Two years of supporting entrepreneurship in MENA It’s our anniversary!
Is your DOING business BUSINESS going to attract (RIGHT) funding? Links Group founding partnerpartner Regional investors on evaluating John Martin your startup pitch Walid Tahabsem Mehmet Atici St. Valery Sami Abou Saab Mohammed Al-Ayouti Omar J. Sati The negotiiatiion Laith Zraikat handbook for entrepreneurs Get what you want, when you want it
Bro code Teenage ‘treps Amer and Mohamed Yaghi
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FEBRUARY 2016 | www.entrepreneur.com/me | QAR15 Q70 Qatar Today English FP 20.5X27.indd 1 8/19/15 3:37 PM february 2016 CONTENTS
68 Mehmet Aitici and other regional investors tell you what they look for when evaluating your pitch
50 44 52 56 TECH: ONLINE ‘TREP CULTURE: TRAVEL SHINY Bridging the gap LIFE Genuine hospitality #TamTalksTech Attracting offline shoppers Action paired with The Four Seasons Amman’s Gadgets and doodads to your e-commerce intention can make this Vincent Hoogewijs would that you might’ve missed startup can be done. your year like you to get settled in out on, sourced by a tech CAC isn’t as hard as one Building an accountability (comfortably), and he’s aficionado. Yes, it’s okay to might think if you follow structure for achievement executing a top-to-bottom want them all… and no, it’s these five tips by Pricena can make all of the differ- renovation to make that not our fault. founder Haneen Dabain. ence in your performance. possible.
42 45 Xiaomi smartphones MOBILE TECH launch in Dubai Xiaomi launches in the Middle East Four devices with some pretty interesting specs were introduced at the UAE launch event.
16 Mudassir Sheikha 50 and Magnus Olsson, EHang 184, the world’s first electric, personal co-founders, Careem Autonomous Aerial Vehicle, introduced at the 2016 International Consumer Electronics Show
february 2016 Entrepreneur 3
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24 Entrepreneur and investor Noor Sweid
18 24 40 36 INNOVATOR: Walking the talk ‘TREPONOMICS: ASK A PRO doing business in Entrepreneur and investor MARKETING Numbers don’t lie qatar (right) Noor Sweid 2016 heralds the new era Bayt.com’s Suhail Links Group founding Leap Ventures Managing of content marketing Al-Masri talks about partner John Martin Director and co-founder Ema Linaker on how the stats that indicate St. Valery really has done it all. to make your business that the Middle East is messaging effective in the officially crazy about self- age of video. It takes real employment. work, ‘treps! 62 60 ESQUIRE GUY SKILLSET The power of praise in The Impact Bias business Olympian and Ross McCammon entrepreneur, James Clear, discusses the plusses talks about how to be of conveying positive happy when everything messages, and how to do goes wrong. it right. ube t ube you © image t ill
18 Links Group founding partner John Martin St. Valery s Valery . in St t in John M ar John
6 Entrepreneur february 2016
CONTENTS february 2016
27 Henri Asseily, Manager Partner, Leap Ventures
58 Rafael Nadal and Adel Ali 14 Bin Ali at the Richard Mille Doha INNOVATOR: Boutique Bro code Teenage ‘treps Amer and Mohamed Yaghi 74 58 STARTUP FINANCE CULTURE: MENA startups gets TRAPPINGS funded The executive selection for Online platform Artscoops the entrepreneur on your gets funded on equity list that has everything. crowdfunding platform Okay, maybe for a little 30 73 Eureeca. self-reward as well. INNOVATORS: START IT UP: The Negotiation ECOSYSTEM 76 49 handbook for A congregation of Q + A LIFE entrepreneurs Eurasia’s entrepreneurial A startup for startups Ten things not to say to Get what you want, when world Philip Bahoshy wants digital professionals you want it. Startup Turkey 2016 his online platform Our pick for the top comes calling, and there MAGNiTT to create a phrase to avoid? “So is 12 will be entrepreneurial tighter knit MENA-wide this social media thing EDITOR’S NOTE entities from three entrepreneurial like a real job now?!?” By Fida Z. Chaaban continents present. ecosystem Yes, yes it is.
32 Dr. Kerry Healey, President, Babson College
8 Entrepreneur february 2016 AlFaisal Oredo Dir 20.3cmx27.3 EN2.pdf 1 1/27/16 4:27 PM 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] CREATIVE LEAD Odette Kahwagi MANAGING EDITOR Aby Sam Thomas STARTUPS SECTION EDITOR Pamella de Leon ONLINE LIAISON Kareem Chehayeb COLUMNIST Sindhu Hariharan PO Box 502511 Dubai, United Arab Emirates P +971 4 4200 506 | F +971 4 4200 196 COLUMNIST Tamara Clarke COLUMNIST Shoug Al Nafisi For all commercial enquiries related to COLUMNIST Erika Widen Entrepreneur Middle East contact [email protected] EVENTS LIAISON Mark Anthony Monzon
CONTRIBUTING WRITERS All rights reserved © 2016. Lama Ataya Ema Linaker Opinions expressed are solely those of the contributors. Abdulla Barakji Suhail Masri Entrepreneur Middle East and all subsidiary publications in Jim Camp Ross McCammon the MENA region are officially licensed exclusively to BNC Amal Chaaban Rani Nasr Publishing in the MENA region by Entrepreneur Media Inc. James Clear Neil Petch No part of this magazine may be reproduced or transmitted Haneen Dabain Soukaina Rachidi in any form or by any means without written permission of Con O’Donnell May Rostom the publisher. Shyaire Ganglani Mark Sephton
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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EntMagazineME EDITOR’S NOTE
We learn things too Wissam Younane, Director, Entrepreneur MENA is now two years old! Entrepreneur Middle East appy anniversary to our There is, in my opinion, a lot readers! We’re excited to be said for our valued brand that this edition marks partners- MENA ecosystem entities two years of us support- and pillars who have supported us Hing entrepreneurship across the profusely by participating in our MENA region. If you’re part of the events and who have invited us ecosystem, you know that we’re to participate in their events over on ground as much as possible, the past two years. Accelerators, and that we’re talking to you in incubators, investors, conferences, real-time via social media. But our mentoring programs: we will con- work isn’t yet done- we want to tinue to support you to our fullest started this venture [BNC draw in the outliers. There are tons capability across both print and TREP TALK ME Publishing] along with my of entrepreneurs (both new and digital, and further our already THE BUSINESS partners. Third, sticking seasoned) across the region who solid relationships. BNC Publishing to the truth and principles aren’t yet part of the ecosystem, Regarding our crazy level of inter- of honesty in business is and that means they are missing action online, we truly appreciate THE ‘TREP always the best option. out on valuable mentorship, cross that our readers share our content Wissam Younane This is simply that I never sector collaborations and business, via social media platforms and want to fall short on and possibly even funding oppor- that you interact with us on those Q What have you learned delivering what I say I will tunities (that can scale an already same mediums. We’re really proud from your clients over the do, or even what I say I’m profitable enterprise). that we’ve become the information past two years? capable of doing in terms outlet for ‘treps in this region, and of client expectations and we’re thrilled when you write to us A “First, a little extra care deliverables. Fourth, it’s with your achievements and your in knowing what they truly true that clients like to feel concerns. From our readership, the need can easily make them spoiled when it comes to entrepreneurs across the region, we continue to spend, and to rates and benefits. Like in receive candid emails about fund- consider exploring further every relationship, there ing struggles, funding wins, venture opportunities with your must be a give and take- scaling, and new partnerships. business. One example transacting business is no Keep it up! We want to continue to is that a client of ours different. My fourth lesson be the MENA entrepreneur’s go-to wanted to fully cancel or is about brand solvency. So, all that being said, you know point of contact. We’re here to get pay half of the previously If you have a solid brand, that by now that we apply our own your stories out there, and help you agreed amount for one work hard on keeping it methodologies: we’re built on a get the recognition you deserve for of the spaces booked. solid- this will ensure that lean business model and operation, your enterprising spirit, and tire- With a two-minute phone your clients are as loyal to our entire team act as generalists less work. call, we understood her you as you are to your own wearing many different hats, and Happy anniversary, ‘treps! concerns and managed to brand. Finally, and this we growth hack our way forward. save the original contract is extremely important, From a commercial perspective, amount. My second tip if your client is today for our two year anniversary, I is that listening to the going through a financial asked the entrepreneur behind customer is essential. It’s shortage or facing a crisis, Entrepreneur Middle East, Wissam something I have always support them when you Younane, to talk shop (that’s him in done with my clients, and can with your rates. They our Trep Talk ME box). Like all of Fida Z. Chaaban that is one of the reasons won’t forget your gesture, the entrepreneurs we feature, he’s Editor in Chief that they have never failed and it will come back to constantly learning and iterating @fida | @fidazchaaban to support me when I you in spades.” our business model as we progress. [email protected]
12 Entrepreneur february 2016 february 2016 Entrepreneur 13 innovator
Bro code Teenage ‘treps Amer and Mohamed Yaghi By Kareem Chehayeb
eet Amer and Mo- What inspired them to start up hamed Yaghi: not only an enterprise of their own was are the Jeddah-based a combination of their pas- teens tech lovers, sion for tech and a tiny bit of Mthey’re also among the teenage angst. The young duo region’s youngest entrepre- “hated the fact that our par- neurs. That’s right; the ambi- ents were constantly bothering tious Yaghi brothers are 16 us and invading our privacy on and 15 years old respectively, social media,” so they designed and they’re prepared to pitch Chillax, a social network “just their ideas at you at any given for teenagers.” Unlike most opportunity. major social media platforms, Before getting bit by the Chillax allows its users to con- entrepreneurial bug, the trol all sorts of privacy levels, Jeddah-based Jordanian ‘treps all the way from their parents were (and still are) working to potential cyber bullies. hard at school, enjoying the Their passion for Chillax, outdoors and playing sports. together with the support of their forward-thinking parents, paved the way for burning The Yaghi brothers with Ronaldo passion for entrepreneurship, Mouchawar at and it became a life-changing Endeavor Jordan experience. Unfortunately, DealMakers 2015 Chillax didn’t work out in the long run, but the tenacious Whether its “different manage- in any way. According to the ‘treps didn’t give up: “Failing ment styles” or whether it’s Yaghi bros, the question that is a stepping stone to success.” a greater passion for tech or most entrepreneurs, investors, They were right, given that business administration, the and teachers ask them is: how they later developed a more Yaghis maintain that their dif- do you balance time between successful app, AidMaid. Sev- ferences make them stronger school and work? The brothers eral experiences inspired them as a team. The brothers oc- believe that most people are to develop the app, but what casionally need a mediator and wrong when they “think that really “triggered” them to have older mentor, and “that’s when it’s impossible for someone a go at their second venture we go to dad for help.” to attend school [and get high is a somewhat traumatizing All in all, it’s rather impres- grades] while also working experience for the younger sive that these two young tirelessly on a venture.” That brother. Mohamed was riding innovators are able to pursue said, they are able to pull it his bike and was nearly hit by their enterprising inclinations off, and give credit to two main a speeding truck driver. While without it affecting their aca- factors: “strategic planning discussing the event with demic performances or nega- and eliminating non-essen- Amer, they both realized the tively impacting their lifestyles tials.” need for “an emergency appli- cation which would allow users to ask for help” by pushing a button or shaking their phone. That’s what the AidMaid app is all about, and it is today avail- able for download on iOS and Android devices. As for co-founder dynamics, how do Amer and Mohamad work together on a venture as entrepreneurs? While they both have similar passions and Yaghi brothers at Endeavor DealMakers the same admirable work ethic, 2015 in Amman they do have their differences.
14 Entrepreneur february 2016 Aamal 4 Lay Press AD 27.3x20.3cm EN.pdf 1 1/18/16 3:54 PM in the loop
for improvement, primarily far behind, including “more Despite setbacks, startups and in the realm of getting more new business incubators,” and “support.” While only 10.4% “more government funding,” SMEs in the Middle East have a believe that SMEs have been in addition to “private sector doing poorly, the remaining mentors/guidance.” However, bright future, says London Business third of participants believe “fostering female entrepre- that SMEs are doing well. neurship” was at the bottom of Half of that third believes that the list- but that might not be By Kareem Chehayeb School Survey SMEs are managing to do well surprising, given that almost in a “less than supportive” 90% of the survey’s partici- ondon Business To ‘trep or not to ‘trep? environment. While more pants are male. School (LBS) has That is the question. entrepreneurial ecosystems in released the data and When asked about their “ap- the GCC are becoming more F&B and tech is where it’s results of a survey petite” for entrepreneurship, SME-friendly, some SMEs in at. Which sector appears to they conducted about almost half (45.4%) of the re- other countries are struggling be the most promising in the Lentrepreneurship and SMEs in spondents said that they have to reach their full potential. Middle East? The majority the Middle East. The survey, considered setting up their It’s another case of flourishing (36.5%) claims it’s F&B, and whose results were published own business, but haven’t pur- economics being able to pro- 29.8% say IT and tech. Travel in December last year, was sued it just yet. Is it a matter of vide more for their entrepre- and tourism, hospitality, conducted with 500 members confidence or comfort? While neurial ecosystem than others. marketing and media all fall of the LBS community, which 23.1% of the respondents That being said, whether below 10%. Whether it’s the included alumni, executive claimed to have already set up you’re in the UAE or in Egypt, GCC, the Levant, or North MBAs, and members of the at least one business, 45.6% there is always more than can Africa, there always have been school’s Middle East Club. are rather confident of start- be done to give SMEs a lift. many F&B ventures. We’ve While the survey’s participants ing up their own enterprises noticed some external efforts were from a variety of nation- soon, and 26.9% aren’t. All in More guardian angels to take them to a new level, alities, it’s worth mentioning all, it’s safe to say that most –a.k.a. investors- are but not as much as tech. In that 33% of them originate people are just waiting for needed. Given that there’s the GCC, we’ve seen Qatar, from Saudi Arabia, and 25% the right time- maybe they’re more that can be done for the Saudi Arabia, and the UAE from the UAE, which together trying to garner resources, or Middle East’s entrepreneurial heavily prioritize creating make up 58% of the partici- looking for the right partner. ecosystem, what are some spaces and conditions worthy pants. It’s also worth noting of the ways to do just that? of a flourishing tech industry. that 89.2% of the survey’s SMEs are overcoming a When asked to rank certain In Lebanon, we’ve seen the participants identified them- “less than supportive” measures that could be taken emergence of the UK Lebanon selves as being male. environment. The survey’s as areas needing improvement, Tech Hub, and a similar participants were asked to the highest average went to the initiative that the French The vote of confidence is judge the current situation need for more “private” or an- ambassador announced at high. Entrepreneurship for SMEs, and 56.3% say gel investors. That said, most the second edition of BDL is growing in the Middle that there is certainly room of the other measures weren’t Accelerate last December. East. Most of the survey’s participants showed confi- dence at the growth rate of London Business School, the region’s entrepreneurial Dubai International Financial Center ecosystem. 37.7% described growth as “fast” and 30.2% described it as “steady”- that said, 24.6% believe that entrepreneurship is growing at a “slow” rate. Of course, it’s important to take into consideration the diversity of economies in the region. In the UAE, Qatar, and Saudi Arabia, we’ve seen long-term and ag- gressive initiatives to improve tech infrastructure and other conditions that will increase entrepreneurship. That may not be the case in countries such as Egypt and Jordan, whose entrepreneurs often cite infrastructural blockades to innovation.
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Before the introduction of Law, which came into ef- free zones, all foreign busi- fect in August of last year, nesses were required to have and removed the previous a local partner who held at requirement of a Qatar in- least 51% of the company’s corporated Limited Liability capital.” He further adds Company (LLC) to have a how this was a concern for minimum share capital business owners keen to of QAR200,000. In other enter the market, although, words, with the country’s not willing to hand over the pro-business environment, majority of their company fast-growing economy and shares. geographical proximity to the rest of the world, Qatar EXPANSION TO QATAR presents attractive opportu- After four years of op- nities for business wanting erations in Dubai, in 2006, to stimulate their home Links Group expanded to markets. Qatar. The fast evolution of the Qatari market acted as a “As the country’s motivator, and the decision legislative environment DOING was made to launch opera- becomes more efficient tions in Doha. “With one of and aligned with international arbitration the most promising project standards, we expect markets and under the pres- investment flow into sure of an immovable dead- the country will gather line to be ready for the 2022 significant momentum BUSINESS FIFA World Cup, the country over the next few years.” is currently in the midst of a construction boom “As the country’s legislative and taking great strides to environment becomes more attract foreign investment efficient and aligned with and expertise to support its international arbitration IN QATAR economic diversification in standards, we expect invest- accordance with its National ment flow into the country Vision 2030 economic strat- will gather significant egy,” says St. Valery. momentum over the next While Qatar is one of few years,” says St. Valery. the smaller Gulf states in Nonetheless, Links Group (RIGHT) terms of population and also faced some challenges geographical area, it boasts prior to setting up an office>>> Links Group founding partner of the third largest natural gas reserves in the world. John Martin St. Valery “This abundance of natural QATAR FOREIGN INVESTOR RESTRICTIONS By Erika Widén resources coupled with recent legal liberalization, The Foreign Investment economic diversification and Law in Qatar places two inks Group was says John Martin St. Valery, a burgeoning economy mean main restrictions on foreign established founding partner of Links that there are many oppor- investors who wish to in 2002 to Group. tunities for investment in incorporate under the simplify the St. Valery explains how Qatar. These opportunities Companies Law; limitations process or mar- at the end of the 1990s and have been greatly enhanced on the percentage of foreign ket entrance early years of the millen- by Qatar being chosen to ownership and the types for foreign nium, Dubai was yet to un- host the FIFA World Cup of business in which the for- companies– we worked on dergo the kind of large-scale in 2022.” Foreign investors eigners can invest. Foreign Lchanging the partnership development which is visible are welcomed and various investors may only invest structure and establishing today. “Being an entrepre- incentives are available in Qatar in accordance practices that simplified neur was an exciting experi- to attract foreign capital, with the provisions of the the process, ensuring they ence– everybody was talking including tax and customs Foreign Capital Investment would have beneficial about the potential for duty exemptions. In addi- in Economic Activities Law ownership of their company, future projects, from prop- tion, St. Valery highlights (No. (13) of 2000). despite the ownership laws,” erty markets to free zones. the Commercial Companies
18 Entrepreneur february 2016 “We want to be recognized by our cli- ents, poten- tial clients, employees and competitors as the best in our field.” John Martin St. Valery, Founding Partner, The Links Group
february 2016 Entrepreneur 19 INNOVATOR
“In the event that anything should happen to your local part- ner, you have to ensure the busi- ness is protected through appro- priate succession planning.”
