Digital Version_Top 10 NexGen Fintech Pioneers 2024 (1)

Au g u s t 2 0 24

M I R R O R R EVI EW.CO M

™

Founder and CEO PSP Angels Group

The Architect of Financial Revolution and Global Payment Mastery TOP 10 NEXGEN FINTECH PIONEERS, 2024

EDITOR’S LETTER

Advocates of Innovation and Trust!

D

ear Readers,

The legal sector, much like the fields of education and technology, is undergoing transformative change driven by evolving client demands and market dynamics. Just as the education industry emphasizes the importance of forward-thinking leadership to foster innovation, the legal profession requires dynamic leaders who can adapt to new challenges while maintaining high standards of service. With law firms playing a crucial role in shaping economic, social, and business outcomes, the need for agile leadership is greater than ever.

In 2024, the legal industry has seen steady growth, with demand for legal services increasing by 1.9% in the first quarter compared to 2023. This positive trend signifies a recovery from the challenges of the previous year, propelled by heightened client engagement across key areas such as litigation and bankruptcy.

Strong financial performance has followed suit, with law firms reporting an average 11.4% year-over-year increase in revenue, highlighting the importance of effective leadership. Forward-thinking law firm leaders are driving this resurgence, focusing not just on legal expertise but also on operational excellence and client satisfaction.

Our cover story features Max M. Alavi, a legal luminary specializing in trust and probate litigation and estate planning. As the Founder of Max Alavi APC, Max’s legal journey began in Texas before he established himself in California as a leader in his niche. With over three decades of experience, Max is celebrated for making complex legal matters accessible to clients and resolving emotionally charged disputes with sensitivity and expertise. His commitment to empowering clients and ensuring clear legal guidance has earned him recognition as a Super Lawyer, and he continues to lead with dedication and skill.

This edition also spotlights other visionary leaders in the legal sector, including Naz Schinder, Hitesh Soni, and the firm Sterne, Kessler. Each leader exemplifies the qualities needed to thrive in today’s legal landscape: adaptability, client-centered approaches, and strategic foresight.

Together, they represent the future of legal leadership—one that blends legal excellence with innovative thinking to address the complexities of a rapidly evolving world.

Happy Reading!

Parag Ahire Project Editor

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Cover Story

10 Viktoria Soltesz

Articles 26

5 Business Intelligence Tools That Will Boost Your Produc vity

36

Is Autocra c Leadership S ll Relevant? Pros & Cons Explained

44

The Startup Ecosystem: Challenges Opportuni es, and Trends in Different Industries

CONTENTS

Profiles 20 Anne Tourre e 32 Jimmy Lee 40 Lina Hediah 50 Reem Ikram

cover story 10 | AUGUST 2024

The Architect of Financial Revolution and Global Payment Mastery

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V

iktoria Soltesz (founder and CEO of PSP Angels Group) leads an independent payment consultancy known for its expertise in banking and finance. She brings over 20 years of experience in banking, payments, tax, and finance, establishing herself as a respected payment professional and tax consultant.

Alongside her consultancy work, Viktoria has lectured at the University of West London, further enriching her expertise in the financial landscape.

“Knowledge is power - if we understand the reasons and mechanisms of banking, we can assess risks and evaluate costs better, by making informed decisions.”

Viktoria provides clear insights into the mindset of banks and the mechanisms behind the movement of money, distinguishing herself in her field. She authored the book Moving Money - How Banks Think, which provides valuable insights into the workings of financial institutions and is available on Amazon.

Specializing in complex cases, Viktoria's approach ensures that her consultancy provides effective solutions in the ever-evolving financial sector.

Comprehensive Financial Services and Expertise across Europe PSP Angels Group leverages its extensive network of banks and financial service providers to offer a comprehensive understanding of the payment and banking sectors. This network allows the company to provide tailored perspectives on various payment and banking options, addressing specific client needs effectively.

Unlike many consultancies, the company is not tied to commission agreements with any specific partners. This approach provides honest and impartial opinions about the available options, fees, and risks surrounding various payment and banking channels. PSP Angels brings the latest innovations without any hidden agendas.

In Cyprus, PSP Angels Group offers fiduciary, accounting, taxation, and audit services. It supports companies through their entire lifecycle, from formation and licensing to appointing executive and non-executive directors, AML officers, lawyers, software providers, and correspondent banks.

In Malta, the company focuses on banking and payment consulting for the iGaming and gambling industry. The Malta team provides solutions to address the unique challenges in this sector, tailoring its services to industry-specific demands.

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cover story

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The new Greek branch enhances the company's services by including mergers and acquisitions of financially licensed entities. This includes brokerages, crypto exchanges, banks, e-money institutions, small payment institutions, money service businesses, insurance companies, and remittance firms worldwide.

Additionally, PSP Angels Group evaluates payment and financial projects, offering expert analysis to support various initiatives. With its broad expertise and global reach, the company is wellpositioned to navigate the complexities of the financial landscape and provide strategic solutions to its clients.

Expert Guidance in Payment and Banking Solutions The PSP Angels Group guides clients through the complexities of payment and banking options. The team provides personalized consulting services to help clients make informed decisions about payment strategies, pricing structures, and associated risks.

The services include setting up payment plans, facilitating crossborder fund transfers, minimizing risks, renegotiating fees to match market rates, optimizing tax and cash flow, and refining payment and banking arrangements.

Viktoria also developed the Soltesz Payment Framework, an eight-step guide that helps international online businesses streamline their payment and banking processes. This framework assists companies in making informed decisions about payment methods and international asset transfers.

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cover story To support clients in expanding their global reach, the company offers insights into payment options in various countries and connects them with local payment providers.

This ensures safer and more costeffective banking and financial solutions. Viktoria explains, "My goal is to demystify the financial world for my clients, making global expansion and risk management as straightforward as possible.”

Importance of a Strategic Banking and Payment Approach Viktoria asserts that businesses of all sizes and industries need a wellcrafted banking and payment strategy. She highlights that such a strategy ensures smooth cash flow, integrates advanced technology and data security, and optimizes risks and costs. This approach impacts various aspects of an organization and supports long-term growth and sustainability.

"A robust payment and banking strategy is not just about managing transactions—it's about driving efficiency, protecting assets, and supporting the overall health and expansion of a business," Viktoria says.

Limitations of Payment Orchestration Viktoria views payment orchestration as a useful tool but argues that it often oversimplifies and complicates matters. She notes that payment orchestration tends to focus too narrowly on one aspect of payments, overlooking critical factors such as risk management, compliance, data security, fraud prevention, contract terms, payment timelines and settlement days, and technological changes.

Instead, Viktoria advocates for a comprehensive payment and banking strategy. This approach addresses all elements of payment and banking flows, tackles related challenges, meets diverse customer needs, and supports overall business growth. "A broad, integrated strategy is key to managing payments effectively, rather than just relying on specialized tools like payment orchestration," Viktoria says.

About Moving Money: How Banks Think This book is essential for every business. While perfecting products, competing for new markets, and investing in marketing are necessary, companies often overlook banking and payments.

Ignoring these can lead to unnecessary fees and significant operational risks. Failing to plan for banking can be a costly mistake.

Payments play a role in our daily lives, yet most of us remain unaware of how money actually moves or how different payment systems function. Understanding banking mechanisms allows us to assess risks and evaluate costs more effectively. Making informed decisions becomes easier and more impactful when we grasp the underlying reasons behind banking practices.

Key Leadership Insights for Aspiring Industry Leaders Viktoria advises aspiring leaders to gain a solid understanding of both the technical and strategic sides of their field. She emphasizes the need for continuous learning and staying current with industry trends and technological advancements to achieve long-term success.

She also highlights the importance of building a strong professional network, which can offer valuable support, insights, and opportunities for growth. Viktoria believes resilience and adaptability are crucial for handling the challenges and uncertainties in the industry.

