Entrepreneur Qatar March 2016 | Envisioning Tomorrow by Entrepreneur Middle East

Curating your online presence Use the power of Snapchat for personal branding

Qatar’s supply and demand

Amruda Nair

The Aiana Hotels & Resorts CEO on seeking superior service

Envisioning Qatar’s tomorrow

Dr. Sheikha Aisha bint Faleh bin Nasser Al-Thani

Al Faleh Group founder and chairperson

Shutterstock founder and CEO

Jon Oringer

How “Silicon Valley’s first billionaire” grew his startup to dominate the global market

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

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INNOVATOR: Envisioning Qatar’s tomorrow

Dr. Sheikha Aisha bint Faleh bin Nasser Al-Thani The founder and chairperson of Al Faleh Group sees entrepreneurs armed with exec education as the way forward.

Qatar’s supply and demand

Amruda Nair The Aiana Hotels & Resorts CEO on seeking superior service.

CONTENTS

Picture perfect

Shutterstock founder and CEO Jon Oringer How “Silicon Valley’s first billionaire” grew his startup to dominate the global market.

Jon Oringer, founder and CEO, Shutterstock

march 2016 Entrepreneur

CONTENTS

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52 Mohammed Abdul Rahim Al Fahim, Group CEO, Paris Gallery Group of Companies

ETHICS

EDITOR’S NOTE By Fida Z. Chaaban

ESQUIRE GUY

The secret to better brainstorming

Show what you know

Early sales success is key to survival

Cheryl Tan outlines five essentials to consider for your content marketing plan in 2016.

Karl Hougaard outlines five common mistakes to avoid, and why your business will be better off.

‘TREPONOMICS: MARKETING

ASK A PRO

Ross McCammon says leading a brainstorming sessions starts with forgetting about the box that, according to generally accepted brainstorming practices, you’re supposed to be thinking outside of.

How to be an ethical leader Bayt.com’s Lama Ataya explains that the key to having an ethically-run company is employing morally upstanding leaders.

MONEY: YOUR MONEY

Looking further afield According to Genpharm co-founder Karim Smaira, your business may do better with a nontraditional funding route.

The winners of this year’s Oman Entrepreneurship Awards

Entrepreneur march 2016

CONTENTS

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C.R Lee, President, Samsung MENA, 2016 MENA Forum

TECH: SHINY

#TamTalksTech 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.

ONLINE ‘TREP

Curating your online presence Entrepreneur Tom Otton discusses how to use the power of Snapchat for personal branding.

On the road

The Luxury Closet gets funded!

Three tips for an energyefficient lifestyle

Founder and CEO Kunal Kapoor, a former head of sales at Louis Vuitton, emphasizes on his startup’s disciplined compliance to budget timelines and financial strategy.

Part of not losing control is to account for the energy that you allocate to the different things you do, and roles you play.

MOBILE TECH Read about an app developed by NYUAD students that was awarded top honors at the World Government Summit.

CULTURE: TRAPPINGS

‘Trep gear The executive selection for the entrepreneur on your list that has everything. Okay, maybe for a little self-reward as well.

STARTUP FINANCE

BUSINESS UNUSUAL

Start ‘em young Jordan-based teen ‘treps, Zaid Amer Rahhal and Mazen Rid Hashem, launched an accessories line with financial independence as one of their main drivers.

START IT UP: Q+A

“Do you want some space?”

57 Samsung Gear 360

Entrepreneur march 2016

Startup Boxit, founded by Premlal Pullisserry, offers up solutions for your storage needs.

LIFE

Ten common beliefs we get wrong and why Overrated ideas vs. underrated ideas put forward by Olympian and entrepreneur James Clear.

ECOSYSTEM

Working at a startup made me a better version of myself Adib Samara left a glitzy multinational with all of the perks to join the entrepreneurial ecosystem, and this is how it changed his perspective.

images courtesy samsung

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 ONLINE LIAISON Kareem Chehayeb COLUMNIST Sindhu Hariharan COLUMNIST Tamara Clarke COLUMNIST Shoug Al Nafisi COLUMNIST Erika Widen CONTRIBUTING WRITERS Lama Ataya Abdulla Barakji Amal Chaaban James Clear Karl Hougaard Suhail Al-Masri Ross McCammon Rani Nasr

Neil Petch Soukaina Rachidi May Rostom Mark Sephton Adib Samara Tareq Samara Karim Smaira Erika Widen

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

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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!

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EDITOR’S NOTE

Doing your part for the ecosystem

Encouraging entrepreneurship is everyone’s responsibility

had the pleasure of speaking on Twitter MENA’s panel at the Global Women’s Forum in Dubai in February. Moderated by Kinda Ibrahim, my copanelists (Iman Ben Chaibah and Heba AlSamt) and I were asked to discuss how the medium puts Arab women in a #PositionOfStrength. During the course of the one-hour discussion, I was also asked to talk about business leaders and the responsibility they have to encourage entrepreneurship in the region. My response was that we are all, without exception, responsible for entrepreneurship in the MENA region. It is not only leaders of enterprise who should be tasked with the growth and support of what is arguably the most important mandate in this history of the Arab world- economic diversification and stability via the proliferation of the small to medium enterprise space. You and I are just as pivotal as the Chairman of any influential board in terms of making this economic vision a reality in the near future. How can you help? Well, no matter your position or sector of employment, be you a founder of a fledgling startup or the CFO of a regional conglomerate, there are ways you can pitch in. Mentoring, speaking, or allowing for a job shadow, are just some ways that more senior members of our business community can help out. Juniors or

Entrepreneur march 2016

those who are just starting out can volunteer to lend a hand at startup events- and in the process you gain valuable connections and insight into the ecosystem’s workings. This helps you as much as it helps the ecosystem. Another easy -and perhaps the most significant- way of supporting the entrepreneurial ecosystem is by acting in a customer capacity. Think about how much you are helping our homegrown small enterprises by spending your money there. Want to eat out? Choose a brand founded here, as there are lots of those in the F&B sector. Looking for a gift? Shop online with any one of the hundreds of e-commerce startups, or gift a subscription to the many useful box startup companies. We share some of these ventures under the hashtag #EntMERecommends on both Twitter and Instagram. Are you looking for a staffing or freelancer solution? Be certain to visit the websites of regional companies first, because chances are they have what you’re looking for and they’re willing to bend over backwards to onboard regional clients. I always try, as much as possible, to shop with local businesses. Over the holidays, I managed to get every single item on my gift list from a local entrepreneurial endeavor- many are listed under the hashtag I just mentioned. If all that still doesn’t

@kindaibrahim moderating the @TwitterMENA #PositionOfStrength panel at Global Women’s Forum Dubai. Panelists right to left: @Fida, @ImanBenChaibah, @HebaAlSamt. To see the online action from the forum, visit the hashtag #GWFDubai.

sound like you, just choose Careem to taxi around town or Carpool Arabia for ridesharing options. There is always a way to do your part for the ecosystem, and suggesting that it is not your responsibility is flat out wrong. After all, next year it could be your startup struggling to demonstrate customer traction, and you could be the one asking yourself why people don’t think local first.

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

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Qatar’s supply and demand

Amruda Nair

The Aiana Hotels & Resorts CEO on seeking superior service By Erika Widén

would call it a meeting of minds that’s redefining hospitality!” says Amruda Nair, Joint Managing Director and Chief Executive Officer of Aiana Hotels & Resorts, on her new enterprise, which is a joint venture with H.E. Sheikh Faisal Bin Qassim Al Thani, one of Qatar’s leading entrepreneurs. An independently-owned “new brand of hospitality,” Aiana Hotels & Resorts aims to embody the best of Indian service ethos with Nair looking at the bigger picture. The CEO is aspiring to become a global hospitality brand with a presence across the Middle East, India, and South East Asian markets. According to Nair, Sheikh Faisal has steered his business to become a major corporation with more than 40 diverse commercial and industrial companies, operating under the Al Faisal Holding Group. “I am confident that the combination of H.E. Sheikh Faisal’s knowledge of the Middle East region, resources, visionary entrepreneurial skills, and my experience and passion for the industry will prove to be a game-changer in the hospitality realm,” she says. “The joint venture

Amruda Nair, Joint Managing Director and Chief Executive Officer of Aiana Hotels & Resorts with H.E. Sheikh Faisal Bin Qassim Al Thani

Entrepreneur march 2016

Currently there are close to 18,100 hotel and service apartment keys in Qatar, including the addition of 1,460 keys in 2015. to form Aiana Hotels & Resorts is the result of a focused and proactive strategy to create a niche in the hospitality market.” Nair underlines how by blending Sheikh Faisal’s vision and history of nurturing talent along with her legacy and experience, Aiana Hotels & Resorts will define what she refers to as “Hospitality 2.0,” adding that “the Aiana Suites and Residences was created to appeal to its customers’ comfort and satisfaction. The project consists of 180-keys with seafacing and city views and is located in the prestigious central business district of West Bay. Its prime location amidst various prominent attractions, governmental offices and easy accessibility makes it appealing to both tourists and long-stay residents.” In addition, she describes the room categories available, which include innovative studio rooms as well as two and three bedroom apartments that will be one of the largest in the competitive market of West Bay. Set across 35 floors, the property offers views of the Corniche from the 33rd floor lounge as well as the pool on the 34th floor. Adding to a modern Indian restaurant on the first floor with a lounge and private dining rooms, it offers two distinct dining experiences and authentic cuisine. “The Aiana service culture, in tune with the needs of the next generation of travelers, is underpinned by our intuitive and unobtrusive Indian service ethic. It meets all the requirements for contemporary living and offers a variety of India-inspired facilities such as a specialty Indian restaurant and a modern Indian spa concept in addition to other hotel amenities.” >>>

www.aianahotels.com

Aiana Hotels & Resorts signed a management agreement with Moonriver Resorts to operate Aiana Munnar – A Moonriver Resort. Scheduled to open in 2016, the management company’s first property in India, Aiana Munnar – A Moonriver Resort, is an all–suite villa resort spread across 20 acres. march 2016 Entrepreneur

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“The accessible, understated experiences we offer resonate with our guests’ values, and cater to their diverse interests. Our guests have travelled the world- they are smart users of technology. Environmentally and socially conscious, they expect exceptional value. We aim to cater to the evolving demands of this segment for value added offerings in the upper upscale hospitality segment,” Nair says. “We will achieve our vision by innovating fresh service, design, and operating concepts, creating smart, stimulating places in tune with our environmental and social values as well as delivering an intuitive hotel management model that resonates with the next generation of travelers– this is what we call Hospitality 2.0.” The expected completion date of the project is in the third quarter of 2016, and the mission of Aiana Hotels & Resorts is to embody a hospitality brand of upper upscale hotels and leading operator of hotels, resorts and serviced apartments in the Middle East, Indian

sub-continent, and South East Asia. “Having a sophisticated joint venture partner with a well-matched vision for hospitality will pave the path for Aiana Hotels & Resorts to achieve a positioning into the niche market as we offer service consistency across multiple locations. With this joint venture, we have created a hotel management company that will operate hotels owned by independent owners,” adds Nair. Aiana Hotels & Resorts has also recently signed an agreement with India’s Ferns Estates & Developers to manage and operate five new resorts in southern India. “With this announcement, Aiana Hotels & Resorts now has seven properties to its fast-growing portfolio. We will be building green field projects that will be designed

and constructed to the Aiana brand specifications but will also look at a few select conversions in key destinations that comply with our brand standards.” The company is also committed to collaborate with Qatar Tourism Authority (QTA) for any forthcoming initiatives that the entity might introduce for promoting business tourism in Qatar. “Qatar is already a leading high-end destination for MICE, situated centrally between Europe and Asia and we are committed to support the QTA vision to position Qatar as a prominent destination for MICE industry. Aiana Residences Doha has been designed specifically to meet the needs of tomorrow’s traveler and this niche service offering will contribute to Qatar’s appeal

“Qatar’s tourism strategy seeks to triple the number of business events tourists by 2030, thereby contributing at least half of the country’s revenue from tourism spending.” Aiana Munnar resort

Amruda Nair

Entrepreneur march 2016

as a thriving business destination,” says Nair. She maintains that Qatar is fast emerging as a preferred destination for organizing key industry events across diverse industry sectors. “In fact Qatar’s tourism strategy seeks to triple the number of business events tourists by 2030, thereby contributing at least half of the country’s revenue from tourism spending.” As a hotel management company based in Qatar, Aiana is able to adjust its strategy to the changing economic environment and to the market’s needs, claims Nair. As cost-saving initiatives by oil and gas majors begin to have an impact on business travel, the performance of the hotel market is going to be tested. As a result, the business model of serviced apartments gives management the flexibility to change the profile between long and short stay to meet the demand. “We believe that there will be a market for both value-added products in the upper upscale space and that many expatriates will view serviced apartments as an alternative to residential accommodation where rental rates are much higher. Thus, we believe that the launch of our flagship project, a 180-key serviced apartment offering under the Aiana flag in the financial district of the West Bay, is the right fit for the present market conditions.” And her main challenge? She says that as a hotel management company in Qatar, it will be primarily ensuring that the company enters the market with a diverse product offering. Aiana strongly believes Qatar’s hospitality market caters to multiple segments, specifically the corporate MICE traveler, the regional leisure market, and the country’s expatriate population. “We are scheduled to launch our flagship project Aiana Suites & Residences at the end of 2016 which is well-suited to the market demand for value-added products and services in the upper upscale space. We would like to continue to expand our presence in the country with a leisure offering as well a full service hotel develop-

ment,” continues Nair, “The strategic goal by the national tourism authority [QTA] -to be a world-class hub with deep cultural roots– is well on its way to being achieved and Aiana is well-poised to be a part of that growth story.” Qatar is estimated to see more than 23,000 keys enter its hospitality market this year, registering a growth of 27%, according to a report by Colliers International, a real estate advisory. Currently there are close to 18,100 hotel and service apartment keys in Qatar, including the addition of 1,460 keys in 2015. Nair says the growth can be attributed to the limited presence of midscale hotels and serviced apartments in Doha, presenting new development opportunities and offering owners and investors a potential opportunity to target this market gap. “From a demand perspective, the market is expected to close at 71% occupancy this year which is a marginal drop from 72% last year. However, a change in market segmentation will help stem the drop… and though the World Cup will attract an estimated 400,000 tourists, currently 60% of Qatar’s hospitality sector is driven by business travel. I am confident that the Aiana concept of Hospitality 2.0 will be well-suited to meet the

“Having a sophisticated joint venture partner with a wellmatched vision for hospitality will pave the path for Aiana Hotels & Resorts to achieve a positioning into the niche market as we offer service consistency across multiple locations.” requirements of the global savvy traveller.” While the total increase in supply has been significant, as a result, there is diversity in the nature of the product, service concepts, and management styles. “Doha will continue to be a priority for global hotel management companies to have a presence and there will continue to be additions even in the luxury segment despite the present supply. We are proud to be the first Indian-inspired hotel brand to enter the Qatar market and believe our authentic dining experiences, Indian service ethos and modern Indian spa concept will help set us apart in a crowded market,” concludes Nair.

march 2016 Entrepreneur

Dr. Sheikha Aisha bint Faleh bin Nasser Al-Thani, Al Faleh Group

Entrepreneur march 2016

innovator

Envisioning Qatar’s tomorrow

Dr. Sheikha Aisha bint Faleh bin Nasser Al-Thani The founder and chairperson of Al Faleh Group sees entrepreneurs armed with exec education as the way forward By Aby Sam Thomas

e have no reason whatsoever not to excel, with all that’s being given to us.” This statement by Dr. Sheikha Aisha bint Faleh bin Nasser Al-Thani perhaps best explains why this enterprising Qatari woman is a worthy role model for people not just in her own country, but in the GCC and beyond as well. Consider her credentials for a moment. Yes, she’s a member of Qatar’s ruling family. But she’s not just thatSheikha Aisha is also the founder and Chairperson of the Al Faleh Group, perhaps best known for its educational institutions under the Doha Academy umbrella. Her holding company also has a presence in other sectors- F&B, hospitality and healthcare are the industries currently on its agenda. But note that Sheikha Aisha cannot be defined just by her business interests eitheronce again, she’s more than just that. Sheikha Aisha is also a committed philanthropist, whose zeal for the initiatives she associates herself with in this regard is quite exemplary. One of these ventures is Reach Out To Asia (ROTA), which aims to provide basic, quality education to children across the Asian continent, and she sits on the board of directors for this organization, which was founded by H.E. Sheikha Al Mayassa bint Hamad Al-Thani. She is also a founding member of the board of patrons (and former Chairperson) of the World Congress of Muslim Philanthropists (WCMP), a global network aimed at advancing the notion of giving in the Islamic world. Now, put all of the aforementioned roles together, and then maybe, one can get an idea of the sheer scale of the work that Sheikha Aisha does- and she does it all quite cheerfully, because, as she put it so simply, she likes what she does. >>>>

march 2016 Entrepreneur

innovator Dr. Sheikha Aisha bint Faleh bin Nasser Al-Thani, Al Faleh Group

“I do get a sense of satisfaction from my corporate ventures, but what exceeds that is the satisfaction I get from my philanthropic activities.” And while some of us, if put in Sheikha Aisha’s place right now, may be content with all what we have achieved so far, she is certainly not like that- she has a lot more planned ahead for her enterprises. Her business’ educational arm will soon be announcing the launch of the Qatari campus of a prominent British university- the name and more details

