Entrepreneur Qatar April 2016 | Sporty Pursuits

Seeing your enterprise through to growth and maturity The five stages of the business lifecycle

Emad Al Khaja

The pro’s guide to public speaking

Feeding the entrepreneurial ecosystem with fresh recruits The CEO of INJAZ Qatar wants young people to join up‌ and then move up

Practical tips for entrepreneurs who want to own their messaging

Sporty pursuits

From quad racer to investor and entrepreneur

Mohamed Abu Issa sets his sights high

9

772312

595000

>

APRIL 2016 | www.entrepreneur.com/me | QAR15

april 2016

CONTENTS

16

Mohamed Abu Issa sets his sights high for his latest venture

16

22

40

56

From quad racer to investor and entrepreneur

Feeding the entrepreneurial ecosystem with fresh recruits

The how-to

#TamTalksTech

Mohamed Abu Issa sets his sights high for his latest venture.

The CEO of INJAZ Qatar wants young people to join up… and then move up.

Theoretical and practical tips for entrepreneurs who want to own their messaging.

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

INNOVATOR: Sporty pursuits

Emad Al Khaja

56 Personalize your hardware, shoot and share sharper images, and improve your storage options.

The pro’s guide to public speaking

TECH: SHINY

76

MONEY: YOUR MONEY

Is it time to exit?

Four things to consider before selling your company, outlined for you by an entrepreneur who has already made that coveted exit.

april 2016 Entrepreneur

3

CONTENTS

april 2016

77 Sesame Workshop launches venture capital fund

32

64

Seeing your enterprise growth through and maturity

Make your life better by saying thank you

ASK A PRO

36

‘TREPONOMICS: SKILLSET

Keeping the fire alive Employee passion for work isn’t endless; here are seven ways to stoke the flames by Bayt.com’s Lama Ataya.

CULTURE: LIFE

The five stages of the business lifecycle, outlined for entrepreneurs. Each stage highlights a unique set of obstacles to deal with and overcome.

Olympian and entrepreneur James Clear outlines seven situations when you should be conveying gratitude, and how it can improve your work situation.

70

46

52

The art of mentorship

Fresh territory comes with a host of new challenges

Shelling out

ESQUIRE GUY Ross McCammon says that the best mentors are the ones who lead by example without acknowledging they’re leading by example.

ASK A PRO

Six tips for expanding a homegrown business, from one of the region’s best known entrepreneurs.

DESIGN Entrepreneur and designer Catherine Sarr, the founder of Almasika Fine Jewellery draws on African cultural heritage to create her pieces.

22

www.collaborativefund.com

INJAZ Qatar CEO Emad Al Khaja speaking during the Mubadara 2015 ceremony

4

Entrepreneur april 2016

CONTENTS

april 2016

84

E-commerce site founders say the time is right for more customer options in Qatar

90

88

32

68

Family first

Business book rundown

Get your checkbook ready

Craftsmanship, e-commerce, and a whole lot of creativity

Securing continued growth for family businesses in the MENA region is integral to economic growth.

Amal Chaaban reviews a few business books for you before you hit the bestseller aisle. It’s true that not all executive material is created equally.

START IT UP: WHO’S GOT VC? ChefXChange, an online platform to search and hire chefs locally for private or corporate events, is back raising $2 million for its Series A round.

Q&A

Little Majlis, founded by Anna Bolton-Riley and Annabelle Fitzsimmons, brings the artisan scene online.

ECOSYSTEM

44

EDITOR’S NOTE

By Fida Z. Chaaban

54

CULTURE: TRAPPINGS

Entrepreneur april 2016

62

TECH: ONLINE ‘TREP

‘Trep gear

Blending in… to the Middle East

The executive selection for the entrepreneur on your list that has everything.

Okay, maybe for a little selfreward as well.

San Francisco-based app, founded by Akash Nigam, Matt Geiger and Evan Rosenbaum, garners regional investor interest.

90 The five factors of socioemotional wealth in terms of the family business

6

LIFE

EDITOR IN CHIEF Fida Z. Chaaban editor@bncpublishing.net MANAGING DIRECTOR Walid Zok walid@bncpublishing.net DIRECTOR Rabih Najm rabih@bncpublishing.net DIRECTOR Wissam Younane wissam@bncpublishing.net PUBLISHER Nehme Abouzeid CREATIVE LEAD Odette Kahwagi MANAGING EDITOR Aby Sam Thomas STARTUPS SECTION EDITOR Pamella de Leon COLUMNIST Sindhu Hariharan COLUMNIST Tamara Clarke COLUMNIST Shoug Al Nafisi COLUMNIST Erika Widen EVENTS LIAISON Mark Anthony Monzon

SUBSCRIBE Contact subscriptions@bncpublishing.net to receive Entrepreneur Middle East every issue

PO Box 502511 Dubai, United Arab Emirates P +971 4 4200 506 | F +971 4 4200 196 For all commercial enquiries related to Entrepreneur Middle East contact sales@bncpublishing.net

CONTRIBUTING WRITERS Lama Ataya Abdulla Barakji Mohamed Batterjee Amal Chaaban James Clear Shailesh Dash Jackie Fitzgerald Hassan Al Hazeem Shelina Jokhiya Suhail Al-Masri

Ross McCammon Rani Nasr Neil Petch Soukaina Rachidi Anna Roberts May Rostom Tarig El-Sheikh Mark Sephton Erika Widen

cover image credit: CARTIER Images used in Entrepreneur Middle East are credited when necessary. Attributed use of copyrighted images with permission. All images not credited otherwise Shutterstock.

MIDDLE EAST

Access fresh content daily on our website!

www.entrepreneur.com/me

10

Entrepreneur april 2016

All rights reserved © 2016.

Opinions expressed are solely those of the contributors.

Entrepreneur Middle East and all subsidiary publications in the MENA region are officially licensed exclusively to BNC Publishing in the MENA region by Entrepreneur Media Inc. No part of this magazine may be reproduced or transmitted in any form or by any means without written permission of the publisher.

Printed by Raidy Emirates Printing Group LLC www.raidy.com

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

EntMagazineME @EntMagazineME @Fida Entrepreneur-me EntrepreneurMiddleEast EntMagazineME EntMagazineME EntMagazineME

CLEMENCE (2½ - 8½) AN

SH

DM A D BY BY

MASTER

E

H

OEMAKERS

MEPHISTO offers you comfort with modern design. The SOFT-AIR midsole minimizes the shock that results from walking and provides soft and supple walking comfort.

LAGOONA MALL, GROUND FLOOR, +974 4433 5510 WWW.MEPHISTO.COM

EDITOR’S NOTE

All talk, no action

I

It’s time to inject some reality into the PR blitz around entrepreneurship

f you are heading up a large scale business in this region, and your company is trying to jump on the now-popular “I support entrepreneurship” bandwagon, then this month’s note is for you. Some hard truth: 1. Entrepreneurs are businesspeople. They are people who

are running serious businesses, they are not playing at running a business. Businesses need money to operate. Money comes from clients.

That is the single most important factor that needs to be stressed.

2. Entrepreneurs are not a promotional vehicle. Some

of the multinationals operating in the Middle East are trying very hard to gain a reputation of being pro-entrepreneurship. That idea has become very fashionable in promotional circles over the past two years. You need to actually work with these businesses, not just “voice” support in a press release.

Young enterprises need money to operate and to continue to scale.

3. You do have a budget. If

you’re going to craft some “CSR” type activity, why don’t you put your budget to work with a startup or a SME? It may take some creative thinking to do something impactful with a limited budget, but that budget, however small, is going to go a long way for a business that’s bootstrapping. Call up

12

Entrepreneur april 2016

a startup founder and ask them to craft a proposal for work- you’d be surprised at the multitude of options they can offer your company.

4. Giving away prizes isn’t supporting entrepreneurship. Please do not approach us

to contact our startups for your “startup competition” if you are not serious about awarding the winning company. Giving them some certificate and a prize like a tablet or a booth at your event is not supporting entrepreneurship, it is a PR move. How would you like it if one of these “competitions” gave your company a piece of paper and an iPad as a reward for your business model and enterprise ingenuity? It is insulting, and worse, it’s useless and does nothing to improve the state of the business.

entrepreneurial ecosystem, don’t be surprised when they decline to participate. A few entrepreneurs have come to me asking my opinion on being invited to participate in events that suddenly have a startup or entrepreneurship panel, and these founders are realizing that it’s all just a show for someone else’s benefit. These same founders are very aware of the fact that you suddenly decided you needed a few token entrepreneurs at your event, and this is why you’ve suddenly taken an interest in their work. This won’t win you any good will in the ecosystem.

If you, as a corporate leader, want to really support the ecosystem, then at some point, you need to allocate some of your budget to doing so. Entrepreneurs are not a promotional tool, they are businesspeople who are trying to build commercially viable and stable enterprises.

5. There is always a way. If you have enough money to keep a glitzy PR agency on retainer, then you have enough money to support the entrepreneurial ecosystem. There are a few multinationals who are at the very least sponsoring ecosystem events, and that are actively trying to find innovative ways of working with startups. These companies are showing you the way it can and should be done.

6. Startups can sense your intentions. When founders get

requests to back something that is supposedly “supporting” the

Fida Z. Chaaban Editor in Chief @fida | @fidazchaaban editor@bncpublishing.net

innovator

Sporty pursuits From quad racer to investor and entrepreneur: Mohamed Abu Issa sets his sights high for his venture, OxFitness Lab

By Erika Widén

M

ohamed Abu Issa may be better known for his exploits as a quad racer (who, by the way, holds the distinction of being the first rider from Qatar to complete the Dakar Rally in South America on a quad bike), but this Qatari national is also a businessman- he’s the entrepreneur behind the soon-toopen OxFitness Lab in Doha, an enterprise that, interestingly enough, was born out of a personal need. “I dedicate a lot of time training and managing my lifestyle to be as efficient as possible for both my sporting career and business career,” Abu Issa explains. “I struggled a lot when I began training heavily to manage my nutrition, diet and training.

I used professionals from all over the world, but I was not getting optimum results as not all areas supported each

16

Entrepreneur april 2016

other.” For instance, he notes how his diet for weight loss was not concurrent with his muscle building. As a result, he become increasingly frustrated and hired a full-time trainer and nutritionist- and the outcome was positive.

“The results were outstanding, and my riding rose to another level,” he says. “I can’t explain the drastic difference of having all the elements of training and lifestyle managed in one place. It was at this point OxFitness Lab was born, and my passion for sports developed this unique concept.”

Qatar currently has a world-class training facility for athletes called Aspire. It is a sports academy, a learning environment comprising of the largest sports dome in the world. As an elite sports institute dedicated to developing young athletes to their full potential, the facilities offer state of the art equipment for the purpose of sports training. However, Abu Issa >>>

Khalifa Said Al Abri, Riyada CEO

Image courtesy Red Bull / Mohamed Abu Issa

“The importance of diagnosis, testing, science and more importantly development in our concept gave us the idea to include Lab in our name.�

april 2016 Entrepreneur

17

innovator

ognition and just a concept in place.” But Abu Issa wasn’t going to cut corners- he was keen on building OxFitness Lab as a facility where the genuine care of their members and team is top priority.

Each of the lab’s members will have a personalized program, which not only considers their needs and health goals, but also enhances their lifestyle and wellbeing.

“We pledge to provide the finest collaborative personal service and facilities, within a motivating and innovative environment,” he declares.

“We are the only center that covers in depth a wholesome approach to lifestyle and wellbeing. We are an innovative fitness concept that integrates health, training and lifestyle in a dynamic and motivating environment.”

As for what the OxFitness

name signifies, Abu Issa reveals that he and his team went through several brainstorming sessions with their branding agency to come up with that- they knew from the start that the facility would be more than a conventional gym or fitness center. “The importance of diagnosis, testing, science and more importantly development in our concept gave us the idea to include Lab in our name,” he explains. “This is something we certainty wanted to include. The Ox part of the name comes from oxygen, which is not only key to survival and a hugely important aspect of any training; it was also a style we implemented in the design of our facility. Our facility has a very unique design with minimal straight lines, lighting and features.” As for

his business’ viability in the Qatari market, Abu Issa believes that health and sports have a vital role to play in the development of the country.

He notes that there are many challenges when encouraging the local population to eat healthy and live a more active lifestyle, and “despite this, the country is making large investments to raise awareness of its importance,” he says. “And I think this is exactly what needs to be done.

Startups and businesses in the sport and health industry are also supporting this.”

With that notion in mind, OxFitness Lab can be said to be aligned with the country’s National Vision 2030 as well, since human development is stated as one of the four development pillars within the vision, regarded as a drive for a healthy population. >>>

Image courtesy Red Bull / Mohamed Abu Issa

wanted to create a facility for the mass market and provide the public and amateur athletes access to knowledge on training and lifestyle. “This led to the three core pillars of OxFitness Lab being created,” he says. “They are OxHealth (managing your well-being), OxTraining (achieving your goals) and OxLife (building your lifestyle).” According to Abu Issa, one of the unique aspects of the fitness lab is its one-of-a-kind training, jointly aligned with a five star service. “It was due to this that I wanted to hire a general manager from a luxury hospitality background, which will ensure our members the best possible service and hospitality. This was [a] challenge– as to recruit from top level positions in established firms is tough for a startup with no brand rec-

18

Entrepreneur april 2016

Taskeen Properties’ Khalid Al Habsi winning at the Oman Entrepreneurship Awards

innovator

Racing to the top

“We support the National Vision by not only providing a service to our members, but by also educating them and creating a hub for knowledge sharing, we hope to develop an ever growing and sustainable health conscious community that will continue to be developed through generations to come,” Abu Issa says.

With respect to Abu Issa’s juggling of roles as a racer and an entrepreneur, he reveals that besides being a dedicated professional athlete, he has always had a keen interest in business.

“Coming from a business family always gave me a drive to be involved in business,” he says. “I studied business and marketing in London as I was determined to develop my knowledge before starting my own company.”

Unquestionably, he claims to be interested in the family business; however, he has always been determined to start a business on his own.

“The concept for the fitness lab came along at the perfect time. I was coming towards the end of my degree in London, and I was becoming more and more involved in Qatar’s sporting community with my racing career, going from strength to strength, and becoming a Red Bull athlete.” But starting up his enterprise was not an easy

20

Entrepreneur april 2016

process, he admits. “The biggest challenge, as with many startups, was creating the right team to support in the development and implementation of my concept.” In terms of advice for his fellow entrepreneurs, Abu Issa underlines the importance of taking an idea and placing together a business plan first, known as phase one, and if the idea is feasible, then go ahead and start working.

“As young Qataris, we have such great opportunities here in our country, and one bit of advice I would give is to just get started,” he says. “It is tough starting your own business and there are many things that will go wrong as well. But as many hurdles as you have to overcome, you will never get past them if you don’t start.” As for Abu Issa himself, he doesn’t plan to stop on his startup pursuits with OxFitness Lab. “As a keen entrepreneur, I am always keeping my eyes for new opportunities,” he says.

“Along with the racing and fitness industries, I am also a keen investor and advisor in the technology sector.

Technology is a very exciting and fast-paced industry with opportunities for great returns. The projects I am involved with will hopefully all be going live in the first half of 2016.”

“I have a passion for motorsports for as long as I can remember,” says Mohamed Abu Issa. “I used to do a lot of horseback riding in my youth, but when I got my first small bike at the age of five, that changed everything. I started to enjoy it more and more; my older brother was already into motor sports at the time, and as you can imagine, I always wanted to compete with him.” Thanks to his brother’s patience and support in teaching him everything he knows today, Abu Issa soon found a passion for motorsport embedded within him.

As a result, he continued to develop his skills with the support of his family, until he became a professional quad racer in 2013. “Before turning professional, I had many years of working my way up the ranks. In my first local race, I finished last and I started to have second thoughts about moving my hobby and passion to a competitive level. However, I decided to push on and keep trying. I still remember to this day how disappointed I was and I never wanted to have that feeling again.

So, I got straight back to practising and developing my bikes.”

As a professional quad racer, Abu Issa has competed in the Cross Country Rally World Cup. “In my first year, after a lot of learning through the races and a serious crash in the last race in Morocco, I finished as Junior World Champion, and second in the world in the senior category. I couldn’t believe how it felt for all my efforts to come together, and deliver such a great re-

sult in my first professional series.” At the end of the series, he started to develop his team as he was heading to compete in one of the world’s toughest races, known as The Dakar Rally. In 2014, Abu Issa competed in his first Dakar Rally. “What an experience,” he remembers. “It was so tough and new to us all. We traveled with 10 to 15 people as part of the team, including the team manager, Sebastian de Groot van Embden. It was a big change from usually attending races with friends or local supporters.” The Dakar Rally was for a 14-day period, and Abu Issa recalls how they covered approximately 10,000 kilometers of South America, including Argentina, Chile and Bolivia.

“The whole team including myself slept in tents every night and we experienced some very tough conditions including altitudes of up to 4,800 meters and freezing temperatures. Each day, I raced for an average of 12 hours and also studied my road book for two to three hours.”

In the end, Abu Issa finished in first place in the junior category and fourth overall. “I was overwhelmed and honored to make Qatar proud in such a highly accredited event,” he says. “I went on to compete again in the world championship finishing in second place for the second consecutive year.

Since my first Dakar, I have competed twice but I had to retire from both due to technical problems. However, after a lot of testing I think the bike is ready, and there is a good chance for [me to compete again] next year.”

Image courtesy Mohamed Abu Issa

Mohamed Abu Issa on his passion for motorsports

innovator

22

Entrepreneur april 2016

INJAZ Qatar CEO Emad Al Khaja speaking during the Mubadara 2015 ceremony

Feeding the entrepreneurial ecosystem with fresh recruits Emad Al Khaja

The CEO of INJAZ Qatar wants young people to join up… and then move up By Erika Widén

B

y investing in the education and development of youth in Qatar, INJAZ is driving forward the realization of Qatar’s National Vision 2030,” says Emad Al Khaja, CEO of INJAZ Qatar. “Since its inception in 2007 INJAZ has empowered young people by giving them the right track to succeed in a global economy and by helping shape the entrepreneurial landscape in Qatar.”>>>

april 2016 Entrepreneur

23

innovator Qatar, focused on the National Vision 2030, aims to achieve a sustainable economic and societal growth, in addition to the creation of a well-educated, highly valued community by focusing on the four pillars of Economic, Human, Social and Environmental Developments. For this reason, INJAZ Qatar acts as a bridge that connects corporates to the country’s aims, by introducing programs focusing on work-readiness, entrepreneurship and financial literacy and letting companies participate as sponsors and volunteers in delivering these programs to the students. As a result, INJAZ Qatar offers experiential, hands-on programs in preparatory schools, high

schools, universities and youth centers across Qatar.

“INJAZ Qatar stakeholders are our success, which includes the work of the board members, corporate volunteers, schools, employees, and of course, the students.

The contribution of these stakeholders in delivering successful programs to students is what has led to INJAZ Qatar’s success; students of INJAZ are provided with unique opportunities such as establishing and running a real company giving them valuable hands on experience in a safe, learning environment. This practical training and mentoring provided by local business leaders has made our courses extremely popular among young entrepreneurs and the

“INJAZ Qatar inspires and prepares the youth to be leaders and compete in a global economy.”

RE-KIT stand, developed by participating team during the 2015 Mubadara competition

24

Entrepreneur april 2016

next generation of business leaders,” adds Al Khaja.

The CEO highlights the importance of the Mubadara 2015 Annual Young Entrepreneur of the Year Competition as INJAZ Qatar’s most interactive and popular education program through which student enterprises are established through Junior Achievement’s globally recognized “Company Program,” a prominent feature of the INJAZ Qatar calendar of activities. During the program, students go through the entire lifecycle of a startup venture as they develop a business idea, form a team, raise capital of up to QAR 11,000, devise business plans, and produce and sell a product or a service.

Towards the end of the four months of activity, students present their entrepreneurial ideas before a judging panel of business leaders from the local market and winners are announced during the Mubadara annual ceremony.

“INJAZ Qatar inspires and prepares the youth to be leaders and compete in a

“We are working on developing a new program under the financial literacy pillar in collaboration with Qatar Exchange (QE) for the first time in Qatar. The program will be focusing on stock markets and will be developed by INJAZ Qatar and QE team along with education professional.” global economy. The competition is an opportunity for students to experience real life business applications, develop an enterprise and present actual business plans and prototypes of their offered products or services,” says Al Khaja. “The youth of Qatar will play an increasingly important role in delivering the Qatar National Vision 2030– the outstanding young entrepreneurs from the competition clearly illustrate the talent that is being nurtured through this innovative education program to help secure the nation’s future prosperity.”

Open to students at the university, college and secondary school levels between the ages of 15-24, and in total, 18 student teams participated in the 2015 Mubadara program where they were provided with the unique opportunity to establish and run a real business over a period of four months with the guidance of professionals from leading businesses within Qatar.