In addition, Viktoria emphasizes effective communication and team management. She encourages leaders to foster collaboration and empower their teams. She believes true leadership combines expertise with empathy, nurtures curiosity, and builds a team capable of thriving in a constantly changing industry.

Viktoria shares, "As a payment expert, I will show you how banks think. I will explain the reasons behind those confusing banking decisions and reveal how the history of banking has shaped where we are today. Through reallife stories and struggles, I will help you navigate this complex landscape.”

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1 T o p

NexGen Fintech Pioneers 2024

AdvisorOne

Aglaia Capital

Management- Anne Sophie Tourrette, Founder

Management- Angela Alvarez, Founder

URL- www.awap.com

URL- www.aglaiacapital.com

Founded- 2008

Founded- 2019

Description- AdvisorOne is a company that specializes in personalized wealth management and planning and is affiliated with a Swiss asset management association. The most important and distinctive service provided by the organization is aimed toward women's empowerment.

Description- Aglaia Capital is an independent corporate finance and M&A advising firm with a focus on financing transactions, asset-backed equity, and alternative investments across several locations. It serves as a bridge to make it simpler to invest, sell assets, or obtain funds.

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Baird Inc.

CXDA Markets

Management- Eric Baird, CEO

Management- Lina Hediah, CEO and Founder

URL-www.bairdinc.com

URL-www.cxda.ae

Founded-2013

Founded-2021

Description- Baird provides alternative financial possibilities for small, growing, and established enterprises that may not meet the standards of traditional capital markets. The business is committed to maintaining a diverse investment strategy, with a particular emphasis on secured and asset-based lending, private equity, and commercial real estate.

Description- SMBs can obtain short-term financing products by connecting with investors through CXDA Markets. The platform makes it possible for SMBs to obtain credit and other financial solutions from a network of investors by utilizing capital markets frameworks, blockchain technology, and tokenization.

DNBC Financial Group

Legion Technologies

Management- Jimmy Lee, CEO

Management- Sanish Mondkar, CEO and Founder

URL-www.dnbcf.com

URL-www.legion.co

Founded-2017

Founded-2016

Description- The company has quickly expanded to assist businesses and individuals throughout Europe in lowering the cost of shipping and spending money abroad, collecting payments from worldwide clients, moving funds between foreign operations, and reducing the risk of currency changes.

Description- Smart, automated, and employee-focused is how the Legion WFM platform operates. Through schedule optimization, less attrition, greater productivity, and improved operational efficiency, it has been demonstrated to produce a 13x return on investment.

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Payomatix Technologies

PSP Angels Group

Management- Ruchi Rathor, Founder and Director

Management- Viktoria Soltesz, Founder and CEO

URL-www.payomatix.com

URL-www.pspangels.com

Founded-2021

Founded- 2017

Description- Payomatix is a renowned fintech startup that aims to transform the payment solutions environment. Payomatix was founded with the goal of simplifying financial transactions and empowering businesses. It provides innovative and adaptable payment solutions that are adapted to the different demands of modern firms.

Description- Customers who are confused about banking and payment choices can get help from the PSP Angels Group. The team assists clients in making well-informed decisions regarding payment methods, pricing schemes, and related risks, the team offers tailored consulting services.

RagaPay

ThriftPlan

Management- Steven John, Director of Operations

Management- Reem Ikram, Co-Founder and CEO

URL-www.ragapay.com

URL-www.thriftplan.sa

Founded-2001

Founded-2019

Description- RagaPay is a dependable supplier of payment services to high-risk sectors like Forex, cryptocurrency, gaming, and gambling. Together with its most recent invention, Card to Crypto, it provides seamless solutions such card processing and IBAN services.

Description- With its interactive digital savings solution, Thriftplan, a Saudi FinTech innovation, transforms employee benefits. It reimagines Social Security by enabling both businesses and employees to invest in the future in a seamless manner.

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I

Anne Sophie Tourrette

n an executive world that is largely controlled by men, women have to struggle to carve out a place for themselves. It is evident that they must put in more effort to reveal their actual managerial abilities. The founder of the independent wealth management firm AdvisorOne, Anne Sophie Tourrette, has a particular perspective on women in leadership roles. She thinks that as women’s levels of education have improved, they have become much more selfassured about what they can offer.

According to Anne-Sophie, both men and women can possess the leadership skills necessary to explore, invent, and have a passion for creating and advance. However, women are perceived as being more practical and long-term focused than men, which makes them less tactical and more human. They tend to be more selfless (less self-interested), more careful, and more “knowing how to be” than “knowing how to do.”

Journey to AdvisorOne

A Veteran Leading with Astute Finance Strategies

Anne-Sophie started her banking career in 1990, where she worked in France, the US, Luxembourg, and Switzerland. Her clientele has traditionally comprised high-net-worth individuals and corporate leaders, with a majority of women. She competed against 100 other applicants from the European financial and wealth management industries for the title of “Citywealth Platinum Advisor” in 2007. (Just to be precise not only I competed but I was awarded) AdvisorOne was founded because of Anne-Sophie’s choice to establish herself as an independent manager following a burnout in 2008. AnneSophie realized she had to leave the banking industry, since it went against her morals. She frequently refers to her

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work as “wealth styling,” which describes how she approaches each client individually.

Assuring Finance AdvisorOne is a Geneva-based asset management business operating under Swiss law. The business specializes in individualized wealth management and planning and is associated with a Swiss association of asset managers.

AdvisorOne doesn’t place any of its clients into a predetermined mold as it aspires to establish a genuine connection rather than merely a business relationship.

AdvisorOne’s experts work with clients to define their needs and identify solutions that will satisfy them. The company has implemented ESG standards to carry out this (investments that consider environmental, social, and governance criteria). Given that it is unusual for women to work in wealth management in Switzerland, Anne-Sophie is pleased to have been able to commemorate the company’s tenth anniversary (in 2018).

The company’s most significant and unique service is geared toward women’s empowerment.

Hundreds of people have benefited from AdvisorOne’s help in finding the ideal investment. The company customizes its services to each client's unique personal and professional circumstances and takes the time to discuss all options with them before recommending a particular investment.

Implementing Experience With 32 years of banking expertise, Anne-Sophie saw a big knowledge gap among her female clients and that the industry lingo was completely foreign to them. The goal of Anne-Sophie’s five-step “Chose abundance for the rest

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“AdvisorOne is a company that assembles architects; it uses all of its abilities to construct a sturdy building and seeks partners with the same ideals as its clients.”

of your life” methodology is to empower women to successfully manage their assets with a “money mindset” by helping them understand how the financial system operates as well as their reluctance and relationship with money.

Anne-Sophie’s primary function and duties are to ensure that the customer has financial security and the motivation to make a good impact investment for both the future of the planet and the welfare of future generations.

Challenges and Accomplishments Anne-Sophie is a woman who enjoys being slightly hyperactive. She enjoys posing, accepting, and facing

challenges. Anne-Sophie has a lot of willpower, determination, and above all a very high degree of independence that pushes her to always find answers.

She is a single mother and a business owner with disruptive and original ideas, and she is always on the go.

Being in the financial industry for 32 years and still enjoying it, in AnneSophie’s opinion, is her greatest accomplishment. She was nonetheless named one of the 10 Inspiring Business Women Leaders of 2022 after receiving the Citywealth Platinum Advisor award in Europe in 2017.

Anne-Sophie is pursuing her passion and is pleased to support these women’s lives after assisting them in deciding to choose plenty for the rest of their life.

Anne-Sophie takes pride in her accomplishments, which include managing hundreds of financial portfolios, running her own business since 2008, and leading workshops for both young people and women. To support the community of 56 independent asset managers, she also founded another business in 2011 called AWAP. AdvisorOne as a Society To approach requests and deliver solutions that best fulfill customer expectations, AdvisorOne takes the time to talk with and get to know its workers and clients. Transparency is a very essential value, and the company values its relationships with customers and partners. Anne thinks of AdvisorOne as a company that assembles architects; it uses all of its abilities to construct a sturdy building and seeks partners with the same ideals as its clients. When a client accepts a transaction, the company doesn’t merely hunt for a service provider who will pay it; instead, it prioritizes the

human element since it wants the client to be happy.

