Curating your online presence Use the power of Snapchat for personal branding
Envisioning Qatar’s supply Qatar’s and demand tomorrow Amruda Nair The Aiana Hotels & Dr. Sheikha Aisha Resorts CEO on seeking superior service bint Faleh bin Nasser Al-Thani Al Faleh Group founder and chairperson
Shutterstock founder and CEO Jon Oringer How “Silicon Valley’s first billionaire” grew his startup to dominate the global market
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MARCH 2016 | www.entrepreneur.com/me | QAR15 march 2016 CONTENTS
20 30 30 INNOVATOR: Qatar’s Picture perfect Envisioning Qatar’s supply and Shutterstock founder tomorrow demand and CEO Jon Oringer Dr. Sheikha Aisha bint Faleh bin Amruda Nair How “Silicon Valley’s Nasser Al-Thani The Aiana Hotels first billionaire” grew The founder and chairperson of & Resorts CEO on his startup to dominate Al Faleh Group sees entrepre- seeking superior the global market. neurs armed with exec education service. as the way forward.
30 Jon Oringer, founder and CEO, Shutterstock
march 2016 Entrepreneur 3
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52 Mohammed Abdul Rahim Al Fahim, Group CEO, Paris Gallery Group of Companies 36 ETHICS How to be an ethical 12 leader EDITOR’S NOTE Bayt.com’s Lama Ataya By Fida Z. Chaaban explains that the key to having an ethically-run 60 company is employing ESQUIRE GUY morally upstanding The secret to better leaders. brainstorming Ross McCammon says 72 46 42 leading a brainstorming MONEY: ‘TREPONOMICS: ASK A PRO sessions starts with YOUR MONEY MARKETING Early sales success is key forgetting about the Looking further afield Show what you know to survival box that, according According to Genpharm Cheryl Tan outlines five Karl Hougaard outlines to generally accepted co-founder Karim Smaira, essentials to consider for five common mistakes brainstorming practices, your business may your content marketing to avoid, and why your you’re supposed to be do better with a non- plan in 2016. business will be better off. thinking outside of. traditional funding route.
20 The winners of this year’s Oman Entrepreneurship Awards
4 Entrepreneur march 2016
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56 C.R Lee, President, Samsung MENA, 2016 MENA Forum
56 59 79 49 TECH: MOBILE TECH STARTUP FINANCE LIFE SHINY On the road The Luxury Closet gets Three tips for an energy- #TamTalksTech Read about an app funded! efficient lifestyle Gadgets and doodads that developed by NYUAD Founder and CEO Kunal Part of not losing control you might’ve missed out on, students that was Kapoor, a former head of is to account for the sourced by a tech aficionado. awarded top honors at sales at Louis Vuitton, energy that you allocate Yes, it’s okay to want them the World Government emphasizes on his startup’s to the different things you all… and no, it’s not our Summit. disciplined compliance do, and roles you play. fault. to budget timelines and 54 financial strategy. 62 58 CULTURE: LIFE ONLINE ‘TREP TRAPPINGS 51 Ten common beliefs we Curating your online ‘Trep gear BUSINESS UNUSUAL get wrong and why presence The executive selection for Start ‘em young Overrated ideas vs. Entrepreneur Tom Otton the entrepreneur on your Jordan-based teen ‘treps, underrated ideas put discusses how to use the list that has everything. Zaid Amer Rahhal and forward by Olympian and power of Snapchat for Okay, maybe for a little Mazen Rid Hashem, entrepreneur James Clear. personal branding. self-reward as well. launched an accessories line with financial independence 80 as one of their main drivers. ECOSYSTEM Working at a startup 74 made me a better version START IT UP: of myself Q + A Adib Samara left a “Do you want some glitzy multinational space?” with all of the perks to Startup Boxit, founded join the entrepreneurial by Premlal Pullisserry, ecosystem, and this offers up solutions for your is how it changed his 57 Samsung Gear 360 storage needs. perspective. images courtesy samsung samsung courtesy images
6 Entrepreneur march 2016 EDITOR IN CHIEF Fida Z. Chaaban [email protected] SUBSCRIBE MANAGING DIRECTOR Walid Zok [email protected] Contact [email protected] to receive DIRECTOR Rabih Najm [email protected] Entrepreneur Middle East every issue DIRECTOR Wissam Younane [email protected] PUBLISHER Nehme Abouzeid CREATIVE LEAD Odette Kahwagi MANAGING EDITOR Aby Sam Thomas STARTUPS SECTION EDITOR Pamella de Leon ONLINE LIAISON Kareem Chehayeb 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 [email protected] COLUMNIST Erika Widen
CONTRIBUTING WRITERS All rights reserved © 2016. Lama Ataya Neil Petch Opinions expressed are solely those of the contributors. Abdulla Barakji Soukaina Rachidi Entrepreneur Middle East and all subsidiary publications in Amal Chaaban May Rostom the MENA region are officially licensed exclusively to BNC James Clear Mark Sephton Publishing in the MENA region by Entrepreneur Media Inc. Karl Hougaard Adib Samara No part of this magazine may be reproduced or transmitted Suhail Al-Masri Tareq Samara in any form or by any means without written permission of Ross McCammon Karim Smaira the publisher. Rani Nasr Erika Widen
Images used in Entrepreneur Middle East are credited when necessary. Attributed use of Printed by Raidy Emirates Printing Group LLC copyrighted images with permission. All images not credited otherwise Shutterstock. www.raidy.com
In addition to our print edition, we’re bringing EntMagazineME you all sorts of industry news on our web MIDDLE EAST mediums. Joining us online means getting @EntMagazineME @Fida relevant business and startup content in Access fresh content daily on our website! real-time, so you’re hearing about the latest Entrepreneur-me www.entrepreneur.com/me developments as soon as we do. We’re looking EntrepreneurMiddleEast forward to interacting with our readers on all of our social media and web platforms- like any EntMagazineME thriving business, we’re looking to give and take. #TrepTalkME is already happening on all of our EntMagazineME digi platforms, and all good conversations go both ways. See you on the web! EntMagazineME
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Doing your part for the ecosystem Encouraging entrepreneurship is everyone’s responsibility
had the pleasure of speaking those who are just starting out can on Twitter MENA’s panel at volunteer to lend a hand at startup the Global Women’s Forum in events- and in the process you gain Dubai in February. Moderated valuable connections and insight by Kinda Ibrahim, my co- into the ecosystem’s workings. This panelistsI (Iman Ben Chaibah and helps you as much as it helps the Heba AlSamt) and I were asked to ecosystem. discuss how the medium puts Arab Another easy -and perhaps the women in a #PositionOfStrength. most significant- way of supporting @kindaibrahim moderating the @TwitterMENA During the course of the one-hour the entrepreneurial ecosystem is by #PositionOfStrength panel at Global Women’s discussion, I was also asked to talk acting in a customer capacity. Think Forum Dubai. Panelists right to left: @Fida, about business leaders and the re- about how much you are helping @ImanBenChaibah, @HebaAlSamt. To see the online action from the forum, visit the sponsibility they have to encourage our homegrown small enterprises hashtag #GWFDubai. entrepreneurship in the region. by spending your money there. My response was that we are all, Want to eat out? Choose a brand without exception, responsible for founded here, as there are lots of sound like you, just choose Careem entrepreneurship in the MENA those in the F&B sector. Looking to taxi around town or Carpool Ara- region. It is not only leaders of en- for a gift? Shop online with any bia for ridesharing options. terprise who should be tasked with one of the hundreds of e-commerce There is always a way to do your the growth and support of what startups, or gift a subscription part for the ecosystem, and suggest-
is arguably the most important to the many useful box startup ing that it is not your responsibility Walk Hawkley
mandate in this history of the Arab companies. We share some of is flat out wrong. After all, next year trademarks of C & J Clark International Limited registered are Clarks and the logo world- economic diversification and these ventures under the hashtag it could be your startup struggling stability via the proliferation of the #EntMERecommends on both Twit- to demonstrate customer traction, small to medium enterprise space. ter and Instagram. Are you looking and you could be the one asking You and I are just as pivotal as the for a staffing or freelancer solution? yourself why people don’t think Chairman of any influential board Be certain to visit the websites of local first. in terms of making this economic regional companies first, because 190 YEARS OF EXPERTISE vision a reality in the near future. chances are they have what you’re How can you help? Well, no looking for and they’re willing to CRAFTED INTO EVERY PAIR matter your position or sector of bend over backwards to onboard employment, be you a founder of regional clients. a fledgling startup or the CFO of a I always try, as much as possible, regional conglomerate, there are to shop with local businesses. Over ways you can pitch in. Mentoring, the holidays, I managed to get every speaking, or allowing for a job shad- single item on my gift list from a lo- Fida Z. Chaaban ow, are just some ways that more cal entrepreneurial endeavor- many Editor in Chief senior members of our business are listed under the hashtag I just @fida | @fidazchaaban community can help out. Juniors or mentioned. If all that still doesn’t [email protected] SHOEMAKERS SINCE 1825
Lagoona Mall | Ezdan Mall | Moderna, The Centre | Fifty One East, City Center Doha 10 Entrepreneur march 2016
CLARKS Entrepreneur.indd 2 2/29/16 8:19 AM innovator
would call it a meeting of Currently there Qatar’s minds that’s redefining hos- pitality!” says Amruda Nair, are close to 18,100 Joint Managing Director hotel and service and Chief Executive Officer apartment keys in of Aiana Hotels & Resorts, supply on her new enterprise, Qatar, including which is a joint venture with H.E. the addition of 1,460 ISheikh Faisal Bin Qassim Al Thani, keys in 2015. one of Qatar’s leading entrepreneurs. and An independently-owned “new to form Aiana Hotels & Resorts is brand of hospitality,” Aiana Hotels the result of a focused and proactive & Resorts aims to embody the best strategy to create a niche in the hos- of Indian service ethos with Nair pitality market.” looking at the bigger picture. The Nair underlines how by blending demand CEO is aspiring to become a global Sheikh Faisal’s vision and history hospitality brand with a presence of nurturing talent along with her across the Middle East, India, and legacy and experience, Aiana Hotels Amruda Nair South East Asian markets. According & Resorts will define what she refers to Nair, Sheikh Faisal has steered his to as “Hospitality 2.0,” adding that The Aiana Hotels & business to become a major corpora- “the Aiana Suites and Residences tion with more than 40 diverse com- was created to appeal to its custom- Resorts CEO on seeking mercial and industrial companies, ers’ comfort and satisfaction. The superior service operating under the Al Faisal Holding project consists of 180-keys with sea- By Erika Widén Group. “I am confident that the facing and city views and is located combination of H.E. Sheikh Faisal’s in the prestigious central business knowledge of the Middle East region, district of West Bay. Its prime resources, visionary entrepreneurial location amidst various prominent skills, and my experience and pas- attractions, governmental offices and sion for the industry will prove to easy accessibility makes it appeal- be a game-changer in the hospitality ing to both tourists and long-stay realm,” she says. “The joint venture residents.” In addition, she describes the room categories available, which include innovative studio rooms as well as two and three bedroom apart- ments that will be one of the largest in the competitive market of West Bay. Set across 35 floors, the prop- erty offers views of the Corniche from the 33rd floor lounge as well as the pool on the 34th floor. Adding to a modern Indian restaurant on the first floor with a lounge and private dining rooms, it offers two distinct dining experiences and authentic cuisine. “The Aiana service culture, in tune with the needs of the next generation of travelers, is underpinned by our intuitive and unobtrusive Indian service ethic. It meets all the require- ments for contemporary living and offers a variety of India-inspired facilities such as a specialty Indian restaurant and a modern Indian spa Amruda Nair, Joint Managing Director and Chief Executive Officer of Aiana Hotels & Resorts with H.E. Sheikh Faisal concept in addition to other hotel Bin Qassim Al Thani amenities.” >>> Aiana Hotels & Resorts signed a management agreement with Moonriver Resorts to operate Aiana Munnar – A Moonriver Resort. Scheduled to open in 2016, the
www.aianahotels.com management company’s first property in India, Aiana Munnar – A Moonriver Resort, is an all–suite villa resort spread across 20 acres.
12 Entrepreneur march 2016 march 2016 Entrepreneur 13 innovator
“The accessible, understated experi- sub-continent, and South East Asia. and constructed to the Aiana brand ences we offer resonate with our “Having a sophisticated joint venture specifications but will also look at a as a thriving business destination,” guests’ values, and cater to their partner with a well-matched vision few select conversions in key desti- says Nair. She maintains that Qatar diverse interests. Our guests have for hospitality will pave the path for nations that comply with our brand is fast emerging as a preferred des- travelled the world- they are smart Aiana Hotels & Resorts to achieve a standards.” tination for organizing key industry users of technology. Environmentally positioning into the niche market as The company is also committed events across diverse industry and socially conscious, they expect we offer service consistency across to collaborate with Qatar Tourism sectors. “In fact Qatar’s tourism exceptional value. We aim to cater multiple locations. With this joint Authority (QTA) for any forthcom- strategy seeks to triple the number to the evolving demands of this seg- venture, we have created a hotel ing initiatives that the entity might of business events tourists by 2030, ment for value added offerings in the management company that will oper- introduce for promoting business thereby contributing at least half of upper upscale hospitality segment,” ate hotels owned by independent tourism in Qatar. “Qatar is already the country’s revenue from tourism Nair says. “We will achieve our owners,” adds Nair. Aiana Hotels a leading high-end destination for spending.” As a hotel management vision by innovating fresh service, & Resorts has also recently signed MICE, situated centrally between Eu- company based in Qatar, Aiana is design, and operating concepts, an agreement with India’s Ferns rope and Asia and we are committed able to adjust its strategy to the creating smart, stimulating places Estates & Developers to manage and to support the QTA vision to position changing economic environment and in tune with our environmental and operate five new resorts in southern Qatar as a prominent destination for to the market’s needs, claims Nair. social values as well as delivering an India. “With this announcement, MICE industry. Aiana Residences As cost-saving initiatives by oil and intuitive hotel management model Aiana Hotels & Resorts now has Doha has been designed specifically gas majors begin to have an impact that resonates with the next genera- seven properties to its fast-growing to meet the needs of tomorrow’s on business travel, the performance tion of travelers– this is what we call portfolio. We will be building green traveler and this niche service offer- of the hotel market is going to be Hospitality 2.0.” field projects that will be designed ing will contribute to Qatar’s appeal tested. As a result, the business The expected completion date of model of serviced apartments gives the project is in the third quarter “Qatar’s tourism strategy seeks to management the flexibility to change of 2016, and the mission of Aiana triple the number of business events the profile between long and short ment,” continues Nair, “The strategic “Having a sophisti- Hotels & Resorts is to embody a stay to meet the demand. “We goal by the national tourism author- cated joint venture hospitality brand of upper upscale tourists by 2030, thereby contribut- believe that there will be a market ity [QTA] -to be a world-class hub hotels and leading operator of ing at least half of the country’s rev- for both value-added products in the with deep cultural roots– is well on partner with a well- hotels, resorts and serviced apart- upper upscale space and that many its way to being achieved and Aiana matched vision for ments in the Middle East, Indian enue from tourism spending.” expatriates will view serviced apart- is well-poised to be a part of that hospitality will pave ments as an alternative to residential growth story.” accommodation where rental rates Qatar is estimated to see more than the path for Aiana Aiana Munnar resort are much higher. Thus, we believe 23,000 keys enter its hospitality Hotels & Resorts to that the launch of our flagship proj- market this year, registering a growth achieve a positioning ect, a 180-key serviced apartment of 27%, according to a report by into the niche market offering under the Aiana flag in the Colliers International, a real estate financial district of the West Bay, is advisory. Currently there are close as we offer service the right fit for the present market to 18,100 hotel and service apart- consistency across conditions.” ment keys in Qatar, including the multiple locations.” And her main challenge? She says addition of 1,460 keys in 2015. Nair that as a hotel management company says the growth can be attributed requirements of the global savvy in Qatar, it will be primarily ensuring to the limited presence of midscale traveller.” that the company enters the market hotels and serviced apartments in While the total increase in supply with a diverse product offering. Doha, presenting new development has been significant, as a result, Aiana strongly believes Qatar’s opportunities and offering owners there is diversity in the nature of the hospitality market caters to multiple and investors a potential opportunity product, service concepts, and man- Amruda segments, specifically the corporate to target this market gap. “From a agement styles. “Doha will continue Nair MICE traveler, the regional leisure demand perspective, the market is to be a priority for global hotel man- market, and the country’s expatriate expected to close at 71% occupancy agement companies to have a pres- population. “We are scheduled to this year which is a marginal drop ence and there will continue to be launch our flagship project Aiana from 72% last year. However, a additions even in the luxury segment Suites & Residences at the end of change in market segmentation will despite the present supply. We are 2016 which is well-suited to the help stem the drop… and though the proud to be the first Indian-inspired market demand for value-added World Cup will attract an estimated hotel brand to enter the Qatar mar- products and services in the upper 400,000 tourists, currently 60% of ket and believe our authentic dining upscale space. We would like to Qatar’s hospitality sector is driven experiences, Indian service ethos and continue to expand our presence in by business travel. I am confident modern Indian spa concept will help the country with a leisure offering that the Aiana concept of Hospitality set us apart in a crowded market,” as well a full service hotel develop- 2.0 will be well-suited to meet the concludes Nair.