Entrepreneur march 2016

about the venture will be released soon, Sheikha Aisha promises. “This has been a work in progress for 10 years, I’m really sad to say,” she reveals. “Because we forged a partnership with another university and it fell through, because of the red tape. But with this university, alhamdullilah, we are very close to launching, and even the authorities here are very excited about it. We

have had great support from the Ministry of Education in Qatar, and hopefully, in September, we’ll see its launch happening.” It’s easy to see that Sheikha Aisha is excited about her new venture, and her enthusiasm shows- here is someone who is heavily invested in –and a major proponent of- the education sector in Qatar. “I truly believe that there is a strong positive correlation between the education the person receives, and how much he/she achieves in life,” she says. “It’s sad, but here in the Middle East, we are not fortunate enough to have high numbers like in Europe. But having served two terms with the Qatar Supreme Education Council, I can tell you that countries like Qatar have really put

education on the front burner. They are investing heavily in education, and we are becoming the center of excellence for education in the region. Not only should we provide basic educational skills, but we should also, in my opinion, develop curricula that include practical skills that help individuals become more innovative, and encourage entrepreneurship as well. So, in my opinion, education is key. If you ask a person to excel without education, it’s like asking somebody to drive a car with their hands tied.” It’s worth pointing out here that Sheikha Aisha has quite an illustrious educational background- she holds a Bachelor’s Degree in Education and English Literature from the University of Qatar,

www.dohaacademy.net

“We have no reason whatsoever not to excel, with all that’s being given to us.” a MBA from the University of Hull in the U.K., and a Ph.D. from the Cass Business School in the U.K. So ask her if she thinks executive education is important for entrepreneurs and people looking to make it big in the business world, Sheikha Aisha’s reply is a resounding yes. “It’s very important,” she says. “While I was doing my MBA and PhD, my husband was constantly telling me, ‘You are losing out on opportunities.’ I said, ‘No, because, without this degree, I won’t be able to excel.’ Really- education is key. I always advise people: invest in your own education, your kids’ education, because there’s no excelling without that. And people talk about practical skills- yes, of course, they are important. But you need to have the basis. I mean, sometimes, as business owners, we have people coming in, and they start with us- they have the education, they don’t have the practical skills. So we teach them those skills and training them to excel. But then, if we get applicants with no executive education, we have to train

them from scratch- which we don’t have time for.” However, Sheikha Aisha acknowledges that there is a gap to be filled in terms of executive education options in Qatar and in the region at the large. “Even with the executive education that’s on offer right now, sadly, it’s not much,” she notes. “And this is where private-public partnerships should really now be forged and put in full force.” Even as the educationfocused segment of her business moves forward, Sheikha Aisha is also seeing further growth in the cards for the other sectors her company is involved in. For instance, the hospitality side of her business is poised for an exciting new deal with a big-name enterprise soon- again, Sheikha Aisha can’t reveal too many details about this right now, but she claims that it is a rather proud moment for her and her company. A line of healthcare clinics is also on the agenda for the Al Faleh Group. Now, with all of what is going on with the different branches of her company,

one has to wonder: how involved is Sheikha Aisha in the running of her enterprise? Well, as it turns out, Sheikha Aisha belongs to the breed of hands-on entrepreneurs: she seems to be Dr. Sheikha Aisha bint Faleh bin Nasser Al-Thani and Fida a disciple of the Chaaban, Editor-in-Chief, Entrepreneur Middle East “lead as you would like others to follow” kind of me for 20 years. People seem philosophy. But again, note to tend to stay on with us, here that she does all of the alhamdullilah.” above while also catering to Her business accomplishher philanthropic activities ments notwithstanding, and her own personal life as Sheikha Aisha admits that well. So, now, the question it’s her philanthropy work is: does she not get stressed that leaves her feeling more with all of what she has gofulfilled. “Yes, I do get a ing on in her work? Sheikha sense of satisfaction from Aisha dismisses the query my corporate ventures, but with a laugh. “The key is: what exceeds that is the are you doing what you satisfaction I get from my like?” she says. “Because it’s philanthropic activities,” she fun for me to come to work says, pointing to her work everyday. I am doing this fun with ROTA and WCMP as an thing I like, so it’s not work, example. She’s also a major really. And these people [in proponent for social entremy company] are my family preneurship, which is why now- my team is my family, she’s particularly excited and I care about each one of about the upcoming eighth them… They are family to edition of ROTA’s Empower us, and you’ll be surprisedconference in March, which most of them have been with has as its theme, “Innovation >>> Doha Academy

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Entrepreneur march 2016

them are involved with local enterprises on a volunteer basis, while some of them are actually working there right now.” Sheikha Aisha’s accomplishments in her life so far are, by their own accord, worthy of applause, but it takes on a whole other level of significance when you consider that she is a woman in the rather maledominated Arab business arena. To give her credit though, Sheikha Aisha acknowledges that her family’s name has definitely been a boon for her, but she adds that when it comes to running her business, it’s always been more about the sense of personal accomplish-

“I truly believe that there is a strong positive correlation between the education the person receives, and how much he/she achieves in life.” ment that drove her on. “It doesn’t matter where you come from, or who you are the daughter of, [running a business] gives fulfillment, really. And I think every woman would like to do itmaybe, they don’t have the know-how. I am privileged in that, being who I am, I have more access to everything: resources, capital, etc. But it’s a privilege that, I think, should spread.” And according to Sheikha Aisha, there is potential in this region for women to help each other out in setting up their own enterprises- research has said that women in Qatar and the GCC often have a great amount of personal wealth, she notes, and this could be tapped into as a source of finance for entrepreneurs. But if this is to happen, there needs to be more interaction between these women- networking, Sheikha Aisha says, is essential if things are to move forward in this direction. “Changing the demographics in business is not easy, because we know it’s male-dominated, espe-

cially in the GCC countries,” she notes. “And so it will take an orchestrated effort between women in Qatar and women everywhere actually to change that. So, I really hope to see more platforms that bring people together… Women don’t have [enough] platforms to network, and this is really something we should look into, as to how we can do that.” But things are changing- and Sheikha Aisha highlights the fact that Qatar is making a concerted effort to do just that. The country’s leadership has been extremely vocal about empowering women in Qatar, and with people like Sheikha Aisha to lead the way, the future is looking quite bright indeed.

“Changing the demographics in business is not easy, because we know it’s male-dominated, especially in the GCC countries. And so it will take an orchestrated effort between women in Qatar and women everywhere actually to change that.”

www.alfalehgroup.com | www.dohaacademy.net

in Youth Social Entrepreneurship.” As a youth-led conference that focuses on how young people in Qatar can participate in the development of both their local and global communities, Empower has seen itself (and its impact) grow since its inception in 2009. “Empower aims to attract young people from the ages of 16 till 26- this is the age when you get all these innovative ideas,” she says. “Participants are, by no means, only from Qatar- we have them from all over the world. So it’s by the youth, led by them- they do it all. They even pick their speakers sometimes. What this event does is that it provides them with the skills necessary to build their communities, and it actually gives them a voice to talk about global issues. The year before, it was about water scarcity- and we had some great ideas [showcased at the event]! I said, this should be put in a report and sent to the United Nations or something. So we did achieve our aim, which is to enable these young people to take leadership roles, and actually, now, some of

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Establishing a culture of entrepreneurship Riyada CEO Khalifa Said Al Abri

Oman’s chief priority is a diversified economy By Aby Sam Thomas

ike every other nation in the Gulf Cooperation Council (GCC), the Sultanate of Oman too has been adversely affected by the decline in oil prices over the past year- the country saw its revenues go down by more than 50% in 2015, and its budget for this year has projected a deficit of OMR3.3 billion (US$8.6 billion). But as dire as this situation may seem, it was hard for me to find any repercussions of this on the spirits of the Sultanate’s citizens I met during my visit to the country in January this year- the people I got to see were incredibly optimistic, and their enthusiasm to work hard to achieve their personal goals and thus contribute to their nation’s growth was, quite simply, impressive. But then again, I shouldn’t have been too surprised: the one thing I found as a link connecting all of them was that they were all, in some way or the other, related to

Entrepreneur march 2016

the startup ecosystem of the Sultanate, and much like the characteristics embodied by entrepreneurially-minded folk around the world, these Omanis were committed to making a difference in their country as they know it- and it’s safe to say that they are relentless in their determination to change it for the better. There has been a renewed focus on Oman’s ecosystem for entrepreneurs ever since the SME Development Symposium was held in the country at Saih Al Shamekhat in 2013, which was organized as per the directives of the Sultanate’s ruler, His Majesty Sultan Qaboos bin Said al Said. One of the outcomes of that event –which discussed ways to accelerate entrepreneurship in Oman- was the establishment of Riyada, an organization whose mandate is to, quite simply, nurture and aid the development of the country’s SME sector. While it’s only been a few years since Riyada’s inception, CEO Khalifa Said Al Abri feels that the organiza-

tion has indeed made some headway on its goals- having said that, Al Abri acknowledges that he and his team at Riyada have a lot more to do and accomplish in developing an ecosystem that is 100% friendly to SMEs in Oman. “Establishing a culture of entrepreneurship is not something that can be done within one or two years,” he explains. “It is a long process, and you have to work for a long time to achieve that. But there is already a change we can see in the ecosystem nowa lot of young Omanis today want to establish their own businesses. This was not the case two to four years ago.” And Al Abri has the numbers to prove his point: “In 2013, there were only 323 Omanis who had registered their own businesses with the system. In 2015, that number went up

to 4,300.” Al Abri notes that this increased interest in the SME sector is advantageous for Oman not just because of the contribution it can make to the country’s economy, but also for the important role it can play in bringing about job opportunities for Omani nationals. At a time when the International Labor Organization has pegged the unemployment rate in Oman at 7.17%, promoting entrepreneurship as a career option –as opposed to looking for a job with large companies or the government- makes sense for a nation that is eager to move away from its dependency on oil, and instead focus on other potential big business sectors like tourism, logistics, etc. H.M. Sultan Qaboos has also put his voice behind the SME sector- during a speech at Saih Al Shamekhat in 2013, he said, “The national economy of a country is, in fact, based on small and medium industries… These are the fundamentals, the foundations of all national economies.” To give credit where it’s due, it does look like the Omani government has been making a concerted effort to improve Oman’s business landscape as a whole. And this applies to (and bodes well for) both existing SMEs in the market, as well as new ones- while there is obviously a lot more that needs to be done, Riyada’s existence is in itself an indication of the work being done in this direction. >>>

“We want more entities to be a part of the entrepreneurial ecosystem, and start establishing and organizing their own programs to help the SME sector.”

â&#x20AC;&#x153;There is a huge potential for entrepreneurs to find opportunities within the ecosystem. It is not easy workbut the benefits will be huge.â&#x20AC;? Khalifa Said Al Abri, Riyada CEO

march 2016 Entrepreneur

innovator Besides Riyada, the Saih Al Shamekhat symposium also led to the creation of another organization catered specifically to Oman’s SME sector: the Al Raffd Fund. While Riyada is aimed at helping SMEs with training and advisory services on everything from starting up on an idea to finally marketing their respective endeavors, Al Raffd Fund has been set up to provide the requisite financial support for Omani nationals to start their businesses. The two bodies’ work can thus be said to be complementary to each other- entrepreneurs often go to Riyada first to build and develop their enterprise ideas, following which they submit a proposal to Al Raffd Fund to get financed. Between the two organizations, they are trying to get rid of -or at least relax- the obstacles in front of Omani entrepreneurs today- these range from finding ways to speed through procedural roadblocks, to dispelling societal norms that discourage entrepreneurship. From his perspective, Al Abri agrees that there are several hurdles to overcome if one chooses to go down the path of entrepreneurship in Omanbut then again, he notes, the rewards are worth the ride. “The opportunities are there,” he says. “There is a huge potential for entrepreneurs to find opportunities within the ecosystem. It is not easy work- but the benefits will be huge.” Dar alHerfya CEO Zuwaina Sultan Al-Rashdi

Entrepreneur march 2016

From advising Omani entrepreneurs on how to deal with government authorities, to making sure the directives made at the 2013 Saih Al Shamekhat Symposium are being followed through, it’s clear that Riyada has a lot on its plate, with respect to its task of developing the SME sector in Oman. But Al Abri notes that the organization has also been tasked with promoting the culture of entrepreneurship in Oman- and this is basically how Riyada’s Entrepreneurship Awards came to be. “There are three reasons for these awards to exist,” Al Abri explains. “First is to create the culture of business in Oman- just to increase the awareness of Omanis that there are opportunities, there are ways to establish their own businesses within the ecosystem. The second reason is to highlight the success stories in the ecosystem- so that they can be like role models, heroes, for other young Omanis… The third reason is to encourage government authorities and other institutions in the ecosystem to establish programs or initiatives to help SMEs… So there are awards for government authorities, financial institutions, corporate giants, etc. that support and help SMEs- and we want to encourage more of these activities. We want more entities to be a part of the entrepreneurial ecosystem, and

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

start establishing and organizing their own programs to help the SME sector.” The first edition of the Entrepreneurship Awards was held in 2015, which saw 13 winners (out of a total of 581 applications) being awarded for their achievements in Oman’s SME sector. The second edition (for which Entrepreneur Middle East was a media partner) saw 481 applications, of which 21 saw their achievements awarded at a gala ceremony held at the Sultan Qaboos University in late January. While the awards are, by themselves, a rather worthwhile initiative to support Omani entrepreneurs, Riyada doesn’t stop just there. “Our idea is not to just give them some money, or give them some trophies, and that’s the end of the story,” Al Abri says. “Our aim is also to start the journey with them- as in, move from what they are now, and how we can help them to grow and promote their businesses in the future. So there is a support program after the winners are announced, and our plan is to continue working with them from now, until the end of the year. We think this is important, because winning a trophy or an award is not the end of the story- we think this is the starting point for

“Establishing a culture of entrepreneurship is not something that can be done within one or two years.” them.” And the post-awards program is a pretty intensive one- Riyada’s personnel get to work with the winners on their businesses, identify gaps in their models and help solve those issues, and further assist them in their growth by showcasing them at events to potential partners. Nadia Maqbool was one of the winners in last year’s installment of the Entrepreneurship Awards. Her company, 23 Degrees North, an architectural consultancy founded in 2011, won the title of the “Best Small Enterprise in the Service Sector,” and for Maqbool, the award was just the impetus she needed to turn her attention to all of what she needed to do to make her business a sustainable one. “Winning the award last year was a huge boost of confidence for us,” she says. “As entrepreneurs in a technical field -we are architects- we were focused

Building an ecosystem on broadening our reputation will stand 23 Degrees North in the market, as good design- in good stead for the future. ers, as innovative designers. Maqbool’s journey with her Alhamdulillah, we have now enterprise is almost certainly achieved that reputation. going to be an inspiration for But there is so much more to being an enMona Al Shukairi, founder, Al Joory trepreneur than that, Boukor and for me, the biggest win out of the award was shedding light on the other aspects [of running a SME]: you know, the marketing, the HR, the legalities, the planning, the vision, etc. We weren’t really focusing on the SME founders that won these things, not because we at this year’s edition of the didn’t prioritize them, but Entrepreneurship Awards. because we were focusing While these entrepreneurs on the things that we knew, may hail from different the things that we were able sectors and backgrounds, to invest our time in. Since they are all linked by their winning last year, it’s taken steadfast dedication to their us quite some time to just enterprises, despite the strategize how we’re going to challenges inherent in the really deal with developing Omani ecosystem. Khalid Al those sides, and now, we’ve Habsi’s Taskeen Properties, come up with a couple of solutions, that we’re hopefully for instance, won in the going to be implementing “Best Small Enterprise in soon.” And these changes the Service Sector” category probably couldn’t have come this year, but he notes one of at a more opportune time for the biggest hurdles he sees this SME- in January, Maqin Oman is the societal indifbool’s company celebrated ference to entrepreneurship. the successful completion “We don’t have a culture of and delivery of its milestone entrepreneurship,” Al Habsi project, the Lycée Française says, a notion that Mona de Mascate (The French Al Shukairi agrees with. Al School of Muscat), and one Shukairi, whose company hopes that this achievement Al Joory Boukor won second

A selection of the Oman Entrepreneurship Awards winners with Entrepreneur Middle East Managing Editor Aby Sam Thomas