Out of the 18 student teams, 11 graduated to the final stage of the program, seven student teams from Qatar’s independent secondary schools and four teams from Doha universities. The “Best Company of the Year” award was presented to team Qaho from Qatar University and

School students with program volunteers during one of INJAZ Qatar’s programs in action

team Save Your Self from AlResala Independent School for Girls. In addition, high school teams were recognized in a series of category awards including: “Most Innovative Product or Service” award won by team E Order from Ahmed Bin Mohammed AlThani Independent School for Boys; while team Smart Recycle from Al-Shaimaa Independent School for Girls received the “Best Marketing Plan” award; team Re-glass of Tareq Bin Ziad Independent School for Boys was awarded the “Best Social Impact” award; team Do Something Different from AlKawthar Independent School for Girls received the “Best Public Presentation” award, team The Echo of Al-Wakra Independent School for Boys received the “Best Annual

Report” award, and team Gas Detection Service from Mosab Bin Omer Independent School for Boys was awarded the “Best Booth Display” award. Student teams competing at the university level were recognized in the fol-

lowing awards: Q-cycle from Qatar University received the “Most Innovative Product/ Service” and the “Best Social Impact” award, and Ptactica from Qatar University received the “Best Marketing Plan” award.

INJAZ QATAR SUCCESSESS MetFame was the result of the 2014 Company Program, established by two passionate winners of Mubadara 2014. MetFame is the first Qatari media company to specialize in the creation of engaging social media videos for businesses, and offer a range of video types including stop motion, sketch, and animation. “MetFame is considered one of INJAZ Qatar’s most successful stories to date; it makes INJAZ feel proud and accomplished to see the experience that these girls gained from the program,” says Al Khaja.

For the purposes of the competition, students are required to produce and sell their product or service, and then prepare for the four stages including the annual report, the trade fair, the public presentation, and >>>

Through the Work Readiness Program, Job Shadow Day (JSD) allows students an opportunity to shadow an employee at a partner company later leading to possible internship placement. Abdulrazzak Mohamed, a student studying accounting at Qatar University, participated in JSD at Deloitte and was later offered an internship that transitioned into Abdulrazak working on a full-time basis at Deloitte’s Tax Department. A similar story occurred with Rabie Al Tork, who later joined Abu Isa Holding as an IT officer.

april 2016 Entrepreneur

25

innovator

Qatar University Team Qaho recieveing ‘Best Company of the Year’ award during the 2015 Mubadara Ceremony

the panel interview. “INJAZ Qatar has been running the Company Program for eight consecutive years; we believe that these competitions are really beneficial to our students and fun at the same time. In addition, it’s a great opportunity to recognize our partners, get our board members more engaged, thank and appreciate our volunteers and that will promote the concept of volunteering and encourage the event attendees to volunteer with INJAZ,” says Al Khaja.

The CEO says that this is the time to thank and recognize the program, event sponsors, and partners highlighting the impact they are creating through their contributions and support. “Also, we encourage more students to participate through Mubadara. One more benefit can be highlighted since Muba-

26

Entrepreneur april 2016

dara has a pool of potential entrepreneurs who can be approached by Incubation Centers and sponsors to take the company forward.”

Mubadara places INJAZ as one of the top and essential entrepreneurial organizations working to create and enhance the entrepreneurship ecosystem in Qatar.

“We will continue to build on our achievements from previous years and continue to enhance our relationships with our current partners and seek to collaborate with new organizations, companies, educational institutions and sign MoUs with new entities. We have many projects for the coming year. We are working under the supervision of the Ministry of Education and Higher Education and willing to strengthen this collaboration. We are working on developing a new

“The more that people get behind development of an entrepreneurial spirit the more successful Qatar will be in creating a bright and diversified economic future.” program under the financial literacy pillar in collaboration with Qatar Exchange (QE) for the first time in Qatar. The program will be focusing on stock markets and will be developed by INJAZ Qatar and QE team along with education professionals,” explains Al Khaja.

INJAZ Qatar also has plans to raise the bar for their Entrepreneurship Programs this year, and to conduct tailored workshops for the Company

Program participation teams in several fields including marketing, financial management and presentation skills to boost the level of the contestants. These workshops aim to introduce new skills and expand participant knowledge, hence raising the quality and making the competition more challenging.

“As well, we are formulating under the work readiness pillar an exceptional internship program tailored

to meet expectations of our best students and best partners of the year, in order to help our students get a better insight of jobs in their related fields of studies and an unforgettable experience while interning at our corporate partners who will be given the chance to find their best recruits among these students.”

Al Khaja emphasizes that INJAZ’s programs in financial literacy, work readiness and entrepreneurship are delivered by professional volunteers from the corporate sector. “These are the people who add value to our well-structured internationally developed programs and customized to fit the market and culture. All our programs provide hands-on activities mixing between learning and fun. We prepare young entrepreneurs through our Company Program to enter the real market. We provide Incubation centers with a pool of young entrepreneurs.” He adds how teaching students at this early stage to establish and run a business is essential if they want to carry on with their idea. “I see that INJAZ and other entrepreneurial initiatives complete each other since we teach and prepare young minds how to become real entrepreneurs through our well established programs, hence they will be more prepared to enter the real market and get support from Emad Al Khaja, CEO, Injaz Qatar

other organizations and incubation centers to help them establish and run their business in the real world.”

Al Khaja strongly believes there is a true entrepreneurial spirit found in Qatar, an attribute that will play a key role in the country’s future economic development. “Mixing this spirit with the energy and enthusiasm of youth, with the guidance of local, experienced business leaders and with oversight from organizations like INJAZ opens up a whole set of new opportunities to develop Qatar’s future prosperity. The more that people get behind development of an entrepreneurial spirit the more successful Qatar will be in creating a bright and diversified economic future.” The mission of INJAZ Qatar is to accelerate young people’s ability to contribute to the economic development of nations by connecting them with dedicated business mentors and providing them with the skills, and mindset they need to become the entrepreneurs and business leaders stimulating their communities. “Our vision is to inspire and prepare a generation of youth in Qatar to use their natural talents, inspiration, passion and determination to become the business leaders and entrepreneurs of tomorrow who empower their community,” adds Al Khaja

STAGES OF THE COMPETITION Students compete against each other at four different stages of the competition where they will be scored by the judges on several criteria at each stage. The judges will deliberate and the company with the highest score will win.

STAGE 1 WRITTEN FINAL COMPANY REPORT The Company Report is the opportunity to summarize the team’s year in business. It is an important record of what they have achieved. It includes name, logo, mission, vision, and business plan of each department, liquidation report. This segment carries 15% of the weight of the final grade.

STAGE 2 TRADE FAIR STAND/BOOTH VISITS This is the first opportunity where the team will have to talk to the judging panel in person, answer their questions and market their product. This segment carries 20% of the final grade. In this stage, students must sell the audience their product. Marketing the product /service is the most important aspect of this segment. Students will try to convince people and judges to buy something from them without being pushy.

STAGE 3 PUBLIC PRESENTATION This segment is the teams’ chance to present and pitch their companies to potential investors; this segment carries 25% of the total final grade. Students should use the public presentation to market and sell their company rather than their product to a possible investor in the audience; however, the product/service must be made clear during the presentation.

STAGE 4 PANEL INTERVIEW This is a very important aspect of the competition since the judges have the opportunity to ask any questions regarding the company as well as clear any queries they may have after having read the reports and visited the stands.

This segment has a heavier weight than the three other segments, as it carries 40% of the final grade. Judges are likely to probe company members on their understanding of how and why the company performed as it did and what general lessons the students are able to draw from this, and how these lessons might be applied in a new business context.

Company members without their volunteer or teachers will be questioned by the panel of judges for a maximum of 15 minutes about different aspects of their company.

april 2016 Entrepreneur

27

IN THE LOOP

Waleed Al Sayed, CEO, Ooredoo Qatar with Eric Xu, Huawei Rotating CEO, signing the Qatar Innovation Lab agreement

Tag team

Ooredoo and Huawei collaborate to create Innovation Lab in Qatar atar’s Ooredoo and China’s Huawei are partnering to set up an Innovations Lab in Qatar that will be a research hub for network technology. The agreement, signed by Ooredoo Qatar CEO Waleed Al Sayed and Huawei Rotating CEO Eric Xu at this year’s Mobile World Congress in

Barcelona, Spain, will see the two companies aim to bring next-generation technology to Qatar that will help deliver faster Internet speeds, better online experiences and further encourage research and innovation in the country. The lab, which will be based at Ooredoo’s facility Qatar Data Centre 5, will focus on developing and testing innovations in IT and communication solutions

like 5G technology, 4K video capabilities, Internet of Things (IoT), and more.

As per the terms of the MoU, the technical support for Ooredoo’s research activities will be provided

by Huawei, which will include training courses and supporting knowledge transfer. The implementation process in the form of technical and management training sessions is to be undertaken jointly

by Ooredoo and Huawei.

Besides acting as a platform for innovators to work on proof-of-concept projects, the lab is also expected to let

The lab, which will be based at Ooredoo’s facility Qatar Data Centre 5, will focus on developing and testing innovations in IT and communication solutions like 5G technology, 4K video capabilities, Internet of Things (IoT), and more.

them demonstrate innovative solutions to relevant partner organisations for assessment. The representatives of both companies said that this new facility is a joint effort on their parts to contribute to enhancement of Qatar’s knowledge-based economy, and help train the country’s next generation of technology leaders

april 2016 Entrepreneur

29

TREPONOMICS

ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

The five stages of the business lifecycle Seeing your enterprise through to growth and maturity

By Neil Petch

32

Entrepreneur april 2016

F

rom the moment you make the decision to set up a business, you’re in the “business lifecycle.” This will see you journey from idea to startup, and if successful, through to the growth and maturity phases.

While it’s fair to say that business is never not challenging, a look at each of the stages of the business lifecycle highlights a unique set of obstacles to deal with and overcome. You will have to be flexible in your thinking and adapt your strategy as you move along. Indeed, different approaches are required for market penetration versus, for example, what may be required to achieve growth or retain market share.

According to the recent Startup Genome Report, an estimated 90% of those startups that fail do so primarily due to selfdestruction. It was their founders’ own bad choices or lack of preparedness rather than so-called “bad luck” or market conditions that were out of their control.

Understanding your position in the business lifecycle just might help you stay a bit ahead of the game here and defy the odds, as you anticipate the potential challenges and obstacles that are upon you or are on the way depending on what phase you are in or about to transition to.

Simply put, as your business grows and develops, so too do your business aims, objectives, priorities and strategies– and that’s why an awareness of what stage of the business lifecycle you are currently in can be helpful.

STAGE 1 Seed and development This is the very beginning of the business lifecycle, before your startup is even officially in existence. You’ve got your business idea and you are ready to take the plunge. But first you must assess just how viable your startup is likely to be.

At this stage, you should garner advice and opinion as to the potential of your business idea from as many sources as possible: friends, family, colleagues, business associates, or any industry specialists you may have access to. Ultimately the success of your business will come down to many factors– including your own abilities, the readiness of the market you wish to enter and, of course, the financial foundation in place (how are you going to finance your launch?).

In some ways, this is the soul-searching phase. It’s where you take a step back and consider the feasibility of your business idea, and also ask yourself if you have what it takes to make it a success.

STAGE 2 Startup Once you have thoroughly canvassed and tested your business idea and are satisfied that it is ready to go, it’s time to make it official and launch your startup. Many believe this is the riskiest stage of the entire lifecycle.

In fact, it is believed that mistakes made at this stage impact the company years down the line, and are the primary reason why 25% of startups do not reach their fifth birthday.

Adaptability is key here, and much of your time in

this stage will be spent tweaking your products or services based on the initial feedback of your first customers. It can even get to the point where you are making so many changes to your offering that you start to feel a bit of confusion. That’s just noise, and the main advice here is to power through the blurriness, because extreme iterations upfront will naturally seem confusing. Rest assured the clarity will once again come.

STAGE 3 Growth and establishment If you’re at this stage, your business should now be generating a consistent source of income and regularly taking on new customers. Cash flow should start to improve as recurring revenues help to cover ongoing expenses, and you should be looking forward to seeing your profits improve slowly and steadily.

The biggest challenge for entrepreneurs in this stage is dividing time between a whole new range of demands requiring your attention– managing increasing levels of revenue, attending to customers, dealing with the competition, accommodating an expanding workforce, etc. Hiring smart people with

complementary skillsets is necessary to make the most of your company’s potential during this phase, and so any good founder will be spending a lot of time directly involved in the recruitment process.

It is essential that you start to come into your role as head of the company in this stage. While you’ll still be on the frontlines often enough, you need to be aware of how your expanding and highly qualified team is going to be taking over a great deal of the responsibilities that were previously tightly under your control. It is your job now to start establishing real order and cohesion as you mobilize the teams according to clearly defined and communicated goals.

STAGE 4 Expansion At this stage you might feel there is almost a routinelike feel to running your business. Staff is in place to handle the areas that you no longer have the time to manage (nor should you be managing), and your business has now firmly established its presence within the industry. Here you might start to think about capitalizing on this certain level of stability by broadening your horizons >>>

april 2016 Entrepreneur

33

TREPONOMICS

with expanded offerings and entry into new geographies.

Businesses in this stage often see rapid growth in both revenue and cash flow as the blueprint has now been established, but be warned about getting too comfortable. In business, if you are not moving forward you are moving backwards, and without a constant, almost nervous itch or desire to expand, complacency can set in, and you might get caught off guard.

There are, of course, two sides to this coin, with the other involving a risk of expanding too carelessly. While there is no crystal ball and it is very hard to get an idea of what will be the results of your undertakings, you can give yourself the best possible chance of continued success through careful planning. Look at your resources, be realistic about the effort and cost and potential returns, and always keep an expert eye on how expansion might impact the current quality of service you provide your existing customers.

Remember, while having a successful business model behind you is undoubtedly an advantage, it is not a guarantee that it will work elsewhere within other markets, or that new offerings will result in the same success. The business graveyard is littered with organizations that took on too much and failed. Your task is indeed to take on new challenges as you look to constantly expand, but measure your risk and do your best to secure the company for all eventualities.

ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

STAGE 5 Maturity and possible exit Having navigated the expansion stage of the business lifecycle successfully, your company should now be seeing stable profits year-onyear. While some companies continue to grow the top line at a decent pace, others struggle to enjoy those same high growth rates.

It could be said that entrepreneurs here are faced with two choices: push for further expansion, or exit the business. If you decide to expand further, you will need to ask yourself the same questions you did at the expansion stage: • Can the business sustain further growth?

• Are there enough opportunities out there for expansion?

• Is your business financially stable enough to cover an

unsuccessful attempt at expansion?

And, perhaps most importantly, are you the type of leader who is up for the task of further expansion at this stage? In fact, many companies change leadership here, bringing in a seasoned CEO who is more fit to navigate the new challenges.

Many at this stage also look to move on through a sale.

This could be a partial or full sale, and of course depending on the company type (for example, public or private), the negotiation may be a whole new journey in itself.

Navigating the business lifecycle Not all businesses will experience every stage of the business lifecycle, and those that do may not necessarily experience them in chronological order. For example,

while having a successful business model behind you is undoubtedly an advantage, it is not a guarantee that it will work elsewhere within other markets, or that new offerings will result in the same success.

some businesses may see astronomical growth right after startup, and the founders may decide to cash out right away, jumping straight to that “exit” stage.

For many companies, though, there will be some sort of resemblance to the stages defined above, and awareness may help you anticipate what is coming next and how you can best prepare yourself and your team to maximize your chance of success. Making the right decisions at each stage is another thing altogether, however, and that will require your usual mix of gut instinct and practical business sense

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 treating the symptoms.

34

Entrepreneur april 2016

ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

The leading barrier to employee engagement is often a lack of strategy and competing priorities. You can circumvent this when you present the challenge with a structure for participation and a system for rewards and recognition. Encourage your employees to learn new skills.

FIVE SIGNS OF A fading work passion 1. Fear of making mistakes

Keeping the fire alive

Employee passion for work isn’t endless, here are seven ways to stoke the flames

A

By Lama Ataya

job is a lot like a relationship: it’s fun and exciting at first, but after a while, the butterflies can turn into blahs. Not unlike relationships, an employee’s relationship with work begins with a honeymoon phase, and often has peaks, valleys and plateaus. And much like relationships, inevitably the honeymoon ends, and the employee’s fiery passion can fade to embers that require stoking to reignite.

36

Entrepreneur april 2016

When managers neglect to add extra kindling to the fire, they risk having their employees become overwhelmed, exhausted, bored, and can ultimately invite turnover into their business, and we all know employee churn is expensive. Considering these facts, it is in a manager’s best interest to invest in engaging their employees optimally and keep the fire always alive.

Before that happens, keep an eye out for the telltale signs of trouble and take action to address them before they escalate.

If your employees are more concerned about the consequences of making a mistake than taking the risk, then failing, and learning from their failure, you have a problem.

What we suggest is turning things around by celebrating employee failures. According to the Bayt.com Learning in the Middle East and North Africa Workplace poll, March 2015, 73% of professional respondents say their organization encourages people to openly discuss their mistakes and learn from them. An attitude like this gives employees the freedom to take risks, keeps the passion alive, and encourages entrepreneurial and innovative thinking.

2. Information is exclusive

A clear sign of trouble in the organization emerges when essential information becomes exclusive to a small elite of employees, particularly key information such as company and department objectives, performance and financial results, strategic plans, etc.

Privileged insider information should have no value because there really shouldn’t be any in the first place. All information needed to plan, strategize, innovate, measure performance and succeed should be freely shared across the company. The good news is 72% of respondents says that they have a culture of transparency and honest communication

in their workplace, as per the Passion for Work in the Middle East and North Africa poll, February 2016.

3. Everything happens via email

If you notice that your employees are doing business exclusively via a computer screen, or communicating with each other that way, even when a phone call or face-toface meeting would be almost as convenient, that’s often a red flag. It may mean that they feel their jobs aren’t worth the extra effort that a face-to-face meeting, or phone call, requires. Face-to-face meetings are always the most powerful approach to building rapport and trust, so set an example yourself by meeting clients and teams in person whenever you can, and encouraging employees to do the same. Over time, your employees will see how much more effective the personal element can be.

Build teams within departments, and throughout the entire company, to allow an open discussion of goals and obstacles.

There are many exercises that can help teams to find their strengths and weaknesses. These exercises can remove barriers and blind spots and propel the team forward to ever new successes.

4. Employees don’t help each other

Look closely at how your employees interact among themselves. Employees who aren’t invested in your organization’s future usually won’t go out of their way to give pointers to the new hire or proofread a colleague’s report, for example. If this is happening in your company, start by matching up new hires with seasoned employees who can

infograph © bayt.com

TREPONOMICS

meet their obligations. But before you do, begin by examining how your own actions may have contributed to the problem. Do you find it difficult to delegate important projects?

Do you insist on running every new idea through you before letting an employee pursue it? If you engage in behaviors like these, you may be making it hard for employees to own their own projects, or finish them on time.

Seven tips on rekindling employee passion for work

If the aforementioned scenarios sound like your company, don’t despair. Deep down, employees are begging to regain a sense of hope and enthusiasm, but they need your help. If you make a genuine effort to follow these tips, taken from our Passion for Work in the Middle East and North Africa poll, February 2016, you will not only notice attitude shifts, but real changes in behavior among your employees.

1. Get to know each other

Employees are keen to work harder for a manager who takes a personal interest in them and engages with them on a personal level. 76.8% of respondents in Passion for Work in the Middle East and North Africa poll say their managers provide them with feedback and genuinely care about their professional growth and development. >>>

mentor and encourage them.

The new hire will appreciate the personalized guidance and mentorship. Plus, the more experienced employees will soften when they see how fulfilling it can be to pass on their knowledge and expertise.

One-on-one mentoring by a peer/manager was identified as one of the most preferred methods of training by 30% of survey respondents, according to the Career Development in the Middle East and North Africa survey, January 2016.

5. Things just don’t seem to get done

When employees miss deadlines or other important milestones, your first instinct may be to dish out the consequences. By all means, hold people accountable when they don’t

Look closely at how your employees interact among themselves. Employees who aren’t invested in your organization’s future usually won’t go out of their way to give pointers to the new hire or proofread a colleague’s report, for example. If this is happening in your company, start by matching up new hires with seasoned employees who can mentor and encourage them.

april 2016 Entrepreneur

37

TREPONOMICS

ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

Face-to-face meetings are always the most powerful approach to building rapport and trust, so set an example yourself by meeting clients and teams in person whenever you can, and encouraging employees to do the same.

Over time, your employees will see how much more effective the personal element can be.

72% of polled say they have a culture of transparency and honest communication in their company.

6. Give praise where praise is due

2. Provide opportunities for innovation and reward participation

The leading barrier to employee engagement is often a lack of strategy and competing priorities. You can circumvent this when you present the challenge with a structure for participation and a system for rewards and recognition.

Encourage your employees to learn new skills. Learning a new skill is a great way to feel inspired again and will make them feel valuable. Your employees can read a new book recommended by you, browse industry blogs, take online courses, participate in crossdepartmental projects, be assigned a mentor, or simply be encouraged ask more questions on the job.