Keeping Work-Life Balance Even though Anne-Sophie has long been a workaholic, it took her over 52 years to recognize that she needed to find a better balance between her personal and professional lives. In Anne-Sophie’s opinion, learning about kundalini yoga has saved her. Even after changing careers, she continues to make one call per week. Anne-Sophie enjoys swimming and skiing and trains herself in the gym two to three times a week with a personal trainer.

Advice for Young Women Leaders According to Anne-Sophie, A woman leader must be able to listen, think things through before responding, trust herself, and pay attention to her feelings. And most importantly, always respect and use common sense.

She continues, “You have to believe in what you are doing, constantly keep your attitude positive, and create avenues that will bring you to your goals.” Anne-Sophie ends her chat with advice for aspiring women leaders. She says, ‘Many individuals have the belief that “we have always done things this way, so I don’t see why we should change,” yet the world is continually changing, so we must too!

We must welcome the new technologies and the ideas of young people who have different ways of thinking and have grown up with different tools than us, rather than fighting against this change.’

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D

o you want to make smarter decisions, boost your performance, and stay ahead of the competition? If so, then you need to use business intelligence tools. These software applications play a crucial role in helping you collect, analyze, and visualize data from various sources. Consequently, with these tools, you can gain valuable insights, identify opportunities, and effectively solve problems.

According to Statista, the revenue in the Business Intelligence Software market has been projected to reach US$373.80 Million in 2024. Furthermore, the revenue is expected to show an annual growth rate (CAGR 20242028) of 11.25%, resulting in a market volume of US$572.50 Million by 2028.

That's why we have created this blog post for you. In this post, we will delve into what business intelligence tools you must have for your business. Additionally, we'll consider some of the crucial factors when choosing them and highlight the top 5 business intelligence tools. Whether you are a small business owner, a manager, or an analyst, you will find this post both useful and informative. So, let's get started!

What are Business Intelligence Tools and How to Choose Them?

Business intelligence tools, essential for modern organizations, allow users to access, analyze, and present data in diverse formats like dashboards, reports, charts, graphs, and maps. These tools provide a user-friendly interface, facilitating informed decision-making by extracting valuable insights from complex datasets. They

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help organizations understand trends, patterns, and correlations within the data, ensuring competitiveness in the dynamic business environment.

They can help businesses with various functions, such as: ● Integration of Data: Connecting and consolidating data from different sources, such as databases, spreadsheets, cloud services, and web pages. ● Data preparation: Cleaning, transforming, and enriching data to make it ready for analysis. ● Data analysis: Applying statistical methods, machine learning algorithms, and artificial intelligence techniques to discover patterns, trends, and insights from data. ● Visualizing data: Creating interactive and engaging visual representations of data, such as tables, charts, graphs, maps, and gauges. ● Data storytelling: Communicating data insights effectively and persuasively to various audiences, using narratives, visuals, and animations.

When choosing a business intelligence tool, there are several factors to consider, such as: ● Data sources: The types and number of data sources that the tool can connect to and integrate. ● The data volume: The amount and complexity of data that the tool can handle and process.

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● Data security: The tool's level and methods of data protection and encryption. ● User interface: The ease of use and intuitiveness of the tool's interface and features. ● The user roles: The types and number of users that the tool can support and manage, such as administrators, analysts, developers, and consumers. ● Feedback: The ratings and reviews of the tool by other users and experts. ● Pricing: The cost and value of the tool, considering the features, functionality, and support it provides.

Here are the top 7 business tools in India 1. Power BI ● Developer: Microsoft Corporation ● Foundation Year: 2015 ● Pricing Plans: Starts from free ● Best For: Finding insights from an organization's data.

When one thinks of business intelligence tools, the name Power BI quickly comes to mind. The software offers the following services: Attractive visuals: It can create detailed and appealing visuals, such as stacked or clustered bar and column charts.

User-customized dashboards: BI consists of many visualizations as tiles. These tiles are pages from the reports that it creates.

Sizeable and movable tiles: It can change the size and position of the tiles on the dashboard with it.

Navigation between data sets: BI can easily switch between datasets, dashboards, and reports with it.

Easily share and create reports: Power BI can share your reports with other users with it.

Q and A box: The software can ask natural language questions to find data and information with it.

DAX data analysis function: BI has predefined codes that perform analytics-specific operations on data.

Help and feedback buttons: One can use the buttons for various settings, such as downloading, requesting support, etc.

Office 365 application launcher: You can open Microsoft Office 365 apps automatically with it.

Great collection of content packs: It has content packs that include dashboards, data models, datasets, embedded queries, and more.

Power BI has the following pros and cons:

Range of data sources: BI can connect to and fetch data from various data sources, from on-premise to cloud-based, and from unstructured to structured. It adds new sources monthly.

Datasets: It can connect to many data connectors, such as Excel, SQL, Oracle, Azure, Facebook, etc. Then, you can import data and create datasets with it.

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Pros: ● Good data reporting ● Ability to connect to many data sources ● Integrates with MS Tools ● Good dashboard ● Visual customization

Cons: ● Advanced features are hard to learn ● Depends too much on Microsoft products. ● Doesn't work well offline ● Data preparation tools are divided into two versions: desktop and web ● The refresh cycle is limited to the free version ● Embedded features take too long to load or crash 2.Tableau ● Developer: Salesforce Inc ● Foundation Year: 2003 ● Pricing Plans: Starting $12 ● Best For: Data analysis and business intelligence Tableau ranks 2nd in the list of the best business intelligence tools. It has the following key features: Informative dashboards: Tableau can show data with images, objects, text, and more. Provide data stories, views, objects, layouts, styles, and filters. It can also duplicate dashboards or features easily.

Numerous data sources: It can connect to and fetch data from various sources. Moreover, it supports many sources and connections.

Additionally, Tableau can connect and combine data to create visuals.

Live and in-memory data: It connects to live and external sources, allowing users to combine data from different sources seamlessly. Additionally, the software can consume or extract data as needed, offering additional data connection features.

Great security: Tableau can protect data and users with precautions. Moreover, it has a fail-safe security system for data and user access. Furthermore, it can connect to other security protocols. Additionally, it employs row-level filtering.

Easy collaboration and sharing: It can communicate and share data in real-time through visuals, sheets, dashboards, and more. Tableau can share data from various sources securely. Get immediate feedback or input on data.

Mobile version: It can create mobile-friendly dashboards and reports. Also, it can adjust mobile layouts for your device.

Advanced visualization capabilities: It can create simple or complex visualizations, such as bar, pie, histogram, Gantt, bullet, motion, treemap, boxplot, and more.

Maps: Tableau employs pre-installed map data, including cities, postal codes, borders, and more.

Moreover, you can customize geological layers on the map, enhancing its visual appeal. This customization allows Tableau to generate meaningful maps tailored to your data. Additionally, Tableau offers various types of maps, such as heat, flow, choropleth, etc., providing flexibility in presenting your information.

Ask data tool: It can manipulate data with Google searches. Tableau can enter a question in natural language. It can get answers as text or graphics. Also, it can go deep into data and discover insights and patterns.

Trend lines and predictive analysis: It can use time series and forecasting. Also, it can create trend lines and forecasts easily. Lastly, it can get data predictions, such as a forecast or a trend line.