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Envisioning Qatar’s tomorrow Dr. Sheikha Aisha bint Faleh bin Nasser Al-Thani The founder and chairperson of Al Faleh Group sees entrepreneurs armed with exec education as the way forward By Aby Sam Thomas
e have no reason whatsoever not to excel, with all that’s being given to us.” This statement by Dr. Sheikha Aisha bint Faleh bin Nasser Al-Thani perhaps best explains why this enterprising Qatari woman is a worthy role model for people not just in her own country, but in the GCC and beyond as well. Consider her credentialsW for a moment. Yes, she’s a member of Qatar’s ruling family. But she’s not just that- Sheikha Aisha is also the founder and Chairperson of the Al Faleh Group, perhaps best known for its educational institutions under the Doha Academy umbrella. Her holding company also has a presence in other sectors- F&B, hospitality and healthcare are the industries currently on its agenda. But note that Sheikha Aisha cannot be defined just by her business interests either- once again, she’s more than just that. Sheikha Aisha is also a committed philanthropist, whose zeal for the initiatives she associates herself with in this regard is quite exemplary. One of these ventures is Reach Out To Asia (ROTA), which aims to provide basic, quality education to children across the Asian continent, and she sits on the board of directors for this organization, which was founded by H.E. Sheikha Al Mayassa bint Hamad Al-Thani. She is also a founding member of the board of patrons (and former Chairperson) of the World Congress of Muslim Philanthropists (WCMP), a global network aimed at advancing the notion of giving in the
Dr. Sheikha Aisha bint Islamic world. Now, put all of the aforementioned roles together, and then maybe, one can Faleh bin Nasser Al-Thani, get an idea of the sheer scale of the work that Sheikha Aisha does- and she does it all quite Al Faleh Group cheerfully, because, as she put it so simply, she likes what she does. >>>>
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Dr. Sheikha Aisha bint Faleh bin Nasser Al-Thani, them from scratch- which one has to won- Al Faleh Group “We have we don’t have time for.” der: how involved However, Sheikha Aisha is Sheikha Aisha no reason acknowledges that there is in the running of whatsoever a gap to be filled in terms of her enterprise? executive education options Well, as it turns not to excel, in Qatar and in the region out, Sheikha Ai- at the large. “Even with the sha belongs to the with all executive education that’s breed of hands-on that’s being on offer right now, sadly, it’s entrepreneurs: not much,” she notes. “And she seems to be given to us.” Dr. Sheikha Aisha bint Faleh bin Nasser Al-Thani and Fida this is where private-public a disciple of the Chaaban, Editor-in-Chief, Entrepreneur Middle East partnerships should really “lead as you would a MBA from the University now be forged and put in full like others to follow” kind of me for 20 years. People seem of Hull in the U.K., and a force.” philosophy. But again, note to tend to stay on with us, Ph.D. from the Cass Business Even as the education- here that she does all of the alhamdullilah.” School in the U.K. So ask focused segment of her above while also catering to Her business accomplish- her if she thinks executive business moves forward, her philanthropic activities ments notwithstanding, education is important for Sheikha Aisha is also seeing and her own personal life as Sheikha Aisha admits that entrepreneurs and people further growth in the cards well. So, now, the question it’s her philanthropy work looking to make it big in the for the other sectors her is: does she not get stressed that leaves her feeling more business world, Sheikha company is involved in. For with all of what she has go- fulfilled. “Yes, I do get a Aisha’s reply is a resounding instance, the hospitality side ing on in her work? Sheikha sense of satisfaction from yes. “It’s very important,” of her business is poised Aisha dismisses the query my corporate ventures, but she says. “While I was doing for an exciting new deal with a laugh. “The key is: what exceeds that is the my MBA and PhD, my hus- with a big-name enterprise are you doing what you satisfaction I get from my band was constantly telling soon- again, Sheikha Aisha like?” she says. “Because it’s philanthropic activities,” she me, ‘You are losing out on can’t reveal too many details fun for me to come to work says, pointing to her work opportunities.’ I said, ‘No, about this right now, but everyday. I am doing this fun with ROTA and WCMP as an because, without this degree, she claims that it is a rather thing I like, so it’s not work, example. She’s also a major I won’t be able to excel.’ proud moment for her and really. And these people [in proponent for social entre- Really- education is key. I her company. A line of my company] are my family preneurship, which is why always advise people: invest healthcare clinics is also on now- my team is my family, she’s particularly excited have had great support from education on the front in your own education, your the agenda for the Al Faleh and I care about each one of about the upcoming eighth “I do get a sense of satis- the Ministry of Education burner. They are investing kids’ education, because Group. Now, with all of what them… They are family to edition of ROTA’s Empower in Qatar, and hopefully, in heavily in education, and we there’s no excelling without is going on with the different us, and you’ll be surprised- conference in March, which faction from my corporate September, we’ll see its are becoming the center of that. And people talk about branches of her company, most of them have been with has as its theme, “Innovation >>> launch happening.” It’s easy excellence for education in practical skills- yes, ventures, but what ex- to see that Sheikha Aisha the region. Not only should of course, they are Doha Academy ceeds that is the satisfac- is excited about her new we provide basic educational important. But venture, and her enthusiasm skills, but we should also, you need to have tion I get from my philan- shows- here is someone who in my opinion, develop cur- the basis. I mean, is heavily invested in –and ricula that include practical sometimes, as thropic activities.” a major proponent of- the skills that help individuals business owners, education sector in Qatar. “I become more innovative, we have people And while some of us, if about the venture will be truly believe that there is a and encourage entrepreneur- coming in, and put in Sheikha Aisha’s released soon, Sheikha Aisha strong positive correlation ship as well. So, in my opin- they start with place right now, may be promises. “This has been between the education the ion, education is key. If you us- they have the content with all what we a work in progress for 10 person receives, and how ask a person to excel without education, they have achieved so far, she is years, I’m really sad to say,” much he/she achieves in education, it’s like asking don’t have the certainly not like that- she she reveals. “Because we life,” she says. “It’s sad, but somebody to drive a car with practical skills. has a lot more planned forged a partnership with here in the Middle East, we their hands tied.” So we teach them ahead for her enterprises. another university and it fell are not fortunate enough to It’s worth pointing out here those skills and Her business’ educational through, because of the red have high numbers like in that Sheikha Aisha has quite training them to arm will soon be announc- tape. But with this univer- Europe. But having served an illustrious educational excel. But then, if ing the launch of the Qatari sity, alhamdullilah, we are two terms with the Qatar background- she holds a we get applicants campus of a prominent very close to launching, and Supreme Education Council, Bachelor’s Degree in Educa- with no executive British university- the even the authorities here I can tell you that countries tion and English Literature education, we name and more details are very excited about it. We like Qatar have really put from the University of Qatar, have to train www.dohaacademy.net
18 Entrepreneur march 2016 march 2016 Entrepreneur 19 innovator
in Youth Social Entrepre- neurship.” As a youth-led conference that focuses on how young people in Qatar can participate in the development of both their local and global communi- ties, Empower has seen itself (and its impact) grow since its inception in 2009. “Em- power aims to attract young people from the ages of 16 till 26- this is the age when you get all these innovative ideas,” she says. “Partici- pants are, by no means, only them are involved with local from Qatar- we have them enterprises on a volunteer “I truly believe that there is a from all over the world. basis, while some of them strong positive correlation So it’s by the youth, led by are actually working there between the education the them- they do it all. They right now.” even pick their speakers Sheikha Aisha’s accom- person receives, and how sometimes. What this event plishments in her life so far much he/she achieves in life.” does is that it provides them are, by their own accord, with the skills necessary to worthy of applause, but ment that drove her on. “It cially in the GCC countries,” build their communities, and it takes on a whole other doesn’t matter where you she notes. “And so it will it actually gives them a voice level of significance when come from, or who you are take an orchestrated effort to talk about global issues. you consider that she is a the daughter of, [running a between women in Qatar and The year before, it was about woman in the rather male- business] gives fulfillment, women everywhere actually water scarcity- and we had dominated Arab business really. And I think every to change that. So, I really some great ideas [showcased arena. To give her credit woman would like to do it- hope to see more platforms at the event]! I said, this though, Sheikha Aisha ac- maybe, they don’t have the that bring people together… should be put in a report and knowledges that her family’s know-how. I am privileged in Women don’t have [enough] sent to the United Nations name has definitely been a that, being who I am, I have platforms to network, and or something. So we did boon for her, but she adds more access to everything: this is really something we achieve our aim, which is to that when it comes to run- resources, capital, etc. But should look into, as to how enable these young people ning her business, it’s always it’s a privilege that, I think, we can do that.” But things to take leadership roles, been more about the sense should spread.” And accord- are changing- and Sheikha and actually, now, some of of personal accomplish- ing to Sheikha Aisha, there Aisha highlights the fact that is potential in this region for Qatar is making a concerted women to help each other effort to do just that. The out in setting up their own country’s leadership has enterprises- research has been extremely vocal about said that women in Qatar empowering women in Qatar, and the GCC often have a and with people like Sheikha great amount of personal Aisha to lead the way, the wealth, she notes, and this future is looking quite bright could be tapped into as a indeed. source of finance for entre- preneurs. But if this is to “Changing the happen, there needs to be demographics in more interaction between business is not easy, these women- network- because we know ing, Sheikha Aisha says, it’s male-dominated, especially in the GCC is essential if things are countries. And so it will to move forward in this take an orchestrated direction. “Changing the effort between women demographics in business is in Qatar and women not easy, because we know everywhere actually to it’s male-dominated, espe- change that.” www.alfalehgroup.com | www.dohaacademy.net | www.alfalehgroup.com
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to 4,300.” Al Abri notes that this increased interest in the “There is a huge SME sector is advantageous potential for for Oman not just because of entrepreneurs Establishing the contribution it can make to find to the country’s economy, opportunities but also for the important role it can play in bringing within the a culture about job opportunities for ecosystem. It is Omani nationals. At a time not easy work- when the International Labor but the benefits Organization has pegged the unemployment rate in will be huge.” of entrepreneurship Khalifa Said Al Abri, Riyada CEO Oman at 7.17%, promoting entrepreneurship as a career Riyada CEO Khalifa Said Al Abri option –as opposed to looking Oman’s chief priority is a diversified economy for a job with large companies or the government- makes By Aby Sam Thomas sense for a nation that is eager to move away from its dependency on oil, and ike every the startup ecosystem of the tion has indeed made some instead focus on other poten- other nation Sultanate, and much like the headway on its goals- having tial big business sectors like in the Gulf characteristics embodied by said that, Al Abri acknowl- tourism, logistics, etc. H.M. Coopera- entrepreneurially-minded edges that he and his team at Sultan Qaboos has also put tion Council folk around the world, these Riyada have a lot more to do his voice behind the SME sec- (GCC), the Omanis were committed to and accomplish in developing tor- during a speech at Saih Sultanate of making a difference in their an ecosystem that is 100% Al Shamekhat in 2013, he Oman too has been adversely country as they know it- and friendly to SMEs in Oman. said, “The national economy Laffected by the decline in oil it’s safe to say that they are “Establishing a culture of of a country is, in fact, based prices over the past year- the relentless in their determi- entrepreneurship is not on small and medium indus- country saw its revenues go nation to change it for the something that can be done tries… These are the funda- down by more than 50% better. within one or two years,” he mentals, the foundations of in 2015, and its budget for There has been a renewed explains. “It is a long process, all national economies.” To this year has projected a focus on Oman’s ecosystem and you have to work for a give credit where it’s due, deficit of OMR3.3 billion for entrepreneurs ever long time to achieve that. But it does look like the Omani (US$8.6 billion). But as dire since the SME Development there is already a change we government has been making as this situation may seem, Symposium was held in the can see in the ecosystem now- a concerted effort to improve it was hard for me to find country at Saih Al Shamekhat a lot of young Omanis today Oman’s business landscape any repercussions of this on in 2013, which was organized want to establish their own as a whole. And this applies the spirits of the Sultanate’s as per the directives of the businesses. This was not the to (and bodes well for) both citizens I met during my visit Sultanate’s ruler, His Majesty case two to four years ago.” existing SMEs in the market, to the country in January this Sultan Qaboos bin Said al And Al Abri has the numbers as well as new ones- while year- the people I got to see Said. One of the outcomes of to prove his point: “In 2013, there is obviously a lot more were incredibly optimistic, that event –which discussed there were only 323 Omanis that needs to be done, Ri- and their enthusiasm to work ways to accelerate entrepre- who had registered their own yada’s existence is in itself an hard to achieve their personal neurship in Oman- was the businesses with the system. indication of the work being goals and thus contribute to establishment of Riyada, an In 2015, that number went up done in this direction. >>> their nation’s growth was, organization whose mandate quite simply, impressive. is to, quite simply, nurture But then again, I shouldn’t and aid the development of “We want more entities to be a have been too surprised: the the country’s SME sector. part of the entrepreneurial eco- one thing I found as a link While it’s only been a few system, and start establishing connecting all of them was years since Riyada’s incep- that they were all, in some tion, CEO Khalifa Said Al and organizing their own pro- way or the other, related to Abri feels that the organiza- grams to help the SME sector.”
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Building an ecosystem Besides Riyada, the Saih Al From advising on broadening our reputation will stand 23 Degrees North Perspectives on the Omani SME sector Shamekhat symposium also Omani entrepre- in the market, as good design- in good stead for the future. Sherry Colbourne | Managing Partner, Startup Oman led to the creation of another neurs on how to ers, as innovative designers. Maqbool’s journey with her www.startupoman.om organization catered specifi- deal with govern- Alhamdulillah, we have now enterprise is almost certainly cally to Oman’s SME sector: ment authorities, achieved that reputation. going to be an inspiration for What’s your personal take disruptive the Al Raffd Fund. While to making sure the But there is so much on the entrepreneurial ideas. But Riyada is aimed at helping directives made more to being an en- Mona Al Shukairi, ecosystem of Oman? ideas are a SMEs with training and ad- at the 2013 Saih trepreneur than that, founder, Al Joory “The entrepreneurial eco- commod- visory services on everything Al Shamekhat and for me, the big- Boukor system in Oman is building ity. Only from starting up on an idea to Symposium are gest win out of the capacity and many resources those that finally marketing their respec- being followed award was shedding exist to help Omani SMEs. know how to tive endeavors, Al Raffd Fund through, it’s clear light on the other The challenge lies in making implement will be successful. has been set up to provide the that Riyada has aspects [of running resources accessible, easy to The best approach to Taskeen Properties’ understand and responsive starting a business is requisite financial support a lot on its plate, Khalid Al Habsi a SME]: you know, for Omani nationals to start with respect to its winning at the Oman the marketing, the to the needs of SMEs. We simple. Read, ask, compare. their businesses. The two task of developing Entrepreneurship HR, the legalities, feel the opportunity lies Voraciously read about the bodies’ work can thus be said the SME sector Awards the planning, the vi- in creating a community market you want to enter, to be complementary to each in Oman. But Al sion, etc. We weren’t of entrepreneurs that are read about startup business other- entrepreneurs often Abri notes that the start establishing and orga- really focusing on capable of economic impact. models, read about competi- go to Riyada first to build organization has also been nizing their own programs to “Establishing a these things, not because we the SME founders that won Entrepreneurs and startups tors, research market data, and develop their enterprise tasked with promoting the help the SME sector.” culture of en- didn’t prioritize them, but at this year’s edition of the are the engine of economic go-to-market strategies, etc. ideas, following which they culture of entrepreneurship The first edition of the trepreneurship because we were focusing Entrepreneurship Awards. impact and diversification. Google is your friend. Tap submit a proposal to Al Raffd in Oman- and this is basically Entrepreneurship Awards on the things that we knew, While these entrepreneurs The government and private into the world’s collective Fund to get financed. Between how Riyada’s Entrepreneur- was held in 2015, which saw is not something the things that we were able may hail from different sector organizations here in knowledge via Google. Ask the two organizations, they ship Awards came to be. 13 winners (out of a total that can be done to invest our time in. Since sectors and backgrounds, Oman are providing much anyone who will talk to you are trying to get rid of -or at “There are three reasons for of 581 applications) being winning last year, it’s taken they are all linked by their support, in fact, one could about your idea. Use their least relax- the obstacles in these awards to exist,” Al awarded for their achieve- within one or us quite some time to just steadfast dedication to their argue too much. It is not the feedback to dig deeper and front of Omani entrepreneurs Abri explains. “First is to ments in Oman’s SME sector. two years.” strategize how we’re going to enterprises, despite the government’s responsibility convince yourself that you’ve today- these range from find- create the culture of business The second edition (for which really deal with developing challenges inherent in the to create entrepreneurs. got a winning idea. ing ways to speed through in Oman- just to increase Entrepreneur Middle East them.” And the post-awards those sides, and now, we’ve Omani ecosystem. Khalid Al It is the responsibility of Don’t get ‘married’ to your procedural roadblocks, to the awareness of Omanis was a media partner) saw 481 program is a pretty intensive come up with a couple of so- Habsi’s Taskeen Properties, government to fulfill the idea too soon. Give yourself dispelling societal norms that that there are opportunities, applications, of which 21 saw one- Riyada’s personnel lutions, that we’re hopefully for instance, won in the needs of entrepreneurs for time to research every aspect discourage entrepreneurship. there are ways to establish their achievements awarded get to work with the win- going to be implementing “Best Small Enterprise in knowledge, market data, of it. Reach out to industry From his perspective, Al Abri their own businesses within at a gala ceremony held at ners on their businesses, soon.” And these changes the Service Sector” category favorable policies, minimal associations, search for agrees that there are several the ecosystem. The second the Sultan Qaboos University identify gaps in their models probably couldn’t have come this year, but he notes one of bureaucracy, access to capi- industry experts on LinkedIn, hurdles to overcome if one reason is to highlight the in late January. While the and help solve those issues, at a more opportune time for the biggest hurdles he sees tal, etc.” connect with people or lead- chooses to go down the path success stories in the eco- awards are, by themselves, a and further assist them in this SME- in January, Maq- in Oman is the societal indif- ers who may have expertise. of entrepreneurship in Oman- system- so that they can be rather worthwhile initiative their growth by showcasing bool’s company celebrated ference to entrepreneurship. What are your tips for Allow yourself to formulate but then again, he notes, the like role models, heroes, for to support Omani entrepre- them at events to potential the successful completion “We don’t have a culture of aspiring entrepreneurs in multiple ideas. Then, com- rewards are worth the ride. other young Omanis… The neurs, Riyada doesn’t stop partners. and delivery of its milestone entrepreneurship,” Al Habsi Oman? pare: who is already doing “The opportunities are there,” third reason is to encourage just there. “Our idea is not to Nadia Maqbool was one project, the Lycée Française says, a notion that Mona “I can’t say enough about it or something similar to it. he says. “There is a huge government authorities and just give them some money, of the winners in last year’s de Mascate (The French Al Shukairi agrees with. Al the need for SMEs to under- Look at potential competi- potential for entrepreneurs other institutions in the eco- or give them some trophies, installment of the Entre- School of Muscat), and one Shukairi, whose company stand their business, target tors, collaborators, and stra- to find opportunities within system to establish programs and that’s the end of the sto- preneurship Awards. Her hopes that this achievement Al Joory Boukor won second market and financial model. I tegic partners. And most im- the ecosystem. It is not easy or initiatives to help SMEs… ry,” Al Abri says. “Our aim is company, 23 Degrees North, see too many startups tackle portantly- surround yourself work- but the benefits will be So there are awards for gov- also to start the journey with an architectural consultancy businesses that have been with people who understand huge.” ernment authorities, financial them- as in, move from what founded in 2011, won the title done 500 times. And they what you are going through institutions, they are now, and how we can of the “Best Small Enterprise do it without understanding and can support you. That’s Dar alHerfya CEO corporate gi- help them to grow and pro- in the Service Sector,” and the pitfalls of entering a what Startup Oman aspires Zuwaina Sultan Al-Rashdi ants, etc. that mote their businesses in the for Maqbool, the award was saturated market. This is a to be- the place entrepre- support and future. So there is a support just the impetus she needed time of great innovation and neurs call home.” help SMEs- and program after the winners to turn her attention to all we want to are announced, and our plan of what she needed to do to encourage more is to continue working with make her business a sus- place in the “Best Micro Busi- prise- Al Shukairi told me she of these activi- them from now, until the end tainable one. “Winning the ness” category, faced a lot of kept her business a secret for ties. We want of the year. We think this is award last year was a huge opposition from her family as long as she could so as to more entities to important, because winning boost of confidence for us,” and friends when she decided avoid any potential confron- be a part of the a trophy or an award is not she says. “As entrepreneurs to quit her lucrative medical tations with people she knew. entrepreneurial the end of the story- we think in a technical field -we are A selection of the Oman Entrepreneurship Awards winners with Entrepreneur Middle East career to start up her local But Al Habsi and Al Shukairi ecosystem, and this is the starting point for architects- we were focused Managing Editor Aby Sam Thomas incense and perfume enter- didn’t let the hurdles in front >>>
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of them stop them either- However, Al Abri also cau- Building an ecosystem they were relentless in their tions against entrepreneurs Perspectives on the Omani SME sector vision for their businesses, stepping into this field with- spurred on by a need to do out the requisite preparation Chris Broad | Specialist Mentor, Riyada, and Lecturer, something different, not just needed for such endeavors. Central Bank of Oman’s College of Banking & Financial Studies for themselves, but for their “One of the mistakes [Omani nation as well. Consider entrepreneurs] make is that What’s your personal take to think out of the box. It’s Dar alHerfya CEO Zuwaina they think they can establish on the entrepreneurial eco- a challenging starting point. Sultan Al-Rashdi, whose a business today, and the next system of Oman? Whilst it is true that the Omani handicraft business day, all the doors will open to “I think the ecosystem is in diversification policy has led her to be declared as the them to start doing business,” some instances very devel- had many notable successes “Best Female Entrepreneur” he says. “But that’s not how it oped; however, there is still a it’s inherent command and at this year’s awards: her happens in the real world.” Al silo mentality and an appar- control nature has disad- enthusiasm for her enterprise Abri adds that entrepreneurs ent difficulty in getting all the vantaged the economy as it is almost infectious, and she also need to do their home- various components and ini- goes into this new reality. has big plans for its future. work before starting up- a tiatives work- “My vision for Dar alHerfya thorough understanding of ing together Chris Broad, Specialist Mentor, is global,” Al-Rashdi says. “I the business and its markets cohesively. The Riyada want to feature our Omani is absolutely necessary, along opportunity products around the world.” with proper management is there for an Their big dreams not- of their accounts, human umbrella orga- withstanding, these Omani resources and other such vital nization, such entrepreneurs are eager to cogs of running an enterprise. as Startup see more backing for what Of course, Riyada is there to Oman, to they do from their ecosystem. help, Al Abri says, with every- provide a hub While they are glad and thing from helping with the environment proud about the recognition procedures and processes, to through which they have received from pushing government authori- entrepreneurs can access The role startups have to play Riyada, they all agree that ties to help SMEs start up experience, finance and skills front and center is critical– there needs to be more active and develop their businesses. to be able to go-to-market however, inertia and dirigiste support for entrepreneurs And so while Oman may not more effectively. Oman needs central planning is a hurdle in Oman, especially in their have an ideal entrepreneurial a consolidation of the various to be addressed. Oman has a early stages- that’s when they ecosystem yet, Al Abri notes SME initiatives as well as the pool of young gifted youth to really need the push to keep that work has begun in this development of incubation draw from, and I think if they at it with their enterprises. regard, and the country as a environments out of govern- are given access to alterna- From Riyada’s standpoint, whole –which includes every- ment and/or large corporate’s tive sources of funding and Al Abri acknowledges this one from the population to CSR program oversight –we regulators get out of their demand, and reiterates his the government- is adamant have a private organization way, the result can only be organization’s commitment on giving this sector the boost in Muscat, called The Lounge new business, job creation to its mission of working for that it needs and deserves. that does just that– and they and economic growth.” the SME sector in Oman. Here’s hoping. have first mover advantage in this space. You can’t mandate What are your tips for creativity and entrepreneurial aspiring entrepreneurs in thinking by way of govern- Oman? ment fiat. Big business “Stop asking for permission, and entrepreneurship are a if you don’t have it– go get natural fit and we must move it, and stop waiting for the away from programs that government, or some ‘expert’ leave entrepreneurs feeling to tell you when and how like they’ve become some- and if you can go about it. one’s PR exercise. They have to be hungry for The problem is the rentier it. Some just think it’s a cool economy, which has led to moniker to bandy about a dependency and handout before they get a job as a culture amongst many. An bank clerk. For me, entrepre- unforeseen consequence of neurship is ‘the pursuit of stability has been the stunt- opportunity beyond resource DUBAI ABU DHABI COPENHAGEN ing of initiative to the degree control’ these guys have done Currency House, 1st Floor, DIFC Etihad Towers, Tower no. 3, Unit 1401 Saxo Bank A/S Headquaters that one is asking permission this on their own volition.” P.O. Box:506830 P.O. Box: 43082 Philip heymans Allé 15 Nadia Maqbool, founder, 23 Degrees Dubai Abu Dhabi 2900 Hellerup United Arab Emirates United Arab Emirates Denmark Phone: +971 4 381 6000 Company phone: +971 2 408 8000 Phone: +45 39 77 63 80 Fax: +971 4 325 9209 Fax number: +971 2 658 3400 Fax: +45 39 77 42 00 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] 26 Entrepreneur march 2016
