sport. Ceriani wanted Throughout the 1930s and into the Similarly, you shouldn’t try to develop to design a game that was similar to 1940s, futsal migrated from Uruguay the skill of being “good at marketing,” soccer, but that his students could to Brazil, where the Brazilians fell in for example. It’s too broad. Instead, play indoors throughout the year. love with the new game. (Even today, focus on learning how to write compel- His new game became known as over 75 years later, more people play ling headlines or analyze website data- futsal. futsal in Brazil than soccer.) It’s hard something specific and tangible. IFutsal is very similar to soccer, but it to say why futsal became so popular has a few important differences. First, in Brazil, but one thing is for sure: the 2. Design a constraint that it is played in a much smaller area. (Ce- young Brazilians who grew up playing requires this specific skill to be riani designed the game so that it could futsal throughout the 1940s and 1950s used. There are three main options for be played on YMCA basketball courts.) developed incredible ball handling and designing a constraint: time, resources, Second, the ball is smaller and has less technical skills. and environment. bounce than a regular soccer ball. Third, Eventually, these children grew into Time Give yourself less time to accom- there are only five players per side adults and made the transition from plish a task or set a schedule that forces rather than the typical eleven players futsal to soccer. The athletic creativity you to work on a skill more consistently. per side in a soccer match. they developed in those futsal games Resources Give yourself fewer re- This combination of factors -a tighter would help the Brazilians to shine on sources (or different resources) to do a playing environment and a less bouncy the world stage. During the 12-year task. ball- requires futsal players to develop span from 1958 to 1970, there were four Environment According to one study, more creative ball skills because they World Cup championships. Brazil won if you eat on 10-inch plates rather than are constantly playing in crowded three of them. 12-inch plates, you’ll consume 22% spaces. Additionally, because there are fewer calories over the course of a year. fewer players, each person touches the Constraints accelerate skill One simple change in environment ball much more than they would in a development can lead to significant results. In my standard soccer match. In fact, accord- It is common to complain about the opinion, environmental constraints are ing to research quoted by Daniel Coyle constraints in our lives: too little best because they impact your behavior in his book The Talent Code, futsal time, not enough money, too small of without you realizing it.

James Clear writes at jamesclear.com, where he uses behavior science to share ideas for mastering your habits, improving your health, and increasing your creativity. To get useful ideas on improving your mental and physical performance, join his free newsletter

jamesclear.com/newsletter. To have James speak at your entrepreneurial event contact him jamesclear.com/contact shutterstock / feelphoto © image futsal

48 Entrepreneur august 2017 | IN THE LOOP | 3. Play the game. Constraints can accelerate skill development, but they Accelerating ideas aren’t a magic pill. You still need to put in your time. The greatest Brazilian soccer UK Lebanon Tech Hub gets US$3.2 million boost players were still playing futsal all the for Lebanese tech startups time. The best plan is useless without repeated action. What matters most is n the spirit of fueling the growth 20 startups were chosen to attend getting your reps in. of Lebanon’s ecosystem further, a week of product development the UK Lebanon Tech Hub workshop. After a week, six startups The idea in practice I(UKLTH) has launched The were shortlisted to join The Nucleus’ I am currently experimenting with dif- Nucleus, a venture building program full three-month acceleration ferent constraints to boost my skills in whose objective is to turn tech program. The six startups would certain areas. Here are a few skills I have ideas and minimum viable products receive an investment of $20,000 been working to develop and the con- into marketable solutions- and it in cash and $30,000 in services, in straints I am placing on myself to make commences with offering financial return for a 5% equity stake. Over them happen: support too. The Central Bank of the course of three months, startups Lebanon will fund the UKLTH with would undergo workshops on finance, Writing skills I want to be a better US$3.2 million -in parallel to the legal structures, raising funds, writer, so I set a schedule where I have to fund pledged by the UK Embassy- marketing and sales, as well access publish a new article every Monday and totaling its funding to $6.4 million, to office space, legal and auditing Thursday. The schedule is my constraint. as announced by Nicolas Sehnaoui, services support, and HR services. It doesn’t matter how good or how bad Chairman of the UKLTH, during the After the program, alumni startups the article is. It doesn’t matter how long launch. can still receive support through or how short it is. I have to get something From 176 applications, with 37 facilitating partnerships and potential out every Monday and Thursday. This applicants from outside Lebanon, investments. forces me to be creative and to do the one thing that good writers do: write. I don’t A scene from the launch of always hit the mark, but I have stuck The Nucleus program at UK Lebanon Tech Hub with this schedule for two years and I’ve written over 200,000 words.

Strength skills I only lift three days per week. To someone who doesn’t work- out, this might sound like a lot. However, many strength athletes train four to six days per week, sometimes twice per day. With restricted training time, I have to be very deliberate with my workouts if I want to make progress. Right now, I’m prioritizing foundational strength over all else. I’ll move on to in-depth technique development once my strength levels are higher.

Storytelling skills I have some Startups showcase friends who are amazing storytellers. I’ve The six ventures selected to be a part of The Nucleus program never been great at it, but I’d like to get better. The constraint I’ve placed on my- DOX An energy startup offering JALEESA A tech-driven platform self is scheduling talks without the use of predictive maintenance algorithm to connecting parents with verified slides. My last five speaking engagements monitor the performance of drones. caregivers. have used no slides or a few basic images. www.dox.tech www.jaleesa.co Without text to rely on, I have designed a constraint that forces me to tell better HANDISS A platform for engineer LGALX A platform offering legal stories so that I don’t embarrass myself and architect freelancers in the answers and services using AI and in front of the audience. construction sector. blockchain tech. What do you want to become great at? www.handiss.com www.lgalx.com What skills do you want to develop? Most important, what constraints can Imagineme An online publishing NOTIFER An app aiming to boost

ech H ub T ech L ebanon you place upon yourself to get there? platform utilizing augmented reality to your memory and productivity with Knowing the answer to this can help you create personalized children’s book. actionable reminders. James Clear writes at jamesclear.com, where he uses behavior science to share ideas for mastering your habits, improving your health, get to your goals quicker. Good luck! www.imagineme.in www.notiferhub.com and increasing your creativity. To get useful ideas on improving your mental and physical performance, join his free newsletter

jamesclear.com/newsletter. To have James speak at your entrepreneurial event contact him jamesclear.com/contact UK courtesy image

august 2017 Entrepreneur 49 CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

they may still succeed off their own back, a little encouragement could go a long way. Research from the Institute of Education (University of London) shows that there are some small, yet fundamental differences between future entrepreneurs and their peer group. Here are some of the institute’s findings around the signs exhibited by children at 10 years of age:

Extremely high levels of self- esteem It takes no great leap of imagination to understand that self-esteem is linked to entrepreneurship. In truth, it takes a great amount of confidence to start and sustain a business in the long term. According to the research, future entrepreneurs scored 0.13 on this trait, whereas their peers averaged at -0.01. Fueling the future It is therefore fair to say that entrepreneurial students tend to be more outgo- Educators have key roles to play in nurturing their students’ ing and confident than is the norm for entrepreneurial spirit By Tanvir Haque their age group.

hen you stand up in front entrepreneurial behavior from as young High levels of self-regulation of a classroom and impart as five. Yes, it is at this formative time In the same respect, business owners knowledge, you have that there are noticeable differences need to regulate their own lifestyles genuine power, and that’s between them and their peers. While and workflows. You may think that why educators can make a many may simply overlook the charac- this is a learnt characteristic, but the real difference to the future teristics associated with entrepreneur- findings tell a different story. In fact, Wsuccess of their students. But it is not ship in children, educators have a core entrepreneurial children came in at as simple as merely equipping them duty to identify and nurture them. Case 0.15 on self-regulation. Compared to with the necessary tools. Instead, it is in point, there is a huge body of evi- the average of their peers, which was about identifying their innate talents dence, well documented in the Acade- -0.01. at a crucial age, and supporting them my of Entrepreneurship Journal, which to grow into the entrepreneurs and suggests that educators do indeed Slightly higher IQ levels leaders of tomorrow. So, how can you play a vital role in the future business Now, here’s a surprise for most of us. go about doing this? Well, there are pursuits of their students. As they note, While some imagine that entrepre- some remarkable tools, resources, and “Students’ entrepreneurial self-efficacy neurs are vastly more intelligent than methods you can apply. can be enhanced by positive, encourag- those around them, the results show ing comments from teachers.” something altogether different. In real- The data shows young people really Armed with this knowledge, it is, ity, there was only a variation of 0.01 are our future therefore, crucial that educational between the two sets of students. What makes a successful entrepreneur? institutions put great emphasis on their Many think that a business person students’ entrepreneurial traits from Lower reading abilities, but higher is merely “created” through their the earliest possible age. math abilities upbringing, their lifestyle choices, and, Finally, it is worth considering chil- indeed, their level of education. While The challenge of spotting a young dren’s aptitude for basic skills, such all of the above may well be true, data entrepreneur as math and reading. According to the shows that there could also be a natural There is no doubt in my mind that sample, students who went on to be element to entrepreneurship. In other there are children out there with entrepreneurs had higher math abilities words, what if these traits were innate? entrepreneurial spirit who slip under than their peers and yet lower reading The chances are they might be. the radar. For whatever reason, these skills. While these results won’t be true Contrary to popular belief, children individuals are not given the help they in all cases, you should keep them in have been known to start exhibiting need to thrive in the future. While mind.

Tanvir Haque is currently the Chief Commercial Officer at Lifecare International, and he is the founder and Non-Executive Director of Freshstone Consulting. He thrives on developing customer-centric business relationships, and as such he is currently focused on revolutionizing Lifecare’s customer experience and driving the company’s digital transformation plans– all with the aim of unlocking Lifecare’s full technology potential. With a career spanning back more than 20 years, Tanvir’s experience has been gathered in professional services, banking, and telecommunications, having worked with PwC in Sydney, Andersen in Sydney and London, and Standard Chartered Bank in London.

50 Entrepreneur august 2017 is the Open Psychometric over. The stumbling block Test Resource, a collabora- for many, though, is how to tive project established by take the next step and nur- UK universities and research ture the talents that these students. Here you can ac- young people possess. To aid cess tests revolving around you with this conundrum, aptitude, leadership, nu- it’s worth looking at the merical skills, and, indeed, research from the Academy entrepreneurship. The test of Entrepreneurship Journal looks at key attributes, once more for some useful such as creativity, passion, insights to use in classes and control taking, achievement workshops. striving, and industrious- identify such traits. The tool ness. Each candidate simply First identify, then develop Of course, merely noticing is centered around 10 core has to answer 50 questions, natural talent If a young these traits is not enough to talents that are essential in saying whether they agree person has completed the brand a student as a “young any entrepreneur and seeks with each statement using BP10 and it has shown entrepreneur.” Still, if an to find out whether indi- a measure of “very inaccu- that they have particularly educator does notice these viduals already have them. rate” to “very accurate.” The strong business building signs, there are some spe- When you have bought the results will then offer a full talents, then it is important cific scientific tools that are test on behalf of your insti- breakdown of the student’s to understand this is only out there which may help. tute, you will be able to use abilities. the beginning of the story. In using them, teachers will it with your students and in Working from the assess- have the chance to identify the classroom environment. How to nurture young ment results, the educator students within their class- Each student will have to entrepreneurs can provide further learning rooms who may be the next take a 30-minute assess- Once an educator has used activity to nurture these generation of entrepreneurs. ment and the results will be the above information and talents– starting with the almost instantaneous. The tools to identify gifted stu- amount of time and focus Scientific tools that results come in the form of dents within their institute, that these areas are given on identify entrepreneurial an in-depth evaluation of their job is by no means a daily basis. >>> traits each student’s strengths and There is not an exact science depths of the 10 core en- to figuring out what makes trepreneurial talents. Using someone an entrepreneur. them, an educator should be However, there are tools able to gain a stronger un- which allow you to identify derstanding of those whom students with these traits. they teach. So, it may be worth, as an educator, having your The Open Psychometric students complete these Test Resource assessments so that you Should finances be an issue, may better understand their there are also free resources talents. Here are a couple of online which may be equally options that you may wish as effective. One such place to consider when finding the that you can find a wealth of entrepreneurs and leaders of useful tools and information tomorrow in your institute.