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Tableau has the following pros and cons:

This tool has the following pros and cons:

Pros

Pros:

● User-friendly for professionals ● Good data processing and management ● Software updates ● A variety of good data visualization methods ● Unlimited data connectors

● Integrates with other software ● Good for data visualization ● Customization options ● User-friendly for professionals ● Strong Arithmetic Learning and Machine Learning integration ● Merge data options

Cons ● Difficult for beginners ● Allows you to pull reports by ranges of day hours or minutes ● Requires programming and data analysis resources ● Expensive ● Data refreshing 3. Looker Studio ● Developer: Google, Act-On ● Foundation Year: 2016 ● Pricing Plans: Starting from $30 ● Best For: Reporting data In the list of the best business intelligence tools, one cannot overlook Looker Studio. The following are its key features: Web interface: You can use the drag-and-drop features to create reports and dashboards. It has a snap-to-grid canvas and custom property panels.

Report Templates: You can choose from a library of templates for efficient data visualization. One can also connect their data sources and customize their design.

Data Connectors: You can connect various types of data sources. Each source has a unique, pre-built connector for easy data access and use.

Lookers Studio API: You can automate the management and migration of Lookers Studio and assets. It works with Google Workspace or Cloud Identity Organizations. You can configure an application to use the API easily.

Report embedding: You can embed your report on any web page or intranet. It makes it easier to share your data story with others.

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Cons: ● Tricky to manage files and applications ● Slow data refresh ● Data caching ● Limited ability to handle large datasets ● Blending data for graphs ● Security issues ● Complex pricing structure ● Complex for beginners 4. Domo ● Developer: Josh James ● Foundation Year: 2010 ● Pricing Plans: Starts from free ● Best For: Data analysis and visualization Domo ranks 4th in the list of the top 5 business intelligence tools. The following are its key features: Reporting and dashboards: You can create and customize reports for your needs. You can also make interactive dashboards that show data in real-time.

Data integration and connectivity: You can connect and integrate data from various sources with Domo. It has 1000+ data connectors and other ways to connect to your data.

Data visualization: You can transform raw data into visual representations with Domo. It has 150+ chart types to make your data more presentable and informative.

Business applications: You can build custom business applications with Domo. They can automate workflows, streamline processes, and enhance collaboration.

Data governance and security: You can protect your data and users with Domo. It has data governance and security features that ensure data accuracy, security, and compliance.

Visual Analysis: You can build insightful and interactive reports and dashboards with a variety of charts, widgets, pivot tables, and tabular views.

Analytics and insights: You can uncover valuable insights from your data with Domo. It has advanced analytics features, such as predictive analytics and data mining.

Collaborative Analytics: You can share and collaborate with others through secured sharing, finegrained permissions, comments, and reporting slideshows.

The following are the pros and cons of Domo.

Pros: ● Great Visualization ● Easily embed dashboards ● Let's you change your data without writing code ● User-friendly ● Provides easy-to-understand data ● Powerful technical capabilities ● Domo magic ETL feature Cons: ● Linked datasets. ● Customer Service ● Expensive for startups. ● Information authorization setting ● Frequently introducing new features. ● Machine learning could lead to better outcomes.

Embedded BI: You can embed analytics into your applications or portals with low-code, no-code options, and extensible APIs. The following are the pros and cons of the software: Pros: ● Good Data Visualization ● Customer Support ● Provides flexibility and adjustable choices for data summary and aggregation. ● Integrates with a broad range of applications. ● Provides capabilities for developing custom metrics. ● Offers a user-friendly environment where layers of analysis can be performed. ● Provides flexibility and configurable options for data summary and aggregation.

5. Zoho Analytics Cons: ● Developer: Sridhar Vembu ● Foundation Year: 1996 ● Pricing Plans: Starts from $24 ● Best For: Modelling and Preparing data Lastly, we have Zoho Analytics in the list of the top 5 business intelligence tools. It has the following key features:

● Integration with different software ● No color scheme ● Design ● You can only add three layers of SQL statements ● No synchronization frequency every 1 hour ● No shortcut keys Conclusion

Data Integration: You can connect to over 250+ data sources, such as files, feeds, databases, business apps, and more.

Data Preparation & Management: You can use Zoho DataPrep to cleanse, transform, enrich, and catalog your data for analysis.

Augmented Analytics: You can leverage AI and ML capabilities, such as conversational analytics, automated insights, predictive and cognitive analytics, and smart alerts.

In conclusion, it is imperative that every professional be acquainted with these five business intelligence tools. To begin with, in this blog, we will elucidate what these tools are and guide you on how to make an informed selection. Furthermore, we have provided comprehensive information on the price, benefits, features, and reviews of each tool. To sum up, we trust that you have gained valuable insights from our blog.

In addition, we appreciate your time and thank you for reading!

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JIMMY

LEE

Simplifying Global Financial Payments with Top-Notch Technology

A

s a thriving industry, the FinTech industry has transformed the face of finance in the modern scenario. The rapid emergence of the FinTech industry has made it possible for financial institutions and banks to comprehensively cater to the evolving financial requirements of the customers. In addition, advanced digital solutions that are flexible and secure are changing the way transactions are being made. With global financial transactions taking the focal stage in the post-covid scenario, the necessity of faster and secure forms of payments has become the need of the hour.

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Transforming the way businesses move money around the world, DNBC Financial Group is an experienced Financial Institution in the global financial payment market.

The company provides the best payment platform along with worldwide money remittance service and assists with various payment methods–whether personal or business account. DNBC Financial Group is the brainchild of Jimmy Lee (who is also addressed as Mr. Le Hung Anh). A Vietnamese-born entrepreneur, he is a self-made billionaire who is the founder and leader of several companies. He founded DNBC Financial Group in 2017 as an alternative to dehumanized online banking. Currently, Lee spearheads the company as the CEO and contributes to its immense growth and development.

Transforming Online Banking Modes Headquartered in Lithuania, DNBC Financial Group has emerged as the latest leader within the fintech industry. The company has branches throughout the world, including Lithuania, Hong Kong, Singapore, Canada, and the US. By focusing on the customer experience and providing exceptional customer service, the company strives to change the online functioning of card issuance, remittances, merchant account payments, foreign exchange, and international banking.

DNBC Financial Group possesses immense passion for simplifying global financial payments. It has grown fast to support enterprises and individuals around Europe driving down the cost of sending and spending overseas, collecting payments from global customers, moving cash between international subsidiaries, and managing the risk of currency fluctuations.

• Smart, trusted, and secure solutions to empower commerce across all channels, in-store, online, and mobile.

• Solutions to boost sales, cut costs, increase conversion rates, mitigate fraud and open new markets for merchants and payment service providers.

• Smart payments gateway that allows you to get paid faster, reduce churn, and debit customers all across the globe.

• Better prices than banks.

Customer-Centric Ethos DNBC Finacial Group harbors a customer-centric approach and consists of several built-in protections to ensure that customers’ requirements are fulfilled—without compromising their financial security.

It is dedicated to serving its clients with various international transactions, opening accounts, and payment cards. By creating and operating software that can function around the world and provide borderless payments to everyone, the company’s primary goal is to prioritize its customers. Its digital technology has been designed to carry out transactions in a hassle-free manner.

While technology is a huge part of the company’s operations, the staff of DNBC Financial Group never loses sight of the big picture. The company offers low fees for remaining competitive in the marketplace.

Moreover, DNBC Financial Group is highly recognized for its faster and secure methods of transactions and payments. It offers around-the-clock customer support that allows users to abide by their business commitments irrespective of time zone they hail from.

Plethora of Financial Exclusivities Latest Technological Incorporation DNBC Financial Group offers a wide range of online banking and financial services. These include personal, corporate, and merchant accounts. The company's products include payment cards, cash management, money transfers, and foreign exchange expertise. With recognized expertise and the most comprehensive SEPA payment and SWIFT transfer offering available, it is the trusted choice for SEPA services and SWIFT transfer for over 500 corporate customers. Several leading companies around Europe are reliant on the company’s payment solutions for digital payments.