When managers neglect to add extra kindling to the fire, they risk having their employees become overwhelmed, exhausted, bored, and can ultimately invite turnover into their business, and we all know employee churn is expensive.

3. Celebrate together

Whether it’s a company lunch or a commitment to celebrating employee birthdays or engagements, these events provide employees with the opportunity to interact on a personal level with each other.

They also serve as a great opportunity for boosting engagement levels in your workplace.

87.1% of professional respondents in the same survey mentioned above say that they have a healthy connection with their colleagues at work.

4. Make it count

It’s no surprise that people appreciate being recognized for a job well done. By complimenting deserving employees, your team members will be motivated to repeat their positive behaviors and overall morale will be improved. 82% of respondents say exceptional performance is recognized and rewarded at their workplace.

Do your employees know how their work contributes to the organization’s goals? Are KPIs understood and celebrated when targets are hit? How will their hard work be rewarded?

Employees want to feel as though their work is meaningful – so let them know. In fact, 91.5% of respondents say that what they do adds purpose to their lives.

7. Build supportive teams

5. Listen

Privileged insider information should have no value because there really shouldn’t be any in the first place. All information needed to plan, strategize, innovate, measure performance and succeed should be freely shared across the company.

Asking employees for feedback and implementing their ideas may well be the easiest way to engage your workforce. If your employees feel they contribute to decision making, they’ll feel more entrenched in the team and committed to working toward organizational success.

Build teams within departments, and throughout the entire company, to allow an open discussion of goals and obstacles. There are many exercises that can help teams to find their strengths and weaknesses. These exercises can remove barriers and blind spots and propel the team forward to ever new successes

Lama Ataya heads the Marketing department at Bayt.com and within that role is also responsible for communications, content, community experience, and corporate social responsibility.

38

Entrepreneur april 2016

THE PRO’S GUIDE TO PUBLIC SPEAKING [THE HOW-TO]

THEORETICAL AND PRACTICAL TIPS FOR ‘TREPS

W

By Anna Roberts

hile the best of us can get tongue-tied on stage, a little bit of training and preparation with industry insider tricks can certainly help to increase the chances that you’ll succeed as a public speaker. These days, promoting your business means being interviewed (often live), participating in events relevant to your sector, and even staging workshops for business development.

Even if you don’t plan on doing any of those things, honing your speaking skills and learning to own an audience will help you in a variety of situations. Whether you’re in the boardroom delivering a pitch, or jumping on a conference call with stakeholders, you need to know how to master your messaging. Concise delivery, confidence, and clarity of thought will help you come across as an entrepreneur who knows the business.

40

Entrepreneur april 2016

THE PRO’S GUIDE TO to PUBLIC SPEAKING

PART 1 Owning your opportunities

Five tips for public speaking Speaking at an event is a fantastic opportunity to take ownership of how your brand and its key messaging is presented to the public, but that’s often easier said than done.

You may be asked to join a panel discussion, present a keynote speech, or review the financial year with stakeholders, and in each case, you have a short amount of time to clearly and concisely relay your knowledge and experiences to the audience. Here are five points to keep in mind when you’re preparing to go up on stage: 1. Jot down your key points Whether it’s parts of your mission statement, big statistics from a report or key people you want to recognize, make sure you have the essential details at hand when you’re on stage. You wouldn’t climb Mount Everest without taking a backpack full of supplies, so why sabotage your moment in the spotlight by not taking all the information you need to convey with you? That includes writing down numbers in their full form, so you don’t get confused with zeros, the phonetics to pronounce names (more on this later), and titles that people have.

translate your ideas and energy to the audience and through the physical barrier. That means using hand gestures that reach forward, and emphasizing your facial movements for emotion.

lights can turn your brain completely blank. Besides, being appreciative and recognizing others is a win-win situation to be in, and people always remember how you made them feel over what you actually said.

3. Wear appropriate clothing If you’re not comfortable being on stage, you may feel you want to blend in and hide in whatever the background color is. That is definitely not going to do you any favors when your audience could be anything from 2-25 meters away from you.

Navy blue and charcoal grey are both a safe bet, but check with the organizer first to see what the setup is. Keep in mind that lighter colors show up sweat patches a lot more, and horizontal stripes can be terribly unflattering. If you’re sitting down on stage, make sure you have appropriate hemlines and trouser lengths, and most of all, embrace your chance to address an audience!

5. Slow down If you feel like your words and breath are getting away from you, slow down the rate at which you’re speaking to a speed where a person jotting down notes of what you’re saying would be able to follow along. Doing this will allow you to have a chance to actually hear the words that you’re saying, remain in control and let you brain slow down all the processes that are happening simultaneously. By doing this your audience will be able take all your words in, and follow along with all the points you are making, and in turn be able to recall them better once the event has ended. >>>

4. Say “thank you” Once you’ve been introduced onstage, the first thing you need to do is thank the person who introduced you, or acknowledge the event in a complimentary light. It may seem like it goes without saying, but the bright

if you’re addressing a large audience, your voice is going to need help getting across equally to everyone, so it’s essential you get comfortable with microphones. Find out what you’re going to be speaking with; is it a handheld microphone? Keep your hand gripping the microphone centered on the middle of your chest and in line with your heart.

2. Mic check If you’re addressing a large audience, your voice is going to need help getting across equally to everyone, so it’s essential you get comfortable with microphones. Find out what you’re going to be speaking with; is it a handheld microphone?

Keep your hand gripping the microphone centered on the middle of your chest and in line with your heart. Use the other hand to add weight to the words you are using with gestures.

Is it hands-free? The battery pack will need to sit in a pocket or onto a belt, and both of your hands need to remain open and relaxed between your belly button and your eye line, not in your pockets! Will you be at a lectern? Remember to keep your body language open so you can

april 2016 Entrepreneur

41

THE PRO’S GUIDE TO PUBLIC SPEAKING

PART 2 Pull it together Five rules to overcome stage fright “Just imagine the audience naked.”

Easier said than done, right? It’s the go-to comment that many people receive just before they present to a live audience, but it’s the last thing you should try and do, because we all know that it doesn’t actually work.

Your mind is working overtime to remember what you are supposed to say next, you’re trying to read the audience’s faces to see if they like what they’re hearing, and you wish you could curl up on the floor and wait for it all to be over and done with right this second. Banish the days of awkward visuals of your audience with five tactics to incorporate into the run up to your next big presentation. These rules will have your mind at ease and help you focus on clearly getting your communication across to your audience (and If you feel like your words and breath are getting away from you, slow down the rate at which you’re speaking to a speed where a person jotting down notes of what you’re saying would be able to follow along. Doing this will allow you to have a chance to actually hear the words that you’re saying, remain in control and let you brain slow down all the processes that are happening simultaneously.

maybe you’ll actually enjoy yourself up on stage).

Remember, it’s a privilege to address an audience, so don’t take it lightly by going in unprepared.

RULE A Remember that it’s not about you How can it not be about you? Well, let’s be very clear: you’re not there because you love the sound of your own voice, you’re there with a job to do– entertain, inform or educate the audience. So with that, take the pressure off yourself and focus on getting your information and emotions across to the crowd. If you’re worried about what the audience is thinking, simply put yourself in their shoes. First, ask yourself: • What questions would the audience like answered?

• What background information do you need to give the audience for your argument to make sense?

• What information can you share that is unique to your perspective?

And remember, the audience are glad they are not up there speaking on stage, so they will be listening intently to what you have to say and supporting you along the way.

RULE B Know that the audience is wearing an “articulate listening face” A lot of people have a very unemotional face when they are sitting in the audience, which should actually

“Of course you’re allowed to have stage fright.

As soon as your talk is over.”

42

Entrepreneur april 2016

be described as an articulate listening face. When a person is listening, they are fully present in the moment and not thinking about anything else.

That means they probably won’t be smiling at you or telling you to continue on talking. You’ve got to remember your audience is busy listening and taking in a whole load of new information; it’s your job to feed it to them by continuing to speak and offer up more food for thought.

RULE C Keep in mind that you are the expert and people are there to hear your take on the subject When you’re on stage talking about your successes in your last financial year, or pitching your business to a new client, you’re talking about knowledge, experiences and emotions only you have felt. No one else shares exactly the same history or memories as you do, and therefore, it’s only a story that you can tell because it only comes from you. The upside here is that you won’t “forget” anything- you have a wealth of information to draw on. You are an expert in whatever subject you are speaking about– be it personal, professional or opinions on events. You owe it to the world to share your knowledge and experiences; they’re unique to you!

When you’re on stage talking about your successes in your last financial year, or pitching your business to a new client, you’re talking about knowledge, experiences and emotions only you have felt.

RULE D Stop thinking in the subjunctive We all too easily create scenarios in our head that easily mirror a widespread professional fear– that we might embarrass ourselves. I’d like to propose you stop talking about speeches like they have an uncertain future. If you’re able to control 90% of the presentation, why think about what could go wrong? Your ideas, your words, and how you deliver that content have all been prepared and rehearsed so there’s very little left to chance. Many organizations reference the seven Ps: Prior Preparation

THE PRO’S GUIDE TO to PUBLIC SPEAKING Prevents Piss Poor Performance.

This really can be a make or break strategy to be applied to most business scenarios, and one that can be adapted to your public interactions.

RULE E Don’t underestimate the benefits of mental and physical preparation Start by upping your mental game:

doing this can change the way you see yourself, make a point of getting rid of all the negative comments you’ve conjured up in your head, and put the audience at ease that you know the subject matter and what you have to say deserves to be listened to and acted upon accordingly. Simple things can help you with this -read motivational quotes or affirmations

Mastering the media

Five tips for owning a live interview

“Fantastic news! We’ve booked you in for a live media interview tomorrow morning!” might just be the sentence to send any confident entrepreneur over the edge. You may have survived a round of financial pitching and secured your first client, but throw a microphone in your face and the studio lights can easily blind your thoughts and choke your words.

That exact scenario has been described to me by some of the most seasoned CEOs, but it doesn’t have to be the script that plays out for you. Failing to prepare, as the old saying goes, prepares you to fail. So here’s a failproof five step framework that will focus your mind, have you speaking with confidence, and leave you wanting to stay in the studio for longer than your allocated time.

Even if you don’t plan on interviewing any time soon, remember that prepping for a live interview is a lot like prepping for participating in a panel discussion or giving a presentation to a board- so give it go!

1. KNOW THE TOPIC YOU’RE GOING TO ADDRESS It may seem obvious, but having a thorough understanding of the subject

is essential. You’re being interviewed for a particular reason, from a new acquisition to a funding injection, and therefore have been brought on the show to convey that information to the audience. The interviewer is merely there to facilitate that information coming from you and conveying it to those watching or listening. Be well versed in any key messaging, as well as your website details and social media platforms. Radio interviews will generally allow you to take a small piece of paper in with a few notes but, when you’re on TV, you’ll only have your memory and at-hand knowledge to rely on.

2. RESEARCH THE INTERVIEWER You can guarantee that the presenter and producer would have printed off every detail they can get their hands on about you.

They would have combed Google, and all social media platforms then established a framework for questioning. You normally won’t be able to find out the exact questions you’ll be asked beforehand, but you will be privy to the subjects they want to cover during the interview. This is where you can do some research of your own. Listen to podcasts of the radio show or watch

or just listen to your favorite song before you get out of the car in the morning- it can all boost your feelgood factor. That also goes for your morning routine; getting in some gentle exercise will settle the nerves that are overflowing, a light breakfast will stabilize your blood sugar and you’ll have time to make sure you’re in comfortable clothes and shoes. >>>

YouTube episodes of the TV program and you’ll be able to find out if they are emphasizing certain lines of questioning, what personality and speaking style you can expect, and what areas the interviewer is particularly knowledgeable in. It will also allow you to gauge the length of time you’ll be on the air, and who else has been featured or appeared on the show previously.

3. ARRIVE EARLY I cannot emphasize this enough. It doesn’t do you any favors getting flustered by running late before going on live radio or TV, and it certainly doesn’t put you in a good light with the presenter or journalist speaking to you. Remember, you’re in their house now and they dictate the rules. So, arrive with ample time to relax in the green room and have a coffee, read over your notes, sit in makeup if you’re on TV, and get your mind focused on the task at hand. When it is time to go into the recording studio you’ll be as prepared as you can be.

There’s no rewind button in a live interview.

4. SPEAK TO THE PRODUCER OR DIRECTOR BEFOREHAND This will be your closest contact to the presenter before you go on live, and they will be able to let you know how the show is going,

if it’s running late and have to cut anything, the mood of the studio, and most importantly, if there’s been any industry developments that have just happened they want you to comment on.

News and media changes by the minute so keep in mind that your time slot could be cut or extended based upon the day’s events. Just remember, this is a chance to get your brand and messaging directly to an audience so keep the light at the end of the tunnel in sight!

5. SELECT YOUR WARDROBE CAREFULLY TV cameras and strong lighting can be very harsh on even the most aesthetically pleasing of us, so there are a few rules to follow when you’re on camera. First, stick to block colors- no patterns. Navy blue and shades of charcoal are a safe bet.

Nothing too tight if you’ll be sitting down as it will ride up, and take into consideration any company dress code policies you may have to adhere to. That also includes checking if there are any cultural sensitives or expectations of the audience; if you’re talking business and investment you wouldn’t wear jeans or a cocktail dress. For radio, remove any noisy jewelry, and make sure your clothes don’t rustle either. They may take a picture of you in the radio studio, so there’s no excuse to dress down.

april 2016 Entrepreneur

43

THE PRO’S GUIDE TO PUBLIC SPEAKING

PART 3 Put practical methods to work

Three ways to ensure your voice doesn’t fail you onstage Frog in your throat? Cat got your tongue? Regardless of the animal you want to put the blame on, having a moment where your voice fails you onstage can be a nightmare to many.

It can happen to anyone- but only a polished and rehearsed speaker can recover! Here’s your chance to know better and do better next time you find yourself struggling to get words out, nail that difficult pronunciation and give your voice a chance to convey depth, meaning and impact.

1. Avoid eating or drinking right beforehand Just like you wouldn’t eat a big meal right before exercising, you don’t want to be chowing down right before you get on stage. Having a balanced meal a few hours before a presentation will line your stomach, help settle nerves and regulate blood sugar- but it can wreck havoc on your voice and throat. Dairy products in particular can line your throat with mucus, making it harder to sound concise and clear. Nuts on the other hand can get stuck in teeth even after you’ve brushed, and move around while you’re talking, or worse, tickle your throat. The other foods to look out for are citrus fruits that dry your mouth, while foods high in salt can also do the same.

2. Rehearse the Rainbow Passage This is a technique that is used by speech therapists around the world to cover all the sounds used in the English language. But it includes some fun things that many other reading passages don’t, like the syllabic m in ‘prism’ and the syllabic l in ‘Aristotle’. It’s helpful to read through the Rainbow Passage as a warm up prior to getting on stage or

once a week, in order to see where your tongue needs to hit to produce certain sounds or amount of air you need to amplify syllables.

“When the sunlight strikes raindrops in the air, they act as a prism and form a rainbow. The rainbow is a division of white light into many beautiful colors. These take the shape of a long round arch, with its path high above, and its two ends apparently beyond the horizon.

There is, according to legend, a boiling pot of gold at one end. People look, but no one ever finds it. When a man looks for something beyond his reach, his friends say he is looking for the pot of gold at the end of the rainbow.

Throughout the centuries people have explained the rainbow in various ways. Some have accepted it as a miracle without physical explanation. To the Hebrews it was a token that there would be no more universal floods. The Greeks used to imagine that it was a sign from the gods to foretell war or heavy rain.

The Norsemen considered the rainbow as a bridge over which the gods passed from earth to their home in the sky. Others have tried to explain the phenomenon physically. Aristotle thought that the rainbow was caused by reflection of the sun’s rays by the rain. Since then physicists have found that it is not reflection, but refraction by the raindrops, which causes the rainbows.

Many complicated ideas about the rainbow have been formed. The difference in the rainbow depends considerably upon the size of the drops, and the width of the colored band increases as the size of the drops increases. The actual primary

rainbow observed is said to be the effect of super-imposition of a number of bows. If the red of the second bow falls upon the green of the first, the result is to give a bow with an abnormally wide yellow band, since red and green light when mixed form yellow. This is a very common type of bow, one showing mainly red and yellow, with little or no green or blue.”

3. Practice phonetics You don’t want to be tripping over important names or titles of people when you’re up on stage, so the best way to give your mind a step by step guide to getting through it is to rehearse beforehand and write out phonetically.

Studying the way a word sounds not only helps with your ability to communicate accurately; it also helps you remember the words because it ties the words to muscle memory.

As your mouth moves to sound out a word, your muscles are learning those words as much as your brain is learning the word. Writing down words over and over again you increase your ability to remember the word, and lastly, constantly re-reading the word helps you concentrate on pronunciation. A few websites to help you nail that pronunciation include Howjsay.com, Forvo.com and Dictionary.com

Anna Roberts, a UAE-based radio and TV presenter, is the founder of NUDGE, a communications advisory specializing in public speaking and media training. Talk to her on Twitter @ImAnnaRoberts www.thenudgeeffect.com

44

Entrepreneur april 2016

TREPONOMICS

ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

When the inflection point for growth does arrive -whether achieved through increasing the number of revenue streams, number of products and customer segments, or expanding into new geographical locations- a business’ ultimate objective should be to build a stronger business model that can withstand economic downturns and dynamically adapt to new market trends and changing business environments.

Good talent can be hard to find, so it is important to nurture available skills and hone them for higher roles. People in charge of all our branches have grown from within and they have a strong appreciation of where we have come from and where our vision is directing us towards in the future.

Fresh territory comes with a host of new challenges

A

Six tips for expanding a homegrown business

By Hassan Al-Hazeem

s businesses prosper through growth, entrepreneurs are driven by their passion to excel and expand their businesses.

Building and maintaining a local customer base may be the first step on the road to success, but having growth potential and becoming an international company is a significant feat that not all those who set out to accomplish it achieve. Ultimately, what differentiates even the most successful companies is the vision that drives them. A company’s vision should guide and align every decision and facet of business, well before a growth strategy has been defined and expansion plans embarked on.

46

Entrepreneur april 2016

Consider, for instance, Intercoil International’s expansion into the Kingdom of Saudi Arabia. Backed by solid feasibility forecasts, effective planning and a confidence in the market potential, our company’s ongoing expansion in Saudi Arabia signified a further step in our homegrown company’s long-term vision to become an international player in the bedding industry. A thriving real estate market, increasing religious tourism numbers and strong demand for premium bedding products have driven Saudi Arabian industry growth, warranting considerable investment and increased commitment from Intercoil International in the Kingdom. But this was not done entirely without challenge or setback, and below are some lessons we learned along the way for tackling international expansion.

1. Brace to beat the system

Many entrepreneurs believe setting up legal entities in the region can be challenging, although we believe it is a lot easier here compared to several other parts of the world where the laws are more stringent and sometimes even flawed. One should not be cowed by the legislative challenges as a reason to not expand. If geographical expansion is a key route to drive growth, one must be resolute in finding ways to overcome them to set up bases in new geographies.

2. Start lean

While the initial temptation to set up a larger infrastructure due to economies of scale can be strong, we believe entering lean is the best approach. Take for example setting up distribution centers in new markets.

Outsourcing logistics and implementing an effective just-in-time (JIT) inventory approach allowed us to capitalize on warehouse space and increase efficiency while decreasing waste and associated inventory costs. Obviously this requires a strong understanding of the market, customers and forecast of

One should not be cowed by the legislative challenges as a reason to not expand. If geographical expansion is a key route to drive growth, one must be resolute in finding ways to overcome them to set up bases in new geographies.

In a world where economic boom and bust is becoming more frequent and investments are being made with greater caution, it is all the more important to look beyond the short-term economic cycles and gauge opportunities that lie further ahead.

demands, so be sure to have an innate understanding before expanding. Once a business grows and justifies scaling up, be prudent in building in-house capacities and resources.

3. Nurture talent

Good talent can be hard to find, so it is important to nurture available skills and hone them for higher roles. People in charge of all our branches have grown from within and they have a strong appreciation of where we have come from and where our vision is directing us towards in the future.

While we continue to introduce new talent into the company and benefitting from expertise and best practices from other industries, growing internal talent sets that culture of reward that makes good talent more likely to stay with us longer.

4. Maintain a long-term vision

In a world where economic boom and bust is becoming more frequent and investments are being made with greater caution, it is all the more important to look beyond the shortterm economic cycles and gauge opportunities that lie further ahead. The Kingdom of Saudi Arabia may be going through a short-term

dip due to various politicoeconomic vagaries at the moment, but we believe it is a market that is fundamentally strong and will continue to remain one of, if not the most important potential markets in the region for us.

5. Respond to local opportunities

For a company founded in the Middle East, we have sufficient opportunities to expand in the region.

Religious tourism in Saudi Arabia continues to grow and the Kingdom is building significant infrastructure to support it. Strengthening our presence with a new factory was a logical step forward and we are confident our hospitality clients will appreciate our ability to respond efficiently to their requirements.