Perspectives on the Omani SME sector Sherry Colbourne | Managing Partner, Startup Oman www.startupoman.om

What’s your personal take on the entrepreneurial ecosystem of Oman? “The entrepreneurial ecosystem in Oman is building capacity and many resources exist to help Omani SMEs. The challenge lies in making resources accessible, easy to understand and responsive to the needs of SMEs. We feel the opportunity lies in creating a community of entrepreneurs that are capable of economic impact. Entrepreneurs and startups are the engine of economic impact and diversification. The government and private sector organizations here in Oman are providing much support, in fact, one could argue too much. It is not the government’s responsibility to create entrepreneurs. It is the responsibility of government to fulfill the needs of entrepreneurs for knowledge, market data, favorable policies, minimal bureaucracy, access to capital, etc.” What are your tips for aspiring entrepreneurs in Oman? “I can’t say enough about the need for SMEs to understand their business, target market and financial model. I see too many startups tackle businesses that have been done 500 times. And they do it without understanding the pitfalls of entering a saturated market. This is a time of great innovation and

place in the “Best Micro Business” category, faced a lot of opposition from her family and friends when she decided to quit her lucrative medical career to start up her local incense and perfume enter-

disruptive ideas. But ideas are a commodity. Only those that know how to implement will be successful. The best approach to starting a business is simple. Read, ask, compare. Voraciously read about the market you want to enter, read about startup business models, read about competitors, research market data, go-to-market strategies, etc. Google is your friend. Tap into the world’s collective knowledge via Google. Ask anyone who will talk to you about your idea. Use their feedback to dig deeper and convince yourself that you’ve got a winning idea. Don’t get ‘married’ to your idea too soon. Give yourself time to research every aspect of it. Reach out to industry associations, search for industry experts on LinkedIn, connect with people or leaders who may have expertise. Allow yourself to formulate multiple ideas. Then, compare: who is already doing it or something similar to it. Look at potential competitors, collaborators, and strategic partners. And most importantly- surround yourself with people who understand what you are going through and can support you. That’s what Startup Oman aspires to be- the place entrepreneurs call home.”

prise- Al Shukairi told me she kept her business a secret for as long as she could so as to avoid any potential confrontations with people she knew. But Al Habsi and Al Shukairi didn’t let the hurdles in front >>>

march 2016 Entrepreneur

innovator of them stop them eitherthey were relentless in their vision for their businesses, spurred on by a need to do something different, not just for themselves, but for their nation as well. Consider Dar alHerfya CEO Zuwaina Sultan Al-Rashdi, whose Omani handicraft business led her to be declared as the “Best Female Entrepreneur” at this year’s awards: her enthusiasm for her enterprise is almost infectious, and she has big plans for its future. “My vision for Dar alHerfya is global,” Al-Rashdi says. “I want to feature our Omani products around the world.” Their big dreams notwithstanding, these Omani entrepreneurs are eager to see more backing for what they do from their ecosystem. While they are glad and proud about the recognition they have received from Riyada, they all agree that there needs to be more active support for entrepreneurs in Oman, especially in their early stages- that’s when they really need the push to keep at it with their enterprises. From Riyada’s standpoint, Al Abri acknowledges this demand, and reiterates his organization’s commitment to its mission of working for the SME sector in Oman.

However, Al Abri also cautions against entrepreneurs stepping into this field without the requisite preparation needed for such endeavors. “One of the mistakes [Omani entrepreneurs] make is that they think they can establish a business today, and the next day, all the doors will open to them to start doing business,” he says. “But that’s not how it happens in the real world.” Al Abri adds that entrepreneurs also need to do their homework before starting up- a thorough understanding of the business and its markets is absolutely necessary, along with proper management of their accounts, human resources and other such vital cogs of running an enterprise. Of course, Riyada is there to help, Al Abri says, with everything from helping with the procedures and processes, to pushing government authorities to help SMEs start up and develop their businesses. And so while Oman may not have an ideal entrepreneurial ecosystem yet, Al Abri notes that work has begun in this regard, and the country as a whole –which includes everyone from the population to the government- is adamant on giving this sector the boost that it needs and deserves. Here’s hoping.

Nadia Maqbool, founder, 23 Degrees

Entrepreneur march 2016

Building an ecosystem

Perspectives on the Omani SME sector Chris Broad | Specialist Mentor, Riyada, and Lecturer, Central Bank of Oman’s College of Banking & Financial Studies What’s your personal take on the entrepreneurial ecosystem of Oman? “I think the ecosystem is in some instances very developed; however, there is still a silo mentality and an apparent difficulty in getting all the various components and initiatives workChris Broad, ing together Specialist Mentor, cohesively. The Riyada opportunity is there for an umbrella organization, such as Startup Oman, to provide a hub environment through which entrepreneurs can access experience, finance and skills to be able to go-to-market more effectively. Oman needs a consolidation of the various SME initiatives as well as the development of incubation environments out of government and/or large corporate’s CSR program oversight –we have a private organization in Muscat, called The Lounge that does just that– and they have first mover advantage in this space. You can’t mandate creativity and entrepreneurial thinking by way of government fiat. Big business and entrepreneurship are a natural fit and we must move away from programs that leave entrepreneurs feeling like they’ve become someone’s PR exercise. The problem is the rentier economy, which has led to a dependency and handout culture amongst many. An unforeseen consequence of stability has been the stunting of initiative to the degree that one is asking permission

to think out of the box. It’s a challenging starting point. Whilst it is true that the diversification policy has had many notable successes it’s inherent command and control nature has disadvantaged the economy as it goes into this new reality.

The role startups have to play front and center is critical– however, inertia and dirigiste central planning is a hurdle to be addressed. Oman has a pool of young gifted youth to draw from, and I think if they are given access to alternative sources of funding and regulators get out of their way, the result can only be new business, job creation and economic growth.” What are your tips for aspiring entrepreneurs in Oman? “Stop asking for permission, if you don’t have it– go get it, and stop waiting for the government, or some ‘expert’ to tell you when and how and if you can go about it. They have to be hungry for it. Some just think it’s a cool moniker to bandy about before they get a job as a bank clerk. For me, entrepreneurship is ‘the pursuit of opportunity beyond resource control’ these guys have done this on their own volition.”

DUBAI Currency House, 1st Floor, DIFC P.O. Box:506830 Dubai United Arab Emirates Phone: +971 4 381 6000 Fax: +971 4 325 9209 E-mail: dubai@saxobank.com

ABU DHABI Etihad Towers, Tower no. 3, Unit 1401 P.O. Box: 43082 Abu Dhabi United Arab Emirates Company phone: +971 2 408 8000 Fax number: +971 2 658 3400 E-mail: abudhabi@saxobank.com

COPENHAGEN Saxo Bank A/S Headquaters Philip heymans AllĂŠ 15 2900 Hellerup Denmark Phone: +45 39 77 63 80 Fax: +45 39 77 42 00 E-mail: me-private@saxobank.com

IN THE LOOP Retail Leaders Circle 2016 to gather GCC’s retail industry leaders for a stronger market

T AIM 2015

AIM 2016 hopes to keep Dubai as an international investment hub

Game On Beirut to Host MENA Games Conference 2016 in April

ENA Games Conference 2016 (MEGA 2016) is back in Beirut this year from April 7-8, 2016 for its second edition, with an expected turn out of 800 participants across areas of game developing, publishing, infrastructure providers and online advertising. The event aims to promote and grow the regional gaming industry by offering a platform for regional and

events between investors and industry leaders, the organizers will also provide a platform to help SMEs go global. The speakers come from a wide variety of backgrounds, from FDI experts to industry leaders, including Andrea E. Goldstein, Head of Global Relations, Organization for Economic Co-operation and Development (OECD), Arif Amiri, CEO, Dubai International Financial Centre (DIFC) Authority, and Mira A. Jabr, Global Director – FDI, Conway, Inc. The event boasts of supporting partners that include the Australia Arab Chamber of Commerce & Industry, Arab Business Leaders, and the Indian Business & Professional Council. www.aimcongress.com

international gaming companies and upstarts to accelerate business growth. On the agenda of MEGA 2016 is a series of game development workshops, keynote addresses on MENA’s gaming ecosystem by industry leaders, Q&A sessions and prearranged B2B meetings for business development. Speakers at MEGA 2016 include Jason Della Rocca, co-founder, Execution Labs, Amir-Esmaeil Bozorgzadeh, co-founder, Gameguise, and Brie Code of Ubisoft among others. Running parallel to these events will be the second edition of Arabic Game Jam, an event attempting to encour-

www.retailleaderscircle.com/uae

age the proliferation of regional games, where game designers, programmers or even those just passionate about gaming team up to create an Arabic game in

48 hours. MEGA 2016, organized by the IFP Group, counts Gaming Istanbul, Noridic Game and Game Connection among its conference partners. www.menagames.com

MENA Games Conference 2015

mena games conference image © menagames.com

nder the patronage of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, the 2016 edition of the Annual Investment Meeting (AIM) will take place at the Dubai World Trade Centre from April 11-13, 2016. Organized by the United Arab Emirates Ministry of Economy, AIM 2016 will be a step up from previous editions. In addition to a panel of speakers who are experts in investment, specifically Foreign Direct Investment (FDI), the organizers have added some more events and facilities to the three-day conference. With several exhibitions and organized networking

he New York Institute of Management (NYIM) will be hosting the 2016 Retail Leaders Circle (RLC) in Dubai. The two-day event will take place from next spring from March 22-23, 2016 at the St. Regis Dubai Hotel. Expect a variety of speakers from regional and global retail groups, including Nisreen Shocair, President of Virgin Megastores MENA, Norma Taki, Partner, Retail & Consumer of PwC, and Mert Askin, President, of the Azadea Group’s Food & Beverage Division. RLC has put together a significant advisory board, with big hitters like Saks Fifth Avenue, Landmark Group, and IKEA executives confirmed, meaning that attendees will be hearing about the most pressing retail sector issues. The subject matter goes well beyond sales -what one might expect from a retail-focused conference- with topics including corporate culture and branding, in addition to discussions on human capital (like strategizing staff engagement and retention). Attendees will also have an opportunity to network throughout the two-day conference.

march 2016 Entrepreneur

INNOVATOR

Aubaine at Dubai Mall

Quality control Restaurateur Hani Nakkach on bringing London-based Aubaine to Dubai (and why he’s doing it himself)

“

e don’t franchisenever have, and never will.” That’s the response I get when I ask Beirutborn restaurateur Hani Nakkach about the strategy he used when going about the January launch of the first international location of his Londonbased French bistro, Aubaine, in Dubai. “We decided to open in Dubai when we found the right partner who shares the

Entrepreneur march 2016

By Aby Sam Thomas

same DNA and vision as us,” he explains. “We run every site ourselves, as we want to be sure the quality and brand ethos is always upheld. We managed to build a great team in Dubai, mixed with some veterans from Aubaine London to take care of Aubaine Dubai.”

“We managed to build a great team in Dubai, mixed with some veterans from Aubaine London to take care of Aubaine Dubai.”

And Nakkach himself is on the ground for his enterprise in Dubai- it’s easy to see that he’s a hands-on entrepreneur who is a stickler for

Aubaine at Dubai Mall

detail. “I split my time now between London and Dubai, but have put my focus more on Dubai, especially during the opening months,” he says. “We have The Dubai Mall location up and running now, with the second location set to open its doors in spring 2016 in City Walk 2.” While Dubai may be a

“We run every site ourselves, as we want to be sure the quality and brand ethos is always upheld. We managed to build a great team in Dubai, mixed with some veterans from Aubaine London to take care of Aubaine Dubai.”

Aubaine at Dubai Mall

new location for Aubaine, it must be noted here that Nakkach’s concept that has worked quite well in London- launched in 2005, the enterprise today has ten of its restaurants spread across the city’s various neighborhoods. “Our USP is fresh, honest, French food,” he says. “Everything you eat in Aubaine is made by hand, daily- the bread, the patisseries, the juices, all the dishes offered on the menu.” Adding to the restaurant’s appeal is its exposition of the rather French emotion of joie de vivre: “Aubaine has always had a neighborhood feeling to it, never that of a chain or franchise, and it is that inviting ambience, coupled with the high quality of our food and ingredients, that we have been able to reproduce throughout our other locations,” Nakkach explains. “Aubaine is as relevant for a dinner with colleagues or friends, as for a quick coffee and breakfast, or to pop in and choose some bread and patisserie to take away.” As for Aubaine Dubai, Nakkach is keen for it to reflect the characteristics of its London counterpart- this, he explains, is the overarching theme governing

the restaurant’s growth strategy. “With the Aubaine expansion, I have always been careful to ensure we can maintain our high quality offering, as our clients visit several sites, not just one,” he explains. “The future is to build a highly respected global restaurant group with the aim being to always maintain our high standards of production, service, and ambience. There is a bright future for Aubaine, and I can see us expanding more, especially within the Middle East in the near future.” But why start with Dubai? “Many leading brands in the world have set up in Dubai. Dubai is becoming the culinary center of the region. Plus there is a special connection between Dubai and London lots of our loyal customers live or visit Dubai regularly… Starting up in Dubai was also very exciting for me, as we got to see Aubaine in a different setting, since it is our first international location. I felt very happy with the opening, as it was great to see so many familiar faces and see the amount of costumers we had in our first week. This showed us that the Aubaine brand is a global brand that is known and

loved from London.” But while Aubaine may have the makings of a global brand, Nakkach is in no hurry to expand either- he claims his immediate focus is on the Dubai location. “I would certainly consider opening more sites globally, and of course across the GCC, if we feel the right opportunity arises. However, my immediate concern is to ensure we continue the initial suc-

cess of Dubai. We were delighted to have done 800 covers a day in our first week, and I never want to compromise our quality, and the Aubaine experience and ambience for our customers.” “With the Aubaine expansion, I have always been careful to ensure we can maintain our high quality offering, as our clients visit several sites, not just one.”

Tips for ‘treps Aubaine founder Hani Nakkach “Firstly, have passion. The restaurant business is one of the toughest businesses out there, and it needs hard work and dedication. Second, understand your market. Third, ensure you have consumer touch points within your concept that will resonate with them. Fourth, take your time to perfect the concept prior to finding a site. Fifth, choose your location carefully since the best concept in the wrong place often fails. Sixth, employ experienced people and look after them. Finally, don’t cut corners. Or else, in the long run, you will lose.” Hani Nakkach, founder, Aubaine

march 2016 Entrepreneur

innovator

Picture perfect Shutterstock founder and CEO Jon Oringer

How “Silicon Valley’s first billionaire” grew his startup to dominate the global market By Aby Sam Thomas

Entrepreneur march 2016

shutterstock office iamge © Bilyana Dimitrova / shutterstock.com

e’s been called “Silicon Valley’s first billionaire,” and he’s also been called “the coolest person in New York tech,” but ask Shutterstock founder and CEO Jon Oringer what he thinks about all of these titles that have been bestowed upon him by the press over the years, he seems eager to dismiss them, and direct our attention to his company instead. “Although I love to see Shutterstock in the news, I don’t pay much attention to what people say about me,” Oringer says. “I am focused on growing the business, and making sure that we are delivering the best possible product we can to our customers and our contributors.” At first glance, Oringer’s response might seem a tad too humble coming from an entrepreneur as successful as he is, and hence, a little hard to believe (yes, we journalists are a cynical bunch), but consider his statement with Shutterstock’s current standing in the market as the backdrop. For a company founded only in 2003, Shutterstock’s growth has been truly exemplary- it was once just another New York Citybased startup, but today, it is a global media marketplace (valued at US$2.5 billion in April 2015) featuring more than 70 million pieces of content, an admirable collection that includes images, videos and music, with the website having enlisted more than 500 million paid downloads to date. With numbers like that to boast of, Shutterstock is easily one of the better startup success stories out there- and it’s safe to say that this wouldn’t have been possible without Oringer’s singular vision for his enterprise. By keeping his focus consistently on the company, its products and its clients, Oringer has seen Shutterstock through more than a decade of success, and once you reflect on that for a bit, it’s hard not to nod along to his above proclamation. Shutterstock’s origin story has become somewhat of a legend now, but it bears repeating again because it remains an excellent example of how entrepreneurs need to be solving

a specific need when it comes to setting up an enterprise, and also of the importance of being persistent in one’s road to achieving successOringer is a serial entrepreneur who founded ten companies before Shutterstock turned out to be the hit he was looking for. “I always knew I wanted to run my Shutterstock’s Empire State Building Office own company,” Oringer remembers. “It was just a matter of figuring out what that com- all know what happened afterward. pany was. I toyed with different ideas, “I am proud to say that Shutterstock and some seemed to really take, until revolutionized the stock image industry they didn’t- an online pop-up blocker by throwing out all the complex rights company I ran was toppled overnight and offering a simple subscription when Microsoft Explorer introduced model,” Oringer declares. “It wasn’t a built-in solution into their browser. just that I understood the pain points But the one commonality to all of the in the process- I learned from my own companies I founded was that opfrustration trying to use a traditional tions for affordable stock imagery for stock-imagery company, and I looked for ways to make it better.” And Oringer did make it better- that “I always say I want to is essentially why Shutterstock today hire entrepreneurs. has over one million active customers These are problemin 150 countries around the world. But it’s important to note here that Shutsolvers by nature and isn’t resting on its laurels- on self-starters by habit. terstock the contrary, the company is keeping You can never have a close tab on whatever is being said about it or the industry around the enough people like world, and is on a seemingly relentless that in your company, pursuit to better its offerings for its whom you trust with customers. I realized this first-hand the work that needs when an obscure tweet I made about the difficulty of finding the right stock to get done.” image led a member of the Shutterstock marketing or websites were incredibly team to get in touch with me, and limited. So I set out to take my own further, give me a potential solution to pictures and to license them to others the problem I was facing as well. This at a nominal cost. I shot 30,000 images whole episode took me by surprise- a in the first year alone. I coded the site pleasant one, of course, but it bears myself, and we were off and running, testimony to the importance of compaback in a time when there were not a nies, be it startups or conglomerates, lot of tools out there to help you start keeping an ear to the ground in terms of your own business. As an entrepreneur customer feedback. “We have a healthy and a business owner, I knew who my feedback loop with customers,” Oringer customers were, and the challenges says. “They tell us through research we they faced trying to find the right imlead and customer-service inquiries age to market their business.” And we they initiate what they want more of. >>>

march 2016 Entrepreneur

Entrepreneur february march 2016 2016

image ÂŠ infinity pixels / shuttersock.com

innovator Opposite page: Jon Oringer, Shutterstock founder and CEO in front the of the New York Stock Exchange after ringing the bell to start trading under the ticker SSTK

top to bottom: iamges © Bilyana Dimitrova / shutterstock.com | pio3 / shutterstock.com