The Builder Profile 10 (BP10) Assessment by Gallup One of the most direct ways to establish whether someone has a natural talent for the world of entrepreneurship and business is to check out which traits they currently possess. Gallup offer the BP10 Assessment on their main site, which is available at a charge and can www.gallup.com | www.psychometrictest.org.uk | www.gallup.com

august 2017 Entrepreneur 51 CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

Entrepreneurs raising Think about curriculum development entrepreneurs Once talent is identified, there needs Entrepreneurial parents, here’s what you need to pass on to your kids to be methods in place for students to nurture and develop their innate By Helen Al Uzaizi talent. One key aspect for educators to The entrepreneurship road hasn’t always may be all too familiar with. One way entre- consider is creating a curriculum that been easy, but one thing is for sure, it has preneurs find fulfilment and the energy to allows students to “practise” their tal- taught you some valuable lessons- and for keep going is helping others around them. ents, much as they would practise any some of us, we wouldn’t have it any other Developing a sense of belonging to the of the traditional subjects. The objec- way. Whether you would like your children community will give your children greater tive is to develop talents into strengths. to follow in the same path, or take over the perspective on the world around them and business you have established, passing on the problems facing their immediate com- Learning experiences with entrepreneurs some of the knowledge you learned along munity. You can start by setting an example “Vicarious learning” is the act of your journey can help them succeed in for your children by volunteering in various experiencing and taking on knowledge theirs. These lessons will help your children community initiatives and exposing them to from the success of others. For ex- regardless of the path they choose in life, regular activities like food donation drives or ample, teachers may invite successful make them well-rounded individuals, and environmental projects. You will be teaching entrepreneurs into the classroom to give them the ability to take on any future your children that they can make a differ- deliver speeches or even skill lessons. challenge. ence if they participate, a belief they will Over the years, there have been various carry into adulthood. studies to support the idea that this The value of money and how to technique is effective on a small scale. manage it If you recall how hard you had Cultivate empathy Empathy is a crucial The inclusion of entrepreneurs and to work to earn your first dollar, this gave skill that needs to start at home. Relating to business owners within an educational you a deeper sense of appreciation and others’ emotions and working with people setting may seem unusual, but it is one understanding of the value of money. While to help accomplish their goals is a vital skill that could seriously pay off in terms of your children may have it easier than you, for entrepreneurs. Being empathetic is the results. they still need to learn the value of their difference between an effective leader who work and what it takes to earn money. Just is respected and one who is not much liked Positive reinforcement from teachers as important, they need to know what to by their employees. You can set an example While every educator seeks to encour- do with that money when they do earn it for your kids by showing them how to age their students, there may be a and this requires a basic level of financial listen to others and the value of supporting deeper meaning behind this act. In literacy. One way to start is to give your those around them. Emotional intelligence fact, the research suggests that “verbal child opportunities to earn money by doing requires a role model who practices active persuasion” -giving children positive chores or helping out around the house. You listening, understanding, and is consistently reinforcement on their successes- can should also help them take that money and respectful to others. help to boost their leadership skillset. put it into a bank account so they develop a basic understanding of saving, interest, and Embracing failure and remaining Fear prevention lessons Of course, investing. positive Did you give up after your one of the major things that holds first failure? Probably not, otherwise you young people back when it comes to Reward their curiosity A healthy wouldn’t be where you are today. Failure entrepreneurship is the fear of failure sense of curiosity has propelled many en- carries a heavy stigma in our society, but itself. Hence, the research suggests trepreneurs to create innovative businesses in the world of entrepreneurship, it’s a that teachers should work alongside and find creative solutions to age-old fundamental part of the equation. Many en- students to diminish fears surrounding problems. This sense of curiosity however trepreneurs fail, but it’s the successful ones autonomy and leadership. In doing needs to be nurtured and encouraged at a who didn’t give up and tried again. Fear of so, they can help to give young people young age. Rewarding your child’s curiosity failure is learned at an early age, but if you the confidence they need to start up a and encouraging them to pursue methods want to raise a successful entrepreneur, you business alone in the future. of finding their own answers will help them need to show them how to deal with it in a throughout their entire careers. They will healthy way while remaining positive. Even After identifying the necessary traits learn to question information and think more important, you need to guide your and including the above-mentioned critically about daily challenges, a valuable child (at a healthy distance as to maintain approaches in the classroom, educa- trait for independent individuals and innova- their independence) through their failure tors can give their students a fighting tors in any field. so they can learn from the experience. As chance in the arena of leadership and they learn to embrace failure, your child entrepreneurship. Nurturing select The value of giving back to the com- will develop resilience which will help them students in this area will not only munity Entrepreneurs face a great deal of overcome setbacks in the future and keep give them confidence, but gives them loneliness during their journey, a fact you moving forward. the best possible chance of realizing their potential. It is in this way that Helen Al Uzaizi is the CEO of BizWorld UAE and founder of the entrepreneurship education modern-day educators can truly make platform for the MENA region, Future Entrepreneurs. With a 15+ year career in the corporate an impact on the future. and startup world, Helen directed her passion to the entrepreneurship education field, working to instill the entrepreneurial mindset in the next generation of leaders.

52 Entrepreneur august 2017

TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

industry. You will need to get what you’ve created. Educate, an in-depth understanding of showcase and demonstrate their wants, their needs, their what you’ve created. Tell a interests and their challenges. story about how it can help The clearer your picture is them and add value. Sharing of precisely who you want what you have created shows to attract, the easier it will to the people who you want to be for you to identify where attract that you not only have those people are, and when a deep understanding about they present themselves (also them, but in fact that you known as, “being in the right are one of them. And that’s place and right time”). the secret why step two is so important– we attract what Bringing in the business 2. Be who you want to we are. Leveraging the law of attraction to win new attract The second step is clients for your enterprise somewhat counterintuitive, 4. Partner with who you and because of this it usually want to attract The final By Matthew Chaban is where most people give up, step is to form mutually however they do so at great beneficial relationships or highly profitable busi- have hundreds, thousands, loss because actually being partnerships with the people ness with year on year or even millions of customers the person you want to attract who you are now attracting revenue growth, an lining up to use their products opens new levels of insight into your business. Using our A impressive list of high- or services. We only need and understanding. Let’s take example, it means partnering value clients, and an excep- to think of people like Mark the entrepreneur example with new potential clients tional brand that attracts Zuckerberg, Steve Jobs, Rich- again- your business is look- who are entrepreneurs. They a continual stream of new ard Branson, and Bill Gates, to ing to attract passionate, see that you understand them opportunities– this is a dream name a few. proactive entrepreneurs who and are in fact an entrepre- business enterprise that so Well, you might say, these desire to build disruptive, neur yourself, which naturally many aspire to, but only few people just got lucky. They game changing businesses. attracts them to you, because achieve… why? were just in the right place at Being the person you want you’re attracting what you Is it actually possible to the right time. But how ex- to attract (i.e. the passionate are. The more people you at- build a business like this? If actly do you position yourself entrepreneur), will enable you tract, the more partnerships we look to the many talented to be in the right place at the to gain firsthand, personal, in- you can form and this begins entrepreneurs who started right time? depth insight into the wants, an upward cycle of attraction out on shoestring budget and Through the law of attrac- needs, interests and chal- and partnering which can went on to build global busi- tion. Put simply, the law of lenges of entrepreneurs on an propel you and your business ness empires, then the answer attraction means you will at- emotional as well as intellec- to new levels of success you is a resounding yes. tract what you focus upon. tual level. previously thought unattain- So, what key element sepa- In business, there are four able. rates those that achieve this steps we can follow to lever- 3. Share with who you Most unsuccessful business- level of success and those that age the law of attraction. want to attract Once you es focused on selling alone, don’t? have a clear understanding skip the first three steps and I think the answer can be 1. Know who you want to of who you want to attract, jump straight into the final found in the law of attraction. attract The first step is to and you’ve gained an in-depth step of trying to win a new One of my favorite mentors have a crystal-clear idea of understanding of their wants, client. In sales and market- Jim Rohn once said: “Success who you want to attract into needs, interests and chal- ing, we have terminologies for isn’t something you pursue, your business. For example, lenges by actually embodying this, such as “client-conver- it’s something you attract,” it could be attracting lucra- that person yourself, you’re sion,” and “closing the sale,” and this appears to be self- tive new clients, reputable now able to combine this however, in reality, we’re evident when you look at business partners or talented understanding and insight not closing or converting successful entrepreneurs all new team members into your with your talents to create anything. The person we’re over the world. business. Let’s take a look at something innovative and looking to form a relation- Successful entrepreneurs attracting new clients as an outstanding. It might be a ship with is choosing to aren’t cold calling hundreds example. If your business is product or a service, as long engage with us, because we’ve of people begging them to buy looking to attract new clients as it’s something that helps attracted them. The more their products or services. who are entrepreneurs, you the people you want to at- attracted they are to us or our Nor are they engaged in high will need to know more than tract. The next step is to share business, the more likely they pressure sales tactics or inter- some simple demographics that creation with them! will be to partner with us and ruptive advertising, yet they such as their age, location or Share a piece or a part of become a client.

Matthew Chaban is the founder of Marketing Masters Consulting, and he helps companies and consultants with impressive growth trajectories to date reach their next level of growth. Chaban relishes the challenge of championing innovation and growth within a company, and he writes regularly on strategic marketing and entrepreneurship.

54 Entrepreneur august 2017 advertorial

the MGM Hotel and Bellagio Resort to the We are confident that each of these unique Middle East for the first time. Construction projects will contribute significantly to work for the project will commence in Dubai’s flourishing real estate landscape in December of this year, and the hotels are their own way, and together they will bring due for completion within only four years. thousands of new residential units onto wasl is also working on Dubai’s second the market. These projects will also further Driven by duty luxury Mandarin Oriental hotel, which enhance wasl’s property portfolio, as above is due to open in November 2020. This all we are committed to supporting the H.E. HESHAM AL QASSIM will be the second Mandarin Oriental by government’s vision of making Dubai the wasl; the first one is being developed world’s top residential destination by 2021.” The CEO of wasl Asset Management on Jumeira’s beachfront and is due to Group on how his company is open in the fourth quarter of 2018. What are some of the other helping make Dubai “the best city Alongside the MGM and Mandarin Oriental projects in wasl’s pipeline that to visit, work and live in” projects, wasl has recently launched the you would like to highlight? Hyatt Centric The Palm Dubai hotel, which “We recently announced a new project will be the first from the Hyatt Centric brand in Warsan, which has been launched as H.E. Hesham Al Qassim, in the region. Designed with the modern- part of our strategic preparations for CEO, wasl day and responsible traveler in mind, the Expo 2020 and will deliver much needed rooms will be equipped with environmentally accommodation for hospitality staff. The conscious bath products and Bluetooth- project will comprise of 26 buildings in a enabled electronics. The project is due resort-style lay out and is distinguished completion in the fourth quarter of 2018.” from other developments by the fact that it will provide hospitality employees with Tell us about wasl’s existing projects 3,866 residential units spread over a such as wasl Gate and wasl Tower- built-up area of 2.6 million square feet. what do you think these projects will We also have several other projects in the add to Dubai’s real estate landscape? pipeline such as our development in Qusais As Dubai gets closer to its hosting “Amana Contracting is due to commence 5, which is aimed at low and middle-income of Expo 2020, can you talk about site work at wasl Gate soon and will be tenants. An infrastructure contractor has how wasl is contributing to ensuring responsible for the project’s first phase, recently been appointed to undertake the the success of this mega event? which includes 256 townhouses and a work on the project’s 62 buildings, which “Everything we do at wasl is driven by a community center. The second phase will bring 6,200 units to the area on a 4.4 duty to support the government’s vision will feature 1,440 hillside apartments, million square foot site. The project will of making Dubai the best city to visit, which are currently under design, and a also feature high-end facilities and modern work and live in. We are pleased to be contractor will be appointed by Q1 2018. infrastructure, as well as parks, schools furthering this ambition with the launch of The wasl Gate project will be accompanied and kindergartens. It will be handed over an unprecedented number of major hotel by a lifestyle-oriented hospitality and in phases, with the first phase due for projects in 2017, which will bring globally entertainment offering, a world-class sports completion by May 2020 and the second acclaimed hospitality players including MGM, complex, K-12 schools with international phase due for completion by March 2022. Mandarin Oriental and other renowned curriculums, and a central park connecting Another upcoming development is our names to Dubai. By working with such the community’s commercial and residential project at Ras Al Khor, which has been celebrated hotel and resort operators, we neighborhoods. The project is due launched to provide low to middle-income are significantly raising the bar of excellence completion in the fourth quarter of 2019. earners with 2,500 residential units housed across the board– from mid-range to As for wasl Tower, Arabtec was appointed in 42 buildings. Infrastructure works are the height of luxury. We are confident in May of this year as the contractor for almost complete and the main package is that these projects will cement Dubai’s the 63-storey mixed-use development, expected to begin in July 2017. The main position as one of the world’s favorite where site work is expected to commence contractor has commenced mobilization destinations by offering not only tourists, soon. The project includes residential, for phase one with enabling works in but also residents and visitors, ever more commercial and hospitality elements progress, and work for phase two and extraordinary experiences and opportunities. as the tower will contain not only 148 phase three is in the preparatory stage. Our projects are particularly important luxurious residential apartments and a Residents will be provided with every in the wider context of Expo 2020, which full suite of sports facilities, retail outlets, comfort, including health clubs, a school, is fast approaching and will see Dubai restaurants, cafés and other services, a mosque, retail shops, and green gardens receiving millions of new visitors. We but also the five-star Mandarin Oriental with water fountains. The project is due are fully committed to supporting our hotel with a further 257 rooms. for completion by November 2020.” government’s high aspirations for Expo wasl Tower will incorporate ceramic 2020, and our mega hospitality projects façades with photovoltaic solar panels to Mandarin Oriental will ensure that our international guests help regulate its interior temperature and Jumeira are catered to in the world-class style that reduce ambient noise, while its vertical Dubai has become globally renowned for. garden will support sustainability and help H.H. Sheikh Mohammed bin Rashid Al to significantly reduce the tower’s carbon Maktoum, Vice President and Prime Minister footprint. The development will provide a of the UAE and Ruler of Dubai, launched fully integrated residential offering and is the one million square foot, semi-artificial being developed as a commanding addition island on Jumeira’s beachfront in March of to the city’s skyline. The tower is due this year. This project will see wasl bringing completion in the fourth quarter of 2020.