DNBC Financial Group provides the following financial solutions:

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Digital technology has become the foundational enterprise for the functioning of every industry. Being a digital banking institution, DNBC Financial Group incorporates latest and top-notch technology. For ensuring that funds can be transferred fast, borderless, and in a more transparent manner, the company is maintaining pace with new changes in technology, regulations, and the economic environment. Through the implementation of state-of-the-art technologies, the best IT practice policies, and compliance procedures, the company aims to provide customers with a robust, reliable, and secure online environment where they can successfully conduct business.

DNBC Financial Group has successfully tapped the potentials of digital technology by building an app that can manage transactions in a single touch. From online purchases to peer-to-peer transactions, the DNBCnet SuperApp paves an easy way for paying and receiving funds. By using the app, users can easily manage their accounts with the one-touch interface. It also secures the accounts using two-factor authentication. Moreover, users can simply and quickly transfer money worldwide.

Accelerating into the Future DNBC Financial group strives to be a trusted, original, and easy-going payments partner by delivering unique and reliable results. The company is planning on launching an IPO in 2026. By laying the building blocks correctly, the company is aiming to leverage the opportunity for fulfilling the needs of millions. DNBC Financial Group further aspires to enhance the lives of several people by providing a platform that facilitates the concept of regular transactions—from regular payments to complex borderless transfers.

Leadership Memo: “At DNBC Financial Group, we work hard to conquer the ins and outs of payments and deliver to the bottom line by bringing a clear vision and lively tempo to our client’s business.”

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Is Autocratic Leadership Still Relevant?

Pros & Cons Explained

H

ave you ever wondered what kind of leader you are, or what kind of leader you want to be?

Maybe you’ve encountered a boss who makes all the decisions and expects you to follow them without question. This leadership style is called autocratic leadership. But is it the best approach? Is it the only option?

In this blog, we’ll delve deep into its core principles, and how it impacts workplaces. We’ll also explore the history to examine how famous autocratic leaders wielded power.

Additionally, we’ll analyze the impact of their leadership on their societies.

By the end, you will understand this leadership style clearly. You will also learn its advantages and disadvantages and see how it compares to others. So, let’s begin!

Definition and Core Principles Autocratic leadership, or authoritarian leadership, involves one leader who controls all decisions. This leader dictates policies and procedures. Consequently, this style features individual control. Leaders make decisions independently, with minimal input from team members.

The core principle of authoritarianism is the centralization of authority. Leaders hold all the power and responsibility for decision-making and typically expect obedience and compliance from their subordinates.

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Key Characteristics of Autocratic Leaders ● Decision-Making Power: Autocratic leaders possess absolute authority and often make choices quickly without consulting others. Their ability to make prompt decisions can be advantageous in crisis situations requiring immediate action. ● Clear Direction: These leaders provide clear, direct instructions and expect their team to follow them without question. Moreover, they often set specific expectations and guidelines to complete tasks as envisioned. ● Strict Supervision: Autocratic leaders closely monitor the performance of their subordinates, maintaining strict control over processes and outcomes.

This high level of oversight helps ensure consistency and adherence to standards. ● Low Tolerance for Dissent: They typically have a low tolerance for disagreement or feedback, preferring to maintain control and minimize challenges to their authority. So, it can create an environment where creativity and innovation are stifled. ● High Expectations: Autocratic leaders often set high standards for performance and productivity, pushing their teams to meet ambitious goals and objectives.

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Evolution of Autocratic Leadership

Impact on Organizational Culture

Authoritarianism has a long history, evolving through different eras and societies. In ancient civilizations, kings, pharaohs, and emperors held absolute power, making all decisions.

Autocratic leadership significantly impacts workplace culture by creating a highly structured and controlled environment. In these settings, they enforce policies and procedures strictly. Moreover, they have a clear hierarchy with well-defined roles and responsibilities.

Consequently, this creates a disciplined, highproductivity culture. Employees know what is expected and focus on meeting those expectations.

During the Middle Ages, lords and monarchs had total control over their lands and people, continuing the autocratic tradition.

The Renaissance and Enlightenment later challenged this model, promoting more democratic governance, but authoritarianism persisted in many areas.

In the modern era, the Industrial Revolution witnessed powerful industrialists use autocratic leadership to drive efficiency and growth. Moreover, the 20th century also saw dictators and totalitarian regimes exemplifying extreme autocratic leadership.

According to Leadershipiq.com, 21% of employees see the benefits of autocratic leadership, especially with a strong decision-making leader. However, in recent decades, regions like Eastern Europe, Latin America, and parts of Asia have moved towards more democratic systems, reducing autocratic leadership.

3 Notable Autocratic Leaders in History These historical figures highlight the significant influence autocratic leaders have had on shaping societies and altering the course of history. While their leadership styles often led to periods of strong control and rapid change, they also frequently resulted in oppression, conflict, and widespread suffering.

1. Julius Caesar: As a Roman dictator, Caesar exemplified autocratic leadership by centralizing power and making significant reforms in governance, military, and society. As a result, the Roman Republic collapsed and the Roman Empire formed.

2. Louis XIV of France: Known as the “Sun King,” Louis XIV ruled with absolute authority, exemplifying autocratic leadership by centralizing power and controlling every aspect of the French government and society. His reign is often cited as the quintessential example of absolute monarchy.

3. Adolf Hitler: Hitler’s authoritarian of Nazi Germany is one of the most infamous examples, characterized by total control over society, government, and military. Consequently, his leadership led to World War II and the Holocaust, leaving a devastating impact on the world.

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Additionally, the top-down communication style ensures that decisions are swiftly implemented without delays caused by lengthy discussions or debates. However, this rigidity can also stifle innovation and creativity, as employees may feel discouraged from proposing new ideas or questioning existing methods.

Employee Experiences and Perspectives Employees under autocratic leadership often experience a sense of stability and predictability in their roles. The clear directives and consistent supervision provided by autocratic leaders contribute to efficient task completion and foster a strong sense of accountability. This structured environment can enhance operational efficiency and ensure that they perform tasks to a high standard.

However, the autocratic style can also lead to significant drawbacks. The lack of employee autonomy and involvement in decision-making can result in diminished job satisfaction. When decisions are made without consulting or considering employees, they may feel undervalued and disengaged.

This disengagement can further decrease motivation and morale, leading to higher turnover rates. As such, while autocratic leadership may drive efficiency, it is important to balance control with measures that support employee engagement and mental health.

Autocratic Leadership vs. Other Leadership Styles Authoritarian excels in environments requiring rapid decision-making and strict adherence to protocols. Its centralized control is effective in high-pressure situations where immediate action is crucial, such as crisis management or turnaround scenarios.

In contrast, democratic leadership fosters collaboration and inclusivity, enhancing creativity and employee satisfaction by valuing team input. Transformational leadership focuses on inspiring and motivating employees. It encourages innovation and personal growth, driving long-term success through engaged teams.

In today’s world, transformational leadership is often more effective due to its emphasis on adaptability, employee empowerment, and innovation. As businesses navigate dynamic and complex environments, they need a leadership style that encourages participation and development. This approach drives sustainable success and keeps the workforce motivated.

The Future of Autocratic Leadership The future of autocratic leadership will likely involve greater integration of data-driven decision-making. As technology advances, leaders will increasingly rely on real-time analytics to guide their decisions, enhancing efficiency while maintaining control.

Moreover, to remain effective, autocratic leaders may incorporate elements of adaptive leadership. This includes being open to feedback and adjusting their strategies to address diverse team needs and evolving market conditions, thereby blending control with flexibility.

Lessons from Autocratic Leadership Failures An authoritarian control-heavy approach can have disastrous consequences. Take Enron, the energy giant whose collapse in the early 2000s stemmed partly from its stifling leadership style.

Employees afraid to speak up about unethical practices allowed a culture of dishonesty to fester. This lack of transparency and rigid control ultimately led to Enron’s downfall and shattered public trust.