Shutterstock’s Empire State Building Office

Our tech and UX teams are responsive to what we’re heading, working in tandem with the support teams to ensure that customers are a major component of what drives our decisions and innovation. Then we hear again from the same customers about how satisfying it is that their suggestions and messages were heard and acted upon. As the CEO, that commitment to customer service starts with me. I learn something new on Twitter every day, paying close attention to what people are saying about us and our products. If you run a company from inside a closed-off world where the only people you interact with are your own executives, you’re not doing your job right. Everyone here is responsible for customer service to some degree.” Shutterstock’s dedication to its customers is also reflected in the acquisitions it has made in the past few years. In January 2015, Shutterstock acquired Europe’s largest independent photo press agency Rex Features for $33 million, and stock music and sound effects service PremiumBeat for $32 million. “Our first major acquisition was WebDAM, which gave our customers a better tool to keep track of and collaborate with all the imagery and assets they purchase from us,” Oringer remembers. “As I looked to scale our business over

recent years, we identified the areas we wished to pursue, and when we assessed the landscape, these were the companies that shined. We bought Rex Features and PremiumBeat because they’re the best at what they do- editorial imagery and music. REX (now REX Shutterstock), and our partnership with PMC have quickly allowed us to ramp up the editorial content we are able to offer our customers.” In the meantime, Shutterstock continues to innovate from within as well. “Moving forward, we are growing Shutterstock to include workflow tools for busy marketing and creative professionals,” Oringer explains. “In December, we released Shutterstock Editor, a fast and simple way to edit photos. The response to it has been fantastic. And we’re just scratching the surface with tools that can help our customers have a better experience.” Oringer’s drive to continuously innovate at Shutterstock –and succeed at that too, by the way- is particularly interesting when you consider that the company is, well, no longer a startup. So, one has to wonder: how has Oringer managed to maintain that entrepreneurial mindset with which his >>>

Start up like a pro Shutterstock founder and CEO Jon Oringer’s tips for entrepreneurs 1. Start building “Whether you’re an engineer building websites, or a photographer building your portfolio, there’s no excuse for not getting started right away. You’ll learn more at the beginning of the process than at any other time.” 2. Love the unknown “The best business ideas come out of seeing what’s not there, what’s not available. Think about why it’s missing. Is it actually impossible, or has nobody gotten there yet? That’s the key question to success.” 3. Believe in yourself “Each time one of my businesses failed, I dusted myself off and looked for the next big opportunity. Blame timing, the idea, other factors, really anything else, but don’t blame yourself. I actually launched four businesses at once, figuring that might increase my odds at finding the big idea that would carry me. Dare to be daring.” 4. Trust market research “Ask your friends what they think about the problem you’ve identified and listen to their feedback. If you can find people who are directly impacted by the problem, that’s even better. I wasn’t a born photographer, but I grew into it because I was witnessing the passion and enthusiasm photographers carry with them every day. I wanted to be a part of that.” 5. Take big risks “Don’t be disheartened by failure, embrace it. Have the courage to experiment and the willingness to stick around when the odds are stacked against you.”

Shutterstock’s office

march 2016 Entrepreneur

innovator

Shutterstock and the Middle East Jon Oringer on his company’s presence around the globe

company was founded in the first place? The answer: it’s all thanks to the people at Shutterstock. “I always say I want to hire entrepreneurs,” Oringer says. “These are problem-solvers by nature and self-starters by habit. You can never have enough people like that in your company, whom you trust with the work that needs to get done, but also with the vision to foresee where we should go next.” Oringer also points toward diversifying a business as a way to stay true to its startup origins. “You can also maintain the small-business feel by launching other arms of your business,” he explains. “Our enterprise sales team kept on hearing from clients that they wanted higher-end photography to license, so we decided in 2013 to create Offset. This team of 10 sits among us, shares resources and support from Shutterstock, and helps remind us of how much you can get done on a given day if you work together. Offset, in some ways, resembles the early, scrappier years of Shutterstock. In addition, every summer we host an annual hackathon for our employees, where

Entrepreneur march 2016

they have 24 hours to form teams, develop an idea, and collaborate on a tool or feature that they can show off to a judging panel of executives. I served as a judge for our inaugural hackathon; however, I really wanted to be out there hacking with the rest of the people. These events are a great opportunity to get back to basics. This year we launched a product, Shutterstock Tab, that was a direct result of one of our hackathons.” What about Shutterstock’s competition in this space? Oringer doesn’t seem too worried, and brings it back to Shutterstock’s culture. “If we’re committing to the right strategy and innovation, we don’t need to pay any attention to what the competition is doing,” he says. “We focus on executing our plan, and moving forward.”

“In December, we released Shutterstock Editor, a fast and simple way to edit photos. The response to it has been fantastic. And we’re just scratching the surface with tools that can help our customers have a better experience.”

regular lives. We’re making strides to get to know the local traditions and creative preferences. These artists know their craft and their region best of anyone, and we leave the camera in their hands. It’s our job to find them, bring them aboard, and to showcase their beautiful imagery. We work closely with Dubai-based photographer Daniel Cheong, as an example, whose architectural images from Dubai and surrounding cities can be found on Offset.” Dubai-based photographer Daniel Cheong

shutterstock.com/editor | www.offset.com/artist/Daniel+Cheong | offset image © infinity pixels / shutterstock.com

Shutterstock Offset

“International growth has been key to Shutterstock’s growth strategy. We want to be everywhere for everyone. That takes time. But we’re on the right track: 70% of our business comes from outside the United States. Authenticity is the name of the game these days when it comes to marketing materials and showcasing your brand. Our data shows that the demand for images of Middle Eastern people is the fastest-growing change among searches year over year. The Shutterstock collection is constantly adapting to reflect diversity and the world we live in today. We need to offer local content to our customers, no matter where they are. We’re always actively recruiting new contributors to help us, asking them to shoot their friends and family and their

march 2016 Entrepreneur

ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

how to be an ethical leader

Action this big idea for 2016

By Suhail Al-Masri

e can’t really discuss ethical leadership without looking first at ethical behavior. Ethical behavior, in its simplest form, is knowing and doing what is right. The key to having an ethically-run company is employing morally upstanding leaders. In her book, Seven Lenses: Learning the Principles and Practices of Ethical Leadership (2013), author Linda Thornton says that getting employees to act ethically in the workplace starts at the top. In fact, managers should realize that their actions have a trickle-down effect within the company; employees will likely follow the lead and model their actions. With the awareness about the importance of business ethics, Bayt.com embarked on a research journey into Ethical Leadership in the Middle East, which we did in collaboration with Canadian University Dubai (CUD). The poll showed that the building blocks for a more sustainable form of leadership in the region indeed exists. Many define business ethics as being socially responsible We often hear about the negative impact of making ethical mistakes in business. We hear about fines, boycotts, and very embarrassing scandals that make us doubt the very integrity of organizations we admire. What we don’t hear often about are the benefits of ethics, and how ethical leadership can have a positive ripple on business- especially when it’s programmed into an organization’s corporate

Entrepreneur march 2016

culture. These days, it’s more important than ever before to program ethical leadership by having set ethical guidelines and

procedures. Leaders who understand this are more likely to attract top employees and clients. When they set the

right example for other employees, they help create an environment that encourages good corporate citizenship, and that motivates employees to perform better and more innovatively. The majority agree that everyone is responsible for being ethical 37% of respondents in the Bayt.com poll on Ethical Leadership in the Middle East view business ethics not just as being legally compliant, but also engaging in sociallyresponsible activities. 65% see ethics as the responsibility of everyone in the organization. In your effort to promote ethical behavior throughout the organization, try to develop a transparent work culture to both your employees and stakeholders. Make sure that company information >>>

infograph © bayt.com

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is always available to those who need it, and demonstrate transparency in your decision making process. Employees are much more likely to reciprocate when managers exhibit trustworthy behavior. Leaders are setting positive examples Ethical leaders are those who display a good image of the business, and in turn, attract and retain the best talents. Good news is, 75% of professionals in the Middle East affirm that their managers often set an example of how to do things ethically, as revealed in the Ethical Leadership in the Middle East poll of January 2016.

Have a clear code of conduct. Codes of conduct are required to help employees discern the different shades of grey in the ethical continuum. It is essential that training and explicit discussions about ethical issues are conducted regularly. Leaders are listening to their employees Develop an honest work environment where employees can report unethical behavior without fear of punishment. No one wants to be considered a

Entrepreneur march 2016

snitch, so gain confidence and trust by providing a private space to discuss any concerns anonymously. Investigate the claims fully, before jumping to conclusions, while maintaining the anonymity of your employee. Then discipline or reprimand, if necessary, in order to establish that some actions are not accepted, and will not be tolerated. 72% of professional respondents in the same poll (Ethical

Leadership in the Middle East) say that their managers discipline or reprimand employees who violate ethical standards. Leaders are talking about ethics According to our poll on Diversity of Thought in the Middle East, released in October 2015, 88% of professionals in the region are comfortable sharing their views at work, even if it goes against the majority. Today we see more and more leaders who are encouraging their employees to communicate freely and openly and not restricting their thought process and ideas. By doing so, a leader would not only be promoting an environment of honest and open communication, but also showing staff trust and respect. At Bayt.com, for example, we offer an online platform, Sawtna, where employees can voice their

concerns. We also conduct town hall meetings across our offices so employees can interact with management and give their feedback on issues that affect them. Recommendations: How managers can program ethics into their leadership style We can’t talk about ethical leadership without providing a guideline to managers who want to program ethics into their corporate culture and leadership style. Here are seven ways managers in the Middle East can promote ethical behavior: 1. Don’t think about ethics as just following laws and regulations. Leaders need to take action and show consumers and other stakeholders that they are actively engaged with ethical issues that matter. Recognize how ethics influences consumers’

reasons to buy from you, and demonstrate a commitment to go beyond mere compliance with laws and regulations. They must prove that they are committed to ethical issues, including human rights, social justice and sustainability. 2. Care about people before profits. Realize that the triple bottom line of people, planet and profits is not only about prioritizing people over profits, but also thinking about how your company affects the planet and adopting environmentally-friendly ways of doing business. 3. Ethical behavior is reciprocal. Employees are more likely to reciprocate when their managers exhibit trustworthy behavior, so it is important to demonstrate fairness and transparency in all your decisions. 4. Democratize decision making. Asking for feedback and suggestions from your staff will show trust and respect for their opinions. 5. Share and delegate. Sharing information with and delegating tasks to your team will empower and motivate them, yielding tremendous dividends in their creativity. 6. Communicate. Being an ethical manager is about clearly communicating what is acceptable behavior, and what is not, and ensuring your employees understand that you have an open door policy to discuss any situation where an ethical decision is

needed. Prevention is better than cure. 7. Have a clear code of conduct. Codes of conduct are required to help

employees discern the different shades of grey in the ethical continuum. It is essential that training and explicit discussions about ethical issues are conducted

regularly. Include ethical behavior in performance metrics and employee reviews, and set the right cultural tone right from the start.

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. march 2016 Entrepreneur

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Sending the right message Seven body language cues entrepreneurs need to be aware of for effective communication

By Neil Petch

hether we realize it or not, we are constantly giving off body signals that affect how others perceive us. Body language is in fact so important that it is actually thought to account for almost 60% of our effectiveness in communication. This means that the success in which we convey our message is in fact more dependent on our body language than it is on our words. In a business context, body language can be considered a skillset that you would be wise to develop and refine. To some it comes naturally, but I’ll bet the great communicators have spent their fair share of time in front of the

mirror practicing hypothetical deliveries. With that in mind, this article takes a look at some of the obvious and not-so-obvious body language cues and movements and actions that the entrepreneur can practice up on. Pick one or two to work on this coming week in your meetings with clients and colleagues, and as you do, see if you can gauge the effect they are having on the other person. Perhaps you will get a sense of a higher level of trust or comfort coming back to you, which is often exactly what the master communicator is after. 1. Smile

Let’s start with an easy one: remember to smile, and make it genuine. Smiles are contagious, and studies show

that going into a business discussion wearing one can help reduce the often high stress levels or tension that are part and parcel of the corporate world. Studies also show that a simple smile encourages those you are talking with to open up more quickly. And here are a few fun facts: according to research by the science journal PLOS ONE, smiling in the workplace can increase your chance of securing a promotion, and smiling in general makes you appear more intelligent to others.

Studies show that gesturing with your hands naturally while you speak will help improve your credibility, and there is also evidence that it actually improves your own thought process. 2. Master the handshake

While you’ve probably heard about the power of a handshake countless times by now, it still has to be added to this list. A strong handshake goes a long way in how you are perceived–

particularly by those who you are meeting for the first time. Many psychologists state that on average, we judge a person within seven seconds of meeting them, and according to the University of Iowa, a solid handshake is more important than our dress sense or personal appearance when it comes to how positively or negatively we are perceived. So how to do it right? As you would expect, avoid extremes. This means no vice-like grip, and no damp squib. Go for the firm, natural grasp, and ensure you make eye contact, as that is a display of respect and openness. 3. Posture and positioning

The obvious ones here include sitting up straight, shoulders high, and head held high, all of which helps convey professionalism. You’ll also want to lean in slightly, which demonstrates that you are focused. Keeping arms and legs uncrossed lets others know that you are ready to listen. Finally, studies show that planting your feet firmly on the ground can help you feel more confident in your position in the conversation.

4. Mirroring

This is a favorite body language technique of great communicators. Mirroring is simply the act of playing a person’s own body language back to them. For example, watch for how they position themselves: if they lean in, do so too. If they gesticulate in a certain way, work in a similar gesture from time to time. It goes without saying that you don’t want to make this look obvious. It’s not something the other person should be aware that you are doing. Rather, it is some-

Entrepreneur march 2016

them into or crossing them over the body. This gives off an air of openness and can even help you better absorb what’s being said. So do a little mirror practice on this one and work it into your next conversation. 6. Perfect your gaze

thing their subconscious will pick up on. And so what does mirroring achieve? Studies show it can lead to the other party being more open, which can lead to them revealing more information, making it useful in a negotiation setting.Studies have also shown that mirroring tends to foster a climate of collaboration and cooperation. 5. Keep your hands in check

Some of us are big on the hand movement without even realizing it. Others keep the hands firmly in check with little movement throughout discussions. Whatever your style, hand movement plays a big role in how you are perceived by others. Gesticulate too wildly and you will come

Touch is the most primitive non-verbal method of communication that we possess, and using it at the right time and in the right way can help us get our message across far better than anything we say. across as being overbearing; keep your hands clasped and rigid and you give an impression of being nervous. Studies show that gesturing with your hands naturally while you speak will help improve your credibility, and there is also evidence that it actually improves your own thought process. Just keep in mind that when you are listening, it is best to keep your arms more still, by your sides rather than drawing

So many people struggle here, but it’s perhaps the single-most important thing a communicator can do. This is however not to suggest you should be holding perfect eye contact the entire time. In fact, you should be aiming to make eye contact for around two-thirds of the time that you are in conversation– more when listening, and less when speaking. The science behind it all reveals that any more than that and you actually come off as rude or that you are overtly attempting to display control or dominance; while any less makes you appear uneasy or even nervous. Another benefit of making the right amount of eye contact is that it helps us read the emotions of others and react to them accordingly.