august 2017 Entrepreneur 55 TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

all your effort, all your resources, and gambling your future -as well as the future of your family, friends, employees, families of your employees- on one investment: you. You are today the sum total of your experiences and learnings over your lifetime, minus the lessons you have not yet learnt. Question: are you a solid investment? To answer that question, let’s consider what a “sound investment” comprises. Besides the obvious financials, what else would you consider when buying shares in a company? Its history to date, its management (and their reliability), its performance and growth across multiple sectors, the clarity of its plans, its provisions for setbacks, its potential for scaling up… Now, if you were to score yourself on these factors, how well would you do? The truth is, doing all of the above Building your personal alone is tough. It would take a very spe- infrastructure cial sort of person enjoying very unique circumstances to be able to accomplish Warren Buffett put it best when he said: it. Most of us have multiple demands on “The best investment you will ever make is in yourself” our money, time, and resources. From By Murtaza Manji families, to work, to hobbies, juggling them all while still focusing on bettering nfrastructure (noun): The basic physical a country is no easy task- look at all the ourselves is, well, hard! If we take “doing and organizational structures and facilities countries in the world that know what it alone” off the table, then we are left I(e.g. buildings, roads, power supplies) they need today, but aren’t able (or will- with two options. The first is -regret- needed for the operation of a society or ing) to deliver it to their people. Antici- tably- the more commonly selected one: enterprise. pating what a country will need in a year doing nothing at all. “If I can’t do 100%, -or five years, or a decade- in advance, what’s the point of starting?” There is Living in the amazing city of Dubai, we and investing in building it is a whole enough logic there to reinforce a limit- can almost be forgiven for taking the other level of brilliance and foresight. ing belief, and, for some people, that is brilliant infrastructure around us for In admiring all this that we are blessed enough. granted. Assume, for a minute, if Sheikh to have around us, however, there is a Another -smaller- group of people have Zayed Road was closed for a day, or if big lesson to be learnt: to be world-class a different solution. They don’t try to do the metro stopped working, or if the tomorrow, the time/money/effort invest- it alone, because they know the diffi- sewage treatment facilities, or telecom- ment needs to be made today. No project culty, and they don’t do nothing because munication hubs, or the airport were to with a large, sustained impact can be they recognize the price of inaction. For get intermittently interrupted. We have built in a hurry. become so accustomed to having these You wouldn’t live services available to us that we almost in a tower that don’t notice them anymore. was designed and Yet, there was a time -not too long ago- built overnight, when a lot of these were less reliable, or nor would you perhaps even non-existent. Sending an put your hard- SMS was a big deal 20 years ago, and earned money in MMS was expensive (anyone remember buying shares in MMS?), but today, I can scan a check on a company that my phone, submit it via an app, and have launched yes- the money transferred to my account terday and went in seconds. Building the infrastructure public today. Yet, necessary to meet the requirements of you are investing

Murtaza Manji is an award-winning business coach and the founder of Kaizen Consulting, the first ActionCOACH firm in the Middle East. In the last six years, he has worked with over 400 successful CEOs, directors and business owners from over 15 different industries in Dubai and London to achieve higher profits, greater productivity from their teams, and sustainable growth by creating efficient systems and structures. Find him on Twitter at @CoachMRM.

56 Entrepreneur august 2017 them, doing it well requires a place where people would doing it together. They invest regularly sit and meet, both Creating content that creates in their personal infrastruc- socially and for work. It customers ture, by building the channels was a place where the focus to share information and re- was on human-to-human 80% of businesses are using content marketing, sources, by creating systems communication. Today, we but only 38% use it to drive sales to help prevent overwhelm, have such a massive reli- and by developing sup- ance on technology that we f you are a part of today’s be more valuable than just a port networks to help them are losing the benefit of real digital marketing industry, webpage. Ultimately, includ- achieve their personal and human interaction. Create a Iyou have undoubtedly heard ing a “strong and smart” call professional goals. For them, space -both physically and the term “content is king,” to action will likely determine there is no “if” when it comes in your calendar- to meet over and over again in your the success of any content to getting what they want to with friends, colleagues and line of work. However, Pay- marketing effort, ensuring get- only “when,” and “how.” guests. No amount of emails Fort’s recent infographic on prospective customers to If achieving excellence can communicate the trust content marketing stresses take the next step, says the -personal or professional- is conveyed in a handshake, that creating content for the infographic. your target, and perhaps if and no voice message can sake of creating helps no one, www.payfort.com/blog you have already begun feel- truly convey the happiness and what matters is creating the overwhelm of trying of laughter. Develop strong ing content that nudges new to do it yourself, here are five friendships, nurture them, users to come to you. The “personal infrastructure” and use the power of rela- study, offering seven tips to suggestions that can help you tionships to your advantage. “create content that creates succeed. customers” finds that 80% of 4. Build a “city of you” businesses are using content 1. Fix the cracks The idea behind allocating marketing but only 38% use Where are you losing time, entire areas to one activity is it to drive sales. effort, money, and/or energy? to boost chances of success One of the strategies the These are precious resources, in that focus area. Create a infographic offers is to create and losing what you need to professional “city” around content that relates to typical keep growing is the best way you, where every element is “pre-buying” themes, which to stunt your growth. Areas designed to help you excel. customers are likely to re- to improve on: have good You are what you make of search on before dealing with time management systems yourself, so from office spaces your company. Also critical is in place, create and follow a that you enjoy working from, the formats of content- cre- personal budget, sleep and to people who support you, ate materials that people can eat properly, and monitor each customizable ingredi- download and own, since your mood. Once you identify ent in your environment such resources are found to where the leak is, stop every- should be part of your recipe thing to fix it immediately. for success. While there are some things that you can’t 2. Clear the drainage influence, you can definitely a good one) and study your growth, business success and While what we need is eas- have metrics to track your highs and lows. Gratitude quality of life. The investment ily lost, what we don’t need professional growth (not just for what you have today made by the country into somehow manages to stick activity), carve out learning is powerful, and reflection itself has paid back hundreds around. There will always be and self-development times, on the challenges will help of times over, and will keep wastage, and a good system get a coach or mentor to you prepare to face them in paying back. The people who has an efficient disposal accelerate your growth, and your future. Invest in your take this same approach to mechanism. Cutting out the continually seek out con- learning, your reading, and life see the same results, and clutter in your life and work structive feedback. There is a your health. Your days at the it is not just multi-million- will leave you with more huge difference between ten peak of your game are already aires and CEOs. All around time and space to focus on years of experience and one limited by time, don’t allow us, there are people who have the necessary. Some areas year experience repeated ten them to finish any sooner. done and are doing what to look into, and work on times. In the GCC, Mecca and needs to be done to ensure may include: organizing your Medina are perhaps the only their success. What we see is physical space, managing 5. Do a “happiness survey” locations that had something a result of years of efforts and typical challenges, and learn- At the end of the day, what truly unique. All the other investments. It is more than ing to ‘let go’ of things beyond more do we want from life natural resources that the worth it. The takeaway to live your control. than to be happy? Stop and UAE enjoys are similar to the by, in the words of Warren reflect on your life, look back resources of the other Arab Buffet, is: “The best invest- 3. Have a majlis at your journey at appropri- countries. Yet, this country ment you will ever make is in In Arab culture, a majlis was ate intervals (birthdays are is leading the way in terms of yourself.”

august 2017 Entrepreneur 57 advertorial

Fahad Al Hassawi, Chief Commercial Officer, du Enabling the future

Tailored telco solutions ing faster broadband, devices nurturing entrepreneurs such as tablets and smart- of today and tomorrow phones, MS Office 365 with free business emails, 1 terabyte By Fahad Al Hassawi, (TB) of cloud storage, and ap- Chief Commercial Officer, du plications including Word, just to name a few. These tailored large number of the plans provide significant cost world’s greatest entre- savings for entrepreneurs. Apreneurs started their As a UAE company, du’s pri- businesses with apprentice- mary responsibility is to benefit ships, with the original concept the community. du interacts of earn while you learn. At with the community regularly du, we have recognized a new and believes in supporting lo- reality TV show in 2012, which can engender a more support- Better safe than sorry breed of entrepreneurs; the cal enterprises. The UAE is a provided seed funding and ive ecosystem during a panel youth, and we have fostered great place to start a business mentorship to a new genre of discussion. The open forum the importance of encouraging and the economy relies on the driven and creative entrepre- session was a great way for entrepreneurship in the region contribution of SMEs. In fact, neurs. As an organization, du SMEs to interact with large in order to drive the economy the UAE is in the top 20 for also regularly works with or- enterprises and a diverse range from a grassroots level. entrepreneurial attitude, activity ganizations in all different sec- of other startups to exchange Since its establishment in and aspiration. du believes in tors of business including DED, learning experiences. During 2006, du has provided support supporting entrepreneurs and Microsoft, Wamda and Dubai a panel discussion, du’s SME to the UAE’s entrepreneurial SMEs in their journey, as they SME. Furthermore, du has sup- Business Head discussed the scene in various ways. du has grow their business, through ported events in the UAE such various challenges for corporate created tailored telecommuni- tailored solutions, engagement as the Young Entrepreneur enterprises looking to sup- cations solutions for small and programs, funding events, du Competition for three consecu- port the SME sector. This year, medium enterprises (SMEs), operates with a 360-degree ap- tive years since 2014, which du also supported the STEP such as the Business Mobile proach to promoting business. provides advice and opportuni- conference, which is an event Plan that ensures uninterrupted Highlighting this support, du ties to SMEs on procurement that brings together MENA communication and optimum extended its entrepreneurial and contracting procedures. entrepreneurs, investors, and cost-savings. Colleagues can branch to The Entrepreneur In support of the youth of the tech and media enthusiasts call each other for free and flex- show, which allowed aspir- UAE, du introduced its youth from the technology, digital and ible add-ons meet businesses’ ing entrepreneurs to promote entrepreneurship program, the entertainment industries in a day-to-day requirements. In their ideas to future partners Agent 055 Network initiative three-day event. In addition, our addition, the Business Connect and investors that contribute to emphasize innovation in support ranged across to the and Office Devices plans from meaningfully towards the social 2015, as well as diversification #xtalk concept, which consisted du provides businesses with a development of communities. of revenue streams towards of a series of interactive discus- one-stop shop solution, includ- We created the nation’s first being a knowledge-based sions between entrepreneurs economy. The du Agent 055 organized by TiE, a prominent Network is aimed at promoting non-profit global community of entrepreneurship as a viable successful Indian executives. career option among college Entrepreneurs can change the and university students. The way we live and work and are project combines the dual a great national asset, their benefits of gaining training innovations can improve life and experience by working on aspects in many ways. At du, behalf of a reputed organiza- we believe in providing as much tion and earning an income. support as possible through During Entrepreneur Middle a well-rounded approach to East’s Enterprise Agility Forum promoting business for the presented by du in 2016, du UAE, and creating a prosper- drove the conversation around ous society for many years to Entrepreneur Middle East’s Agility how corporate entities in the come through our solutions Forum 2016 presented by du Middle East and North Africa and entrepreneurial support.

58 Entrepreneur august 2017 business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS CULTURE

Here’s the ugly truth: you are not immune in a village like this. Before you write something on social media, or talk too much in this village, think about who will be the recipient, and the potential people with whom they could share your details.

I was fortunate to join the social media world when many of its platforms were just starting out, and so I could make mistakes, be more open even, but that’s something you just can’t do now! You must be careful about what you write on these platforms. You can’t have Dubai Twitter fights like in the good old days (I had some epic, awesome ones in the past)- you must now remember that Better safe than sorry such posts will be seen by potential customers, employers, or friends, with Think before you tweet (or talk, for that matter) this being the case, it’s better to be safe By Shelina Jokhiya than sorry. The same rule applies when meeting iving in Dubai is like living in a this particular premise, especially when people in real life. You cannot talk about village. This Emirate may look like networking or on social media, and people to strangers without think- a huge city, but there are often only provide strangers with their personal ing there will be repercussions. In all two or less degrees of separation details or gossip about other people. likelihood, the listener will either know between everyone here- for me, it’s They seem to think that there will be no who you are talking about, or knows one degree, in most cases. How is repercussions for providing too much someone who knows them. If you say that possible? Shouldn’t there be at information. something negative about this person, it Lleast five degrees of separation (as we all I’ll give you an example. On a Fa- will come back to them, and this could have with Kevin Bacon)? cebook group for businesswomen, a be detrimental to your life here in a Well, if you are on social media, it is lady asked for help with growing her way that you did not envisage when you easy to connect with a mixture of people business. Without going into the details started talking. in this town. Social media is huge here, of the post, she wrote a few posts on Now, I’m no angel. I have made mis- and everyone is connected to some- her personal life, including informa- takes and made enemies in this village. one on one of the platforms, whether tion most of the followers on the group I have a low tolerance for nonsense, it is Facebook, Twitter, Instagram or didn’t know about, but I know that a and so I will be quite blunt with people LinkedIn. In addition, if you are an en- lot of people knew who she was refer- online or offline if they are being intoler- trepreneur like me, you attend various ring to in her post. By revealing her able. I am known in the village as being networking events on a monthly basis, personal life, she demonstrated that she frank and quite blunt, but I know my where you meet people you either know didn’t know (or didn’t care) that Dubai limit. Over time, I have created a filter to in real life or from social media. There was like a village, she lost trust among ensure I don’t get myself into trouble for are always new people to meet at these her peers, and most importantly, she my comments and retorts to intolerable events. You start talking and realize lost her credibility as well. Her prod- people. I also have a trusted network of during the chat that you know the same uct is awesome, but now I would never people I can talk to about the village. people either from Dubai, or sometimes recommend her to my clients, friends, Unfortunately, a lot of people have even globally. If we don’t seem to have and followers on social media due to the either not learnt the art of diplomacy connections whilst talking, I usually content of her posts, and also due to the and restraint, or think they are immune find that they are connected to several fact that she decided to post such per- to it. Here’s the ugly truth: you are not people I know on LinkedIn (when I add sonal information to strangers. I could immune in a village like this. Before them post-networking). share my views on this person to my you write something on social media, So, why am I talking about Dubai be- close friends, who may then pass it on or talk too much in this village, think ing like a village, where a lot of you will to other people. Within a short space of about who will be the recipient, and the often have just one degree of separation time, she would then be known not for potential people with whom they could from everyone else? Because I’ve found her great product, but for her indiscre- share your details. Do you really want that people here tend to forget about tions on social media. everyone to know your business?