in Doha. St. Valery recalls formation specialist, we of- how the rapid rate of growth fer beneficial ownership pro- in Qatar has outpaced the tection to foreign companies advancement of regulations and advise corporations and and administrative systems. individuals on how best to “This has probably been structure a legal commercial the biggest challenge as the presence in the Middle East systems we had become ac- that protects their owner- customed to in the UAE were ship interests and affords not yet present in Qatar. clear succession planning,” This being the case, I think says St. Valery. Specifi- we also have to recognize cally, he explains the Links the improvements Qatar is Group corporate nominee making.” For instance, e-gov partnership structure, services, which is the need which was pioneered by the to be more efficient with Links Group team 12 years company formation enticing ago with the support of the entrants; Enterprise Qatar, Dubai Foreign Direct Invest- a government entity, which ment Office (Dubai FDI), provides financial support which allows foreign-owned and advice to the small me- companies to work with a dium enterprise market; and highly structured board as a Qatar Development Bank local partner, as opposed to (QDB), financial assistance an unknown individual. for startups requiring credit As a result, this structure facilities whereby QDB provides foreign businesses Monitoring Committee can cost-efficient and hassle- may act as the benefactor. with a corporate entity to fine or jail foreigners run- free forms of financing, es- That’s all “in addition to act as their 51% nominee, ning companies in the name pecially considering you are Eco Zones- although we do local partner, shareholder or of nationals.” able to draw on these funds not yet know the full details sponsor, thereby minimizing In addition, the share capi- once the company is regis- of this proposition, it is the risks associated with tal requirement for busi- tered.” Another important expected to follow a similar appointing an unknown nesses incorporating a local consideration is to ensure free zone model as the UAE.” individual nominee, and entity under the Commercial to have the right agreements at the same time satis- Companies Law can present in place between the entity ADVICE FOR POTENTIAL fies corporate governance a challenge for foreign inves- and the local partner. “In the INVESTORS IN THE QATARI requirements. However, as tors. “At the moment, bank event that anything should MARKET in any other country in the finance is rarely available in happen to your local partner, According to St. Valery, region, St. Valery highlights Qatar for startup operations, you have to ensure the busi- Links Group partners, how are there a few barriers although some lenders will ness is protected through protects and enables foreign and pitfalls investors should assist those firms operating appropriate succession plan- companies to enter the be wary of before setting in government-sanctioned ning, allowing the transfer of market while safeguarding up a business in Qatar. For priority sectors, such as oil the partner’s responsibilities their status as business instance, the Companies and gas.” For this reason, St. via irrevocable power-of-at- owners. In addition to Law provides for a “proxy” Valery suggests that angel torney arrangements,” adds combining business acumen position, whereby it is not investment is an option St. Valery. Furthermore, for with robust legal counsel, possible to have “silent” worth exploring, along with foreign companies looking as the Links Group’s team local partners. “This law is private investment from to enter the region, mitigat- ensures clients are protected meant to ensure that nation- venture capital firms and ing risk and maximizing at all times, and can build als incorporate businesses self-funding. “Personal sav- protection of assets is the a business, which they own through the correct vehicles, ings or loans from friends first challenge, and should and control. “As a company and the Proxy Business and family can be the most be the priority for their legal .linksgroup.com .linksgroup.com www
20 Entrepreneur february 2016 counsel. “They need to un- capitalize on the lucrative are very similar in both the only one project under each derstand where the business prospects Qatar has to offer. UAE and Qatar. “The com- branch license.” intends to operate, expan- “To maximize your success, mercial companies’ laws are As a result, Links Group sion plans and ultimately be sure to develop a well- very similar in both jurisdic- mission is simple: to exit plans to guide them researched business plan, tions. Namely that a major- partner, protect and enable through the best structure maintain the appropriate ity local partner is required companies to have beneficial and statutory requirements legal structure, allow for to operate a limited liability ownership and control of needed for company incor- shifting time frames for your company which is the most their business in the Gulf poration.” company formation, and be common structure in the Region. “We want to be Along the same vein, St. aware that you will need to State of Qatar. A branch of recognized by our clients, Valery says that important engage the on-going services a foreign company in Qatar, potential clients, employees factors to consider if plan- of a Public Relations Of- however, is restricted to gov- and competitors as the best ning to develop a business ficer (PRO) to assist you ernment projects only and in our field.” based in Qatar include with government renewals corporate structure and legal and approvals such as your know-how. For instance, the company Immigration Card,” LINKS GROUP OVERVIEW most important decision continues St. Valery. “Keep is choosing the right legal up to date with business • Links Group collaborates essential steps to company presence of one’s business. tax requirements, and most with the most experienced, registration: security, trust, “Qatar commercial licensing importantly, select your knowledgeable commercial expertise, professionalism is somewhat complex and Qatari business partner and legal experts in the and speed. distinctive in its makeup, carefully. By embracing the region offering bespoke differing from the models Arabian culture of Qatar, succession planning and en- • Links Group difference to which most international you will no doubt begin to suring beneficial ownership is that foreign companies businesses are accustomed. reap the rewards of doing and control for our clients. work with a highly struc- For this reason, it is best to business with this dynamic, By recruiting the brightest tured board as their local engage a commercial facili- proud and enterprising na- minds with the sharpest partner as opposed to an tation and advisory service tion.” In Qatar, most foreign business acumen in the unknown individual. The to uncover all the facts, companies require a Qatari region, and partnering with firm undertakes all company establish your corporate national to hold a minimum top legal experts, the clients formation activities on be- structure, and ensure no of 51% share in the Qatari get access to a unique level half of its clients to provide stone is left unturned. Once entity. “Establishing a com- of service. a seamless and stress-free you have found the best mercial presence through process for establishing a structure for your company, the implementation of the • Links Group benefits commercial presence in the the next step is to appoint a corporate nominee partner- clients of any type; es- UAE and Qatar. lawyer to incorporate your ship structure for onshore tablished, government business and become legally trade licenses, as pioneered or private, sole trader or • In 2014, Links Group registered.” by Links Group, will keep conglomerate, through the extended its beneficial He further adds how for businesses’ ownership pro- wealth of local specialist ownership protection those already familiar with tected, succession planning expertise and knowledge services with the launch of the region, it goes without clear, and its 49% share- among Links Group Global Solutions. The new saying that an essential holding secure through the partnered companies, offshore fiduciary service virtue for success in the establishment of an offshore which offer direct access to allows foreign companies Arab world is patience. entity.” personalized management registered in the UAE or With patience, flexibility In other words, the systems and procedures. Qatar to protect their 49% and due diligence, there model allows international business interest through is opportunity aplenty to companies full financial, op- • Links Group is the first incorporation of a holding erational and management company of its kind to be company in the British control over the entity nor- endorsed by the Govern- Virgin Islands. The company “By navigating mally via a power of attor- ment of Dubai through a has an untarnished track and mastering ney granted to the General strategic alliance with the record with over 300 clients, the region’s laws, Manager. “By navigating and Foreign Investment Office who represent combined legal counsel can mastering the region’s laws, (FDI) of the Dubai Economic annual revenues of over help businesses legal counsel can help busi- Department and provides $US5 billion to their respec- retain beneficial nesses retain beneficial own- an unrivalled portfolio of tive economies. It is also ownership and ership and control with the corporate services including recognized as a Dubai SME ability to terminate arrange- nominee local partnerships, 100 company, a ranking of control with the ments without penalty,” says corporate administration the top performing SMEs in ability to terminate St. Valery. In summary, he and government liaison the emirate, and an Arabian arrangements further explains how the support. It provides the 500 company. without penalty.” commercial companies’ laws
february 2016 Entrepreneur 21 in pictures
Lightweight battle Fix GITR KSA Tag vs. Vanoman
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24 Entrepreneur february 2016 Walking the talk Entrepreneur and investor The co-founder and Managing Partner of Leap Ventures really Noor Sweid has done it all By Aby Sam Thomas
f you’re looking to 2006 and ran until its sale in deals, and we are hoping “ succeed, keep your 2014), she’s been an investor that this year, we’ll look at eyes and heart open in and mentor for several even more. As the pipeline to opportunities. startups in the Middle East grows in the region, and more You’ll miss oppor- ecosystem (besides her own people start companies, and tunities that come portfolio of past investments, more of the companies grow, to you if you’re Sweid is also a member of more will filter into our pipe- not open to them. Success is the Board of Directors at line. So, we are very active in Iabout seizing the opportuni- Endeavor UAE), and she’s terms of looking at deals, and ties that present themselves currently a Managing Partner then assessing them and see- to you.” This is what Noor at Leap Ventures, a MENA- ing how many really fit into Sweid told the audience dur- based growth stage venture our verticals and our man- ing her keynote address at capital firm. So yes –if that date.” It must be noted here the Entrepreneur Middle East last sentence’s length didn’t that Leap is solely focused on Achieving Women’s Forum in make it clear already- Noor growth stage companies- not May last year, and one look at Sweid does seem to have done startups. So, of the 200 or her impressive career graph it all. so enterprises Leap’s team so far makes it clear that this But for all of her wins in reviewed, Sweid reveals that is, indeed, a woman who has the realm of business, Sweid only 17% of them even quali- (and continues to) put into had no airs and graces about fied as being in growth stage. practice what she preaches. her when I met her for this But while the pool of qualified Sweid definitely seems to interview, during which she applicants may be a small have an uncanny eye for great freewheeled on everything one, the need for a firm like opportunities- her work pro- from her work ethic to the re- Leap in the Middle East can- file reads like that if someone gion’s ecosystem. In terms of not be understated. who has, really, done it all. what she’s up to these days, “There are a few VC firms She’s worked for big-name Sweid’s focus is currently [here] that look at early corporates (these include on Leap, which launched a stage, so companies can raise Charles Schwab and Accen- $71 million fund for Lebanon $1, $2 or $3 million from a ture), she has facilitated her last year, and is now in the few different firms,” Sweid family business’ (the Dubai- process of putting together explains. “But what happens headquartered global interior an $80 million regional fund. to companies when they actu- contracting company, Depa) “As with any venture capital ally have solid revenues, a multi-million dollar growth firm, we do several things good team, they have growth, and eventual US$1 billion simultaneously,” Sweid says. and they need a $5-10 million IPO, she’s launched and “So we look at the pipeline, check? It’s that they can’t run her own business (the we invest in companies, and raise that money regionally; ZenYoga chain of yoga studios we raise our own funds. Last they have to go global to raise in Dubai that she founded in year, we looked at about 200 money, which takes a lot of >>>
february 2016 Entrepreneur 25 innovator
time and energy from the says. “So we are still closing entrepreneurs. So rather than our first fund- it takes about “Business has ups growing their business, they 2-2.5 years to raise a fund, spend exorbitant amounts of so we are in that process. and downs, but when time trying to fundraise for We find that there is also a their growth. Globally, about high level of enthusiasm from you become part of 2% of entrepreneurs make people around us, who under- it to Series B growth fund- stand what it is exactly that people’s lives, they ing, and these are actually we are doing. That’s actually companies we find a lot less going very well. I guess the want you there.” risky than others, because flip side of the coin is iden- they have already overcome tifying the entrepreneurs, company. So how did she go culture, but we were lacking that part [of the entrepre- working with them, and really about making her presence in policies and processes and neurial journey]. And no one enabling the growth of their felt, and ensure that her voice systems. So how do you bring here was doing that. So we companies, which is what gets heard? “I think that be- those in without destroying thought, as entrepreneurs we like to spend most of our cause I had been a consultant the culture? There was an ourselves –the four partners time doing. So that’s where before, I knew my strengths opportunity, in that there was at Leap (besides Sweid, the most of our energy goes.” So and my limitations,” Sweid no dominant global player in Leap team includes Henri what are Leap’s criteria when says. “And when I joined our niche market. How do we Asseily, Hala Fadel and Hervé choosing entrepreneurs and our family business, I didn’t become that? Why wasn’t Cuviliez) have each started enterprises to fund? “We are know the first thing about there one? So, my strengths companies, have each exited looking for something with the industry. It’s easy to learn were mainly the strategic companies- we have done the a really large market- so, it’s an industry, but that doesn’t thinking, the enablement of whole entrepreneur thing, great that you can grow and mean you have the experience the growth, the growth plan- we know how hard it is to you have a great team, but required to be a CEO in that ning, identifying different actually grow your company, if the market’s very small, firm. So I never intended to markets, identifying potential and we know that’s where, for then the options are limited,” kind of take on my father’s partners in those markets and us, the ideal return profile is Sweid replies. “We are [also] role as CEO, and I would be structuring partnerships and in investment. We’ve all been looking for a leader- an entre- very transparent about that: joint ventures- so I could do investors: pre-Leap, between preneur who can really lead I cannot walk on to a project all that, which is, in effect, us, we have invested in about a team, and [has] a strong site and tell you what’s going strategy and growth.” 50 different angel companies. value proposition.” right, and what’s going wrong. But changing -or even So we have looked at the dif- While Sweid may be heavily So I had no business telling modifying- corporate cul- ferent parts of the ecosystem, involved with the region’s managing directors or project ture, be it at a startup or a and as ex-entrepreneurs and startup ecosystem right now, managers how to make money conglomerate, is not a simple savvy investors, this is prob- her background is from a on-site, because I don’t know! task, and Sweid realized that ably where we can add the rather different sphere of And even if I were to spend first-hand at Depa. “It’s never most value, in terms of taking business. She started out her five years learning how a easy, because human nature a company from ‘I know what career as a consultant for site operates, I still wouldn’t is reluctant to change,” I am doing; I have revenues biotech and pharmaceutical have as much experience as Sweid explains. “And I got a too’ to ‘I am a regional suc- companies in the U.S., fol- them, because I haven’t done lot of resistance. But I think cess story.’” lowing which she moved to as many projects as them, that when you have enough Since its launch, Leap has Dubai in 2005 and worked because some of them have knowledge, data points, ex- funded only a few companies- with Depa, a company that plenty of years of experience. perience to convince enough its latest investment was a was co-founded by her father, So I knew that was very much people to try something, and reported $10 million in the Mohannad Sweid. “When I my limitation and my knowl- put their heart in it, and Saudi Arabia-based UTURN came over here, I went to help edge. Where my strengths if in six months, it doesn’t Entertainment network. But out in the family business for lie are in identifying our work, we can go back to do- these are still early days for three weeks, and that turned opportunities, our strategy, ing it your way. But at least, the venture capital firm, and into eight years,” she remem- our growth, our planning, give it six months. And so, if Sweid’s enthusiasm for bers. “The first three years enabling culture- and when when they see that you’re the region’s ecosystem is any of that, the company went it comes to growth at a lot of so convinced, but you’re not indication, one can certainly from $60 million revenue to family businesses, culture is forcing it down their throats expect more announcements $600 million revenue. And what’s fundamentally impor- -you are just forcing them to from Leap in the near future. then I ran the IPO for that, tant. Because you’ve built a try it- then it becomes a lot “There are so many amazing and I continued being very culture- great; now, is that easier to convince people to entrepreneurs doing great involved.” But even as Sweid a strength, or a weakness? change.” And the company things, and enabling them recalls the highlights of her Because if it’s a weakness, did change- during her time to grow into regional, global time at Depa, I can’t help but then you need to change it. If as Depa’s Head of Strategy, success stories is really what wonder: despite her familial it’s a strength, then that can the company grew from 1,000 we want to do, and so, we do connections, she probably be your biggest strength. So employees in six countries get excited about the different would still have been seen when I came in, I saw there to 8,000 employees in 22 opportunities out there,” she as an outsider of sorts at the was a very strong corporate countries. In 2008, Sweid
26 Entrepreneur february 2016 led Depa’s IPO- it was the probably, hopefully, do better to fill that gap in the market- processes and policies to first private company in the with or without us: that’s the she put together a space govern the studio’s day-to- UAE to be listed on NASDAQ achievement. At some point, that had the ambience, the day activities, Sweid had her Dubai. But making the family you kind of have to let go of it, qualified teachers, and the hands full through all of the business a publicly listed and see how it does without set-up she herself was looking years she ran the enterprise. one- how difficult was that you.” for, and behold, her small She thus went through all of decision? “I think, in our Sweid’s answer is indicative business, ZenYoga, was born. the oscillations one can ex- family, we genuinely believe of her own thought process “I started it, so that I could pect to see in a startup’s jour- that building something that when it came to the lifecycle practice [yoga], with the ney- but in what is perhaps a outlives you is a much larger of her own entrepreneurial thought that if this was good testament to the “keep-at-it” success than building some- endeavor, the ZenYoga chain for me, it’s probably good trait consistently seen in suc- thing that needs you,” Sweid of yoga studios that she for many other people,” she cessful entrepreneurs around replies. “And none of us are founded in Dubai in 2006. remembers. “And if I person- the world, Sweid too stuck to very attached to anything we The origin story for ZenYoga ally want this for the benefit her vision, and kept moving build. On the contrary, it’s is quite a simple one- after of my health, I am sure lots ahead with her enterprise. about building things for the she moved to Dubai, Sweid, of other people do as well. So “Business has ups and downs, greater ecosystem that are who calls herself “a huge be- the fact that it didn’t exist but when you become part of successes in off themselves, liever in yoga,” found the city was just the reason to create people’s lives, they want you regardless of whether you lacking in spaces where she it. If it had existed, I wouldn’t there,” Sweid says. “So, creat- are involved or not- that could practice the discipline- have started it- I would have ing that community and that is the achievement. So, for Dubai may have yoga studios simply gone to classes!” But network is very important. us getting the company to by the dozen today, but re- while she may have started Yes, businesses have ups and a point where it’s publicly member that this was 2005, ZenYoga out as a personal downs- but I think if you are listed, it continues with or and yoga hadn’t become as endeavor of sorts, Sweid soon part of people’s lives, part of without us, it’s struggle much of a buzz as it is now. saw that what she had creat- the community, and you cre- with or without us, it’ll then So Sweid took it upon herself ed was actually bigger –much ate a brand and really provide bigger- than that. “I was right people with something they in that lots of people wanted like and they need at the same the same thing- a nice place time, it is quite resilient.” to practice yoga, with a quali- To its credit, ZenYoga fied teacher at a reasonable proved to be a sustainable price. It met everybody’s business in the long run- needs, and so, demand was Sweid, however, eventually huge. And so we grew as a sold it to a private equity firm business; we brought in more in 2014. When I asked her teachers- by the time I left why she did so, Sweid had a [the enterprise], we had 72 rather matter-of-fact reply. people working at ZenYoga, “Well, I started ZenYoga, and it had become the biggest because there was nowhere chain here.” to practice,” she says. “So I ZenYoga’s trajectory as had achieved my goal- I had a business may be looked created somewhere I could upon as a startup success practice. At the same time, story today, but much like any every time I would now walk entrepreneur in this region, into the studio, I would be Sweid too had to grapple with inundated with business sleepless nights thanks to all problems. So it no longer be- of the challenges she faced came a place I could practice- when getting her business so it ended up defeating its on the road. Bureaucratic purpose for me, personally. challenges were aplenty- for So when one of the firms here instance, given that yoga was consolidating wellness wasn’t as prevalent then concepts in the region and ap- as it is today, getting the proached me, I thought that business registered properly made a lot more sense- they with the authorities was a could give it what it needed, task by itself. The running and I could get somewhere of the studios was another to practice back!” As for Noor Sweid at major hurdle- from managing whether she had any struggles Entrepreneur’s schedules of all of ZenYoga’s letting go of the business she Achieving customers and ensuring they had built up from its infancy, Women’s Forum in May 2015 all have a fruitful experience, Sweid dismisses the idea- to setting out procedures, much like her thoughts on the >>>
february 2016 Entrepreneur 27 innovator
public listing of Depa, Sweid ness needs new blood every just in this part of the world, with a laugh, “I’m not going says she felt the same way once in a while. The reason but everywhere.” you to tell about them!” about her sale of ZenYoga as Aramex will grow is because As for other faults she sees Jokes aside though, she’s still well. “My personal philoso- he implemented policies, with entrepreneurs today, reluctant to name anyone in phy is that you build some- procedures, corporate gov- Sweid feels that they’d be particular (she does mention thing that doesn’t need you,” ernance, structures, so as to better off if they were to focus UTURN here, but I feel that’s she explains. “You should be make sure everything is being on just one thing at time. “I a safe answer just to placate there because you want to be done properly in the manner think lots of entrepreneurs me, than anything else), and there- not be there, because that he sees fit, without him are trying to do too many her reasoning for that again if you’re not, it’s not going to being there.” things at once. So they are is so that entrepreneurs will do well.” This drive to create a all, like, betting on several avoid misconstruing fame as But wait- isn’t that at odds sustainable, long-lasting horses- but that’s not their success. “I find that when with what industry leaders business is what Sweid en- job, that’s the investor’s job. people become role models, say about entrepreneurs hav- courages (and wants to see) You go start one company, then fame and success get ing to be hands-on with their in all of the entrepreneurs and put all your eggs in one confused,” she explains. “And businesses? “When they are she meets in her role today basket- as an entrepreneur, I think that the ecosystem first starting up, yes, they as a mentor and investor- ac- that’s what you are supposed is not yet at the stage where need to live and breathe the cording to her, for a business, to do, so that someone comes we can afford that. We need business; everybody does. I being successful and being along and believes you. If you our successful entrepreneurs did for Zen Yoga, my father famous are two entirely dif- believe in what you are doing, to be focused on growing did when he started our ferent things, and it’s crucial other people will believe in their businesses and being family business- everyone that entrepreneurs don’t mix it too. If you are doing two successful entrepreneurs, not does that at the beginning. the two up. “It’s important or three different things at on being role models and on You have a few years where for people to realize that once, then that means you a speaking circuit. Because you are the business, and success is not starting a com- don’t believe in any of them- our businesses [here] are not the business is you. But, ul- pany- success is growing a and lots of entrepreneurs do that strong yet- they aren’t timately, if you want to grow company,” she explains. “It’s that.” Sweid also wants to see enough success stories here it to something sizeable, you easy to write a business plan, entrepreneurs talk less, and that we can afford that.” need to think about how you [but] it’s not going to get you do more. “So many times, It may not be the answer I can close your eyes, and know very far. It’s not worth the so many entrepreneurs, they was wanting to hear- but that somebody else is doing paper it’s written on- because say, ‘I’m going to do this; Sweid does have a point. The this the same way that you that’s definitely not what’s I’m going to do that.’ Well, region’s ecosystem is growing, would have done it, or even going to happen. It’s difficult why haven’t you done it yet? yes- but we need it to grow better. And that’s where your to go get your license and Don’t tell me what you are much bigger before we can policies, processes, teams registration and everything- going to do- tell me what champion it to the world at come in, and that’s when you fine, okay, whatever, that’s you have done.” Sweid also large. And with people like really start to scale. If you are just bureaucracy and money. sounds a warning note for the Sweid along for the ride, one still needed in every meeting, Then you actually have to die-hard networkers in the hopes that it will happen you should either be in the build your product. Then you MENA entrepreneurial eco- sooner than later. startup phase, at which point have to convince people to system. “I think too many en- that is totally okay. But if buy your product, at a price trepreneurs spend too much you are a sizeable business, that makes sense for you to of their time in meetings, Noor Sweid’s tips and you are still needed in make money so that you can and not enough time actually for ‘treps every meeting, you are doing grow your business. And doing stuff. So unless you are something wrong.” Sweid then, you have to do that a in a meeting because you are 1. “Know your numbers.” uses the example of Aramex thousand times. And then, selling your product or ser- 2. “Stay focused.” co-founder and Vice Chair- you have a company. And vice, don’t take the meeting. 3. “Create value… You man Fadi Ghandour –one of then, it’s worth talking about! Don’t spend half your year have to create value that the most vocal champions of I think a lot of people here on conferences. I think if you you can monetize. The the region’s entrepreneurial confuse fame and success. have an awesome product, focus should not be on ecosystem- to drive her point And that’s something we see you’ll have to network half as making a profit- but if you home. “Look at Fadi Ghan- consistently- companies that much. If you have a decent are creating value that dour- great example. Is he have amazing branding, lots product, you’ll have to net- no one’s willing to pay involved at all with Aramex of fame, but, you just peel one work twice as much. So… go for, then that’s irrelevant. [today]? No. And that’s the layer of the onion, and you build an awesome product!” Because you are not really success of it. It’s that he realize that it’s much smaller At this point, I ask Sweid creating value.” has built something that no than what one would think. to tell me the names of 4. “Don’t confuse fame longer needs him. That’s the There are very little revenues, startups or entrepreneurs in and success.” wow. If he was still day in there’s almost no traction- the region that have actually 5. “Don’t underestimate and day out involved with but the entrepreneur thinks impressed her, or are worthy the value of corporate Aramex, he would be helping they are incredibly success- enough to be considered as culture- it gets you a long it grow, but also stifling its ful. So confusing fame and role models. She takes a mo- way.” growth, because every busi- success is happening a lot not ment to think, before replying
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PART 1 The entrepreneur’s angle Finding your negotiation comfort zone By Neil Petch
THE NEGOTIATION While negotiation is one of the most crucial business skills to develop and develop well, it must be said that it is, for HANDBOOK many, a rather painful part of the corporate world. Due to a potentially long list of reasons, a lot of otherwise extremely capable business people at all FOR ENTREPRENEURS levels –from the junior sales- person all the way up to the Get what you want, when you want it CEO– simply don’t like it. I have had many colleagues and friends tell me over the years they are just not good negotiators, or “bargainers.” You probably hear that latter term used more often on the personal front, like when you are on vacation and you get to haggle with a vendor over the price of some souvenir– some- thing that many people simply dread. While it’s not quite the same thing as being seated opposite a potential client or vendor in an office setting, there are certainly some paral- lels. And studies will tell you this lack of comfort –or this extreme discomfort– comes in large part from a lack of preparedness. There are those who many would call “born negotiators,” but upon a closer look, what the majority of those so-called “born negotiators” possess is simply the gift of gab. That alone won’t actually help you too much when it comes down to the finer art of deal-making. What will, however, is the preparation. The true “born negotiator” is, in fact, the one who properly prepares for every encounter. So let’s start on that note while going into four other essentials that will help you find your negotiation comfort zone:
30 Entrepreneur february 2016 THE NEGOTIATION HANDBOOK FOR ENTREPRENEURS
1. Do your homework be buying and talk to others have finished. And this is a to work on that product or As the old saying goes –fail who have purchased it to see very important point, because service to improve it in order to prepare, prepare to fail– how much they paid; find out the closing of the deal is to give you that leverage and this is definitely true what you can about the pain often just the start of a very next time. In other words, a at the negotiating table. I’m points the potential buyer important working relation- good negotiator does actually sure these particular words of your product or service is ship or partnership, and you have something of value of advice will sound rather looking to address; and so on. wouldn’t want that to begin to negotiate over, and no obvious, but we often forget with one party having hard amount of smoke and mirrors that the reason something 2. There doesn’t have to feelings. will help cover up a mediocre turned out to be easier than be a winner and a loser offering. you thought it would be, or A frequent mistake people 3. Know what you’re worked out in your favor, is make when it comes to ne- worth, and then know 4. Get the information because you prepared well gotiating is to go in with the how to leverage it you require for it. mindset that there has to be As the seller, this one starts Being a good negotiator is a A quick diversion here to a winner and a loser– or that by taking an honest look at lot like being a good detec- make a point: consider the someone has to or will come what you are bringing to tive– you need to ask the right art of public speaking. Again, out with a significant ad- the table. If you are offering questions, and listen carefully those “born public speakers” vantage. The problem is that a product or service that is to the answers for clues that are not actually those who anyone going into a negotia- available elsewhere (which is will help solve your case. Or have simply mastered the ba- tion feeling they must win or pretty much always the case), in this instance, help you sic tips and tricks, but those come out on top is unlikely to then what is it that makes close a deal with favorable who prepare well for each compromise enough to seal a your package more attractive, terms. Call it “smart listen- speech or presentation. You fair deal; and equally, anyone and how exactly does a deal ing,” but what it is about is cannot, after all, be a good concerned about “losing” is with you bring more value uncovering what you need to public speaker by turning going to naturally be on the than a deal with one of your hear. And maybe you won’t up and asking what you are defensive, and may end up competitors? Only by know- uncover it too easily, in which supposed to talk about, then passing on a very legitimate ing this can you find and then case you have to probe with trying to smooth talk your and fair offer. subsequently exploit any le- more questions. way through it. verage over your competitors That 70/30 listening rule Instead, you research the Having the “walk away” option who are also negotiating with is a great one (that is, listen material that will go into your is one way to ensure you your prospect. 70% of the time and talk don’t say yes under too much presentation, pull it together pressure. this is not to imply As buyers, we are, most of 30% of the time), but it in the most logical and engag- in any way that you should the time, naturally skeptical, means nothing if you are ing manner, then practice it be too quick to call it quits. and we are all used to not getting the information until you make it look like Negotiations will often be getting the same spiel from you need. You have to be there is no better authority drawn out and require a lot competing vendors. How persistent and even dogged on the subject than you. In of back and forth and will are you truly different? Are here. If the conversation is generally have a fair number other words, you worked of hurdles that need to be you, in fact, any different? going in circles and you are extremely hard to make it overcome. This one is very much based not uncovering what you need look easy. in reality. That is, if you are to uncover, then you have to What does this mean for In his book, Negotiation better than your competitors, keep at it. Try different ap- the negotiation process? Boot Camp: How to Resolve you should be able to show proaches, ask different ques- Well it can be a number of Conflict, Satisfy Customers, that in the form of results, tions, and if needed, get much things. And how you prepare and Make Better Deals, Ed through case studies or client more direct. depends on what side of the Brodow says that he enters references– or with the You will never feel as though table you are sitting at (buyer every single negotiation look- strong reputation you enjoy you are 100% informed. You or seller, for example), or ing for a “win-win” outcome. in the market. If you are on simply cannot be. As a buyer, what the negotiations are Go for what you want, he par with your competitors for example, it is only after about. says, but be prepared to give in terms of offering, then it you start using that product Whatever the scenario, away what the other party quickly becomes a price war, or service that you will see you need to prepare accord- wants too. Barrow says that which is often not much of a what the real value is. But it is ingly. Find out everything not only will deal success help to anyone’s business. your right and duty to get to a you can about the person or rates improve with this The point is this: knowing fairly comfortable place with persons you will be holding attitude, but the style is es- what you are worth may be a respect to informed decision- discussions with; get as many sential to a positive working bit of a wakeup call for you. making, and if that involves details as you can about the relationship between both You may not like what you poking and prodding till the product or service you might parties long after negotiations see. In which case, it is time cows come home, so be it. >>>
Neil Petch is the Chairman of Virtugroup. Petch founded Virtuzone in 2009 before launching Virtugroup, a holding company that has a wider mandate 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 treat- ing the symptoms.