6. Grow revenue streams

The Kingdom is an important market for hospitality and hotels, but it is equally an important retail market.

Our new factory in Saudi Arabia enables us to serve our trading and retail partners even more effectively and efficiently- we offer them the advantages of stockholding and JIT deliveries that provide logistical and cost advantages.

In the end, it really comes down to recognizing market potential, knowing your capabilities, and assessing the opportunity cost of not expanding. If something does not challenge you, it most likely will not change you, so take a risk. But make it an educated one

TREP TALK ME

THE BUSINESS Styck app THE ‘TREP Co-founder Alexander Light Q How do you attract new users to Styck and how do you keep existing users engaged?

A “We believe that Styck is of interest to people who want to increase the activity levels in their lives. The way we reward users for their achievements is a really strong way we differentiate our app. We have users ranging from ultra-runners and triathletes, through to people starting out on their journey. Styck sets shortterm and long-term consistency goals, and can therefore satisfy a number of needs. Our new rewards act as a great attraction for new users and retention of existing users. We consistently inform our users of new rewards and their activity achievements.

We are always building exciting relationships with brands, and will continue to grow the rewards platform for users. Our goal is to help users in creating their first Trybe community. This helps users develop healthy competitiveness and group accountability; key components in developing habits. We have a strong focus on Alexander Light, co-founder, Styck app

our CRM and customer engagement, [by] combining informative email and push notification communication. We believe there is always a need to inform our users of developments we make, but also congratulate them on their achievements.� www.styckapp.com

Hassan Al-Hazeem, Managing Director and CEO of Intercoil International, succeeded his late father Abbas Ali AI-Hazeem, the founder of the UAE-based, family-owned business in 1999. Under his leadership, Intercoil International has become a leading manufacturer, distributor and retailer of total sleep solutions in the MENA region present in 23 countries. Prior to Intercoil International, Al-Hazeem worked for the Commercial Bank of Dubai for four years, acquiring comprehensive experience in finance and banking, and an in-depth knowledge of the UAE banking and credit system. april 2016 Entrepreneur

47

IN THE LOOP

Bird’s eye view

I

Plume Labs enlists feathered help

f you thought that pigeon post services were too passé for the smartphone era, think again! Pigeons are back as messengers in the streets of London, and this time, they are in-charge of carrying messages about a crucial concern for us all– air pollution.

Those on London’s roads on March 14, 15 and 16, 2016, were greeted by a flock of pigeons, each wearing a backpack and tracking device. No, they weren’t spy agents of MI6, but the patrol team of a London-based technology company Plume Labs that works on wearable devices to track air pollution.

According to a report in The Guardian, London’s air pollution levels have been alarming recently, with the city already having broken its annual European Union air pollution limit within the first week of 2016. To counter this, Pigeon Air Patrol was hatched by Plume Labs in partnership with marketing agency DigitasLBi and Twitter UK to raise

Above and beyond

British teen vrooms his way to victory at World Drone Prix 2016 in Dubai

C

an you recall what you were up to when you were a 15-year-old? Well, British teenager Luke Bannister may have no difficulty in doing so, since he and his fellow members of the Tornado X-Blades Banni UK team spent a weekend in March winning the first place and US$250,000 award in the inaugural edition of the World Drone Prix

48

Entrepreneur april 2016

awareness of air pollution in the city. For three days in March, a team of 10 trained pigeons wearing tiny backpacks with 25gram pollution sensors, were sent out by the company to monitor the ozone and nitrogen dioxide levels in the atmosphere.

The campaign is a part of Plume Labs’ larger plan to recruit over 100 people “to fly with the flock” by wearing their own pollution sensors and help create a human-powered pollution monitoring network. The company has started a crowdfunding campaign to get people -ranging from cyclists, runners, walkers, and pram pushers etc.– on board to beta test a wearable version of the device, which is expected to complement the Plume Air Report, its mobile app, available on iOS and Android providing live pollution forecasts.

One of the quirky aspects about this venture was that Londoners could actually ask the feathered vigilantes for the pollution levels in their area by tweeting at @PigeonAir, and wait for one of the social-media savvy creatures (named Coco, Julius and Norbert) to tweet back readings ranging from “Fresh” to “Very High.” Moreover, a section on the campaign website also has the pigeons professing their love for their HR team at Plume Labs stating, “Our backpacks are as light as a feather, and a vet’s on hand to double check we’re safe and sound.” Well, they sure are an engaged workforce out on a noble mission!

Scientists successfully test bionic finger with amputee

T

he day is not too far away when amputees will be able to perceive shapes and textures on touch, thanks to a team of Swiss scientists who have developed a bionic finger. The tool, expected to accelerate the development of touch-enabled prosthetics, is meant to be connected to nerves in an amputee’s arm thereby allowing for a textural touch experience. The findings of the research, a joint effort by scientists at Scuola Superiore Sant’Anna (SSSA) and the Swiss Federal Institute of Tech in Lausanne (EPFL), were published in March 2016 in the journal ELife. Dennis Aabo Sorensen, an amputee who lost his left hand in an accident, supported the team in testing the bionic finger implant, with Sorensen describing the sensations as “almost like what you’d feel with your own hand,” making him the first person in the world to recognize texture using a bionic fingertip.

The study was carried out by wiring the nerves in Sorensen’s arm to an artificial fingertip equipped with sensors, which was machine controlled and made to move over different pieces of plastic with different textures. The feeling of touch originated when sensors generated electrical signals that imitated the human nervous system and delivered it to the nerves. According to EPFL, the experiment with Sorensen was found to be a 96% success rate, with Sorensen being able to feel the textures at the tip of the finger and also being able to tell the difference between rough and smooth surfaces.

Further, the same experiment, when performed on non-amputees found that they were able to distinguish textures 77% of the time, leading the team to conclude that further research in neuro-prosthetics could help in enabling power of touch to industrial and surgical robots.

www.plumelabs.com

held in Dubai. Bannister’s team beat out 150 other teams to clinch the title, including local favorites Dubai Dronetek, who came in second. According to The Associated Press, the competition saw drones whizzing along the brightly lit race circuit at Skydive Dubai, with each of the machines manned by four pilots at a time, all wearing virtual reality goggles that allowed them to watch the sights from their drone’s perspective.

Despite the complexities involved in the challenge, the 15-year-old champion of the first ever World Drone Prix was a picture of modesty after the victory, with

Bannister saying that controlling the drones was “like flying a jet fast.” But Saif Mohammed alSuwaidi, Director-General, UAE’s General Civil Aviation Authority, highlighted the intricacies of World Drone Prix 2016

the competition, saying, “It is not merely a flying game, but a sport that requires mental focus and accuracy to enable users to harmonize mental commands and hand movements to fly their drone.” Organized by the World Organization of Racing Drones (WORD), the World Drone Prix is a part of the UAE’s commitment towards drone technology. The UAE government has already established the Drones for Good Award in 2014, which aims to encourage and reward use of futuristic drone technology for practical solutions that can improve quality of life. www.worlddroneprix.com

Pigeon Air Patrol Image credit Pigeon Air Patrol Twitter account | world drone Image credit Dubai Sports Council

Pigeon Air Patrol

SHINY | WEBSITE TO WATCH | GEEK | MOBILE TECH | ONLINE ‘TREP | THE FIX

The silver medal of online media Raqami TV receives Silver YouTube Play Button By Erika Widén

www.youtube.com

I

n October 2014, Raqami TV was launched on Facebook, and three months later, it made its debut on YouTube. Although it was one of the three winners to be incubated in the Digital Incubation Centre (DIC) in Qatar, the Raqami TV team was informed that there would be no funding for the project, which was contrary to what was promised.

That’s when Khalifa Saleh Al Haroon, founder of the I Love Qatar network, got involved with the project, as funding was a significant hurdle that Raqami TV needed to overcome. “This was the biggest obstacle that Raqami as a business model had to face, as the feasibility study showed that Raqami TV needed financial support for two years in order to produce shows, market them, and build an audience, which would then attract advertisers,” remembers Al Haroon. “The Raqami TV team then approached me for support. As I was building the I Love Qatar network and the YouTube network, I was interested in buying a significant stake in the idea and helping to fund the project. I’m glad I did, because the team has smashed expectations. We’re the first to receive the Silver YouTube Play Button, and we’re on the path to a quarter of a million subscribers.”

YouTube provides awards to content creators, and the Silver Play Button is regarded as the first recognition of the group’s hard efforts.

“It’s a validation [that] we really need to continue on this journey. We’re also extra proud to be the first -as far as we know- in Qatar to receive it.” Raqami TV focuses on consumer technology such as smartphones, tablets, and wearable tech to name a few. In addition, there are a number of diverse programs such as Apptikar. “Apptikar, a play on words ‘App’ and ‘Ibtikar,’ which means innovation [in Arabic], which features a run down of hot apps.

Mr. Q, a show I host where I unbox and take first looks at the latest technology, NashraTech [focuses] on latest trends and tech news, and more.

We even have a new ‘knock out’ battle show where we pit mobile devices specs against each other.” Al Haroon mentions that while their content is all in Arabic, it’s a simplified classical Arabic appealing to a broad audience.

“Our audience is really from all over the world; however, the majority is from the Arab region. We have large viewership from KSA, Egypt, Iraq, Algeria, and Morocco. About 80% of our viewers are males, and approximately 60% of which are 18 to 24 years old.”

Undoubtedly, the success of

Raqami TV is due to team’s dedicated passion. “We’re Arabs, we love the latest tech, we’re early adopters, and our voice matters. We all believe in the cause, which drives us everyday. There are a number of reasons for why we’ve been successful: we’re doing something that hasn’t been done, we’re keeping things simple, we’re always friendly, we respond to almost every single one of our users, and we capitalized on using existing influential brands like Mr.

TECH

ally produced; hence, Raqami strongly believes they are assisting in closing the gap.

“All our content is original.

We observe the latest trends and product releases and we analyze, write, and produce different shows ranging from weekly tech news show, events coverage, products unboxing and reviews, to how-to videos,” says Al Haroon.

Raqami TV has achieved a lot of positive reviews since it was first unveiled, and Al Haroon adds how they have a

Raqami TV on YouTube

Q.” Raqami TV’s vision is to become the one-stop shop for anyone who needs information in Arabic on consumer technology and how to use it. “Our mission is to help create a culture of informed technology and electronics consumers and make Arabic one of the languages of choice to obtain trusted and useful information about technology, and become contributors to a knowledge-based economy.” More importantly, market research shows a lack of Arabic content profession-

lot of ideas and big ambitions, which require investment and development. “I am hoping that we will get the attention of entities and investors looking to support youth, Arabic language, and Arabic media and content. We believe we can take Raqami TV to whole new levels with the right support and resources, to become the true media powerhouse we are all aiming for. There’s less than .05% of content online in Arabic. We hope that our content will change things.”

april 2016 Entrepreneur

49

in pictures GITR KSA

The Maserati Levante

Making an impression Entrepreneur Middle East celebrates the launch of the Levante with Maserati

M

uch like the Mediterranean wind that gives it its name, the 2017 Maserati Levante SUV saw its Dubai launch in March to be a striking affair, with the elegance and refinement of the event fully representative of the Maserati brand. With guests including names from Entrepreneur Middle East’s 107 Opinion Shapers of Commerce, Government and Industry featured in its Collector’s Edition in January, the exclusive privé

50

Entrepreneur april 2016

event held at The One&Only Royal Mirage had Umberto Cini, Managing Director, Maserati Middle East, India and Africa, unveil the Levante to the gathered audience. Billed as the “Maserati of SUVs,” the Levante has the distinction of being the being the first SUV to be made under the trident banner, and thus features all of the style, performance and panache one expects from the Italian brand.

And if the success of this launch party is any indication, then it looks like the Levante is all set for a good run here in the Middle East. www.maserati.ae

Umberto Cini, Managing Director, Maserati Middle East, India and Africa

CULTURE

business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

Q&A WITH THE FOUNDER

Almasika Cowry Earrings with design sketch

Shelling out Entrepreneur and designer Catherine Sarr Almasika Fine Jewellery’s founder draws on African cultural heritage

B

orn in Paris and raised in a Beninese home, Catherine Sarr’s tryst with fine jewelry was a result of her frequent family trips to Benin as a youngster.

These early memories prompted Sarr to start her own jewellery line, Almasika Fine Jewellery, which blends symbols of Africa’s cultural heritage with contemporary designs, creating ornaments of universal appeal.

“Each outing there [to Benin] came with the reward of a dazzling show of jewellery adorning my mother, aunts and cousins, and trips to the market, where, for hours at a time, I would watch craftspeople transforming traditional materials into magnificent necklaces, earrings and bracelets,” Sarr remembers.

The name Almasika was derived from two words: ‘Almasi’ meaning diamonds in Swahili, and ‘Sika’ meaning gold in several West African languages, and quite fittingly, one can see a notable fusion of gold and diamonds in the line. Besides bespoke jewellery, Almasika

52

Entrepreneur april 2016

has two other collections. Its debut collection, Le Cauri Endiamanté, was inspired by a popular cultural concept of African heritage long considered a symbol of good fortune- the cowry shell. In keeping with Almasika’s focus, the cowryshell shaped pendants in gold are studded with diamonds.

Almasika’s Vallée de l’Omo collection is characterized by a simple band of gold over the upper arm, and it is Sarr’s interpretation of an ancestral ornament worn by residents of Lower Omo Valley in Africa.

Debuting in 2014 at the Colette store in Paris, Almasika is based in London, and its works are available in Paris, London, Zurich, Florence and New York. Sarr plans to strengthen the brand’s U.S. presence and expand her venture into Middle East, Africa and Japan this year. “We are discussing with potential retailers to launch in the UAE this year,” says Sarr.

While Almasika’s growth is still self-funded, Sarr reveals that advanced discussions are on

with “proactive” investors, and she aims to finalize the deal by the second quarter of 2016. Regarding her enterprise’s journey since its launch, Sarr says she is pleased with the strong uptake in sales, especially in the past six months, which she credits to public relations activities including mentions in leading fashion media. Several celebrities like American performing artists Andra Day and Zoe Kravitz have worn Almasika’s creations during public appearances, thereby bringing recognition to the brand and its African cultural theme.

With respect to the business aspect of her company, as Sarr is based between Abu Dhabi and London, technology plays an integral role. While she is deeply motivated by the artistic side of her industry, the entrepreneur recognizes that at its core the business needs to make financial sense as well.

“I am passionate about jewelry and design, yet I always make sure my decisions go through a financial filter and pass the ‘does it make sense’ test.” And her tips for aspriring ‘treps?

“Write a business plan, have a mentor, and be relentless. My husband calls it PHD: passion, humility and dedication.” www.almasika.com

How has your background and previous work experience helped you with launching Almasika?

After graduating, I left Paris for London where I promoted the art of craftsmanship. I worked for various luxury brands including several years at the heart of the diamond and fine jewellery industry at De Beers Group. There, I curated one-of-a-kind diamond jewellery collections giving me invaluable experience in international PR, marketing, jewellery production, diamond expertise, budget management, logistics etc.

What is your creative process like in designing a product?

It usually starts with a story (family, historical or fictive), or a mix of my imagination, my travels, pieces that I collect, books I read. I imagine a design that would represent a piece of history so anyone would be able to appreciate the design but also the story behind it. I have designed a pair a cufflinks following a walk on a beach, where I saw my husband and my little boy sharing a precious father and son moment. These diamond cufflinks are now one of our bestselling pieces. I am influenced by stories, symbols and heritage.

What moment in your career was most discouraging, and how did you get back on track afterwards?

The beginning of my career felt the most discouraging. I was moving countries and looking for opportunities. I used ‘felt’ instead of ‘was’ because looking back, I’ve always stayed positive and this period really defined who I am.

Catherine Sarr, founder, Almasika Fine Jewellery

THERE’S SOMETHING FOR EVERYONE AT THE SUN SIYAM IRU FUSHI MALDIVES AT A GLANCE • 52 acre island giving space and seclusion • Famous for continuous white sand beach surrounding the entire island • House reef with colorful corals and fishes • Ideal for couples & families • 14 top level restaurants and bars (endless options) • All of the restaurants are available for All Inclusive plan • Main restaurant has a separate area for families • Awarded 3 times with Best Spa • Awarded Best Kids Club in Maldives • Adults only pool • Large variety of over water & beach fronted villas • 45 minutes scenic seaplane flight

DEDICATED PASSION

P.O.Box 2036 Malé Noonu Atoll Republic of Maldives T +960 656 0591 F +960 656 0592 www.thesunsiyam.com

CULTURE

business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

Rafael Nadal

The executive selection

F

rom better goods to boardroom wardrobe bests, each issue we choose a few items that make the approved executive selection list. In this issue, we present the SS16 men’s collection by Lanvin, a fine timepiece meant to give you choice, and our suggestions for a fragrance to incorporate into your grooming routine.

Rules were made to be broken LANVIN HOMME SS16

This fine French House of fashion doesn’t believe in rules… and at no time has this been more clear than with Lanvin’s latest collection for the discerning man. Signature greys and blacks are interspersed with brights for the springsummer seasons in an attractive slew of textures and finishes, while staple elements are presented in a variety of fabrics with fastenings laid bare to accentuate an overall look.

Under the eye of Lucas Ossendrijver, the Director

of men’s fashion at Lanvin, the attire’s message is supposed to evoke that of prized keepsakes- these items are meant to be worn, and worn again, and then yet worn again to become part of your story. With a nod to the “emotional” side of your attachment to looking good, you’ll find yourself pulling these crisp tops and form-free sweaters out time and time again. After all, the “rules” say you need to continue to update your look to an individual, and the SS16 lineup is made to break that rule- since these items are meant to be part of your message, not in addition to it. www.lanvin.com

Lanvin Homme SS16

Entrepreneur april 2016

Lanvin Homme SS16

OFF THE CLOCK

Lanvin Homme SS16

The RM 27-02

Lanvin Homme SS16 ON THE CLOCK

54

Lanvin Homme SS16

ON THE CLOCK

images © lanvin

‘Trep trimmings

Lanvin Homme SS16

Universal appeal

HUBLOT CLASSIC FUSION

For a timepiece that already boasts a loyal following, things are about to get closer to fandom. The Hublot Classic Fusion, made available in blue during the watchmaker’s SS15 presentation, is now available in what might end up being the most popular iteration yet: Racing Grey. If the smooth neutral isn’t reason enough to opt for the finely made timepiece, then consider that this is about as bespoke as you can get with a watch that looks this slick- you’ve got a choice of four dimensions, and three movements, and they all look pretty darn good.

Hublot Classic Fusion

www.hublot.com

Tom Ford Venetian Bergamot

Editor’s pick

images © hublot | tom ford

Tom Ford Venetian Bergamot

Part of the Tom Ford Private Blend collection, Venetian Bergamot is the latest fragrance that men across the region will be adding to their olfactory wardrobes. To develop the newest eau de parfum in his lineup, Tom Ford went to the heart of Italian

Calabria for the essence of bergamot, and then enveloped it in a fresh, citrusy note. As for spice, you’ll find that here too: black peppercorn from Madagascar, pink peppercorn, and essence of ginger are presented together in a warm arrangement. Good things do come in threes after all. www.tomford.com

april 2016 Entrepreneur

55

TECH

SHINY | WEBSITE TO WATCH | GEEK | MOBILE TECH | ONLINE ‘TREP | THE FIX

This month in our tech picks, you can personalize your hardware, shoot and share sharper images, and improve your storage options.

Let’s be friends

LG G5

LG introduces modular G5

LG pushed the boundaries of design with its first modular device, the LG G5. Featuring a slide-out bottom and a range of attachments called LG Friends, the phone itself can be personalized- a first for hardware. You can choose from a variety of add-ons like LG 360 VR, LG 360 cam and LG Hi-Fi PLUS to customize the device for your needs.

All of the components can be managed using a single app and can be swapped at any time, making G5 arguably the most versatile smartphone available.

Simultaneously, LG entered the world of virtual reality with 360 VR, a headset with a sharp display that’s compatible with 360 images as well as Google Cardboard content. Whether you’re looking for hardware that enables virtual reality, great photography or an exceptional listening experience, you can turn to the G5 (and a friend).

56

Entrepreneur april 2016

LG 360 VR

iPad Pro

The heavyweight

Apple’s new iPad Pro

The new 9.7-inch iPad Pro is here! Although it weighs just under a pound, the device is packed with features like Pro Retina display, Night Shift mode and True Tone display technology, making it quite the heavyweight. iPad Pro is outfitted with a 64-bit A9X chip that rivals most portable PCs, along with a four-speaker audio system, a 12 megapixel iSight camera for shooting live photos, 4K video, and a five megapixel front HD camera. Faster wireless technology keeps you

connected wherever you go with 802.11ac Wi-Fi with MIMO technology, and up to 50% faster cellular connectivity. Now with Apple SIM embedded directly in the new iPad Pro, it’s even easier to connect to wireless data plans right from your device when traveling in more than 100 countries. And, they didn’t skimp on accessories either, with Apple Pencil compatibility and a new Smart Keyboard cover designed especially for the 9.7-inch iPad Pro- it’s a total package.