A similar story at Lehman Brothers during the 2008 financial crisis. The firm’s autocratic leaders enforced tight controls and limited communication, shutting down crucial feedback channels. This meant risk warnings and concerns went unheard, paving the way for financial mismanagement and the company’s bankruptcy.

These failures demonstrate how important it is for an organization to promote open communication and criticism.

Regular checks and balances can help autocratic leaders reduce unfavorable effects. They need to support a culture where workers feel empowered to raise issues and welcome constructive feedback.

Alternatives for the Aspiring Leader This table highlights how each leadership style can be beneficial or challenging depending on the context and organizational needs. Here’s a table comparing the pros and cons of autocratic leadership with democratic and transformational leadership styles:

Final Thoughts We explored autocratic leadership, its history, its impact on businesses and employees, and even some cautionary tales. Reflecting on the guidelines and potential pitfalls we discussed, consider what kind of leader you want to be. Or what kind of leadership style you thrive under.

There are many leadership styles out there, and the best one depends on the situation and the people involved.

“Champions keep playing until they get it right.”

-Billie Jean King.

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Lina Hediah Revolutionizing SMB Finance in the Middle East and Africa Key Points: ● Lina Hediah, CEO and founder of CXDA Markets envisioned a liquid market that would enable small and medium businesses (SMBs) in the Middle East and Africa to access finance and bridge the gap between their financial needs and reality. ● CXDA Markets is a fintech company that creates a game-changing platform for SMBs in the Middle East and Africa. ● Lina states that technology, innovation, and capital markets frameworks can create a liquid, fair, and transparent marketplace for companies to access credit and other financial products.

A

ccess to finance is crucial for the success and growth of small and medium businesses (SMBs).

However, many SMBs in the Middle East and Africa face difficulties in obtaining the funds they need to expand their operations and reach their potential. Despite having solid fundamentals, great products, and loyal customers, they struggle to get loans, credit, or other financial products they need to run and grow their business.

They also encounter high-interest rates, long processing times, and stringent collateral requirements. CXDA Markets offers a solution to these challenges.

CXDA Markets is a fintech company that operates a gamechanging platform for SMBs in the Middle East and Africa.

It connects SMBs with investors to access short-term debt products. The platform uses blockchain and tokenization technology and capital markets frameworks to enable SMBs to access credit and other financial solutions from a network of investors. The investors, in turn, benefit from attractive and diversified opportunities that ensure transparency, security, and compliance.

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Mirror Review recently interviewed Lina Hediah, the founder and CEO of CXDA Markets, who says, “Our mission is to empower these companies and start a movement that pulls other such businesses forward.”

(The following Q&A has been edited for length and clarity.)

Mirror Review: Can you share the inception and vision behind CXDA Markets, particularly how the idea evolved from its conceptualization in 2019 to its formal establishment in 2021?

Lina: CXDA Markets was born in 2021, but the idea behind it dates back to 2019. Our vision is to create a liquid market where Small and Medium Businesses in the Middle East and Africa can access finance and growth credit to fuel their progress and allow them to expand their operations.

We believe that by combining technology and innovation, as well as adopting capital markets frameworks, we can create a liquid, fair, and transparent marketplace where

CEO and Founder | CXDA

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companies can obtain credit and other financial products that are essential for them to achieve their growth potential.

We recognize that this geographic region, which is experiencing rapid growth today, is home to many businesses that have solid fundamentals and that are contributing to the economy every day, with the potential to become the driving force behind future growth. Our mission is to empower these businesses and, in doing so, start a movement that inspires other similar businesses.

Mirror Review: Could you elaborate on the core focus of your business, particularly in facilitating access to finance for small and medium businesses?

Lina: Our core focus is to provide access to finance products and services for small and medium businesses.

To do this, we partner with financial institutions, banks, funds, and NBFIs on the funding side, and we reach out to communities of SMBs on the origination side. We collaborate with digital communities, such as e-commerce sites, that want to offer facilities to their merchants and suppliers.

We also work with fast-moving consumer goods (FMCG) companies that have real-time data on their ecosystem of merchants and are interested in offering them financial empowerment. So, they can increase their gross merchandise value (GMV) and consequently grow their volume and purchasing power from the FMCG business.

Our model is a 3-way winning formula, where funders get a good yield, SMBs get access to much-needed finance they need and can boost their revenue, and the ecommerce or FMCG businesses get to retain their merchants and grow their share of revenue as well.

Mirror Review: You have an impressive team of cofounders, executives, and professionals who share your vision and mission. Can you share some insights into the dynamics of your leadership team and the qualities you believe contribute to your collective success?

Lina: I am fortunate to have a team of co-founders, executives, and staff who share the same vision and are driven to achieve our goal. We are on the same path and committed to milestones. I would describe our team as like-minded professionals, inspired by a shared vision and motivated by the same goals. These are key for a winning team.

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I think resilience and perseverance help me on the journey and provide a safety net. Starting a business is hard. Being a visionary or an expert alone is not enough. Resilience and perseverance are needed to keep the team and face the challenges.

Mirror Review: According to you, what is the best way to build a great team? How do you keep your employees motivated?

Lina: As a business leader, I believe in walking the walk and being hands-on, without micromanaging. I think that sharing the vision and empowering the team to execute is essential for successful and cohesive execution. In addition, I also ensure that the team participates in the financial rewards, transparently and consistently.

Another important ingredient for team success is close and timely feedback. I encourage open discussion and exchange of ideas, approaches, and expertise among the team members, which fosters a steady flow of creativity, motivation, and clarity.

Mirror Review: Please walk us through your educational/professional journey that shaped your entrepreneurial spirit.

Lina: I am proud and happy with my educational and professional journey. I was lucky to enjoy what I studied and worked on.

Throughout my education, I studied subjects that interested me: Mathematics, Physics, and Literature. It was a great combination that motivated me in school, college, and beyond. I went to French schools, which made me love literature. I majored in applied physics and minored in literature, and I enjoyed that balance.

Then, I got accepted for a Ph.D. program in applied math and physics at Harvard Graduate School of Arts and Sciences but after a year there, I decided to start a career rather than continue in academia.

On the professional front, I was lucky enough to start my career doing exactly what I wanted – Information Technology – and to this day, it keeps me interested, challenged, and driven.

I think this is a secret to success, in academics or business. “Inspiration, curiosity, and drive are key to achievement and output.”

“If you have a dream and a vision you believe in, keep your mind and heart focused on the endgame.”

Mirror Review: You are a successful female leader in the fintech industry, which is traditionally dominated by men.

What is your take on the changing perspectives toward gender disparity in the business world?

Lina: I never found gender a challenge in my experience.

Being a woman in a male-dominated industry was empowering. I never faced an obstacle or a deterrent because of my gender. It boosted my confidence to challenge the status quo, thrive, and be a leader.

When I began my career, there were few women leaders in IT. Now, this is improving. Fintech has many successful female leaders, globally and in the Middle East and Africa. It is a hopeful time, and I see the trend rising. I think women have much to offer to the business world, and I am glad to join this movement.

The flip side is that sometimes there is a lack of clarity around regulations and rules, which can make it more difficult to advance and progress. Transparency and a clear regulatory framework are essential to foster development. The absence of these definitely increases the level of uncertainty and can be challenging for any industry.

Mirror Review: How do you ensure that you are rested, healthy, and high-performing? How do you maintain a perfect work-life balance?

Lina: I believe that a healthy exercise routine and a good night’s sleep are essential for sustained high performance.

When I cannot follow either of them, I notice the impact on my achievement and performance. That’s why I try my best to include a daily exercise or workout and get enough sleep for my physical and mental well-being.

Mirror Review: What is the one thing that you love most and the one thing that you hate most about the industry you work in?

Mirror Review: As a successful leader, what advice would you like to give to aspiring women leaders?