february 2016 Entrepreneur 31 THE NEGOTIATION HANDBOOK FOR ENTREPRENEURS
5. Be prepared to walk outcome. So of all the tips sector competition to contain away presented here, I will stress costs to both the consumer Somewhat leading off from that the first point is the one and the government.” the aforementioned point, you need to keep in mind People who are successful do always be prepared to call above all others. Each and in diplomacy while serving quits on a negotiation. In fact, every negotiation you go governmental appointments in your mind you should be into will be different, so you often carry those skills over more prepared to do this than want to exhaust yourself to the private sector before find a deal. Too many things with preparation to make the and after careers in the public can go wrong with a purchase discussions all that much sector. The idea that many or a sale or a partnership, so easier. former statespeople later without a satisfactory level become sought-after private of comfort, it is not worth it. sector consultants is highly Having the “walk away” op- connected to the ability to “A successful entrepreneur tion is one way to ensure you PART 2 reach advantageously- is by definition a successful don’t say yes under too much The academic’s structured agreements, and negotiator.” pressure. angle if they’ve demonstrated Dr. Kerry Healey, Babson President Now this is not to imply in prowess at the negotiation any way that you should be Learning the tricks table. The skills required “Negotiating skills are incred- too quick to call it quits. Ne- of the trade to navigate widely different ibly important! We [at Babson] gotiations will often be drawn interests and goals during ne- believe that a successful out and require a lot of back “Of the many public sector gotiation periods fraught with entrepreneur is by definition and forth and will generally negotiations I have been stressors, and the impact of a successful negotiator in the have a fair number of hurdles involved with, the most a well-negotiated deal is an broadest possible sense of that need to be overcome. complex and impactful was achievement in itself. the term. The most successful Those win-win scenarios that passing Massachusetts first- entrepreneurs have created bring the most long-term in-the-nation healthcare products and services that en- benefits are almost never reform legislation when I FOUR QUICK STUDY TIPS gage the customer where they quickly and easily decided. In served as Lieutenant Gover- ON NEGOTIATING AS A ‘TREP are and move them to a place fact, the bigger the deal and nor with Governor Mitt Rom- By Dr. Kerry Healey that the visionary entrepreneur the greater or more impactful ney,” says Babson President, can see. the long-term gains may be, Dr. Kerry Murphy Healy. 1. KNOW YOUR ALTERNATIVE The interplay between the im- the more there is to discuss “While healthcare reform was ROUTE, AND That of the mediate needs of the customer through in advance. In short, a broadly desired goal, there other party and the vision of the entre- the more there is to win or were significant differences in “First, make sure to know preneur is in itself a type of lose. the approaches and priorities your alternatives (what do negotiation. For example, Doug of the numerous negotiating you do if you walk away from Rauch, former CEO of Trader Seeking a favorable parties, including the federal a deal?), and know the other Joe’s and CEO of Conscious outcome? There is government, the state legis- party’s alternatives. This type Capitalism, describes launch- no substitute for lature, insurers, hospitals, of assessment and data gath- ing his newest venture, Daily preparation doctors, and consumer ad- ering is important to perform Table, as an initially very tough There are great business vocacy groups.” One doesn’t before you enter into a nego- negotiation between his tar- lessons to be learned from need to be well-versed with tiation. This advice is often geted customers -hard-working reading about Houdini. He healthcare reform or with what negotiation professors people on a tight budget and was known for making his U.S. government policy and will say is almost the only no time to cook- and his vision escapes look so easy and procedure to understand the advice you really need for any of providing healthy, delicious, effortless that people were exceeding difficulty of the negotiation.” nutritious food to people with sure that he was aided by situation Dr. Healy describes. limited financial resources. some sort of magical power. The latter situation, one that 2. MAINTAIN YOUR Doug needed to hear that The truth, however, is occurred during her tenure as DECORUM, BUT STAND financial constraints were only that his tricks were often 70th Lieutenant Governor of YOUR GROUND part of the problem his busi- incredibly grueling and Massachusetts from 2003 to “Second, never confuse ness would need to address required tremendous physical 2007, proved successful not being ‘nice’ with giving up if his business model were to ability, and Houdini practiced only for the state, but as a economic value. Being nice – succeed. ‘Negotiating’ with his and prepared until the lasting hallmark of her career and striving to form positive customers changed the details execution was perfect. since it has since been adapt- relationships- does not mean of his product; shifted his focus Negotiation is one of those ed as a model for other states, you have to make monetary from selling low-cost groceries things that the more prepared and “nationally in an effort concessions. As our students to adding affordable, healthy you are, the more confidence to strike the delicate balance are often reminded, some- pre-prepared meals, while he you have, and the greater between extending coverage times walking away from a held fast to his mission. It’s the likelihood of a favorable to all, while engaging private deal is the best thing to do.” been a win-win outcome for Doug and the neighborhood!”
32 Entrepreneur february 2016 THE NEGOTIATION HANDBOOK FOR ENTREPRENEURS
3. KNOW Where to draw way. Negotiation is the effort can take that pain away, then The recommended read the line to bring about agreement it’s time to align your prom- By Amal Chaaban “When I asked some current between two or more parties, ise with a cost. students this question, their with all parties having the Many entrepreneurs regard The Negotiation Book: Your response was unanimous: right to veto. True, the their good or service as Definitive Guide to Successful don’t compromise on liquid- topic of money is invariably merely another product the Negotiating by Steve Gates ity- many young businesses involved in this process. But prospective buyer will stock, fail due to inadequate cash to good negotiation includes or a service to replace the one There is perhaps no more fund operations.” other critical components currently in use. However, important skill in business than that most entrepreneurs if what you’re offering is the art of negotiation. A good 4. EVALUATE YOUR either ignore or are unaware unique, then you’re present- negotiator can sculpt favourable APPROACH of. Here’s what you’re ing to the other side not an deals, advantageous employ- “Babson faculty teach probably doing wrong, and interchangeable offering but ment contracts, or even diffuse that you do not have to be how to get it right. an opportunity tied to the difficult situations using finely- unpleasant to make your in- better vision you have just honed skills. Steve Gates has terests and positions clear in 1. You think that you’ve painted for the buyer. Such released a second edition of his negotiations. To avoid a tense told the other side opportunities often come book, updated for a world that or tough situation, we teach everything they need with higher price tags, which has changed in expectations but that the best thing to do is to know. you had better be prepared to still wants the best bottom line to articulate what you want Do the following statements defend. for their dollar. He does this by and why, and take a learning sound familiar to you? explaining how negotiation is approach to understand why I. “My product has organic 3. You fail to realize both an art and a science that the other side may not want ingredients.” that every moment with when practiced correctly, can a specific aspect of deal. In II. “My services have a a potential client is a get the most out of a situation these challenging situations, money-back guarantee.” negotiation. be it for a finite contract or an we recommend adopting a III. “My customer support is This goes back to my original ongoing long-term partnership. ‘just want to learn’ attitude available 24/7.” observation that most en- Your Definitive Guide to Success- rather than taking a ‘this is a Sorry, but those are just trepreneurs identify a very ful Negotiating uses the term fight’ approach.” facts. What you must do narrow window as the time “Complete Skilled Negotiator” is provide your potential frame in which to discuss instead of just “Successful Ne- buyer with a vision. And I’m money. However, if the only gotiator” in referring to some- PART 3 not talking benefits, which time to seal the deal is when one who has both the abilities are often just repackaged you’re “negotiating,” then and the approach. Everyone can The pro’s angle facts. Here’s the sequence: what are you accomplishing pick this book up as it will prove Adjusting your after you describe the other when you network or partici- useful in both professional and mindset to prevent person’s pain and dissatis- pate in tradeshows? If you’re personal situations- after all, we faction, you present a true saving negotiating for some will all have to wrangle terms at negotiation fails picture of what his or her life future date, then are you some point. By Jim Camp will be like after using your simply handing out business products or services. In other cards? The reality is most entrepre- words, address how what Every moment you spend neurs begin to think about you’re selling will dramati- with someone you might do negotiation (this includes the cally alter the potential cus- business with -which means word “negotiation,” setting tomer’s problem. Then let the just about anyone you meet up a meeting, and the overall person take in the specifics of anywhere, at any time- is a negotiation process) only the new peace of mind they chance to create a vision for when it’s time to be shown will enjoy by doing business them. If you’re certain that the cash. In other words, in with you. you would display a warm, the minds of just about every nurturing and calm demeanor small business owner, a ne- 2. You fail to connect during a formal negotiation, gotiation is when the money the vision with your fee. then convey the same traits talks. If you know your potential at a busy industry event Nothing could be further client’s pain (which could and see how you can make from the truth, and I can’t be as simple as, say, their the other person realize you imagine the millions of current supplier’s inability can help them achieve their dollars entrepreneurs have to meet the delivery target goals. Every interaction with lost, over the lifespan of dates) and you’ve rendered a potential client is a negotia- their businesses, by defining a vision of that pain back to tion. No tables or conference negotiation in such a limited them and explained how you rooms required.
Jim Camp is a negotiation coach with a global clientele and the creator and chief executive of Negotiator-Pro, a negotiation strategy and training platform. He is also
See this article in its entirety at Entrepreneur.com entirety in its See this article CEO of The Camp Negotiation Institute and author of Start with No: The Negotiating Tools that the Pros Don’t Want You to Know.
february 2016 Entrepreneur 33 Register Now Online @ www.menagames.com
MENA Games Conference The Middle East & North Africa Region Games Conference MAR MIKHAEL HISTORICAL TRAIN STATION, 7 - 8 APRIL 2016 BEIRUT – LEBANON
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A GLIMPSE OF THE INDUSTRY LEADERS SPEAKING AT THE MEGA 2016
Fawzi Mesmar Tom Crago Brie Code Teut Weidemann Sho Sato Amir-Esmaeil Jason Della Rocca Magy Seif Studio Game CEO & Owner Former Lead Consultant Chief Analyst Bozorgzadeh Founder El-Nasr Design Director Tantalus Programmer Online Entertainment Media Create Cofounder Execution Labs Northeastern University King (Activision Blizzard) Australia Ubisoft Germany Japan Gameguise Canada United States Germany Montreal Dubai
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Coming together The Sharakah Forum in Oman brought together the media and SME sectors to discuss collaboration and growth for the Sultanate’s A GLIMPSE OF THE INDUSTRY LEADERS SPEAKING AT THE MEGA 2016 entrepreneurial ecosystem
ore than 200 people Role of Media in Supporting came together at the SME Development, the forum first installment of featured speakers hailing from the Sharakah Forum print, digital and broadcast Fawzi Mesmar Tom Crago Brie Code Teut Weidemann Sho Sato Amir-Esmaeil Jason Della Rocca Magy Seif M Studio Game CEO & Owner Former Lead Consultant Chief Analyst Bozorgzadeh Founder El-Nasr in Oman, which was held at media backgrounds, all of Design Director Tantalus Programmer Online Entertainment Media Create Cofounder Execution Labs Northeastern University King (Activision Blizzard) Australia Ubisoft Germany Japan Gameguise Canada United States the Shangri-La Barr Al Jissah whom relayed their insights Germany Montreal Dubai Resort & Spa on December 15, on how entrepreneurs can Entrepreneur Middle East 2015. The event, which was make best use of the various Managing Editor ORGANIZER BY CONFERENCE staged under the patronage of platforms available to them. Aby Sam Thomas PARTNERS Oman’s Minister of Informa- Speakers at the event included tion H.E. Dr. Abdul Munim the Hon. Hatim Al Taie, Oman bin Mansour Al-Hasani, was State Council Member and BUSINESS COMMUNITY MEDIA PARTNERS inaugurated in the presence of Editor-in-Chief of Al Roya PARTNER Sharakah Chairman and Board Publishing, Ghassan Talhouk, Member Hani Al Zubair, and Head of MENA Growth saw attendees from a variety of Markets, LinkedIn, Turki Al OFFICIAL PARTNERS LANYARD SPONSOR SUPPORTING PARTNERS backgrounds- these included Balooshi, founder, Al Balad entrepreneurs, SMEs, govern- Online Newspaper, and Aby ment officials, academics, Sam Thomas, Managing Editor, INDY COMPETITION PARTNER GAME COMPETITION PARTNER students and more. With the Entrepreneur Middle East. theme of the event being The forum.sharakah.om
february 2016 Entrepreneur 35 TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO
Indeed, in a region where about a third of the youth population are unemployed (the highest youth unemployment rate in the world), the formula is quite simple: to Numbers don’t lie build jobs, encourage entrepreneurship. To encourage entrepreneurship, reform The Middle East is officially the regulatory framework and step out of the way. crazy about self-employment In the MENA, both private and public sector By Suhail Al-Masri employees think of starting their own business. In fact, 62% of all employees are currently thinking of starting their ccording to the Entrepreneurship in the Middle East sur- own business, while 20% have tried in the vey, November 2015, 64% of working-age respondents past but cite they have failed or could not in MENA region would rather have their own business do so for different reasons. Only 11% of the workforce in the MENA region have never than be employed. Yes, you’ve read that right. 64% of thought of starting their own business. people in MENA, aged 18 and above, would prefer to be entrepreneurs according to the survey we executed on Bayt.com. The facts: Middle East A millennials want to be Six of every 10! Self-employment has acquired much significance in entrepreneurs recent years and in light of the political and economic turbulence in Our research has shown over and the region, lack of jobs, oil price fluctuations, and a growing desire for over again that young people in the region are becoming more interested in independence among the youth population, it is nothing but a logical running their own business than being by-product of these circumstances and a (very) plausible solution to employed. And unlike their parents Reasons for preferring to be ‘ self - employed ’ – By country and grandparents, for many millennials the problem of youth unemployment in the MENA. climbing the corporate ladders isn’t a
Q. Why do you say that you would prefer to ‘ be self - employed/ have my own businesses ’ ? > Reasons for preferring to be self-employed, by country
Saudi Total Algeria Bahrain Egypt Jordan Kuwait Lebanon Morocco Oman Qatar Syria Tunisia UAE Arabia
Base: 5,249 429 64 1,457 346 156 152 348 89 158 1,048 26 195 781 Personal fulfillment 54 34 45 60 57 48 50 56 55 51 58 54 48 52
Freedom to choose 40 42 39 35 43 40 34 40 45 43 42 46 43 46 work- life balance
Higher monetary gains 36 30 42 37 42 37 36 24 31 28 43 54 33 34
Be my own boss 35 36 42 27 38 42 39 32 38 45 37 35 45 41
Ability to give back to 32 33 28 28 35 28 25 43 45 37 34 38 36 31 the community
Freedom to choose 30 27 33 25 32 36 28 28 33 34 34 38 28 36 what to work on
Build business children 30 18 30 34 33 29 26 20 26 30 37 35 18 28 can inherit
Sense of pride 23 18 20 19 26 24 20 23 34 21 28 15 21 25
Freedom to choose 19 16 19 16 22 23 18 19 13 23 21 19 16 22 whom to work with
Avoid uncertainties associated with 12 9 13 9 13 14 13 8 16 19 11 15 6 17 employment
Family members are
3 3 2 3 3 4 7 2 4 3 3 - 3 5 .com self- employed t s © bay © s t char Base: Those who say they would prefer to ‘be self -employed/ have my own business ’ (5,249)
36 Entrepreneur february 2016
All figures are % ’s Small base for Bahrain (64), Oman (89), very small base for Syri a (26) Possibilities of a better job with a different major/school
The craze of self-employment has just > possibilities of a better job with a different major / school begun and is expected to soon fuel the next generation of jobs in the MENA region. Entrepreneurship has a ripple effect on GCC Levant North Africa societies: it leads not only to new jobs, but KSA UAE Qatar Lebanon Jordan Egypt Algeria also to better services and an improvement All figures are %’s in the standard of living, giving individuals a greater stake in the future. Base: All respondents 237 155 34 34 153 202 76
Yes, with a different major 36 28 15 44 29 28 25 goal they are struggling to attain; in fact, eight in 10 fresh graduates in the MENA Yes, from a different school 15 18 29 6 10 11 12 might be turning their backs on the Yes, both different major traditional career path soon and instead 12 19 29 15 14 23 14 become owners and runners of their and different school own business, as revealed in the Fresh No 37 34 26 35 46 39 49 Graduates in the Middle East survey, July 2015. Young people today want to be independent, build their own futures and have a fair chance to compete. As a matter (47%) of millennials in the region that is performing well, while 23% have of fact, the Millennials in the Middle East consider the lack of work-life balance to an established but underperforming survey, February 2014, has shown that be a main cause of stress. Moreover, 30% business. financial stability and independence is the mentioned long work hours at the office When it comes to reasons for being top priority for 78% of millennials in the was the cause of their stress, while 25% self-employed, 54% of respondents MENA. The same survey has also revealed said that heavy workloads affected their in the Entrepreneurship in the Middle that 66% of them want to learn and well-being. East survey say they do it for personal explore new things, while 57% would like Currently, a third of MENA respondents fulfillment; 40% believe it affords them to spend more time with their families. (33%) who are self-employed are at the the freedom to determine their work-life Alternatively, when it comes to the startup stage of their business; 22% balance; and 36% do it because they biggest causes of stress, almost half said they have an established business believe it brings about higher monetary gains.