Picture this

Canon’s new entry-level EOS DSLR

The EOS 1300D is an ideal start to DSLR photography. It has an 18 megapixel sensor, responsive handling, onboard Wi-Fi and dynamic NFC which allows you to snap the perfect image and share it immediately. EOS 1300D is all about capturing details with Canon’s DIGIC 4+ processor and a large APS-C sized sensor. Shoot scenes where people and items pop from a blurred background or detailed full

HD movies with a beautiful cinematic feel thanks to DSLR control depth of Surface Pro 4 field. EOS 1300D is packed with features like responsive auto focus and optical viewfinder that can turn a novice into pro in no time, and it’s ideal for shooting sharp sports and action images. From close-up nature shots, portraits and full cityscapes, this camera helps you create original photographs that you’ll want to share.

EOS 1300D

In a flash

SanDisk releases USB Type-C flash drive

SanDisk, a global leader in flash storage solutions, introduced the Ultra USB Type-C Flash Drive designed specifically for next-generation devices. The sleek, new drive features a USB Type-C connector for quick file transfer between USB Type-C enabled mobile devices, laptops and tablets.

The drive is available in up to

128GB and delivers USB 3.1 performance of up to 150MB/ s2, making it SanDisk’s fastest and highest capacity USB Type-C offering. It has a retractable design to keep the connector protected and it’s compatible with the SanDisk Memory Zone app for Android that auto-launches upon insertion of the drive, allowing immediate access to your content.

USB Type-C supported devices are expected to increase during 2016.

#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.

april 2016 Entrepreneur

57

COMPLETE YOUR SPORTS KIT

IN THE LOOP Fintech at the forefront PayFort announces new MENA accelerator

A

Dubai Technology Entrepreneur Centre (DTEC)

Building blocks

Dubai Silicon Oasis’ DTEC welcomed 430 startups and created 2,470 jobs in 2015

I

n a year of sluggish growth for the region’s economy, Dubai Silicon Oasis Authority (DSOA) -a 100% government-owned free zone- has reported strong results for 2015, an indication of the UAE’s turn toward technology to diversify its economy. According to a DSOA release, Dubai Technology Entrepreneur Centre (DTEC), the free zone’s entrepreneurship support outlet, has managed to attract and house 430 startups from 59 countries since its launch in March 2015. DTEC also reported the creation of 2,470 new jobs in its target sectors, since its start of operations.

Further, in line with its commitment to encourage innovative businesses, the center has also facilitated investments of AED51 million (from DSOA and other investors) for the startups that are a part of DTEC. Overall, aggregate investments in DSOA for 2015 have amounted to AED3.6 billion, with the revenues of the free zone said to have grown 16% over the previous year. The number of companies operating out of DSOA also increased from 1,391 in 2014 to 1,920 in 2015- a 38% growth. HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman, DSOA, attributed the results to growth in UAE’s technology sector, a factor he considers crucial for the country’s diversification efforts. As per official data, nearly 78% of the companies operating at DSOA are technology companies, and the remaining 22% belong to a range of other sectors including commerce and services.

Looking ahead, DSOA has forged strategic partnerships with vari-

ous multinationals for promoting entrepreneurship in the region. In partnership with Intel, DSOA plans to establish a facility in the Middle East to support the development of a Smart City Centre of Excellence within DTEC. DSOA has also signed a sponsorship agreement with SAP Training and Development Institute, under which space will be set aside to host up to three SAP innovation bootcamps. DTEC’s tech startups are also expected to benefit from free software and services made available through the Microsoft Biz-Spark Program, thanks to an agreement between DSOA and Microsoft Gulf.

Commenting on DTEC’s upcoming projects to nurture entrepreneurship, Dr. Mohammed Al Zarooni, Vice Chairman and CEO of DSOA, also cited plans to expand the space designated for entrepreneurs at DTEC by adding 1,000 sq. m. of office space to its “Techno Hub” building, which will bring the total space for startups to almost 4,600 sq. m.

Dr. Mohammed Al Zarooni, Vice Chairman and CEO, DSOA

ccording to The Economist, financial technology attracted US$12 billion in investments in 2014- so yes, the fintech revolution is coming and the Middle East is not falling behind.

At Wamda’s 2016 Mix N’ Mentor event in Cairo in March, online gateway PayFort announced the launch of its regional fintech accelerator Fintech Factory. Ignited by the increasing demand for fintech in the region, PayFort Managing Director Omar Soudodi says the accelerator was launched “in order for PayFort to continue meeting the demands of our merchants that use us across six markets in the region (and growing).

We needed to innovate faster, and we realized we can’t innovate fast enough alone, thus investing and collaborating with fintech startups will enable us to meet market demands faster.” In the next couple of months, the first phase of companies will participate in the first run of the program. So what does it take to be eligible for the accelerator? Soudodi says that startups need to be in fintech and relevant to PayFort’s merchant base, and that it’s also open to SMEs in various business lifecycles from ideation to scaling and either pre-production to post production.

And in return, what can prospective ‘treps expect from this accelerator?

Startups can receive up to $100,000 during the first phase, with the opportu-

nity to possibly receive additional funds through Fintech Factory’s investment partners at later stages.

Soudodi also adds, “Startups will be undergoing the due diligence process, at which they will be receiving an analysis of their current readiness from regulatory, commercial, marketing, financial, operational and technical [level] that will become their roadmap while interacting with Fintech Factory coacheseither PayFort personnel or Fintech Factory Advisors.”

Participants will also be able to access PayFort’s

Omar Soudodi, Managing Director, PayFort

bank and merchant networks around the region.

The accelerator is planning to onboard banks “that are willing to work with fintech startups,” and advisors from PayFort and experts from M&A, VC, regulatory and other industries and skills to support startups.

Though the fintech accelerator would only intake between three and four startups per year, Soudodi assures us that they will constantly be on the lookout for startups and ideas that “solve a problem in this space, [and] display high relevancy in fulfilling a certain demand.”

april 2016 Entrepreneur

59

in pictures

Congrats are in order!

Kuwaiti ‘treps graduate from MTB Startup School in Silicon Valley

I

n early February, 16 entrepreneurs graduated from MTB Startup School 2016, an acceleration program from the partnerships between Mind the Bridge (MTB), its MENA partner Kuwait’s Brilliant Lab, Kuwait’s Ministry of State for Youth Affairs, Zain Group, IE Business School, Al Hamra Kuwait, and Gatehouse Capital. Held in San Francisco, California (the new HQ for future Silicon Valley MTB activities), it welcomed ‘treps from Brazil, Kuwait, and Italy, and startups in early and later stages, as well as ventures from the education, virtual reality, SaaS and IoT sec-

tors. During visits to Stanford, Google and MobileIron, the students learned from lecturers and mentors on establishing an enterprise, and about Silicon Valley’s ecosystem. Among the lecturers were Brilliant Lab founder Neda Aldihany, FireMatter founder Matteo Fabiano, invisu. me CEO and co-founder Donna Griffit, Timelapse founder Oliver Roth. Launched in 2011, `aims to encourage entrepreneurship in Kuwait and the wider GCC by supporting new ventures, and connecting entrepreneurs with government entities and venture capitalists. www.brilliant-lab.com

MEET THE ‘TREPS Graduates of MTB Startup School 2016 Ajar Online Cloud service

app for collecting and paying rent via SMS and email BigHut Games Game development studio DIVA home An app controlled LED lamp to save and track energy

Mindesk An online collaboration tool for CAD modeling Oncase A solution

provider to analyze data for businesses Prodeaf A software solution to translate text and voice to sign language

Fitmeplus A video-chat platform for personal trainers Suati A platform for energy trading and management and customers InteriorBE A community

of interior design professionals Lotebox A workflow

management system simplifying cargo shipping and logistics processes

SiliconReef A systemon-chip solution for the sustainable energy market Nasser Story An edutainment app aiming to teach children Arabic using tower animation facilities

april 2016 Entrepreneur

61

TECH

SHINY | WEBSITE TO WATCH | GEEK | MOBILE TECH | ONLINE ‘TREP | THE FIX

“We expect to continually expand our MENA presence.

Fortunately, this has been happening organically by direct virtue of the product’s viral nature. Our company believes that long-term sustainability is a direct result of cheap marketing and focusing on growth from within the product itself.”

From left to right: Blend App co-founders Akash Nigam, Evan Rosenbaum and Matt Geiger

Blending in… to the Middle East San Franciscobased app garners regional investor interest

By Sindhu Hariharan

I

f making a mark outside the home turf halfway around the world were to be perceived as a breakthrough moment for startups, Blend -a group messaging app- seems to have reached a milestone. “Blend views MENA as one of the great upcoming areas for tech innovation. We’re excited to be bringing our product to users across the Middle East, especially to those who may not be avid users of more multimedia rich messengers, like users are in North America,” says Evan Rosenbaum, Blend co-founder. Despite being part of a crowded messaging app market, dominated by giants like WhatsApp and

62

Entrepreneur april 2016

Slack, the San Franciscobased Blend has caught the attention of MENA’s investing community in its recent round of funding. Blend raised US$6.3 million in June 2015 in a Series-A round led

by New Enterprise Associates (NEA), a round that also saw participation from Al Nowais Ventures. Commenting on the raise, Blend co-founder and CEO Akash Nigam says, “When we started gaining organic traction in the Middle East, we wanted to learn more about the region, and how to best take advantage of the momentum. NEA introduced us to Saud Al Nowais [a UAE diplomat, who is a part of Al Nowais family] who has his hands in both the American venture space and the MENA venture space. We then had a couple of phone calls, and there was immediate synergy. The relationship has been flourishing and their value to help us expand internationally has been as initially expected.”

Launched in 2013 by Rosenbaum with friends Akash Nigam and Matt Geiger, Blend claims to have over 250,000 daily active users on its app, and is now 20 employees strong with offices in San

Francisco, California and Bucharest, Romania. Blend started off as a trend/themebased picture sharing app, mostly for college students, and it has since then pivoted into a messaging app going beyond peer-to-peer conversations, with a focus on “groups” including groups of friends, families, coworkers etc. The app considers Generation Z and millennial audiences as its core market

Blend studies aspects that drive users away from other messaging apps, models key features of Blend based on these factors, and then works on building prototypes to incorporate them.

and its user base includes high schoolers, fraternities/sororities at colleges, and fans of any “verified” (celebrity) Blend users. “Our cut and dry differentiator is the public groups,” Nigam says. “Public groups can only be created by verified users and are open to anyone. It’s a one-stop shop for the respective celebrity’s fan base.” Notable verified users currently on Blend include singers Jack Johnson and Shawn Mendes, among others.

The startup is highly focused on design and has a unique user-centric marketing approach. Blend studies aspects that drive users away from other messaging apps, models key features of Blend based on these factors, and then works on building prototypes to incorporate them. The marketing team also undertakes other innovative efforts, such as turning off spellcheck in the app for 72 hours, and analyzing data on the misspellings, which has earned them good media attention. In addition, the public groups feature Blend app

| MOBILE TECH |

Canadian University Dubai Students Develop Efhamni, An Emirati Sign Language App

also seems to be working in Blend’s favor. Verified users/ celebrities from various fields drawn in their “fans” to the platform.

Speaking of the app’s game plan for the future, Rosenbaum, co-founder and CPO, Blend, say that they are currently developing “breakthrough experiences” for users. “We also have another big update coming later in the year that’s been receiving amazing feedback initial user studies,” he added. The app is currently pre-revenue, and hopes to pursue a native advertising model when the timing is right.

And as for Middle East expansion plans, Nigam confirms that it is on the agenda: “We expect to continually expand our MENA presence.

Fortunately, this has been happening organically by direct virtue of the product’s viral nature. Our company believes that long-term sustainability is a direct result of cheap marketing and focusing on growth from within the product itself. Therefore, when we visit places like

“It’s tempting to overbuild and overcomplicate new companies, products, and features.

We’ve learned that the best features are those which are simple for users to understand while being quick to build.”

Dubai, rather than focusing on marketing ploys or efforts, we meet with a bunch of young users and mine for product feedback. Subsequently, we tailor the product roadmap with their feedback in mind. We’ve found this to be the golden path to our success.”

Tips for ‘treps Evan Rosenbaum, co-founder, Blend

“Our tips for entrepreneurs are firstly: think lean, build lean, pivot lean. It’s tempting to overbuild and overcomplicate new companies, products, and features. We’ve learned that the best features are those which are simple for users to understand while being quick to build. This provides your company with the ability to pivot quickly and adjust to real users. Secondly, don’t delay launching [and] get your product to market quick.

You will learn more than you ever expected once you have real users on your product; issues you may never have foreseen suddenly come to light. Third will be to focus on design- as Dieter Rams famously said, ‘Good design is no design.’ We live this at Blend. A product needs to feel so natural to its users that it feels like it isn’t designed at all. The hardest component of designing is figuring out what to remove, not what to add.”

After attending a conference hosted by the UAE Deaf Association where they were exposed to members’ challenges such as access to education and employment opportunities, a group of students from the Canadian University of Dubai decided to make use of technology for social good.

They put their plans in motion by participating in the Ripples of Happiness (ROH) program in January 2016, following which the team designed a mobile application Efhamni (Arabic for “Understand Me”), which teaches Emirati sign language. Nérimel Bessa, cofounder, Efhamni, says the app was created with the intention to promote a more inclusive society. “Emirati sign language is only five years old, and there are only two institutions that are teaching the language,” Bessa says. “Consequently, there are few people who have mastered the language, and this limits communication, education and employment opportunities for the deaf.”

Hailing from different countries and different majors in the University, the 17-member Efhamni team counts diversity as their strength and hopes to make communication less burdensome for the deaf community by hosting video lessons of Emirati sign language with Arabic and English subtitles. Interestingly, the videos feature Emirati sign language specialists who teach the signals for words and sentences.

As an additional feature,

English speakers can also learn to pronounce Arabic words as one can also hear the word in Arabic. Supported by mentors from the university and outside, and with AED 1,800 handed to them by Injaz UAE and The Coca-Cola Foundation during the ROH program, the team was able to come up with a working design in just six weeks and also came in second place at the challenge, winning US$7,000 in grants to grow the company.

The student team has been able to record 30 videos so far and with 70+ downloads from across Egypt, Oman, Germany, US, France, and Saudi Arabia, the app has gained over 1,600 followers across their social media channels and has “made impressions” on over 10,000 Twitter users. “Before we started this project, we imagined the UAE as the only area that could benefit from this project,” Bessa explains.

“Now we realize the possibility of improving the communities in all Arabic speaking countries. This way we hope to transform the lives of 11.2 million deaf people in all Arabic speaking countries, the same way we are transforming our community here in the UAE.” With the determination to take Efhamni beyond a college project, the team is keen to improve features by working closely with sign language specialists and linguists and also focus on getting their message across far and wide, through marketing efforts.

april 2016 Entrepreneur

63

CULTURE

business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

2. WHEN YOU’RE RUNNING LATE Being late is the worst. It’s stressful for the person who is running late and it’s disrespectful to the person who is waiting. It might seem strange to thank someone for dealing with your hassle, but that’s exactly the correct response.

Most people stumble in the door and say, “Sorry I’m late.”

The problem is this response still makes the situation about you. Sorry, I’m late. Saying “Thank you” turns the tables and acknowledges the sacrifice the other person made by waiting.

Thank you for waiting.

Example: You walk in the door 14 minutes late.

• Instead of: “So sorry I’m late. Traffic was insane out there.”

• Try saying: “Thank you for your patience.”

Seven situations when you should be conveying gratitude Make your life better by saying thank you

I

By James Clear

don’t say “Thank you” as often as I should, and I doubt I’m the only one. In fact, I’m starting to believe that “Thank you” is the most under-appreciated and under-used phrase on the planet. It is appropriate in nearly any situation and it is a better response than most of the things we say. Let’s cover seven common situations when we say all sorts of things, but should say “Thank you” instead.

1. WHEN YOU’RE RECEIVING A COMPLIMENT We often ruin compliments by devaluing the statement or acting overly humble.

Internally, you might think this prevents you from appearing arrogant or smug.

The problem is that by deflecting the praise of a genuine compliment, you don’t acknowledge the person who was nice enough to say something. Simply saying “Thank you” fully acknowledges the person who made the compliment and allows you to enjoy the moment as well.

Example: “Your dress looks great.”

•Instead of: “Oh, this old thing? I’ve had it for years.”

64

Entrepreneur april 2016

•Try saying: “Thank you. I’m glad you like it.”

Example: “Wow! 20 points tonight. You played really well in the game.”

• Instead of: “Yeah, but I missed that wide-open shot in the third quarter.”

• Try saying: “Thank you. It was a good night.”

Example: “You killed your presentation today!”

• Instead of: “Did I? I felt so nervous up there. I’m glad it looked alright.”

• Try saying: “Thank you. I’m happy it went well.”

There is something empowering about fully accepting a compliment. When you deflect praise, you can’t really own it.

When you just say “Thank you,” you let the weight of the compliment sink in and become yours. Saying “Thank you” gives your mind permission to be built up by the compliments you receive.

Getting compliments should be fun and enjoyable, but we often ruin the experience. There’s no need to sabotage compliments that come your way. Accept them with grace and enjoy the moment.

When we make a mistake, someone else often makes a sacrifice. Our default response is to apologize for our failure, but the better approach is to praise their patience and loyalty. Thank them for what they did despite your error.

3. WHEN YOU’RE COMFORTING SOMEONE When someone comes to you with bad news, it can be awkward. You want to be a good friend, but most people don’t know what to say. I know I’ve felt that way before. Often times, we think it’s a good idea to add a silver lining to the problem. “Well, at least you have…”

What we fail to realize is that it doesn’t matter if you don’t know what to say.

All you really need is to be present and thank them for trusting you.

Example: Your co-worker’s mother passed away recently.

• Instead of: “At least you have a lot of fond memories to hold onto.”

• Try saying: “Thank you for sharing that with me. I know this is a hard time for you.”

Example: Your brother lost his job.

• Instead of: “At least you have your health.”

• Try saying: “Thank you for sharing this with me. I’m here to support you.”

Example: Your friend’s pet just died.

• Instead of: “At least they had a long >>>

CULTURE

business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

and happy life.”

• Try saying: “Thank you for sharing that with me. I’m here for you.”

In times of suffering, we don’t need to hear words to ease the pain as much as we need someone to share our pain.

When you don’t know what to say, just say “Thank you” and be there.

4. WHEN YOU’RE RECEIVING HELPFUL FEEDBACK Feedback can be very helpful, but we rarely see it that way. Whether it is an unflattering performance review from your boss or an email from an unhappy customer, the standard reaction is to get defensive. That’s a shame because the correct response is to simply say, “Thank you” and use the information to improve.

Example: “This work isn’t good enough.

I thought you would do better.”

• Instead of: “You don’t understand.

Here’s what really happened.”

• Try saying: “Thank you for expecting more of me.”

Example: “I bought your product last week and it already broke. I am not happy with this experience.”

• Instead of: “How did you use it? We made it very clear in our terms and conditions that the product is not designed

to work in certain conditions.”

• Try saying: “Thank you for sharing your thoughts. Please know we are committed to becoming better. Can you share more details about the issue?”

est thing I’ve read all week.”

• Instead of: “You’re an idiot. Let me tell you why…”

• Try saying: “Thank you for the feedback. I still have a lot to learn.”

Nobody likes to fail, but failure is just a data point. Respond to helpful feedback with thanks and use it to become better.

Releasing the need to win every argument is a sign of maturity. Someone on the Internet said something wrong? So what. Win the argument by the way you live your life.

5. WHEN YOU’RE RECEIVING UNFAIR CRITICISM Sometimes criticism isn’t helpful at all.

It’s just vindictive and mean. I’ve written about how to deal with haters previously, but one of the best approaches is to just say thank you and move on.

When you thank someone for criticizing you, it immediately neutralizes the power of their statements. If it’s not a big deal to you, then it can’t grow into a larger argument.

Example: “This might be good advice for beginners, but anyone who knows what they are doing will find this useless.”

• Instead of: “Well, clearly, I wrote this for beginners. This might be a surprise, but not everything was written with you in mind.”

• Try saying: “Thank you for sharing your opinion. I’ll try to improve next time.”

Example: “Your statement is the dumb-

“i would praise you, but your value is beyond words.”

6. WHEN SOMEONE GIVES YOU UNSOLICITED ADVICE This shows up a lot in the gym. Everybody has an opinion about what your technique should look like. I think most people are just trying to be helpful, but hearing someone’s opinion about you when you didn’t ask for it can be annoying.

One time, someone pointed out some flaws in my squat technique in a video I posted online. I responded by sarcastically asking if he had a video of himself doing it correctly. Somewhere deep in my mind, I assumed that if I reminded him that his technique wasn’t perfect, then I would feel better about the fact that mine wasn’t perfect either. That’s an unnecessary and defensive response.

The better approach? Just say “Thank you.”

Example: “You know, you should really keep your hips back when you do that exercise.”