Shelina Jokhiya is the founder of UAE-based startup Decluttr Me. DeCluttr Me has recently become the first international accredited member of the Association of Professional Declutters and Organizers U.K. (APDO).

august 2017 Entrepreneur 59 CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

“The sentiment behind sending a gift was lost along the way. It’s not just about delivering a package. It’s about making the person feel truly special.”

even for same-day delivery when possible, with a weekly or monthly subscription for flowers available. For enterprises, there’s also joi@work to exhibit appreciation for an employee or client’s loyalty, with even a ‘sorry-as-a- service’ package available to help diffuse an unpleasant situation, such as when a client encounters a negative experience with a company’s service. With operations in UAE and KSA markets, joi works with well-liked brands as merchant partners such as The joi team jones the grocer, Lime Tree Café, Edible Arrangements, Godiva and Magnolia Bakery. On the tech front, they’ve Gifting done right built the joiCam feature on Startup joi wants to become the go-to portal for all things gifts the app to allow senders to By Pamella de Leon record a video or audio message for recipients to play, and reply to it too. Users can With operations in UAE f you always find yourself gifting,” says Tilani, noting also check on their gifts’ de- and KSA markets, in a bind when it comes how other sites had made livery status through SMS or joi works with to figuring out a good, the process seem purely push notifications, make use well-liked brands as merchant partners thoughtful gift, this transactional. “The senti- of a calendar feature to mark such as jones MENA startup can help ment behind sending a gift significant days throughout the grocer, Lime save the day. The brain- was lost along the way. It’s the year, and also enjoy Tree Café, Edible child of Ritesh Tilani not just about delivering a a notification service for Arrangements, Godiva and Alper Celen, joi is a package. It’s about making special days with suggested and Magnolia Bakery. web and mobile gifting the person feel truly special.” gift ideas. There’s also the Iplatform offering a variety joi offers its users an intui- automated and intelligent of more than 1,000 refined tive interface that lets them joi Assistant, which recom- selections. The entrepre- focus solely on selecting the mends gifts based on the neurial duo built joi after right gift, either from their recipient’s characteristics noticing a lack of reliable gift desktops or their mobiles, and preferences. platforms in the region- they and in case any help is On top of all of the above sought quality and curated needed, one of joi’s Angels features is the startup’s product selections, packaged (i.e. the company’s customer dedication to offering qual- as a one-stop shop covering care representatives) are on ity customer satisfaction, everything from flowers to hand via live chat or phone which, Tilani says, is one cakes, with reasonable prices to assist with selection. of joi’s core USPs. Ensuring and guaranteed same-day The platform offers curated their portfolio has a special delivery, done in “a present- products from flower ar- touch of “joi” in all aspects, able way that made the rangements, eateries, gift their customer care is recipient truly feel special.” baskets, novelty gifts like ensured by joi’s Angels, and And it is this idea that drives personalized jewelry and gifts are hand-delivered by their platform: “joi focuses grooming products, and Agents of joi in concierge- on the sentiment behind experience-based packages, style uniforms for recipients

60 Entrepreneur august 2017 to build the backend with the web and mobile web The executive summary versions first, followed by a joi co-founders Ritesh Tilani and Alper Celen mobile app. They utilized a full stack of marketing and joi co-founders and co- ness development company analytics tools, and opened CEOs Ritesh Tilani and EXA Partners, CareZone, a in Dubai with just a call Alper Celen have both mobile loyalty platform for center as customer care, and had prior experience with social good, and headed an operations team with two entrepreneurship. Celen was iMENA Group’s UAE of- agents and delivery vans. As behind KSA’s Groupon-like fice to support portfolio a startup reliant on logistics, startup Fursaty, FoodOn- companies, besides being a outsourcing delivery was an Click.com’s KSA operations, mentor, angel investor and option; however, since the Kenya-based MondoRide. board member to various startup aimed to make the com and Verity Decision startups and accelerators. receiving of gifts an experi- Analytics, as well as being In 2015, the duo launched ence by itself, assigning such an angel investor and advi- enhance, a holding company a vital feature to a third sor to tech startups such developing web and mobile- party was out of the ques- as Video on Demand (VOD) enabled businesses in tion. Finding the right talent platform Mubi.com. On MENA, building businesses was also an early hurdle for the other hand, Tilani co- from scratch- joi is the first to feel special too. Fun fact? the startup, in addition to founded cross-border busi- venture under its portfolio. These Agents of joi don’t getting brands on board. just deliver physical gifts, What got them through? but also experiences, like “Perseverance and believing singing telegrams. Be it with in the vision were the keys “Convertible notes are becoming the norm, a Happy Birthday medley, there,” Tilani replies. The which speeds up fundraising; the lack of Jingle Bells for Christmas platform’s customer base which, was the main reason I had to shut (dressed as Santa Claus, of addresses the needs of those course), or Nat King Cole’s looking for convenience, down one of my previous startups.” L.O.V.E for anniversaries quality and value for money, (which turned out quite and so far, they’ve made its launch market in Dubai, round of US$1.5 million. popular for Valentine’s Day), their mark. The team found to Abu Dhabi and Sharjah As someone who has been Tilani says such efforts leave that their users are loyal: in the UAE, and Riyadh, familiar with the MENA their gift recipients feeling “Once someone uses joi, Jeddah and Medina in KSA. ecosystem for a while now, extra special. However, the they keep coming back on a Owned by enhance, a UAE- Tilani believes that it is joi team have had troubles regular basis. So, the chal- based holding company with today a better environ- resulting from these offer- lenge is, just getting them backing from Silicon Valley- ment with more startups, ings as well- on a Valentine’s to try it once,” says Tilani, based 500 Startups, as well entrepreneurs, investors Day, for instance, after and added they’re utilizing as angel investors from the and global players. He notes, receiving more orders than online marketing chan- US, Europe and the GCC, joi “Convertible notes are expected, they ran into nels to target customers. is currently in the process becoming the norm, which delays in delivery. But joi’s Today, joi has grown from of finalizing a seed funding speeds up fundraising; the >>> response afterward is what is noteworthy: the team called every inconvenienced customer, with even Tilani and Celen joining in to apologize, explain the circumstances, and offer solutions. “[We] managed to convert some of these un- happy customers into loyal joi patrons with our honesty and sincerity,” Tilani says. Launched in late 2015, the co-founders call joi’s development stage as a “challenging time.” They wanted to launch with complete features from the start, so it took longer as they had Gifts are hand-delivered by Agents of joi in concierge-style uniforms www.joigifts.com www.joigifts.com

august 2017 Entrepreneur 61 CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

they’re interested in explor- ing, as they hope it would ‘TREP TALK increase engagement and Ritesh Tilani, co-founder and co-CEO, joi loyalty, particularly in being able to intelligently predict What drives you forward as to the potential partner. a user’s needs and offer an entrepreneur? How do Whatever you do, don’t think recommendations without you deal with setbacks? about how you’re going to be prompt. In the near future “The thing that motivates profitable on Day 1. Invest in though, joi Luxury, a new me the most is the desire to the relationship.” sub-brand would be launch- make an impact, to make a ing for a different clientele, difference. I want to make a What are your top three with its customer base and positive change to the world tips for an entrepreneur to marketing strategy differing around me. CareZone was an start a business in MENA? from the main portal. At the attempt at exactly that, to “[First], don’t start a business same time, Tilani says that empower people to give to for the sake of starting a they’re working on strength- their favorite causes without new business. Identify a real ening their tech for more having to give anything extra problem and find a feasible tools to boost their customer out of their own pockets, and solution for it that somebody service, while also upgrad- to encourage brands to give would pay for. Building a ing its delivery and routing back to the community. With solution for a problem that process. In the longer term, joi, we’re making people’s doesn’t exist, or doesn’t “We think there’s a real the platform wants to step special moments a little more apply to most people, is one opportunity to innovate in up by enabling users to send special. We called the holding of the biggest mistakes I’ve this space by using technol- gifts globally, as well explore company enhance for the seen first-time entrepreneurs ogy, not just at a regional including a gift concierge same reason. It helps make a make. level, but also globally.” service, bots to provide positive difference in the lives [Second], study the market relevant suggestions, and of the digital users it touches. to make sure you know who lack of which, was the main leverage big data to identify I’ve had my fair share of your competitors are, and reason I had to shut down trends to offer better prod- setbacks in life, but I don’t what they’re offering. If there one of my previous startups.” ucts to its customers. “We look at them as failures. I are offerings that are similar He still sees a need for more think there’s a real opportu- look at them as opportunities to yours, it’ll be difficult to sell government entities to step nity to innovate in this space to learn what not to do next your product as a brand new up in decreasing red tape by using technology, not just time. And then you just have company. Always differenti- and costs of starting new at a regional level, but also to get up and get back on that ate, and provide something business, including funding globally,” Tilani says, noting saddle. As long as you don’t that your competitors don’t. and supporting early-stage the opportunity for joi to lose sight of the bigger goal, That’s how you’ll get your startups. As for joi itself, become a household name hitting a few stumbling blocks customers’ attention. Tilani says the plan is for it in the MENA (and beyond) along the way shouldn’t [Third], don’t hire employ- to explore new markets, and when it comes to gifting- and change much.” ees. Recruit believers. These developing more apps with from the looks of it, joi could are people who see the vision new features is also on the be well on its way to becom- What are your tips to fel- and will work day and night agenda. AI is also an area ing just that. low entrepreneurs who are alongside you to make it in the process of working happen. And don’t sacrifice with strategic partners for on talent. Surround yourself Cacti their startup? with A-players, people who arrangements “I would suggest you think have excelled at what they from joi’s about the potential partner do. That’s the best way to platform and what they value. Think succeed.” about how you can fill that gap for them. It could be an Ritesh Tilani, co-founder opportunity to bundle your and co-CEO, service with their offering to joi differentiate themselves from their competition. This is a very common way for larger partners to drive customer adoption and increase loyalty. Perhaps as a startup, you [could] offer access to a niche audience that is of interest

62 Entrepreneur august 2017 business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS CULTURE

from your palette helps with if we take the reception area, ‘TREP TALK focus and communicating which has an impact on a Ritesh Tilani, co-founder and co-CEO, joi ideas better when executing client’s first impression of plans and strategy. Another your business, applying ele- color that can influence your ments of beige and yellow to personality is black, which the room can help achieve will only work best with a a feeling of friendliness and starlight personality. Black reassurance. For the account- helps to create an atmos- ing department, it is advised phere of authority and power, to use hues of blue in the which helps an individual furniture to subconsciously The Gracious F become more confident in help the employees to focus, color kit their business choices. as they are constantly dealing Once you have identified the with numbers. For the human colors you will use in your resources department, em- Colors of success workspace, it is advised to ployees need to feel balanced Using the right hues in your workspace can follow the rules of feng shui and reassured, and since to help harmonize your work- green is the universal color of help with your business goals ing environment. Feng shui is love, it is a great hue to use. By Fatima Al Shirawi a great tool for creating bal- Furthermore, in order to have ance and capturing a person’s a positive impact on clients, he workplace is the groups: Firelight, which iden- wellbeing as well as balancing entrepreneurs should use initial foundation for tifies to the colors of autumn; their productive life, emo- different shades of brown and any entrepreneur to Starlight, which identifies to tions and environment. At beige in meeting rooms, as succeed, and with the colors of winter; Morn- this stage, it is imperative to these hues help create an am- that being the case, inglight, which identifies identify the right placement biance of calmness, reliability one must take extra to the colors of spring; and for your work interiors. In and security, while subcon- Tcare when designing the same Dreamlight, which identifies order to create an environ- sciously building trust. for one’s business. An impor- to the colors of summer. It ment where you feel calm It is most definitely a big tant decision to be made in is advisable to hold a color and stable, it is advisable to risk to start your own busi- this process is choosing the consultation in order to de- position your back to a solid ness concept, however being right colors for your sur- termine the right color group wall or item to position a determined and positive roundings at work- after all, that applies to you. You will force of stability behind you. throughout the process will with color psychology becom- be given a color kit to help It is also advised to refrain help you strengthen your ing increasingly prevalent, it guide you towards the correct from positioning your desk enterprise, and take it to the has been proved that being color palette, which will help near the door or window, as next level. Creating a positive exposed to colors can affect influence your choices in it transfers the energy out of workspace environment is one’s moods. As a result, terms of style and colors that the working area. crucial in having a thriving adding the right shades of a you can then apply in any Entrepreneurs must also business, and keeping that in certain color in the workplace working environment. identify the purpose of each mind, entrepreneurs would can indeed help promote the Studies have shown that departmental workspace, as be wise to use the correct creativity and productivity of 80% of our color choices are different colors impact differ- shades that match their per- an individual that’s working subconscious, therefore we ent professions. For instance, sonality in their workspace. for you. As the founder of The must consciously be aware of Gracious F, a Dubai-based the affects they can have on color consultancy business, us and our decisions, as well here are a few of my ideas as the impact it has on our that can help you create a clients’ and consumers’ be- working environment that is havior. When entrepreneurs conducive to strong business discover and surround them- growth. selves with the correct colors Before designing your from their palette, it will workspace, it is important to automatically stimulate crea- take into consideration your tivity and help them to focus own personality and personal on important elements of choices, and then identify their business goals. In addi- which color group you belong tion, adding furniture pieces The Gracious F Feng Shui to. There are four color with the right shades of blue