Lina: I work in Fintech, which is a young and innovative industry by definition. Fintech is an innovative and can-do answer to legacy financial systems. I love that about it, as it challenges, pushes the limits of the norms, and brings creative solutions to traditional problems.

Lina: My advice is to be confident that the world is yours for the taking and not give up. Keep going, persevere. If you have a dream and a vision you believe in, keep your mind and heart focused on the endgame. And never stop learning. It is a wonderful journey for the curious!

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The Startup Ecosystem Challenges, Opportunities, and Trends in Different Industries Key Takeaways: ● The startup ecosystem is a vibrant and diverse phenomenon that offers many challenges and opportunities for entrepreneurs and investors. ● The startup ecosystem is not homogeneous. It varies across different industries and regions, depending on the specific factors that influence the success and failure of startups. ● The startup ecosystem is dynamic and evolving. It is shaped by the current and emerging trends, needs, and demands in different sectors and markets. ● The startup ecosystem is a source of innovation, problemsolving, and value creation. It is driven by the vision and passion of millions of entrepreneurs, investors, mentors, customers, and other stakeholders who support and enable the creation and growth of new businesses.

Did you know that the global startup ecosystem is booming, with India alone registering over 100,000 new startups in 2023? The startup ecosystem is booming with innovation, creativity, and diversity. But what does it take to succeed in this competitive and dynamic environment?

In this blog post, we will explore the challenges, opportunities, and trends that shape the startup ecosystem in different industries and regions. We will also provide you with some insights on how to navigate the regulatory, funding, and market aspects of starting and growing a business.

Whether you are an entrepreneur, an investor, or a curious reader, you will find this blog post useful and informative.

So, let's dive in and discover the secrets of the startup ecosystem.

What is a Startup Ecosystem?

A startup ecosystem is a network of entrepreneurs, investors, mentors, and other stakeholders who support and collaborate with new ventures. It is a dynamic and complex environment that shapes the success and growth of startups.

However, building and sustaining a startup ecosystem is not easy. It requires a lot of resources, infrastructure, policies, and culture that foster innovation and entrepreneurship.

Some of the common challenges faced by startup ecosystems are lack of funding, talent, mentorship, market access, and regulatory support.

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On the other hand, a vibrant and thriving startup ecosystem can offer many opportunities and benefits for the economy and society. It can create jobs, solve problems, generate wealth, and drive social change.

According to the Global Startup Ecosystem Report 2022, the combined value of the top 25 startup ecosystems in the world was estimated at $2.3 trillion in 2021.

Therefore, it is important to understand the current trends and best practices that shape the startup ecosystems around the world.

Some of the emerging trends are the rise of remote work, the growth of emerging markets, the diversification of industries, and the adoption of new technologies.

These trends present new challenges and opportunities for startups and their ecosystems.

A Global Perspective on Funding, Regulations, and Markets Different countries and regions have different strengths and weaknesses in their startup ecosystems. You need to compare them and evaluate the risks and rewards of investing in or expanding to these markets.

Moreover, you also need to recommend some resources and platforms that can help you connect and collaborate with other entrepreneurs and investors across borders.

You also need to discuss exits such as acquisitions or IPOs in detail.

According to the Global Startup Ecosystem Index 2023

by StartupBlink, the US ranks first among 100 countries.

It has a strong culture of innovation, entrepreneurship, and risk-taking.

India also finds its name in the list. It has a large and young population, a growing middle class, and a rising demand for digital products and services.

It also has a vibrant and dynamic entrepreneurial culture and a supportive government. Also, it has a lot of funding sources. Some of the challenges include infrastructure, bureaucracy, and regulation.

Surprisingly, even Israel is mentioned in the GSEI 2023.

It has a small but highly educated and skilled population, a strong military and security background, and a high level of research and development.

It also has a lot of funding sources. Some of the challenges include geopolitical instability, limited market size, and talent retention.

But How to Enter and Expand in the Startup Ecosystem?

If you want to enter and grow in the startup ecosystem, you need to consider three factors: funding, regulation, and market opportunity.

Funding is how you get the money to start and scale your business. You have many options, such as bootstrapping, crowdfunding, angel investors, venture capital, etc.

Each option has pros and cons, so you need to pick the one that matches your needs and goals. You also need to make a convincing pitch deck that shows your value proposition, market opportunity, competitive advantage, and financial projections.

Global startup funding reached its peak in 2020 but has since declined to $285 billion in 2023.

It also has a large and diverse market, a supportive legal and regulatory environment, and abundant funding sources. Some of the challenges include high competition, high costs, and high expectations.

Regulation is the rules and laws that apply to your startup in different countries and regions. Regulations cover various aspects, such as taxes, licenses, permits, data protection, consumer rights, etc.

China also ranks high on the list along with the US. It has a huge and rapidly expanding market, a large and skilled talent pool, and a supportive government.

You need to know the legal and regulatory requirements that affect your startup and get professional advice if needed.

It also has a lot of funding sources. Some of the challenges include censorship, intellectual property theft, and market saturation.

You also need to stay updated with the changing and evolving regulations, as they can impact your business operations and growth.

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For example, the US JOBS Act of 2012 relaxed some of the limits on crowdfunding and let startups raise capital from non-accredited investors.

The market opportunity is the potential and demand for your product or service in a given market. You need to research and understand the current and emerging trends, needs, and demands in different sectors.

You also need to identify the potential and existing gaps, problems, and solutions that your startup can address and offer in different markets.

Moreover, you also need to stand out from the existing and emerging competitors and build a loyal and engaged customer base.

The global startup ecosystem value has surpassed $7.6 trillion in 2023, showcasing significant growth compared to previous years.

Next up are the Challenges, Opportunities, and Trends in different industries The startup ecosystem is diverse and dynamic. It changes with different sectors and regions, facing various challenges and opportunities.

In this section, we will look at the startup ecosystem in different industries, such as e-commerce, fintech, health tech, edtech, etc.

We will examine the current and emerging trends, needs, and demands in these industries. Moreover, we will reveal the potential and existing gaps, problems, and solutions that startups can tackle and provide in these markets.

We will also feature some successful and innovative startups that have revolutionized and transformed these industries.

Some of the common trends, needs, and demands across different sectors are: Personalization: Customers want personalized and customized experiences, products, and recommendations based on their preferences, behavior, and feedback.

Omnichannel: Customers seek seamless and consistent interactions across multiple channels, such as web, mobile, social media, email, etc.

Sustainability: Customers care more about the environmental and social impact of their purchases, and favor brands that are eco-friendly, ethical, and transparent.

Innovation: Customers look for new and better products, services, and features that can solve their pain points, increase their convenience, and enhance their satisfaction.

Some of the common gaps, problems, and solutions that startups can tackle and provide across different sectors are: Logistics: Startups face challenges in delivering their products or services to their customers in a timely, costeffective, and reliable manner, especially in remote and rural areas.

Security: Startups have to ensure the safety and privacy of their customers' data and transactions, and protect them from fraud, theft, and cyberattacks.

Competition: Startups have to differentiate themselves from the existing and emerging competitors, and create a loyal and engaged customer base.

Some of the successful and innovative startups that have disrupted and transformed different sectors are: E-commerce: Shopify is a Canadian ecommerce platform that allows anyone to create and run an online store. As of 2023, Shopify has over 2 million merchants in 175 countries and generated $7.1 billion in revenue for the year.

Fintech: Stripe is an American fintech platform that enables online payments, billing, banking, and fraud prevention.

Stripe has over 1 million customers in over 46 countries and generates an estimated $14 billion in revenue in 2023.

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Health tech: Kinsa is an American health tech startup that produces smart thermometers and health apps. Kinsa has millions of users in the US and provides real-time insights into illness trends and outbreaks. However, according to Zippia, Kinsa's estimated annual revenue for 2023 was $3.1 million, but this information is not officially confirmed by Kinsa.