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Retail Leaders Circle 2016 to gather GCC’s retail industry leaders for a stronger market
he New York Institute of Manage- ment (NYIM) will be hosting the T2016 Retail Leaders Circle (RLC) in Dubai. The two-day event will take place from next spring from March 22-23, 2016 at the St. Regis Dubai Hotel. Expect a variety of speakers from regional and global retail groups, including Nisreen Shocair, President of Virgin Megastores MENA, Norma AIM 2015 Taki, Partner, Retail & Consumer of PwC, and Mert Askin, President, of AIM 2016 hopes to keep Dubai as an the Azadea Group’s Food & Beverage international investment hub Division. RLC has put together a significant nder the patronage of H.H. events between investors and industry advisory board, with big hitters like Sheikh Mohammed Bin Rashid leaders, the organizers will also pro- Saks Fifth Avenue, Landmark Group, Al Maktoum, UAE Vice Presi- vide a platform to help SMEs go global. and IKEA executives confirmed, mean- dent, Prime Minister and Ruler The speakers come from a wide variety ing that attendees will be hearing Uof Dubai, the 2016 edition of the Annual of backgrounds, from FDI experts to about the most pressing retail sector Investment Meeting (AIM) will take industry leaders, including Andrea E. issues. The subject matter goes well place at the Dubai World Trade Centre Goldstein, Head of Global Relations, beyond sales -what one might expect from April 11-13, 2016. Organized by Organization for Economic Co-operation from a retail-focused conference- with the United Arab Emirates Ministry of and Development (OECD), Arif Amiri, topics including corporate culture and Economy, AIM 2016 will be a step up CEO, Dubai International Financial branding, in addition to discussions from previous editions. In addition to Centre (DIFC) Authority, and Mira A. on human capital (like strategizing a panel of speakers who are experts in Jabr, Global Director – FDI, Conway, Inc. staff engagement and retention). At- investment, specifically Foreign Direct The event boasts of supporting partners tendees will also have an opportunity Investment (FDI), the organizers have that include the Australia Arab Chamber to network throughout the two-day added some more events and facilities to of Commerce & Industry, Arab Business conference. the three-day conference. With several Leaders, and the Indian Business & Pro- www.retailleaderscircle.com/uae exhibitions and organized networking fessional Council. www.aimcongress.com
international gaming companies age the proliferation of regional 48 hours. MEGA 2016, organized Game On and upstarts to accelerate busi- games, where game designers, by the IFP Group, counts Gaming Beirut to Host MENA ness growth. On the agenda programmers or even those just Istanbul, Noridic Game and Game Games Conference of MEGA 2016 is a series of passionate about gaming team Connection among its conference 2016 in April game development workshops, up to create an Arabic game in partners. www.menagames.com keynote addresses on MENA’s ENA Games Confer- gaming ecosystem by industry MENA Games ence 2016 (MEGA leaders, Q&A sessions and pre- Conference 2015 2016) is back in arranged B2B meetings for busi- Beirut this year from ness development. Speakers at MApril 7-8, 2016 for its second MEGA 2016 include Jason Della edition, with an expected turn Rocca, co-founder, Execution out of 800 participants across Labs, Amir-Esmaeil Bozorgza- areas of game developing, pub- deh, co-founder, Gameguise, lishing, infrastructure providers and Brie Code of Ubisoft among and online advertising. The event others. Running parallel to aims to promote and grow the these events will be the second regional gaming industry by of- edition of Arabic Game Jam, fering a platform for regional and an event attempting to encour- mena games conference image © menagames.com menagames.com © games image conference mena
march 2016 Entrepreneur 29 INNOVATOR
loved from London.” cess of Dubai. We were “We run every site But while Aubaine may delighted to have done ourselves, as we want to have the makings of a 800 covers a day in our be sure the quality and global brand, Nakkach first week, and I never is in no hurry to expand want to compromise our brand ethos is always either- he claims his quality, and the Aubaine upheld. We managed to immediate focus is on experience and ambience the Dubai location. “I for our customers.” build a great team in Dubai, would certainly consider mixed with some veterans opening more sites glob- “With the Aubaine ally, and of course across expansion, I have from Aubaine London to always been careful to the GCC, if we feel the ensure we can maintain take care of Aubaine Dubai.” right opportunity arises. our high quality However, my immediate offering, as our new location for Aubaine, the restaurant’s growth concern is to ensure we clients visit several it must be noted here that strategy. “With the Au- continue the initial suc- sites, not just one.” Nakkach’s concept that baine expansion, I have has worked quite well always been careful to in London- launched in ensure we can maintain 2005, the enterprise to- our high quality offering, Tips for ‘treps day has ten of its restau- as our clients visit several Aubaine founder Hani Nakkach rants spread across the sites, not just one,” he city’s various neighbor- explains. “The future is to “Firstly, have passion. The restaurant business is one hoods. “Our USP is fresh, build a highly respected of the toughest businesses out there, and it needs hard honest, French food,” he global restaurant group work and dedication. Second, understand your market. says. “Everything you eat with the aim being to Third, ensure you have consumer touch points within in Aubaine is made by always maintain our high your concept that will resonate with them. Fourth, hand, daily- the bread, standards of production, take your time to perfect the concept prior to finding a the patisseries, the juices, service, and ambience. site. Fifth, choose your location carefully since the best Aubaine at Dubai Mall all the dishes offered on There is a bright future concept in the wrong place often fails. Sixth, employ the menu.” Adding to the for Aubaine, and I can see experienced people and look after them. Finally, don’t restaurant’s appeal is its us expanding more, espe- cut corners. Or else, in the long run, you will lose.” exposition of the rather cially within the Middle detail. “I split my time French emotion of joie de East in the near future.” Hani Nakkach, Quality control now between London vivre: “Aubaine has al- But why start with founder, Aubaine Restaurateur Hani Nakkach on bringing London-based Aubaine and Dubai, but have ways had a neighborhood Dubai? “Many leading put my focus more on feeling to it, never that brands in the world have to Dubai (and why he’s doing it himself) Dubai, especially during of a chain or franchise, set up in Dubai. Dubai By Aby Sam Thomas the opening months,” and it is that inviting is becoming the culinary he says. “We have The ambience, coupled with center of the region. Plus e don’t same DNA and vision as And Nakkach himself Dubai Mall location up the high quality of our there is a special connec- franchise- us,” he explains. “We run is on the ground for his and running now, with food and ingredients, tion between Dubai and never every site ourselves, as enterprise in Dubai- it’s the second location that we have been able to London lots of our loyal “ have, and we want to be sure the easy to see that he’s a set to open its doors in reproduce throughout our customers live or visit never will.” quality and brand ethos hands-on entrepreneur spring 2016 in City Walk other locations,” Nakkach Dubai regularly… Start- That’s the is always upheld. We who is a stickler for 2.” While Dubai may be a explains. “Aubaine is as ing up in Dubai was also response managed to build a great relevant for a dinner with very exciting for me, as IW get when I ask Beirut- team in Dubai, mixed colleagues or friends, as we got to see Aubaine in a born restaurateur Hani with some veterans from for a quick coffee and different setting, since it Nakkach about the strat- Aubaine London to take breakfast, or to pop in is our first international egy he used when going care of Aubaine Dubai.” and choose some bread location. I felt very happy about the January launch and patisserie to take with the opening, as it of the first international “We managed to away.” As for Aubaine was great to see so many location of his London- build a great team Dubai, Nakkach is keen familiar faces and see based French bistro, in Dubai, mixed with for it to reflect the char- the amount of costumers Aubaine, in Dubai. “We some veterans acteristics of its London we had in our first week. decided to open in Dubai from Aubaine counterpart- this, he This showed us that the when we found the right London to take care Aubaine at Dubai Mall explains, is the overarch- Aubaine brand is a global partner who shares the of Aubaine Dubai.” ing theme governing brand that is known and Aubaine at Dubai Mall
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e’s been called “Silicon a specific need when it Valley’s first billionaire,” comes to setting up an and he’s also been called enterprise, and also of “the coolest person in New the importance of being York tech,” but ask Shut- persistent in one’s road Hterstock founder and CEO Jon Oringer to achieving success- what he thinks about all of these titles Oringer is a serial en- Picture that have been bestowed upon him by trepreneur who founded the press over the years, he seems eager ten companies before to dismiss them, and direct our atten- Shutterstock turned tion to his company instead. “Although out to be the hit he was I love to see Shutterstock in the news, looking for. “I always I don’t pay much attention to what knew I wanted to run my people say about me,” Oringer says. “I own company,” Oringer Shutterstock’s Empire State Building Office am focused on growing the business, remembers. “It was just and making sure that we are delivering a matter of figuring out what that com- all know what happened afterward. perfect the best possible product we can to our pany was. I toyed with different ideas, “I am proud to say that Shutterstock customers and our contributors.” At and some seemed to really take, until revolutionized the stock image industry Shutterstock founder and CEO Jon Oringer first glance, Oringer’s response might they didn’t- an online pop-up blocker by throwing out all the complex rights How “Silicon Valley’s first billionaire” grew his seem a tad too humble coming from company I ran was toppled overnight and offering a simple subscription an entrepreneur as successful as he is, when Microsoft Explorer introduced model,” Oringer declares. “It wasn’t startup to dominate the global market and hence, a little hard to believe (yes, a built-in solution into their browser. just that I understood the pain points By Aby Sam Thomas we journalists are a cynical bunch), But the one commonality to all of the in the process- I learned from my own but consider his statement with Shut- companies I founded was that op- frustration trying to use a traditional terstock’s current standing in the tions for affordable stock imagery for stock-imagery company, and I looked market as the backdrop. For a company for ways to make it better.” founded only in 2003, Shutterstock’s “I always say I want to And Oringer did make it better- that growth has been truly exemplary- it is essentially why Shutterstock today was once just another New York City- hire entrepreneurs. has over one million active customers based startup, but today, it is a global These are problem- in 150 countries around the world. But media marketplace (valued at US$2.5 solvers by nature and it’s important to note here that Shut- billion in April 2015) featuring more self-starters by habit. terstock isn’t resting on its laurels- on than 70 million pieces of content, an the contrary, the company is keeping admirable collection that includes You can never have a close tab on whatever is being said images, videos and music, with the enough people like about it or the industry around the website having enlisted more than 500 that in your company, world, and is on a seemingly relentless million paid downloads to date. With pursuit to better its offerings for its numbers like that to boast of, Shutter- whom you trust with customers. I realized this first-hand stock is easily one of the better startup the work that needs when an obscure tweet I made about success stories out there- and it’s safe to get done.” the difficulty of finding the right stock to say that this wouldn’t have been image led a member of the Shutterstock possible without Oringer’s singular marketing or websites were incredibly team to get in touch with me, and vision for his enterprise. By keeping his limited. So I set out to take my own further, give me a potential solution to focus consistently on the company, its pictures and to license them to others the problem I was facing as well. This products and its clients, Oringer has at a nominal cost. I shot 30,000 images whole episode took me by surprise- a seen Shutterstock through more than a in the first year alone. I coded the site pleasant one, of course, but it bears decade of success, and once you reflect myself, and we were off and running, testimony to the importance of compa- on that for a bit, it’s hard not to nod back in a time when there were not a nies, be it startups or conglomerates,
imitrova / shutterstock.com / D imitrova Bilyana © iamge office shutterstock along to his above proclamation. lot of tools out there to help you start keeping an ear to the ground in terms of Shutterstock’s origin story has your own business. As an entrepreneur customer feedback. “We have a healthy become somewhat of a legend now, and a business owner, I knew who my feedback loop with customers,” Oringer but it bears repeating again because customers were, and the challenges says. “They tell us through research we it remains an excellent example of they faced trying to find the right im- lead and customer-service inquiries how entrepreneurs need to be solving age to market their business.” And we they initiate what they want more of. >>>
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Opposite page: Jon Oringer, Shutterstock founder and CEO in front the of the New York Stock Exchange after ringing the bell to start trading under the ticker SSTK
Start up like a pro recent years, we Shutterstock founder identified the and CEO Jon Oringer’s tips areas we wished for entrepreneurs to pursue, and when we assessed the landscape, 1. Start building these were the “Whether you’re an engineer build- companies that ing websites, or a photographer shined. We bought building your portfolio, there’s Rex Features and no excuse for not getting started PremiumBeat right away. You’ll learn more at the because they’re beginning of the process than at any the best at what other time.” they do- edito- rial imagery and 2. Love the unknown music. REX (now “The best business ideas come out REX Shutter- of seeing what’s not there, what’s stock), and our not available. Think about why it’s Shutterstock’s Empire State Building Office partnership with missing. Is it actually impossible, or PMC have quickly has nobody gotten there yet? That’s Our tech and UX teams are responsive allowed us to ramp up the editorial the key question to success.” to what we’re heading, working in tan- content we are able to offer our cus- dem with the support teams to ensure tomers.” In the meantime, Shutterstock 3. Believe in yourself that customers are a major component continues to innovate from within as “Each time one of my businesses of what drives our decisions and in- well. “Moving forward, we are growing failed, I dusted myself off and novation. Then we hear again from the Shutterstock to include workflow tools looked for the next big opportunity. same customers about how satisfying it for busy marketing and creative profes- Blame timing, the idea, other fac- is that their suggestions and messages sionals,” Oringer explains. “In Decem- tors, really anything else, but don’t were heard and acted upon. As the CEO, ber, we released Shutterstock Editor, a blame yourself. I actually launched that commitment to customer service fast and simple way to edit photos. The four businesses at once, figuring starts with me. I learn something new response to it has been fantastic. And that might increase my odds at find- on Twitter every day, paying close we’re just scratching the surface with ing the big idea that would carry me. attention to what people are saying tools that can help our customers have Dare to be daring.” about us and our products. If you run a a better experience.” company from inside a closed-off world Oringer’s drive to continuously in- 4. Trust market research where the only people you interact novate at Shutterstock –and succeed “Ask your friends what they think with are your own executives, you’re at that too, by the way- is particularly about the problem you’ve identified not doing your job right. Everyone here interesting when you consider that and listen to their feedback. If you is responsible for customer service to the company is, well, no longer a can find people who are directly some degree.” startup. So, one has to wonder: how has impacted by the problem, that’s Shutterstock’s dedication to its cus- Oringer managed to maintain that en- even better. I wasn’t a born photog- tomers is also reflected in the acquisi- trepreneurial mindset with which his >>> rapher, but I grew into it because tions it has made in the past few years. I was witnessing the passion and In January 2015, Shutterstock acquired enthusiasm photographers carry Europe’s largest independent photo with them every day. I wanted to be press agency Rex Features for $33 mil- a part of that.” lion, and stock music and sound effects service PremiumBeat for $32 million. 5. Take big risks “Our first major acquisition was Web- “Don’t be disheartened by failure, DAM, which gave our customers a bet- embrace it. Have the courage to ex- ter tool to keep track of and collaborate periment and the willingness to stick with all the imagery and assets they around when the odds are stacked purchase from us,” Oringer remembers. against you.” “As I looked to scale our business over Shutterstock’s office image © infinity pixels / shuttersock.com shuttersock.com / infinity pixels © image shutterstock.com / pio3 | shutterstock.com / D imitrova Bilyana © iamges b ottom: to top
36 Entrepreneur marchfebruary 2016 2016 march 2016 Entrepreneur 37 innovator
“International growth has been key to Shutter- stock’s growth strategy. We want to be everywhere for everyone. That takes time. But we’re on the right track: 70% of our business comes from out- Shutterstock and the Middle East side the United States.” Jon Oringer on his company’s presence Jon Oringer, Shutterstock founder and CEO around the globe “International growth has regular lives. We’re making been key to Shutterstock’s strides to get to know the growth strategy. We want to local traditions and creative be everywhere for everyone. preferences. These artists That takes time. But we’re on know their craft and their the right track: 70% of our region best of anyone, and business comes from outside we leave the camera in their the United States. hands. It’s our job to find Shutterstock Offset Authenticity is the name them, bring them aboard, of the game these days and to showcase their company was founded in the they have 24 hours to form when it comes to marketing beautiful imagery. We work first place? The answer: it’s teams, develop an idea, materials and showcasing closely with Dubai-based all thanks to the people at and collaborate on a tool or your brand. Our data shows photographer Daniel Cheong, Shutterstock. “I always say I feature that they can show that the demand for images as an example, whose archi- want to hire entrepreneurs,” off to a judging panel of ex- of Middle Eastern people is tectural images from Dubai Oringer says. “These are ecutives. I served as a judge the fastest-growing change and surrounding cities can be problem-solvers by nature for our inaugural hackathon; among searches year over found on Offset.” and self-starters by habit. however, I really wanted to year. The Shutterstock col- You can never have enough be out there hacking with lection is constantly adapting Dubai-based to reflect diversity and the photographer people like that in your the rest of the people. These Daniel company, whom you trust events are a great opportu- world we live in today. Cheong with the work that needs to nity to get back to basics. We need to offer local get done, but also with the This year we launched a content to our customers, no vision to foresee where we product, Shutterstock Tab, matter where they are. We’re should go next.” Oringer also that was a direct result of always actively recruiting points toward diversifying one of our hackathons.” new contributors to help us, a business as a way to stay What about Shutterstock’s asking them to shoot their true to its startup origins. competition in this space? friends and family and their “You can also maintain Oringer doesn’t seem too the small-business feel by worried, and brings it back launching other arms of to Shutterstock’s culture. “If your business,” he explains. we’re committing to the right “Our enterprise sales team strategy and innovation, we kept on hearing from clients don’t need to pay any atten- that they wanted higher-end tion to what the competition photography to license, so is doing,” he says. “We focus we decided in 2013 to create on executing our plan, and Offset. This team of 10 sits moving forward.” among us, shares resources shutterstock.com / infinity © pixels image offset | C heong aniel+ and support from Shutter- “In December, we D stock, and helps remind us of released Shutterstock how much you can get done Editor, a fast and simple on a given day if you work to- way to edit photos. gether. Offset, in some ways, The response to it has been fantastic. And resembles the early, scrap- we’re just scratching pier years of Shutterstock. the surface with tools In addition, every summer that can help our we host an annual hackathon customers have a better for our employees, where experience.” shutterstock.com/editor | www.offset.com/artist/ | shutterstock.com/editor
38 Entrepreneur march 2016 march 2016 Entrepreneur 39 TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO
right example for other employees, they help create an environment that encourages good corporate citizenship, and that motivates employees to perform better and more innovatively. how to be an ethical leader The majority agree that By Suhail Al-Masri Action this big idea for 2016 everyone is responsible for being ethical e can’t really discuss ethical leadership without 37% of respondents in the Bayt.com poll on looking first at ethical behavior. Ethical behavior, in its Ethical Leadership in the simplest form, is knowing and doing what is right. The Middle East view business key to having an ethically-run company is employing ethics not just as being legally compliant, but morally upstanding leaders. In her book, Seven Lenses: also engaging in socially- LWearning the Principles and Practices of Ethical Leadership (2013), responsible activities. author Linda Thornton says that getting employees to act ethically in the 65% see ethics as the responsibility of everyone workplace starts at the top. In fact, managers should realize that their in the organization. actions have a trickle-down effect within the company; employees will In your effort to promote likely follow the lead and model their actions. ethical behavior throughout the organization, try to With the awareness about culture. These days, it’s procedures. Leaders develop a transparent the importance of business more important than ever who understand this are work culture to both ethics, Bayt.com embarked before to program ethical more likely to attract top your employees and on a research journey into leadership by having set employees and clients. stakeholders. Make sure Ethical Leadership in the ethical guidelines and When they set the that company information >>> Middle East, which we did in collaboration with Canadian University Dubai (CUD). The poll showed that the building blocks for a more sustainable form of leadership in the region indeed exists.
Many define business ethics as being socially responsible We often hear about the negative impact of making ethical mistakes in business. We hear about fines, boycotts, and very embarrassing scandals that make us doubt the very integrity of organizations we admire. What we don’t hear often about are the benefits of ethics, and how ethical leadership can have a positive ripple on business- especially when ayt.com ayt.com
it’s programmed into an b organization’s corporate infograph © © infograph
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is always available to reasons to buy from those who need it, and you, and demonstrate a demonstrate transparency commitment to go beyond in your decision making mere compliance with process. Employees are laws and regulations. much more likely to They must prove that they reciprocate when managers are committed to ethical exhibit trustworthy issues, including human behavior. rights, social justice and sustainability. Leaders are setting positive examples 2. Care about people Ethical leaders are those before profits.Realize that who display a good image the triple bottom line of of the business, and in people, planet and profits is turn, attract and retain the not only about prioritizing best talents. Good news people over profits, but is, 75% of professionals in also thinking about how the Middle East affirm that your company affects their managers often set an the planet and adopting example of how to do things environmentally-friendly ethically, as revealed in the ways of doing business. Ethical Leadership in the Middle East poll of January 3. Ethical behavior is 2016. reciprocal. Employees are more likely to reciprocate Have a clear code of conduct. Codes when their managers of conduct are required to help snitch, so gain confidence Leadership in the Middle concerns. We also conduct exhibit trustworthy employees discern the different and trust by providing a East) say that their town hall meetings across behavior, so it is important shades of grey in the ethical private space to discuss managers discipline or our offices so employees can to demonstrate fairness and any concerns anonymously. reprimand employees who interact with management transparency in all your continuum. It is essential that training Investigate the claims violate ethical standards. and give their feedback on decisions. and explicit discussions about ethical fully, before jumping issues that affect them. issues are conducted regularly. to conclusions, while Leaders are talking about 4. Democratize decision maintaining the anonymity ethics Recommendations: How making. Asking for Leaders are listening to of your employee. Then According to our poll on managers can program feedback and suggestions their employees discipline or reprimand, Diversity of Thought in ethics into their leadership from your staff will show Develop an honest work if necessary, in order to the Middle East, released style trust and respect for their environment where establish that some actions in October 2015, 88% of We can’t talk about opinions. employees can report are not accepted, and will professionals in the region ethical leadership without unethical behavior without not be tolerated. 72% of are comfortable sharing providing a guideline to 5. Share and delegate. fear of punishment. No one professional respondents their views at work, even managers who want to Sharing information with wants to be considered a in the same poll (Ethical if it goes against the program ethics into their and delegating tasks to your majority. Today we see corporate culture and team will empower and more and more leaders leadership style. Here are motivate them, yielding who are encouraging their seven ways managers in the tremendous dividends in employees to communicate Middle East can promote their creativity. freely and openly and not ethical behavior: restricting their thought 6. Communicate. Being an process and ideas. By 1. Don’t think about ethics ethical manager is about doing so, a leader would as just following laws clearly communicating not only be promoting an and regulations. Leaders what is acceptable behavior, environment of honest and need to take action and and what is not, and needed. Prevention is better employees discern the regularly. Include ethical open communication, but show consumers and other ensuring your employees than cure. different shades of grey in behavior in performance also showing staff trust and stakeholders that they understand that you have the ethical continuum. It is metrics and employee respect. At Bayt.com, for are actively engaged with an open door policy to 7. Have a clear code of essential that training and reviews, and set the right example, we offer an online ethical issues that matter. discuss any situation conduct. Codes of conduct explicit discussions about cultural tone right from the platform, Sawtna, where Recognize how ethics where an ethical decision is are required to help ethical issues are conducted start. employees can voice their influences consumers’
Lama Ataya heads the Marketing department at Bayt.com and within that role is also responsible for communications, content, community experience, and corporate social responsibility.