7. Get the golden touch

Touch is the most primitive non-verbal method of communication that we possess, and using it at the right time and in the right way can help us get our message across far better than anything we say. Let’s go back to the handshake. A recent study by America’s Income Center showed that people are two times more likely to remember someone that they have shaken hands with versus someone they simply said hello to. Handshakes aside,

Keeping arms and legs uncrossed lets others know that you are ready to listen. Studies show that planting your feet firmly on the ground can help you feel more confident in your position in the conversation.

you can also use touch to your advantage throughout your conversation (where appropriate, of course, and always taking into account cultural considerations). One such tactic that many in the business world use is to lightly touch the arm of the person they are speaking to while saying their name. This very direct method of addressing the other person can evoke positive feelings and a sense of personal value. Now these touches should, of course, be natural and subtle, and they should be incredibly brief– in fact, it is thought that it only takes one-fortieth of a second to make a connection in this manner. The vast majority of body language cues are involuntary and subconscious. So while it is certainly worthwhile to try a few of these in your next business meeting, in general, the goal is to start becoming more aware of the types of messages your body can send without you realizing it, and also what the other person might be saying with their own subconscious movements and actions. As we have seen above, the body has the ability to reveal whether someone is listening, interested, to be trusted, and so on. In other words, for the astute body language expert, body language could end up playing a considerable role in influencing business outcomes.

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. march 2016 Entrepreneur

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Five common mistakes to avoid and why your business will be better off By Karl Hougaard

Entrepreneur february march 2016 2016

or the vast majority of new businesses, sales is at the top of their minds, day in and day out. While it is hard to rank tasks according to importance (it literally seems as though everything matters at a startup, doesn’t it?), we have to look at early sales success as key not just to growth, but to survival as well. And so unless you’ve got the luxury of investor money that allows you to hire a sales team, it’s an activity that will be taking a lot of your time as the startup founder. Here are a couple of interesting facts for you– the second of which really gets me thinking: 1. Full-time sales positions currently account for over a tenth of all jobs in the United States. 2. Of that mammoth sales force, 20% deliver over 80% of the revenue. Why is that second figure of particular importance to founders? Because, and to paraphrase business guru Peter Drucker, it reminds us that it is not simply a matter of doing the right thing, but doing the thing right. Get good at sales and the payout is a financial one. Stay mediocre, and the outcome could be far worse than simply remaining mediocre– on the young business front, it could result in complete failure. Personally, I feel that the majority of people who fail to sell do so not because they can’t too many salespeople are afraid to initiate conversations regarding price, when really it is nothing to shy away from. Having discussions around price early on signals your intent from the outset, as well as giving the potential buyer complete transparency. You may have to get the requirements. But it is pretty much always possible to give a range.

or because they don’t try hard enough, but because many of them make one or more of the all-too-common sales mistakes I’m about to outline for you– and simply get stuck in these bad habits. Now, of course, we all make mistakes from time to time, but again we have to stress that errors in the foundation of your sales process are hard for the startup to survive with for too long. 1. Neglecting to prospect

Let’s start with the basics: one of the main reasons why businesses fail to sell is because they neglect the need to get out there and find enough prospects in the first place. Prospecting for sales is the first and arguably most vital stage in the sales process, and yet still many entrepreneurs put it off– either because they don’t like “going in cold” or because they feel they have enough customers and therefore don’t need to find anymore. But it’s nothing short of fear and apprehension that is holding you back, and it’s the single-biggest mistake you can make. Before we get to the ABC (Always Be Closing) stage that Alec Baldwin made so famous in the absolute classic sales film Glengarry Glen Ross, remember that something comes before it: ABP. Always Be Prospecting. If you fail to do this, get ready for frustrations and a massive level of stress. Procrastination is one of the biggest causes of stress, and procrastinating on the sales prospecting front will weigh hard on you. Of course it’s important to look after the customers you already have, but the fact is not all customers are going to be around forever. According to Business Brief, most businesses lose 14% of their customers every year. This means that steady prospecting must be a core part of your business plan.

2. Sticking too tightly to the pitch

Of course a high-impact, engaging presentation has its part to play when it comes to sealing the deal, but it needs to be remembered that it is not the be all and end all. I have seen far too many entrepreneurs and salespeople alike slave over presentations for days on end, only to get in front of a potential buyer and deliver the pitch in minute detail, paying little or no attention to the reaction of the client– and therefore failing to act on vital buying signals. Sales is, after all, very much about building relationships– and as the saying goes, only fools rush in. Take the time to understand your prospects’ challenges, educate yourself on their business, and demonstrate your value to them.

Yes, if you give a presentation (and you don’t always have to, mind you!) it needs to be slick, but don’t let it dictate the flow if things end up going in another direction. Ask yourself why you are there. It is about helping you and the prospect identify if there is a need for what you offer, then presenting your case in the right way –with the right words and the right timing– to make yourself and your products or services look favorable. Sticking to the script too tightly can end up having quite the opposite effect. Get your presentation tight and then deliver it naturally, but be ready to change tact if needed, rather than relying too heavily on your slide show and missing out on any potential jumping off points for conversation. 3. Not being a good listener

Asking the right questions is of course vital to any sales conversation, but then make sure you are listening to the answers. Whether it is a sales >>>

march 2016 Entrepreneur

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4. Being coy about price

discussion, a discussion with your partner, or a casual conversation with someone you met at a business or personal function, everyone loves a good listener. Just think how good you feel when you are in the company of a good listener. They make you feel comfortable, and you just want more of them. For the salesperson, I can’t think of a more endearing and indeed necessary trait. A good listener looks you in the eyes, gives no indication whatsoever that they are about to interrupt, says yes and nods at just the right times without overdoing it (so as not to distract or disrupt the speaker), and is, ultimately, truly listening. He or she takes in the words, and when that is being done honestly, the speaker senses it. In any sales conversation it is the prospect that should be doing the vast majority of the talking– as much as 70% in my opinion. So rather than diving head first into a sales pitch only to come up for air at the end to ask about next steps, let the prospect lead. Start with questions and get

Prospecting for sales is the first and arguably most vital stage in the sales process, and yet still many entrepreneurs put it off– either because they don’t like “going in cold” or because they feel they have enough customers and therefore don’t need to find anymore.

the person talking, and you will see that after five or ten minutes you are in a rather comfortable place. Then you can decide together whether your prepared presentation is needed, or if you just continue the conversation (I prefer the latter 100% of the time). Really, this all boils down to recognizing that sales is first and foremost about solving a customer’s problem. If you understand exactly what a prospect is saying you’ll be better placed to offer them a solution and therefore secure a sale (if there is a fit). So listening is nothing short of an essential survival skill for the salesperson. It gets you to the answer you need faster than any of your own smooth talking will.

There are many salespeople out there who will tell you that one of the tricks of selling is to build value first and then talk about price. Personally, while I can see the logic, I’m not so sure about this approach. Coming at a sale in this fashion tends to result in a potential buyer that can never really get too carried away with their interest in your offering because at the back of their mind they’re wondering whether it is even affordable or not. The mistake here is that too many salespeople are afraid to initiate conversations regarding price, when really it is nothing to shy away from. Having discussions around price early on signals your intent from the outset, as well as giving the potential buyer complete transparency. So rather than hooking them in and convincing them to buy, let them know exactly what their commitment will be early and then use the rest of your time to demonstrate just why your offering is worth it. Of course, you may not know the exact price upfront. You may have to get the requirements. But it is pretty much always possible to give a range, so if that is the only way, then do it. And yes, that range can be broad if necessary. You don’t want to lock yourself into something unrealistic and have to backtrack later. 5. Not knowing how to close

This one is in large part about timing and communication. Try to close too soon and you could be waving goodbye to a fantastic opportunity. Wait too long and someone else will most likely snatch that

Get your presentation tight and then deliver it naturally, but be ready to change tact if needed, rather than relying too heavily on your slide show and missing out on any potential jumping off points for conversation.

opportunity right out of your hands. The case for not jumping straight to the sale is clear. Sales is, after all, very much about building relationships– and as the saying goes, only fools rush in. Take the time to understand your prospects’ challenges, educate yourself on their business, and demonstrate your value to them. If they are in fact a genuine prospect, then by doing these things you are giving yourself the best possible chance of securing that sale. However, that’s not to say sales success is done by staying casual about the contact or giving that prospect his or her distance. Far from it. When to make contact, how to make contact (what to say), and how often to make contact is very much a gut feeling-led exercise, and you have to develop killer instincts in this respect. The key is to look at the close as part of an ongoing consultative relationship rather than something that is going to be a quick one-off transaction (that is, getting a yes or no at some point based on very little discussion almost never happens in B2B). This means that events dictate the timeline and not vice versa. The sale can come at anytime throughout this process, and so that finesse you develop based on your finely tuned instincts is what dictates the actions you will take to give yourself the best chance of securing that sale.

As Head of Sales & Marketing at Virtuzone, Karl Hougaard ensures the company maintains its position as one of the fastest growing business setup operators in the Middle East region. Houggard was, in fact, a customer before joining, having owned and operated three different companies set up by Virtuzone. Karl started his career as a senior manager with Primovie, the Cinema Operations arm of Primedia Ltd in South Africa, which saw him relocate to Dubai in 2001 as part of the group’s global expansion plans.

Entrepreneur march 2016

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Nothing will replace a face-toface connection. But, more often than not these days, a potential buyer will search you out in Google before stepping foot in your store. That’s why, in 2016, it will be more important than ever to create easily accessible information so potential customers can learn everything they need to know about you, your products, services, and business philosophy before they pick up the phone or walk in the door.

3. Where do they go to get information?

Show what you know Five essentials to consider for your content marketing plan

By Cheryl Tan

re you using your marketing strength to ensure the success of your business? And before you say yes, ask yourself if all of the pieces of the puzzle are actually synergistic, and operating as parts of a whole as opposed to standalone campaigns. While developing a content marketing plan, you may be creating a strategy that encompasses ad buys, media mentions, and customer appreciation events. A key aspect to center on is thinking about a content marketing plan that will serve to highlight your company’s expertise. Why is this important? Nothing will replace a faceto-face connection. But, more often than not these days, a potential buyer will search you out in Google before stepping foot in your store. That’s why, in 2016, it will be more

Entrepreneur march 2016

important than ever to create easily accessible information so potential customers can learn everything they need to know about you, your products, services, and business philosophy before they pick up the phone or walk in the door. What kind of content should you create? Start with asking and answering the following essential questions prior to fleshing out your strategy: To figure out what kind of content to create, picture your ideal client. Then, jot down 10 ideas. Those ideas will take your buyer on a journey. Imagine that buyer coming into your business knowing nothing. What does that buyer need to know to become knowledgeable about your field? What trends are happening in your industry? What are the rules of doing business in your office? Write down article subjects related to what they need to know about your product or service.

1. What are your content goals?

Yes, creating content for your business is critically important. But before you head down this path, determine what you want to achieve from a good content plan. It’s a lot of work, so figure out what results you want from the content before you create it. Do you want more local customers? Do you want to be seen an as expert in your industry? Do you want more signups to your newsletter? And this is crucial: how will this new exposure turn into paying customers? 2. Who is your customer?

As much as we want everyone to love us (and everything we sell), you have an ideal customer. Take a good hard look and figure out who this perfect person is. Are you trying to reach young couples, single moms, or retirees? Are you trying to reach a certain culture? A certain spend? Determine who your ideal client is and know everything you can about that person’s desires and what exactly they are willing to pay for.

Where does your potential client show up to get information? Are they active on social media? Do they read the newspaper? Watch TV? What can you do to show up in the same places they are? Once you create your content, place your content in the locations where your buyers hang out. If you’re creating great content relevant to your business, and no one actually sees it, then it’s pretty much wasted time, money, and effort. 4. Have you chosen a format that makes sense for your staff and for your audience?

Podcasts are exploding in popularity, but is that where you will find your target market? How about video tutorials? Does your audience engage with them? Maybe the written word is still the best bet for your enterprise. Determine this: will you create your own audio in a podcast, put together a series of videos on your product, or create a blog with consistent, informative articles? Maybe you decide on all of the above. Plan for that, too. And put it on the calendar so you are sure to finish the project. 5. Are you creating content that speaks to your clients and customers?

There’s a lot of information on the Internet these days. You may wonder why it’s impor-

tant to add your views to the mix. With so much noise out there, it’s critical your voice is there to represent your company’s values and beliefs. To figure out what kind of content to create, picture your ideal client (revisit point 2 for this). Then, jot down 10 ideas. Those ideas will take your buyer on a journey. Imagine that buyer coming into your business knowing nothing. What does that buyer need to know to become knowledgeable about your field? What trends are happening in your industry? What are the rules of doing business in your office? Write down article subjects related to what they need to know about your product or service. You can also create content responding to the questions you get over and over from current customers. creating content for your business is critically important. But before you head down this path, determine what you want to achieve from a good content plan. It’s a lot of work, so figure out what results you want from the content before you create it. Do you want more local customers? Do you want to be seen an as expert in your industry?

Once you have potential article topics, plot those topics on a calendar. Then sit down and write your article, record the podcast, create the video. Deliver that content consistently and by the end of the year, you will have a bank of articles, videos, or podcasts that will be a valuable resource for current customers and ones that come around in the future. The best way to get in front of new clients is to show what you know through the content you create. Cheryl Tan is the founder of Tan Media LLC, a media strategy consulting company based in Virginia Beach, Virginia. Get more media & marketing tips at CherylTanMedia.com.

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Retaining founding principles can be tough Executive coaching can support you as you face real enterprise challenges

ast-growth businesses, led by energetic, high-paced, inspirational visionaries, who have the ability to generate innovative ideas and translate (some of) these into practical commercial applications, often face challenges that result from a business’ own success. How can this be? Surely fastgrowth businesses, characterized by the practical realization of an entrepreneur’s own vision and drive, evidenced by measures such as improved market penetration, profit growth and hiring more people, means that everything is “heading in the right direction,” right? Well, it’s not always so. Growing pains can lead to the entrepreneur feeling distanced from the front-end of the business. This can occur as the founder feels or sees the customer-facing part of the business failing to meet the standards of service-delivery that he/she identified as the vital defining qualities to differentiate it from the competition. The fundamental principles and values that had been the key ingredients of the founder’s original vision become diluted. This can be caused by employees not having the same levels of engagement, drive or commitment to the cause upon which the business’ very foundations have been built. This is not an uncommon challenge. As businesses grow, expand and develop, retaining the founding principles can be tough. How to meet and defeat such challenges is the key question. Going into denial isn’t an option in these situations. An appreciation of the reality

that as a business grows, not everybody who comes on board shares the same level of enthusiasm or commitment to the organization’s vision, is needed. Employee engagement is commonly accepted as a real challenge in large operations– indeed there are an array of management consultancies that offer such services, to support their clients in the areas of employee recruitment, on-boarding, continuing engagement, development, and retention. However, such issues can also apply to businesses of much smaller scale. Even as a startup (and sometimes especially as a startup), solving these will require investment in employee engagement and relationship management from the leader to secure the continuous delivery of their vision. No matter how passionate you are about your USPs, there will come a point where you have to rely on

others to continue to embrace and deliver the standards that you originally set. Yes, it’s that much-feared word: delegationletting go, when you previously had a strong and singular grip on the business’s differentiators. Now, you’re faced with the challenge of inspiring and leading others, so they can deliver the standards that are embedded in your founding DNA. Creating an environment where your colleagues “get” you and can (if not emulate you) represent your ideals and principles, is possible. This is where having a sounding board, such as an executive coach, can support you in handling the transition from being hands-on to being hands-off, but staying in control of the strategic direction of the business. Such a transition is never easy and there will undoubtedly be challenges along the way. However, there is nothing more certain than change, and it’s all about how you manage change and provide the leadership that is expected of you. Good leadership is evidenced by what happens when you are away, not what happens when you’re there. By Martin Braddock

march 2016 Entrepreneur

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the roles that you play. And so, it’s essential to your very basic ability to Live that you plan in a way that you can give the greatest energy and attention to all that you do. The moment you start feeling that you really aren’t in control- that’s the edge. It’s not the time to plan, it’s the time to act. Here are three things to keep in mind when doing just that: 1. Know your highs and lows

Get in control

Three tips for an energy-efficient lifestyle

Realizing the best hours of creative vs. analytical thinking, keeping meetings short, and limiting distractions all serve to maximize on the energy put into performing during those hours. Energyefficient planning on a dayto-day basis will take you a long way.