• Instead of: “Oh really? Do you have a video of yourself doing it so I can see it done correctly?”

• Try saying: “Thank you for the help.”

Pointing out others faults doesn’t remove your own. Thank people for raising your self-awareness, even if it was unsolicited.

7. WHEN YOU’RE NOT SURE IF YOU SHOULD THANK SOMEONE When in doubt, just say thank you.

There is no downside. Are you honestly worried about showing too much gratitude to the people in your life?

“Should I send a thank you card in this situation?” Yes, you should.

“Should I tip him?” If you don’t, at least say thank you.

Say thank you more often

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

66

Entrepreneur april 2016

CULTURE

business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

READ BETWEEN THE LINES BUSINESS BOOK RUNDOWN

By Amal Chaaban

J

ust because an author demonstrates great sales doesn’t mean their business advice is applicable in the boardroom or even good for practical application otherwise. Our reviewer takes a look at some of the titles getting hype recently and gives you the executive summary. Before you hit the business bestseller aisle, read these reviews to see which of these known books are actually worth your while.

Snakes in Suits: When Psychopaths Go to Work Paul Babiak Ph.D. & Robert D. Hare, Ph.D.

What do you do with an employee who hits all the right notes with all the right people but is in fact creating such a toxic workplace that it is more of a detriment to have them there than it is a help? How do you spot the employee who is manipulative and abusing their co-workers in a myriad of little ways? Paul Babiak and Robert D. Hare seek to educate us about how to spot

Future Brain: The 12 Keys to Create Your High Performance Brain Dr. Jenny Brockis

One of the most underused tools in a human being’s arsenal is their brain, or so Dr. Jenny Brockis would have us believe.

Dr. Brockis continues the work she began on brain fitness in two previous books in this new work, where she continues to push the boundaries in how neuroscience can provide the perfect tools to navigate our increasingly complex society. During the introduction, Dr. Brockis takes some time to discuss how current work environments are not conductive to great

68

Entrepreneur april 2016

brain fitness. Instead of a continued lamentation, she moves into how to change things to make it better for brain fitness and therefore more productive. Some of the 12 keys material is information that everyone should already know (or already knows and don’t apply), and the author takes the time to stress the importance of each segment thoroughly. Pick up Future Brain when you want to improve your performance and keep your mind functioning in top form.

the psychopath in our midst (or our hiring pool) so that your company has a chance at surviving an encounter with one of these people. Using science, Babiak and Hare provide you the tools to recognize these problem employees before they cause complete and utter chaos in your company. HR managers should use this book as a guide in what to look for, and how to navigate the management of their resident staff psychopath.

Leadership BS: Fixing Workplaces and Careers One Truth at a Time Jeffrey Pfeffer

Leadership is a term bandied about with alarming regularity and casualness in today’s business world, and whether or not the essence of real leadership exists in an organization is a matter of debate and subject to personal opinion. Into the fray comes Jeffrey Pfeffer to create not only transparency in how leadership should work, but also to dispel the myths that act as conventional wisdom.

Using a combination of research findings

and basic common sense, the author provides some much needed clarity on what he calls the “leadership industry” and proceeds to dismantle it. This book is a must read for people both in senior positions, and those looking to make the move into a leadership role. In order to be a true leader, you need to be willing to dispel the myths surrounding that role and Leadership BS is a book that can take you there.

Primed to Perform: How to Build the Highest Performing Cultures Through the Science of Total Motivation Neel DOSHI & Lindsay McGregor

Corporate culture is a critical building block in performance, and according to the authors, too many corporations are losing out. Why? Because companies sometimes don’t understand that why people work is directly related to how people work. Part one of Primed to Perform breaks down the six main motivators for people who work and introduces the science of “total motivation” (referred to as ToMo). Part two of the book discusses the science of motivation

and performance, the latter broken down into two types: tactical and adaptive. The discussion surrounding tactical and adaptive performance is fascinating and provides real insight on how to get the best of both, paired with the idea of total motivation to create a high performance culture in the workplace.

Some parts of this book tap into how to get the best out of every employee while keeping happiness and motivation at the forefront- a true formula for success.

Six ways to get rid of junk for a more productive workspace By Shelina Jokhiya The only way for the clutter to disappear off your desk and out of your life is take some time to learn new habits to keep your office organized. It took time for your office to become that cluttered so it will take some time to declutter it, but with these handy tips you can get there sooner. Start now by reading over these questions and making note of your answers: 1. How does my office make me feel?

2. Clutter is OK when _________ ?

3. My office would be clean if I only had more time/money/space/_______?

4. How do I feel when I throw stuff away?

Was your answer to question one something like, “I feel like I’m being crushed by the piles surrounding me?” My answer is, “I feel happy and more productive.” The important thing is for you to see what the underlying cause of the clutter is in your life right now, and

what you can do to make your office feel like a more positive experience. Now that you have established the root cause, it’s time to work on decluttering. Keep in mind that decluttering is an ongoing process and takes time: 1. Pick a location Start with one location such as the top desk drawer, your desk area, or a cupboard. Focus on that region and only move onto the next one once you have fully completed decluttering and organizing that area.

2. Keep supplies at the ready Get ready with supplies such as a dustbin, recycle bin, shredder, folders, labels, markers, and a box for donation or maybe for selling.

3. Deal with the paper using FAT This stands for File, Act or Toss. While

decluttering the paper, decide whether you want to File it away, Act on it by passing it to someone else or dealing with the matter then and there, or Toss it (or recycle). Use this acronym for your emails as well.

4. Create a home As with every declutter and organizing project, every item in your life must have a home. Before you make a home for the item, consider whether it is useful, valuable or important. If it isn’t… then you know what to do.

5. Give back the excess No one needs two staplers and four yellow highlighters. Put back the excess stationery into the cupboard or to the administrator. Only keep what you really need and use in your office.

6. Schedule time Book time in your calendar to declutter your office every week.

Choose half an hour in the middle of the week. Never do this on the last day of the week in the afternoon as that is always when people suddenly remember deadlines! april 2016 Entrepreneur

69

TREPONOMICS

ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

The Esquire Guy on the art of mentorship By Ross McCammon

M

entorship is a beautiful thing, but only if it’s beautiful. Only if it’s pure. It’s beautiful and pure if the intentions of the protégé are clear -to learn- and if the intentions of the mentor are clear- to teach.

Now, the teaching has a lot of implications. The knowledge itself offers an advantage. And that advantage can lead to better jobs and more money and more power for the protégé (or mentee, as we won’t be referring to it). But all of that should be irrelevant. The protégé wants to know things. The mentor wants to give answers. The protégé gets the knowledge. The mentor gets the satisfaction. (And there is nothing more satisfying in the professional world than answering easy questions.)

One thing: This isn’t about company- or organization-sponsored mentorship programs that facilitate structured relationships between mentors and protégés. This is about something unadulterated by rules and guidelines and regularly scheduled coffees. This is about the kind of mentoring that happens because an experienced person (might be a boss, might not) and a less experienced person establish, implicitly or explicitly, a vague relationship based on a common truth: that knowledge should be passed along.

“The shortcoming of the structured mentoring relationship -where mentoring is on the checklist for you to be promoted- is that it becomes a transactional relationship,” says Oliver Kharraz, co-founder, COO and chief medical officer of ZocDoc, an online medical care scheduling service. Everyone we talked to is skeptical of structured mentoring. It has value, but its value is limited.

What we’re talking about is mentorship that is so pure it might go unacknowledged. But if it goes unacknowledged, how do we know how it’s supposed to work?

WHAT A MENTOR CAN’T BE

First of all, a good mentor shouldn’t be too friendly. Encouragement is overrated.

“The best thing a mentor can do is give honest, supportive feedback that is focused on brutal facts,” says Gina Bianchini, former CEO of Ning and founder of Mightybell, a collaborative online platform for creative projects. “I worry about the emphasis on mentoring, because it’s a little like, ‘If I find a mentor, they’ll take care of me; they’ll show me the ropes; all I have to do is lean back and follow them.’ That’s not the way the world works, and I think that’s a dangerous expectation to set for anyone.”

The way the world works is not

like that at all. And a mentor should be a representative of the real world. A mentor should test a protégé as much as assist.

If you’re friends with the protégé, you can’t be a mentor. You are a more experienced friend and you can occasionally offer advice to that friend, but if you hang out socially on a regular basis, you are not a mentor.

What a prospective protégé should do is find the person (again: could

KEY TECHNICAL MATTERS A mentor should never refer to the protégé as “my protégé,” because it’s condescending.

Mentorship is 34% less effective if delivered while patting the protégé’s head.

It’s 72% less effective if delivered while patting your own head.

Mentoring is pointing at a door without saying, “Go in.”

It’s pointing at a path without saying, “Go there.”

70

Entrepreneur april 2016

It’s pointing at a boat without saying, “Row.” Mentoring can seem pretty vague and unhelpful, if you think about it.

A mentor should answer a direct question with a direct answer followed by a related truth.

If the protégé asks: “Who determines the optimal frequency for producing or ordering products?” The mentor might answer: “A cross-functioning team should set

production and ordering schedules. … Also, hope is a waking dream.”

To reinforce the concept of mentorship, that philosophical truth should be attributed to a person wiser than you: Aristotle, Steve Jobs, the Papa John’s guy, your mom, Snoop Lion (née Dogg).

Related: “Ain’t no fun (if the homies can’t have none)” is sage business advice, if you think about it.

spare your feelings. A jerk is not going to be kind (a quality that is overrated in mentorship). Mentors don’t need to be kind- they need to be right.

Here’s some sample dialogue between a protégé (P) and a mentor (M) who is concerned about the protégé’s feelings: P: I’m thinking of switching gears and becoming a lawyer.

M: Follow your dreams.

Here’s some sample dialogue between a protégé and a mentor who is not concerned about the protégé’s feelings: P: I’m thinking of becoming a lawyer.

M: That’s idiotic.

If you’re a prospective protégé, you want the second mentor. Because mentor No. 2 is right.

THE ETIQUETTE OF MENTORING

be a boss, but doesn’t have to be) who is professionally admirable but not all that affable. A good mentor should be a little intimidating.

A good mentor should be someone whose success is equaled only by reticence, with no time wasted on niceties. A good mentor should be kind of a jerk, frankly. Because if a jerk is willing to help you out, then you know the insights will be valuable. A jerk is not going to say things that aren’t true in order to

There are plenty of etiquette pitfalls when it comes to being a protégé.

You want to be deferential but not obsequious. You don’t want to be overbearing. You want to send a thank-you note after a particularly helpful conversation.

But for the mentor, etiquette is a much more abstract idea. If kindnesses aren’t all that important, then what decisions are there to make? For the mentor, etiquette is as much about anti-etiquette. You don’t want to be overly friendly; that sort of thing can be looked upon as ulterior and can be a waste of time. You don’t want to seek out

the protégé, because that sort of thing can seem very ulterior. The only rule of etiquette for the mentor is rectitude. It doesn’t work if the mentor has anything up his sleeve.

And rectitude has a way of making the etiquette fall into place.

WHY THE BEST MENTORS DON’T EVEN KNOW THEY’RE MENTORS

If you are successful and utter the occasional pithy truth in casual conversation, you will be looked upon as a possible mentor. You might not know you’re mentor material, but you are. When someone asks to have a meeting to discuss a possible job that you have nothing to do with, that’s mentorship.

When someone asks to “pick your brain,” that’s a request for mentorship. (Side note: We really need to stop using this “pick your brain” metaphor. I’m not sure there’s anything that sounds less appealing than brain-picking.) When someone says, “Would you please be my mentor?” that’s weird, because that’s not how mentorship works.

Most mentorship is incidental.

The best mentors are the ones who lead by example without acknowledging they’re leading by example.

The ones who are the best at it are the ones who don’t even know they’re doing it.

If you’re friends with the protégé, you can’t be a mentor. You are a more experienced friend and you can occasionally offer advice to that friend, but if you hang out socially on a regular basis, you are not a mentor.

See this article in its entirety at Entrepreneur.com

The Protégé A Checklist Have at least five years less work experience than the mentor.

Be eager.

Be affable.

Ask questions, but not too many.

Be complimentary, but not sycophantic.

Be solicitous, but not overeager.

Want the mentor’s job someday.

Want the mentor’s car someday.

Be deferential.

Be not clingy.

Be loyal, but not at the expense of one’s career.

Never say no.

Be as smart as, but not yet as wise as, the mentor.

Do not tweet at the mentor.

Do not give out the mentor’s email address.

Do not start dressing like the mentor.

Do not start laughing like the mentor.

Do not adopt the mentor’s hairstyle.

Do not pose as the mentor at parties.

Do not commit a crime for the mentor- but briefly consider it.

april 2016 Entrepreneur

71

Under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces

I WANT TO EXPAND MY INVESTMENT PORTFOLIO

THE HOME OF REAL ESTATE INVESTMENT Cityscape Abu Dhabi, the capital’s largest and most influential property exhibition is back. Bringing together investors, developers, government officials and real estate professionals, there is no better place to find investment opportunities and new business partners. With hundreds of developments from Abu Dhabi and overseas being showcased, Cityscape Abu Dhabi 2016 is the home of real estate investment.

Register now for FREE entry  +9714 336 5161 Strategic Partner

Platinum Sponsor

Research Partner

Abu Dhabi National Exhibition Centre, UAE

 info@cityscapeabudhabi.com

Gold Sponsor

Official Property Portal

12 - 14 APRIL 2016

Silver Sponsor

Official English Newspaper

Official Classified Partner

Business Magazine

Official Arabic Newspaper

Official Magazine

 www.cityscapeabudhabi.com Supporting Partner

Official Russian Publication

Official Online Partner

Hosted Alongside

Regional Broadcasting Partner

Organised By

exhibitions 72

Entrepreneur april 2016

ecosystem | who’s got VC | Q&A | STARTUP FINANCE

Sellin’ it street style Palestinian entrepreneurs in Australia hit the sweet spot with knafeh

R

elentless, driven and focused.” That’s not just how Knafeh Bakery founder Ameer El-issa describes entrepreneurship in general, but they are also characteristics evident in his journey of building the mobile restaurant serving a namesake Middle East dessert- knafeh, a creamy sweet treat topped with pistachios and sugar syrup.

Palestinian siblings Ameer and Joey El-issa, popularly known as “The Bearded Bakers” in Australian food circles, decided to launch Knafeh Bakery in October 2014 in Sydney. The decision was a result of being overwhelmed by the demand for the special knafeh served at their family restaurant- a creation of their mother’s unique recipe. With a background in architecture and hospitality, Ameer considers the shipping container-turned-bakery (decorated with street art) an amalgamation of both disciplines, resulting in a one-of-a-kind visual dining experience. “We purposely looked for a shipping container where the entire front could be open to put the whole process, from order-taking, preparation, baking, and right through to final delivery on show.” The team credits the design to inspiration drawn from a variety of places– street bakeries of Jerusalem, street food scenes from Brooklyn, New York, and even architectural facets of Berlin. Adding to the quirkiness is the roof of the “bakery,” which serves as a stage that often features musicians.

Having made a name for their authentic knafeh in Sydney and more recently Melbourne, Knafeh Bakery has set in motion the process of making New York and Beirut their next stops, and is also keen on the UAE and London markets as well. The self-funded eatery has earned all their recognition through word-of-mouth and social media, while on the business front, an “aggressive

reinvestment strategy” is used that involves pooling income back into the business to support growth. However, the F&B venture is quick to admit facing its own share of challenges in its novice days. Be it stock management issues or struggles in meeting sudden spikes of demand, Ameer says he has inculcated a major learning from those phases: “Preparation and processes gave us scalability and were the difference between a good night or a bad night.”

IN BRIEF

Ameer El-Issa, co-founder, Knafeh Bakery What do you think about the boom of food trucks in UAE?

Diners are now on the lookout for new experiences. Going out to restaurants is no longer an occasional treat and restaurants are numerous, so food trucks provide a point of difference.

It provides a non-pretentious, family friendly activity that caters for everyone, and people find comfort in going back to basics. For these reasons, food trucks are a much welcomed, and in turn, increasingly popular, option for all people to enjoy.

How do you ensure that your company runs efficiently?

Having defined systems and procedures, and ensuring everyone knows Knafeh Bakery

start it up

their role and sticks to their station.

Whilst the team make it look like it is all singing, dancing and fun, there are very defined processes in place that are essential to allowing us to deliver the large number of orders we take in each service.

What are your three tips for an entrepreneur to start a business?

Firstly, follow your heart. Your belief and passion in your business are what will drive its success. Without the belief and passion, it just becomes a job.

Second, experience breeds expertise. A strong foundation and understanding of the industry that you are entering will separate the “hobby” businesses from the serious players who make a name for themselves. It’s important to know your market, your approach, your message (or brand positioning) in order to succeed, and experience is what will help you define these. Finally, put it on paper. By writing things down, you solidify them for yourself, and your team when the time comes to employ staff.

Write a business plan. A marketing strategy. Your systems, processes and procedures. And include contingency plans, and risk management as well.

Too often we plan for the good, but planning on how to mitigate the bad can mean the difference between failure and weathering the storm– whether it be bad business reviews or bad financial decisions.

money

ask the money guy | vc viewpoint | your money | ECON

Is it time to exit?

Four things to consider before selling your company By Tarig El-Sheikh

I

’ve learnt -and continue to learn- a lot about establishing and running a business, having started a couple of companies over the last few years- with some of them failing spectacularly, one “making it,” and another whose fate is yet to be determined. Having said that, the most recent development in terms of the ventures I’ve worked on has been the merger of our company, Beneple, a human resources platform catered to SMEs in the Middle East market, with Finsbury Associates, a financial services company based in the UAE. Given my experience with this acquisition (which, interestingly enough, happened after Beneple had been operating for only eight months), here are four things to keep in mind before considering the sale of your enterprise:

74

Entrepreneur april 2016

1. Always keep your eye on the ball- run your core business as though there’s no sale process happening in parallel This may sound counterintuitive, but it’s actually not.

This rule also applies if you are raising external funding (which is, technically, the sale of a stake in your company), or a full exit. Throughout the sales negotiation process, it’s important to make sure that the business continues to run (and ideally, grow as well) in parallel with what’s happening in the background.

Now, it’s important to understand that this can It goes without saying that “locking in” your company’s most critical assets is of paramount importance, and it has a direct impact on your negotiating position and the ultimate offer price. The assets will naturally differ from the type of business you operate in, but generally speaking, it’s good practice to tie your most important employees to the business.

indeed prove to be challenging, especially when trying to balance what feels like an all-consuming sales project.

But doing this is critical!

Because it demonstrates to the potential purchaser that they’re buying into a growing venture and ultimately helps strengthen your negotiating position. While raising capital for both my last startups, we had an average 35% month-on-month growth, which really helped demonstrate the strength of the management team and cemented our asking price as well.

Making sure your business is running profitably is also important in case the sale falls through. At the same time, if the company stutters with its operations while the founders are trying to sell it, such actions can also really hurt its sale price. A friend of mine was at the final stages of closing the sale of what was at the time his hot new restaurant business, but he dedicated so much energy to the sale that revenues slowly declined over the months of negotiations, and ultimately spooked the buyers.

2. Lock in your company’s most critical assets It goes without saying that “locking in” your company’s most critical assets is of paramount importance, and it has a direct impact on your negotiating position and the ultimate offer price. The assets will naturally differ from the type of business you operate in, but generally speaking, it’s good practice to tie your most important employees to the business.

I remember at one startup, there was a mad rush to have all of its early employees sign agreements that would allow them to be transferred to the new acquiring entity. Any

new owner could require you to stick around for a transition period (or maybe they won’t), but they will want your main employees and assets to be around for the continued operations. Make sure all assets (including employees) are appropriately locked in, and don’t disrupt the company while it’s in this delicate transition.

3. Make sure you follow best practices, and execute due diligence Much like an interview or even a date, an acquisition process requires both parties to walk a two-way street.

So, from your company’s perspective, you need to ensure that you’re doing all your due diligence when moving along this process.

I’ve seen, firsthand, the benefits of having solid and well documented systems in place, and in a format that is easily digestible by the party performing the due diligence. In my last enterprise, I ran an extremely detailed and well organized process (granted this was drummed into me, having spent many hours in a due diligence room in my banking days), and this helped me demonstrate to any buyer that they are investing into the processes that are already in place (and part of the company culture modus operandi), rather than having just one individual who is holding all “the keys.”

This literally impacts the final pricing.

One other thing: be as honest as possible in all your negotiations! There’s no point hiding a material aspect of the business from any potential purchasers. Disclosure of all risks in a quantifiable manner should be your goal. Also, don’t forget that in the same way a potential purchaser is carrying out

| ECON |

their due diligence on your company and its management team, you should be carrying out your due diligence on them and what they have promised to bring to the table as well. So if the deal is a cash and equity swap, then you should be checking the long-term financial health of the purchaser and whether or not they can close.

www.usa.visa.com

be as honest as possible in all your negotiations!

There’s no point hiding a material aspect of the business from any potential purchasers.