42 Entrepreneur march 2016 march 2016 Entrepreneur 43 TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO
that going into a business particularly by those who them into or crossing them Keeping arms and legs Sending the right discussion wearing one can you are meeting for the first over the body. This gives off uncrossed lets others help reduce the often high time. Many psychologists an air of openness and can know that you are ready to message stress levels or tension that state that on average, we even help you better absorb listen. Studies show that planting your feet firmly Seven body language cues are part and parcel of the judge a person within what’s being said. So do a on the ground can help you entrepreneurs need to be aware of corporate world. Studies seven seconds of meeting little mirror practice on this feel more confident in your also show that a simple them, and according to the one and work it into your position in the conversation. for effective communication smile encourages those you University of Iowa, a solid next conversation. By Neil Petch are talking with to open up handshake is more important you can also use touch to more quickly. And here are than our dress sense or 6. Perfect your gaze your advantage throughout hether mirror practicing hypotheti- a few fun facts: according personal appearance when it So many people struggle your conversation (where we realize cal deliveries. With that in to research by the science comes to how positively or here, but it’s perhaps the appropriate, of course, and it or not, mind, this article takes a journal PLOS ONE, smiling in negatively we are perceived. single-most important thing always taking into account we are look at some of the obvious the workplace can increase So how to do it right? As a communicator can do. cultural considerations). con- and not-so-obvious body your chance of securing a you would expect, avoid This is however not to sug- One such tactic that many stantly language cues and move- promotion, and smiling in extremes. This means no gest you should be holding in the business world use is givingW off body signals that ments and actions that the general makes you appear vice-like grip, and no damp perfect eye contact the entire to lightly touch the arm of affect how others perceive entrepreneur can practice up more intelligent to others. squib. Go for the firm, time. In fact, you should be the person they are speaking us. Body language is in fact on. Pick one or two to work natural grasp, and ensure aiming to make eye contact to while saying their name. so important that it is actu- on this coming week in your Studies show that ges- you make eye contact, as that for around two-thirds of the This very direct method of ally thought to account for meetings with clients and turing with your hands is a display of respect and time that you are in conver- addressing the other person almost 60% of our effective- colleagues, and as you do, see naturally while you speak openness. sation– more when listening, can evoke positive feelings ness in communication. This if you can gauge the effect will help improve your and less when speaking. The and a sense of personal means that the success in they are having on the other credibility, and there is 3. Posture and positioning science behind it all reveals value. Now these touches which we convey our mes- person. Perhaps you will get also evidence that it actu- The obvious ones here that any more than that should, of course, be natural sage is in fact more depend- a sense of a higher level of ally improves your own include sitting up straight, and you actually come off as and subtle, and they should ent on our body language trust or comfort coming back thought process. shoulders high, and head rude or that you are overtly be incredibly brief– in fact, it than it is on our words. In to you, which is often exactly held high, all of which helps attempting to display control is thought that it only takes a business context, body what the master communica- 2. Master the handshake convey professionalism. or dominance; while any less one-fortieth of a second to language can be considered tor is after. While you’ve probably You’ll also want to lean in makes you appear uneasy make a connection in this a skillset that you would be heard about the power of a slightly, which demonstrates thing their subconscious Touch is the most or even nervous. Another manner. wise to develop and refine. 1. Smile handshake countless times that you are focused. will pick up on. And so what primitive non-verbal benefit of making the right The vast majority of body To some it comes naturally, Let’s start with an easy one: by now, it still has to be Keeping arms and legs does mirroring achieve? method of communication amount of eye contact is that language cues are involun- but I’ll bet the great commu- remember to smile, and added to this list. A strong uncrossed lets others know Studies show it can lead to that we possess, and it helps us read the emotions tary and subconscious. So nicators have spent their fair make it genuine. Smiles are handshake goes a long way that you are ready to listen. the other party being more using it at the right time of others and react to them while it is certainly worth- share of time in front of the contagious, and studies show in how you are perceived– Finally, studies show that open, which can lead to them and in the right way can accordingly. while to try a few of these in planting your feet firmly revealing more information, help us get our message your next business meeting, on the ground can help you making it useful in a negotia- across far better than 7. Get the golden touch in general, the goal is to start feel more confident in your tion setting.Studies have also anything we say. Touch is the most primitive becoming more aware of the position in the conversation. shown that mirroring tends non-verbal method of types of messages your body to foster a climate of collabo- across as being overbearing; communication that we can send without you real- 4. Mirroring ration and cooperation. keep your hands clasped possess, and using it at the izing it, and also what the This is a favorite body and rigid and you give an right time and in the right other person might be saying language technique of great 5. Keep your hands in check impression of being nervous. way can help us get our with their own subconscious communicators. Mirroring Some of us are big on the Studies show that gesturing message across far better movements and actions. is simply the act of playing a hand movement without with your hands naturally than anything we say. Let’s As we have seen above, the person’s own body language even realizing it. Others while you speak will help go back to the handshake. A body has the ability to reveal back to them. For example, keep the hands firmly in improve your credibility, and recent study by America’s whether someone is listen- watch for how they position check with little movement there is also evidence that it Income Center showed ing, interested, to be trusted, themselves: if they lean in, throughout discussions. actually improves your own that people are two times and so on. In other words, do so too. If they gesticulate Whatever your style, hand thought process. Just keep more likely to remember for the astute body language in a certain way, work in a movement plays a big role in mind that when you are someone that they have expert, body language could similar gesture from time to in how you are perceived listening, it is best to keep shaken hands with versus end up playing a consider- time. It goes without saying by others. Gesticulate too your arms more still, by your someone they simply said able role in influencing busi- that you don’t want to make wildly and you will come sides rather than drawing hello to. Handshakes aside, ness outcomes. this look obvious. It’s not something the other person should be aware that you are Neil Petch is the Chairman of Virtugroup. Petch founded Virtuzone in 2009 before launching Virtugroup, a holding company that has a wider mandate doing. Rather, it is some- of supporting startups from establishment; to successful market entry; and all the way through to exit. Petch is also the Chairman of DIFC-regulated GMG, established in 2010 with offices in Dubai, UAE and London, U.K., providing brokerage services for commercial and investment banks globally. His most recent venture, PrimalMD, was launched in the health sector and focuses on helping doctors addressing the root cause of illness rather than simply treating the symptoms.
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or the vast majority of or because they don’t try hard 2. Sticking too tightly to new businesses, sales enough, but because many of the pitch is at the top of their them make one or more of the Of course a high-impact, minds, day in and day all-too-common sales mistakes engaging presentation has its out. While it is hard to I’m about to outline for you– part to play when it comes rank tasks according to and simply get stuck in these to sealing the deal, but it importance (it literally bad habits. Now, of course, we needs to be remembered that Fseems as though everything all make mistakes from time it is not the be all and end matters at a startup, doesn’t to time, but again we have to all. I have seen far too many it?), we have to look at early stress that errors in the foun- entrepreneurs and salespeople sales success as key not just dation of your sales process alike slave over presentations to growth, but to survival as are hard for the startup to for days on end, only to get in well. And so unless you’ve got survive with for too long. front of a potential buyer and the luxury of investor money deliver the pitch in minute that allows you to hire a sales 1. Neglecting to prospect detail, paying little or no at- team, it’s an activity that will Let’s start with the basics: one tention to the reaction of the be taking a lot of your time as of the main reasons why busi- client– and therefore failing to the startup founder. nesses fail to sell is because act on vital buying signals. Here are a couple of interest- they neglect the need to get ing facts for you– the second out there and find enough Sales is, after all, very of which really gets me think- prospects in the first place. much about building ing: Prospecting for sales is the relationships– and as the saying goes, only fools rush 1. Full-time sales positions first and arguably most vital in. Take the time to understand currently account for over a stage in the sales process, and your prospects’ challenges, tenth of all jobs in the United yet still many entrepreneurs educate yourself on their States. put it off– either because business, and demonstrate 2. Of that mammoth sales they don’t like “going in cold” your value to them. force, 20% deliver over 80% or because they feel they Five common mistakes to avoid and why of the revenue. have enough customers and Yes, if you give a presentation your business will be better off Why is that second figure therefore don’t need to find (and you don’t always have to, of particular importance to anymore. mind you!) it needs to be slick, By Karl Hougaard founders? Because, and to But it’s nothing short of but don’t let it dictate the paraphrase business guru fear and apprehension that flow if things end up going in Peter Drucker, it reminds us is holding you back, and it’s another direction. Ask yourself that it is not simply a matter the single-biggest mistake you why you are there. It is about of doing the right thing, but can make. Before we get to the helping you and the prospect doing the thing right. Get good ABC (Always Be Closing) stage identify if there is a need for at sales and the payout is a that Alec Baldwin made so what you offer, then present- financial one. Stay mediocre, famous in the absolute classic ing your case in the right way and the outcome could be far sales film Glengarry Glen Ross, –with the right words and the worse than simply remaining remember that something right timing– to make yourself mediocre– on the young busi- comes before it: ABP. Always and your products or services ness front, it could result in Be Prospecting. If you fail to look favorable. Sticking to complete failure. do this, get ready for frustra- the script too tightly can end Personally, I feel that the ma- tions and a massive level of up having quite the opposite jority of people who fail to sell stress. Procrastination is one effect. Get your presentation do so not because they can’t of the biggest causes of stress, tight and then deliver it natu- and procrastinating on the rally, but be ready to change too many salespeople are sales prospecting front will tact if needed, rather than re- afraid to initiate conversa- weigh hard on you. Of course lying too heavily on your slide tions regarding price, when it’s important to look after the show and missing out on any really it is nothing to shy customers you already have, potential jumping off points away from. Having discus- but the fact is not all custom- for conversation. sions around price early on ers are going to be around signals your intent from the 3. Not being a good listener outset, as well as giving the forever. According to Business potential buyer complete Brief, most businesses lose Asking the right questions transparency. You may have 14% of their customers every is of course vital to any sales to get the requirements. But year. This means that steady conversation, but then make it is pretty much always pos- prospecting must be a core sure you are listening to the sible to give a range. part of your business plan. answers. Whether it is a sales >>>
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4. Being coy about price Get your presentation tight An innovative twist to your meetings There are many salespeople and then deliver it naturally, out there who will tell you but be ready to change tact if that one of the tricks of selling needed, rather than relying is to build value first and then too heavily on your slide show and missing out on any talk about price. Personally, potential jumping off points while I can see the logic, I’m for conversation. not so sure about this ap- proach. Coming at a sale in opportunity right out of your this fashion tends to result hands. The case for not jump- in a potential buyer that can ing straight to the sale is clear. never really get too carried Sales is, after all, very much away with their interest in about building relationships– your offering because at the and as the saying goes, only back of their mind they’re fools rush in. Take the time to wondering whether it is even understand your prospects’ affordable or not. challenges, educate yourself The mistake here is that too on their business, and dem- many salespeople are afraid onstrate your value to them. discussion, a discussion with Prospecting for sales is to initiate conversations If they are in fact a genuine your partner, or a casual con- the first and arguably regarding price, when really it prospect, then by doing these versation with someone you most vital stage in the is nothing to shy away from. things you are giving yourself met at a business or personal sales process, and yet still Having discussions around the best possible chance of function, everyone loves a many entrepreneurs put it price early on signals your securing that sale. – good listener. Just think how off either because they intent from the outset, as well However, that’s not to say don’t like “going in cold” good you feel when you are in or because they feel they as giving the potential buyer sales success is done by stay- the company of a good listener. have enough customers and complete transparency. So ing casual about the contact or They make you feel comfort- therefore don’t need to rather than hooking them in giving that prospect his or her able, and you just want more find anymore. and convincing them to buy, distance. Far from it. When of them. For the salesperson, I let them know exactly what to make contact, how to make can’t think of a more endear- the person talking, and you their commitment will be contact (what to say), and how ing and indeed necessary trait. will see that after five or ten early and then use the rest of often to make contact is very A good listener looks you minutes you are in a rather your time to demonstrate just much a gut feeling-led exer- in the eyes, gives no indica- comfortable place. Then you why your offering is worth it. cise, and you have to develop tion whatsoever that they can decide together whether Of course, you may not know killer instincts in this respect. are about to interrupt, says your prepared presentation is the exact price upfront. You The key is to look at the close yes and nods at just the right needed, or if you just continue may have to get the require- as part of an ongoing consulta- times without overdoing it (so the conversation (I prefer ments. But it is pretty much tive relationship rather than as not to distract or disrupt the latter 100% of the time). always possible to give a range, something that is going to be the speaker), and is, ultimate- Really, this all boils down to so if that is the only way, then a quick one-off transaction ly, truly listening. He or she recognizing that sales is first do it. And yes, that range can (that is, getting a yes or no at takes in the words, and when and foremost about solving a be broad if necessary. You some point based on very little that is being done honestly, customer’s problem. don’t want to lock yourself discussion almost never hap- the speaker senses it. If you understand exactly into something unrealistic and pens in B2B). This means that In any sales conversation it what a prospect is saying have to backtrack later. events dictate the timeline is the prospect that should you’ll be better placed to offer and not vice versa. The sale be doing the vast majority of them a solution and therefore 5. Not knowing how to close can come at anytime through- the talking– as much as 70% secure a sale (if there is a fit). This one is in large part about out this process, and so that in my opinion. So rather than So listening is nothing short timing and communication. finesse you develop based on diving head first into a sales of an essential survival skill Try to close too soon and you your finely tuned instincts is Following our extensive remodeling and refurbishment, discover the leading pitch only to come up for air for the salesperson. It gets you could be waving goodbye to what dictates the actions you destination for meetings and events in Dubai. Experience 17 state-of-the-art at the end to ask about next to the answer you need faster a fantastic opportunity. Wait will take to give yourself the steps, let the prospect lead. than any of your own smooth too long and someone else best chance of securing that meeting rooms with natural daylight and two dedicated VIP boardrooms, Start with questions and get talking will. will most likely snatch that sale. or add an innovative twist to your next meeting with unique facilities adjacent to the hotel.
As Head of Sales & Marketing at Virtuzone, Karl Hougaard ensures the company maintains its position as one of the fastest growing business setup operators in the Middle East region. Houggard was, in fact, a customer before joining, having owned and operated three different compa- +971 4 341 0000 | [email protected] | kempinski.com/dubai nies set up by Virtuzone. Karl started his career as a senior manager with Primovie, the Cinema Operations arm of Primedia Ltd in South Africa, which saw him relocate to Dubai in 2001 as part of the group’s global expansion plans.