CULTURE

2. Schedule in social events and days off

Isolation is a stressor, and so making time to meet people is one thing you can control and work to your advantage. You’d also be doing yourself a tremendous favor by planning your days off ahead of time– preferably pacing yourself to avoid burnout. 3. Keep the bigger picture in mind

The main reason we’re all running to get things done is to be able to live the life we want. If the journey is a complete mess, you can’t exactly say that you’re on your way. Work towards goals, plan your journey, but remember that life happens while you’re busy making plans.

By Shoug Al Nafisi

t’s ironic how the more we move towards faster workflow and “productivity” (as a measure of just getting more done), the more of a need we have for wellness programs, both corporate and commercial, and the more we find ourselves fighting chronic stress-related “malfunctions” or setbacks. So, in other words, the more we attempt to accomplish, the greater the risk we are at for burnout, and the greater the risk we have of being hit with any one of the numerous health issues that impede our very basic ability and pleasure of Living (yes, with a capital L). If that says anything, then it is that it’s time we realize the tremendous misfortune in that formula, and reroute before we’re at the edge of the cliff.

Chronic stress has been linked to all sorts of illnesses, and will probably continue to be associated with a myriad of health obstacles. Unfortunately, when we do realize that we’re feeling the pressure and things are out of control, we’re already teetering on the edge. Unfortunately, that is when we tend to either a) plan time off or b) break down. Either

way, it’s too little too late. Part of not losing control is to account for the energy that you allocate to the different things you do, and roles you play. Tony Hchaime, a high performance coach, believes timemanagement is a total waste, and I believe that too. Being energy-efficient is key to not only being productive, but also to being satisfied in all

TREP TALK ME THE BUSINESS W Gents Salon THE ‘TREP Co-founder Omar Al Busaidy Q What are your top three tips for MENA entrepreneurs looking to start a business? A “Build relationships; it will take you a long way. Ignoring this will not even get you off the ground because we live in a high-context cultural environment, and building trust and credibility is on the top of the pyramid when wanting to do business in the MENA region. Second, research is absolutely crucial. Many people that I talk to take this for granted and feel that they know just enough to get started. You can never be too sure, in some industries there is a lack of transparency and sometimes the rules and

regulations aren’t that clear which could take you back ten steps when wanting to start your business. Third is differentiation; many startups imitate and don’t innovate, we see that with many businesses especially in food and fashion. If you want to have a loyal customer base, you need to be innovative and creative so as to stand out from the crowd.” www.wgentssalon.com

march 2016 Entrepreneur

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business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

CULTURE

Jade Buddha and Hamsa bracelets

WristGame Jo founders Zaid Amer Rahhal and Mazen Rid Hashem

Start ‘em young Jordan-based teen ‘treps launch accessories line By Pamella de Leon

hile they may be only 16 years of age, IB students Zaid Amer Rahhal and Mazen Rid Hashem are no strangers to the entrepreneurial itch. Motivated by Rahhal’s affinity to sell items to friends and family, the teenage duo decided to launch WristGame Jo in July last year, an accessories line designed for anyone to wear, made of beads, leather, silicon and

Lion Head bracelet

electroplated metals at affordable prices. It’s interesting to note that driven by Rahhal’s concern for his homeland and its youth’s future, the startup donates a portion of its sales to Al Monasara Islamic Zakat

Committee for Palestinian People, an initiative based in Jordan to provide assistance to Palestinians in Gaza and Jerusalem. Don’t underestimate the young pair though, as even prior to launching WristGame Jo’s website, with a mere US$200 funding from their parents during the soft opening, they already had nearly 70 customers and sold nearly 120 bracelets. Following the website’s launch, Rahhal estimates that they had around 160 customers and sold around 400 bracelets, with nearly nine out 10 customers providing positive feedback. To assess their market opportunity, the duo utilized Instagram to figure out whether the products were worth selling. WristGame Jo’s bracelet collections are themed: the Lion Head bracelet represents power and strength, the Hamsa bracelet signifies peace, and the Hook and Anchor bracelet denotes persistency. Rahhal admits that as an en-

Unluxury Juste en Clou bracelet

trepreneur, losing motivation is not uncommon, and that he gets back on track by setting his priorities straight: “It’s -without a doubt- not an easy task to take on, but every time I remember the smiles and excitement people have when receiving a bracelet, it drives me to keep developing my collection.” Watch out, world, for while the duo may still be in Jordan, they do have the rest of the MENA (and eventually the world) on their agenda. And just for the record, one of Rahhal’s reasons for launching his enterprise is “financial independence”- an admirable entrepreneurial goal at any age, if I do say so myself. www.wristgamejo.com

ZAID RAHHAL’S TIPS FOR ASPIRING JUNIOR ENTREPRENEURS

1. “Have passion in what you do. It will never work out if you don’t enjoy what you’re doing. Sometimes it gets difficult, but you should always aim high and love what you do.” 2. “Be persistent and don’t give up. This is a very important

tip that helped me in building my business. Sometimes the market starts dying slowly, but you should always stay persistent in keeping it alive.” 3. “Social media is your best friend- this is where the marketing and advertising all

starts. At a young age, most people are always interested in going through different social media networks. This can be helpful in many ways, such as advertising your product or website, and building a customer base for your business.”

march 2016 Entrepreneur

franchise

Mohammed Abdul Rahim Al Fahim, Group CEO, Paris Gallery Group of Companies

Iraq on the agenda Paris Gallery opens its first Iraqi outlet in Baghdad

Group CEO Mohammed Abdul Rahim Al Fahim on what it takes to make the cut for the luxury group’s franchise roster

aris Gallery Group of Companies’ latest regional expansion, that of the first Paris Gallery outlet in Baghdad, Iraq, is a franchise agreement with the Iraq-based Al Handal International Group (AHIG). Currently headed by founder and Chairman Wadea Al Handal, Vice Chairman Hardan Noori Ayyed Al Handal, and CEO Mohammed Noori Ayyed Al Handal, AHIG has an established multisector portfolio that spans logistics to media to oil and gas amongst others. The launch of

“the franchisee should have good understanding that businesses are about people- retaining and satisfying customers and other stakeholders are what makes a business successful.” 56

Entrepreneur march 2016

makes for a good contender for a partnership with the luxury retailer in a franchisee capacity. And true to form, Al Fahim stresses that the Paris Gallery consumer-first strategy is a top requirement when the group opts for a partnership. Any prospective “franchisee should have good understanding that businesses are about people- retaining and satisfying customers and other stakeholders are what makes a business successful.” Originally signed in 2012 during a join press conference in the UAE, the partnership agreement with AHIG isn’t necessarily as stringent as what you’d expect in terms of such contracts, as the retailer is treating each franchise on a case-by-case scenario. “We will remain open to suggestions, and it will not be a follow-it-to-theletter model,” explains Al Fahim, adding that working closely with AHIG (and any other franchisor) is in the plan, together with an open platform for suggestions. Typically, in the world of franchisor agreements, the more stringent the relationship, the harder it is to navigate, and the less likely it is for franchisees to succeed as many face unique country-specific challenges. According to Al Fahim, Al Handal International Group is a multinational group that has a very strong business reputation in the region. “We share mutual goals over the long term,” he says. “They have the commitment that is required to run a retail business such as ours, and they were not only comfortable

the Baghdad outlet was the second franchise announcement of 2015 for the Group; the first being earlier last year at Baku, Azerbaijan. “A promising franchisee should have a good business reputation, strong management and teambuilding skills, a good understanding of what is required to make the franchise relationship work, knowledge about what they have to do to drive the business to success, and the preparedness to work hard and maintain high standards of service delivery,” says Mohammed Abdul Rahim Al Fahim, Group CEO, Paris Gallery Group of Companies, in response to the question of what Mohammed Noori Ayyed Al Handal, CEO, AHIG

BY THE NUMBERS PARIS GALLERY

85 The current number of Paris Gallery stores 600+ The number of international brands stocked by the retailer, some exclusively 85,000 The size in sq. ft. of the largest Paris Gallery outlet in the Middle East, situated at The Dubai Mall 1996 Paris Gallery is founded

Paris Gallery Baghdad

with the franchise model but also with our culture, values, and goals. We needed a partner who shared the same ethics and values, who believed in our vision, and who had a development strategy for Paris Gallery in Iraq in line with our strategy. We believe that the Al Handal Group has everything it takes to successfully carry our vision forward in Iraq.” But is Baghdad’s market ready for such a large and varied luxury offering? Al Fahim says it is: “Retail has made a comeback in Iraq. The security and political situation has improved, new shopping malls have opened up, the economy has improved, and disposable income has increased. We are confident that the market is ready.” THE EXECUTIVE SUMMARY

Q&A Mohammed Abdul Rahim Al Fahim What does Paris Gallery offer its partners in terms of being the franchiser?

Paris Gallery’s franchise model is a robust business model that provides a detailed, step-by-step, business blueprint for a successful business. We will support our affiliate partners with a host of operational, marketing, recruiting, educational and business development resources. They will receive ongoing support from a professional team. Regular training will be provided to the staff, and steps to

improve the quality of goods or services will be taken. The franchisee will [also] receive marketing support from the corporate marketing department of Paris Gallery.

“A promising franchisee should have a good business reputation, strong management and team-building skills, a good understanding of what is required to make the franchise relationship work, knowledge about what they have to do to drive the business to success, and the preparedness to work hard and maintain high standards of service delivery.” Is there anything in the franchise model that has been tailored specifically to the Iraqi market?

We have taken time to understand the purchasing habits, the lifestyle, and the customs of the people of Iraq, and we have hired competitive Iraqis to serve them. We find our offerings apt for the Iraqi market that is now showing strong interest for international brands. Furthermore, we are also showcasing some of the regional favorites. There are a number of customer segments in the Iraqi market, and we will be catering to some of them with a wide array of brands and products. We are employing a considered approach to achieve the desired penetration into the market, and to establish the same kind of trust we have with our customers in the UAE and in other GCC countries. The Iraqi people will have the opportunity to express themselves and satisfy their taste for the finer things in life.

2006 The year Mohammed Abdul Rahim Al Fahim was appointed as Group CEO of Paris Gallery Group of Companies 2012 In a joint press conference in the UAE, Mohammed Abdul Rahim Al Fahim and Mohammed Al Handal, CEO, Al Handal International Group, announce the Iraqi franchise agreement 2014 Paris Gallery launches client loyalty program, the Luxury Club, in three tiers: Silver, Gold and Platinum 2015 Paris Gallery opens in Baku, Azerbaijan, making it the first outlet for the luxury retailer in the Commonwealth of Independent States 2015 Paris Gallery opens in Baghdad, Iraq franchised to Iraqi multinational Al Handal International Group as agreed in 2012

Paris Gallery Baghdad

march 2016 Entrepreneur

CULTURE

business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

‘Trep trimmings

THE BOARDROOM LOOK

The executive selection

rom better goods to boardroom wardrobe bests, each issue we choose a few items that make the approved executive selection list. In this issue, we present the SS16 collection by Tom Ford, a fine timepiece meant for men on the go, and our suggestions for better skincare to establish a lean, mean grooming routine.

Accessorizing the executive wardrobe Four benefits of dressing for success

A luxury vehicle, a state of the art apartment 3. Foster a more positive menat a well-heeled address, and a high paying position might be your power drive, but tal outlook A what fuels it is what you wear. Most people freshly-shaved face perceive the secret to being confident as beon a sunny day is awesome, but pump ing successful and gaining enormous wealth, but Professor Karen Pine from the University it up with a great of Hertfordshire thinks differently. According new Tom Ford tie Corthay to complete your to Pine, clothing influences a person’s selfArvca Vernis well-groomed look. perception and confidence. Along with cloth- Framboise Wearing a debonair ing, the accessories you choose can enhance accessory finishes your competitive edge. If seeing Don Draper up an outfit nicely, in Mad Men gives you the urge to hit up the and it increases your mall, then you’re aware what handsome atself-esteem because tire and good accessories can do for you. My THE EVENING THE DOWNTIME it’s true that when startup, BoxKnocks, focuses on accessories LOOK LOOK for men, and having founded a business based you look good, you on this ethos is proof that I believe in it. Here feel good. Dressing wisely and giving it are four reasons why you need to up your a proper mark with style game- and increase your self-esteem accessories gives you and confidence in the process. more self-confidence 1. You will radiate self-respect and because you’ve injected some oomph self-worth A guy who knows how to pair to your day, and a fine watch with a good suit is respected helps you develop and viewed with appreciation. Not only does a positive mental dressing sharp show your maturity, but it attitude. also indicates that you take time, effort and pride in the way you look. Bags and briefcases 4. Gain a comare not just items to haul your stuff from place to place, instead use your choice of atpetitive edge When it comes to the taché case to dictate your grip and your hold TOM FORD SS16: WEAR IT YOUR WAY www.tomford.com opinion of the average on the things you carry. of personality they show when it comes to guy, I think it’s fair to say that accessories their wardrobe. Better dressing indicates 2. Accessorizing conveys your abil- don’t mean much to them. Many men think confidence and upgrades a man’s self-esteem, ity to balance trends (seriously) In that wearing interesting add-ons to the next executive interview might be too much. Then and dapper accessories paired well with a fine my opinion, a man who knows how to rock a suit boosts confidence to an exceptionally these same men complain and wonder why v-neck shirt paired with a chain also knows high level. If a man can’t confidently project they were overlooked during the selection how to cope well with changing trends in his personality through his wardrobe, then business. Not only is this a win-win situation process, or why they don’t get the applause how can he have the confidence to snag that from the crowd that they seek. One reason for your fashion statement, it also allows a coveted position? www.boxknocks.com behind their lack of opportunities is the lack man to get across his sense of personal style.

Entrepreneur march 2016

images © tom ford | h. moser & cie. | chanel

By Tareq Samara

Smooth moves

Editor’s pick

H. Moser & Cie. Endeavour Perpetual Calendar

With a seven-day power reserve, the Endeavour Perpetual Calendar means to go with you… everywhere. Developed in 2005, the timepiece was distinguished one year later in the “complicated watchmaking” category at the Geneva Watchmaking Grand Prix. H. Moser & Cie’s flagship model is now celebrating a decade, and with this, the brand has sought to make the hallmark watch even more innovative: the HMC 341 calibre movement allows for forward or backward date adjustment at any time of day. It not only keeps time, it keeps time on your schedule. www.h-moser.com Endeavour Perpetual Calendar Concept

Quality not quantity is what counts with shave product

THE Q How can I get the best possible shave? THE A To encourage smooth facial hair regrowth, and prevent sensitivity and irritation from your shaving routine, you’re going to want to get your product choices right. Begin by choosing a shaving foam, shaving cream or shaving gel from a quality skincare or better fragrance house. Why? Because spending more on a trusted brand (often, but not always) means your product goes a lot further and serves multiple purposes like preventing ingrown hairs. Choosing a better quality product also means that you’ll be protecting your skin from the shaving rough and tumble that often results (like razor nicks and cuts). Coarse facial hair, especially in the shaving

area, is approximately the same thickness as a copper wire, so once you’ve shelled out for a good razor you’re going to want to take the same care in choosing ancillary products. To prevent painful razor burn and irritations, apply the shaving product and allow it to set for one full minute prior to shavingthis reduces friction and preps the area for the razor. PRO TIP Denser shaving product (in gel, cream or foam formats) allow for a closer and cleaner shave by helping to raise the hair. WE LIKE The limited edition BLEU DE CHANEL Shaving Cream and the limited edition BLEU DE CHANEL Hydrating After Shave, part of the House’s new Shave in Style collection. www.chanel.com

march 2016 Entrepreneur

TECH

Get mobile… with a few picks from MWC 2016, and some upgraded tech for the executive on the go (and you won’t have to sacrifice on security, either).

The new galaxy Samsung introduces Galaxy S7 and S7 edge panoramic photos. The 5.1Samsung released its newest inch Galaxy S7 and 5.5-inch Galaxy smartphones at Mobile Galaxy S7 edge are constructed World Congress 2016. Galaxy with 3D glass and metal– all S7 and S7 edge are impecin a sleek and durable body. cably designed with new and The device’s new Always-On improved features like a more Display, gives you access to advanced camera, streamlined notifications without having to software functionality and touch your phone. Galaxy S7 unparalleled compatibility to a range of other Galaxy products. and Galaxy S7 edge also deliver fast wired and wireless chargThe devices include a Dual ing technology. Additionally, Pixel camera- a first for smartthe SIM card tray allows you to phone camera technology. It insert a microSD card for up to delivers faster shutter speed, 200GB of additional storage, more accurate autofocus, and and both phones are rated a brighter lens with wider IP68 for water and dust reaperture, even in low-light sistance. With an entirely new conditions. Samsung also insuite of products, Samsung corporated Motion Panorama, has broadened its reach to a a new camera mode, that new galaxy and beyond. brings movement to traditional

Samsung Galaxy S7

Enterprise mobility HP Elite x2 1012 HP Elite x2 1012

Executives desire the ability to work any time, from any place and HP is making that possible with the Elite x2 1012, a hybrid machine that makes creating and consuming secure content possible. An IDC survey on enterprise mobility revealed that 51% of decision makers cite security concerns as the greatest risk to the mobile executive. Consequently, the Elite x2 features Sure Star technology

Entrepreneur march 2016

which wipes BIOS and resets the device back to factory settings within 30 seconds in the event that it is lost or stolen. 55.5% of respondents also noted that compatibility with existing software is a must. HP accommodated this business need by making it possible for Elite x2 to run software on the mobile platform -not apps- but the full PC version. Elite x2 is a lightweight, rugged two-in-one with a sleek aluminum body, dual stereo speakers and audio by Bang & Olufsen, and a durable stainless steel kickstand

that rotates 150 degrees and take 10 pounds of pressure. Just in case it’s pushed beyond its limits, the device is fully serviceable and is covered by a three year international warranty. Primed for multitasking, Elite x2 runs on Windows 10 and is equipped with a USB-C port with Thunderbolt technology. With a full range of accessories to include a travel keyboard, wireless docking station and travel bag with a pocket that blocks RFID scanner, Elite x2 is the ideal companion for any mobile professional.