Ease of >starting ease upof a starting new business up a new business The best cities for entrepre- neurship in the Middle East
3 5 6 6 4 2 SMEs are a pivotal force for any flour- 18 10 14 14 10 12 9 11 ishing economy and are considered one 24 16 of the main drivers for innovation and 20 20 25 31 31 36 employment generation in a country, and 21 35 according to the Entrepreneurship in 25 34 21 the Middle East survey, 83% of MENA 23 23 19 respondents personally know at least one 26 37 19 11 32 entrepreneur in their country of resi- 22 3 26 25 13 dence; 97% of whom are believed to have 14 12 7 5 5 5 7 3 been successful. Algiers Manama Alexandria Cairo Amman Kuwait City Beirut Casablanca In the MENA, both private and public sector employees think of starting their own business. In fact, 62% of all Don't Know Bad Poor Average Good Excellent employees are currently thinking of >>>
The top three difficulties cited by those 9 8 3 14 12 11 12 17 11 who have started their own business 21 include the unavailability of financing 24 17 21 25 27 30 35 (65%); economic instability in their 23 country (28%); strict governmental rules 29 30 24 25 28 32 and regulations (28%); and a perceived 20 16 24 need for personal connections or ‘wasta’ 16 15 5 10 12 7 7 (28%). According to the Top Cities in the 16 30 7 14 17 4 Middle East survey, October 2015, Dubai 16 19 13 14 8 7 11 4 ranks as the top city for starting a Muscat Doha Jeddah Riyadh Tunis Abu Dhabi Dubai Sharjah business, followed closely by Abu Dhabi.
All figures are %’s
february 2016 Entrepreneur 37 COMPLETE YOUR SPORTS KIT
THE ALL NEW SPORT360.COM
NEWS PODCASTS FIXTURES FAN RATINGS VIDEOS EVENTS CALENDAR ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO TREPONOMICS COMPLETE
starting their own business, while 20% include the unavailability of financing SMEs are a pivotal force for any YOUR SPORTS KIT have tried in the past but cite they have (65%); economic instability in their flourishing economy and are considered failed or could not do so for different country (28%); strict governmental rules one of the main drivers for innovation reasons. Only 11% of the workforce in and regulations (28%); and a perceived and employment generation in a country, the MENA region have never thought of need for personal connections or ‘wasta’ and according to the Entrepreneurship starting their own business. Perceptions (28%). According to the Top Cities in in the Middle East survey, 83% of MENA vis-à-vis ease of starting up a business the Middle East survey, October 2015, respondents personally know at least vary, with 13% of respondents indicating Dubai ranks as the top city for starting a one entrepreneur in their country of they believe that setting up their own business, followed closely by Abu Dhabi. residence; 97% of whom are believed to business is somewhat easy or even In fact, Dubai ranked either good or have been successful. extremely easy, while more than half excellent among respondents on the (56%) of MENA respondents believe following factors: the ease of starting a What’s next? that entrepreneurship in the MENA is new business (52%), lack of bureaucracy The craze of self-employment has just somewhat difficult or very difficult. in procedures and paperwork (52%), ease begun and is expected to soon fuel the The top three difficulties cited by those of finding finances to start a business next generation of jobs in the MENA who have started their own business (50%), market willingness to accept new region. Entrepreneurship has a ripple ideas and innovations (68%), market effect on societies: it leads not only to When it comes to reasons for being saturation (55%), the ability to find new jobs, but also to better services self-employed, 54% of respondents in the local talent to employ (52%), and the and an improvement in the standard of Entrepreneurship in the Middle East survey affordability of taxes and fees (48%). living, giving individuals a greater stake say they do it for personal fulfillment; Other cities such as Manama, Sharjah, in the future. Fortunately, more and 40% believe it affords them the freedom to Muscat and Doha, also emerged in the top more people in the MENA are looking determine their work-life balance; and 36% cities that scored extremely well on the at entrepreneurship options. Despite do it because they believe it brings about entrepreneurship factors used in the Top the challenges, our research indicates higher monetary gains. Cities in the Middle East survey. that entrepreneurship has become more popular than ever before. Encouraging entrepreneurship should Career> Growthcareer growth be every country’s focus across the region, as it bolsters the economy and 3 8 4 4 3 3 3 7 7 11 10 8 drives innovation. While young people 16 18 16 in the MENA are keen to start their 25 18 30 23 26 own business, financing is still a key 25 34 34 hindrance that business owners face. This 39 may suggest that the region needs more 28 40 31 30 30 investors to step in and help aspiring 22 22 entrepreneurs through funds, business 25 27 27 21 21 21 31 15 mentorship, lobbying for less bureaucratic 3 hurdles, micro-financing, and promoting 6 3 4 4 4 3 1 7 the spirit of entrepreneurship, among Algiers Manama Alexandria Cairo Amman Kuwait City Beirut Casablanca other solutions to turn the startup dream into a reality. Don't Know Bad Poor Average Good Excellent Young people today want to be independent, build their own futures 25 11 15 13 12 12 14 17 and have a fair chance to compete. As a
25 28 matter of fact, the Millennials in the 23 25 29 32 21 40 Middle East survey, February 2014, has
28 shown that financial stability and 35 29 26 36 42 independence is the top priority for 37 28 78% of millennials in the MENA. The same 18 18 15 21 32 survey has also revealed that 66% of 11 13 12 7 13 THE ALL NEW SPORT360.COM 9 11 4 4 5 them want to learn and explore new 2 5 1 2 5 4 2 4 Muscat Doha Jeddah Riyadh Tunis Abu Dhabi Dubai Sharjah things, while 57% would like to spend more time with their families.
All figures are %’s NEWS PODCASTS Suhail Al-Masri is the VP of Sales at Bayt.com. Al-Masri has more than 20 years of experience in sales leadership, consultative sales, account manage- FIXTURES FAN RATINGS ment, marketing management, and operations management. His mission at Bayt.com goes in line with the company’s mission to empower people with the tools and knowledge to build their lifestyles of choice. VIDEOS EVENTS CALENDAR TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO
Image still from Red Bull’s Kaleidoscope video on YouTube
Video has become 2016 heralds the popular with people new era of content because it’s easy to consume. It’s an marketing engaging and easily How to make your business messaging effective digestible format that comes in all shapes in the age of video By Ema Linaker and sizes. 2015 by itself was a busy year in video Video consumption n the ever-changing fast-paced world of digital, marketing: in July, YouTube in MENA social and mobile communications, complete announced that 400 hours What’s driving increasing with 24-hour news cycles and Facebook, Twitter, of video were being uploaded consumption here in the to the site every minute, Middle East is the fact that Snapchat et al reinventing the publishing model, and in November, Facebook you can easily watch video on Iwe will see video communications for brands and announced that they are the go on mobile platforms like services become mission critical as newsfeeds become generating eight billion video YouTube, Facebook, Snapchat overcrowded and result in reduced engagement over views per day. According to and Instagram, and in a Tubular Labs, 654.7 million mobile-first market, this is time. This, combined with ad blocking in various forms, videos have been uploaded very important for businesses means that businesses need to focus on quality content, by 66.7 million creators in to understand. According to and services with “fewer, bigger, better” video-first ads the last year to more than 30 IPSOS MENA’s 2015 Digital that offer a powerful combination of superior audi- video platforms. And these Audiences in MENA report, ence targeting, engaging creative, and user interaction. videos have 2.8 trillion views, video features in the top four or an average of 4,390 views Shows like CES this year have changed the game plan per video. But that’s old news. Let your communication again, launching new technologies and new platforms What does the future of video be a reflection of your marketing look like? And how voice and those within your like Peach, which means that entrepreneurs can be left business. The adage, ‘people should you understand what’s scratching their heads, wondering what this is all about, buy from people,’ still and how they can best catch up. If you haven’t heard best to deliver effective video rings true, and nothing marketing on your corporate is more effective than already, video is the single biggest content format that websites, social platforms, and watching real people with all businesses need to get familiar with in 2016. online ads? real stories. t ube.com .you www
40 Entrepreneur february 2016 activities in KSA and UAE on year, like Netflix, we will find a desktop and mobile. YouTube lot of filmmakers and directors clocked in the top three shifting their business models favorite websites to use on from the typical big budget either your phone or at home productions and cinema to to consume video content in an increased focus on film- both markets. We are also making and then streaming seeing a huge shift from TV via online channels. This, of viewing to online viewing, course, will help support and and from broadcast viewing to grow the premium content digital viewing. Channels like side in the Middle East, which Netflix, ICFlix and StarzPlay is vital. will only continue to grow in For me, this provides brands the region as Smart TVs grow, and companies with a huge and people’s habits change to opportunity. We know that become more dependent on people want to consumer their online platforms. digital entertainment whether that’s music, content about Video storytelling over time people, or blogs through requires thought, plan- this medium. The demand is ning, management, creation, massive on mobile video for production, deployment, brands to deliver entertain- analysis of what is resonat- ment through this channel. ing, amplification through smart media activation, and 10 key learnings to fan/influencer programs. Jumeirah Inside | 360 Degrees of Luxury video in collaboration with Google It sounds daunting, but the deliver effective video marketing for your rewards can be huge. Key video formats you should know business However, what is surprising Online video has become the Livestreaming or longer. But this form is that there is such a small new opportunity for brands Driven mainly by the of storytelling requires as pool of ‘creators’ for this to really provide them with ‘raw’ social platforms like much planning as a three- format. Video marketing in what they’re looking for– be Periscope, we are seeing minute video, if they are to MENA is still in its infancy in it entertainment, information some fascinating innovation be compelling. Check out the region, when we compare or utility, this medium is from brands on product Intel’s Vine platform for a it to developed markets like changing the way we engage launches, interactive masterclass in short-form the U.S. and Europe. Despite with customers and drive experiences and events video storytelling. the huge popularity of digital business results. There are using this format. Doritos viewing platforms like You- a few ways that I believe >>> launched a new product Vloggers Tube here in the region, there called “Roulette” chips If you’re looking for partners has been very little investment 360-degree video and on Periscope and drove to work with on quality video of time and effort in building shooting in 4K might sound engagement across Twitter content creation, check out scary, but there are plenty and Vine. Disney’s Makers Studio local video content. We tend to see of really fantastic agencies the same handful of vloggers (like ours) that can create to you. They have access to in the Middle East, and not all this type of video content for 360-DEGREE VIDEO some of the best local and of them are producing quality you, if you feel your story 360-degree video gives international talent who content. So, I predict that this warrants the investment. your customers the best understand the medium and immersive experience they the audiences they’re trying can have without being there. to reach. For a great example of how powerful this can be, check User generated out the wonderful Google/ content (UGC) Jumeirah Inside partnership Users are now making and that produced the immersive sharing video. Savvy brands Burj Al Arab experience. are harnessing this behavior and ‘raw’ talent to help shape Short-form their own brand stories. Short-form videos are pretty Burberry’s Art of the Trench simple in their premise- is a wonderful example of these can be of six seconds this.
Kevin Hart’s Training: Inner Strength video
february 2016 Entrepreneur 41 TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO
companies, whether large or ture from the normal strategy and gender info, the small, can become really smart of including a non-sports star resulting personal video producers. It doesn’t in fitness/health messaging profile automatically necessarily require huge campaigns. The release of tailors the short production budgets (although Kevin Hart’s Training: Inner film to the perceived that is a nice to have). Strength video is really im- preferences of the pressive, and his attitude and viewer. For example, 1. Plan video as part of his drive are very inspiring. the action may be dif- overall communications ferent in some scenes, In the new era of video- 2. Be social one character may get first where you can produce Rest assured, if you aren’t more screen time than 360-degree immersive video maintaining a strong online another, and certain for your restaurant or hotel, it social presence, it’s likely scenes may be cut is important to get the basics that your competitor is. altogether. Storyline right, and that means you need Find the websites and social and direction aside, to start with a plan and a plan networks your audience hangs the whole appearance to invest both time, effort and out, and dedicate some time of a shot can be altered with remain the same– try and some money into this highly (yourself or somebody else) different color grading, and the make sure you spend enough effective way to sell. to developing a voice in that film’s score takes cues from time getting to know your Video storytelling over time arena. You don’t need to be your music tastes. I know this customer well enough to tailor requires thought, planning, everywhere; you just need might sound a bit in the realm the content and the platform management, creation, pro- to be somewhere relevant. of Star Trek, but the principle you choose to their habits and duction, deployment, analysis Choose which social networks for you and your business behaviors. of what is resonating, ampli- you plan to utilize, and then fication through smart media create a library of great What’s driving increasing 3. Have a GIGGLE- ENTERTAIN activation, and fan/influencer content that genuinely engages consumption here in the people! programs. It sounds daunting, with those that matter most. Middle East is the fact that Why is Netflix one of the most but the rewards can be huge. The BBC has taken this one you can easily watch video on successful new brands of our Find out what you want your step further by developing the go on mobile platforms time? Because it delivers like YouTube, Facebook, video stories to do for your a mobile app that analyzes Snapchat and Instagram, and entertaining content to us business, and then you can music listening habits, and in a mobile-first market, when we want it, how we plan more efficiently. Already asks questions about users’ this is very important for want it, ad free! If you apply in 2016, we can see a depar- personalities. Paired with age businesses to understand. a similar approach to your
Red Bull’s Kaleidoscope video t ube.com .you www
42 Entrepreneur february 2016 video content creation in that you want to entertain, inform, delight or excite your viewers you won’t go wrong. If you want some inspiration, then the Emirates Benfica Safety Video campaign is a great example of how to make people laugh.
4. Tutorials Another way to get your customer’s attention is by posting tutorials. Tutorials help viewers by offering them valuable information, and those who have benefited from them will more likely check your brand again. Over time, it creates trust and helps establish you as an expert in the industry. The Emirates Benfica Safety Video campain secret to keep your audience engaged? Make them wonder 6. Explore app marketing 8. Be authentic to your you should, wherever possible, what happens at the end of with videos core business values make significant investment in the video. Look no further There has been a seismic shift Let your communication be quality production to explore than the queen of tutorials in in the way users utilize mobile a reflection of your voice and innovative methods in video the UAE, Huda Kattan, for an apps. Whether it’s music, those within your business. creation such as 360, VR, exemplary showcase of how games or entertainment, The adage, ‘people buy from interactive video. you can turn how-to’s into a people are spending more time people,’ still rings true, and multimillion dollar business. consuming content on apps, nothing is more effective than 10. Key marketing prin- driving superior engagement watching real people with real ciples remain in place 5. Optimize your video and value for businesses. Get stories. Develop a content Finally, video marketing is for search the best of both worlds by library that helps clients still marketing- the princi- Don’t let your hard work go to utilizing video to allow your understand your business, ples remain the same. Create waste. You can make the most audience to get a glimpse of how you operate, what you great ideas, which will make out of your video marketing what your app is about. believe in, and meets the people either like, comment or campaign by optimizing people that make up your share– if they don’t, then they your content for search. Just 7. Experiment with new team. won’t be successful. Start with like plain text, video can be technology listening, understanding, plan- optimized for search engines. 360-degree video and 9. Budget ning; develop a list of what In fact, search engines favor shooting in 4K might sound Remember to budget properly. you want to say, decide how video content over written scary, but there are plenty Just because it’s online doesn’t best to say it (what format content. The best way to of really fantastic agencies mean it’s cheaper, or that you you can produce and whether impact your search ranking (like ours) that can create can get away with a bad job the story makes sense in that using video marketing is to use this type of video content under UGC. On the contrary, format) and finally develop a transcriptions. You can unlock for you, if you feel your story strategy of how you intend on content in videos by making warrants the investment. For According to IPSOS MENA’s getting it out there, then ask 2015 Digital Audiences in MENA it available to search engines some inspiration from the report, video features in the your communications team using indexing and including masters of video storytelling, top four activities in KSA and or PR agency to support you. transcriptions in the HTML I would strongly recommend UAE on desktop and mobile. They’re the masters at story- of the pages where the videos you take a look at Red Bull’s YouTube clocked in the top telling regardless of platform, three favorite websites to use are on. A well-optimized Kaleidoscope. It is literally the on either your phone or at home and can probably help you and video will get people into your best piece of film work I have to consume video content in your business get started on channel and deliver traffic. seen in over five years. both markets. this front.
Ema Linaker is the Director of Digital Middle East at Edelman. She is a digital native who has been working integrated communications for leading brands and agencies for over 20 years. She has worked at Google, Nuance, Ogilvy & Mather, and prior to her current role at Edelman, she used to head up Leo Burnett’s team of social, mobile and digital experts, working on multinational brands like McDonalds, Samsung and P&G.
february 2016 Entrepreneur 43 TECH SHINY | WEBSITE TO WATCH | GEEK | MOBILE TECH | ONLINE ‘TREP | THE FIX
1. BUILD YOUR ONLINE Attracting offline shoppers to your REPUTATION Big box retailers have worked for years to establish a By Haneen Dabain e-commerce startup brand that is well trusted by consumers. While online hile e-commerce startups offer some advantages to shoppers with e-commerce companies cheaper prices, product variety and the convenience of shopping from probably have also done home, it can arguably lag behind established offline stores and big box the same, the chances are retailers in branding, personalized assistance and customer service, that online shoppers will W not recognize the names of the ability to instantly get the product that was bought, and a showroom that most of the online stores for enables the shopper to try out the product before buying the same. However, a period of time until they e-commerce startups can bridge these gaps and sharpen their value propositions actually try them out. While by focusing on five key areas of online reputation, delivery and logistics, building trust takes time warranty and returns, customer service support and shopping experience. This and cannot be rushed, online stores should focus from article discusses the online shoppers’ “concerns” in each of these areas, the day one on building their offline commerce advantage, and the practical ways e-commerce startups can online brand reputation give themselves an edge and attract offline shoppers their way. through social media chan- nels and providing excellent customer service to build a good reputation and generate repeat purchases. Here are a few things that you can start doing today:
Start building your brand reputation online. Establish a social media presence on Facebook, Twitter, LinkedIn, Pinterest and other platforms. Customers need to be able to easily get information about your store and connect with you when needed.
have a hotline available for client queries and be available through email, online chat, and other support channels. Always be available- if you are easily accessible, then you become almost like a physical store.