Disclosure of all risks in a quantifiable manner should be your goal.

4. Have a plan for after the sale- both in terms of finance and time Selling a company is a transfer of assets whereas selling your passion is a transfer of emotions. It’s a subtle difference, but it’s an important one to keep in mind when thinking about a potential exit.

If you’re selling for financial reasons, then you’ll need to ensure you plan financially for the future.

Doing a majority equity deal today is great for your retirement planning when the acquiring company IPOs, but how do you feed yourself between now and then? If you’re “selling your passion,” then you need to bear in mind that you’ll be shifting away from working 60+ hours per week, and so, you will need to plan ahead to manage all that extra time and drive appropriately. It helps in avoiding seller’s remorse!

Go cashless to stimulate economic growth Visa and Moody’s study highlights positive impact of electronic payment on GDP

M

oving towards an economy dominated by cashless transactions can bring tangible benefits to both emerging and developed economies, according to a study comMOODY’S ANALYTICS missioned by Visa Inc. and conducted by Moody’s Analytics. The study entitled The Impact of Electronic Payments on Economic Growth has found that a rise in use of electronic payment methods such as credit, debit and prepaid cards in the UAE added US$3.7 billion to the GDP, and created an average of 14,170 jobs per year in the economy betweenBenefit 2011All and Electronic Payments Parties Involved in Many 2015.

The UAEWays also reported the electronicpoint payments a sixWithin percentage in-ecosystem there are two main end-parties: buyers crease in card usage with the (consumers) and sellers (merchants). The country placed atpayments sixth from spot, evolution to electronic cash checks of has impact changed theon behavior inand terms the of, and in some cases the relationship between, conGDP, among the 70 counsumers and merchants. triesThethat formed part payment of the availability of electronic systemsGlobally, leads to a virtuous study. the economic research cycle whereby increased consumption estimates thatproduction, electronic leads to increased more jobs, payment transactions greater income, and, ultimately, fueled stronger economic growth. an aggregate $296 billion to Although the study does not specifically GDP, while raising explore the reasons for thehousehold incremental growth in GDP attributable to cardand usage, consumption of goods there are a by number plausible explanaservices an ofaverage 0.18% tions: The advent of electronic payments has per year and creating avgreatly aided consumers’ abilityan to optimize consumption decisions by giving them secure erage of 2.6 million new jobs, and immediate access to all of their funds on annually, over the five-year

study period.

Mark Zandi, Chief Economist, Moody’s Analytics says that the study clearly points to a scenario where countries with large increases in card usage also saw larger contributions to overall growth in their economies. The report highlights that going beyond the aspect of convenience, digital payment modes help activate economic growth globally by contributing to a more stable business world and enabling greater financial inclusion is less cash and check handling in the system, for thehave access to a large pool of cusand they tomers with guaranteed payment. Electronic consumers. payments play a critical role in the rapidly Explainexpanding e-commerce environment where ing theby cash or check is not usually payment an option. for benefits countries in Benefits to Consumers and Merchants going cash-payments provide access » Electronic financial resources. Consumers less,tothe using cash or checks may be limited report notes in the amount of funds they have for that particular “electronic payments transactions.

With cash, consumers limitedtransacto the funds help reduce are paper they have on hand. Merchants may tions, the checks costfortobigbe reducing reluctant to accept ger transactions of the risk central banks ofbecause providing of nonpayment.

Electronic payments notes and coins, and also inaddress both of these issues: They crease taxconsumers revenues through provide with access to all available fundsof or lines credit for a the reduction theofgray given transaction and they give mereconomy, or transactions

not accounted for in official statistics.”

A regional analysis of the findings reveals that the Middle East experienced a relatively lower impact of these instruments, with card usage adding around 0.09% to GDP in the region, while average jobs added per year stood at 9,000. In the larger MENA region, Saudi Arabia benefitted by an addition of $3.43 billion to the country’s GDP and 12,470 jobs and in Egypt, payment cards stimulated $0.1 billion to the GDP and created an average of 2,300 jobs. The report recommends that countries must simplify regulations

Part II: The Value of Electronic Payments: Less Friction, More Efficiency

deposit (debit cards) or a line of credit (credit cards). Merchants also benefit because there

Consumption

chants peace of mind about payment

Decline in Inventory

Greater Income 4

guarantees, provided they follow appropriate payment procedures. » Access to credit helps calibrate periodic income with continuous consumption. Wages and salaries are typically paid weekly, biweekly or monthly. Consumer spending, however, has no time profile. Putting food on the table or fixing a broken-down vehicle should not have to wait for the next paycheck. Credit smooths out the consumption of durable and nondurable goods by lessening the around payments need todigital wait for paydays.

In obtaining credit, consumers generally have to improve the financial three options: bank loans, store credit infrastructure behind such or credit cards. Credit cards are more convenientsystems, and offer lower consumer payment which in transaction the former two turn wouldcosts, leadas to greater involve paperwork, hassle and a poconsumption expendituretential transaction-by-transaction period.need in most thewaiting current » Cardseconomies. provide consumers the means global to participate in the digital economy. In most cases, online shoppers are

Increased Production

More Jobs

FEBRUARY 2016

Tarig El-Sheikh is an experienced entrepreneur and finance professional with a 15-year track record across emerging markets in building global businesses, technology startups and finance. El-Sheikh is the co-founder of Beneple (formerly known as Aythan DMCC), an HR and health management platform that was successfully acquired in August 2015 after only eight months of operations. april 2016 Entrepreneur

75

start it up

ecosystem | who’s got VC | Q&A | STARTUP FINANCE

What I learned from

my equity crowdfunding campaign

R

By Jackie Fitzgerald

unning your own business is a lonely place, and reaching a point in which your business begins to sink under its own success is both gratifying and terrifying. This is where I found myself about six months ago, as the founder of Homes or Houses, a company that specializes in the sourcing and renting of properties for U.K. expatriates and foreign buyers investing in U.K. property: running around like mad, trying to keep my business operating smoothly and struggling to keep up with its unexpectedly rapid growth. I needed to raise capital.

76

Entrepreneur april 2016

I initially avoided thinking about raising money, with the hopes that my need for it would be satisfied by a sudden surge in revenue or a major shift in our cash flow management, but neither was likely. However, you can’t simply sweep your business’ need for funding under the rug. The reality is you will eventually reach a point in which an injection of external capital is necessary to take your business to the next level.

www.collaborativefund.com

We wanted to somehow allow our customers to have an opportunity to literally become co-owners of the business. Equity crowdfunding lent itself as an ideal vehicle for making this happen. Our customers were happy about the opportunity to invest in our business

Around this time, a former colleague, Sam Quawasmi, who is the co-founder and the Managing Director of the Dubai-headquartered equity crowdfunding platform, Eureeca, approached me about the idea of raising funds through his platform. To be frank, I was initially not into the idea of crowdfunding my business. So I took a look at my options. A bank loan?

This is pretty much just as unlikely in the U.K., where we are based, as it is in the MENA region; banks simply don’t have the risk appetite to finance startups and SMEs. Given my industry and the current development stage of my business, securing a venture capital investment seemed equally unlikely. And even were it to be possible, I had no intention of relinquishing the amount of control required by raising VC money.

Quawasmi eventually convinced me that equity crowdfunding was the right option for me. A large portion of our customers live in the UAE, and Eureeca is regulated by the UK Financial Conduct

Authority, so they seemed like a good fit. I decided to give it a go. After spending time with the Eureeca team getting my campaign ready to go, or “fit for funding,” as they say, in terms of financial documentation and marketing materials, they said I was ready to launch. I was even more apprehensive at this stage. Would people invest? What if the campaign flopped?

27 whirlwind days later, we were fully funded, having raised US$413,000. I then opted to enter “overfunding,” which meant that we could continue receiving investments. A day later, we broke the half million mark! A few days after that, we had raised over $600,000, 150% of our initial target. This included a $200,000 investment from a local UAE institutional investment firm. Seeing the money come in at such a pace was, frankly, surreal. It really validated my business in my own eyes, and since much of the investment was coming from my clients, it served as confirmation that they were happy with the Homes or Houses service to the point they wanted to financially invest in our future success.

Despite my initial reservations, I can now say that I am sold on the concept of equity crowdfunding.

Aside from the very obvious speed and efficiency with which we were able to raise over $600,000, here are my takeaways about equity crowdfunding that I took from campaign:

Sesame Street is joining Silicon Valley too Sesame Workshop launches venture capital fund

S

taying true to its founding roots of educating children, Sesame Workshop, the non-profit organization that brought Sesame Street to the screens, has introduced Sesame Ventures, a venture capital arm that will invest in startups geared towards children’s educative products and services.

Partnering with VC firm Collaborative Fund -which has backed startups like AltSchool and Lyft- the fund, which is called Collab+Sesame, described its focus as “childhood development,” with plans to invest up to US$1 million in early-stage startups and support in future rounds of financing. Besides financial backing, startups will also have the opportunity of working with Sesame Workshop and utilize its resources of expertise and research of children and families, as well as networks of similar organizations and international reach. And ‘treps, Sesame Workshop will also “consider” letting startups utilize Sesame Street characters too (according to Wired), if that helps.

So what’s the eligibility for prospective startups?

According to the website’s release, as long as it aligns with Sesame Workshop’s mission of “helping kids grow smarter, stronger, and kinder,” startups can be focused on “education, media, family development, social and culture development, food, health and wellness.” The announcement followed six months after it took on a five-year deal with HBO to get back on its feet after its loss in recent years ($11 million in 2014), giving it the market opportunity in mobile devices. Given the years it has upholding its mission, it seems Sesame Workshop is now stepping up its outlets to help kids grow smarter. www.collaborativefund.com

1. Backend preparation and support A lot goes into is a successful raise, from fine tuning financial documents and setting an investable valuation, to distilling your value proposition and honing your pitch.

Equity crowdfunding plat- >>>

april 2016 Entrepreneur

77

78

Entrepreneur april 2016

ecosystem | who’s got VC | Q&A | STARTUP FINANCE

forms such as Eureeca want you to get funded, so they do their best to get “fit for funding.” Their insight, expertise, and hard work are great assets to an entrepreneur raising capital.

2. Customer buy-in Homes or Houses is a clientfacing business and we take great pride in our efforts to create a loyal customer base.

We wanted to somehow allow our customers to have an opportunity to literally become co-owners of the business. Equity crowdfunding lent itself as an ideal vehicle for making this happen. Our customers were happy about the opportunity to invest in our business, and I would recommend that entrepreneurs use equity crowdfunding to tap into this extremely valuable source of investors. Don’t be shy.

Given the makeup of our client base and our interest in enabling our customers to invest, we wanted to use a platform that offered international reach. In our case, Eureeca’s positioning in Europe and the Middle East was ideally suited for this

3. Strategic investors The prevailing notion about crowdfunding is that it is reserved for what are being dubbed as “armchair” investors, or unsophisticated investors that don’t offer strategic value. We secured a sizable investment from an institutional investment firm, which is certainly on the sophisticated side of the investor spectrum, and they will be aiding us in our establishment of a Dubai-based office this year.

Additionally, we secured numerous investments of well over $10,000 from

knowledgeable and wellconnected people in the UAE. We are confident they will provide strategic value as we continue on our journey.

4. International market reach We are a U.K. business, but we cater to clients that live outside of the U.K. Given the makeup of our client base and our interest in enabling our customers to invest, we wanted to use a platform that offered international reach. In our case, Eureeca’s positioning in Europe and the Middle East was ideally suited for this, as this positioning can be leveraged by entrepreneurs trying to build a customer base in a new market or plant seeds for future market expansion.

5. Marketing and lead generation Clients are the lifeblood of our business, and we have heretofore relied solely on word-of-mouth to build our client base. Our campaign greatly multiplied our wordof-mouth capabilities and generated quality PR coverage, which directly resulted in people getting in touch about using our service. We also had the opportunity to pitch to 100 investors at a live Eureeca event. Not only were they potential investors, they were also potential clients who may be interested in buying U.K. property.

Whatever your preconceived notions about equity crowdfunding may be, I recommend that you explore the option the next time you raise. You just might find that it’s well suited for you and your business. I know I did!

Jackie Fitzgerald is the founder of Homes or Houses, a company that specializes in the sourcing and renting of properties for U.K. expatriates and foreign buyers investing in U.K. property.

start it up

| ecosystem |

Trading up!

ICC Qatar to host its first workshop on trade finance in Doha

I

nternational Chamber of Commerce (ICC), Qatar Chapter -a regional business chamber of the Paris-based ICC- is organizing a Banking Workshop on May 23-24, 2016, in Doha. According to ICC Qatar, the workshop is primarily a recap into the past year, highlighting major issues and decisions in the banking sector during the period and will also take a look at the road ahead, given the dynamism in Qatar’s economy. Believing that the trade finance sector goes beyond mere document verification, ICC has structured its workshop to address best practices in the realm of trade finance, risk management, credit administration, and other compliance functions of banks. The agenda includes sessions on issuance, confirmation and amendment of documents, letters of credit, documentary credit financing and document management by banks. Besides addressing latest developments in the field, the workshop will also allow delegates to put forward their concerns and find solutions. Gary Collyer, MD, Collyer Consulting (a banking consultancy firm) and a former banking executive with stints in HSBC, Citibank and ABN AMRO, is leading the workshop. ICC anticipates the workshop to attract participation from bankers, importers and exporters, logistics personnel, insurance sector, among others. www.iccqatar.org

start it up

ecosystem | who’s got VC | Q&A | STARTUP FINANCE

Family first

Securing continued growth for family businesses in the MENA region

I

By Shailesh Dash

n an era of hefty marketing budgets and clever advertising, we tend to believe that corporate icons such as Microsoft, Apple, Coca-Cola and Walt Disney, together with banking giants like JP Morgan, Citi and Goldman Sachs, define our global economy. However, in reality, it is a more private, low profile subset of the business world that turns out to be the main driver: family businesses.

80

Entrepreneur april 2016

Family-owned businesses are the backbone of global economy, contributing nearly 70-90% to the world’s GDP, and accounting for nearly one third of the Fortune 500 companies. These firms represent more than 70% of the overall businesses in many countries, thereby playing a crucial role in economic growth and workforce employment. For instance, in the U.S., around 85% of the enterprises are family firms, generating 50% of the GDP and 60% of the employment. In France and Germany, the figure is more than 50% while in the U.K., family businesses contribute over 30% to the GDP and offer employment to one third of the population.

From a regional perspective, the dominance of family-owned businesses is far greater in MENA (compared to globally), thanks to our long history of trade and entrepreneurship coupled with a culture that honors family ties. Family businesses account for 90% of the companies in the Middle East, generating nearly 80% of the region’s GDP, and employing more than 67 million personnel (70% of the workforce in the GCC). According to Ernst & Young, the top 10 family businesses generated approximately US$88.5 billion to MENA’s $1.5 trillion GDP in 2012, and they employed nearly 221,740 people. These impressive statistics clearly demonstrate that this business model is the essence of local societies and regional economies.

Most importantly, the family-owned businesses (both globally and in MENA) have thrived for

many generations, despite economic downturns, wars, family feuds, and other challenges. A comparative analysis of the Credit Suisse Family Index vis-à-vis MSCI (a broad index of publicly traded firms) indicates that the family firms have outperformed publically traded firms on the back of an entrepreneurial mindset, long-term thinking and quick and flexible decision making coupled with a greater commitment to jobs and the community. family businesses should also overcome the restless entrepreneur syndrome, and let go of emotional attachment to businesses that are no longer viable or part of the long-term plan.

It is also important to note that regional family firms also vary considerably in size and shape, from very small enterprises to multinational conglomerates, with thousands of employees and multi-sector interests. Further, SMEs form the backbone of family-owned businesses in the region, accounting for 80%-90% of the family firms and collectively contributing more than 30% of all private sector employment in the MENA. Accordingly, SMEs are the lifeblood of most GCC economies, generating employment for growing youth population and facilitating economic diversification by acting as a seedbed for innovation.

However, in spite of their significant contribution to economic development, the MENA region remains among the least effective at cultivating a SME friendly business environment.

Family-owned SMEs face substantial barriers to growth and sustainability

performance of family businesses graph source thomson reuters | importance of family businesses in the middle east source e&y

ranging from limited access to finance, unfavorable regulatory environment, lack of business management skills and market linkages needed to grow and succeed. Gladly, the regional governments have recently made SME support as a top priority and enormous resources and efforts are being devoted for the cause, both by the government institutions and the private sector. For instance, in the UAE, several state-backed enterprises such as Dubai World, Khalifa Fund, Dubai SME, the Chambers of Commerce and the Mohammed Bin Rashid Establishment for SMEs were established/revamped to offer financial and business management support services to the SMEs. From a private sector perspective, the capital raising options available for family firms have also evolved in the past few years, with family firms exploring private equity and IPO listing as viable options in addition to the traditional bank lending.

performance of family businesses (base - 100)

Despite these initiatives, regional family-owned SMEs still have a long road ahead before realizing their full and true potential as support measures often suffer from poor coordination and limited execution capacity while the products and services provided lack suitable terms, capital structure and sustained business as-

sistance. Therefore, there is a need for an integrated and coordinated support model that addresses these barriers and creates a flourishing environment for the SMEs. Also, given that MENA region has the lowest rates of entrepreneurial activity amongst women (at merely 4% of the population), targeted efforts are needed on

importance of family businesses in the middle east

multiple fronts to capitalize this unexploited source of economic growth.

In addition to challenges related to size, GCC based family-owned businesses are also contending with rapidly changing internal fundamentals largely driven by uncertain global economic environment and increasing competition from both regional and worldwide firms. Accordingly, many firms may find themselves cash constrained over the next few years, as their businesses will demand management attention and capital to survive and prosper in a more competitive environment. Moreover, the family firms may also >>> A holistic business plan based on managed growth and long-term goals coupled with a transparent financial and operational reporting will allow business owners to attract capital while a robust succession plan and governance system will assist in conflict resolution and ensuring fairness amongst family members.

Shailesh Dash is the founder, CEO and Board Member of Al Masah Capital. A veteran of the MENA alternative investments sector, Dash has over 20 years of alternative investment experience. In 2010, he started Al Masah Capital which has successfully raised over US$1 billion and established itself as one of the fastest growing alternative investment management and advisory firms focusing on the MENA & SE Asia region. Before Al Masah Capital, Shailesh had managed $4 billion of assets and executed 14 IPOs and five trade sales. In addition, he created the second largest PE business in the MENA region (extrapolated from rankings of PEI Asia) and served on the boards of 12 companies. april 2016 Entrepreneur

81

start it up

ecosystem | who’s got VC | Q&A | STARTUP FINANCE

face hurdles posed by the transfer of company control to third generation. Therefore, it is imperative that regional family businesses focus on building a scalable and sustainable organization through adoption/ implementation of corporate governance principles. A holistic business plan based on managed growth and long-term goals coupled with a transparent financial and operational reporting will allow business owners to attract capital while a robust succession plan and governance system will assist in conflict resolution and ensuring fairness amongst family members. Moreover, family businesses should also overcome the restless entrepreneur syndrome, and let go of emotional attachment to businesses that are no longer viable or part of the long-term plan. in the UAE, several statebacked enterprises such as Dubai World, Khalifa Fund, Dubai SME, the Chambers of Commerce and the Mohammed Bin Rashid Establishment for SMEs were established/ revamped to offer financial and business management support services to the SMEs.

Going forward, the business environment for familyowned firms will remain conducive with evolving capital raising options and government’s emphasis on SME sector. However, it will be equally important that family businesses focus on scalable and sustainable operations by eliminating or curbing restless entrepreneur syndrome, letting go of emotional attachments to core but less profitable businesses, and institute guidelines that provide clear lines of separation between family and business activities

82

Entrepreneur april 2016

The five factors of socioemotional wealth in terms of the family business By Mohamed Batterjee

F

IBER is an acronym used to describe the five elements that combine to make socioemotional wealth (SEW). These elements rein supreme to family firms, overshadowing the financial aspects: Family Control, Identification, Binding Social Ties, Emotional Attachment, and Renewal of the Family Bond. Family firms often make decisions that aren’t sound economically (from a financial perspectives), but they are considered high utility maximizers to the family firm’s SEW. 1. Family control Families make decisions to reject acquisition offers, eschew employment of nonfamily upper management, going public, and becoming a part of larger cooperatives.

While the decisions don’t necessarily appear correct from a profit-driven perspective, they opt to reject these offers all the same. This is most often done in order to maintain family control of the enterprise.

2. Identification As many family firms bear the name of the family or are heavily associated with the family, these firms often decide key matters from a viewpoint that is rooted in protecting their legacy. Identification with the family firm colors these choices, rather than pure financial performance.

3. Binding social ties As families have relationships within society –commonly found in the GCC family firms- many judgments are made to continue to frequent local suppliers or partners even if lower cost alternatives can be found elsewhere. These judgment calls are also influenced by the local environment, and a family firm’s desire to support and keep small businesses operating, as they are all part of one shared community.