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Nothing will replace a face-to- tant to add your views to the face connection. But, more often mix. With so much noise out | ask a PRO | others to continue to embrace than not these days, a potential there, it’s critical your voice and deliver the standards that buyer will search you out in you originally set. Yes, it’s that Google before stepping foot in is there to represent your com- Retaining founding principles your store. That’s why, in 2016, it pany’s values and beliefs. can be tough much-feared word: delegation- will be more important than ever To figure out what kind of letting go, when you previously to create easily accessible in- content to create, picture your Executive coaching can support you had a strong and singular grip formation so potential custom- ideal client (revisit point 2 for as you face real enterprise challenges on the business’s differentia- ers can learn everything they tors. Now, you’re faced with the need to know about you, your this). Then, jot down 10 ideas. products, services, and business Those ideas will take your ast-growth businesses, led that as a business grows, not challenge of inspiring and lead- philosophy before they pick up buyer on a journey. Imagine by energetic, high-paced, everybody who comes on ing others, so they can deliver the phone or walk in the door. that buyer coming into your Finspirational visionar- board shares the same level of the standards that are embed- business knowing nothing. ies, who have the ability to enthusiasm or commitment ded in your founding DNA. 3. Where do they go to get What does that buyer need to generate innovative ideas and to the organization’s vision, is Creating an environment information? know to become knowledge- translate (some of) these into needed. Employee engagement where your colleagues “get” Where does your potential able about your field? What practical commercial applica- is commonly accepted as a real you and can (if not emulate client show up to get infor- trends are happening in your tions, often face challenges challenge in large operations– you) represent your ideals and mation? Are they active on industry? What are the rules that result from a business’ indeed there are an array of principles, is possible. This social media? Do they read the of doing business in your own success. management consultancies is where having a sounding newspaper? Watch TV? What office? Write down article How can this be? Surely fast- that offer such services, to board, such as an executive can you do to show up in the subjects related to what they growth businesses, character- support their clients in the coach, can support you in han- same places they are? Once need to know about your prod- ized by the practical realization areas of employee recruit- dling the transition from being you create your content, place uct or service. You can also of an entrepreneur’s own vision ment, on-boarding, continuing hands-on to being hands-off, your content in the locations create content responding to and drive, evidenced by meas- engagement, development, and but staying in control of the where your buyers hang out. If the questions you get over and ures such as improved market retention. strategic direction of the busi- 1. What are your content you’re creating great content over from current customers. penetration, profit growth and However, such issues can also ness. Show what you know goals? relevant to your business, and hiring more people, means that apply to businesses of much Such a transition is never Yes, creating content for your no one actually sees it, then creating content for your everything is “heading in the smaller scale. Even as a startup easy and there will undoubtedly Five essentials to consider business is critically impor- right direction,” right? Well, it’s (and sometimes especially as be challenges along the way. for your content marketing plan business is critically impor- it’s pretty much wasted time, tant. But before you head down tant. But before you head down money, and effort. this path, determine what you not always so. a startup), solving these will However, there is nothing more By Cheryl Tan this path, determine what you want to achieve from a good Growing pains can lead to the require investment in employee certain than change, and it’s all want to achieve from a good 4. Have you chosen a format content plan. It’s a lot of work, entrepreneur feeling distanced engagement and relationship about how you manage change re you using your important than ever to create content plan. It’s a lot of work, that makes sense for your so figure out what results you from the front-end of the management from the leader and provide the leadership marketing strength easily accessible information so figure out what results you staff and for your audi- want from the content before business. This can occur as to secure the continuous deliv- that is expected of you. Good to ensure the suc- so potential customers can want from the content before ence? you create it. Do you want more the founder feels or sees the ery of their vision. No matter leadership is evidenced by what local customers? Do you want customer-facing part of the how passionate you are about happens when you are away, cess of your busi- learn everything they need to you create it. Do you want Podcasts are exploding in to be seen an as expert in your ness? And before know about you, your prod- more local customers? Do you popularity, but is that where industry? business failing to meet the your USPs, there will come a not what happens when you’re youA say yes, ask yourself if ucts, services, and business want to be seen an as expert you will find your target standards of service-delivery point where you have to rely on there. By Martin Braddock all of the pieces of the puzzle philosophy before they pick up in your industry? Do you want market? How about video Once you have potential arti- that he/she identified as the are actually synergistic, and the phone or walk in the door. more signups to your newslet- tutorials? Does your audience cle topics, plot those topics on vital defining qualities to differ- operating as parts of a whole What kind of content should ter? And this is crucial: how engage with them? Maybe the a calendar. Then sit down and entiate it from the competition. as opposed to standalone you create? Start with asking will this new exposure turn written word is still the best write your article, record the The fundamental principles campaigns. While developing and answering the following into paying customers? bet for your enterprise. Deter- podcast, create the video. De- and values that had been the a content marketing plan, you essential questions prior to mine this: will you create your liver that content consistently key ingredients of the founder’s may be creating a strategy that fleshing out your strategy: 2. Who is your customer? own audio in a podcast, put and by the end of the year, you original vision become diluted. encompasses ad buys, media As much as we want everyone together a series of videos on will have a bank of articles, This can be caused by em- mentions, and customer ap- To figure out what kind of to love us (and everything your product, or create a blog videos, or podcasts that will be ployees not having the same preciation events. A key aspect content to create, picture your we sell), you have an ideal with consistent, informative a valuable resource for current levels of engagement, drive ideal client. Then, jot down 10 or commitment to the cause to center on is thinking about ideas. Those ideas will take your customer. Take a good hard articles? Maybe you decide on customers and ones that come a content marketing plan that buyer on a journey. Imagine look and figure out who this all of the above. Plan for that, around in the future. upon which the business’ very will serve to highlight your that buyer coming into your perfect person is. Are you too. And put it on the calendar The best way to get in front foundations have been built. company’s expertise. business knowing nothing. What trying to reach young couples, so you are sure to finish the of new clients is to show what This is not an uncommon Why is this important? does that buyer need to know single moms, or retirees? Are project. you know through the content challenge. As businesses grow, Nothing will replace a face- to become knowledgeable about you trying to reach a certain you create. expand and develop, retaining to-face connection. But, more your field? What trends are culture? A certain spend? De- 5. Are you creating content the founding principles can be happening in your industry? often than not these days, a termine who your ideal client that speaks to your clients tough. How to meet and defeat What are the rules of doing Cheryl Tan is the founder of Tan Media potential buyer will search you business in your office? Write is and know everything you and customers? such challenges is the key LLC, a media strategy consulting com- question. Going into denial isn’t out in Google before step- down article subjects related can about that person’s desires There’s a lot of information on pany based in Virginia Beach, Virginia. ping foot in your store. That’s to what they need to know and what exactly they are will- the Internet these days. You Get more media & marketing tips at an option in these situations. why, in 2016, it will be more about your product or service. ing to pay for. may wonder why it’s impor- CherylTanMedia.com. An appreciation of the reality
50 Entrepreneur march 2016 march 2016 Entrepreneur 51 business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS CULTURE COMPLETE
YOUR SPORTS KIT the roles that you play. And 2. Schedule in social so, it’s essential to your very events and days off basic ability to Live that you Isolation is a stressor, and plan in a way that you can so making time to meet give the greatest energy and people is one thing you can attention to all that you do. control and work to your The moment you start feel- advantage. You’d also be ing that you really aren’t in doing yourself a tremendous control- that’s the edge. It’s favor by planning your not the time to plan, it’s the days off ahead of time– time to act. Here are three preferably pacing yourself to things to keep in mind when avoid burnout. doing just that: 3. Keep the bigger picture 1. Know your highs and in mind lows The main reason we’re all Realizing the best hours of running to get things done creative vs. analytical think- is to be able to live the life ing, keeping meetings short, we want. If the journey is and limiting distractions all a complete mess, you can’t serve to maximize on the exactly say that you’re on energy put into performing your way. Work towards during those hours. Energy- goals, plan your journey, but efficient planning on a day- remember that life happens to-day basis will take you a while you’re busy making Get in control long way. plans. Three tips for an energy-efficient lifestyle By Shoug Al Nafisi t’s ironic how the more we move towards faster regulations aren’t that clear TREP TALK ME which could take you back workflow and “productivity” (as a measure of THE BUSINESS ten steps when wanting to just getting more done), the more of a need we W Gents Salon start your business. Third have for wellness programs, both corporate and is differentiation; many Icommercial, and the more we find ourselves fighting THE ‘TREP Co-founder startups imitate and don’t chronic stress-related “malfunctions” or setbacks. So, Omar Al Busaidy innovate, we see that with many businesses especially in other words, the more we attempt to accomplish, Q What are your top three in food and fashion. If the greater the risk we are at for burnout, and the tips for MENA entrepreneurs you want to have a loyal greater the risk we have of being hit with any one of looking to start a business? customer base, you need to the numerous health issues that impede our very basic A “Build relationships; it will be innovative and creative take you a long way. Ignoring so as to stand out from the ability and pleasure of Living (yes, with a capital L). If this will not even get you off crowd.” that says anything, then it is that it’s time we realize the ground because we live www.wgentssalon.com the tremendous misfortune in that formula, and in a high-context cultural reroute before we’re at the edge of the cliff. environment, and building trust and credibility is on Chronic stress has been way, it’s too little too late. the top of the pyramid when linked to all sorts of illness- Part of not losing control wanting to do business in es, and will probably con- is to account for the en- the MENA region. Second, tinue to be associated with ergy that you allocate to research is absolutely crucial. THE ALL NEW SPORT360.COM a myriad of health obstacles. the different things you do, Many people that I talk to Unfortunately, when we do and roles you play. Tony take this for granted and realize that we’re feeling Hchaime, a high perfor- feel that they know just the pressure and things are mance coach, believes time- enough to get started. You out of control, we’re already management is a total waste, can never be too sure, in teetering on the edge. Un- and I believe that too. Being some industries there is a NEWS PODCASTS fortunately, that is when we energy-efficient is key to not lack of transparency and tend to either a) plan time only being productive, but sometimes the rules and FIXTURES FAN RATINGS off or b) break down. Either also to being satisfied in all VIDEOS EVENTS CALENDAR 52 Entrepreneur march 2016 march 2016 Entrepreneur 53 business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS CULTURE
Jade Buddha and Hamsa bracelets
UK 2016 Become Part of the
Committee for Palestinian Unluxury Juste en Clou People, an initiative based in bracelet Jordan to provide assistance CHANGE to Palestinians in Gaza and Jerusalem. you want to see in the Don’t underestimate the young pair though, as even prior to launching WristGame Jo’s website, with a mere WORLD US$200 funding from their parents during the soft open- trepreneur, losing motivation ing, they already had nearly 70 is not uncommon, and that he Learn from the best CSR experts customers and sold nearly 120 gets back on track by setting bracelets. Following the web- his priorities straight: “It’s and academicians .1 site’s launch, Rahhal estimates -without a doubt- not an easy that they had around 160 cus- task to take on, but every time Learn best Practice in CSR from the WristGame Jo founders Zaid Amer Rahhal tomers and sold around 400 I remember the smiles and .2 and Mazen Rid Hashem bracelets, with nearly nine out excitement people have when UK‘s top industry leaders 10 customers providing posi- receiving a bracelet, it drives tive feedback. To assess their me to keep developing my col- Receive Practical Advice to design .3 Start ‘em young market opportunity, the duo lection.” Watch out, world, for utilized Instagram to figure while the duo may still be in your own CSR Project Jordan-based teen ‘treps launch accessories line out whether the products Jordan, they do have the rest By Pamella de Leon were worth selling. Wrist- of the MENA (and eventually Start Date: 23rd of May 2016 to 1st of June 2016 Game Jo’s bracelet collections the world) on their agenda. hile they may be electroplated metals at afford- are themed: the Lion Head And just for the record, one of Registration will close on only 16 years of age, able prices. It’s interesting to bracelet represents power and Rahhal’s reasons for launch- IB students Zaid note that driven by Rahhal’s strength, the Hamsa bracelet ing his enterprise is “financial 1st of May 2016 Amer Rahhal and concern for his homeland and signifies peace, and the Hook independence”- an admirable W Mazen Rid Hashem its youth’s future, the startup and Anchor bracelet denotes entrepreneurial goal at any For more information, contact are no strangers to the entre- donates a portion of its sales persistency. age, if I do say so myself. [email protected] or visit preneurial itch. Motivated by to Al Monasara Islamic Zakat Rahhal admits that as an en- www.wristgamejo.com www.csralahligroup.com Rahhal’s affinity to sell items to friends and family, the teenage duo decided to launch ZAID RAHHAL’S TIPS FOR ASPIRING JUNIOR ENTREPRENEURS Organised and Designed by WristGame Jo in July last year, an accessories line designed 1. “Have passion in what you tip that helped me in building starts. At a young age, most for anyone to wear, made of do. It will never work out if you my business. Sometimes the people are always interested in beads, leather, silicon and don’t enjoy what you’re doing. market starts dying slowly, going through different social Sometimes it gets difficult, but but you should always stay media networks. This can be you should always aim high persistent in keeping it alive.” helpful in many ways, such and love what you do.” as advertising your product 3. “Social media is your best or website, and building In Partnership With 2. “Be persistent and don’t give friend- this is where the a customer base for your up. This is a very important marketing and advertising all business.” Lion Head bracelet
www.csralahligroup.com march 2016 Entrepreneur 55 franchise
makes for a good contender for a partnership with the luxury retailer BY THE NUMBERS in a franchisee capacity. And true PARIS GALLERY to form, Al Fahim stresses that 85 The current number of Paris the Paris Gallery consumer-first Gallery stores strategy is a top requirement when the group opts for a partnership. 600+ The number of international Any prospective “franchisee should brands stocked by the retailer, some have good understanding that busi- exclusively nesses are about people- retaining and satisfying customers and other 85,000 The size in sq. ft. of the stakeholders are what makes a busi- largest Paris Gallery outlet in the ness successful.” Middle East, situated at The Dubai Originally signed in 2012 during Mall a join press conference in the UAE, the partnership agreement with Paris Gallery 1996 Paris Gallery is founded AHIG isn’t necessarily as stringent Baghdad as what you’d expect in terms 2006 The year Mohammed Abdul of such contracts, as the retailer Rahim Al Fahim was appointed as is treating each franchise on a with the franchise model but also improve the quality of goods or services Group CEO of Paris Gallery Group of Mohammed Abdul Rahim Al Fahim, Group CEO, Paris Gallery Group of Companies case-by-case scenario. “We will with our culture, values, and goals. will be taken. The franchisee will [also] Companies remain open to suggestions, and We needed a partner who shared receive marketing support from the it will not be a follow-it-to-the- the same ethics and values, who corporate marketing department of Paris 2012 In a joint press conference letter model,” explains Al Fahim, believed in our vision, and who Gallery. in the UAE, Mohammed Abdul adding that working closely with had a development strategy for Rahim Al Fahim and Mohammed Al Iraq on the agenda AHIG (and any other franchisor) Paris Gallery in Iraq in line with “A promising franchisee should have Handal, CEO, Al Handal International Paris Gallery opens its first Iraqi outlet in Baghdad is in the plan, together with an our strategy. We believe that the a good business reputation, strong Group, announce the Iraqi franchise open platform for suggestions. Al Handal Group has everything management and team-building skills, a agreement Group CEO Mohammed Abdul Rahim Al Fahim on Typically, in the world of franchisor it takes to successfully carry our good understanding of what is required what it takes to make the cut for the luxury group’s agreements, the more stringent vision forward in Iraq.” to make the franchise relationship work, 2014 Paris Gallery launches client franchise roster the relationship, the harder it is But is Baghdad’s market ready knowledge about what they have to do loyalty program, the Luxury Club, in to navigate, and the less likely it for such a large and varied luxury to drive the business to success, and the three tiers: Silver, Gold and Platinum aris Gallery Group the Baghdad outlet was the second is for franchisees to succeed as offering? Al Fahim says it is: “Retail preparedness to work hard and maintain of Companies’ latest franchise announcement of 2015 many face unique country-specific has made a comeback in Iraq. The high standards of service delivery.” 2015 Paris Gallery opens in Baku, regional expan- for the Group; the first being earlier challenges. According to Al Fahim, security and political situation has Azerbaijan, making it the first sion, that of the last year at Baku, Azerbaijan. Al Handal International Group is a improved, new shopping malls have Is there anything in the franchise outlet for the luxury retailer in the first Paris Gallery “A promising franchisee should multinational group that has a very opened up, the economy has im- model that has been tailored spe- Commonwealth of Independent States outlet in Baghdad, have a good business reputation, strong business reputation in the proved, and disposable income has cifically to the Iraqi market? Iraq, is a franchise strong management and team- region. “We share mutual goals over increased. We are confident that the We have taken time to understand the 2015 Paris Gallery opens in Baghdad, agreement with the Iraq-based Al building skills, a good understand- the long term,” he says. “They have market is ready.” purchasing habits, the lifestyle, and the Iraq franchised to Iraqi multinational Al HandalP International Group (AHIG). ing of what is required to make the commitment that is required to customs of the people of Iraq, and we Handal International Group as agreed Currently headed by founder and the franchise relationship work, run a retail business such as ours, have hired competitive Iraqis to serve in 2012 Chairman Wadea Al Handal, Vice knowledge about what they have and they were not only comfortable THE EXECUTIVE SUMMARY them. We find our offerings apt for Chairman Hardan Noori Ayyed Al to do to drive Q&A Mohammed Abdul the Iraqi market that is now showing Handal, and CEO Mohammed Noori the business to Rahim Al Fahim strong interest for international brands. Ayyed Al Handal, AHIG has an es- success, and the Furthermore, we are also showcasing tablished multisector portfolio that preparedness to What does Paris Gallery offer its some of the regional favorites. There spans logistics to media to oil and work hard and partners in terms of being the are a number of customer segments in gas amongst others. The launch of maintain high franchiser? the Iraqi market, and we will be catering Paris Gallery standards of Paris Gallery’s franchise model is a robust to some of them with a wide array of Baghdad service delivery,” business model that provides a detailed, brands and products. We are employing “the franchisee should have good says Mohammed step-by-step, business blueprint for a a considered approach to achieve the understanding that businesses Abdul Rahim Al successful business. We will support our desired penetration into the market, and Fahim, Group affiliate partners with a host of opera- to establish the same kind of trust we are about people- retaining and CEO, Paris Gal- tional, marketing, recruiting, educational have with our customers in the UAE and satisfying customers and other lery Group of and business development resources. in other GCC countries. The Iraqi people stakeholders are what makes a Companies, in They will receive ongoing support from will have the opportunity to express Paris Gallery response to the a professional team. Regular training will themselves and satisfy their taste for the Baghdad business successful.” question of what Mohammed Noori Ayyed Al Handal, CEO, AHIG be provided to the staff, and steps to finer things in life.
56 Entrepreneur march 2016 march 2016 Entrepreneur 57 CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS
THE BOARDROOM LOOK ‘Trep trimmings The executive selection rom better goods to boardroom wardrobe bests, each issue we choose a few items that make the approved executive selection list. In this issue, we present the SS16 collection by Tom Ford, a fine timepiece meant Ffor men on the go, and our suggestions for better skincare to establish a lean, mean grooming routine.
Accessorizing the executive wardrobe Four benefits of dressing for success By Tareq Samara
A luxury vehicle, a state of the art apartment 3. Foster a more at a well-heeled address, and a high pay- positive men- ing position might be your power drive, but tal outlook A what fuels it is what you wear. Most people freshly-shaved face perceive the secret to being confident as be- on a sunny day is ing successful and gaining enormous wealth, awesome, but pump but Professor Karen Pine from the University it up with a great of Hertfordshire thinks differently. According new Tom Ford tie to Pine, clothing influences a person’s self- toCorthay complete your Arvca Vernis perception and confidence. Along with cloth- Framboisewell-groomed look. ing, the accessories you choose can enhance Wearing a debonair your competitive edge. If seeing Don Draper accessory finishes in Mad Men gives you the urge to hit up the up an outfit nicely, Editor’s pick Smooth moves mall, then you’re aware what handsome at- and it increases your H. Moser & Cie. Endeavour Quality not quantity is what counts with tire and good accessories can do for you. My self-esteem because Perpetual Calendar shave product THE EVENING THE DOWNTIME startup, BoxKnocks, focuses on accessories it’s true that when LOOK LOOK With a seven-day power reserve, the for men, and having founded a business based you look good, you Endeavour Perpetual Calendar means to THE Q How can I get the best area, is approximately the same on this ethos is proof that I believe in it. Here feel good. Dressing go with you… everywhere. Developed in possible shave? thickness as a copper wire, so once are four reasons why you need to up your wisely and giving it 2005, the timepiece was distinguished you’ve shelled out for a good razor style game- and increase your self-esteem a proper mark with one year later in the “complicated THE A To encourage smooth you’re going to want to take the and confidence in the process. accessories gives you watchmaking” category at the Geneva facial hair regrowth, and prevent same care in choosing ancillary more self-confidence Watchmaking Grand Prix. sensitivity and irritation from products. To prevent painful razor 1. You will radiate self-respect and because you’ve H. Moser & Cie’s flagship model is now your shaving routine, you’re burn and irritations, apply the self-worth A guy who knows how to pair injected some oomph celebrating a decade, and with this, the going to want to get your shaving product and allow it to set a fine watch with a good suit is respected to your day, and brand has sought to make the hallmark product choices right. Begin for one full minute prior to shaving- and viewed with appreciation. Not only does helps you develop watch even more innovative: the HMC by choosing a shaving foam, this reduces friction and preps the dressing sharp show your maturity, but it a positive mental 341 calibre movement allows for forward shaving cream or shaving gel area for the razor. also indicates that you take time, effort and attitude. or backward date adjustment at any time from a quality skincare or better pride in the way you look. Bags and briefcases of day. It not only keeps time, it keeps fragrance house. Why? Because PRO TIP Denser shaving are not just items to haul your stuff from 4. Gain a com- time on your schedule. www.h-moser.com spending more on a trusted product (in gel, cream or foam place to place, instead use your choice of at- petitive edge brand (often, but not always) formats) allow for a closer and taché case to dictate your grip and your hold When it comes to the TOM FORD SS16: WEAR IT YOUR WAY www.tomford.com Endeavour Perpetual means your product goes a lot cleaner shave by helping to raise the on the things you carry. opinion of the average Calendar Concept further and serves multiple hair. guy, I think it’s fair to say that accessories of personality they show when it comes to purposes like preventing 2. Accessorizing conveys your abil- don’t mean much to them. Many men think their wardrobe. Better dressing indicates ingrown hairs. Choosing a better WE LIKE The limited edition BLEU ity to balance trends (seriously) In that wearing interesting add-ons to the next confidence and upgrades a man’s self-esteem, quality product also means that DE CHANEL Shaving Cream and the my opinion, a man who knows how to rock a executive interview might be too much. Then and dapper accessories paired well with a fine you’ll be protecting your skin limited edition BLEU DE CHANEL v-neck shirt paired with a chain also knows these same men complain and wonder why suit boosts confidence to an exceptionally from the shaving rough and Hydrating After Shave, part of how to cope well with changing trends in they were overlooked during the selection high level. If a man can’t confidently project tumble that often results (like the House’s new Shave in Style business. Not only is this a win-win situation process, or why they don’t get the applause his personality through his wardrobe, then razor nicks and cuts). Coarse collection. for your fashion statement, it also allows a from the crowd that they seek. One reason how can he have the confidence to snag that facial hair, especially in the shaving www.chanel.com man to get across his sense of personal style. behind their lack of opportunities is the lack coveted position? www.boxknocks.com images © tom ford | h. moser & cie. | chanel chanel | cie. & moser h. | ford tom © images
58 Entrepreneur march 2016 march 2016 Entrepreneur 59 TECH SHINY | WEBSITE TO WATCH | GEEK | MOBILE TECH | ONLINE ‘TREP | THE FIX
The Hot Spot Alcatel introduces personal Wi-Fi hub
When public Wi-Fi just won’t cut it, rely on your own devices (liter- Get mobile… with a few picks from MWC 2016, ally). Alcatel has made it easier and some upgraded -and safer- to stay connected tech for the executive on with the ONETOUCH LINK per- the go (and you won’t sonal Wi-Fi hub. It comes in two have to sacrifice on types, either 3G or 4G LTE, and security, either). supports up to 10 devices includ- ing smartphones, tablets, and computers. The device features PIN and magnetic connectors making it easy to pair with acces- The new galaxy Samsung introduces Galaxy S7 sories like the adaptor for a car and S7 edge charger. Easily manage your per- Samsung released its newest panoramic photos. The 5.1- sonal network with the LINK app Galaxy smartphones at Mobile inch Galaxy S7 and 5.5-inch which allows you to power your World Congress 2016. Galaxy Galaxy S7 edge are constructed Wi-Fi connection off and on, read S7 and S7 edge are impec- with 3D glass and metal– all SMS and check data consump- cably designed with new and in a sleek and durable body. tion. With ONETOUCH LINK, you improved features like a more The device’s new Always-On can enjoy a Wi-Fi connection at advanced camera, streamlined Display, gives you access to home, in the car, at work… and software functionality and notifications without having to pretty much anywhere else that unparalleled compatibility to a touch your phone. Galaxy S7 might strike your fancy. range of other Galaxy products. and Galaxy S7 edge also deliver The devices include a Dual fast wired and wireless charg- Pixel camera- a first for smart- ing technology. Additionally, phone camera technology. It the SIM card tray allows you to delivers faster shutter speed, insert a microSD card for up to more accurate autofocus, and 200GB of additional storage, a brighter lens with wider and both phones are rated aperture, even in low-light IP68 for water and dust re- conditions. Samsung also in- sistance. With an entirely new corporated Motion Panorama, suite of products, Samsung a new camera mode, that has broadened its reach to a brings movement to traditional new galaxy and beyond. Samsung Galaxy S7
Enterprise mobility HP Elite x2 1012 #TAMTALKSTECH HP Elite x2 1012 Tamara Clarke, a former software Executives desire the ability to which wipes BIOS and resets the that rotates 150 degrees and take development professional, is the device back to factory settings 10 pounds of pressure. Just in tech and lifestyle enthusiast behind work any time, from any place Samsung Gear 360 and HP is making that possible within 30 seconds in the event case it’s pushed beyond its limits, The Global Gazette, one of the most active blogs in the Middle East. The with the Elite x2 1012, a hybrid that it is lost or stolen. 55.5% of the device is fully serviceable Global Gazette has machine that makes creating and respondents also noted that com- and is covered by a three year been welcomed and Well rounded Samsung unveils Gear 360 consuming secure content pos- patibility with existing software international warranty. Primed lauded by some of sible. An IDC survey on enterprise is a must. HP accommodated for multitasking, Elite x2 runs on the most influential Samsung came full circle at Mo- record your experiences and the social media including Google mobility revealed that 51% this business need by making Windows 10 and is equipped with tech brands in the bile World Congress 2016 with world around you. It features Street View. It comes with a of decision mak- it possible for Elite x2 to run a USB-C port with Thunderbolt region. Clarke’s the announcement of Gear 360, dual fisheye lenses, which have tripod, but can also be used goal is to inform ers cite software on the mobile platform technology. With a full range of a 360-degree camera that’s 15 megapixel image sensors with a wide selection of other about technology security -not apps- but the full PC version. accessories to include a travel and how it supports compatible with both Samsung to capture high-resolution accessories and mounts. Gear concerns Elite x2 is a lightweight, rugged keyboard, wireless docking sta- our lifestyles. See her work both in Galaxy smartphones and the (3840x1920) 360-degree video 360 is compatible with select as the greatest two-in-one with a sleek aluminum tion and travel bag with a pocket print regional publications and online Gear VR headset, thereby lead- and 30 megapixel still images. Samsung smartphones includ- risk to the mobile execu- body, dual stereo speakers and that blocks RFID scanner, Elite on her blog where she discusses ing to a rvvange of products When Gear 360 is synched with ing the newly released Galaxy tive. Consequently, the Elite x2 audio by Bang & Olufsen, and a x2 is the ideal companion for any everything from how a new gadget that allows the world to create, a Samsung smartphone, users S7 and Galaxy S7 edge, as well improves day-to-day life to how features Sure Star technology durable stainless steel kickstand mobile professional. share and experience reality- can view footage in real time or as older devices like the Galaxy to coordinate your smartphone accessories. virtually. It’s circular, lightweight automatically bring up filmed S6 edge+, Galaxy Note 5, Galaxy Visit www.theglobalgazette.com and designed for portability to content to view and post on S6 edge, and Galaxy S6. and talk to her on Twitter @
images courtesy: samsung, alcatel alcatel samsung, courtesy: images @GlobalGazette.