44 Entrepreneur february 2016 Diligently reply to public 2. ENHANCE LOGISTICS disappointed social media inquiries, be AND DELIVERY customer to it on your Facebook page, Brick and mortar stores try you again Google reviews, or on have instant gratification once they find Twitter- this shows you advantage, as you buy the out that there are active on social media product and leave the store is a 50-50 and cater to your customer with it. For online shop- chance the support requests. Encourage ping, buyers are concerned item they want your customers to write whether the item will be is actually in reviews for your store on delivered on time, and they stock. marketplaces and Google hate having to wait for long reviews. periods of time. They also Make fast expect to be updated and delivery Show a physical assured throughout the options available. Even not within a separate FAQ address for your delivery process. Online if this means extra fees, it page. This also increases company clearly on stores can address this by gives shoppers an option to conversions, especially if the the site. Have a physical optimizing the logistics have their orders delivered warranty or return terms are address and contact details and delivery component of faster, and also helps your generous. of the company clearly their business. While this is store attract them away from mentioned on the website. easier said than done, there physical stores. You can offer Avoid unnecessary This way, customers can are some areas you can start two delivery options with delays in the return, rest assured that you are with today that do not re- different charges, and leave repair or refund a licensed company with a quire a sophisticated supply the choice to the buyer. process. With physical local presence. chain setup: stores, customers can visit 3. OFFER CLEAR them anytime to return a List your store with Keep your customers WARRANTY AND RETURN product. For online stores other established updated about their POLICIES to match that service, you’d online marketplaces. orders. Always provide One of the major concerns of need to be fast in handling This helps you in getting updates about the order online shoppers is whether returns, otherwise the store reviews and building status. If a customer makes they can return the product customer will always prefer your reputation, while still an order and they don’t in case they changed their to shop offline. building your online brand hear from you, they will mind, or have it fixed quick- through your own website. keep wondering whether the ly in case there was an issue Shoppers should be easily order was received or not. with it. Offline stores some- able to browse through Offer cash on delivery Tracking doesn’t have to times differentiate their your site and complete (COD). Many people argue be sophisticated. An email offerings by giving extended purchases on their smart- whether COD is serving or that confirms receiving the warranties and generous phones. The design should actually hurting e-commerce order, having the product in return policies to attract fit their phone screen, and in MENA. The reality is stock, and out for delivery buyers. Online stores need navigation elements and that e-commerce is still is enough to ease your to adopt a similar approach buttons should be of the nascent in this region, and customer’s mind. to bridge this particular gap. adequate size. there are still many areas While this comes at a cost, of improvement in getting Make it easy for customers there are some key guide- 4. Provide excellent the right product on time to contact you. Implement lines your startup should customer support to the customer. For this an online chat system implement that can have Most offline stores try to reason, shoppers prefer COD where shoppers can get almost no additional costs: differentiate themselves as it’s a safer option and answers for any questions over online by offering provides an easier way to regarding a product or Provide clear and easy personalized assistance and cancel the order in case it is your store policies. to read policies. Avoid better customer support. If delayed by the store, or the saying “this is handled on you buy from the mall and product turned out to be out Focus on proper stock a case by case basis.” Have you face any issue with your of stock, without worrying management. Always a clear policy and commit product, you can drive there about the refunds process. update your stock properly to it. If warranty varies per and discuss the problem Give your customers some to avoid unfulfilled orders. product, highlight it clearly face-to-face with the cus- time to build trust and In a physical store, the on the product page. As a tomer support staff. Online offer them their preferred product is right there and best practice, key warranty stores cannot offer that level payment method. Once trust it’s available, and this and return information of personal support. For this is built, customers won’t should be the same case should be clearly highlighted reason, shoppers might be have an issue with online for online retailers as on the product page next wary about buying online- payments. well. It will be hard for a to the buy button, and they don’t want to have to >>>
february 2016 Entrepreneur 45 TECH SHINY | WEBSITE TO WATCH | GEEK | MOBILE TECH | ONLINE ‘TREP | THE FIX
call and follow up if they ized service, there are a few face any issue. To bridge guidelines that can help in this gap, you can start with: bridging the gap:
Be diligent in answering Opt for a modern and customer service attractive design. Avoid requests. Have a hotline the 1995 web 1.0 look and available for client queries feel! More importantly, and be available through the site should be fast email, online chat, and other enough to provide a smooth support channels. Always be experience. available- if you are easily accessible, then you become Optimize your site for almost like a physical store. mobile. Shoppers should If customers cannot call be easily able to browse | MOBILE TECH | you, or have to wait to get through your site and in touch with you for a long complete purchases on their Xiaomi smartphones launch time, then you might lose smartphones. The design in Dubai their trust, which does not should fit their phone bode well for repeat visits. screen, and navigation Task FZCO, the official mote control technology. All elements and buttons distributor of Xiaomi in the of the smartphones are 4G, e-commerce is still nascent in should be of the adequate MENA region, has launched and come nicely equipped this region, and there are still size. four new smartphones. In with dual SIM-card support. many areas of improvement in the UAE, the company has The hardware features lead- getting the right product on Showcase all the partnered exclusively with ing edge components from time to the customer. For this requisite information. Etisalat to bring Xiaomi’s mainstay suppliers including reason, shoppers prefer COD as it’s a safer option and pro- Provide full product devices to the market. At a Qualcomm, Mediatek, Sharp, vides an easier way to cancel specifications, high quality launch event in Dubai, the Sony, Samsung, JDI, Pa- the order in case it is delayed pictures and product Redmi 2 Pro, Redmi Note nasonic, and Toshiba. Task by the store. reviews to give shoppers 2, Mi4i, and Mi Note were FZCO is set to launch Xiaomi as much information as introduced by the brand. The devices in Saudi Arabia next Train your customer possible about the product lineup includes trendy fea- with rollout across the re- service staff on how to and thus help them decide tures like proprietary selfie gion in the coming months. handle every scenario. if this is the exact product software, and infrared re- -By Tamara Clarke Avoid saying, “We’ll call they are looking for. you back.” Try to address the issue on the spot. In Make it easy for Xiaomi Redmi exceptional cases where you customers to contact 2 Pro need to check on something, you. Implement an do call the customer back online chat system where on time. Nothing upsets shoppers can get answers the customer and ruins for any questions regarding the trust more than not a product or your store receiving the call back! policies.
5. Optimize your site Finally, remember to always for a great shopping think from a customer experience perspective, and address Brick and mortar stores give all of their concerns. Stiff shoppers the ability to ex- competition leaves no room perience the product, learn for a sub-par customer about it from the customer experience. Addressing the service staff and get per- above areas will enable sonal assistance in choosing your e-commerce startup the right product from a to address the gaps and ef- large variety of offerings. fectively compete with the While online stores cannot offline stores- bridge those Xiaomi Redmi Note offer this level of personal- gaps, and they will come!
Haneen Dabain is the founder of pricena.com, the leading price comparison website in the Middle East. In two years, Pricena has grown to serve one million monthly visits, comparing prices of more than one million products from 150 online stores in UAE, Kuwait, Saudi Arabia, and Egypt. In 2015, Pricena was awarded the accolade of Online Startup of the Year at Entrepreneur Middle East’s Enterprise Agility Awards. Prior to launching Pricena, Dabain worked in web development and management of digital projects.
46 Entrepreneur february 2016
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FebruaFebruaryr y19 19 - -20, 20, 2016 2016 Astrolabs,Astrolabs, Dubai Dubai
ForFor more more information information and and to to register register visit visit http://hackathon.womeninstem.com/dubai2016/http://hackathon.womeninstem.com/dubai2016/ business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS CULTURE
“So is this social media thing like a real job now?!?” Ten things not to say to digital professionals By Shyaire Ganglani
hether you’re check. Contract- check. seated across the Salary- check. Yup, seems Wtable from a client, like a real job to me. a colleague in a different department, or even family 4. “I could do social media. I and friends, the inevitable spend two hours a night on perception of having a Facebook and 9gag.” career in digi is that you’re I dare you to try dealing automatically their very with trolls for a day. Then own personal Facebook come up with a response guru. You’re also the go-to protocol and crisis strategy. person in the group for every Get it approved. Implement Instagram/Snapchat related it. Go on. I dare you. Heck, concern. When corporate let’s just take a quick gander talk is being tossed around at Facebook’s Power Editor the table, you’re looked at dashboard. strangely for contributing 8. “What do you mean you you, Mr. Landscaper, build your opinion because you 5. “So you’re into social media, haven’t seen [insert YouTube my entertainment room, set “sit on Facebook all day and right?” viral video name here]? Don’t up my garden, dig the pool call it a job.” So, on behalf of Please don’t ask me to do you sit on the Internet all day and in return, I’ll buy you a social media professionals something for you or end for a living?” drink. Deal? everywhere, I’d like to share this short exchange with, Let me do all social media a few truths. Here are the “Could I pick your brain for professionals a favor and 10. “How can I make it go viral?” top 10 things that we hear a few minutes?” explain this once and for Unless you’re talking often (and that you should all: we’re usually logged about the stomach bug or never say): 6. “Your job must be so much into a Facebook account flu, please don’t use that fun. I actually have to work linked to our company/ sentence. What makes 1. “So do you get paid to sit on all day.” client or Facebook Business content go viral is a unique Facebook all day?” I wasn’t aware that Manager. Same for Twitter connect with the audience. Just no. Why? Do engineers developing proposals, and ditto for Instagram. So make sure your idea is get paid to play arts and strategies, client servicing, So when we haven’t heard relevant to their interests, crafts? Do surgeons get paid team-building, and of the new PSY video or is spontaneous and well- to play Operation? Do not more doesn’t qualify as what 5/7 ratings mean, it crafted, and even a little belittle somebody’s job. actual work. Enlighten shouldn’t come as that much bold. If all else fails- put a me, corporate Zeus of of a surprise. Contrary to kitten in it and boom! Viral. 2. “How do I get more all universes. What does popular opinion, we do not followers on my personal “working” entail? scroll through our personal Instagram?” newsfeeds all day long we’re usually logged This may come as a surprise 7. “How do you not have the LOL-ing and commenting on into a Facebook account to you, but major global new Snapchat [or any other statuses and current events. linked to our company/cli- brands don’t pay us to get currently trending platform] Also, we don’t care which ent or Facebook Business their CEOs more followers update? Don’t you work in way dogs should wear pants. Manager. Same for Twitter on pictures of their kids and social media?” and same for Instagram. cat memes. Yes. And when you work 9. “Could you give me a social So when we haven’t heard in auditing, do you have media strategy for my business of the new PSY video or 3. “So is this social media thing every update and app that this week?” what 5/7 ratings mean, it like a real job now?” functions like Excel? No? “I’ll buy you lunch, in shouldn’t come as that Let’s see. Line manager- That’s treachery! return.” Okay, cool! And much of a surprise.
Shyaire Ganglani is a true digital native in the field of consultancy with a keen interest in all things technology-related. Fascinated with the power of digital and social marketing, she is currently a Social Strategist at Social@Ogilvy. Having previously worked with recognized brands to connect with their target audiences via community management, creative copy writing, campaign management, and visualizing key social and mobile apps, Ganglani now works with key government clients in Dubai and Abu Dhabi and global technology clients to create brand strategies and adventures. www.shyaireganglani.com
february 2016 Entrepreneur 49 TECH SHINY | WEBSITE TO WATCH | GEEK | MOBILE TECH | ONLINE ‘TREP | THE FIX
The 2016 International Consumer Electronics Show (CES 2016) is a gathering place for innovators, the who’s who of tech, and (sometimes) breakthrough developments. It’s also the stage where next-gen consumer products are introduced. Check out our roundup of some of the more attention-grabbing CES 2016 AVIATION Up, up and away advancements introduced at this year’s show. The world’s first electric, personal made possible by EHang’s 24/7, EHang 184 Autonomous Aerial Vehicle real-time flight command center, Net Weight 200 KG Average speed 100km/h (AAV) was introduced at CES passengers don’t need a pilot’s Load capacity 100 KG 2016. Now, enough with the license– they simply sit back and Charging time 2 to 4 hrs tech-speak. Ehang 184, a manned let the drone take over from there. Cruise time 23 min drone capable of automatically It can fly for about 23 minutes carrying a passenger through on a full charge at speeds of up the air, simply by entering a to 62mp. The EHang 184, which destination into its accompanying was named for one passenger, smartphone app now exists. eight propellers, and four arms, Do I have your attention? With is the next wave of innovation in fully automated navigation, transportation.
EHang 184, personal Autonomous Aerial Vehicle C amsung, H T amsung, peck, S S peck, BM W, EH ang, t esy: images cour images
50 Entrepreneur february 2016 CES 2016 Smart Home The hub spot
Samsung Electronics introduced a brand new refrigeration category. The Family Hub Refrigerator reconnects families, provides entertainment, organizes groceries and home tasks BMW head-up display with a digital kick. It does it all CES 2016 Virtual Reality from a 21.5 inch full HD LCD The world as you know it CES 2016 Automotive Get a head start screen located on the upper right exterior door. The screen HTC introduced Vive Pre with a Luxury carmaker, BMW, fuel level, travel speed and allows you to post, share and fresh design and new features. It’s displayed a concept helmet selected gear, speed limit update calendars, pin photos improved visual system has brighter with head-up display for and road sign recognition, and leave notes– all with the displays and an even deeper motorcyclists. The intent is plus warnings of impending ease and convenience of your sense of presence. Regarding the to give riders a safer way to dangers. The helmet, fitted smartphone. Outfitted with hardware, interchangeable foam access information while on with an integrated mini- three high quality cameras inserts and nose gaskets make the road. The BMW head-up computer and loudspeakers, inside which capture an the Vive Pre fit comfortably and display projects traffic or is controlled from the image every time the door securely, and it’s easily adjusted to vehicle information directly left-hand handlebar fittings closes, you can keep tabs on suit a variety of facial shapes and into the rider’s field of view, using the BMW Motorrad consumption and even peek can even accommodate eyeglasses. allowing you to keep your multicontroller. And, there’s inside your fridge remotely The newly-developed front facing eye on traffic. All displays more to come: BMW plans to using your mobile device. Even camera allows you to do more both are programmable and show give purpose to the cameras if you’re already at the store inside and outside your virtual world safety-related information in the helmet by allowing the and forget to check on what by blending physical elements into like tire pressure, oil level and rider to record journeys with you need, you can pull up the the virtual space. Being able to take the forward-facing camera or Samsung Smart Home app a seat, find your drink, and carry use the rear-facing camera and have a look right into your on conversations without removing as a digital rear-view mirror. Family Hub fridge. How’s that your headset is only the beginning According to BMW, the for making the grocery list of what’s possible with Vive Pre. Motorrad helmet is an early obsolete! Completing the VR experience, initiative to improve road the Vive’s controllers have been Samsung Family Hub safety for motorcycle riders. Refrigirator overhauled and enhanced with It only gets better! softer edges, greater balance, new textured buttons, and grip pads for a more comfortable feel in the CES 2016 Mobile Pick pocket hand. The new dual stage trigger also makes interaction with objects Speck unveiled a pocket- reality. When closed, retract- smoother, and haptic feedback friendly virtual reality viewer able side panels fold into a delivers vital information about your designed to give you a quick perfectly flat, self-contained interactions with the virtual world. and easy VR experience. The package that shields lenses For power, the controllers now fea- compact headset is a Google from dust and scratches, and ture integrated rechargeable lithium Cardboard-certified viewer slides easily into a pocket polymer batteries with micro-USB that works with Speck’s or purse for on-the-go ac- charging that provides over four CandyShell Grip smartphone cessibility. Pocket VR with hours of runtime on a single charge. case to provide a rich viewing CandyShell Grip will be With Vive Pre, HTC’s second gen- experience for 3D content, available for iPhone 6s/6 and eration VR system for developers, virtual and augmented Galaxy S6. the human imagination is bound- less; create your virtual world. Pocket VR
#TAMTALKSTECH Tamara Clarke, a former software development professional, is the tech and lifestyle enthusiast behind The Global Gazette, one of the most active blogs in the Middle East. The Global Gazette has been welcomed and lauded by some of the most influential tech brands in the region. Clarke’s goal is to inform about technology and how it supports our lifestyles. See her work both in print regional publications and online on her blog where she discusses everything from how a new gadget improves day-to-day life to how to coordinate your smartphone accessories. Visit www.theglobalgazette.com and talk to her on Twitter @GlobalGazette.
february 2016 Entrepreneur 51 CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS
The power of why Failing to achieve our inten- tions happens because of two basic elements. The first is not knowing your why- your purpose within your life mission. Before I work with clients to set their goals, we refocus and strengthen their deeper purpose and reason for being alive. Once that is established and clear, we can build representative goals that create a framework to harness the right culture to organically grow in line with our life’s purpose and mission. Too often, we set goals we would like to parade around like a badge of honor but, fundamentally, they are not what we are really all about. Sometimes, we set goals to appeal to or satisfy others like parents or spous- es or even our colleagues. While there is something honorable about wanting to appear as a success to others, until we have an internal success that resonates with our own core values and desires we will always feel shortchanged— even when a goal is reached. A great way to help find your why is to embrace the success formula used by the Napoleon Hill Foundation: Passion + Talent + Action + Association = Success. Write down your passion, write down your talents, Build an accountability structure write down the actions you need to take in order to be for achievement a success, write down who you want to run with (i.e. Action paired with intention can make who you want to work with), this your year By Mark Sephton and let this simple and ef- fective formula inspire you and provide great personal s we enter the first leg of 2016, many of us, with our goals and revelations.
intentions in mind and on paper, take to the battlefield to cre- Success requires ate a life of purpose, growth, and intention. We all start with sacrifice A The second reason we often great intentions caught up in the euphoria of a new year. Each of us fail to achieve our intentions know many men and women who start well but don’t finish strong. is passion and motivation starts to fade with time and Life throws us curveballs and challenges, motivation fades and, before people begin to second guess long, well-intended goals and desires begin to fade into the distance. their desires, as well as their
52 Entrepreneur february 2016 ability to maintain high Saying yes to such opportu- kick on this year, we need to Be confident When we are levels of focus and effort nities creates the necessary be intentional and commit- confident in our own ability, on the desired goal. People shifts to realize a life full of ted to the duties and actions it gives us the upright pos- forget that success requires energy and purpose. that lie before us. That being ture we need to stop hiding sacrifice; it is difficult and One of the personal revela- said, just don’t let life get too and keep working toward challenging. 80% of success tions I had in 2015 was that serious that you fail to mix it what we believe is true and comes from religiously doing I must judge myself not up with some humor. instinctive. something over and over merely on my intentions, By focusing on the why again— it’s often dull and but also on my actions. We Give ourselves permission power, understanding that requires repetition and sac- all need to take responsi- Sometimes we just need to success requires sacrifice rifice. People forget this, so bility for more than our give ourselves permission and managing your energy when life stops feeling so ex- intentions. We all have good to make mistakes, to get it and not your time, you’ll be citing, they stop doing what intentions, but sometimes wrong, to forgive ourselves. taking some first steps to they have been doing and people don’t see them Stop making excuses for why a positive and productive switch directions because because they remain locked it didn’t work and move on. 2016. people innately are fueled within our own hearts and by emotions and doing what minds. Conversely, actions feels good. often are visible, and action In my book Inside Job I speaks to purpose and belief. FOUR WAYS TO TAKE RESPONSIBILITY AND HOLD talk about how we need to If we want 2016 to be a year YOURSELF ACCOUNTABLE FOR SUCCESS become people who don’t of growth and, more impor- just act off positive emo- tantly, one of true purpose, TRACK YOUR PROGRESS ourselves up to knowledge and tion— sometimes we just we must own our actions We must continue to reflect revelations. The challenge then have to buckle down and act every day. One of the key on our commitments and is to apply that knowledge into first, and then the positive differences between suc- performance towards the task our life and business. Each emotions and excitement cess and failure is simply in hand. We must document year, I set aside a budget of come to the fore. our level of action. Success and journal our personal com- money to invest in my self- requires action. mitment towards a project development. I may use this We must stop making or relationship. Periodically I budget to purchase books, excuses for our lack of follow track what I spend within a audio podcasts, seminars, and through. We must measure week. When you track what attend events that are in line our life and year based on you spend or what you eat, with my growth objectives. I our actions related to our you start to become conscious am committed to invest in me; core values. It may sound and accountable. Using the the greatest investment you simple enough, but it can premise of tracking and meas- will ever make is in yourself. be difficult to get started. uring your progress helps you When we focus on our own So, how can we stop making become conscious of the steps personal growth we will natu- excuses and start taking you make; that’s a big part of rally achieve the goals we set. action? taking responsibility. FIND YOUR SUCCESS Own who you are When MAKE GRATITUDE A HABIT BUDDY we fully embrace who we When we focus on what we If you haven’t got a success are and what we are about, have it creates an abundance buddy, someone you can regardless of the good, bad mindset. When we practice check in with once each week, or ugly, we are confident in gratitude, we put our minds in I encourage you to make Manage your energy and our authentic self and do the best position of achiev- finding that partner a priority. not your time what is right regardless of ing success. When we are so Every Friday, I meet with my In order to take action and the opinion of others. grateful we are in a positive success buddy for one hour be successful, we must know frame of mind which im- and we discuss our wins, our why. We must set goals Get focused When we are pacts on present and future losses, and challenges that oc- in accordance to our own life fully present in thought and endeavors. curred over the week. It builds purpose and mission. We do deed, it leads to ownership the accountability that we all this by managing our energy of not just our thoughts but DEVELOP A PERSONAL need to help us take respon- and not our time. We must actions too. GROWTH PLAN sibility for our success, and say yes to the opportunities We must be men and women helps to cast away the habit on that play to our strengths, Get serious We all need to who educate ourselves. We of making excuses we can so passions and life purpose. be mindful that if we want to educate ourselves by opening easily fall into.