4. Emotional attachment Many decisions within family firms are based on emotional attachment between the relevant family members. It may be the case that a course of action is pursued to satisfy the requests of one family member, while in other scenarios decisions are avoided or stalled to protect family members.

5. Renewal of the family bond The renewal of family bonds to the firm through dynastic succession is of paramount importance. The succession process and passing the business from one generation to another is part of family firm tradition. Families habitually avoid deciding to sell often because of this bond, and in order to keep the business as a source of income, employment, and power for future generations of the clan.

These five factors, part of the family firm pursuit of SEW, increases both the sense of family member belonging and their stewardship-like behavior towards the firm. It’s worth mentioning that SEW also emphasizes the long-term view over short-term gain, and the patient capital of family firms. The very same drivers of SEW also contributes to develop the mesh-style relationship between family firms and the communities around them, while simultaneously contributing to improving the overall brand of family businesses.

Socioemotional Wealth and Business Risks in Family-controlled Firms: Evidence from Spanish Olive Oil Mills, Administrative Science Quarterly | Volume 52, pages 106-137, March 2007 Gomez-Mejia L et. al http://asq.sagepub.com/content/52/1/106.abstract Socioemotional Wealth in Family Firms: Theoretical Dimensions, Assessment, Approaches and Agenda for Future Research, Family Business Review, February 2012 Berrone P et. al http://fbr.sagepub.com/content/early/2012/02/03/0894486511435355#cited-by

I WANT TO EXPAND MY INVESTMENT PORTFOLIO

THE HOME OF REAL ESTATE INVESTMENT Cityscape Qatar is the only international real estate investment event in the State of Qatar. Bringing together investors, developers, homebuyers, government officials and real estate professionals, there is no better place to find investors and new business partners.

Whether you are a real estate developer, broker or real estate service provider, Cityscape Qatar provides a unique opportunity to access the Qatari and regional real estate and investment community all under one roof.

Register now for FREE entry +971 4 336 5161 Platinum Sponsor

info@cityscapeqatar.com Official Newspapers

Official Business Magazine

26 - 28 APRIL 2016 DOHA EXHIBITION AND CONVENTION CENTER, DOHA, QATAR

www.cityscapeqatar.com

Official Construction Official Arabic Magazine Business Magazine

The First and Only Weekly Magazine in Qatar Issued in Arabic

Official Magazine

Organisers

start it up

ecosystem | who’s got VC | Q&A | STARTUP FINANCE

QatarBestDeals.ocm co-founders

Taking advantage of the real deal

E-commerce site founders say the time is right for more customer options in Qatar By Erika Widén

T

he market was ready for an e-commerce revolution, and in November 2015, the government announced a plan to support e-commerce businesses. The best evidence for about the need for us was the growth we have seen, and the potential in providing services to more people in the years to come,” says Dr.

84

Entrepreneur april 2016

Aiman Erbad, co-founder of QatarBestDeals.com (QBD) and Board Chairman of Riyada Trading, the operator of the e-commerce portal. QBD, launched in March 2015, was created to answer the local market need for a platform to sell products and provide end-to-end shipping and customer service. “Road traffic has increased significantly and congestion in stores and

shopping malls is increasing.

Shopping in general, and especially shopping in festive seasons, has become a hectic job. Professionals also find it hard to make time to visit stores. In addition, the statistics show large Internet connectivity penetration and an increasing number of people in Qatar using global e-commerce websites,” adds Erbad.

Erbad, a Qatari national, co-founded QDB with Tunisians Wassim Drira and Mariem Jabloun. Erbad, an Assistant Professor and Computer Engineering Program Coordinator at Qatar University, was distinguished with the Platinum Award from H.H. The Emir of Qatar Sheikh Tamim bin Hamad Al Thani at the Education Excellence Day 2013 (PhD Cate-

gory), and recently graduated from Qatar Leadership Center’s rising leaders program.

His research interests span cloud computing, distributed systems and multimedia, and he regularly reviews and serves as a technical program committee member in international journals and conferences in the area of multimedia systems and networking. Drira holds a PhD from the University of Pierre and Marie Curie (Paris 6) and the Institut MinesTélécom/ Télécom SudParis, and his expertise includes security and wireless communication. Jabloun, with a Master’s Degree from the National School of Computer Science in Tunisia, excels in JEE Development and IoT platforms. Prior to launching the e-commerce venture, the founders knew one another for only a year. “We have shared an interest in entrepreneurship and innovation as we worked as researchers in computer science and communication. As we studied the local market needs, paired with our experiences from living abroad in France and North America (including the U.S., and Canada), we noticed the gap in providing a unique online shopping experiences. This was the start for our startup, and [led to the] focus on providing the best e-commerce experience in Qatar and in the region,” adds Erbad.

“To reduce our development costs, we opted for hybrid mobile app development frameworks.

This kind of platform uses the web technologies to develop applications that can be ported to many platforms in a short time.”

QatarBestDeals.com

Erbad explains how the platform helps suppliers and merchants to sell products online and enables users to get access to a variety of products in one place. “We buy our products from the local market and connect suppliers to consumers. We focus on electronics and accessories, and gifts such as perfume, flowers, chocolate to name a few, and we have a plan to expand our product portfolio.” QBD handles the transactions end to end, and initially, the platform and new products are advertised using social media and through their mailing list of clients. “We handle online/cash payments, we deliver products and provide customer service, before and after sale. Most of our products have local warranty from local suppliers. Our prices are competitive with local suppliers and other websites.”

And setbacks?

Erbad recalls how it was not easy to start the company as a number of permits is required and the setup costs are relatively high. In addition, they had a lack of access to the proper information available of the necessary steps in order to get started.

“Some of these issues were resolved due to constant government efforts to streamline the process to start a business. We also received support from the Digital Incubation Center (DIC) which is part of the Ministry of Transportation and Communication,” adds Erbad. QBD mainly use SEO optimization to increase organic traffic from search engines. “We heavily use social media such as Facebook Ads, Twitter, and Instagram to advertise our products. We [also] have a mailing list of clients that we keep updated about new offers.” Co-founder Jabloun, a mother of three, admits that her dedication to the startup does eat up a lot of her time, and that she finds difficulty keeping work-life balance in place. “Being a lady entrepreneur impacts my family life a lot. I can see that when I do training at ictQatar, while my daughter is sleeping near me. I really appreciate that the DIC encourages me doing that, and not missing the training sessions they provide. I am

trying to put some limits, which is not that easy. But, I think my kids feels really that I’m quite happy, that I’m stronger, when they are playing near to me while I work from home on my laptop.”

QBD, as a long-term vision, sees an online virtual mall helping connect customers in Qatar and the region to local businesses, and their mission is to build an e-commerce platform to assist local and regional businesses to compete against the international market. Also, to provide the people of Qatar and the region with a more rewarding online shopping experience, competitive prices, and convenience. “We connect with suppliers to establish a long-term relationship.

We explain to our partners and suppliers the need to provide high quality products at reasonable prices, as ecommerce business is price sensitive. We explain to them that customers can buy the same products from regional and international supplier so it is essential to provide us with good deals.”

And in line with the country’s National Vision 2030, QBD is helping to diversify the country’s retail landscape by attempting to do their share for economic development.

“QatarBestDeals.com can be a vehicle for economic diversification as we grow to become a regional and an international

player. E-commerce companies such as Amazon and AliBaba have billions in revenue, so our dream is to become a regional player in five years.”

The co-founders are pleased with the progress and onboarding of new customers thus far, saying that the general public has embraced local e-commerce businesses. “We have been growing steadily for one year.

We target professionals with limited shopping time, and people without easy access to shopping centers.” With a newly launched mobile >>>

“We heavily use social media such as Facebook Ads, Twitter, and Instagram to advertise our products. We [also] have a mailing list of clients that we keep updated about new offers.” >>>

april 2016 Entrepreneur

85

ecosystem | who’s got VC | Q&A | STARTUP FINANCE

app, available in both iOS and Android, the platform is poised for growth. “We are in the process of adding a variety of products and services to our platform such as fashion items for ladies and men.” Drira explains that

work on app development began in August 2015, adding that now the apps are in the second iteration. “We hired two full-time engineers for that task that worked on back-end, Android and iOS development. To reduce our development costs, we opted for hybrid mobile app development frameworks. This kind of platform uses the web technologies to develop applications that can be ported to many platforms in a short time. The first version had been released in mid-December, but after being tested by some selected persons, it has been reviewed to [improve on] some user interactivity and design issues.”

Drira also mentions that operational and marketing costs are higher than software development costs, and that being a part of DIC has helped keep the trio’s margins down together

“The government is providing generous support through Qatar Development Bank and the Ministry of Transportation and Communication. This is the best time to start a business in Qatar, but it requires dedication and commitment.”

with the added benefits of training and assistance with things like software licenses.

Self-funded, the co-founders all wear multiple hats to keep costs down even participating in deliveries and customer support, with Drira adding that the multitasking has been “great as it helps us understand the market and our customers.” While the co-founders say they are open to investor discussions to encourage the business’ growth in the market, they do point out that it would take a person with an appetite for risk, who can see a larger game plan, and who isn’t looking for the safer real estate type investment route.

And do these enterprising founders have advice for ‘treps looking to enter the Qatari market? Erbad says entrepreneurs need to keep in mind that while starting a business takes significant time and effort, it is also extremely fulfilling. He also points out that your time to launch may be now, as support systems are abundant and can really facilitate the growth and maturation of enterprises with the right mix of dedication and setup.

“The government is providing generous support through Qatar Development Bank and the Ministry of Transportation and Communication.

This is the best time to start a business in Qatar, but it requires dedication and commitment.”

QatarBestDeals.com co-founders talk web development “The cost of launching QatarBestDeals.com was quite important, not only in term of money but especially in terms of dedication and sacrifices. As we are all computer science engineers, we have preferred to work by ourselves on the development of this platform. Thus, for nearly four months we have dedicated a lot of our free time developing QatarBestDeals.com. The task was just hectic, but incredibly amazing! Working with passion and care on your ideas is just the best experience that you can have in all your life. But developing the platform was only the beginning of the story. Convincing companies to join QatarBestDeals.com, a new online shopping platform, was even more difficult task. But thanks to the communication skills of our co-founder Mariem, we have just amazing partners.”

Wassim Drira “I am a Senior Software Engineer, so I always talked to my laptop and my JEE platforms. I missed the fact of presenting my work to the final users especially that I am the most skilled person to sell what I have built. So here we are, I was delighted to do this job now not only because I believe in it, but because I am daily quite confident and happy to convince new companies to join us, to grow their sales, and to be more open to new technologies and new ways of selling.”

Mariem Jabloun

86

Entrepreneur april 2016

QatarBestDeals.com

start it up

start it up

ecosystem | who’s got VC | Q&A | STARTUP FINANCE

dressing some of the issues that small brands face here.”

The online boutique cultivates a community through its calendar of events, monthly newsletters, a forum and blog, with each store having a direct URL that can be personalized.

Given the number of GCC ecommerce marketplaces that have launched, it can be perceived as an industry with a low barrier entry- which Bolton-Riley agrees with: “Competition is healthy and keeps us on our toes. The more that online shopping is embraced in the region, the better it is for the industry.

The co-founders, former colleagues, have both worked in the design and construction industry in Dubai since 1999, and developed the enterprise after noticing the opportunity, coupled with a desire to get back to their design roots.

Craftsmanship, e-commerce, and a whole lot of creativity Little Majlis brings the artisan scene online

I

f you’ve been in the UAE long enough, from Art Dubai to Design Days Dubai to the Ripe Food & Craft Markets on the weekends, you’ll notice the slow-but-steadily growing art microenterprise scene in the country. Seeing the huge market for crafts and handmade products and the talent of local artisans, Anna Bolton-Riley and Annabelle Fitzsimmons launched Little Majlis, an online community and e-commerce boutique platform for art, edibles, and craft and design products from GCC-based brands and

88

Entrepreneur april 2016

By Pamella de Leon

independent artists and designers. The co-founders, former colleagues, have both worked in the design and construction industry in Dubai since 1999, and developed the enterprise after noticing the opportunity, coupled with a desire to get back to their design roots.

Bolton-Riley says the website took a while to develop, but LittleMajlis.com went live in October 2012. Besides the typical costs of setting up an e-commerce business in the region, the duo also had a reserve budget and utilized their own skillsets for ongoing operations such

as graphics, accounting, blog content, and social media.

And now, the self-funded startup is looking into accelerating their growth, with investor discussions ongoing and a plan for securing funding over the next few months.

One can’t help but point out international and regional platforms with similar concepts, and Bolton-Riley asserts that their USP is the platform’s sense of community and support it provides to vetted sellers -with advice and support offered if and when needed- as well as its focus on the GCC and “ad-

However, money alone does not guarantee success. We are close to our sellers and customers, and this cannot be easily replicated by people without our strong local reach and network.” Certainly, the co-founders’ attitude towards building the Little Majlis community is a “constant drive” for them, so how does it onboard new vendors, while continuing to foster loyalty and purchase behavior among customers? The numbers of sellers vary as they move to and away from the region (quite a peculiar but unsurprising effect of being a transient place for most expats), with only a few taking a creative break or time out to improve their brand. However, from having less than 20 shops to their current count -just under 300 active sellers, at the time of writing- Fitzsimmons remembers how when they first started, they were

EXECUTIVE SUMMARY LITTLE MAJLIS CO-FOUNDERS ANNA BOLTON-RILEY & ANNABELLE FITZSIMMONS

www.littlemajlis.com

“There’s a wonderful entrepreneurial spirit here in the Emirates, and so it’s a fantastic place to start a business. We’ve found people to be incredibly generous in offering advice and support, so never be afraid to ask or to listen. Like any other new business, have passion for what you do and perseverance to get through the tough times.”

Annabelle Fitzsimmons

actively looking for sellers to set up, but now most sellers contact them. With regard to the customers, customer service is prioritized, with a message service to directly contact sellers and options to leave feedback.

Little Majlis’ dedication for interactivity is derived from its marketing strategy.

Early on, the co-founders made a conscious decision to “think outside the box” when it came to promoting the platform, and through trying different strategies they’ve learned what works best for the business. “For example, a year ago, we launched an in-house collection of Little Majlis branded Made in UAE products,” says Fitzsimmons on their efforts, which include attending crafts markets for brand awareness.

Today, its current customer base is made up of mostly women aged 25 to 60 years old, with most sales from GCC-based consumers, although there is an increase in customers who are based abroad.

On that note, the UAE’s entrepreneurial community

is still a source of support, with Bolton-Riley commending the supportive camaraderie, but there’s still a tendency for some small businesses to be, as she aptly says it, “protective of their turf.” Having said that, she says she can relate to this emotion, given the amount of time, energy and money that has to be put in to build a niche business in this region.

However, Bolton-Riley says they constantly encourage Little Majlis makers and sellers to support each other: “We can only exist because of the amazing shopkeepers on the platform, and are very aware that we are stronger if we all stand together, [and] the same can be said for the wider SME community.”

Indeed, united we stand

“It takes time to build a good business and the man hours invested are going to be greater then you have ever experienced before. However, if you believe in your idea, and have a solid plan of how you are going to achieve it (bearing in mind that this will change, so being open minded is essential), then you will achieve your goals.”

Anna Bolton-Riley SELLING ON THE SITE “There are no membership fees to use the website, but we charge sellers fees to operate a shop front. We don’t publish our rates and prefer to issue a no obligation information pack to approved sellers. Our approach to charges has been an ethical one and our fees are competitive when compared to other marketplaces in the region and abroad. Once a shopfront is open, we issue a Starters Kit of customized graphics, post shopkeepers’ stories [on the blog which is] full of tips and advice to make the most of their online shop and are always available to answer their questions. It’s a supportive environment.”

ROI “Our key focus -like any community related platform and those involving e-commerce throughout the world- has been building a customer base and great supplier and buyer experiences. The value we have therefore created is Little Majlis’ focused community of people

Little Majlis co-founders

interested in and passionate about artisan offerings. And that is huge. We are also focused on the bottom line, but this is a marathon, not a sprint.”

OUTSIDE HELP “We dove into LittleMajlis.com with a business plan, a belief in our concept, a can-do attitude and not too much thought. We very rarely doubted what we were doing, which has been a blessing in allowing us to move through the tough times. However, in hindsight, it may have been a wise move to engage a business coach prior to starting the journey. This would have allowed us to think outside the box from the onset and really cement where we wanted the company to go. However, it’s never too late, and revisiting the business strategy three years in has been a tough journey, but one that has really allowed us to refocus and readdress Little Majlis’ path, and the outcome has been very positive. We’ve recently spent some time with a business coach, which has been an enormously beneficial exercise in revisiting our business plan and taking action to meet our goals.”

STARTUP SHOUTOUTS “We’re impressed and inspired

by Be Super Natural. Hayley Mac has turned her passion into a business. We first met her on the weekend market scene, and in the matter of a few years, she has grown a large following, opened BeStro, a raw food restaurant, and is now branching out to catering and online delivery.”

april 2016 Entrepreneur

89

start it up

ecosystem | who’s got VC | Q&A | STARTUP FINANCE

THE PROCESS “I would be lying if I said it took us 3-4 months,” Naïm says. “As founders, we are always in ‘raising’ mode, may it be for funds, partners, customers, employees; you name it. However, we officially and actively started fundraising in October of last year.”

ChefXChange founders Marc Washington and Karl Naïm

Get your checkbook ready ChefXChange is gearing up to close a US$2 million round By Pamella de Leon

A

year after raising US$500,000 in its seed round with angel investors and individual investors, ChefXChange, an online platform to search and hire chefs locally for private or corporate events, is back raising $2 million for its Series A round. Its $1.5million is from anchor investor Cedar Mundi -a joint venture between Spain-based Mundi Ventures and Kuwait-based International Financial Advisors- a fund created through Banque de Liban’s Circular 331 initiative, which promotes commercial banks to invest in startups.

Karl Naïm, co-founder, MDEMEA and CEO, ChefXChange, recalls how the startup has been in talks with UAE-based VCs since December 2014 to “raise awareness” and not fundraise, given that he and his co-founder, CFO and MDAmericas, Marc Washington, were new to the market. However, the co-founders soon learnt of the relatively small ecosystem and heard “As founders, we are always in ‘raising’ mode, may it be for funds, partners, customers, employees; you name it. However, we officially and actively started fundraising in October of last year.”

90

Entrepreneur april 2016

about the Circular 331 initiative.

This is when Naïm stresses on how important it us to nurture business relationships- ChefXChange has known Mundi Ventures due to its involvement with food and tech accelerator DIGEATALL, the same initiative which the startup was selected for in San Sebastian, Spain in September 2014.

Mundi Ventures joined as the first non-Lebanese fund to be a compliant of the Circular 331 initiative, although Naïm says money was not the reigning factor when he went about selecting investors. On the contrary, it’s the strategic support in mentorship, connections and market entry that matters, and Naïm notes how investors both in the seed and Series A round either had a tech or F&B background, and “a lot of patience and trust in the team.” Speaking of the team, that was one of the factors that motivated the startup co-founders to seek funding: “Nothing is more daunting than seeing your bank account cash balance drop, and knowing that if you don’t replenish it sooner than later, you might put your biggest asset, your team who bled and sweat for you, out of a job.” At present, the startup is at $1.8 million, with $200,000 remaining to be raised.

WHAT HAPPENS NEXT Building up the startup’s team is one of its top agenda. That said, hiring is rightly on the forefront, as the co-founders have new cities in mind, and a planned move of headquarters to Beirut. A team of five is ready to take charge of entering the market in Kuwait, Qatar and Bahrain, while an-house tech team is in the works to improve the platform.

ChefXChange also wants to up its marketing strategy implementation, which, Naïm says, “requires a fair amount of funding.”

STARTUP PITCH TIPS CHEFXCHANGE CEO AND CO-FOUNDER KARL NAÏM

1. MARKET THE PRODUCT. “Pitching is more of an art than a science. I had a few pitches that went horribly wrong and others amazingly well. It all depends on who you have facing you, how you connect. The most precious advice I can give is not just know your company and metrics inside out, but as important, know who you are meeting with, find common points, interests, connections.”

2. Know (and like) your potential investors.

“Fundraising is a seduction game.

At the end of the day, whoever invests in you will be sharing your journey and it will be an easier ride for both if you ‘like’ each other.”

3. Don’t forget to sell the people behind the product.

“And then, on top of that, I would add the standard advice such as don’t just market your product, but more importantly, the founding team [and] showcase vision, drive, and commitment.”

MAKE A RIDE OUT OF ANY DRIVE. THE ALL-NEW NISSAN MAXIMA 2016.

FEEL AGAIN.

Starting Price

QR. 120,000

nissanqatar

SALEH AL HAMAD AL MANA CO. (Exclusive Agent)

Main Showroom: Salwa: Tel: 4428 3333, Al Sadd Showroom: Tel: 4444 1334, Bin Omran Showroom: Tel: 4488 8618 Showroom Timings: 8:00am to 9:00pm (Sat-Thu); 4:00pm to 9:00pm (Fri).

nissanqatar.com

OYSTER PERPETUAL GMT-MASTER II