60 Entrepreneur march 2016 march 2016 Entrepreneur 61 TECH SHINY | WEBSITE TO WATCH | GEEK | MOBILE TECH | ONLINE ‘TREP | THE FIX
adding text and emoji). It interactions. Utilizing mul- C. What value am I providing forces you to be real- not tiple tools can place you in the viewer? Are you provid- just a photoshopped version front of a potential audi- ing entertainment or are you Curating your educating? of yourself. And this is what ence of millions, so ensure people are craving. The real- you’ve nailed the first and ity is what makes it such a second points that I put D. What will I not put on online presence popular platform, giving you forward earlier, as mistakes Snapchat? What limits are a unique opportunity to get can ruin a personal brand you setting in terms of shared How to use the power of Snapchat your individual message out very quickly. (We’ve all public content? for personal branding there. But this comes with heard stories of videos a warning label: if you are ruining a reputation after E. How can I be more creative By Tom Otton pretending to be somebody they go viral– Yes Paris, we to attract more viewers to my that you’re not, you will not all saw it.) content? Snapchat currently “Your brand is what people say about you last on Snapchat. It’s the Remember that Snapchat has no ‘discover’ feature, so when you’re not in the room.” Jeff Bezos unedited you, so keep it real. -like any other social you need to drive people to The key Snapchat tool is platform- is just another your Snapchat content using called Stories, where you can tool in your kit. It’s not your other channels. Here’s ou’ve certainly heard of post images and 10-second out some fundamental guide- the only answer, rather it’s how you do it: it. You may even use it videos to a feed that remains lines to give yourself the simply another method to • Post your account details already. But like most visible for 24 hours. You can best chance of building trust build on a personal brand (Snapcode) on your other Y NYUAD winning best m-government service award people, you’re probably still keep adding to your Story with your audience. I call that you’ve already been channels and tell people why working out how best to throughout the day to build them the three key pillars of working on through other they should follow you | MOBILE TECH | utilize the social media chan- an ongoing dialogue. Some personal branding. mediums. That said, it’s • Provide exclusive content on nel that’s taking the world by types of information shared incredibly powerful as Snapchat and then talk about storm. Snapchat is the latest include telling your audience 1. Self-awareness currently there are over it on other channels On the road tool to bring communities where you are, what you’re Define who you want to be 250 million Snapchat users • Put your Snapcode on your App by NYUAD students wins top honors at closer to individuals and is doing, and it also allows and ensure this aligns with (100 million active daily). If email signature and in all of World Government Summit proving to be incredibly pow- users know your views and who you really are; authen- you’re successful in build- your online bios erful when used correctly. gets your personality across ticity is essential. Those ing your personal brand on • Work with other influencers Unlike Facebook, Instagram in ways that other channels who position themselves ef- there, the potential rewards to get visibility for your group of students tion and data on the condition and most other social chan- won’t and can’t: an open and fectively are very self-aware, are enormous. This really account on their channels from New York of roads for drivers, built with nels, Snapchat is virtually honest reflection of brand hence knowing personal is the next big thing, and University Abu aim to steer driver behavior raw. There are only a few You. strengths and weaknesses the faster you master it, Dhabi (NYUAD) were to one that is more safety- filters and you can’t edit Before posting to Snapchat and posting accordingly is the faster you will be able A declared the winners oriented. The mobile, web and your photos or videos before (or any other social chan- integral. Play the game that to leverage its growth to of the UAE Best m-govern- wearable app monitors driver you post them (apart from nels), it’s important to set you know you can win. support you personally. Be ment Service Award for their behavior, warns them when authentic, have a clear goal, RoadWatch application at the they exceed speed limits, in- 2. Consistency a consistent message and fourth edition of the World forms them when emergency You must stay on-brand at get creative. Government Summit held in services vehicles approach all times if you want others Most of all have some Dubai in February. The annual and also gives them a heads- to believe in your message, fun with it- you can find award, which presented the up on critical conditions on what you stand for, and me on Snapchat with my RoadWatch team with a prize their route like road accidents what you’re ‘selling’ which username: TomOtton. of AED1 million, is part of the or adverse environmental in some case, is an idea or Smart Government vision of conditions. The smartwatch type of persona. So the way HH Sheikh Mohammed bin feature of the app also you behave across your Consider these Rashid Al Maktoum, Vice monitors driver heart rate and social channels shouldn’t be questions when using President, Prime Minister and hand movements, and raises any different than how you Snapchat to create a Ruler of Dubai, that rewards an alarm if it senses driver behave in person. personal brand innovative tech solutions distractions or fatigue. What that aid public service. The sets RoadWatch apart from 3. Engagement A. What message do I want team of students, comprising similar smartphone apps in Engage with those you wish to deliver? What do you want of Maitha Salem Al Memari, this space though is its ability to influence, whether it’s to be known for? How best can Quan Ho Vuong, Kai-Erik to help authorities in plan- through social or personal you leverage your strengths? The key Snapchat tool is Marechal Jensen, Kenny Song ning and development of road called Stories, where you can and Lingliang Zhang, won infrastructure. The app will B. How am I going to struc- post images and 10-second in the university category, anonymously feed the UAE ture my Story throughout videos to a feed that remains which saw 94 entries from 21 Ministry of Interior data and visible for 24 hours. You can the day? Will you go ad hoc or keep adding to your Story universities. patterns on driver behavior to As the Managing Director and founder of digital communications agency Create Media Group, Tom Otton has been at the forefront of the growth will you create an ongoing and throughout the day to build RoadWatch is a personal help identify problematic lo- in the digital space in the UAE in recent years. He has taken the company from a startup to employing a team of 17 with an average growth in engaging narrative? an ongoing dialogue. driving assistant app that cations and road safety trends turnover of 50% year on year for the past three years. The company works with brands such as Red Bull, Jaguar Land Rover, Standard Chartered provides real-time informa- in the region’s roads. Bank, Flash Entertainment, and both Abu Dhabi and Dubai governments.
62 Entrepreneur march 2016 march 2016 Entrepreneur 63 TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO
or not, is to not talk so much. When up a project that will be open for you do speak, you’ll probably have the next two weeks,” says Charles an interesting thing to say, and peo- Seybold, co-founder and CEO ple will probably listen to you. of project management software The Esquire Guy on the secret developer LiquidPlanner. “Collect to better brainstorming A FEW WORDS ABOUT SILENCE these ideas, prioritize them and see To a boss or the person leading the how they need to be fleshed out. By Ross McCammon meeting, silence suggests time is That’s a different proposition to the being wasted by people who don’t individual.” ow do you lead a brain- And consider including one more know what they’re doing. The And it is a proposition, the brain- storming meeting? First, person than you think you need. A tendency is to fill a silence with storming meeting. What seems like forget about the box that, wild card. Someone who will never a prompt. But maybe let a silence a fun thing, an almost frivolous Haccording to generally ultimately be responsible for what hang around for a few seconds. thing, is actually something pretty accepted brainstorming practices, comes out of the session. Maybe a People who are thinking about serious: the start. And more than you’re supposed to be thinking lower-level employee or someone something appreciate the occasion- any other meeting, it allows people outside of. The problem with the in another department. A favorite al silence. Meetings in our office to exhibit raw talent. There’s a lot box is that no one knows how big it uncle, perhaps. Anyway, wild cards sometimes involve six men staring at stake there- for the leader and is. One person’s box could be tiny, are refreshing. As long as they don’t at one another and a seventh look- the participants. another person’s box could be big. talk too much. (More about that in ing out the window at the ballet of Thankfully, the mechanics of it are (“Let’s go to another room. The box a bit.) taxis on Eighth Avenue. Which is simple. All you have to do is talk. is too big.”) Someone else’s box fine. Because ideas require thinking. Just not too much. could be so big that inside of the HOW TO BEGIN There’s a technique that journal- box is everything- including reason, You could stand up and yell, “Get ists use: when an interviewee stops See this article in its entirety at Entrepreneur.com judgment and sanity. (“Dear God, your umbrellas out because that’s talking, just look into their eyes. what a box.”) when I brainstorm,” attribut- Most of the time the subject will Anyway, the box is stifling. It ing your message to Jay Z, or not. start speaking again- either to fin- turns a discussion into an exer- Your call. You could put a bottle of ish the thought or to make things cise. (“Is this ‘outside the box’ spirits in the middle of the table. less awkward. And their second enough?”) And the box denies You could note that you wore a fun thought will usually be better than crucial truths about brainstorm- belt today. The point is, the meeting their first. Nice. ing: that there is a goal, and that should feel eventful. A cynic might because of time and money there call it a craven appeal- especially if GETTING OUT are always limitations on discus- it involves bribery. But people who Easy. You get out. You say it’s over. sion, even from the very beginning. are working enjoy minor delights. “Brainstorming has to be a process The box is silly. “I’ll bring in snacks, play mu- that isn’t seen as a waste of time The only box to be concerned with sic- upbeat music. We have a roof over the long-term,” says Benjamin is the room you’ll use for the ses- deck we can go out to, we drink starting a meeting. It’s a kind of “If you’ve been 10 minutes down Palmer, co-founder and CEO of digi- sion. Which is what this is about. beer, we make it super comfortable, inspirational mediocrity. It gives some path and you think it’s a rab- tal marketing and creative agency There are ways to brainstorm while because we’re running so fast, and everyone an example that they can bit hole you don’t need to be going The Barbarian Group in New York. not “co-locating,” as the sociolo- we need you to be 100% present,” easily beat. It lets people know down, you just need to ask the “You get a bad reputation and then gists call it, but this is not about says Melody McCloskey, founder of that although you’re not an idiot, question again,” says Sam Millen, nobody wants to go to your meet- that. This is about being in a room online startup StyleSeat, which is you’re not really sure what to do. It CEO and co-founder of consumer ings anymore.” with other people. basically like OpenTable for stylists, spurs ideas but doesn’t intimidate electronics company Cue Acous- Of course, you’re not really getting salons and spas. “I want to let peo- thought. It gets things moving. In- tics. “It’s a gentle way of reminding out. You’re just finishing up the be- THE INVITATION ple know that there’s a reason I’m spirational mediocrity. Brilliant. everyone why we’re here, why we’re ginning. “In the last 15 minutes, set An invitation to a brainstorm will pulling you away from what you’re having this conversation.” state the goal, obviously. Although already doing.” BAD IDEAS Sometimes there’s an idea so the invitation should be spare, it The worst part of the brainstorm Once things are moving, it’s a mat- bad that it destroys all momentum The brainstorming process should include about 20% more session is often the first minute or ter of gently guiding the discus- and makes it almost impossible to information than anyone actually so, when the leader has to state the sion. Management books have reverse course. This is the meeting needs to feel comfortable partici- goal and then offer up a few ideas to been written about this. But it’s grenade- an idea so misguided that pating. If people think they need get things moving. Those first few never struck us as all that hard. it seizes up the engine of creativity more information from the invita- thoughts are tricky, because you You’re surrounded by smart people. and embarrasses everyone in the tion, then you’re already behind. don’t want them to be so specific And the reason you’re leading the room. The meeting grenade usu- and, you know, good that people meeting is because you’ve become ally happens because a person feels (Sample invitation: Let’s talk about latch on to them like a lifeboat. successful enough that you can tell they need to speak. Which brings ______. We’re looking for ways to And you don’t want them to be so a good idea from a bad one. As the up a crucial paradox about partici- ______the ______. 4 p.m., Team vague and weak that they depress leader, you allow people to go down pating in a brainstorm: speaking Area Northeast. It’ll be great. I had everyone and kill creativity from certain roads and abandon others. is overrated. The key to being in a grits for breakfast this morning.) the outset. So, there’s this way of But gently. brainstorm as a participant, leader
64 Entrepreneur march 2016 march 2016 Entrepreneur 65 CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS
Too often, we let our fears and emo- tions prevent us from sharing our work with others.
C. STRUCTURING YOUR TIME Overrated Unrestricted freedom Underrated Carefully designed constraints
Constraints actually increase our skill development rather than restrict it. We need lines to show us where to add color, not a blank canvas to draw on. As an entrepreneur, I struggled to manage myself until I realized that I needed to add some structure to my day. I began to only schedule calls in the afternoon. I blocked my email inbox until noon. I required myself to publish a new article every Monday and Thursday. By adding a few carefully designed constraints to my life I reduced my freedom, but actually improved my productivity and happiness. Instead of feeling restricted by constraints, I felt empowered.
By default, any good book that is more than 10 years old is filled with life- changing ideas. Why? Because bad books are forgotten after a decade or two. Any lasting book must be filled with ideas that stand the test of time.
D. ENFORCING CONSTANT SELF- LEARNING Overrated Degrees, certifications, and credentials Underrated Courage and creativity Ten common beliefs we get Degrees can be important- I don’t want to be operated on by a neurosurgeon wrong and why who didn’t attend medical school. But as my friend Charlie Gilkey told me, Overrated ideas vs. underrated ideas “Most people need degrees because By James Clear they don’t have the courage to ask for what they want.” In many cases, the s a society, we often over- all this activity as an indicator of liv- courage to ask for what you want and value unimportant things ing an important life. The underlying a willingness to solve other people’s and undervalue the ideas and thought seems to be, “Look how busy I problems is all you really need. The de- strategies that make a real am? If I’m doing all this work, I must grees, the awards, going to the “right” difference. Here’s my take on be doing something important.” And, school or being born into the “right” a few common beliefs that I by extension, “I must be important family- none of these things are a pre- A think we often get wrong. because I’m so busy.” requisite for success. A. FOCUS IS ESSENTIAL B. PUTTING YOURSELF OUT THERE TO E. BUILD THE RIGHT FRAMEWORK Overrated Being busy IMPROVE FOR PROGRESS Underrated Doing one thing at a time Overrated Avoiding criticism Overrated Getting motivated Underrated Sharing unique ideas Underrated Changing your environment Being in motion is not the same thing as taking action. As a society, we’ve You can either be judged because you We incorrectly believe that motivation fallen into a trap of busyness and over- created something or ignored because is the missing link that will enable us to work. More critically, we have mistaken you left your greatness inside of you. stick to a new diet plan or write that >>>
66 Entrepreneur march 2016 Step2016-FP_Entrepreneur(20.3x27.3cm).pdf 1 2/25/16 1:27 PM
CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS
book or learn a new language. Motiva- else. We fool ourselves into thinking recipe for burnout, injury, illness, and tion is fickle and it doesn’t last. One that a new tactic will change the fact inconsistency. It is better to make small study found that motivation had no im- that we need to do the work. There progress every day than to do as much pact on whether or not people exercised really isn’t much of a secret to most as humanly possible in one day. Effort over a two week period. The effects of things. Want to be a better writer? means nothing if it only last for a week motivation essentially vanished after Write more. Want to be stronger? Lift or two. Do things you can sustain. a day. Meanwhile, most of your daily more. Want to learn a new language? choices are simply a response to the en- Speak the language more. The greatest vironment around you. We rarely think skill in any endeavor is doing the work. about the spaces we live and work in, You don’t need more time, more money, but they drive our behavior whether we or better strategies. You just need to do feel motivated or not. the work.
We incorrectly believe that H. BE A BETTER TEAM PLAYER motivation is the missing link that Overrated Being the leader Underrated Being a better teammate will enable us to stick to a new diet plan or write that book or We love status. We want pins and me- learn a new language. Motivation dallions on our jackets. We want power is fickle and it doesn’t last. One and prestige in our titles. We want study found that motivation had no to be acknowledged, recognized, and impact on whether or not people praised. It’s too bad all of those make TREP TALK ME exercised over a two week period. for hollow leaders. Great teams require THE BUSINESS iSolarWorkx great teammates. Nowhere is that more C F. EVALUATE YOUR INFORMATION true than at the top. No leader ever THE ‘TREP Founder and CEO M SOURCES became worse by thinking about their Ali Abdel Hafiz Overrated Watching the news teammates more. Y
Underrated Reading old books Q Why do you feel there is a need CM I. SHORT TERMS WINS MAY BE for iSolarWorkx? By default, any good book that is more CLOUDING YOUR JUDGEMENT MY
than 10 years old is filled with life- Overrated Winning A “To increase the awareness of CY changing ideas. Why? Because bad Underrated Improving the importance and potential of CMY books are forgotten after a decade or renewable energy (RE) resources, two. Any lasting book must be filled Too often, we value immediate we want to encourage the young K with ideas that stand the test of time. results over long-term improvement. generations to think about RE Meanwhile, the news is filled with CFOs play accounting games to meet applications and how to solve fleeting information. We justify pay- quarterly earnings projections. Police real life problems in their local ing attention to the media because we chiefs fudge the numbers to make crime environment. [We also want to] think it makes us informed, but being rates appear lower. Students cheat on increase the interest in science informed is useless when most of the exams because getting an A is more education. Our work comes at a information will be unimportant by important than learning the material. very relevant time in line with calls tomorrow. The news is just a televi- Learning, growth, and improvement to support science education in sion show and, like most TV shows, the are undervalued in the name of getting the UAE and the entire region- goal is not to deliver the most accurate faster results. The shame of it all is that iSolarWorkx helps to instill the love version of reality, but the version that if we could find the time to focus on of science from a young age, and keeps you watching. You wouldn’t want the process, the outcomes would follow therefore encourages students to to stuff your body with low quality shortly after. pursue a higher education and a food. Why cram your mind with low career in science. A more long-term quality thoughts? J. PACE YOURSELF FOR LONG-TERM impact is to help build a market WINS of green job opportunities. When G. GET BACK TO BASICS Overrated Training to failure we get our young generations Overrated Discovering the “new” thing Underrated Not missing workouts interested in RE today, we are Underrated Mastering the fundamentals directing them to a prosperous and Feeling exhausted at the end of your greener career in the future.” I’ve been guilty of jumping at the latest workout is massively overrated. Work- www.isolarworkx.com tactic or strategy, just like everyone ing until you have nothing left is a
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.
68 Entrepreneur march 2016 IN THE LOOP
Maker Faire 2015 Get it together STEP Conference 2016 to take place in Dubai
TEP Conference is and tech corporations discuss returning for its fourth latest trends in the tech world edition on April 4-5, including wearables, health tech 2016 at the Dubai and e-commerce among others. International Marine The Digital track brings together SClub. This year’s STEP will be marketing experts who will share held over two days featuring their insights on impact of digital three different tracks (Tech, revolution on the media industry. Digital and Entertainment) and The Entertainment track will see If you build it expects 6,000+ attendees com- artists and gamers deliberate on Maker Faire Cairo is back for DIY prising investors, entrepreneurs changing audience preferences in enthusiasts in MENA and industry experts. the entertainment world. Besides the conference, More than 80+ industry leaders or those who love the event will see tech lovers, STEP 2016 will also bring back will provide their insights on the tinkering their way to artists, craft persons, entre- Startup Basecamp, a platform for aforementioned topics, with the solutions, or value the preneurs and others display startups, across MENA, North list of speakers including Sultan F sense of accomplish- their pet projects/creations, America, Europe, and South- Sooud Al Qassemi, Barjeel Art ment associated with DIY and share their learnings. east Asia and other regions, to Foundation, Elissa Freiha, Co- projects, Maker Faire Cairo, The Faire aims to create and showcase their ventures. The founder, WOMENA, Issa Aghabi, a gathering for “makers” to grow a community of makers 2016 edition of the Basecamp is Head of Investment, twofour54, exhibit their inventions, crea- through hands-on workshops, expected to bring together 400+ and Fadi Ghandour, Chairman tivity and resourcefulness, talks, exhibitions, projects, startups who will showcase their and Managing Partner, Wamda will be back for its second competitions and more. The ideas to investors and mentors. Capital. edition on March 26, 2016 at previous edition featured Workshops, pitch competitions www.stepconference.com the Greek Campus in Cairo, workshops on themes such for selected Egypt. The 2016 edition fol- as 3D printing, origami and startups and lows the Cairo Mini Maker robotics. Organizers expect one-on-one Faire 2015, which holds the 8,000+ participants compris- sessions with distinction of being the first ing of makers, their families, mentors also Maker Faire (a concept with and experts, and over 160 form part of the its origins in California, USA) makers to be a part of the agenda. event in the MENA region. event that will include 50+ With respect
Organized by Fab Lab Egypt in workshops and 35 talks on to topics, the STEP collaboration with Informa- various themes of interest to Tech track will Conference tion Resource Center, U.S. DIY enthusiasts. see investors, 2015 pitch Embassy and other partners, www.makerfairecairo.com entrepreneurs competition
Building be held in Doha on March 7-8, business leaders, investors, and include Abdulaziz Bin Nasser 2016. Held under the patron- other members of the academic Al-Khalifa, Chief Executive Of- foundations age of H.E. Sheikh Abdullah community in the region and ficer, Qatar Development Bank, Doha to host the 2016 bin Nasser bin Khalifa Al-Thani, globally, thus presenting ample Ahmed El Alfi, Founder, Sawari Entrepreneurship in Prime Minister of Qatar, and networking opportunities for Ventures, Bilal Randeree, Manag- Economic Development organized by Qatar University small businesses. On the agenda ing Director, Qatar Living, Emad Forum and Qatar Development Bank of the two-day conference are Al Khaja, Executive Director, he third edition of in partnership with Interactive talks and panel discussions on INJAZ Qatar and others. Entrepreneurship in Business Network, EED aims to government support for entre- The event is sponsored by Economic Development deliberate on an action plan to preneurship, role of educational Manateq, Qatar Shell, Commer- (EED) forum, a platform help educational institutions of institutions in creating incuba- cial Bank of Qatar, Qatar Science Tthat assesses the role of entre- the region foster entrepreneur- tors, social communication tools & Technology Park, and Ahli preneurship in Qatar’s economic ship. for effective marketing, and Bank, with other partners includ- development and defines the is- The forum expects participa- sources of finance for entre- ing Bedaya Center, INJAZ Qatar sues to be addressed to promote tion from policymakers, public/ preneurs among other topics. and Qatar Living. entrepreneurship in the Gulf, will private educational institutions, Speakers at the 2016 forum www.interactiveb.com www.makerfairecairo.com
70 Entrepreneur march 2016 money ask the money guy | vc viewpoint | your money | ECON ask the money guy | vc viewpoint | your money | ECON money
entrepreneurs. The current entrepreneurial climate in MENA suggests that sourcing capital remains the biggest challenge for young and un- proven entrepreneurs.