Fatima Al Shirawi is the founder of The Gracious F, a Dubai-based color consultancy business. Al Shirawi is a graduate of George Washington University with a BA in Sociology and Marketing, and holds certifications from Polimoda Fashion School in Florence and London College of Fashion.

racious F G racious T he courtesy I mage She is also a qualified certified color consultant by the Colour Affects Institute. in pictures

It’s party time! Samer Chehab, COO of yallacompare, added, “The Saudi Arabian factor compareit4me rebrands to yallacompare was crucial in our decision to rebrand to yallacompare. In several markets ay goodbye to compareit4me- lacompare CEO Jon Richards, in a state- around the Middle East, including and welcome yallacompare! The ment. “We honestly didn’t think ahead Saudi, we’ve been operating under Middle East’s leading com- to international growth and expansion, the amwalak.com brand name, as it parison site has gone in for a re- and we didn’t realize that what we’d resonated more with markets in which S brand, with the change happen- built would become as successful as it Arabic is the primary language. With ing as the company gets set to scale up has been across the MENA region. Our yallacompare, we’re bringing everything with an entry into Saudi Arabia. For the success outside of the UAE is what’s together under one roof, in an easy-to- homegrown brand offering comparisons informed our decision to create a brand understand, powerful call to action. Do on everything from personal loans and that better represents our English- and you need a financial product or insur- flight tickets, to telecom packages and Arabic-speaking customers. Today, we ance policy? Yalla, compare!” car insurance, the rebranding signifies compare everything from personal loans To celebrate its new identity, yalla- the comparison site’s strategy to appeal to flight tickets; we’re the largest insur- compare threw a party at its headquar- more strongly to its customers in the ance aggregator in the Middle East by a ters, and by the looks of it, it looks to Middle East. considerable margin; and we’re active have been one heck of a party- here’s “When we first started the company, in nine markets across the region. We one startup that certainly seems to we had no idea that it would become needed an identity that better reflected believe in the “work hard, party harder” the business that it is today,” said yal- these realities.” maxim! www.yallacompare.com

64 Entrepreneur august 2017 Onward and upward The yallacompare timeline

August 2011 compareit4me.com launched in the UAE April 2014 compareit4me signs first round of investment with a group of angel investors led by Jonathan Hall of Mulverhill Associates. May 2014 Launch of the second version of compareit4me. com- responsive and completely rebranded. August 2014 Launch of compareit4me Bahrain December 2014 Launch of compareit4me Kuwait April 2015 Launched in Saudi Arabia under the brand amwalak.com (“your money” in Arabic); this offers the same finance comparison services to users in the Kingdom. July 2015 Launch of amwalak Egypt July 2015 Launch of compareit4me Lebanon September 2015 compareit4me announces that it has raised $3 million in VC funding. The funding was led by STC Ventures, the VC arm of Saudi Telecom, with backing from Wamda Capital and Dubai Silicon Oasis Authority November 2015 Launch of amwalak Jordan January 2016 Launch of amwalak Oman February 2016 compareit4me launches the UAE’s first ever car insurance comparison portal September 2016 compareit4me announces that it has raised a further $2.3 million in bridge funding from existing investors, as well as a few new ones. The money goes towards building out a state-of-the-art call center designed to serve the company’s insurance customers. April 2017 compareit4me launches the UAE’s first automated online health insurance comparison portal, allowing users to compare and buy health plans from the leading providers online. May 2017 compareit4me announces that it has raised over $3.5 million in an initial closing as part of a larger Series B round of funding. This takes the total amount of money that the company has raised to well over $9 million. July 2017 compareit4me starts a new chapter in its history by rebranding to yallacompare.

august 2017 Entrepreneur 65 start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE

While oil revenue makes up nearly 95% of Iraq’s budget, the country has been reeling under an economic crisis since 2014, when prices began falling from a high of above $100 a barrel. The rise of ISIS in 2014 made the situation even worse. All the projects were affected one way or the other, with some even being shut down. The government and other foreign entities focused on fighting the enemy, starting a long and expensive war. At the same time, every major businessman or contractor had to look for alternatives to their traditional lines of business. Just as the Erbil, Iraq government started to think about the diversification of its resources, those businessmen started to think Reimagining Iraq about how to develop other revenue streams, meaning Things are moving in the right direction for the country’s that money should no longer entrepreneurial ecosystem By Marwan Ahmed be spent on oil rigs, heavy machinery, etc. Having said that, most of most of the country’s nvestments in than their more developed the country’s money is being money is being frontier markets peers, and have much higher circulated internally, with circulated internally, with some good –which, for returns on investment when some good amounts being amounts being the uniniti- things click. spent on shopping, whether spent on shopping, ated, refer to With this being the case, it is on smartphones, par- whether it is on markets around Iraq is today considered a cels, car accessories, and, smartphones, parcels, car accessories, and, the world that frontier market -and even of course, the big one: food. of course, the big one: are beginning an untapped market- when Iraqis tend to spend most food. to develop and it comes to investing in tech of their money internally, have yet to become com- startups. Iraq has one of the due to the decades of living pletely stable- are not new most youthful populations in isolation from the world inI the global scene. There in the world, with the UN since the 1990 economic em- has been a great increase in noting that about 60% of its bargo. Two generations grew the amount of investments 2015 estimate of 37 million up without being exposed in this space over the past people are under the age of to the culture of vacationing 6-7 years- for instance, 25. At the same time, the outside the country. In ad- in the US, investments in unemployment rate in 2016 dition, Iraqi youths are not these markets are now four was 16%, up from nearly well-versed travelers when times the size of internal 15.5% in 2015, and 14.9% in compared to their counter- investments made there, 2014, according to the World parts in Turkey, Iran, and in comparison to 2010, Bank. Internet penetration the GCC, because of the when both of the invest- in Baghdad is at a record difficulties in obtaining ments gauge were on equal level, with data plans being foreign entry visas. As a footing. The reason for this more and more affordable, result, this massive pur- is pretty straightforward: and smartphone penetration chasing power has been frontier markets typically at almost 90% within the considered able to accom- trade at cheaper valuations 17-40 age group. modate the exponential in-

Marwan Ahmed is an entrepreneurship evangelist who’s the co-founder of The Week bootcamp, and the Director of Mishwar, the only grocery delivery startup in Baghdad.

66 Entrepreneur august 2017 since the plunge in oil prices, many to the Iraqi market, one businessmen pivoted from depending of the food ordering apps making it to the threshold on the dried resources of governmen- of 1,000 orders per day, or tal contracts to starting up their local government and inter- own businesses that target the local national aid agencies making market’s lack of leisure spots. In sum, more pragmatic moves. Es- tablishing co-working spaces entrepreneurs have finally started could be another force that putting money into businesses other would help support the than restaurants. ecosystem as seen in other neighboring countries. Just recently, a co-working space food delivery app Foodo. Yet, has opened in Erbil, and the entrepreneurial ecosys- another one is in the plan- tem has grown significantly, ning phase at The American although still very small in University of Iraq Sulaimani. crease in new restaurant and size- for instance, one can Zain Iraq and Iraqi Private coffee shop openings over now spot three delivery Banks League are also in the the last three years. apps, three taxi-hailing apps, process of building their own Alongside this, since the a dozen shopping websites, appealing to the public, the separate co-working spaces. plunge in oil prices, many and a grocery delivery ser- two telcos have started offer- The startup movement businessmen pivoted from vice as well in the country ing a bunch of services, such has just started gaining depending on the dried today. as the ability to purchase the required momentum resources of governmental In terms of investment, iTunes, Steam, and Google regionally, being fairly new contracts to starting up foreign money looks hardly Play cards directly from your to everyone, not necessar- their own businesses that accessible, as regional accel- phone, thereby killing a pain ily only Iraq. The above- target the local market’s erators, VCs, and other key point that long existed in the mentioned decisions will lack of leisure spots. In sum, players are not making any Iraqi market. Zain Iraq later certainly have an impact on entrepreneurs have finally effort to put Iraq on their stepped in to boldly embrace the Iraqi market in general, started putting money into future agendas. However, a an e-commerce website but also on drawing eyes to businesses other than res- recent move might be a game called Chanbar, which is the potential of the country’s taurants. For example: four changer: Careem is explor- a marketplace for brick- untapped startup market in waterparks are now being ing Iraq by entering Erbil. and-mortar stores that are particular. It will reimagine constructed in Baghdad, Although the Careem service already conducting or willing Iraq in the eyes of VCs and and four major malls will be still isn’t operational, they to conduct business uncon- regional players. The trick is: added to the existing two. have hired a team, but the ventionally, which basically who will get there first and Other small businesses, such question is: why Erbil? means marketing and taking surprise everyone? After all, as paintball fields and escape The answer is yet not clear orders through Facebook. these first strategic entries room lounges, are also mak- enough, but we can assume Things are about to move and partnerships will be able ing their presence felt as it is due to this city in the in the right direction in the to shape the market in the examples of unconventional Kurdish region being con- future due to different fac- coming year, and yield the businesses in the country. sidered safe according to the tors, such as Careem’s entry best returns as well. However, the vast majority region’s standards. of investors and business- Another improvement in- men are still not entrepre- cludes two main Iraqi mobile neurial minded, and seem operators -Zain and Asia rather distant from investing Cell- developing two mobile or backing any startup. The wallets- Zain Cash and Asia reason might be that they Hawala. Although both are don’t understand them, or still barely at the first mile they have not yet seen a of the one-thousand-mile model that could be con- journey to get the needed sidered a success story that traction to sustain their would inspire them to follow business, it is still a valid suit. Some rare exceptions in reason for investors to think the market are two rela- positively of what is yet to tively well-funded startups, come. To accelerate the ef- namely the e-commerce fectiveness of these mobile platform Shoppini, and the wallets and make them more oodo | www.careem.com | erbil image © shutterstock shutterstock © image erbil | www.careem.com | F oodo M ishwar, courtesy I mage

august 2017 Entrepreneur 67 start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE

Baghdad, Iraq

brands from the Muslim world, Don’t advertise- make like Tche, a Jordanian dining the world a better chain; Papa Roti, a snack bar place from Malaysia; and Saipa, an Visually, Baghdad is chaos. Iranian car brand that is the The detritus of destruction is preferred vehicle for Iraqi taxis. everywhere. Piles of bricks, like Places where global brands anthills, pockmark the pave- cannot or will not operate are ments. Architectural aesthetics an opportunity for regional have given way to fortifica- brands. tions, occasional traces of past Hopefully, the future will also beauty assaulted by barricades. see the emergence of local Iraqi Everything seems random, jum- brands that target their own bled, as if an earthquake had people and offer a uniquely occurred. Iraqi vision of “lifestyle” in In the city center, local brands Branding in Baghdad post-reconstruction Baghdad. (and some international ones) have plastered billboards above How to market even in a post-conflict zone Trademarks are tricky disheveled shops, in a chaotic By Jasmine Montgomery Fakes abound in Baghdad. For mosaic that replicates the gen- example, fast food chains such eral landscape of the city. lad in a flak jacket This desire to restore normalcy, as Kentucky Fried Chicken and But people don’t seem to and flanked by recover and rebuild is evident McDonalds, which were origi- mind because, right now, the security guards, I re- in small pockets of affluence nally set up in the Iraqi capital main thing on the minds of cently spent a week in across Baghdad. In Iraq’s for the U.S. and British military, most Iraqis is the hope for a Baghdad as part of a capital, brands like Timberland, disappeared when the troops peaceful future where they branding research pro- Mont Blanc and Ray Ban are withdrew. But their influ- can resurrect their devastated ject. That’s what I do: starting to appear. Apple’s ence lives on in the numerous country and their families’ Cmy U.K.-based Seven Brands iPhone 6 was a sell-out when rip-offs which have appeared future within it. specializes in creating, design- it launched in Iraq at the begin- throughout the city. Any marketer who adds ing, marketing, advertising and ning of 2015. Specifically, there are KFG another billboard is simply managing international brands Why is this? Aspirational (Kentucky Family Group), Ken- adding to the general noise and that appeal to multi-cultural brands represent hope. People tucky Chicken (complete with chaos. Yet there are small green audiences. associate these world-famous an image of Colonel Sanders) shoots of recovery. In places We help global businesses names with the better lives and MgDonalds outlets every- like Mansour Mall and Mado reach the least accessible audi- they hope to build. The impli- where. Young girls carry fake café, a visitor sees glimmers of ences in the world- like the au- cation here is that it’s up to Michael Kors handbags. There the emergence of a new city, a dience in Iraq, where the lesson, brands to decide whether they is also a large “gray market” Baghdad filled with color, lights it seemed to me, was that, at its should exploit this hope, or for mobile phones that includes and sparkle. best, branding is hope. seek to live up to it. fake iPhones, in order to avoid So, if your brand wants to Why, for example, in a place the 18% duty that the govern- stand out, don’t put up another where the roads are pock- Opportunities exist ment puts on telecoms in Iraq. billboard. Be a part of the re- marked from car bombs and where others fear Trademark protection? The construction story, rebuilding the detritus of war litters the to go traditional methods will not the devastated infrastructure, streets, would 17-year-old girls Western brands have struggled be strong in places like Iraq for and bringing beauty and order be obsessed with Michael Kors for years to resonate with Iraqi some time. Global companies back to people’s lives. How to handbags? Why do brands mat- consumers in the war-ravaged need to decide whether to do that? A brand that put in ter in a city where practically country. In Iraq, the period expose their brands to such a street lighting (maybe branded every resident has a personal of United Nations-imposed market. Some will choose to go with illuminated logos), or story of tragedy? sanctions, from 1990 to 2003, ahead, knowing that the gray built (branded) bus shelters or The director of news at Al- prevented most international market in the long run is creat- lifestyle cafes would win hearts sumaria TV described the Iraqi companies from doing business ing demand for the real thing. much more successfully than a mentality this way: “Twenty there. And the security situa- Others may create brands brand that simply advertised. people will die in a car bomb, tion since the sanctions were especially for new frontier mar- This is a lesson that applies to and everyone cleans up, and lifted has deterred many from kets in order to establish them- brands seeking entry in many then gets on with their lives entering the market. selves without exposing their parts of the world: don’t put within half an hour,” he said. So, the gap created has been valuable international brands to up another billboard. Instead, “They want to live.” filled, to some degree, by an unregulated market. make the world a better place.