The Hot Spot Alcatel introduces personal Wi-Fi hub When public Wi-Fi just won’t cut it, rely on your own devices (literally). Alcatel has made it easier -and safer- to stay connected with the ONETOUCH LINK personal Wi-Fi hub. It comes in two types, either 3G or 4G LTE, and supports up to 10 devices including smartphones, tablets, and computers. The device features PIN and magnetic connectors making it easy to pair with accessories like the adaptor for a car charger. Easily manage your personal network with the LINK app which allows you to power your Wi-Fi connection off and on, read SMS and check data consumption. With ONETOUCH LINK, you can enjoy a Wi-Fi connection at home, in the car, at work… and pretty much anywhere else that might strike your fancy.

images courtesy: samsung, alcatel

#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.

Samsung Gear 360

Well rounded Samsung unveils Gear 360 Samsung came full circle at Mobile World Congress 2016 with the announcement of Gear 360, a 360-degree camera that’s compatible with both Samsung Galaxy smartphones and the Gear VR headset, thereby leading to a rvvange of products that allows the world to create, share and experience realityvirtually. It’s circular, lightweight and designed for portability to

record your experiences and the world around you. It features dual fisheye lenses, which have 15 megapixel image sensors to capture high-resolution (3840x1920) 360-degree video and 30 megapixel still images. When Gear 360 is synched with a Samsung smartphone, users can view footage in real time or automatically bring up filmed content to view and post on

social media including Google Street View. It comes with a tripod, but can also be used with a wide selection of other accessories and mounts. Gear 360 is compatible with select Samsung smartphones including the newly released Galaxy S7 and Galaxy S7 edge, as well as older devices like the Galaxy S6 edge+, Galaxy Note 5, Galaxy S6 edge, and Galaxy S6.

march 2016 Entrepreneur

TECH

Curating your online presence

How to use the power of Snapchat for personal branding By Tom Otton

“Your brand is what people say about you when you’re not in the room.” Jeff Bezos

ou’ve certainly heard of it. You may even use it already. But like most people, you’re probably still working out how best to utilize the social media channel that’s taking the world by storm. Snapchat is the latest tool to bring communities closer to individuals and is proving to be incredibly powerful when used correctly. Unlike Facebook, Instagram and most other social channels, Snapchat is virtually raw. There are only a few filters and you can’t edit your photos or videos before you post them (apart from

adding text and emoji). It forces you to be real- not just a photoshopped version of yourself. And this is what people are craving. The reality is what makes it such a popular platform, giving you a unique opportunity to get your individual message out there. But this comes with a warning label: if you are pretending to be somebody that you’re not, you will not last on Snapchat. It’s the unedited you, so keep it real. The key Snapchat tool is called Stories, where you can post images and 10-second videos to a feed that remains visible for 24 hours. You can keep adding to your Story throughout the day to build an ongoing dialogue. Some types of information shared include telling your audience where you are, what you’re doing, and it also allows users know your views and gets your personality across in ways that other channels won’t and can’t: an open and honest reflection of brand You. Before posting to Snapchat (or any other social channels), it’s important to set

out some fundamental guidelines to give yourself the best chance of building trust with your audience. I call them the three key pillars of personal branding. 1. Self-awareness

Define who you want to be and ensure this aligns with who you really are; authenticity is essential. Those who position themselves effectively are very self-aware, hence knowing personal strengths and weaknesses and posting accordingly is integral. Play the game that you know you can win. 2. Consistency

You must stay on-brand at all times if you want others to believe in your message, what you stand for, and what you’re ‘selling’ which in some case, is an idea or type of persona. So the way you behave across your social channels shouldn’t be any different than how you behave in person. 3. Engagement

Engage with those you wish to influence, whether it’s through social or personal

As the Managing Director and founder of digital communications agency Create Media Group, Tom Otton has been at the forefront of the growth in the digital space in the UAE in recent years. He has taken the company from a startup to employing a team of 17 with an average growth in turnover of 50% year on year for the past three years. The company works with brands such as Red Bull, Jaguar Land Rover, Standard Chartered Bank, Flash Entertainment, and both Abu Dhabi and Dubai governments.

Entrepreneur march 2016

interactions. Utilizing multiple tools can place you in front of a potential audience of millions, so ensure you’ve nailed the first and second points that I put forward earlier, as mistakes can ruin a personal brand very quickly. (We’ve all heard stories of videos ruining a reputation after they go viral– Yes Paris, we all saw it.) Remember that Snapchat -like any other social platform- is just another tool in your kit. It’s not the only answer, rather it’s simply another method to build on a personal brand that you’ve already been working on through other mediums. That said, it’s incredibly powerful as currently there are over 250 million Snapchat users (100 million active daily). If you’re successful in building your personal brand on there, the potential rewards are enormous. This really is the next big thing, and the faster you master it, the faster you will be able to leverage its growth to support you personally. Be authentic, have a clear goal, a consistent message and get creative. Most of all have some fun with it- you can find me on Snapchat with my username: TomOtton.

C. What value am I providing the viewer? Are you providing entertainment or are you educating? D. What will I not put on Snapchat? What limits are you setting in terms of shared public content? E. How can I be more creative to attract more viewers to my content? Snapchat currently has no ‘discover’ feature, so you need to drive people to your Snapchat content using your other channels. Here’s how you do it: • Post your account details (Snapcode) on your other channels and tell people why they should follow you • Provide exclusive content on Snapchat and then talk about it on other channels • Put your Snapcode on your email signature and in all of your online bios • Work with other influencers to get visibility for your account on their channels

Consider these questions when using Snapchat to create a personal brand A. What message do I want to deliver? What do you want to be known for? How best can you leverage your strengths? B. How am I going to structure my Story throughout the day? Will you go ad hoc or will you create an ongoing and engaging narrative?

The key Snapchat tool is called Stories, where you can post images and 10-second videos to a feed that remains visible for 24 hours. You can keep adding to your Story throughout the day to build an ongoing dialogue.

NYUAD winning best m-government service award

| MOBILE TECH |

On the road App by NYUAD students wins top honors at World Government Summit

group of students from New York University Abu Dhabi (NYUAD) were declared the winners of the UAE Best m-government Service Award for their RoadWatch application at the fourth edition of the World Government Summit held in Dubai in February. The annual award, which presented the RoadWatch team with a prize of AED1 million, is part of the Smart Government vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, that rewards innovative tech solutions that aid public service. The team of students, comprising of Maitha Salem Al Memari, Quan Ho Vuong, Kai-Erik Marechal Jensen, Kenny Song and Lingliang Zhang, won in the university category, which saw 94 entries from 21 universities. RoadWatch is a personal driving assistant app that provides real-time informa-

tion and data on the condition of roads for drivers, built with aim to steer driver behavior to one that is more safetyoriented. The mobile, web and wearable app monitors driver behavior, warns them when they exceed speed limits, informs them when emergency services vehicles approach and also gives them a headsup on critical conditions on their route like road accidents or adverse environmental conditions. The smartwatch feature of the app also monitors driver heart rate and hand movements, and raises an alarm if it senses driver distractions or fatigue. What sets RoadWatch apart from similar smartphone apps in this space though is its ability to help authorities in planning and development of road infrastructure. The app will anonymously feed the UAE Ministry of Interior data and patterns on driver behavior to help identify problematic locations and road safety trends in the region’s roads.

march 2016 Entrepreneur

TREPONOMICS

ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

The Esquire Guy on the secret to better brainstorming By Ross McCammon

ow do you lead a brainstorming meeting? First, forget about the box that, according to generally accepted brainstorming practices, you’re supposed to be thinking outside of. The problem with the box is that no one knows how big it is. One person’s box could be tiny, another person’s box could be big. (“Let’s go to another room. The box is too big.”) Someone else’s box could be so big that inside of the box is everything- including reason, judgment and sanity. (“Dear God, what a box.”) Anyway, the box is stifling. It turns a discussion into an exercise. (“Is this ‘outside the box’ enough?”) And the box denies crucial truths about brainstorming: that there is a goal, and that because of time and money there are always limitations on discussion, even from the very beginning. The box is silly. The only box to be concerned with is the room you’ll use for the session. Which is what this is about. There are ways to brainstorm while not “co-locating,” as the sociologists call it, but this is not about that. This is about being in a room with other people. THE INVITATION An invitation to a brainstorm will state the goal, obviously. Although the invitation should be spare, it should include about 20% more information than anyone actually needs to feel comfortable participating. If people think they need more information from the invitation, then you’re already behind. (Sample invitation: Let’s talk about ________. We’re looking for ways to ________ the ________. 4 p.m., Team Area Northeast. It’ll be great. I had grits for breakfast this morning.)

Entrepreneur march 2016

And consider including one more person than you think you need. A wild card. Someone who will never ultimately be responsible for what comes out of the session. Maybe a lower-level employee or someone in another department. A favorite uncle, perhaps. Anyway, wild cards are refreshing. As long as they don’t talk too much. (More about that in a bit.) HOW TO BEGIN You could stand up and yell, “Get your umbrellas out because that’s when I brainstorm,” attributing your message to Jay Z, or not. Your call. You could put a bottle of spirits in the middle of the table. You could note that you wore a fun belt today. The point is, the meeting should feel eventful. A cynic might call it a craven appeal- especially if it involves bribery. But people who are working enjoy minor delights. “I’ll bring in snacks, play music- upbeat music. We have a roof deck we can go out to, we drink beer, we make it super comfortable, because we’re running so fast, and we need you to be 100% present,” says Melody McCloskey, founder of online startup StyleSeat, which is basically like OpenTable for stylists, salons and spas. “I want to let people know that there’s a reason I’m pulling you away from what you’re already doing.” The worst part of the brainstorm session is often the first minute or so, when the leader has to state the goal and then offer up a few ideas to get things moving. Those first few thoughts are tricky, because you don’t want them to be so specific and, you know, good that people latch on to them like a lifeboat. And you don’t want them to be so vague and weak that they depress everyone and kill creativity from the outset. So, there’s this way of

starting a meeting. It’s a kind of inspirational mediocrity. It gives everyone an example that they can easily beat. It lets people know that although you’re not an idiot, you’re not really sure what to do. It spurs ideas but doesn’t intimidate thought. It gets things moving. Inspirational mediocrity. Brilliant. BAD IDEAS Once things are moving, it’s a matter of gently guiding the discussion. Management books have been written about this. But it’s never struck us as all that hard. You’re surrounded by smart people. And the reason you’re leading the meeting is because you’ve become successful enough that you can tell a good idea from a bad one. As the leader, you allow people to go down certain roads and abandon others. But gently.

or not, is to not talk so much. When you do speak, you’ll probably have an interesting thing to say, and people will probably listen to you. A FEW WORDS ABOUT SILENCE To a boss or the person leading the meeting, silence suggests time is being wasted by people who don’t know what they’re doing. The tendency is to fill a silence with a prompt. But maybe let a silence hang around for a few seconds. People who are thinking about something appreciate the occasional silence. Meetings in our office sometimes involve six men staring at one another and a seventh looking out the window at the ballet of taxis on Eighth Avenue. Which is fine. Because ideas require thinking. There’s a technique that journalists use: when an interviewee stops talking, just look into their eyes. Most of the time the subject will start speaking again- either to finish the thought or to make things less awkward. And their second thought will usually be better than their first. Nice.

“If you’ve been 10 minutes down some path and you think it’s a rabbit hole you don’t need to be going down, you just need to ask the question again,” says Sam Millen, CEO and co-founder of consumer electronics company Cue Acoustics. “It’s a gentle way of reminding everyone why we’re here, why we’re having this conversation.” Sometimes there’s an idea so bad that it destroys all momentum and makes it almost impossible to reverse course. This is the meeting grenade- an idea so misguided that it seizes up the engine of creativity and embarrasses everyone in the room. The meeting grenade usually happens because a person feels they need to speak. Which brings up a crucial paradox about participating in a brainstorm: speaking is overrated. The key to being in a brainstorm as a participant, leader

up a project that will be open for the next two weeks,” says Charles Seybold, co-founder and CEO of project management software developer LiquidPlanner. “Collect these ideas, prioritize them and see how they need to be fleshed out. That’s a different proposition to the individual.” And it is a proposition, the brainstorming meeting. What seems like a fun thing, an almost frivolous thing, is actually something pretty serious: the start. And more than any other meeting, it allows people to exhibit raw talent. There’s a lot at stake there- for the leader and the participants. Thankfully, the mechanics of it are simple. All you have to do is talk. Just not too much. See this article in its entirety at Entrepreneur.com

GETTING OUT Easy. You get out. You say it’s over. “Brainstorming has to be a process that isn’t seen as a waste of time over the long-term,” says Benjamin Palmer, co-founder and CEO of digital marketing and creative agency The Barbarian Group in New York. “You get a bad reputation and then nobody wants to go to your meetings anymore.” Of course, you’re not really getting out. You’re just finishing up the beginning. “In the last 15 minutes, set The brainstorming process

march 2016 Entrepreneur

CULTURE

business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

Too often, we let our fears and emotions prevent us from sharing our work with others. C. STRUCTURING YOUR TIME Overrated Unrestricted freedom Underrated Carefully designed constraints

Constraints actually increase our skill development rather than restrict it. We need lines to show us where to add color, not a blank canvas to draw on. As an entrepreneur, I struggled to manage myself until I realized that I needed to add some structure to my day. I began to only schedule calls in the afternoon. I blocked my email inbox until noon. I required myself to publish a new article every Monday and Thursday. By adding a few carefully designed constraints to my life I reduced my freedom, but actually improved my productivity and happiness. Instead of feeling restricted by constraints, I felt empowered.

By default, any good book that is more than 10 years old is filled with lifechanging ideas. Why? Because bad books are forgotten after a decade or two. Any lasting book must be filled with ideas that stand the test of time. D. ENFORCING CONSTANT SELFLEARNING Overrated Degrees, certifications, and credentials Underrated Courage and creativity

Ten common beliefs we get wrong and why all this activity as an indicator of living an important life. The underlying thought seems to be, “Look how busy I am? If I’m doing all this work, I must be doing something important.” And, by extension, “I must be important because I’m so busy.”

Degrees can be important- I don’t want to be operated on by a neurosurgeon who didn’t attend medical school. But as my friend Charlie Gilkey told me, “Most people need degrees because they don’t have the courage to ask for what they want.” In many cases, the courage to ask for what you want and a willingness to solve other people’s problems is all you really need. The degrees, the awards, going to the “right” school or being born into the “right” family- none of these things are a prerequisite for success.

B. PUTTING YOURSELF OUT THERE TO IMPROVE Overrated Avoiding criticism Underrated Sharing unique ideas

E. BUILD THE RIGHT FRAMEWORK FOR PROGRESS Overrated Getting motivated Underrated Changing your environment

You can either be judged because you created something or ignored because you left your greatness inside of you.

We incorrectly believe that motivation is the missing link that will enable us to stick to a new diet plan or write that >>>

Overrated ideas vs. underrated ideas

By James Clear

s a society, we often overvalue unimportant things and undervalue the ideas and strategies that make a real difference. Here’s my take on a few common beliefs that I think we often get wrong.

A. FOCUS IS ESSENTIAL

Overrated Being busy Underrated Doing one thing at a time

Being in motion is not the same thing as taking action. As a society, we’ve fallen into a trap of busyness and overwork. More critically, we have mistaken

Entrepreneur march 2016

CULTURE

business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

book or learn a new language. Motivation is fickle and it doesn’t last. One study found that motivation had no impact on whether or not people exercised over a two week period. The effects of motivation essentially vanished after a day. Meanwhile, most of your daily choices are simply a response to the environment around you. We rarely think about the spaces we live and work in, but they drive our behavior whether we feel motivated or not.

else. We fool ourselves into thinking that a new tactic will change the fact that we need to do the work. There really isn’t much of a secret to most things. Want to be a better writer? Write more. Want to be stronger? Lift more. Want to learn a new language? Speak the language more. The greatest skill in any endeavor is doing the work. You don’t need more time, more money, or better strategies. You just need to do the work.