• Startups usually need funding either early on or in later years to scale, hence timing is a critical factor. Based on some of the public data, 74% of funding in MENA targets companies that are three years old or less.
• Institutional investors 1. Start preparing to public demands for better set up regional headquarters such as VC and PE impose raise early on services led to radical health in the UAE. conditions that severely limit Entrepreneurs need to give reforms. Specialty hospitals the long-term prospects of themselves enough lead have multiplied and access to 3. Know that every the business. VCs and PEs time. Raising capital is a very treatments expanded through sector has its share of usually tie their funding to challenging and long process, insurance schemes. challenges aggressive returns with an and it certainly distracts This growth brought Nevertheless, despite a average five-year exit strat- founders from operations. major investments into multitude of investment egy, and this timeframe can Having to move hastily due the public and private opportunities, hurdles be quite short for healthcare to lack of funding can force health sectors. Some funds persist and some regulations investments. PEs and VCs entrepreneurs to make specialized in healthcare, remain unclear. Lawyer have specific investment size unwarranted concessions. It and entrepreneurs who had Essam Al Tamimi of Al criteria so young SMEs can is vital to start the process shied away, started funding Tamimi & Company recently fall outside of their scope. Looking early, long before funds clinics, homecare services, called for an overhaul of More importantly, VCs and dry up. We explained our pharmaceutical products the aging investment law PEs tend to aim for a major- strategy and pitched to VCs, distribution, nursing and to increase transparency ity share and seize manage- PEs, banks, family offices and health education. Al Masah and facilitate access to ment or board control, and angel investors. The process Capital has counted 91 capital while protecting this doesn’t always come further afield took nine months and served healthcare private equity entrepreneurs from personal with added expertise. A as a key learning for future deals worth US$1.7 billion liabilities. This creates a recent study by Wamda Your business may do better investment rounds. mostly in UAE, KSA, and risk-averse culture where confirmed that only 30% of Egypt. The same report failure is unacceptable. entrepreneurs believed their with a non-traditional funding route 2. Ask yourself if estimates that healthcare According to H.E. Abdul Aziz funders are offering more the numbers support spend in MENA will hit $144 Al Ghurair, the Chairman of than financial value. This is By Karim Smaira your case billion by 2020 up from $96 the UAE Banks Federation, disconcerting for founders Before embarking on a new billion in 2013. Although some SMEs decided to who see themselves reporting venture, ask yourself if the investments in the sector leave the country in 2015, to investors without previous numbers support your busi- have tripled since 2003, the accumulating bad debt of healthcare experience. fter initially self-investing, it became clear that we needed outside funding to drive the future ness idea. In our case, we potential remains significant $1.4 billion. Moreover, the growth of Genpharm. With a strong strategic plan and a wide network, my co-founder, Kamel saw that the healthcare sec- since 4% of MENA GDP is cost of doing business is • Other alternatives are tor in MENA has witnessed allocated to healthcare, a on the rise (licenses and banks, family offices and Ghammachi, and I evaluated alternative capital sources. It is vital for entrepreneurs to have a well tremendous growth. The 10% world average. administrative fees), similar angel investors, but these thought-out business plan, a communication strategy, and a pre-definition of the investment population here has risen to The UAE has been a core to the cost of personnel. too present entrepreneurs A around 350 million, and inci- platform for these invest- with other sets of challenges. conditions. We wanted investors with expertise that we can benefit from, not only funds. We needed an dence of chronic and lifestyle ments- the competitive and 4. Understanding the Banks are another source of executive board to advise and challenge our strategic decisions. However, it was also clear that we were diseases such as diabetes and open business environment investment ecosystem funding but usually comes in cardiovascular ailments have (including free zones focused worked in our favor the form of debt rather than only willing to relinquish a minority stake and keep management control. reached epidemic propor- on healthcare and financial Having a good working equity. High interest rates, tions, forcing governments services) have allowed en- knowledge of the investment collaterals, risk-averse regu- to implement national health trepreneurs to launch ideas ecosystem, the regulatory lations and personal liabili- programs. Increased life and attract capital. Most process, and benchmarking ties are discouraging factors. expectancy, awareness and pharmaceutical MNCs have the alternatives is a must for A World Bank survey states >>>
72 Entrepreneur marchfebruary 2016 2016 march 2016 Entrepreneur 73 ask the money guy | vc viewpoint | your money | ECON money
agement control. Protecting shareholding dismissed the concept of a short-term exit, Dubai International Government Achievements Exhibition as we wanted to first maxi- Dubai International Government Achievements Exhibition mize the potential and create Dubai“Local International Governments Government- Global Achievements” Achievements Exhibition significant value. Nor were “Local Governments - Global Achievements” banks an option. The unwill- ingness to take burdensome “Local11 - 13 April Governments2016 - Global Achievements” debt with stringent terms 11 - 13 April 2016 made bank financing a last Dubai, United Arab Emirates resort. Our strategic thinking Dubai,11 United - 13 ArabApril Emirates2016 was aligned more with the investment criteria and the Dubai, United Arab Emirates mindset of family and angel investors. These major differ- ences with VC, PE and banks have great implications on the structure of the pitch and the communication strategy. Institutional investors are mostly looking for control and lucrative exits. Having to deliver strong financial return to their clients, their investment decisions are that only one in five SMEs in or equity. Attending spe- lack of awareness amongst purely based on financial MENA have access to bank cific networking events and the general public in terms considerations. Although credit lines or loans. managing these relationships of prevention, diagnosis and financial returns are im- This has created a niche for will open the door to a larger access to treatment. Our portant to angel investors, crowdfunding and crowdin- network of angel investors. mission focuses on serving their considerations are vesting and platforms like a bigger purpose: educating usually broader. They are Beehive, offering more 6. Study market size the community and improv- usually directly or indirectly advantageous conditions. before embarking on a ing the quality of life of these acquainted with the entre- They don’t require founders new venture often debilitated patients by preneur and hence emotional to dilute ownership early on, The MENA pharmaceuti- providing access to the most factors might come into play. but instead allow for pre- cal market was estimated at innovative, effective and safe They are familiar or know of cious time to launch an idea, $20 billion with projections medicine. the previous track record of create value for the founders to double over five years to the founder. In my opinion, and ultimately for investors. $45 billion. Patented drugs 7. Strategize your angel investors are usu- Workshop Conference Exhibition Moreover, several public account for 60-80% of sales funding ally more patient since they initiatives have recently been in MENA despite pricing and We have successfully con- partly see their contribution Participatory worksops designed to Benchmarking home experiences 30+ Government departments from launched to fund SME ideas generic pressures. Having cluded our first capital rais- as support to the founder bring together innotovators opinions against other top innovative Dubai and UAE federal Governments
Workshop Conference Exhibition and promote innovation. a pharmaceutical executive ing thanks to angel investors. and his or her business idea. Workshop Conference ‘ Exhibition and extract knowledge in a countries Globally. showcasing achievements and projects background, we identified The alignment between our They are frequently willing Participatory worksops designed to Benchmarking home experiences 30+ Government departments from Participatorycollaborative worksops environment. designed to Benchmarking home experiences of 30+it s development Government initiatives. departments from 5. Evaluate alternative an unmet market need, and strategic thinking and their to take a longer-term view on bring together innotovators opinions against other top innovative Dubai and UAE federal Governments bring together innotovators opinions against other top innovative Dubai and UAE federal Governments capital injection routes it was against this backdrop investment criteria allowed their investment and their
and extract knowledge in a countries Globally. showcasing‘ achievements and projects MENA entrepreneurs need that we co-founded Gen- this to materialize, particu- returns. As we grow in value and extract knowledge in a countries Globally. showcasing‘ achievements and projects collaborative environment. of it s development initiatives. collaborative environment. of it s development initiatives. to consider family offices and pharm four years ago. Global- larly because the funding and consider the injection angel investors. There is an ly, there are seven thousand needed was relatively mod- of substantial future funds, Media Partner impressive amount of wealth diseases classified as “rare.” est. we expect a better alignment concentrated in the hands Most are of genetic origin It was clear early in the between the founders’ vision of family-based funds and and are prevalent in MENA process that VCs and PEs and the investment con- Media Partner wealthy individuals. These due to several factors. Never- were not our preferred route, siderations of institutional Media Partner can come as both debt and/ theless, there is a significant since we aimed to keep man- investors.
Contact: +971 4 39 23232 ﺗﻨﻈﲓ [email protected] Karim Smaira is the founder and CEO of Genpharm, a pharmaceutical company providing market access to MENA. Founded in 2012, Genpharm Contact: focuses on rare and genetic disease, orphan drugs and specialty diagnostics. Karim has a strong executive record in the pharmaceutical industry. www.dgae.gov.ae He joined Serono in 1999, and in 2003 he became GM for South-East Europe and head of Levant in 2005. Following the acquisition of Serono by Contact: +971 4 39 23232 Merck in 2007, he was appointed MD to oversee the integration process. In 2010, he was appointed Intercontinental VP. He is an industry speaker on ﺗﻨﻈﲓ +971 [email protected] 39 23232 emerging markets and orphan drugs. Coming from a multicultural background, Karim received his education at McGill, Geneva University and WBS. ﺗﻨﻈﲓ www.dgae.gov.ae [email protected] march 2016 Entrepreneur 75 www.dgae.gov.ae money ask the money guy | vc viewpoint | your money | ECON
| ECON |
sponsored schemes. There the future and we can see is a large pool of profitable Oil price fall a major may be some flow down to significant opportunities businesses to target. The the SME sector, but from a for the bank. In fact, over demand for energy is huge complication in global economy, financing perspective our 20% of our large corporate in the region and we know according to NBAD report banking response tends to be clients are already active already that renewables focused on tailored financial in sustainable business will form a material part of The volatilities in the global fi- bons.” In the case of MENA, products for our clients, so so to this extent, we are that: the UAE government nancial markets and economy the report says, “For the as of today the scale is more responding to their needs alone has committed to seen in 2015 are expected past year and a half, MENA suitable to larger projects. but in a more focused and AED72 billion to renewable to continue to cause a fair equity markets have corrected However, we think that specific way going forward. energy by 2021. So we see share of worry for countries in sharply and valuations are private enterprise and the The data from the Financ- economically viable pro- 2016, according to the Global now beginning to look attrac- SME sector will ultimately ing the Future of Energy jects supported by strong Investment Outlook 2016 tive, with some stocks trading become a driving force in the report 2015, that we have government policy commit- report released in February by on valuations that are looking implementation of sustain- commissioned from the ments and our core clients National Bank of Abu Dhabi rather bombed out.” It names able business across the University of Cambridge transacting more sustain- (NBAD). Entitled Investment UAE as the first GCC nation Middle East, as it has been and PricewaterhouseCoop- able businesses on a com- Strategies in Today’s Volatile to respond to the decline in oil elsewhere. Once that has ers, as well as our own mercial basis across the Markets, the report analyzes prices and devise alternative materialized, we will be bet- analysis, tell us that there West to East Corridor.” the global investment climate methods to fund spending ter able to offer widespread and provides pointers for such as Value Added Taxes support also to the SMEs investors to deal with the (VAT) and privatizations. involved in sustainable busi- economic environment for the Commenting about the need Alex Thursby, Group CEO, NBAD ness.” EXECUTIVE rest of 2016. The report men- to ride out this slump, Claude- APPOINTMENT tions oil price fall to be a ma- Henri Chavanon, Head, Global Currently, the shift Nathan Weatherstone, jor complication in the health Asset Management, NBAD, management systems to towards supporting Head of Sustainable of the world economy, with says, “Given the investment make buildings operate more innovative businesses and Business Banking, NBAD oil prices expected to trade in outlook as described in our Thinking ahead sustainably, green real estate entrepreneurs that contribute a range of $25-45 during the report, investors will need to development with reduced to sustainability is a very The August 2015 creation remainder of the year. exercise patience and then NBAD earmarks funds for sustainable power and water consump- pervasive topic in the GCC. of NBAD’s Sustainable The report notes that while have the requisite courage to businesses tion, clean transportation Why has NBAD committed to Business team, spearheaded 2015’s economy can be cat- decisively deploy funds when that promotes modal shift this route? by Nathan Weatherstone, egorized “fragile,” structural opportunities present them- iming to tion’s move is a first in from road to rail, sustainable “We are committing to sup- was established to evaluate problems remain in 2016, and selves.” NBAD’s study also curb the finance in the GCC, and the water management, sustain- porting sustainable business existing NBAD banking it is worrisome that many counts the economic impact funding wider region. “We want to able waste management, because we think that en- products, and potentially policy responses of recent of Europe’s migration crisis gap for be the leading regional bank decarbonizing technologies, vironmental considerations develop new NBAD banking years which helped support and the uncertainty around sustain- in sustainable business and climate change adaptation, and sustainability will be one products in line with the global demand were more of impending US Presidential able join the same platform as as well as renewable energy of the enduring forces shap- commitment to invest in “quick fixes” by nature. The elections as two key risk fac- business- the handful of international projects.” ing the business world of sustainable businesses. Nathan Weatherstone, Head of study believes that despite tors of 2016 that global inves- es, the banks that have made similar Sustainable Business Banking, NBAD economic strains persisting tors need to keep an eye on. National Bank of Abu Dhabi commitments. No other bank NBAD has Financing the Why was Nathan Weather- in 2016, there is (NBAD)A announced in Janu- in the region has set a such a dedicated stone chosen to lead this board, to build and lead the scope for attrac- NBAD headquarters ary a commitment of US$10 target.” $10 billion to Future of Energy initiative? new business practice. tive investment billion over the next dec- sustainable “Nathan Weatherstone has From a corporate sustain- opportunities in A report for the National ade dedicated to projects Q&A ALEX THURSBY, business The opportunity for Bank of Abu Dhabi a deep expertise in project ability perspective, NBAD selected emerg- by the University focused on “environmen- Q&GROUPCAEO, NBAD development over the Gulf’s financial of Cambridge and PwC finance and public private has maintained a top three ing and frontier services sector March 2015 tally sustainable activities.” ALEX THURSBY, GROUP CEO, the next decade. partnership (PPP), with position in the Hawkamah markets, especially Citing the 2015 Financing NBAD Approximately extensive background in sustainability index for the within the com- the Future of Energy report, how much of power, transportation, social last four years and is the modities sector. commissioned by NBAD from What type of “transformative that funding will infrastructure and sustain- first UAE bank to commit “The UAE seems the University of Cambridge projects” might qualify for be allocated for ability related industries. He to the Equator Principles, to be weather- and PwC and in collabora- NBAD’s support? SMEs? was also closely involved in the global benchmark that ing the storm tion with Masdar, over the “NBAD’s newly launched “At this stage of the publication of NBAD’s obliges us to follow interna- better than other next 20 years, an estimated sustainable business practice the industry’s Financing the Future of tional best practices when oil exporting na- $48 trillion will be needed to is open to the areas set out evolution, we Energy report. Mr. Weath- it comes to environmental tions,” says the meet global energy demand, in the Green Bond Principles see the major- erstone joined NBAD from and social analysis and risk report. “The UAE “with renewables playing issued by the International ity of sustainable PricewaterhouseCoopers evaluation. What we want has over the years a critical role in the en- Capital Market Associa- business activity (PwC), where he served as to do, now, is to expand this taken steps to
AD a director leading PwC’s into a way that we interact diversify its econ- ergy mix of the future.” Alex tion (ICMA). They include being driven by Produced for Thursby, NBAD Group CEO, energy efficiency programs larger corporates N B project financing. We are with our clients from a busi- omy away from its explained that the institu- such as retrofitting energy and government- very proud to have him on ness perspective.” previous reliance COURTESY on hydrocar- IMAGES
76 Entrepreneur march 2016 march 2016 Entrepreneur 77 start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE
THE EXECUTIVE SUMMARY Boxit’s legal entity to be more BOXIT TALKS BACK fundable now! They have also helped us connect with some of CHOOSING AN INVESTOR our key vendors such as online “I think the most important payment providers, top lawyers, factor is to understand the value and online marketers and also the investor is going to bring helped us create a marketing to your startup. Money comes and growth plan.” second, really! Determine the value the investors bring to your PARTNERSHIPS startup, including the depth of “We have signed a warehousing adopted the lean startup knowledge this person has of agreement with Aramex “Do you want some approach, starting with one- your industry. Determine how Kuwait. This will enable us well connected they are within to store all our customers’ on-one surveys with people the industry, and how much boxes at Aramex’s world class in communities (even shop- potential to support you there warehouses, which has the space?” ping malls) to determine is in raising the next round of best in class security and safety whether a market for the funding, and finally, funds.” measures. Now, we do not have Startup Boxit offers up solutions for your storage needs service exists. With enough to worry about high quality By Pamella de Leon data, a landing page was set LESSONS IN STARTING A storage space, as Aramex can up explaining the idea and a COMPANY offer as much space as we oxit can’t manage their things digitally tor Sabah Al Bader from form to request pre-booking. “I would say that finding the need.” provide the and only pay for space they whom they received “almost “The response was really right mentors were our biggest emotional space use, while utilizing the exist- US$100,000” in angel fund- encouraging, and then we struggle. We learned that the CHOOSING A STARTUP earlier you have great mentors, ACCELERATOR the title might ing infrastructure of reputa- ing, as well as InfoFort CEO started developing an MVP the easier your life will be. Our “It really all depends on the suggest, but ble warehouses and delivery Abed Shaheed and Aramex of our mobile app and shared region can be a difficult and value the accelerator would the company partners. Looking to address M&A Director Nader Mu- it with the registered users challenging market in terms of bring in. I don’t think there can, however, the needs of longtime GCC seitif joining Boxit’s board as to try using it.” Pullisserry legalities and funding options, is a right answer for this and connect people seeking extra residents, founder and CEO strategic advisors. The start- adds that after collecting but, if you manage to find the it greatly varies from one storage space with credible Premlal Pullisserry says that up also has a few notable feedback, the team began right mentors, you will see how market to another. I think, logistic companies with just “people sometimes refrain recognitions from the eco- developing a full-fledged ap- things will fall in place quite a founder [should] look at the click of a button. Simply from buying things they system: it was winner of the plication, and then launch- efficiently.” the mentoring community put, Boxit lets users order a really need because of the Kuwait edition of Startup ing its iOS and web version. spaces. It was then when instead of providing the self- available with the accelerator, MENTORS the range and depth of their number of boxes as needed, lack of space, and because MENA’s GCC Pitch Challenge the team came up with a storage spaces themselves, “Abed [Shaheed, CEO of network, and the recognition pick it up, and provide you they don’t know where to 2015, winner of the Kuwait “people sometimes refrain new idea of focusing Boxit allowing the startup to scale InfoFort] and Nader [Museitif, a startup gets by choosing with a visual online catalog store the things they rarely edition of the South Sum- from buying things they to be a platform in connect- quickly, focus on user expe- M&A Director of Aramex] are a particular accelerator. In of your stored items with an use. We hope to help users mit 2015, grand champion really need because of ing users to storage facili- rience, maintain a lean team, our main mentors, apart from a our market, we should also iOS mobile app to manage in owning anything, with- for Dubai Smart City App the lack of space, and ties. “Customers get world develop the user-friendly few more individuals. They have consider the infrastructure they your storage (and yes, an out worrying where to store Hack 2015 and first runner- because they don’t know class storage facilities to platform, and improve its helped us in many key areas. have built- how much do you Android version is in the them!” up at Seedstars World’s where to store the things store their personal items services. Marketing-wise, Right from strengthening our save by choosing a particular works). Though there are This feeling seems to have Dubai 2015 round. Boxit was they rarely use.” at an affordable cost -which word of mouth has thus belief in the platform model, accelerator? What sorts of legal self-storage companies in the resonated well, given that started by three founders: was not available to them far been its go-to modus refining our operations, and support does the accelerator provide, and again at what region, Boxit asserts that its the startup has caught the CEO Premlal Pullisserry, It’s interesting to note that earlier- and the warehouse operandi, while with online helping us connect with the right partners to restructuring cost?” USP is enabling customers attention of angel inves- VP of Operations Abraham Boxit didn’t start out as companies get extra revenue efforts, they’ve started with Thomas and VP of Sales Joby it is and actually pivoted for their otherwise unused marketing and social media Matthew- between the three, from its operational end, space.” campaigns. Offline, Boxit their backgrounds include with the original idea being Boxit sees itself as “the fu- is targeting companies in logistics, corporate busi- about building or renting ture of on-demand personal Kuwait such as professional ness development, telecom, large spaces to convert to storage,” with a subscrip- associations, and attending technology, and operations. warehouses to store custom- tion-based model. Charging local community startup The Kuwait-based startup ers’ items. That approach, a monthly rental fee per events to share its services. was launched in February of according to Pullisserry, box as its business model, it What’s next? The Boxit last year with pre-bookings, would have been extremely aims to simplify the process team is seeking funding partnering with Sirdab, an capital-intensive, and that while making storage cost- for its expansion to UAE, accelerator that Pullisserry would have “only incre- efficient, by forgoing the KSA and eventually other regards has helped them mentally innovated the traditional route of renting MENA markets- Pullisserry connect to the tech commu- traditional industry, rather storage rooms on a monthly proposes the team has more nity and early adopters, with than disrupt it,” adding that basis, and having to pay for features and ideas up its investor Al Bader assisting in the team’s search for a it, regardless of whether it sleeve for Boxit’s progress, them in settling legalities. facility, they found logistics were full or not. The plat- and encourages the rest of us In the startup’s early days, and warehouses companies form positions itself between to keep an eye out for devel- Boxit co-founders VP of Sales Joby Matthew, CEO Premlal Pullisserry, and Pullisserry says the team such as Aramex had surplus consumers and facilities, opments. VP of Operations Abraham Thomas b oxit.co www.