Jasmine Montgomery is co-founder and CEO of Seven Brands, an advertising and social media agency focused on high-growth emerging markets. Before setting up Seven, Montgomery was managing director of FutureBrand London. As head of branding for Singapore’s largest bank, DBS, she had firsthand experience building an international brand. Her background is in brand strategy, naming and market research, at companies such as Interbrand, Millward Brown and Fitch. Montgomery was listed by London’s Sunday Times as one of the 35 Most Influential Women Under 35. The

American-born Montgomery, who has a magna cum laude B.A. from Harvard University, is currently writing a book on global branding. shutterstock © image baghdad / E ntrepreneur.com at entirety its in article this S ee

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Envisioning potential Understanding the methodology that drives a VC firm’s investment approach will better your startup’s chances of getting funded By Saad Umerani and Hubertus Thonhauser

s a venture capital firm head- At first, it’s very important to understand At this moment, it’s very important to quartered in Dubai, there are a the knowledge level, the professional leave your personal interests aside. You couple of things that make our qualities, the level of commitment and cannot make assumptions about what organization, Enabling Future, the dynamics of the founding team. For works or what doesn’t without putting standA out from its peers in the industry us, the founding team is key. After all, yourself in the shoes of the customer. here. Firstly, we are not solely focused on down the road, say, in three years’ time, Having a structured mindset is essen- the MENA region- we are actively explor- the company will look very differently tial- we reach out to advisors or experts ing investment opportunities in the US, from what we discuss in the first meet- from the specific industry of the startup, Europe or Asia. 60% of our investments ing. We are data-driven investors, and as and we try to understand the challenges, have been made in companies outside the a result, we like to see how the founders distortions, opportunities of the market region. We are affiliated to six investors are going to stir the company forward, and the size of the addressable market. networks in the US, Europe, Australia, and develop their strategy applying For example, one of the most success- and MENA, and this enables us to be ex- financial metrics and KPIs. ful businesses that we invested in was posed to different startups and advisors What we want to know and see is the Babil Games- despite not being gamers or experts from a variety of industries, to founding team’s way of thinking and ourselves, we knew that it was a very keep an open mind. capabilities. We want to see that the peo- interesting segment, and we understood We are often asked what remains ple whom we are talking with have the its potential. constant in our investment approach, or capacity to anticipate changes needed, This is thus an important part of our what connects the startups that we in- and to implement them. Due diligence is, process: we try to understand if there vest in, and the answer to that is we have of course, very important, but, some- is any real competition for the solution a very strong methodology in choosing times, one meeting with an entrepreneur that the startup has designed, how big startups that offer solutions to real life is often enough to decide if we want to is the market, and what is the long- problems. At the moment, the partner- work with them. For example, in the first term potential. We like startups that ship has a portfolio of 12 companies, val- few minutes of meeting Stuart Oda, the are driven, passionate, and can envision ued in total over US$1 billion. We chose founder of Alesca Life, a startup that these startups through a process which offers urban farming solutions, we knew has become our own, and it’s worked re- we wanted to work with him, purely ally well for us so far- here’s an explainer because of his knowledge and passion for for the same. what he does. In terms of our methodology, we have Secondly, we evaluate the startup’s developed a structured assessment perspective on the market. Are they process, consisting of checklists, which solving a problem, and are they the best we adapt according to the development at solving the problem they are tackling? stage of the startup, and which we also And do they have the potential to gain a constantly update based on our learning. monopolistic position in their segment?

Saad Umerani and Hubertus Thonhauser are the Managing Partners of Enabling Future, a sector agnostic venture capital firm headquartered in Dubai, UAE. Enabling Future provides seed and early-stage funding to entrepreneurs who challenge conventional wisdom and look to create true disruption.

70 Entrepreneur august 2017 ask the money guy | vc viewpoint | your money | ECON money

and build the world of tomorrow, today. This is connected to the reason why we Enabling the MENA ecosystem like to read science fiction: it gives you a Careem backs Egypt-based transportation startup Swvl sense of how the world will look like in with seed funding the future, and it enables the mind to be creative and imaginative, and not reject ere’s a homegrown company to have played a part in promoting revolutionary ideas that might seem out that has a mission statement entrepreneurship in the region,” he of the ordinary. Hto simplify the lives of people adds, explaining Careem’s reasons for During the early stages of the com- in the Middle East, and it’s putting investing in Swvl. pany, we often act as constant sparring money where its mouth is: ride- Founded in March 2017 by Kandil partners to the entrepreneur, while also hailing app Careem has announced an and co-founders Mahmoud Nouh being facilitators to their growth through investment of US$500,000 in Egypt’s and Ahmed Sabbah, Swvl aims to fill our international network. At the same homegrown bus transportation the gaps in “affordable, reliable and time, our role changes once the company startup Swvl. The company, which convenient” public transportation in reaches later stages with new lead inves- aims to reinvent the daily commute of Egypt and other emerging markets. tors joining. For instance, in the case of Egyptians by enabling riders heading The app users simply need to enter Babil Games, Hubertus was involved in a in the same direction during morning their exact pick-up and drop-off double role, as investor and co-founder, and evening commutes to share a location to reserve a spot, and can being involved in all corporate matters, ride in a van or bus, was founded by also track bus/van location on the until the negotiation terms of the exit. Mostafa Kandil, a former member of app. Currently accepting payments In post-Series B companies like Thrive the Careem team. A Reuters report via credit card, the company says Market, with valuations north of $500 notes that Swvl is not an on-demand it plans to “roll out four additional million, we became passive investors, service like Careem or Uber, but a bus payment options over the next few although still maintaining a healthy transportation service where pas- months including wallets, cash on relation with the founders and some lead sengers can reserve and pay their fare delivery and more.” Swvl co-founder investors. through the company’s mobile app. and Chief Hustler Kandil believes that One thing we really care about is the As per a statement on the seed Careem’s investment will enable them way Enabling Future operates after the funding, Swvl proposes to utilize to re-model Egypt’s mass transporta- investment has been made. We want the investment to “expand into new tion system, and hopes to gain from founders to know we are one phone call cities and markets, as well as roll out Careem’s vast local knowledge built away, and that they are not in this by new product features within its app, over the years. themselves. Founders usually tend to get including new payment options.” With Just earlier in June, Careem an- lonely in hard times, and these are the this investment, Careem’s co-founder nounced the second close of its Series times they need to talk to their investors and Chief Experience Officer Magnus E funding round raising US$150 and regain their confidence. That is the Olsson also joins the Swvl’s Board. million, and thereby cemented its most exciting part, being supportive and “Swvl and Careem share a similar position as the Middle East region’s watching the startup transform and grow. mission in that we both wish to solve homegrown unicorn (or unicamel, as The best thing a VC firm can do is be the transportation challenges facing the company refers to itself). This ac- good to the founders of the startups they the MENASA region,” Olsson says quisition of a minority stake in Swvl is are investing in. We are very supportive, in the statement. “Our investment not Careem’s only initiative to develop we make connections, we give advice, in the company is a clear bet on the public transportation systems in the and we are there if they need us. value we believe Swvl will bring to the region. In 2016, the startup partnered As for the road ahead, we have a flexible Egyptian people, and further fulfills with NEXT Future Transportation to structure that allows us to take the best our promise to be a source of inspira- bring driverless transportation solu- of both worlds, angel and VC invest- tion to local startups. We’re also proud tions to the MENASA region. ments. One of the key things we think about while investing in startups outside the region is that we can plan a strategic role in bridging the gap for these companies to the Middle East. We like to discover companies such as OfficeRock, and see their potential and relevance for the Middle East market, and then support their growth. We don’t have a specific mandate; we can do the deals we want to do. We are going to continue looking for teams who are driven by passion, empowering startups that aim to solve problems. By doing this, we want to build our credibility, as well as a successful track record of exit strategies. http://swvl.io

august 2017 Entrepreneur 71 Snappcard’s Emre Kistak, Managing Partner UAE, Alborz Toofani, founder and CEO, and Onur Witt, Creative Director

pact. Giving back is very important to me now. I was lucky enough to be men- tored by people, such as Roland Daher, Head of Dubai 100, and Will Hutson, founder of LMTD, and now I’m trying Alborz Toofani, founder and CEO of Snappcard, to pass that on. I’m also very drawn to looks back at his entrepreneurial journey over the past five years seeing whether there is an angle where we [Snappcard] can make more social By Tamara Pupic impact. Before, my goal was to create purpose for myself, now my vision is to create purpose for other people.” Alborz Toofani’s entrepreneurial which 1,000 have turned into active Before buying a one-way ticket to journey started in July 2012, which users, collecting close to 4,000 snaps Dubai, Toofani had graduated from was when he -23 years of age at the or points per day, which has resulted Cologne Business School, started a real time- moved from Germany, where he in US$2.2 million worth of rewards to estate business, using profits to pur- was born and raised, to Dubai where date. chase five real estate units and even- he started up Snappcard, a mobile However, there is much more to this tually becoming a rentier, and -also customer loyalty app, after spotting a story than meets the eye. “As an entre- in Germany- spent two years working gap in the market for a digital loyalty preneur, I am now more drawn towards for a boutique angel fund, focusing program catering for the region’s tech things that have an impact,” Toofani on different aspects of its investment savvy population. Five years later, says. “I started Snappcard based on an process, from sourcing the deals to Snappcard has evolved into a business opportunity. I have always been very post-investment support. In 2012, digi- intelligence and consumer engagement good at spotting opportunities as well talizing loyalty cards, he says, seemed digital platform that now covers about as dealing with people. When I started, an idea worth pursuing since “it was 700 locations in three markets -UAE, I didn’t have a passion for customer not about trying to reinvent the wheel.” Kuwait, and Bahrain- in addition to loyalty, but for building a business. I With $120,000 in his pocket, having a few clients in Saudi Arabia, Turkey was 23, and I wanted to build some- sold one of his apartments in Germany, and Germany. The Snappcard app thing that created value. However, I’m Toofani headed to Dubai. “The reason has been downloaded 2,000 times, of now more interested in making an im- was that I had a friend who had sold a

72 Entrepreneur august 2017 ecosystem | who’s got VC | Q&A | STARTUP FINANCE start it up

business in Germany and moved to Abu Dhabi,” he says. “I knew I wanted to do “We are enabling brick and something towards loyalty and retail, ‘TREP TALK and I thought Dubai would be a great mortar businesses to compete place for that. So, I did market re- in the digital world.” search, deciding between Istanbul and Dubai. The reason I chose Dubai was Recep Tayyip Erdoğan attempted in Therefore, our solution enables offline because the city has the highest smart Istanbul on July 15, 2016] happened, stores with the exact same tools. We are phone penetration in the world, the half of them closed their businesses. enabling brick and mortar businesses to highest spa per square meter density During the following six months, many compete in the digital world.” and one of the highest restaurant per small retailers there were struggling a Describing Snappcard as a technology square meter density in the world, in lot because they lost revenue from tour- enabler, Toofani says that they charge addition to a huge eating out culture, ism and even the locals started going a fixed fee of AED800 per month for and no taxes. So, it was the aggrega- out less. We downsized from eight to a full-service solution package, which tion of those facts that made me choose four people, and our last employee left includes consultations, setting up a Dubai.” two months ago. So, we took a year to system, creating and producing the Toofani’s aim with Snappcard was downsize Turkey, although we still have artwork, and regular visits by the Snap- to capture the complexity of custom- about 15 bigger customers there who pcard team to firstly train the client’s ers’ everyday purchasing decisions are being serviced from here.” staff, and secondly, review the collected and simplify it for businesses, but only Over the same time, Snappcard’s mis- data on a quarterly basis. “So, we are a those which already have a customer sion has become clear to Toofani. “We SaaS, but it is a handhold, ongoing so- base and can embrace high-quality, are all about enabling the merchant,” lution. We are constantly in touch with actionable customer loyalty data. “We he says. “Too many times in history our clients since self-service solutions don’t refer to markets as countries but it happened that a new or tech player don’t work in this region,” he adds. This cities, because we are looking at net- came, disrupted a market, and left the steeled determination to empower tech- work effects, and the most important merchant bleeding. So, for all those nologically challenged business owners factor for a city is the density of good merchants who might be left out, we has led the Snappcard team to develop merchants,” he says. “What constitutes give them an amazing piece of technol- four additional verticals, namely CRM, a good merchant is yet to be defined, ogy, and if they utilize it correctly, they customer feedback, ordering for deliv- but the point is that if you have a coffee can compete in the digital world. If ery and pickup, and campaigns, having shop and your coffee is not good, Snap- you look at retail, they have hundreds realized that businesses needed a clear pcard can’t help you. We have a lot of of customers every day and they have road map for how to cater for their people approaching us, but we don’t no clue who those customers are. The customers’ needs. “We started as a loy- sign them up because we they come reason why they are losing from online alty program, but we have expanded to with wrong expectations. If you have a stores is because e-commerce tells you include much more than that, because good business, we can help you make it how much traffic you are getting, what we realized that loyalty itself is good great, but if you don’t have a customer your conversion rates are, and so on. but not good enough for merchants,” >>> base, we can’t help you. We have a vet- ting process in place for that reason.” The Snappcard app was officially Snappcard covers 700 locations launched -first on iOS and later on in the UAE, Kuwait, and Bahrain, in addition to a few clients in Android- in July 2013, after Toofani KSA, Turkey and Germany registered a British Virgin Islands holding company that is today the umbrella entity for the three sister companies in the UAE, Kuwait and Bahrain. In the UAE, Snappcard was a part of the first batch of startups in the in5 incubator. The geographical expansion started in the summer of 2014, with Turkey being the first international market they entered but also exited. “We started very slowly in Turkey,” Toofani says. “The way I launch markets is very lean. We hire one person, we test it, and if it goes well, we allocate a bigger budget. We have a four-stage growth plan for each market. In Turkey, we had eight employees at one point and 120 customers, but when the coup [the failed coup d’etat against Turkish president www.snappcard.com www.snappcard.com

august 2017 Entrepreneur 73 start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE

Toofani says. “What we are focusing on now is customer engagement. For “Raising from angels is easier in a sense the consumer side, it is about loyalty that you know where you are standing, rewards, getting extra points for giving feedback every month, getting extra it’s their own money.” points if you share it on social media, and so on. For the merchants, it is I’ve had the management team in place, requirements to report to their LPs, about business intelligence and con- who all have equity in the company, but for a fact, out of 400 they met, they sumer engagement.” and we make every decision together. I knew that they would not invest in 200 Since we are on the topic of empow- have one vote only. That has helped me of them, even before meeting them. I ering others, Toofani adds that he is as in terms of leadership, but also in not don’t agree with that, and choose to put big a supporter of his 18-strong team, needing to be involved in day-to-day. It more effort into growing my business as he is of his clients. He says that there was crucial for me that after some time, and trying to raise from people who are lots of considerations that tend to it would evolve beyond me.” make more sense. All my investors add lead to him hiring a candidate, but key For many startup founders, less value. Raising from angels is easier in among them is assessing the candidate’s time spent solving the company’s a sense that you know where you are cultural fit. “I follow the rule that I will everyday problems means more hours standing, it’s their own money.” As never hire somebody to do something of being glued to their laptops working for Snappcard itself, the path ahead new,” he says. “I have always hired to on investor pitch decks and other is two-fold: raising a $3 to $5 million increase efficiency, so it has been either fundraising-related requests. Not for investment round, or being acquired hiring for something I was doing or Toofani- following his initial capital (or acqui-hired) by a larger corporation somebody on my team was doing, but it injection, Snappcard has raised about which “can give it that exponential grew. I do a lot based on the need and $2.5 million in eight angel rounds. growth that it needs.” Toofani adds: “If because of that my role has changed “Fundraising is the hardest part of we go for an M&A, I don’t need to go multiple times. Finding talent is one of starting up a business in this region,” out, I don’t need to sell my shares. The the biggest challenges. Only one person he says. “Angels are good, but there people on the management team still on my team was hired through a job is another side of the coin to that as have about 60% of the company, so we post. I rely on recommendations from well, especially for first-time angels. can convert it into the new shares of my existing employees or my network. Although it is easier to get money from the new entity because we believe in The hardest position to fulfill, and even them, some of them want to be involved the business. That makes a deal much to understand, was COO. I wanted to too much, get emotional and don’t easier. Some of our investors think the move out of day-to-day, but it was hard know where the boundaries are.” same, especially the bigger ones who for me to even define that role. For However, talking with Toofani gets would prefer to be a part of a bigger example, we moved from six different particularly interesting when he thing. So, it should be an M&A that platforms to Salesforce three months expands on the region’s investment makes sense.” ago. That’s what the COO role is about- landscape. “I know all the VCs here, While it seems that he could poten- looking at existing processes and and I respect them. Many of them don’t tially be getting close to the end of one optimizing them by hiring somebody waste your time, but some do end up stage of his entrepreneurial journey, or by driving more technology. I hired dragging you along. As a sole founder, Toofani exudes calmness and confi- somebody for that one and a half years when I go into fundraising, it means dence when talking about the choice ago, and it didn’t work out. One of my that the company is not growing. The he made five years ago. “I always say major lessons is that I tend to try to fix VCs here take a really big pride in it’s tough, but it is worth it if you do it people, and I should have let go of that saying that they met with 400 startups well,” he says. “Some businesses, you person after two months, but I tried for and invested in only four. It feels like cannot start from here. The likes of five months. Then I realized that I had that they all get credibility because they Instagram, meaning any business that somebody internally who could fulfill are so amazing that they only chose does not have revenue, or does not have that role. Over the last nine months, four. I understand that it is one of their short-term revenue goals, will never come out of the region, because the funding ecosystem will not fund it for Snappcard users a year or two, not knowing whether or have collected 4,000 snaps or when it will make money. The educa- points per day, tion in this area is improving now, but resulting in US$2.2 still, if there is no revenue, there is no million worth of rewards to date. funding. So, certain business models you cannot start from here, but from London, Berlin, the US, and so on. Then, they wonder why there is no startup that starts in the Middle East and goes globally- it is because the funding ecosystem does not allow it, not yet at least.”

74 Entrepreneur august 2017 gitex.com

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Shedul.com co-founders William Zeqiri and Nick Miller

nels. El-Hajj points out, “You should never miss a transac- Let’s go cashless tion, because your cus- Startup PayMob wants to make Egypt (and the whole MENA region) tomer didn’t find a suitable transact from their mobile phones payment method.” Working with both the issuance and By Pamella de Leon acceptance sides of payments, the co-founders say ccording to PayFort’s is co-founded by CEO Islam develops white-labeled they have a distinct perspec- State of Payments Shawky, COO Alain El-Hajj, mobile wallet products for tive to the problems from all A2016 report, 42% of and CTO Mostafa Menessy. mobile network operators angles, thus making it easier Egyptian consumers shop Given Egypt’s reliance on and banks. He adds that the to offer solutions to improve online, yet 91% of Egyptian cash, El-Hajj says that its mobile wallet solutions that the experiences of both end shoppers still use cash on economy is at risk to lose they provide allow for inter- consumers and merchants. delivery as a payment op- money through cash-based operability- meaning, “a user Founded in 2013, the tion. It’s not surprising, as fraud, theft, costly insurance, from one wallet provider can co-founders were originally the country predominantly as well as from the time- engage with users from other working on a social e-com- has cash-driven businesses, consuming task of counting providers.” On the accept- merce project, and pivoted with Harvard Business and reconciling cash bal- ance side, PayMob enables when they realized that being Review citing that only 10% ances- and digital payments merchants to accept pay- in a cash-dominant market have access to a bank ac- can definitely help reduce ments from their customers will hinder the growth of e- count, and 94% of financial this kind of waste. Shawky using various payment chan- commerce ventures. Boot- transactions are conducted also points out that the focus in cash. In a cash-dominated on cash excludes people society, financial inclusion from the financial system is essential for individuals, and its benefits, and PayMob enterprises, and economies can help turn that around, alike to prevent hurdles to saying, “We’re working on progress- and this is the empowering the masses opportunity that PayMob is with tools to perform digital trying to tackle. The startup transactions, and get access is an electronics payments to financial services using solutions provider converting their mobile phones.” The cash payments to electronic, startup provides solutions using existing payment chan- for both sides of payment, nels such as credit card, mo- issuance and acceptance. bile wallet and cash. Based Menessy explains that from Alain El-Hajj, co-founder and COO, Islam Shawky, co-founder and CEO, Mostafa Menessy, in Egypt, the fintech startup the issuance side, PayMob co-founder and CTO

76 Entrepreneur august 2017 strapping funds, they decided to build “What we envision in the foreseeable PayMob to solve the payments problem. future is a cashless society where users ‘TREP TALK Shawky says that as of June this year, rely on the mobile devices to perform PayMob processed over EGP3.8 million all financial services. We want to make What drives you forward sending a payment as easy as sending an through different products, with the as an entrepreneur? SMS or a Whatsapp message.” platform today having around 150 mer- Islam Shawky, co-founder and CEO, chants using it, including Jumia, The When asked regarding most-oft con- PayMob: “A grand vision that GrEEK Campus, Yashry and Easy Taxi. cerns of MENA consumers on unfamili- sometimes can’t be articulated, Currently focusing on Egypt’s market arity with online payments, or privacy and a team that fully believes in (with an eye to enter other markets), and security issues, Shawky asserts the vision and their willingness the startup received an undisclosed that it’s all about educating users to to sacrifice to reach it. The scale seed funding from Egypt-based A15 a build trust. As they comply with inter- that we are dealing with, the year ago, and with A15’s background of national standards for payments pro- opportunity of being able to touch investing in digital products, particu- cessing, handling questions is an easy millions of people’s lives and larly online and mobile solutions, the process of discussing with clients, and trying to make them easier, is very co-founders count on their support as developing materials to educate them. exciting. I believe this love and a strategic move. As for its business At the same time, Shawky counters that passion that comes from being model, PayMob takes, as a commission, most concerns are around credit card, totally invested in the vision is a transaction fee for its processing ser- and how Egypt is starting to foster a what drives the team to spend vices. The startup has five core services: mobile wallet-friendly culture, saying, sleepless nights in the office and online payments, mobile wallet pay- “Mobile wallets are associated with work on holidays.” ments, in-store payments, standalone much higher levels of trust.” Partnering checkout to let users pay using credit/ with banks and mobile network opera- What are some of the debit card, and card on delivery. The tors, plus retail chains, the startup uses current trends you see in card on delivery feature is a patent- the reach and infrastructure in Egypt to the fintech sector? pending service, allowing customers educate, onboard and handle inquiries. Alain El-Hajj, co-founder and COO, to pay with their MasterCard and Visa The startup also works with partners PayMob: “We believe the attention credit/debit cards from their doorstep. and clients in other sectors wherein and support that the Central Bank This is an indication to the startup’s mobile wallets can offer a solution to of Egypt is giving to financial future outlook- Shawky says they view traditional payment processes through inclusion is extremely important the cash mentality as their biggest a cost-effective payment method. As and beneficial to all stakeholders competitor, and so rely on partnerships an example, Shawky says: “For micro- of the ecosystem. There have been in the ecosystem to “create the big- finance loan payments, when it’s easier nationally-run TV ads from the gest impact.” For instance, PayMob has and cheaper to use a mobile wallet, Central Bank showcasing mobile partnered with MasterCard to launch rather than make a long journey to wallets, which is unprecedented a mobile wallet solution for Vodafone, make a cash payment in person, it be- in terms of national support for a and there’s also the cash on delivery comes an easy decision for users to use financial initiative.” service with Arab African Interna- mobile wallets.” tional Bank (AAIB). These partnerships So, is going entirely cashless really How do you see Egypt’s have been essential in developing new possible for the region? While it con- fintech ecosystem products too- for its new payment ac- tinues to gain traction, the CEO admits progressing in the future? ceptance service, Accept, the startup that they are just at the tip. Cash is still Mostafa Menessy co-founder and has partnered with AAIB, MasterCard, dominant, but Shawky notes the growth CTO, PayMob: “We believe the Egyptian Banks Company and Vodafone rate of users joining cashless initia- infrastructure we helped building too. A product of PayMob, Accept is a tives. “Even developed markets aren’t along with our partners is at a very payment aggregator providing online 100% cashless, and though, yes, we’re mature stage. What is missing and offline businesses with payment -ac at an early stage, it’s a process that has now are campaigns to spread ceptance services whether in store, cash started, [and it] can’t be stopped.” With awareness. It is very challenging on delivery, credit card on delivery, the startup’s vision to “never miss a to change what people have been mobile wallets, and online and mobile transaction,” in the next few months, used to doing for hundreds of payments gateway. A note here: all of besides continuously catering to their years, i.e. paying in cash for goods this didn’t quite come as easy for the clients’ needs, the co-founders plan or services. But we’re working with co-founders- as young 20-something to form further strategic partnerships all types of organization and from ‘treps, Shawky recalls that an early hur- to develop new solutions and services all angles to make mobile wallet dle was convincing partners that they regionally. “What we envision in the technology ubiquitous. As Alain have the know-how and capacity to foreseeable future is a cashless society mentioned, we’re now starting to execute critical systems handling trans- where users rely on the mobile devices see national campaigns for mobile actions. Though it took time, with their to perform all financial services. We wallets, so the puzzle is almost early mentors’ support, coupled with want to make sending a payment as complete.” their persistence and commitment, the easy as sending an SMS or a Whatsapp team built and grew their partnerships. message.” www.paymobsolutions.com www.paymobsolutions.com

august 2017 Entrepreneur 77 start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE

Shedul’s software enables salons, spas, and other wellness businesses schedule appointments, reduce no-shows with the help of automated reminders, and undertake point-of-sale activities among other tasks. The entrepreneur says given the status of occupancy rates in the beauty and wellness industry, and with industry players “losing billions of dollars [due to occupancy issues],” Shedul’s technology helps connect small businesses directly to demand. However, the biggest credit for Shedul’s growth tra- Shedul.com jectory (the portal claims over co-founders William Zeqiri and 40,000 merchant sign-ups Nick Miller in more than 120 countries, in under two years) should go to its free-to-use model. “Our monetization strategy is Conquering the globe to charge a small commission fee per booking on our soon- Dubai-based Shedul’s software for the beauty industry has been adopted to-be-launched consumer by over 40,000 merchants in more than 120 countries- marketplace, and keeping the main SaaS [Software as a in a span of just two years By Sindhu Hariharan Service] tool free,” says Ze- qiri, explaining the startup’s “We are a global e it to get a ride to scription-free platform.” The aggressive user acquisition business with most work, or to indulge cloud-based software is acces- strategy while keeping an eye users internationally, our food cravings, sible via an internet connec- on revenue. and we just happen technology seems to tion on any device, with most to start the business “Our technology is helping be propelling most users found to be accessing in Dubai… Our story is businesses optimize their aspects of our lives today, the platform on their mobiles. that we are serving B schedule with real-time the globe out of Dubai, and so, it shouldn’t come Besides taking the hassle out online availability, and in some rather than targeting as a surprise that this kind of operations management for cases, it has increased user the local market.” of disruption is hitting the salons by automating key pro- revenue more than 30%.” beauty and wellness indus- cesses such as appointment tries too. Consider Shedul, bookings, customer records, It’s also this growth (which a booking and scheduling inventory, financial reporting the founders consider “almost platform for salons, spas, and and other tasks, this platform entirely organic through other wellness businesses, is also addressing a key chal- word-of-mouth”) that helped the brainchild of entrepre- lenge for the industry- that the startup close a US$6 mil- neurs William Zeqiri and of resource utilization. “The lion round of Series A financ- Nick Miller. “We did some main pain point is the inef- ing, backed by both MENA research and found out that ficient utilization of appoint- and Silicon Valley investors in the majority of businesses in ment schedules, which is June 2017. Led by Middle East the beauty industry operate causing low occupancy rates Venture Partners (MEVP), offline, without any software for businesses and loss of and backed by Dubai’s BECO at all. 52% of salons in the US revenue,” says co-founder and Capital and San Francisco- still manage their bookings COO Miller. “Our technology based Lumia Capital (a VC with pen and paper,” says co- is helping businesses optimize firm that backs the Middle founder and CEO Zeqiri. their schedule with real-time East ride-hailing app Careem, Looking to change that, online availability, and in among many other startups), in 2015, the duo launched some cases, it has increased the new round of funding also Shedul, which Zeqiri declares user revenue more than follows an earlier seed round to be “the world’s first sub- 30%.” (also led by MEVP) in October

78 Entrepreneur august 2017 ‘TREP TALK William Zeqiri, co-founder and CEO, Shedul

What are your thoughts on Based on your current the MENA entrepreneurship fundraising experience, what ecosystem, and its evolu- would be your top three tips tion over the years? for the region’s startups to “The entrepreneurship pitch and clinch funding for ecosystem has grown their ventures? tremendously over the last “[First], solve a real-world four years. With this fast problem with an innovative expansion, consumer behavior product. [Second], demonstrate William Zeqiri, is changing, and new forms traction and growth with co-founder of businesses are simplifying users. [Third], articulate a clear and CEO, Shedul.com means of interaction. For [a] monetization strategy. Before thriving startup ecosystem, approaching any investors it is it’s important that local important to build and operate 2016. Without going into the ings” are made through policies and regulations adapt a working product that has real details, the entrepreneurs the platform each month to these new technology- customers using it, to show a say they plan to use the growing at an average rate of enabled business models. trend of at least three months funds to expand their prod- 35% month-on-month, it’s Dubai, in particular, has of strong growth and traction, uct development and engi- significant (and also intrigu- been very progressive at and to be meticulous with your neering teams to support the ing) to note that almost embracing the latest trends. It unit economics, P&L reporting, roll out of some new features half of this Dubai-based is refreshing to see the advent and burn rate.” of their platform. The found- startup’s users are in the US of big traditional players now ers’ feeling of triumph is (40%), followed by the UK entering the startup and “Before approaching any apparent as Zeqiri notes that (15%), Australia (11%), and technology ecosystem. For investors it is important they had aimed for the best Canada (7%). The MENA example, Alabbar [Mohamed to build and operate a VCs in the region, and so market, where they have Alabbar] has become very working product that has managing to seal a deal with about 2,000 salons and active in this space.” real customers using it.” them was definitely music spas using their platform to their ears. “It’s critical till date, is hence still a to align on the big picture growing geography for the internationally, and we just explains Zeqiri. The entre- or vision with VCs, before tech startup and represents happen to start the busi- preneurs’ lofty ambitions for getting into the detailed about 5% of their total user ness in Dubai… Our story is their scheduling platform analysis [of the deal]. Being base (with more than half in that we are serving the globe is to “process over $1.5 a global company, we got lots the UAE). “We are a global out of Dubai, rather than billion worth of appoint- of interest from international business with most users targeting the local market,” ment bookings by the end of >>> VCs, and are proud to have San Francisco-based Lumia Capital joining the round,” he says. The investors too are upbeat about the startup and its product, with MEVP’s managing partner Walid Mansour noting in a statement that Shedul is a “truly global success story, [as] the growth they achieved in two years is remarkable.” Chris Rogers, partner at Lumia Capital noted that Shedul has “made best-in-class software accessible to the massive beauty industry, which still largely operates offline.” While the company notes that “millions of book- images courtesy shedul shedul courtesy images

august 2017 Entrepreneur 79 start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE

local services online, SaaS products are in fact already a norm when it comes to food delivery, transportation, and other basic services, and the entrepreneur duo behind Shedul are confident that the beauty and wellness space is also making the transition at a positive pace. Interestingly, in a bid to prevent users from leaving its apps, tech titan Google too launched “Reserve with Google” in July 2017- a feature (in the US) that lets users book health and wellness appointments directly from its Search or Maps apps via a “book” button. Such Nick Miller, enormous competition not- co-founder and COO, Shedul.com withstanding, Shedul has its eyes set to help businesses in the salon and spa indus- 2017,” and they believe they ing a familiar name in the Top 20 Salon Management try thrive- and armed as it are on track to achieve this. global beauty and wellness software under the cat- is with a business model “Word-of-mouth factor is industry. Moreover, from not egories of “Most Popular”, tailored to take advantage strong, our users are the best even being in the reckoning “Most User-Friendly” and of the SaaS boom, as well as ambassadors spreading the just over a year ago, Shedul “Most Affordable” software. a passionate and ambitious word within their own com- has also managed to bag top With netizens the world team, the company seems to munity,” says Miller. “We slots in Capterra’s independ- over more confident than be well on its way to real- have a solid 5/5 user rating ent review reports for 2017’s ever to book and pay for izing its goals. on Capterra.com [a platform that helps businesses find the right software for their Investor viewpoint operational needs], and Amir Farha, co-founder and Managing Partner, BECO Capital believe that if users require training on how to use our Why did BECO Capital globally. We are honored to process tens of millions of system, we have not done a decide to get on board as be part of their journey and dollars in bookings per month, good job building it.” investors- what impressed will do our best to help them and they are looking to launch you about Shedul? succeed.” a marketplace, which should “Our monetization strategy is “The management team at capture some of those dollars. to charge a small commission Shedul is extraordinary. They Do you see Shedul evolv- If they can execute on that fee per booking on our soon- are second-time entrepreneurs ing as a profitable business plan, the potential revenue to-be-launched consumer who have a long working with their free-software scale is enormous, not-to- marketplace, and keeping relationship, and have clearly model? Financially, what mention, the ancillary revenues the main SaaS [Software as a Service] tool free.” demonstrated superior excites BECO Capital in the that can exist in the future.” execution capabilities. Given deal? In line with this belief, the the relatively short life of the “Every business needs to find Amir Farha, team finds that merchants company, the product they a revenue stream that scales, co-founder adopting Shedul often “rave have built is outstanding, and Shedul has plans to do and Managing about its easy setup and relative to others in the market that. At the moment, their Partner, BECO Capital intuitive interface, as well with rave reviews from a sticky focus is purely on product, as its personable customer customer base. Furthermore, experience and ensuring their support.” The founders are we love their vision and customers are happy. Once also grateful for the vo- ambition. Will and Nick are they have achieved scale and cal backing they get from looking to build something high retention, they will be able their partners, which, they truly transformational that to monetize through various believe, has a key role to play will disrupt the spa industry business models. They already in their software becom- images courtesy shedul | beco capital beco capital | shedul courtesy images

80 Entrepreneur august 2017

TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

actionable ideas that have the scheme is not a black delivered more than US$70 hole. A successful submission million audited savings to the has a clear journey. Likewise, business. if an idea is unsuccessful, By opening up direct access one’s supervisor can explain to the company’s decision- why the idea is not feasible makers, EGA has nurtured a and work with the employee deeply motivated and loyal to make it a worthwhile sug- workforce. More than 600 of gestion. our employees have worked at EGA for more than 25 years. 2. Sharing the benefits Here’s how you can go about Companies renowned for implementing an employee their innovation like Google Innovation starts suggestion program in your and Facebook invest signifi- organization: cant amounts to nurture em- at home ployee innovation schemes. 1. Empower the employee Investment helps employees Empower your employees to drive The first step to implement a to understand the real value your business forward By Salman Dawood Abdulla robust scheme is recognizing that their input has had on your employees’ potential to the business. At EGA, we he word “innovation” that we call innovation come innovate. When employees consider the monetary value is thrown around so from? Some companies are feel ignored, they may think of every idea we receive and much in business that turning to “innovation con- that innovation is futile, but ensure that we have enough at times it seems like sultancies,” paying millions when they feel listened to, budget to turn it into a real- just a buzzword- a of dirhams for third-party they speak up. Employees ity, and share the returns. The canned excuse to consultants to tell them how responsible for the workplace employee, the supervisor and Tchange how things are done. to improve their processes have an in-depth knowledge the department representa- The word has become so and products. of their jobs, and this enables tive all benefit monetarily, overused, that it’s easy to lose Yet, that kind of investment them to generate ideas that sharing a percentage of the sight of the value of genu- begs the question: “Why are are incremental and foster savings from the implementa- ine innovation to business we looking outside the busi- a work environment which tion of their idea. strategy. ness when our employees sit makes jobs easier and safer to Today’s businesses operate closest to our problems?” do. Incremental innovation or 3. Celebrate success in a complex environment. When we outsource idea improvements are imperative together Celebrating Climate change, skills gaps in generation, we are adding as they add and sustain value employees’ innovation is an- the labor force, and the need to our expenses and telling to existing processes, prod- other simple but enormously to maintain healthy mar- our employees that they’re ucts and services. In the long impactful way to endorse gins in the face of financial not paid to think. Also, is the run, such innovation plays an the scheme and gain loyalty pressures are just some of final product really our own important role in maintaining and buy-in. Be it an internal the challenges that we face. innovation? Such a scenario the organization’s competitive awards event where you rec- Innovation, when correctly stifles innovation within an position in the market. ognize employees in front of implemented, can add value organization. In other words, step away their peers or a nation-wide to existing strategies and en- An employee-based pro- from the suggestion box and competition, you will stand to able targets to be met. gram that is equitable and provide a forum to employees motivate your internal inno- The impetus towards in- has built-in incentives can that puts them in charge. At vators and develop a reputa- novation is especially strong generate both innovation and EGA, supervisors directly tion as a company carried by in the UAE. Innovation is a engagement. It promotes true assess, scrutinize and provide its people. central pillar in the delivery grassroots innovation from feedback on an idea. This No matter what route you of UAE Vision 2021 and the within the organization. means that on any given take, no one can know the government’s plan to shift to The impact of a well-run day, employees can discuss business better than the peo- a knowledge-based economy. suggestion scheme is some- directly with their managers ple who live and breathe the There is a clear recognition thing that we at Emirates and entrust them with their operations every day. When from businesses that genuine Global Aluminium (EGA) ideas in a safe space. On top we empower them to share innovation has the capacity know firsthand. EGA has had of that, we have also found their feedback and make sug- to give us an advantage in a suggestion scheme since that transparent processes gestions, we give them a stake the marketplace. But where 1981. Just since 1999, it has with categories and criteria in the future and accelerate do the earth-shaking ideas generated over 220,000 reassures our employees that our mutual success.

Salman Dawood Abdulla has served as Executive Vice President, EHSSQ and Business Transformation at Emirates Global Aluminium (EGA) since 2016, and has a wealth of experience designing, building, operating and maintaining large industrial plants. Since joining DUBAL (which merged with Emirates Aluminium (EMAL) to form EGA), in 1984 as an engineering apprentice, he was promoted through the ranks to a number of senior positions, including General Manager of Power & Desalination at DUBAL, Chief Operations Officer and Vice President of Operations at EMAL, and then Senior Vice President of Al Taweelah Operations, before being promoted to his current role.

82 Entrepreneur august 2017

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