Mark Sephton is an international personal mentor to entrepreneurs, basing his program on a GPS system with eight key fundamentals. This system
ark S eph t M ark by Job I nside v er: reveals blind spots, efficiencies and deficiencies, and is used to find your “inner sniper” to improve your instinct, producing devastating results in your own revolution of discovery. It is hard to see the picture when you’re in the frame. Changing the way you think through culture and mindset
book co book shifts and being introduced to game-changing habits helps increase your productivity and skyrocket your personal brand. www.marksephton.com
february 2016 Entrepreneur 53 Organized by:
March 22-24, 2016 St. Regis Dubai Hotel
Andrea Vijay Nisreen Ulf Bernholtz Talwar Shocair Smedberg Chief Executive Officer President, Gifts & Special Occasions President, Virgin Megastores MENA Head of Marketing Titan Industries, Inc., USA Sears Holdings Corporation, USA Chair, RLC Dubai IKEA Asia Pacific
Chris Khurshid Shirley Mert Roebuck Vakil Romig Askin Professor of Transformational Leadership Co-Founder Former Head of Corporate Strategy President, Food & Beverage Division Cass Business School, UK Marina Home Interiors Hudson's Bay Company, USA Azadea Group
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Knowledge Partner: Entrepreneurship Partner: Event Management Partner: Official Host: business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS CULTURE
Still image from the Oscar-nominated Arab movie Theeb Take a breather at the office
reathing is a for a few moments, allow- great way to ing your mind and body prep yourself for to settle. a big meeting or calm down after 2. Rest your left hand on Ba particularly stressful your lap or knee. Make a situation. Entrepreneur peace sign with your right and yoga instructor hand. Fold the two ex- Danielle Abisaab says tended fingers toward the that practicing alternate palm or rest them lightly nostril breathing is an on the bridge of your easy way to get a clear nose. Place your thumb head in the midst of a gently onto your right hectic day. “Our nose nostril. Place your ring is directly linked to our and little fingers gently brain and nervous system. onto your left nostril. Breathing in through the left nostril awakens and energizes the right ‘feel- ing’ hemisphere of the brain, and breathing in through the right nostril awakens and energizes the left ‘thinking’ hemi- Straight outta MENA sphere of the brain. When Oscar nominated Arab film Theeb we consciously alternate our breath between either could make history nostril, we are actually Alternate nostril breathing activating and equalizing he Middle East’s Center, British-Jordanian both opposing energies 3. Close your eyes and be- cinema community director Naji Abu Nowar re- throughout the whole gin by softly closing your is celebrating one of vealed that he was a fan of the brain.” right nostril (using your its own- Theeb, a Western genre, and much like UnionSquareYoga right thumb) and inhale Jordanian film about how acclaimed filmmaker Akira @Yoga_Holic slowly, deeply, smoothly, Ta young Bedouin boy set in Kurosawa adapted it to Japanese gently and without strain the World War I era, has been culture, Abu Nowar wanted to CALM DOWN IN SIX through your left nostril. nominated for a 2016 Academy do the same for Bedouin culture EASY STEPS Award in the Foreign Lan- with Theeb. 1. Sit in any comfortable 4. Close your left nostril guage Film category. The film, Having traversed the film seated position. Relax the (using your ring and little which has been privy to praise festival circuit since its world body and breath naturally fingers) and release clo- from Jordanian royals like Her premiere at Venice Film Festival sure of your right. Exhale Majesty Queen Rania Al Abdul- 2014 (where Abu Nowar won the through your right nostril. lah and HRH Prince Ali bin Al Best Director award), the movie Inhale through your right Hussein, was backed by SANAD, has also been nominated for the nostril. twofour54’s development and British Academy Film Awards post production fund, and Doha for the Best Film Not in the Eng- 5. Close your right nostril Film Institute, and was also sup- lish Language, and Outstanding and release closure of ported by the Switzerland-based Debut by a British Writer, Direc- your left. Exhale through visions sud est. tor or Producer categories. Com- your left nostril. This Theeb features non-profes- peting against Colombia’s Em- completes one round. sional actors from the Bedouin brace of the Serpent , France’s Continue the pattern for community as its central cast, Mustang, Hungary’s Son of Saul as many rounds of breath o f our54
tw and has been described as a and Denmark’s A War, if Theeb as you wish. coming-of-age film set against wins at this year’s Oscars, it the backdrop of the Ottoman will be the first Arab film to be 6. When you’re finished: empire in 1916. In an interview awarded an Academy Award. relax both arms, sit and ill image credi t image t ill breathe naturally for a few ie s v ie with the Film Society of Lincoln Fingers crossed, everyone! Beirut-based yoga instructor and moments before opening
Theeb mo Theeb entrepreneur Danielle Abisaab your eyes.
february 2016 Entrepreneur 55 CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS
Indoor Pool Four Seasons Amman Lobby
Lobby
Executive Suite Bedroom
Amman -or any country or exceptional in design and city for that matter- should location and service, but the not have to worry about wildlife is just spectacular: anything or be afraid of the […] snorkel with manta rays, destination, and by staying at dive with turtles! What else Four Seasons Hotel Amman do you need to think you we take these worries out are in heaven?” And from of travel,” says Hoogewijs, his career that has crossed listing the countless perks continents, Hoogewijs says Get settled in that the 15-storey property that one salient lesson stands offers guests and noting that out: “I have learned over the (comfortably) the 192 rooms have a “resi- years that it doesn’t matter The Four Seasons Amman prides itself on dential” feel that helps guests where you are, everyone genuine hospitality to get settled easily. “This wants to be treated with appointment to [our] Amman respect. Compared to our e are primarily a and I’m excited to be leading property was doubly satisfy- properties in Asia or the “ business hotel so the effort. By introducing ing for the opportunity it Middle East, we are of course most of our efforts so many new and unique gives me to finally experience very different, but as with all in our strategy is things to the experience, we Jordanian culture. I have no Four Seasons properties we Wtargeted towards are showing guests and the worries about relating to the pride ourselves in offering the business client,” explains Jordanian community that community or the hotel staff, genuine hospitality!” Vincent Hoogewijs adding we are committed to moving which is 98% Jordanian.” that 70% of the Four Seasons forward with the times.” As a global hospitality Amman’s guest roster are Hoogewijs, who has served expert (he first joined the visiting the Kingdom for at the executive level in company in 2004 as the work. The General Manager more than a dozen countries Hotel Manager of the Four of the hotel also serves in a including Australia, Morocco, Seasons Hotel Bangkok) dual capacity as the brand’s and Mexico, says that the which Four Seasons does he Regional Vice President, and executive guest prizes “unob- find a must-see destination? is currently overseeing the trusive” and efficient service “I had the opportunity to stay full top-to-bottom renovation above all things, followed by at both of our properties in of the prestige property- no constant connectivity and a the Maldives and this trip mean feat. “We want to bevy of available amenities. will remain in my memory for Four Seasons Amman General Manager and evolve our brand in Amman, “Executives travelling to ever. Not only are both resorts Regional Vice President Vincent Hoogewijs
56 Entrepreneur february 2016 RECOMMENDED BY THE GM
EXEC STAY “Located on the upper CONFERENCE CAPABILITIES floors, the incredibly spacious “Our Grand Ballroom -which is suites with views of the city are 11,840 sq. ft.- can easily accom- perfect for entertaining, ideal for modate large-scale conferences business and incomparable for and events. Holding up to 1,200 longer stays. Our two-bedroom people, the Grand Ballroom is not luxury suites can be configured only soundproof, but it is divisible as three-bedroom suites with the into smaller ballrooms/sections: addition of a connecting room Salon A, Salon B and Salon C as for business travelers who would well as the pre-function area and like to bring their families along. the Grand Terrace. To ensure a Standard Wi-Fi is complimen- seamless meeting, we provide Executive Suite tary throughout the hotel, and equipment like plasma screens, Lounge in all rooms and suites. The Four CCTV linkups, and intelligent light- Seasons Executive Suite and the ing systems.” ences, we are renovating our first while discovering Jordan. We are a Deluxe Four Seasons Executive floor to result in the launch of a city destination, with some great Suite both include an executive MUNCH “I have a lot of favorite new concept restaurant/bar that resort and spa facilities so that desk while the two-bedroom Royal dishes at our hotel restaurants, will reposition the hotel in the Am- your stay for business can also be Suite has a dining room that ac- but if I had to pick just one I’d say man market. This French-inspired enjoyed with the excellent leisure commodates 12 people.” our Levant cuisine restaurant Olea brasserie will be the ‘place to be’ facilities. The highlight of the hotel is truly special. At Olea, you can for all city guests with its fresh, is our intimately scaled spa, where experience home-style Levant cui- elegant and approachable atmo- guests can discover the relaxing, Five Grill sine in an atmosphere that reflects sphere. We will also be launching restorative benefits of Dead Sea the renowned hospitality and an exclusive whisky and cigar bar mud treatments and salt scrubs generosity of the Eastern Mediter- that will be a very unique and luxu- or enjoy the healing benefits of ranean region. If I had to pick one rious experience for guests.” Balinese and Thai massages. dish, I’d have to pick the Kebbeh Working out at the Fitness Center Neyyeh, which is raw minced lamb DOWNTIME “Four Seasons Hotel motivates guests with magnificent with crushed wheat, onion, herbs Amman is unique: we are not city views, and then unwinding at and that delicious garlic cream on only located in the capital city of the indoor and outdoor swimming the side. Celebrating Amman’s Jordan, but also very central for all pools makes for a perfect end to a most sought-after dining experi- other sightseeing you wish to do relaxing day.”
Five Grill easons A mman S easons Four t esy
The Club Lounge images cour images
february 2016 Entrepreneur 57 CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS
Rafael Nadal ‘Trep trimmings The executive selection rom better goods to boardroom wardrobe bests, each issue we choose a few items that make the approved Fexecutive selection list. In this issue, we present men’s better footwear by Corthay, a timepiece made for the best of the best (seriously), and our suggestions for scents and skincare to add to your grooming routine.
Corthay Arvca Vernis Framboise
Good sportsmanship Richard Mille is made for the boutique, having visited the luxury best of the best brand’s Middle East outlet during Rafael Nadal, global influencer, award the Qatar ExxonMobil Open 2016. In winning athlete, and dashing man partnership with Ali Bin Ali Watches about town, was most recently seen in & Jewelry, the luxury mainstay’s Qatar wearing nothing less than a rare newest outlet is located on The Pearl. Richard Mille timepiece produced in Tennis champion Nadal will be put- Hot stepper service that guarantees only 50 models. The RM 27-02 Tour- ting his eponymous fine showpiece to Corthay creates discerning clients a billon Rafael Nadal, a feat of engineer- the stress test during his high impact footwear that you 100% handcrafted design ing and industrial design, is shown matches. All in good time, my friend, can take seriously over a 50-hour develop- here on Nadal during his visit to the all in good time. There is almost noth- ment and creation phase newly launched Richard Mille Doha www.richardmille.com ing better to get you on Rue Volney (situated boardroom prepped than near the Place Vendôme). The RM 27-02 an expertly-made shoe. One interesting en- Craftsmanship and fine trepreneurial factoid: design by Corthay in a the French Ministry of diverse range of inter- Culture bestowed the esting hues and forms title of ‘Maitre d’Art’ on ensures that you don’t founder Pierre Corthay, have to give up your and he’s the only men’s sense of individuality to shoemaker in history find executive wardrobe- to receive the honor. A
appropriate footwear. In (literally) distinguished T HAY
addition to the Parisan French heritage brand for COR , shoemakers ready-to- your footwear? Mais oui, Rafael Nadal and Adel Ali MILLE wear selection, the House monsieur. Bin Ali at the Richard Mille also offers a bespoke www.corthay.com Doha Boutique images © RICHARD © images
58 Entrepreneur february 2016 Take note For the select Fragrances for your of your inner wrist of your few- Carolina olfactory wardrobe lead hand, meaning if you’re Herrera Men Privé The fragrances you wear are left-handed then apply it on indicative of your personal- the left inner wrist. Wear it for ity- the investment you make a day, and if you’re still fond of in purchasing the right scent it after a few hours, then you is as important as any other. have a winner. Pro tip: avoid Rather than trend-shopping spraying fragrance on your (choosing the scent that a clothing- not only because it colleague or friend is wear- can damage a good suit but ing) opt for a fragrance that also because you’ll never see actually works with your the real capability of the notes. body chemistry. First, ask for Fine fragrances are meant to the scent to be presented to be worn on the skin, and only you on a blotter. If you find it then do they bloom properly. pleasing, apply a small amount www.parisgallery.com
All black everything- An evening affair- Bvlgari Man In Black EDP YSL La Nuit De L’Homme L’Intense
For the select few- Carolina The skin you’re in Herrera Men Privé Shiseido skincare for men You’ve already been on and off so many flights this year that you aren’t even keeping count anymore. If the constant travel is really starting to take its toll, combat a fatigued-face with Shiseido for men! We like Shiseido Men Cleans- ing Foam for use both in allery allery and out of the shower, fol- aris G aris lowed by the Shiseido Men esy P t esy Active Energizing Concen- trate applied in a thin, even layer all over the face after cleansing. For tired eyes, a tiny amount of the Shiseido Men Total Revitalizer Eye applied clockwise on the orbital bone should do the trick.
mages cour I mages Fragrance | shiseido © images www.shiseido.com
february 2016 Entrepreneur 59 TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO
The Impact Bias How to be happy when everything goes wrong By James Clear
n the summer of 2010, Rachelle Friedman was top of the pool until her face emerged. It was immediately preparing for one of the best periods of her life. obvious that something was wrong. “This isn’t a joke,” She was recently engaged, surrounded by her she said. Her head had struck the bottom of the pool best friends, and enjoying her bachelorette party. and shattered two vertebrae. In particular, the fracture Friedman and her friends were spending the day at of her C6 vertebra severed her spinal cord and left her Ithe pool when one of them playfully pushed her into the permanently paralyzed from the chest down. She would shallow end of the water. Friedman floated slowly to the never walk again.
60 Entrepreneur february 2016 “We are just so happy…” in a car accident and lose the their limbs and within one year things that stay the same. One year later, Rachelle Fried- use of your legs. When asked to the two people were equally man became Rachelle Chap- describe the impact of such an happy. 2. A challenge is an impedi- man as she married her new event most people talk about It is important to note this ment to a particular thing, husband. She decided to share how devastating it would be. particular study has not been not to you as a person. In some of her own thoughts on Some people even say they replicated in the years since the words of Greek philosopher the whole experience during an would rather be dead than it came out, but the general Epictetus, “Going lame is an online question-and-answer never be able to walk again. trend has been supported again impediment to your leg, but not session in 2013. She started by But what researchers find and again. We have a strong to your will.” We overestimate discussing some of the chal- is that when people actually tendency to overestimate the how much negative events will lenges you might expect. It was suffer a traumatic event like impact that extreme events harm our lives for precisely the hard to find a job that could living through an earthquake will have on our lives. Extreme same reason that we overvalue accommodate her physical dis- or becoming a paraplegic, their positive and extreme negative how much positive events will abilities. It could be frustrating happiness levels are nearly events don’t actually influence help our lives. We focus on the and uncomfortable to deal with identical six months after the our long-term levels of happi- thing that occurs (like losing a the nerve pain. event as they were the day be- ness nearly as much as we think leg), but forget about all of the But she also shared a variety fore the event. How can this be? they would. other experiences of life. of surprisingly positive an- Researchers refer to this as Writing thank you notes swers. For example, when asked THE IMPACT BIAS “The Impact Bias” because we to friends, watching football if things changed for the worse Traumatic events tend to trig- tend to overestimate the length games on the weekend, read- she said, “Well, things did ger what Gilbert refers to as or intensity of happiness that ing a good book, eating a tasty change, but I can’t say in a bad our “psychological immune major events will create. The meal. These are all pieces of the way at all.” Then, when asked systems.” Our psychological Impact Bias is one example of good life you can enjoy with or about her relationship with her immune systems promote our affective forecasting, which is a without a leg. Mobility issues husband she said, “I think we brain’s ability to deliver a posi- social psychology phenomenon represent but a small fraction are just so happy because my tive outlook and happiness from that refers to our generally of the experiences available to injury could have been worse.” an inescapable situation. This is terrible ability as humans to you. Negative events can create How is it possible to be happy the opposite of what we would predict our future emotional task-specific challenges, but the when everything in life seems expect when we imagine such states. human experience is broad and to go wrong? As it turns out, an event. As Gilbert says, “Peo- varied. Rachelle’s situation can reveal ple are not aware of the fact WHERE TO GO FROM HERE There is plenty of room for a lot about how our brains re- that their defenses are more There are two primary takea- happiness in a life that may spond to traumatic events and likely to be triggered by intense ways I have from “The Impact seem very foreign or undesira- what actually makes us happy. rather than mild suffering. Bias.” ble to your current imagination. Thus, they mis-predict their For more on the fascinating THE SURPRISING TRUTH ABOUT own emotional reactions to mis- 1. We have a tendency to ways in which our brain creates HAPPINESS fortunes of different sizes.” focus on the thing that happiness, read Dan Gilbert’s There is a social psychologist This effect works in a similar changes and forget about book Stumbling on Happiness. at Harvard University by the way for extremely positive the things that don’t change. name of Dan Gilbert. Gilbert’s events. For example, consider When thinking about winning bestselling book, Stumbling on how it would feel to win the the lottery, we imagine that Happiness, discusses the many lottery. Many people assume event and all of the money that ways in which we miscalculate that winning the lottery would it will bring in. But we forget how situations will make us immediately deliver long- about the other 99% of life and happy or sad, and reveals some lasting happiness, but research how it will remain more or less counterintuitive insights about has found the opposite. In a the same. what actually does make us very famous study published We’ll still feel grumpy if we happy. by researchers at Northwest- don’t get enough sleep. We still One of the primary discoveries ern University in 1978, it was have to wait in rush hour traffic. from researchers like Gilbert is discovered that the happiness We still have to workout if we that extreme inescapable situ- levels of paraplegics and lottery want to stay in shape. We still ations often trigger a response winners were essentially the have to send in our taxes each from our brain that increases same within a year after the year. It will still hurt when we positivity and happiness. For event occurred. You read that lose a loved one. It will still feel example, imagine your house correctly. One person won a nice to relax on the porch and is destroyed in an earthquake life-changing sum of money and watch the sunset. We imagine on.com z or you suffer a serious injury another person lost the use of the change, but we forget the
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. appiness A ma H appiness on umbling St
february 2016 Entrepreneur 61 TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO
The Esquire Guy on the power of praise in business (and how to do it right) By Ross McCammon
ere’s what the psychologists and co-author of bestselling manage- think about praise: “Positive ment book The Carrot Principle- at Hreinforcement works better Best Buy and many other businesses than punishment.” the Harvard study looked at, simple Here’s what the management recognition was the single most im- experts think: “Employee recognition portant factor. leads to profit.” “The number one driver of engage- Here’s what the neurologists think: ment is opportunity and well-being,” “Dopamine, which is released in the he says. “The number one driver of brain any time we hear something we opportunity and well-being is recog- like, is a powerful chemical.” nition and appreciation. The Harvard Here’s what the psychologists, man- study showed that you don’t just agement experts and neurologists want employees satisfied, you want think when someone in a position of them engaged, because an engaged power tells them they’re doing a great employee gives you their discretion- job: “Hell, yeah!” (That, of course, is ary efforts.” the dopamine talking.) For psychologists, the wisdom of that investment is obvious. “Praising It’s hard to come up with praise on people for what they do right seems the fly. And the one being praised knows that. If you take advantage to be more effective, regardless of of a chance encounter -if the oppor- whether you think it’s nice or not,” tunity to praise someone was never says Dr. Laura Carstensen, a profes- even supposed to happen- then what sor of psychology at Stanford Univer- you’re saying is perceived as authen- sity whose work focuses on motiva- tic. The moment is simply an outlet for gratitude. tion. “People buy lottery tickets, and mathematicians often say, ‘How can How important is praise in business? you waste that money?’ Psycholo- Extremely important. Research has gists have a slightly different view, been done. Analytics, even. A 2010 and that is, if buying a ticket for a study published in Harvard Busi- fairly small amount of money allows HOW TO GIVE IT ness Review found that at electronics you to dream and to think you might Most management experts stress the retailer Best Buy, a 0.1% increase get to savor the anticipation of what importance of specificity. “You want in employee engagement drove that reward might look like, that’s to balance praise with construc- US$100,000 in operating income to probably worth the money.” tive feedback,” says psychologist Dr. the bottom line of each store per year. Praise is like that. It involves very Wayne Nemeroff, CEO and co-found- Now, employee engagement involves little effort and produces a lot in er of PsyMax Solutions, a Cleveland- lots of things, of course: personal return. It’s a no-brainer, even for based provider of “integrated human fulfillment, career advancement and people who are otherwise ingrates. capital management tools.” Nemeroff free coffee. But according to Chester So that’s why you should give suggests, “Recall a particular situa- Elton -speaker, motivation expert praise. But how? tion and describe a specific behavior;
KEY TECHNICAL MATTERS 1. Praise should not begin with the email, face-to-face conversation, working,” “most glorious,” “awesomest,” phrase “You da ….” handwritten note, bear hug. “best-smelling,” etc. 2. Ending an expression of praise with 5. No bear hugs. 9. Praise followed by criticism is not “… and stuff” nullifies the praise. 6. A handwritten note is worth more than a praise. 3. Ending an expression of praise with $100 gift card. 10. Praise followed by praise is probably “… now get back to work” also nullifies 7. But probably not more than a $200 gift a little too much praise. the praise. card. 11. Praise followed by criticism followed 4. In ascending order of forcefulness: 8. Easy on the superlatives: “hardest- by praise is a sandwich.
62 Entrepreneur february 2016 Specificity is important, of course, but it seems to us that everything flows from sincerity. Sincerity will automatically lead to praise- and, most likely, impromptu praise. Which is the best praise of all, be- cause it’s automatically perceived as sincere. It simply takes advantage of a moment that is already happening: an email that you’re sending anyway, the beginning of a meeting that’s happening anyway, a team-building exercise. (“Bob, never has anyone so elegantly held an orange with his chin.”) It’s hard to come up with praise on the fly. And the one being praised knows that. If you take advantage of a chance encounter -if the oppor- tunity to praise someone was never even supposed to happen- then what you’re saying is perceived as authen- The principle of positive tic. The moment is simply an outlet you,” or something just as straight- reinforcement states for gratitude. (Important note: never forward. Anything else can spoil that behaviors that are use the phrase “outlet for gratitude” the moment. Praise should be as rewarded are behaviors when praising someone, or at any discreetly received as it is concisely that will be repeated. other time.) stated. But this can be bad. If we The principle of positive reinforce- keep repeating behaviors, HOW TO RECEIVE IT we lose sight of the most ment states that behaviors that are important part of what Giving praise is the easy part. You rewarded are behaviors that will be we do, which is innovate. just have to be aware of other peo- repeated. But this can be bad. If we Praise should establish ple’s feelings and be in tune with keep repeating behaviors, we lose a new bar. what’s going on in your business. sight of the most important part Receiving praise is trickier- ulterior of what we do, which is innovate. motives and all that. Praise should establish a new bar. acknowledge the impact the behavior When it comes to receiving praise, We should accept the praise and or action had on the group or the you want to subscribe to the gym- then try to forget about it. We project or the action or on you.” nastics rule: throw out the highest should repeat the work that was Here’s what Elton suggests in his and lowest scores. Never put too praised, but immediately move on to book: do it now. The closer the much stock in someone telling you doing a better version of it. recognition is to the behavior, the that you’re amazing, and never put more likely it will be repeated. Do it too much stock in someone telling What praise ultimately does is hold often. The more you message what’s you that you suck. Listen to the stuff up a mirror. It acknowledges what important to you, the more people in between. (This also works with people already think about them- will focus on that. And finally, be online hotel reviews.) selves: that they’re good at what specific. And respond like this: “Thank they do. You’re making someone happy and fulfilled and more excited to work with you. And for almost no effort at all.