78 Entrepreneur march 2016 march 2016 Entrepreneur 79 start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE
ing] fairs, and prototyping,” explains Najjar. In addition to both Najjar and Tamraz, the team includes a consult- ing CFO, a developer, a junior architect, and a business developer. Coding tasks are outsourced, although the co-founders claim to have taken a stab at it themselves as well. Developing this super cool gadget wasn’t a simple task for both co-founders, but two factors certainly made the process easier: the diversity of skillsets and keeping it straightforward.
With the co-founders’ dif- ferent backgrounds and skillsets, it is expected they both faced different chal- lenges during Sensio Air’s development process. For the iOS and Android devices, company, White sur White, similar initiatives are going neuroscientist Tamraz, the and is free. On its own, the of which Cyrille Najjar is its to dismantle Lebanon’s main toughest bit was “definitely app will provide data of al- CEO, online, most of their obstacle to its entrepreneur- working on the detection lergens and other irritants in interaction has been focused ial ecosystem: the country’s part of the product.” What the air, depending on which on other businesses, particu- weak tech infrastructure. about the industrial archi- city or country they’re in. larly energy companies, and So can we anticipate a slow tect and entrepreneur, Naj- This info will eventually companies that monitor air down in Lebanon’s infamous jar? “The main challenge for come from other users of quality. “brain drain”? Here’s hoping me was understanding the Sensio Air; at this point, it White Lab was one of for the best. course, for both Tamraz and that they started experi- market, developing the right will come from “third-party 15 Lebanese startups that The co-founders admit to Najjar, it wasn’t just per- menting with the “electronic proposition for that market, research” and from some of packed their bags and head- A breath of have been emphasizing heavily sonal; there is a huge gap in side” of the product, using and making sure the product the Sensio Air devices that ed to Silicon Roundabout on putting out a top-notch the local, regional, and global a Styrofoam board. “All this is positioned in a way that they’ve set up in different in London for six months to product at the moment. fresh air market for something like was done in the living room makes it desirable.” The duo cities. take their enterprises to the White Lab brings healthcare analytics to this. That said, it couldn’t be as well,” adds the co-found- believes that their next set At the moment, Sensio Air next level as part of the UK more relevant to the MENA er. While the folks at White of challenges will include is at its beta testing stage. Lebanon Tech Hub initiative the forefront with Sensio Air region, where many coun- Lab are looking for angel “making sure we get as many “We have people signing up by the British embassy and By Kareem Chehayeb tries deal with sandstorms, investors to help them scale units out as possible.” everyday on our list,” says Banque du Liban. Tamraz “heat peaks,” and, in their up the product, they boot- More on how Sensio Air Najjar, “They seem to be and Najjar both previously ne of the tech start- problem in healthcare in native Lebanon, pollution, strapped to kick things off. works: the co-founders add really interested.” As of last won startup competitions ups to come out of which many of the treat- which could “increase the “In the beginning we focused that it’s “both a device and December, they had 200 in Paris and at Harvard Lebanon that looks ments were not based on impact of allergens on your on patenting the technology, an app.” The device tracks testers. For those interested, University, but they say that set to soar is White tangible data,” says Najjar, body.” traveling expenses, [attend- everything in the air and they are still accepting beta the UK Lebanon Tech Hub Lab, a company that who hopes that White Lab Developing “feeds the info back to the testers from anywhere in the is “the best we’ve seen.” O Eve Tamraz and Cyrille Najjar, “specializes in healthcare will provide products that this super cool co-founders, Sensio Air cloud, and then to your world; just sign up online. Najjar believes that the analytics,” headed by Leba- can increase data transpar- gadget wasn’t a phone,” says Najjar. Tamraz The Sensio Air device will provision of networking and nese entrepreneur, architect, ency to both doctors and simple task for elaborates: “It will give you eventually come in two ver- mentorship opportunities, and professor at the Leba- patients. both co-found- information on everything sions: a “personal edition,” as well as the top-notch tech nese American University The company’s first prod- ers, but two from light intensity, al- and a higher-end “enter- infrastructure that the hub (LAU), Cyrille Najjar. The uct focuses on air quality factors cer- lergens, gases, and other prise edition.” What about offers will only shake things White Lab CEO partnered up and allergens: Sensio Air, a tainly made the irritants.” But not only does the company’s marketing up for Lebanon’s tech scene. b etter/c213p with Eve Tamraz, who holds device that detects different process easier: it give an analysis of the air, efforts? The co-founders “Next year, we’re going to a PhD in neuroscience and particles in the air that you the diversity according to Tamraz, Sensio admit to have been empha- b reathe- see a huge batch of stellar focuses much of her work on can connect to your smart- of skillsets and Air will also share the poten- sizing heavily on putting out startups in Lebanon,” Najjar the health and environment, phone. “We both have aller- keeping it tial health problems based a top-notch product at the predicts. Both co-founders to set up the enterprise. “We gies,” says Najjar. “We need straightforward. on its analysis. The app was moment. While you can find are confident that the UK thought that there is a huge to know what’s in the air.” Of Tamraz says launched in January for both White Lab and their parent Lebanon Tech Hub and other www.whitesurwhite.com/#!
80 Entrepreneur march 2016 march 2016 Entrepreneur 81 ecosystem | who’s got VC | Q&A | STARTUP FINANCE start it up
Kunal Kapoor, founder, The Luxury Closet to set to measure our business growth and success.”
WHAT HAPPENS NEXT According to Kapoor, the com- pany is allotting its funds to execute a plan for the follow- ing priorities: enhance user experience and drive engage- ment, and increase market reach. “Our seed round helped us prove our model, and our Series A funding helped us build our processes and intro- duce the technology that can scale it all up,” says Kapoor, adding that the startup is now fundraising for its next round with a target to raise over $10 million to help it scale across Middle East and India, a market that Kapoor indicates is a current focus for luxury drove the fundraising round, brands. essentially looking into lo- Dressed for success cal VCs to benefit from the proximity and local expertise. The Luxury Closet By Pamella de Leon Tips for MENA He indicates that during the startups when pitching search for capital, looking into to investors 2013 study by McKinsey 2011 with a capital of under their investing portfolio was THE LUXURY CLOSET FOUND- and the Altagamma AED150,000, The Luxury essential in assessing which ER AND CEO KUNAL KAPOOR Foundation studying Closet has steadily gained partnerships would be most consumer patterns financial support over the beneficial. “We also looked for 1. Think like an investor. indicates what we’ve years. In April last year, it VCs who would help us with “Know what investors look mostly had a hunch raised US$2.2million from strategic advice in all critical for in a startup: a scalable Aabout: luxury customers are Middle East Venture Partners areas, such as product devel- business that addresses a digital-savvy. This applies to (MEVP) as the seed stage in- opment and growth strategy, large market, and a core the Middle East too- a 2014 vestor along with Dubai Sili- the kind of parties who could team that will make it hap- Ipsos and Google survey in con Oasis Authority (DSOA), bring credibility to our busi- pen- especially at the early Saudi Arabia indicates that twofour54 and MENA Venture ness by backing us, and who stages, the team matters 48% of luxury retail pur- Investments (MVI), followed could also introduce us to a the most. This is essential chases are conducted online. by a raise of $1 million from network of players,” Kapoor not only to to attract Mobility and convenience Wamda Capital in December. says. About their partnership investors, but to building a is a strong factor in the Founder and CEO Kunal with Wamda Capital, Kapoor strong, viable company.” luxury online market, and The Kapoor, a former head of sales notes, “We are thinking big, Luxury Closet, an e-commerce at Louis Vuitton, emphasizes and are determined to get 2. Develop a viable strat- marketplace for authentic on the company’s discipline every luxury consumer in egy. “Have a big, bold, and high-end pre-owned items at to complying to budget time- the Middle East to visit The ambitious vision for what discounted prices, is banking lines and financial strategy Luxury Closet and use our the future looks like for your on this trend. Launched in for its growth plans. This service.” startup, and be prepared to back this vision with a mile- THE PROCESS stone by milestone execution “The pitch process was thor- plan, that shows exactly ough and lengthy; each round how you grow and scale.” took four to nine months to be finalized,” says Kapoor. “But 3. Maintain good rela- that worked to our advantage: tionships. “Be constantly with each new negotiation, prepared to build new rela- we gained more experience, tionships, so you don’t miss insight into what investors any opportunity to introduce looked for and the key metrics and promote your business.”
The Luxury Closet products
march 2016 Entrepreneur 83 start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE
consciously willing to commit help the business move for- Working at a startup most of your energy and pas- ward. One example? I learned sion to ensure the success of how to code HTML, so that made me a better version the business. Some might ar- I could send out emails that gue that equity may be worth packed a greater punch. of myself By Adib Samara nothing, but with a vesting Outside of your area of period, who really knows? expertise, learning by trial ike many before sleepless nights debating if I What about the This gamble is not for the and error is the name of the me (and I presume should make a move on the money? faint-hearted, but it is for game. The curve is steep, and many after), I made opportunity. I now work for We all have financial aspira- those who truly believe in the personal development op- the decision to Laundrybox, a UAE-based tions, and admittedly, work- potential of their business. portunities are endless. What leave the corporate startup that, as a whole ing at a large corporation Ultimately, it is a long-term you have the ability to learn world to try my company, is smaller than the guarantees stability and a play, and nothing happens within a year at a startup, hand within a more unit within the division that relatively great salary. As overnight at a startup. may take you an entire career entrepreneurial I was working at during my you gain seniority within at an established corpora- setting.L Why did I do this? multinational days. the company, you also build We look out for one tion. You’re always on your The short answer is that a larger bank account, a another toes, and while you are learn- somewhere along the way to Expect to be pension plan, and if you’re The once less traveled and in- ing the hard way, it does offer corporate success, I no longer patronized if you join senior enough, you may even trepid road of entrepreneur- invaluable experiences and felt a sense of accomplish- a startup be granted stock options. ship has become more ac- makes you a more resilient ment, or that I was contribut- “So, you are doing people’s In such an environment, ceptable across MENA in the person. Everything I have ing anything of value. I laundry now?” This rhe- financial recompense is often past few years. The “startup” had to learn to excel within needed something more. I torical epithet is courtesy of a perceived as a measure of culture is now becoming a new role has been so much needed something better. clever acquaintance. I replied, worth, and for some, a level increasingly pervasive, and more engrossing because of The day I decided to leave my “Well, I was just selling coffee of respect. within our ecosystem exists a the challenges. Today, I’m position at a multinational before…” For context, the At a startup, things are plethora of support networks much more of a generalist at turned out to be the day I brand I worked for -a power- different. You don’t have the and entrepreneurs hoping Laundrybox, because that’s was bombarded with the house, a globally recognized same salaries (at least not at to make it big. I have now what our startup needs to questions that other startup- household name- often made the early stages), and you will found myself at the heart keep moving forward. curious people are bound to my position seem like less never have the stability of a of the ecosystem- it’s more hear: “Why would you do work than it actually was. company that is a century populated than I had imag- Becoming a better you such a thing?” I was asked This got me to think over in the making. You do, on ined, and there seems to be a When it comes down to it, that more than a few times, the dichotomy that exists the other hand, have the sense of community you don’t we all want the same thing: a mostly by friends and family, between the corporate and ability to gain equity in the find in a corporate environ- feeling of personal fulfillment shocked at my decision to startup worlds, and why peo- business. That is not only a ment. Everyone is willing to in the work we do, and the leave what they considered a ple were generally downplay- gesture of respect and recog- share their experiences, their ability to channel our energy stable, lucrative, and promis- ing the latter. In my reality, nition, but it is an incentive expertise, and their strategic their mistakes, and I’ve man- Learning on the fly work a little differently. The to be as productive in that ing corporate career. “But it’s the latter was (and still does) that gives you ownership know-how to help out your aged to optimize my role and In a large corporation, you “not my job” mantra is usu- work as possible. The envi- such a big company!” It is in- offer me so much more than (literally). With a heightened business. I have had entre- boost my contribution levels tend to work within a given ally replaced by a positive ronments we work often de- deed a big company, and that my multinational positon. sense of ownership and the preneurs go out of their way based on the supportive work function, between a set of and proactive statement: termine the key motivational fact in itself speaks volumes I’m much more satisfied and actual equity itself, you are to make sure I didn’t repeat environment. guidelines to follow, with “Yeah sure, I’ll learn how to drivers that we need to make of what it has to offer to so challenged working within The general mindset is that several objectives to achieve, do that.” The work structure us more effective, complete many others. As for me, my a small, growing enterprise we look out for one another, and KPIs to guide and mea- is built around a few people individuals. That doesn’t job was more of an obligation than I ever felt working for and what was once survival sure your success. Anything trying to do pretty much mean I am telling you to quit than a passion. I found myself the biggest business of them of the fittest is now more outside that job description everything. Budgets can be your corporate job right away stuck within what others all. But why is that? cohesive and organized. The “isn’t your responsibility.” very tight, and that may to join a startup, but I am had pre-defined as my career Is it the respect and recog- road less traveled might still Everyone is too focused require you to go in-house for hoping you’ll ask yourself the path, with very little space nition I receive that fosters be less traveled, but the eco- on making sure they earn things that could normally question: what kind of work to maneuver and having no my sense of ownership and system now has branches of their yearly salary increase be outsourced- all of a sud- environment do you need to say in the way the business greater level of commitment support thus making choos- or promotion (and a pat on den, you are exposed to the become a better you? operated. from me personally and pro- ing the startup path an easier the back from the boss). various components of the As for me, I think I made I’ll be the first to admit that fessionally? Is it the support- way to go, and that has made No one is really concerned value chain. You are doing it quite clear. The startup leaving my corporate career ive environment that allows a huge difference in success with what everyone else is sales, marketing, operations, environment is exactly what to join the entrepreneurial me to increase my contribu- rates and cross-industry col- doing. Everyone is in silo human resources, legal, and I needed to become a better ecosystem was not an easy tion levels? Or is it the work laboration. mode. In a startup, things whatever you need to do to version of myself. decision. I had spent the structure that provides me majority of my professional with a greater development life at a larger-than-life opportunity by exposing me multinational, and I really to the various components of Adib Samara has a BA in Political Science and a Masters in International Law and brings a unique combination of multinational and didn’t know anything else. I the value chain? It is all three entrepreneurial experience, having worked across a variety of industries in various capacities. Adib is currently heading Business Development and Franchising at Laundrybox, a UAE-based startup. He was also on the Advisory Board of The Box Self Storage, Sales Advisor for can clearly recall the many of these things. SugarMoo Desserts, and Business Development Director at Salmontini Trading, where he established, structured and implemented the sales and distribution strategies for the brand. Prior to that, he spent his career with Nestlé where he gained solid exposure to various regional
b ox.com www.laundry assignments in different senior capacities, including human resources and sales development management.
84 Entrepreneur march 2016 march 2016 Entrepreneur 85 start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE
both at once (think smart- regional economic drivers phone). Second, it offers a and then innovating around range of options, from the those. In technology, though, wide consumer market to the don’t be too parochial in your deep corporate enterprise thinking. MAKE A RIDE OUT OF ANY DRIVE. arena. If you’re located in At- The most compelling lanta, or Dubai, you have THE ALL-NEW NISSAN MAXIMA 2016. technology trends of the last one big advantage over more several years -social, mobile, tech-entrenched areas when cloud, and data analytics- it comes to launching a FEEL AGAIN. have leveled the playing field well-researched, creatively for ambitious entrepreneurs, imagined, intelligently funded and not just metaphori- technology startup- you stand cally. Would it surprise you to out. So think big! No less know that 85% of the traffic an ambitious entrepreneur on Facebook comes from than Larry Page, co-founder outside the United States and of Google, criticized today’s Canada?1 To borrow a well- technology startups for lack- worn phrase, the world is ing ambition. “We’re probably flat: it’s a global marketplace, underinvested as a world in and technology is the support that,” he said.2 structure. Which means, for In terms of hiring, I will take one thing, that you don’t have enthusiasm over experience to be in Silicon Valley to cre- any day. Battle scars and gray ate the next Uber or Airbnb. hair may connote hard-won media publishing software, All three of my startups were wisdom, but new ideas are was acquired by Oracle in founded and based in Atlanta, the key to entrepreneurial Your time 2012. Before Vitrue I was Georgia, which wasn’t known success. That’s especially true CEO of N2 Broadband, one as a hub of technology devel- in the digital environment. is now of the first video-on-demand opment (at least, not back Look for people who under- technology companies, which then). stand millennials, both their The Middle East was acquired by Tandberg A successful startup is really consumer traits and their Television in 2004. And about five imperatives: work habits. is ripe for before that I helped shape the • Discovering a big, disruptive The Middle East stands at world’s first online healthcare market opportunity the crossroads of the old and technology information site, WebMD, • Building the right team new economies- literally. acquired by Healtheon in • Solving the product/market Dubai International Airport entrepreneurship 1999. Today I’m senior VP of fit equation is among the top three in the By Reggie Bradford product development in social • Finding the right source of world in total passengers.3 relationship management at capital It’s proximity to developing echnology is at the Oracle. I’m also on the boards • Identifying the right economies like Africa and forefront of the Mid- of three technology startups, customers India gives it a significant dle East’s phenom- two in marketing and one Technology startups have strategic advantage over enal present-day in digital health. I’m also an certain characteristics when those in Western countries, momentum. And advisor to a new, US$120 it comes to product innova- and creates tremendous op- where technology is million venture capital firm tion and development. In the portunities for the region. Tdriving profound change, the investing in “digital lifestyle” B2B realm, you can count Cloud, social, mobile, and opportunities for successful startups in Europe. on your customers to help the sharing economy- these entrepreneurship are expan- So, while technology is you shape your product (for technology trends are hap- sive and compelling. not a new area, I believe the better or worse). In the B2C pening globally, and are being I’m a long-time believer in opportunities are only just market, it’s about following driven as much east-to-west (and practitioner of) technol- beginning. First, technology consumer behavior- or, better as they are west-to-east. It’s a Starting Price ogy-oriented entrepreneur- is a multi-leveled avenue for yet, anticipating it. Overall, good time to be an ambitious ship. My most recent startup, innovation, both a platform one of the secrets to entre- technology entrepreneur in QR. 120,000 Vitrue, which provides social and a commodity -sometimes preneurial success is finding the Middle East. So think big!
Reggie Bradford is Senior Vice President of Product Development at Oracle. Bradford brings more than 20 years of experience to his role as senior vice president of product development at Oracle. In his current role, he leads a team responsible for developing Oracle’s integrated suite of social cloud applications, social marketing, content creation, analytics, listening, and community management. Prior to joining Oracle, Bradford was the nissanqatar nissanqatar.com founder and CEO of Vitrue, the global leader in cloud-based social marketing platforms. Vitrue was acquired by Oracle in May 2012.
1 http://www.digitalinformationworld.com/2015/02/fascinating-social-networking-stats-2015.html | 2 http://www.ft.com/cms/s/2/3173f19e-5fbc-11e4-8c27-00144feabdc0.html SALEH AL HAMAD AL MANA CO. (Exclusive Agent) 3 https://en.wikipedia.org/wiki/List_of_the_world%27s_busiest_airports_by_passenger_traffic#2015_statistics Main Showroom: Salwa: Tel: 4428 3333, Al Sadd Showroom: Tel: 4444 1334, Bin Omran Showroom: Tel: 4488 8618 Showroom Timings: 8:00am to 9:00pm (Sat-Thu); 4:00pm to 9:00pm (Fri). 86 Entrepreneur march 2016 OYSTER PERPETUAL DATEJUST PEARLMASTER 34
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