Edtech: Byju's is an Indian edtech company offering online learning programs for students from kindergarten to grade 12.

The company claims to have over 100 million registered users and reported a total revenue of approximately ₹6,500 crores (around $813 million) in the financial year 2022-23 (ending March 31, 2023).

But how to thrive in the Startup Ecosystem?

To thrive in the startup ecosystem, you need a clear and realistic business plan. It outlines your goals, strategies, and resources for your startup.

However, it helps you to define your value proposition, target market, and competitive advantage. It also helps you to communicate your vision and mission to your potential investors, partners, and customers.

You also need adequate funding for your startup. Funding is the fuel that powers your startup's growth and development.

There are different types and sources of funding available for startups, such as bootstrapping, crowdfunding, angel investors, venture capital, etc.

You need to research and evaluate the best funding option for your startup and prepare a compelling pitch deck.

You also need to comply with the relevant laws and regulations in different countries and regions. Laws and regulations are the rules that govern your startup.

They cover various aspects, such as taxes, licenses, permits, intellectual property, data protection, labor, etc.

You need to be aware of the legal and regulatory requirements that apply to your startup and seek professional advice if needed.

You also need to manage and grow your team, your customer base, and your revenue. Team, customers, and revenue are the pillars that support your startup's sustainability and scalability.

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You need to recruit, train, and retain the best talent for your startup, and foster a culture of collaboration, innovation, and diversity.

Also, you need to attract, retain, and delight your customers, and provide them with value, quality, and satisfaction. You also need to generate and increase your revenue and optimize your costs, margins, and profits.

Conclusion In this blog post, we have explored the startup ecosystem in different industries and regions. We have also provided you with some actionable insights on how to thrive in the startup ecosystem, such as having a clear and realistic business plan, securing adequate funding, complying with the relevant laws and regulations, and managing and growing your team, your customer base, and your revenue.

Also, we have compared and contrasted the strengths and weaknesses of different startup ecosystems around the world, such as the US, China, India, Israel, etc. We have also evaluated the risks and rewards of investing in or expanding to different regions and markets.

We have also recommended some resources and platforms that can help you connect and collaborate with other entrepreneurs and investors across borders.

However, we have also discussed exits such as acquisitions or IPOs in detail.

RE

IK

Co-Founder & CEO

ThriftPlan

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EEM

KRAM I

n today’s dynamic business environment, small and mediumsized enterprises (SMEs) are facing a daunting challenge in the form of social security. From the perspective of employees, this results in a hard-toswallow deduction from their salaries.

However, it is not just about the financial aspect; employees, regardless of their background, want stability and security, as well as access to a diverse range of investment options to build their wealth.

Meanwhile, companies are struggling with the internal retention of employees, losing them due to small increases in salaries. It is clear that this is not just a commercial challenge, but also a social one that businesses need to address. According to a new Boston Consulting Group (BCG) study, approximately 70% of UAE employees are considering changing jobs, with compensation, retirement, and insurance benefits being the “top deal breakers.”

Similar problems in other markets have been addressed with Defined contribution Plans such as the 401k in the US. These challenges, however, are global in scope, and it is the role of exemplary leaders to change not only the market but also thought processes.

An example of this is Reem Ikram (Co-Founder, and CEO of ThriftPlan). With her vision and foresight, she is redefining social security by offering an interactive investment platform for both employers and employees in the MENA region.

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literacy, which has proven to be a difficult obstacle in a market with a large young population. However, by automating and encouraging digital learning while investing, Reem and her team are changing the future of a generation. “The secret to evoking change is to have believers; my team was the first to believe. They are the ambassadors of saving,” says Reem.

Investing in Employee Retention

A Trailblazer’s Journey Reem has an impressive journey that began in her childhood in Germany, where she discovered the thrill of creating her own enterprise by selling stones. As a child, she was fascinated by the financial aspect of running a business, and this early experience left a lasting impression on her.

After studying entrepreneurship, Reem worked in innovation and took her family’s business from the first to the third generation. She faced the daunting challenge of bringing the company into the digital age and transforming an import/export business into e-commerce. Her experience in managing finances proved to be invaluable during this transformational journey.

Upon moving to Saudi Arabia, Reem encountered a significant challenge during her time working in Private Equity in Saudi Arabia – the complicated pension system for expats and the struggles of a young generation that is not prepared for financial hurdles in the future. As someone who

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was used to having a deduction from her salary, Reem found it hard to adapt to the new system, and this realization prompted her to address a more widespread problem. This realization sparked the idea for ThriftPlan, a revolutionary platform that offers an interactive investment plan for both employers and employees.

Revolutionizing Financial Security in MENA Founded in 2019, at Al Yasmeen, Riyadh, ThriftPlan’s goal is to help individuals achieve financial security in a region where social security is a challenging issue. With Vision 2030 addressing the need for saving solutions, Thriftplan is actively highlighting one of the largest sources of saving, the Workplace Saving Plan, which has crossed a market value of more than USD $7 trillion in the United States.

Moreover, it is the thought process of companies and individuals that is changing. One of the core struggles in encouraging individuals to save has been the country’s level of financial

At ThriftPlan, the team helps companies create defined contribution plans that increase internal employee retention. Unlike competitors, the company’s approach involves allowing a direct contribution from the employee’s salary to the savings plan, matched by the employer based on their retention goals. This encourages employees to invest in their future while building loyalty to their employer.

ThriftPlan also empowers employees by giving them the autonomy to decide on their investment portfolio, ensuring that only their discretionary funds are managed by them. Additionally, ThriftPlan offers comprehensive workshops, educational content, and advisory services to help create the most suitable defined contribution plan for each company’s unique hierarchy, objectives, and culture.

Making Things Possible Reem is a dynamic leader who shoulders the ultimate responsibility for everything at her organization.

With her leadership style of leading by example, she ensures that no task is beneath her, regardless of the skill set required. As a leader, she is renowned for her ability to make things possible.

She approaches every problem with a contingency plan. “Every problem

The Mindset of a Leader Reem shares invaluable advice for aspiring business leaders who want to excel in their field. Her advice is simple yet profound – “Believe in yourself.” Even when others doubt your abilities or tell you that your ideas are unrealistic or impractical, she advises that you should not give up.

Instead, use their skepticism as a motivator to work even harder and prove them wrong.

should have a plan B, a plan C, and if needed all the way to Z,” states Reem.

Staying Proactive in a Changing Landscape

As an entrepreneur, Reem understands the challenges of keeping herself and her team motivated. However, she considers the impact she has on the community and stakeholders to be the most rewarding and refreshing aspect of her profession. She is a firm believer that businesses must look beyond profitability and address social issues as well.

“Opportunities come, but they are a gift; as leaders, we need to be able to recognize them and capture them to succeed,” asserts Reem. She opines that being proactive is not only important but also an obligation for leaders to seek out novel ways to evolve. It is not only for the benefit of stockholders, but also for the organization’s employees, the ecosystem that depends on it, and the individuals who have no alternative.

Reem remembers a time when people told her that what she was doing was impossible. However, she refused to let the naysayers discourage her and instead persevered, making the impossible possible.

Under her leadership, the company has achieved numerous notable awards and achievements. In recent years, ThriftPlan was awarded the prestigious title of the most innovative corporate saving solution in KSA. The company has also received multiple awards for its exceptional education incentive. It participated in Fintech Saudi and won the first prize during Demo Day.

From Boardroom to Barn Beyond her cabin, Reem indulges in a few hobbies that bring her true peace.

She finds solace in training and riding horses, which brings an unparalleled sense of trust and rejuvenation between the animal and the rider. For her, it is a refreshing feeling that helps her unwind from the demands of her busy schedule. In addition to horse riding, Reem also enjoys jogging and reading which helps her release stress and calm her mind.

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Opportunities come, but they are a gift; as leaders, we need to be able to recognize them and capture them to succeed.

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