TEMPLATE FOR A CONCISE, HANDWRITTEN NOTE OF PRAISE Nice work.
Here’s what the management ______, experts think: “Employee recognition leads to profit.” I couldn’t be more impressed with how you ______the [hell/heck] out of ______. Here’s what the neurologists
on.com think: “Dopamine, which is z Not only did you ______, but you ______. Beautiful. released in the brain any time Best, we hear something we like, is a powerful chemical.” principle ama principle t ______See this article in its entirety at Entrepreneur.com he carro t he
february 2016 Entrepreneur 63
money ask the money guy | vc viewpoint | your money | ECON
Is your business going to attract THE funds you need? Regional investors in entities both big and small tell you what they look for when evaluating your pitch
hen evaluating a pitch, here are what some of the MENA region’s investors look for in your business model, and what might sway them in your favor. Some of these investors look at early-stage and even W ideation, others in this list only consider large-scale models. At the core of the matter is that a pitch is a pitch, and you’ll notice that these investors all mention a few essential points… like how much drive and motivation you and your co-founders have to make your business work. Does your enterprise have what (and who) it takes to secure funds?
66 Entrepreneur february 2016 Omar J. Sati, Omar J. Sati Director and Director and co-founder of co-founder of DASH Ventures DASH Ventures www.dashventures.com @ojsati @DASHVentures
hen evaluating a pitch, “ investors have standard guidelines for formulating an investment decision. Beyond theW required basics, below are specific ele- ments, unique to our investment philoso- phy, that we particularly take note of.
1. FOCUS Laser-like focus, particularly at the early stages, is critical and can sometimes mean the difference between survival and failure. In today’s distrac- tion-filled world, it is very easy to lose focus. This is easier said than done and requires will power, mental strength, and discipline. A lack of focus is a sign of a weak strategy, uncertainty of where the business is headed, and entrepreneurs must learn to filter out noise that deviates the company from its mission. The best pitches paint a clear and vivid path to success.
“Because of our active, hands-on approach, we cannot ignore the importance of chemistry when evaluating an investment. While we understand that it takes time to build a relationship based on mutual trust and transparency, the first meeting or pitch can be very telling. We challenge an entrepreneur’s assumptions, test their hypotheses, and offer advice. How they engage is a good indicator of the likelihood of a productive and collaborative relationship moving forward.”
2. REALISM Building a business hinges on the successful execution of a grand vision. We love bold ambitious plans, but we also like simple and realistic. I keep my eye out for how in touch with reality entrepreneurs are. Are they aware of the or fragility that could be detrimental in telling. We challenge an entrepreneur’s many challenges that lie ahead? Do they times of difficulty. assumptions, test their hypotheses, and understand the assumptions behind their offer advice. How they engage is a good numbers? Do they realize that building 4. BREAKTHROUGH We are looking for indicator of the likelihood of a productive and growing a business is a marathon indications of a breakthrough. Some call it and collaborative relationship moving and not a sprint? It is a fine balance of momentum, others use the term traction. forward.” >>> optimism and realism. Whether by overcoming a challenge, prov- ing the model works, achieving product- “Building a business hinges on the 3. WELL-ROUNDED TEAM Strong, com- market fit, or demonstrating a defensible successful execution of a grand vision. plete, complementary founding teams. and sustainable competitive advantage. We love bold ambitious plans, but we Weak and incomplete teams inevitably also like simple and realistic. I keep my lead to failure. We specifically look for 5. CHEMISTRY Because of our active, eye out for how in touch with reality entrepreneurs are. Are they aware of complete teams where each member is hands-on approach, we cannot ignore the the many challenges that lie ahead? handpicked for a specific role, and has the importance of chemistry when evaluat- Do they understand the assumptions skills and experience to make an impact. ing an investment. While we understand behind their numbers? Do they realize Great teams are complementary in skill that it takes time to build a relationship that building and growing a business is sets and reinforce each other’s strengths. based on mutual trust and transparency, a marathon and not a sprint? It is a fine We look out for any signs of dysfunction the first meeting or pitch can be very balance of optimism and realism.”
february 2016 Entrepreneur 67 money ask the money guy | vc viewpoint | your money | ECON
Mehmet Atici, member of the founding team at Earlybird Digital East Fund Mehmet Atici member of the founding team at Earlybird Digital East Fund | www.earlybird.com | @ms_atici @EarlyBirdVC
efore we invest, we’re crucial to show your progres- chunks of money to their solve, what value you provide “ looking for startups sion and the results you got investors, that means every and how you make money. Bthat can demonstrate since you have started your opportunity they invest in Explaining your product at a traction. Every smart inves- company. needs to be sizeable enough. basic level is sufficient and, tor wants to see numbers and Third is team- includ- in fact, better; if it is inter- will be driven by the momen- Rather than long-term ing biographies in the deck esting enough the investor financial projections, the tum created by the founders. investor is more interested is a must to demonstrate will always dig deeper. Although the satisfying level in 6-12-18-month plans which relevant work experience and Finally, we look at the raise of traction may differ for are naturally more realistic education background. Every amount and use of proceeds. different types of investors, and showing whether key large company built, without As an entrepreneur, you have next steps or key hires are the entrepreneur should be already determined.” an exception, has amaz- to be sure about how much able to complement his story ing people running them. money you want to raise with convincing traction. Secondly, mostly referred as Scaling a small startup into and where you will spend it At Earlybird, we seek to see the, ‘How big can this get?’ a sizeable business is quite on. Rather than long-term product-market fit when question, opportunity size complex and requires high financial projections, the developing our investment is one of the crucial fac- caliber, right skills besides investor is more interested in thesis. Whereas a seed/angel tors. Targetable market size hard work. 6-12-18-month plans which investor might be satisfied should be large enough for Fourth is value proposition, are naturally more realistic by just seeing early results VC investors. In order for VC meaning that the investor and showing whether key from a few number of happy mathematics to work, large has to be clear about what next steps or key hires are customers. Either way, it is funds have to return huge you do, which problem you already determined.”
68 Entrepreneur february 2016 Samih Toukan Sami Abou Saab Walid Tahabsem CEO of Speed@BDD | www.speedlebanon.com | @samiabs @speedlebanon founder and CEO of ITG, and co-founder and board e always look for scale up worldwide. We in the ecosystem which have member of Oasis500 “ a passionate team also look for realistic and conflicting interests.” www.oasis500.com | @wtahabsem Wwith the ability to achievable financial goals execute, commitment, and in the first two to three Sami Abou expertise in the area of the years of operation. Some Saab, CEO of “ he top five things I expect to see startup. For the technol- red flags in startups that Speed@BDD Tin an investment pitch are: ogy startups we invest in we see are: non-scalable at Speed@BDD, we look business models, a business 1. Clarity I like to know that the for at least one technical model that has to change in entrepreneur knows what he/she is co-founder for the startup the future for it to remain talking about. to totally own its plat- attractive to customers, form and to develop it. We business models that have 2. Passion It is vitally important to look for an idea that has very high customer acquisi- feel that the entrepreneur loves the a sustainable and repeat- tion cost and that require a idea and is passionate about it. able business model, and lot of initial investment for for a scalable idea that goes proving the concept, and 3. Scalability Ideas should be beyond the initial target business models that are scalable to ensure sustainability. geography, and that can dependent on other players 4. Numbers The numbers should Samih Toukan add up and should be realistic.
Laith Zraikat 5. Commitment This is a must, as Senior Investment Manager at Arzan Venture Capital unfortunately it is becoming a trend www.arzanvc.com | @laithz with entrepreneurs -especially the younger ones- to ‘try’ things out to prefer startups ask for help and advice as the pitch thing, here’s what I’d be waiting see if it works or not!” “ opposed to pitching. Their questions will to hear: Ihold everything I need to know: team, product, traction, challenges, what they’ve 1. INTRO Who are the team? What are learned, and how I can add value. That said, you out to solve? What do you know that if you manage to get me to watch you do others don’t? What have you proven to be true that others believe is false? Use simple terms, and no buzz words.
2. TRACTION Talk about traction if you have any. Show some usage metrics, revenues, and explain user behavior. If you don’t have much traction, share some early customer stories and prove that at least some people love your product. Walid Tahabsem, founder and CEO of ITG, and co-founder and board member of Oasis500 3. DEMO Show me your product. Your product demo will put everything into perspective. It will also show that you can execute. User experience is very important. 4. LEARNING PROCESS Demonstrate a If you have a beautifully-built product, learning process. What worked, and why? you’re halfway in. What didn’t work, and why not? Startups usually don’t stick with the exact same idea Talk about traction if you have they set out to build on day one. Being dy- any. Show some usage metrics, namic and having an iterative experimental revenues, and explain user methodology is essential. Laith Zraika, behavior. If you don’t have much Senior 5. VALUE ADD How can I help? Although Investment traction, share some early money is very important, team is every- Manager at customer stories and prove Arzan Venture thing. A VC is part of that team. What value Capital that at least some people love can I add and why is it going to be reward- your product. ing to work with you?” >>>
february 2016 Entrepreneur 69 ILAN-ENG.pdf 1 1/25/16 3:35 PM
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Mohammed Mohammed Al-Ayouti, Managing Director Al-Ayouti of Vodafone Ventures Egypt Managing Director of Vodafone Ventures Egypt www.vodafone.com.eg @Ayouti
hen considering an “ investment pitch, Where are the first five things I look for:
1.TEAM The fact that a team exists is the first filter. I don’t like single-founder startups, let alone one-man shows. The team members have to share the same vision, both short- term and long-term, and the key team members have to be dedicated to the startup- not employed elsewhere, or even worse, juggling other startups.
Are the entrepreneurs out there to create a lifestyle business or are they setting out to do 100x growth? A big watch-out here is founder compensation: entrepreneurs seeking large salaries imply that they seek comfort or aren’t confident about their startup, and that they are diverting a large chunk of the investment -given that we’re in early stage- straight to their pockets.
2. PROVEN ABILITY TO EXECUTE Can the entrepre- neurs pull it off? This would be most apparent by how the startup has progressed“ so far, but can also be assessed from their track record in previous startups, and/or their career experience.
3. MARKET UNDERSTANDING 4. COACHABILITY From expe- Can the entrepreneurs pull setting out to do 100x growth? Does the team understand rience, the odds of success for it off? This would be most A big watch-out here is the space they’re in? Do they an entrepreneur who is always apparent by how the startup founder compensation: entre- know their competitors? Also, ‘right’ are very slim. It’s very has progressed so far, but preneurs seeking large salaries I stay away from entrepreneurs likely that the startup will can also be assessed from imply that they seek comfort their track record in previous who say it’s an X billion dollar change direction a few times startups, and/or their career or aren’t confident about their market so if we get 1% we’ll be along the road as it seeks its experience. startup, and that they are great. The question is how will product-market fit, and the diverting a large chunk of the you achieve that 1%? Bottom- CEO has to show that he or 5. HUNGER Are the entrepre- investment -given that we’re up sizing beats top-down she will listen and respond to neurs out there to create a in early stage- straight to their sizing in my book. feedback. lifestyle business or are they pockets.”
february 2016 Entrepreneur 71 start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE
Teach Me Now founder Thea Road warrior Myhrvold at the Infiniti Lab in UAE startup Teach Me Now wins Hong Kong Hong Kong pitching contest By Pamella de Leon
nfiniti Middle East As a global marketplace held its first speed wherein anyone can learn pitching session in and teach with anyone on December last year, a one-to-one basis in real which gave 30 bud- time, Teach Me Now’s busi- ding entrepreneurs ness model is as follows: seven minutes to tutors can set up their pitch their ideas to three own hourly rate, with the Ijudges in an Infiniti Q70, startup selling with a 15% while being driven around markup for access to their one of Dubai Autodrome’s virtual classrooms, and a racetracks. Talk about a pay-as-you-go system, so memorable elevator pitch, that students only pay for right? That was how the time they spend learning Teach Me Now founder with tutor of their choice. and CEO Dr. Ali Infinity Lab, Hong Kong Thea Myhrvold described With an average hourly rate Baghdadi is a the experience too. The of $25 per hour, some of the mentor and chair- 25-year-old founder of the platform’s classes include man of the board educational tech platform languages, math, chess the- for Teach Me was selected to represent the ory, programming and cur- Now, the startup GCC and Levant region along riculums for IB, GCSE, SAT, also boasts of with two other startups, and Ivy League graduates as a partnership social network Fallaha and well. Myhrvold believes that with Microsoft’s booking appointment app user feedback is essential in BizSpark, a three- Bookr. The contest’s finish improving their product, so year program that line (excuse our pun) was developing and creating new helps startups held at the Infiniti Lab in features, such as launching by providing free access to how the legal and business Hong Kong, where the three white-label and customized Microsoft’s cloud services, infrastructures can still be finalists received mentoring solutions for schools, insti- tools and support. This improved, while commend- and coaching sessions with tutes and governments for partnership with BizSpark ing startup hubs and incuba- Infiniti and Nest executives. more teachers and students proved to be especially tors in5 and AstroLabs for Myhrvold’s startup won to use their technology is worthwhile, because thanks helping in reducing setting the final round of the pitch part of their next phase. Up to it, Myhrvold had the up costs. “It is hard for small after a 10-minute presenta- and coming partnerships chance to meet Microsoft tech companies -who don’t tion and a Q&A with the is also on Teach Me Now’s CEO Satya Nadella during need an office- to set up panel of judges, and gained agenda. his visit to Dubai in January shop and hire people to even US$40,000 in seed funding. While Aptec founder this year. “To have an hour get to MVP,” says Myhrvold, with someone of his caliber noting that these hurdles are listening to what we do, usually lower barriers to en- giving us feedback and po- try elsewhere. However, she tentially strengthening our insists the incentives to start partnership beyond BizSpark up a business in Dubai and is a once-in-a-lifetime op- stay here outweigh it. “There gul f portunity,” says Myhrvold. is an amazing opportunity to As Teach Me Now is her make and impact the startup second venture in UAE and tech space, and it is ft microso t esy (her first was IB Smart, a still early days in that sense. gamified app for students I am proud to be a female with learning challenges entrepreneur in Dubai, and like ADHD and dyslexia), there is nowhere else in the ya nadella image cour image nadella ya Myhrvold is no stranger region I would rather start. t
to the ups and downs of I feel very encouraged and sa t ing the city’s entrepreneurial supported by the community old mee old Teach Me Now founder Thea Myhrvold meeting Microsoft CEO Satya Nadella ecosystem- she mentions and infrastructure.” v hea myhr t hea
72 Entrepreneur february 2016 ecosystem | who’s got VC | Q&A | STARTUP FINANCE start it up
President of IDB Group Dr. Ahmed Mohammed Ali, Mohammed Felloouse, CEO, El Wifack, team. Third, addressing a shrinking or Khaled Al Aboodi, CEO, ICD RAMEZ MOHAMMED dying market- especially if the product CEO, FLAT6LABS @ramezm is not scalable to other vertical or geographical markets. We, as Flat6Labs, Q What are the biggest red usually shy away from investing in startups flags you’ve seen in startup whose product is not scalable beyond a business plans? few thousand customers/users. In this A “First, not doing their homework in early stage we prefer to invest in startups terms of market research, customer that have the potential to grow rapidly discovery, and understanding competition. at some point in the future, if provided Second, no coherent or fully committed with the appropriate mentorship, support and capital. The fourth set of issues we Round two! see in startup business plans are fatal QSTP concludes second hazards. Fatal hazards include stolen IP, accelerator program with young local regulatory restrictions, complicated entrepreneurs onshore/offshore ownership structures, and unfamiliar jurisdictions. If a startup is ine aspiring entrepreneurs have planning to use IP that is not licensed or completed their three-month long open source to use, this is usually a huge training and mentorship experi- red flag to us. We definitely prefer startups ence with business and technology that a) develop their own IP or b) use an Nleaders, under Qatar Science & Technology external party IP legally.” Park’s (QSTP) second Accelerator Program. Ramez Mohamed, CEO, Flat6Labs QSTP, headed by Managing Director Hamad Al Kuwari, is a part of Qatar Foundation Research and Development, and this particular initiative, aiming to help promising entrepre- A congregation of Eurasia’s neurs bridge gaps between inspiring ideas and feasible businesses, offers participants a mix entrepreneurial world of both funding and mentoring. Startup Turkey 2016 comes calling QSTP staged a demo day for startups on January 18, 2016 to mark the conclusion of ith 700+ invitees com- addition, attendees can expect to see the Accelerator Program. The entrepreneurs prising of entrepreneurs, pitching sessions, and talks by relevant showcased their models in sectors and investors, accelerators, investors and executives. industries that included media technology, corporates and mentors, With a line-up of speakers including health and fitness, education, and enter- theW eighth edition of Startup Turkey Sebastiaan Vaessen, Head of Strategy tainment. The nine projects graduating the 2016 aims to bring together members of e-commerce, Naspers Group, Yousef current accelerator program include V3V, the entrepreneurial ecosystems of Eu- Hamidaddin, CEO, Oasis 500 and Tweet Mogaz, Aingel, Gamified Self, Metis, rope, West Asia, Middle East and Africa Kıvanç Onan, General Manager Turkey, EcoGym, Ergonomic T-Shirt, MaktApp, and at Antalya this year. Besides offering Middle East & North Africa, PayPal, the Braille Touch. The demo day brought to light a multitude of networking opportuni- event is also expected to include ven- ideas like TweetMogaz, a news portal that ties through everything from dinners to ture capitalists and angel investors from crowdsources news from social media posts of startup competitions, the event, which across MENA, Eurasia, and the U.S. individual users, and MaktApp, a portfolio of is to be held from 25-27 February, The sponsors for this year’s event all-in-one cloud solutions for SMEs. Metis, a will also include training sessions for include IBM, Microsoft, Intel, PayPal project by students at Carnegie Mellon Univer- selected seed and early stage startups and Samsung among others. sity in Qatar, assists in academic planning for applying for the startup challenge. In www.startupturkey.com undergraduate students, while Braille Touch is a project that aids reading for the visually impaired through the use of existing touch devices. QSTP’s Accelerator Program sets out three clear objectives for those accepted into the program to work on: create a conceptual prototype, verify commercial viability, and ac- cess potential investors. Key program partners included Qatar Computing Research Institute (QCRI) and the Supreme Committee for Deliv- ery and Legacy’s Challenge 22. www.qstp.org.qa/home/support-programs/accelerator
Some of the speakers at Startup Turkey 2016
february 2016 Entrepreneur 73 start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE
easier to gain seed money The process on questions that may arise from various smaller inves- The process began with from prospective investors, tors, instead of targeting just Mamarbachi submitting her with the Artscoops team one or two high-net-worth business plan with a five then given the opportunity individuals, or an institu- year projection to an invest- to pitch to a room full of tion. Among the factors ment committee, which de- potential financial backers that influenced her choice termines the proposal’s eligi- in Dubai. were the benefit of Arts- bility to be on the website or coops getting validated by not, checking “if it is viable, What happens next the “crowd,” as well as the an interesting business or al- Mamarbachi has planned ability to include her family ready has proof of concept.” the funds to be divided into and friends who wished to In this stage, Mamarbachi two broad areas: 75% of it “participate in [their busi- recalls an account man- will go into operations and ness] journey.” The process ager was available “doing IT development, and 25% also allowed Mamarbachi what’s called an ‘onboard- in marketing and advertis- to learn how to evaluate a ing’ consultancy with us.” ing. On Artscoops’ agenda is business, presenting it in a It took approximately one creating an online auction Seeing one-minute pitch, defend- month to prepare require- feature, a mobile application, ing its financial projections, ments such as its executive a design platform, and a re- and pitching in front of total summary, business plan and sponsive website, alongside dollar strangers, while being ready creating offshore company, goals to hold a live auction to answer potential ques- followed by a three-month in Beirut and further work in tions on the site’s live Q&A planning for the launch. The marketing, SEO and gallery signs feature. Eureeca team trained them expansion in the GCC. MENA art platform Artscoops gets Featured artworks on Artscoops’ website funded through equity crowdinvesting on Eureeca By Pamella de Leon
nstead of going for the usual funding routes taken by startups in the Middle IEast region, Artscoops chose another option to grow its business: crowdinvest- ing. The MENA art platform specializing in buying and selling art from MENA artists and commercial galleries has raised funds through equity crowd- funding platform Eureeca. Commenting on the raise, co-founder Raya Mamar- bachi says, “We raised US$130,000, although we have yet to receive anything as we are still in the process of finalizing the shareholder agreement and issuing the shares, but after Eureeca’s fees are given, I think it will be around $105-110,000.” Mamarbachi decided to opt for the equity crowdfund- ing route than traditional means of raising capital after reasoning that it might be scoops.com t .ar www
74 Entrepreneur february 2016 Equity crowdinvesting: funding option. For a business to succeed Sam what you need to know on a platform like Eureeca, it needs to be Quawasmi, Co-founder Eureeca Managing Director and scalable and also have a feasible future and co-founder Sam Quawasmi exit opportunity to attract potential Managing investors. Director, Eureeca According to Eureeca co-founder and Managing Director Sam Quawasmi, 3. Beware of overvaluation. Artscoops’ campaign on the equity “Another pitfall is for businesses to crowdfunding platform saw a total of 49 overvalue themselves. It is natural investors from its network (incidentally, for entrepreneurs to seek the highest it’s a Eureeca record) contributing to valuation possible, but they must funding the enterprise, which specializes be wary of overdoing it. Over-valued in buying and selling art from MENA businesses won’t get funded and artists and commercial galleries. Being entrepreneurs need to ask themselves a scalable business in the emerging if they are willing to greatly delay art market of the MENA region made the capitalization process over their Artscoops an attractive enterprise on valuation.” Eureeca, given the potential for it to be acquired by a larger online marketplace 4. Use your network effectively. in the future. For startups hoping to “Generating early momentum in a replicate Artscoops’ success on Eureeca, campaign is important for it to be here are a few of Quawasmi’s pointers successful, and the best way for on what to keep in mind when consider- entrepreneurs to do this is to tap into ing equity crowdinvesting as a funding their personal networks for investment. are talking about 10, 20, 50, even 100x option: People who know you and your business multiples,” he says, adding that equity are most likely to invest first. Once crowdfunding has made the asset class 1. Equity crowdinvesting requires they do so, and thereby validate your more accessible and not just limited effort- a lot of it. “Entrepreneurs proposal, the crowd will have more to angel investors. “Now pretty much who think they can launch a campaign, confidence to follow suit and invest. anyone can tap into the asset class and and then check back in in a few weeks To not tap into your networks is risky. invest in deals that can potentially yield to find that they have $300,000 in Eureeca works with all businesses on the this kind of returns.” the bank, are mistaken. A lot of effort platform to build out their contact lists. is required in the preparation of the You know a lot more people than you proposal and engaging with investors think!” “Generating early momentum during the campaign. If raising money in a campaign is important offline is a full-time job, equity 5. The investors’ advantage. for it to be successful, and crowdfunding makes it a part-time job.” For investors hesitant on the ROI of the best way for entrepre- equity crowdinvesting as compared neurs to do this is to tap into 2. Does your startup make the to traditional channels, Quawasmi cut? According to Quawasmi, only points out that SME private equity, the their personal networks for businesses with two to three years of asset class offered on Eureeca, has the investment. People who know operation and ideally generating revenue potential to generate large returns for you and your business are should consider crowdinvesting as a investors when liquidity occurs. “We most likely to invest first.”
Artscoops Tips for MENA startups 2. Have a viable business co-founders Raya when pitching from an model. “It’s better to already Mamarbachi and May Bendki equity crowdfunding have proven sales or concept Mamarbachi platform [than] just an idea on paper, Artscoops co-founder as it’s an ‘easier sell,’ even Raya Mamarbachi better [if the startup] is [al- ready] at growth stage.” 1. Be realistic. “Set a realistic goal if you don’t reach 100% 3. Be willing to ask and proceeds. It’s better to raise accept help. “Seek the advice smaller amounts and use it of the [platform’s] invest- wisely. Then, in the following ment committee on one’s year, raise more, [instead of] evaluation, as they have more trying to raise too much at knowledge of the startup once. It sets a standard.” world.”
february 2016 Entrepreneur 75 start it up ecosystem | who’s got VC | Q&A | STARTUP FINANCE
In short, the founder describes MAGNiTT as “an online community con- necting entrepreneurs and their startups to investors, mentors, and co-founders from the MENA region.”
to filter through startups from the region, as well as to funnel information in a consistent manner. It’s definitely no surprise that these were priorities, as the founder reminded me several times that it takes a mere 15 minutes to get a startup listed on the platform. Not only did Bahoshy have to develop a top-notch product, but he is also work- ing on bringing in all of the actors of the MENA startup ecosystem in: we’re talking startups, VCs, business founders, and more. Sounds startups to investors, men- like a lengthy to-do list, and A startup for tors, and co-founders from it is, especially given that the MENA region.” A web the team is only Bahoshy and startups directory for startups by a “an outsourced tech devel- startup? Sounds interesting. oper.” That said, the founder Philip Bahoshy wants his online platform While much of the focus of is focusing on raising funds MAGNiTT to create a tighter knit MENA-wide the respective MENA en- this year to grow the MAG- entrepreneurial ecosystem By Kareem Chehayeb trepreneurial ecosystems is NiTT team. So far, the costs on a local level, MAGNiTT’s have been allocated to the lmost all And it turned out that he vision is broader, in that it is website’s development- and entrepreneurs wasn’t the only one strug- regional. it’s all been bootstrapped who have com- gling with this problem: But developing a MENA- to date. A beta version of pleted their “The more I spoke to entre- wide platform like MAGNiTT MAGNiTT was released with MBAs want to preneurs in the community, was not an easy feat. After limited access, something immediately I realized that this was a designing the platform that Philip Bahoshy found getA the ball rolling on their similar problem for many.” using “lean methodology,” very helpful in hindsight. enterprise ideas once they Bahoshy also mentions that Bahoshy then moved on to “This allowed us to improve graduate, but many end up after noticing the problemat- two primary focuses: having and tweak the platform struggling. Founder and CEO ic aspects of pitching events user-friendly mechanisms before opening it up to the of MAGNiTT, Philip Bahoshy and other challenges entre- was one of them. This preneurs face to get their Philip Bahoshy, British-Iraqi entrepreneur ideas to development stage, founder, has been living in Dubai for he began to notice a gap that MAGNiTT seven years, after earning he could fill. All in all, the his B.Sc. in Economics from focus was on what he calls the London School of Eco- the “invest-ability” of the nomics, and an MBA from startup, with minimal focus INSEAD. Bahoshy had many on “support, mentorship and ideas that he wanted to de- guidance.” And that’s where velop after finishing business MAGNiTT comes in. school but “struggled with In short, the founder getting concept validation, describes MAGNiTT as “an guidance and support, and online community connect- funding opportunities.” ing entrepreneurs and their
76 Entrepreneur february 2016 public,” says Bahoshy, who video on the platform. On MAGNiTT’s marketing game and STEP conferences. What also says that it helped him an editorial note, MAGNiTT plays on several fronts, advice does he have to give make an important decision: will launch a blog, which but “social media is key” to startups? “Listen, don’t MAGNiTT will be a mobile- Bahoshy hopes will become a to the platform, according react, take time and perse- responsive website, rather valuable resource for entre- to Bahoshy. The startup is vere, be agile, and solve a than a platform that’s both a preneurs, as well as research active on Facebook, Twitter, problem.” desktop website and an app. reports on the different and LinkedIn, and it has And Philip Bahoshy’s take Does MAGNiTT have the markets and entrepreneurial used social media to directly on giving up all of his spare pull needed to attract the ecosystems in the MENA interact with startups. The time for his startup? “I’m a region’s entrepreneurial eco- region. As for making money founder also says that social firm believer that you either system? First impressions off MAGNiTT, Bahoshy media has been a good give something a 110%, or appear that way. “We’ve says he plans on two ap- tool for “education,” both don’t bother doing it at all.” been able to attract more proaches to go about that: a for startups and other key than 110 startups,” says the subscription model for users stakeholders in the entrepre- Not only did Bahoshy have founder, adding that 300 that charges a premium for neurial ecosystem. Bahoshy to develop a top-notch investors have also joined additional information, as has also been attending product, but he is also over the last few months– a well as advertising revenue startup conferences across working on bringing in all grand total of 800 users from service providers that the MENA region to reach of the actors of the MENA so far. When asked about can support startups based out to startups, accelera- startup ecosystem in: we’re the registered startups’ on their specific needs and tors, VCs, and incubators, talking startups, VCs, busi- respective stages, Bahoshy requirements. including the recent RiseUp ness founders, and more. claims that 77% “are look- ing for mentorship for their startups.” Moreover, 19% of registered startups are at their prototype testing stage, while 17% are at seed stage. MAGNiTT is also going well on the networking front with “over 120 connections in the past two months alone.” Going forward, there is still much more that he wants to add to MAGNiTT. Over the next few months, we can expect some small but significant tweaks, including “improved” profile pages, funding sections, and a more comprehensive startup directory as well. There are more plans for MAGNiTT in the long term as well: Bahoshy wants to add more services for startups, includ- ing legal, marketing, and even HR. Also, startups will be able to pitch to VCs via
MAGNiTT’s marketing game plays on several fronts, but “social media is key” to the platform, according to Bahoshy. The startup is active on Facebook, Twitter, and LinkedIn, and it has used social media to directly interact with startups.
february 2016 Entrepreneur 77 GLOBAL 14-16 March 2016 RESTAURANT The Address Dubai Mall, Dubai INVESTMENT POWERED BY FORUM
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16 March 2016, Burj Al Arab, Dubai GRIF 2016 will host the inaugural Global Restaurant Awards through partnership with The Caterer. The Global Restaurant Awards are an opportunity for the industry leaders to get together and celebrate those organisations that have shown innovation, vision and leadership in their businesses and concepts. Recognising the brands that have really engaged with their consumers through social media, technology, design or sustainability. The Global Restaurant Awards will be hosted by Jumeirah at the iconic Burj Al Arab, Dubai. REGISTER NOW! www.restaurant-invest.com/register ORGANISED BY GOLD SPONSORS SILVER SPONSORS CONCEPT SHOWCASE SPONSORS AWARDS IN ASSOCIATION WITH
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www.restaurant-invest.com | #GRIF16, @GRIF_news | www.global-restaurant-awards.com
160201 GRIF16 203x273.indd 1 01/02/2016 13:53 ecosystem | who’s got VC | Q&A | STARTUP FINANCE start it up GLOBAL 14-16 March 2016 RESTAURANT The Address Dubai Mall, Dubai POWERED BY The problem is, most cor- grow, they typically add INVESTMENT porations are not struc- layers of management, and tured for making multiple systems and processes small investments or rapid become more complex. Get- FORUM acquisitions. Even venture ting close to entrepreneurs’ capitalists, whose job is to resilience, innovation, col- pick winners, have a suc- laboration, simplicity and cess rate of just 20% and fail-fast philosophy reboots many corporations don’t the corporate culture, have an appetite for that which can transform vener- kind of risk. The catch-22 able giants of business into is that as a disruptive something that is relatively FACILITATING startup gains market share, nimble and agile. its value increases expo- Finally, startups can INVESTMENT nentially, often reaching illuminate new ways of 100 times its earnings or doing business by identify- more. With the benefit of ing gaps and turning them DECISION-MAKING hindsight, we all know the into growth engines. This value of Amazon, Google has happened in long- and Facebook, but who established sectors such WITHIN THE understands the value of as telecommunications, Slack or thousands of other banking, insurance, travel, startups? health care, airlines, trans- RESTAURANT SPACE Some corporations do get portation, retail, fashion, it though. Huge companies media and energy... the list The Global Restaurant Investment Forum (GRIF) facilitates investment that have successfully is endless. These changes decision-making within the restaurant space. The forum showcases taken the path of making are being driven mostly by the hottest restaurant concepts from around the globe and gives multiple small investments advances in technology, attendees a place of focus to connect with investors, owners, include Google, Intuit and coupled with new business franchisors and senior hospitality professionals, assess the state ing a hard look at how to General Electric. Google, models. of the hospitality industry and secure deals for the coming year. grow their business and Yahoo and Facebook, Corporations need to be Small transform their industries. among others, adopted close to startups to under- GRIF will be powered by Michelin in 2016, enriching the event Here are four reasons why. early acquisition strategies, stand how their businesses with its extensive network and world class chefs. startups First, acquiring or invest- while Barclays, Disney, are changing and what ing in a startup can be Coca-Cola and Zain have is on the horizon. If they are good less expensive and more created industry-vertical don’t, there’s a good chance effective for rapid growth business accelerators to they will be left behind. than a company’s own boost startups. These Sadly, many big busi- for big research and develop- big-name corporations nesses in the Middle East ment. Internal R&D rarely get it, and they have made and North Africa region business disrupts a company, much nurturing startups part of and elsewhere are stuck in 16 March 2016, Burj Al Arab, Dubai By Con O’Donnell less an industry; startups, their corporate DNA. the “look at the cute little by definition, will. So Secondly, today’s start- entrepreneurs” phase. GRIF 2016 will host the inaugural Global Restaurant Awards through partnership with The hy are the big- maintaining close relation- ups will be tomorrow’s Creating an environment Caterer. The Global Restaurant Awards are an opportunity for the industry leaders to get gest corpora- ships to entrepreneurs and Fortune 500 companies. where entrepreneurship together and celebrate those organisations that have shown innovation, vision and leadership tions in the startups that are driving An analysis of the business and innovation can thrive in their businesses and concepts. Recognising the brands that have really engaged with their Wworld getting the innovation of entire landscape by Innosight, a should be business as consumers through social media, technology, design or sustainability. The Global Restaurant close to entrepreneur- industries is key to growing top global consultancy, pre- usual. With their ample ship and startups? I’m not and innovating individual dicts that three-quarters of cash and know-how, large Awards will be hosted by Jumeirah at the iconic Burj Al Arab, Dubai. talking about incorporating businesses ahead of the current S&P 500 compa- corporations are well posi- them into some “aren’t- competition. This can be nies will disappear in the tioned to compete for the those-entrepreneurs-cute” done by acquiring startups next 10 years. And who best and brightest in the REGISTER NOW! www.restaurant-invest.com/register corporate social responsi- -and their talent- outright, will replace them? Mostly entrepreneurial ecosystem. ORGANISED BY GOLD SPONSORS SILVER SPONSORS CONCEPT SHOWCASE SPONSORS AWARDS IN ASSOCIATION WITH bility scheme. I’m talking or by investing in them to companies that don’t exist Yet venture capitalists are about a serious strategy ensure the corporation has today. far ahead when it comes to on the part of some of the a stake in their future or, Then there is the restora- financing new enterprises. biggest and best-known better still, partnering with tion of an entrepreneurial For big business, opportu- corporations that are tak- them early on. mindset. As companies nity is knocking. POWERED BY
Entrepreneur Con O’Donnell is an investor in 11 promising Egyptian tech startups. He co-founded Arabic dotcom pioneer Sarmady Communications and was a first-mover in digital advertising for mobile apps. O’Donnell is also the co-founder of RiseUp, one of the MENA region’s top entrepreneurship events. www.restaurant-invest.com | #GRIF16, @GRIF_news | www.global-restaurant-awards.com february 2016 Entrepreneur 79
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Is there a doctor get a website made by a is very new to the country. contractor when the clinic is Not to mention it’s growing in the house? launched, but the website is drastically. Those people never updated with proper don’t have so many friends Qatari startup Meddy brings physicians online content. They don’t think and family to rely on to find By Erika Widén a website can help them a good doctor. Most of them attract new patients and end up on Google search for eddy, launched in together to put everything build a brand awareness.” doctors, but less than 30% September 2014, is an they’ve got into the success Aghadi adds that doctors in of the clinics and hospitals online platform which of their enterprise. Aghadi, a the small Gulf state mostly in Qatar have a website.” M helps people living in Pakistani national based in rely on advertising on news- The few websites that are Qatar in their quest to find Qatar minored in Business papers and word of mouth available are not up to date, the best doctors based on Entrepreneurship, while referrals. “However, quite and that’s how the concept patient reviews and creden- co-founder AlKhenji hails a few of them have started of Meddy came to be. “We tials. This startup’s mission? from Qatar and minored in to have strong presence on provide all the information Meddy wants to ensure a Computer Science. Facebook and Instagram, about a doctor such as their patient will never have a bad According to Aghadi, less since it’s quite easier to medical credentials, clinic experience with a doctor, than 30% of clinics in Doha manage.” location, specialization, and abides by the vision of have a website due to the In addition, Aghadi shares sub-specialization, scope being the primary interme- lack of understanding and that most people in Qatar of practice etc. Our aim diary between patient and a appreciation for technology, rely on their friends and is to help people make an doctor in the region. Found- and the benefits of how it family who have been in the informed health decision,” ed by Haris Aghadi and Ab- can grow their business. country for a while for word- says Aghadi. dulla AlKhenji, both majors “Clinics are run by doctors, of-mouth recommendations Initially, Meddy was never in Information Systems at and they are not that tech- to find a good physician. intended to be a startup, as Carnegie Mellon University savvy to have a website. “But Qatar has a huge it was part of Aghadi and Qatar, the two have banded Although, quite a few will expatriate population that Alkhenji’s senior university
80 Entrepreneur february 2016 information is verified from the Qatar Supreme Council of Health prior to upload- ing profiles on the website. “We do that by providing extensive content on the doctor’s medical credentials and patient reviews to help with the decision making process.” For instance, with Meddy as a platform, the public can filter doc- tors based on a particular medical field, languages they speak, gender, and clinic. In the near future, Meddy Haris Aghadi and Abdulla AlKhenji, co-founders, Meddy will be adding more filters such as area and insurance “Not to be confused with satisfaction and patient loy- providers in addition to an a booking appointment,” alty. Eventually, we want to Arabic version of the website Aghadi clarifies. “What we move into full-fledged online in order to cater to the large do is a patient can go to a appointment system, where Arabic-speaking community. premium doctor profile and patients can immediately project. “However, we then “[A filter for] insurance click on book now and fill book a slot on a desired phy- got lots of encouragement providers is a big one, since out his/her name, phone sician’s calendar.” from the faculty and other most patients request us to and appointment preference After launching his own students to make this prod- help them find doctors that time, and we automatically business, what does Aghadi uct public to help them find is under their insurance net- send that to the clinic, and suggest as tips for young a doctor. Hence, we launched work, as patients don’t want then someone from the ‘treps looking to launch an it as a startup. We initially to pay out of their pockets. clinic calls back the patient idea? Firstly, the co-founder started with only 20 doctors, They only want to go to a to confirm the appointment advises young entrepreneurs and most of them were gy- doctor where their insurance request.” to not waste their time writ- necologists. We then started cards will be accepted.” Aghadi says that the reason ing a business plan about a other specialties such as Since the launch of Meddy, behind this is due to the fact cool idea, and instead use pediatricians, dentists, der- most of its traffic is from that there are a lot of popu- the business model canvas. matologists, and more.” organic searches and Face- lar clinics in Qatar, where “The ‘build first, monetize At present, Meddy has book. “People are constantly the patient calls the clinic later’ mentality doesn’t re- approximately 1,000 doc- searching on Google for to book an appointment and ally work well in this region tors listed from 120 private doctors, so we have a lot of have to wait 10 to 15 minutes and will give you a very hard clinics and hospitals from traffic from there. People on the phone in order to time raising capital. Find more than 20 specializations also share links of doctor make an appointment. “With business models with high available throughout Qatar. profiles with their friends Meddy, a patient spends liquidity and great margins. “Getting data on doctors and on Facebook so we get traffic less than 10 seconds filling There is lot of bureaucracies clinics was a huge challenge. from there as well.” And out the information and and inefficient processes We relied on a manual ap- how do the revenue streams gets a call from the clinic. to get anything done, so be proach by visiting the clinic work? The startup gener- This leads to better patient patient.” ourselves and calling them, ates income in two different due to the lack of websites. ways; one is a traditional We focus on private [enter- advertising model, and the prises], because in public other is through site book- hospitals, you don’t have ings. Clinics are permitted so much freedom to choose to do targeted banner which doctor you can see. advertisements on the de- You get what’s available, sired specialty section. For otherwise you have to wait a instance, a clinic can place very long time, or pull some a banner ad on the dentist strings to see a doctor that section saying 40% off on you like.” teeth whitening. Secondly, Meddy is focused on as- there is the premium profile, sisting the public to decide meaning doctors are allowed which doctor they want to accept booking requests to visit. In addition, all from prospective patients.
february 2016 Entrepreneur 81 in pictures
GITR KSA Winners of the Arab Mobile Challenge on stage in Algiers, Algeria
Joseph Ged, CEO, Ooredoo Algeria
Best Idea Stage Best Startup Track with a prize Stage Track of US$20,000 with a prize of won by Vision US$20,000 Geeks of Sudan won by Bookr of Kuwait
Doha Guide of Qatar
Speaking in code from Egypt, MyU from Kuwait Ooredoo to continue its policy Algeria plays host to the finals of and Gravilog from Palestine- of encouraging national talents Arab Mobile Challenge 2016 were qualified to compete at the and skills through its various Global Mobile Challenge, which programs, including iStart, teams from 10 mobile apps that would be takes place at the GSMA World tstart, Oobarmijoo and Injaz.” different countries able to make a positive impact Congress at Barcelona, Spain Entrepreneur Middle East was around the Middle across their respective com- in February. This year’s contest a media partner for the event, 24 East battled it munities. While Sudan’s Vision saw Ooredoo acting as the tech- organized annually by IM- out in the regional finals of the Geeks and Kuwait’s Bookr won nological partner for the event, TIAZ MIDDLE EAST, with BNC third cycle of the Arab Mobile US$20,000 each to help bring with Ooredoo Algeria CEO Jo- Publishing Director Wissam Challenge at Algiers, Algeria their apps to market, five other seph Ged saying the company’s Younane also acting as a judge in January this year, with the teams –Synoos from Algeria, support was a reiteration of for the competition. competition aiming to find Doha Guide from Qatar, Raye7 “the constant commitment of www.arabmobilechallenge.com
Stand out performances Qualified to compete at • Raye7 from Egypt, a at AMC 2016 Global Mobile Challenge carpooling mobile app tailored during the GSMA Mobile for the MENA region Best Idea Stage Track World Congress at Barcelona • MyU from Kuwait, an internal Vision Geeks from Sudan, an in February: social network for a school app to aid the visually impaired • Synoos from Algeria, an app to • Gravilog from Palestine, an help kids to improve their Arabic interactive healthcare app for Best Startup Stage Track language, math and logical skills pregnant women connected Bookr from Kuwait, an app to • Doha Guide from Qatar, an with their doctors via an book any appointment-based app to find services and search electronic medical record over service without the use of the Internet the cloud Raye7 of Egypt
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