We incorrectly believe that motivation is the missing link that will enable us to stick to a new diet plan or write that book or learn a new language. Motivation is fickle and it doesn’t last. One study found that motivation had no impact on whether or not people exercised over a two week period.

H. BE A BETTER TEAM PLAYER Overrated Being the leader Underrated Being a better teammate

F. EVALUATE YOUR INFORMATION SOURCES Overrated Watching the news Underrated Reading old books

By default, any good book that is more than 10 years old is filled with lifechanging ideas. Why? Because bad books are forgotten after a decade or two. Any lasting book must be filled with ideas that stand the test of time. Meanwhile, the news is filled with fleeting information. We justify paying attention to the media because we think it makes us informed, but being informed is useless when most of the information will be unimportant by tomorrow. The news is just a television show and, like most TV shows, the goal is not to deliver the most accurate version of reality, but the version that keeps you watching. You wouldn’t want to stuff your body with low quality food. Why cram your mind with low quality thoughts? G. GET BACK TO BASICS Overrated Discovering the “new” thing Underrated Mastering the fundamentals

I’ve been guilty of jumping at the latest tactic or strategy, just like everyone

We love status. We want pins and medallions on our jackets. We want power and prestige in our titles. We want to be acknowledged, recognized, and praised. It’s too bad all of those make for hollow leaders. Great teams require great teammates. Nowhere is that more true than at the top. No leader ever became worse by thinking about their teammates more. I. SHORT TERMS WINS MAY BE CLOUDING YOUR JUDGEMENT Overrated Winning Underrated Improving

Too often, we value immediate results over long-term improvement. CFOs play accounting games to meet quarterly earnings projections. Police chiefs fudge the numbers to make crime rates appear lower. Students cheat on exams because getting an A is more important than learning the material. Learning, growth, and improvement are undervalued in the name of getting faster results. The shame of it all is that if we could find the time to focus on the process, the outcomes would follow shortly after. J. PACE YOURSELF FOR LONG-TERM WINS Overrated Training to failure Underrated Not missing workouts

Feeling exhausted at the end of your workout is massively overrated. Working until you have nothing left is a

recipe for burnout, injury, illness, and inconsistency. It is better to make small progress every day than to do as much as humanly possible in one day. Effort means nothing if it only last for a week or two. Do things you can sustain.

TREP TALK ME THE BUSINESS iSolarWorkx THE ‘TREP Founder and CEO Ali Abdel Hafiz Q Why do you feel there is a need for iSolarWorkx? A “To increase the awareness of the importance and potential of renewable energy (RE) resources, we want to encourage the young generations to think about RE applications and how to solve real life problems in their local environment. [We also want to] increase the interest in science education. Our work comes at a very relevant time in line with calls to support science education in the UAE and the entire regioniSolarWorkx helps to instill the love of science from a young age, and therefore encourages students to pursue a higher education and a career in science. A more long-term impact is to help build a market of green job opportunities. When we get our young generations interested in RE today, we are directing them to a prosperous and greener career in the future.” www.isolarworkx.com

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.

Entrepreneur march 2016

IN THE LOOP Get it together STEP Conference 2016 to take place in Dubai

S If you build it

Maker Faire Cairo is back for DIY enthusiasts in MENA

or those who love tinkering their way to solutions, or value the sense of accomplishment associated with DIY projects, Maker Faire Cairo, a gathering for “makers” to exhibit their inventions, creativity and resourcefulness, will be back for its second edition on March 26, 2016 at the Greek Campus in Cairo, Egypt. The 2016 edition follows the Cairo Mini Maker Faire 2015, which holds the distinction of being the first Maker Faire (a concept with its origins in California, USA) event in the MENA region. Organized by Fab Lab Egypt in collaboration with Information Resource Center, U.S. Embassy and other partners,

the event will see tech lovers, artists, craft persons, entrepreneurs and others display their pet projects/creations, and share their learnings. The Faire aims to create and grow a community of makers through hands-on workshops, talks, exhibitions, projects, competitions and more. The previous edition featured workshops on themes such as 3D printing, origami and robotics. Organizers expect 8,000+ participants comprising of makers, their families, and experts, and over 160 makers to be a part of the event that will include 50+ workshops and 35 talks on various themes of interest to DIY enthusiasts. www.makerfairecairo.com

Building foundations Doha to host the 2016 Entrepreneurship in Economic Development Forum

he third edition of Entrepreneurship in Economic Development (EED) forum, a platform that assesses the role of entrepreneurship in Qatar’s economic development and defines the issues to be addressed to promote entrepreneurship in the Gulf, will

Entrepreneur march 2016

be held in Doha on March 7-8, 2016. Held under the patronage of H.E. Sheikh Abdullah bin Nasser bin Khalifa Al-Thani, Prime Minister of Qatar, and organized by Qatar University and Qatar Development Bank in partnership with Interactive Business Network, EED aims to deliberate on an action plan to help educational institutions of the region foster entrepreneurship. The forum expects participation from policymakers, public/ private educational institutions,

TEP Conference is returning for its fourth edition on April 4-5, 2016 at the Dubai International Marine Club. This year’s STEP will be held over two days featuring three different tracks (Tech, Digital and Entertainment) and expects 6,000+ attendees comprising investors, entrepreneurs and industry experts. Besides the conference, STEP 2016 will also bring back Startup Basecamp, a platform for startups, across MENA, North America, Europe, and Southeast Asia and other regions, to showcase their ventures. The 2016 edition of the Basecamp is expected to bring together 400+ startups who will showcase their ideas to investors and mentors. Workshops, pitch competitions for selected startups and one-on-one sessions with mentors also form part of the agenda. With respect to topics, the Tech track will see investors, entrepreneurs

business leaders, investors, and other members of the academic community in the region and globally, thus presenting ample networking opportunities for small businesses. On the agenda of the two-day conference are talks and panel discussions on government support for entrepreneurship, role of educational institutions in creating incubators, social communication tools for effective marketing, and sources of finance for entrepreneurs among other topics. Speakers at the 2016 forum

and tech corporations discuss latest trends in the tech world including wearables, health tech and e-commerce among others. The Digital track brings together marketing experts who will share their insights on impact of digital revolution on the media industry. The Entertainment track will see artists and gamers deliberate on changing audience preferences in the entertainment world. More than 80+ industry leaders will provide their insights on the aforementioned topics, with the list of speakers including Sultan Sooud Al Qassemi, Barjeel Art Foundation, Elissa Freiha, Cofounder, WOMENA, Issa Aghabi, Head of Investment, twofour54, and Fadi Ghandour, Chairman and Managing Partner, Wamda Capital. www.stepconference.com

STEP Conference 2015 pitch competition

include Abdulaziz Bin Nasser Al-Khalifa, Chief Executive Officer, Qatar Development Bank, Ahmed El Alfi, Founder, Sawari Ventures, Bilal Randeree, Managing Director, Qatar Living, Emad Al Khaja, Executive Director, INJAZ Qatar and others. The event is sponsored by Manateq, Qatar Shell, Commercial Bank of Qatar, Qatar Science & Technology Park, and Ahli Bank, with other partners including Bedaya Center, INJAZ Qatar and Qatar Living. www.interactiveb.com

www.makerfairecairo.com

Maker Faire 2015

money

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

Looking further afield Your business may do better with a non-traditional funding route By Karim Smaira

fter initially self-investing, it became clear that we needed outside funding to drive the future growth of Genpharm. With a strong strategic plan and a wide network, my co-founder, Kamel Ghammachi, and I evaluated alternative capital sources. It is vital for entrepreneurs to have a well thought-out business plan, a communication strategy, and a pre-definition of the investment conditions. We wanted investors with expertise that we can benefit from, not only funds. We needed an executive board to advise and challenge our strategic decisions. However, it was also clear that we were only willing to relinquish a minority stake and keep management control.

Entrepreneur february march 2016 2016

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

money

entrepreneurs. The current entrepreneurial climate in MENA suggests that sourcing capital remains the biggest challenge for young and unproven entrepreneurs. • Startups usually need funding either early on or in later years to scale, hence timing is a critical factor. Based on some of the public data, 74% of funding in MENA targets companies that are three years old or less. 1. Start preparing to raise early on Entrepreneurs need to give themselves enough lead time. Raising capital is a very challenging and long process, and it certainly distracts founders from operations. Having to move hastily due to lack of funding can force entrepreneurs to make unwarranted concessions. It is vital to start the process early, long before funds dry up. We explained our strategy and pitched to VCs, PEs, banks, family offices and angel investors. The process took nine months and served as a key learning for future investment rounds. 2. Ask yourself if the numbers support your case Before embarking on a new venture, ask yourself if the numbers support your business idea. In our case, we saw that the healthcare sector in MENA has witnessed tremendous growth. The population here has risen to around 350 million, and incidence of chronic and lifestyle diseases such as diabetes and cardiovascular ailments have reached epidemic proportions, forcing governments to implement national health programs. Increased life expectancy, awareness and

public demands for better services led to radical health reforms. Specialty hospitals have multiplied and access to treatments expanded through insurance schemes. This growth brought major investments into the public and private health sectors. Some funds specialized in healthcare, and entrepreneurs who had shied away, started funding clinics, homecare services, pharmaceutical products distribution, nursing and health education. Al Masah Capital has counted 91 healthcare private equity deals worth US$1.7 billion mostly in UAE, KSA, and Egypt. The same report estimates that healthcare spend in MENA will hit $144 billion by 2020 up from $96 billion in 2013. Although investments in the sector have tripled since 2003, the potential remains significant since 4% of MENA GDP is allocated to healthcare, a 10% world average. The UAE has been a core platform for these investments- the competitive and open business environment (including free zones focused on healthcare and financial services) have allowed entrepreneurs to launch ideas and attract capital. Most pharmaceutical MNCs have

set up regional headquarters in the UAE. 3. Know that every sector has its share of challenges Nevertheless, despite a multitude of investment opportunities, hurdles persist and some regulations remain unclear. Lawyer Essam Al Tamimi of Al Tamimi & Company recently called for an overhaul of the aging investment law to increase transparency and facilitate access to capital while protecting entrepreneurs from personal liabilities. This creates a risk-averse culture where failure is unacceptable. According to H.E. Abdul Aziz Al Ghurair, the Chairman of the UAE Banks Federation, some SMEs decided to leave the country in 2015, accumulating bad debt of $1.4 billion. Moreover, the cost of doing business is on the rise (licenses and administrative fees), similar to the cost of personnel. 4. Understanding the investment ecosystem worked in our favor Having a good working knowledge of the investment ecosystem, the regulatory process, and benchmarking the alternatives is a must for

• Institutional investors such as VC and PE impose conditions that severely limit the long-term prospects of the business. VCs and PEs usually tie their funding to aggressive returns with an average five-year exit strategy, and this timeframe can be quite short for healthcare investments. PEs and VCs have specific investment size criteria so young SMEs can fall outside of their scope. More importantly, VCs and PEs tend to aim for a majority share and seize management or board control, and this doesn’t always come with added expertise. A recent study by Wamda confirmed that only 30% of entrepreneurs believed their funders are offering more than financial value. This is disconcerting for founders who see themselves reporting to investors without previous healthcare experience. • Other alternatives are banks, family offices and angel investors, but these too present entrepreneurs with other sets of challenges. Banks are another source of funding but usually comes in the form of debt rather than equity. High interest rates, collaterals, risk-averse regulations and personal liabilities are discouraging factors. A World Bank survey states >>>

march 2016 Entrepreneur

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

that only one in five SMEs in MENA have access to bank credit lines or loans. This has created a niche for crowdfunding and crowdinvesting and platforms like Beehive, offering more advantageous conditions. They don’t require founders to dilute ownership early on, but instead allow for precious time to launch an idea, create value for the founders and ultimately for investors. Moreover, several public initiatives have recently been launched to fund SME ideas and promote innovation. 5. Evaluate alternative capital injection routes MENA entrepreneurs need to consider family offices and angel investors. There is an impressive amount of wealth concentrated in the hands of family-based funds and wealthy individuals. These can come as both debt and/

or equity. Attending specific networking events and managing these relationships will open the door to a larger network of angel investors. 6. Study market size before embarking on a new venture The MENA pharmaceutical market was estimated at $20 billion with projections to double over five years to $45 billion. Patented drugs account for 60-80% of sales in MENA despite pricing and generic pressures. Having a pharmaceutical executive background, we identified an unmet market need, and it was against this backdrop that we co-founded Genpharm four years ago. Globally, there are seven thousand diseases classified as “rare.” Most are of genetic origin and are prevalent in MENA due to several factors. Nevertheless, there is a significant

lack of awareness amongst the general public in terms of prevention, diagnosis and access to treatment. Our mission focuses on serving a bigger purpose: educating the community and improving the quality of life of these often debilitated patients by providing access to the most innovative, effective and safe medicine. 7. Strategize your funding We have successfully concluded our first capital raising thanks to angel investors. The alignment between our strategic thinking and their investment criteria allowed this to materialize, particularly because the funding needed was relatively modest. It was clear early in the process that VCs and PEs were not our preferred route, since we aimed to keep man-

money

agement control. Protecting shareholding dismissed the concept of a short-term exit, as we wanted to first maximize the potential and create significant value. Nor were banks an option. The unwillingness to take burdensome debt with stringent terms made bank financing a last resort. Our strategic thinking was aligned more with the investment criteria and the mindset of family and angel investors. These major differences with VC, PE and banks have great implications on the structure of the pitch and the communication strategy. Institutional investors are mostly looking for control and lucrative exits. Having to deliver strong financial return to their clients, their investment decisions are purely based on financial considerations. Although financial returns are important to angel investors, their considerations are usually broader. They are usually directly or indirectly acquainted with the entrepreneur and hence emotional factors might come into play. They are familiar or know of the previous track record of the founder. In my opinion, angel investors are usually more patient since they partly see their contribution as support to the founder and his or her business idea. They are frequently willing to take a longer-term view on their investment and their returns. As we grow in value and consider the injection of substantial future funds, we expect a better alignment between the founders’ vision and the investment considerations of institutional investors.

Karim Smaira is the founder and CEO of Genpharm, a pharmaceutical company providing market access to MENA. Founded in 2012, Genpharm focuses on rare and genetic disease, orphan drugs and specialty diagnostics. Karim has a strong executive record in the pharmaceutical industry. He joined Serono in 1999, and in 2003 he became GM for South-East Europe and head of Levant in 2005. Following the acquisition of Serono by Merck in 2007, he was appointed MD to oversee the integration process. In 2010, he was appointed Intercontinental VP. He is an industry speaker on emerging markets and orphan drugs. Coming from a multicultural background, Karim received his education at McGill, Geneva University and WBS. march 2016 Entrepreneur

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

sponsored schemes. There may be some flow down to the SME sector, but from a financing perspective our banking response tends to be focused on tailored financial products for our clients, so as of today the scale is more suitable to larger projects. However, we think that private enterprise and the SME sector will ultimately become a driving force in the implementation of sustainable business across the Middle East, as it has been elsewhere. Once that has materialized, we will be better able to offer widespread support also to the SMEs involved in sustainable business.”

Alex Thursby, Group CEO, NBAD

Thinking ahead NBAD earmarks funds for sustainable businesses

iming to curb the funding gap for sustainable businesses, the National Bank of Abu Dhabi (NBAD) announced in January a commitment of US$10 billion over the next decade dedicated to projects focused on “environmentally sustainable activities.” Citing the 2015 Financing the Future of Energy report, commissioned by NBAD from the University of Cambridge and PwC and in collaboration with Masdar, over the next 20 years, an estimated $48 trillion will be needed to meet global energy demand, “with renewables playing a critical role in the energy mix of the future.” Alex Thursby, NBAD Group CEO, explained that the institu-

Entrepreneur march 2016

tion’s move is a first in finance in the GCC, and the wider region. “We want to be the leading regional bank in sustainable business and join the same platform as the handful of international banks that have made similar commitments. No other bank in the region has set a such a target.” Q&A ALEX THURSBY,

GROUPCEO, NBAD Q&A

ALEX THURSBY, GROUP CEO, NBAD What type of “transformative projects” might qualify for NBAD’s support? “NBAD’s newly launched sustainable business practice is open to the areas set out in the Green Bond Principles issued by the International Capital Market Association (ICMA). They include energy efficiency programs such as retrofitting energy

management systems to make buildings operate more sustainably, green real estate development with reduced power and water consumption, clean transportation that promotes modal shift from road to rail, sustainable water management, sustainable waste management, decarbonizing technologies, climate change adaptation, as well as renewable energy projects.” NBAD has dedicated $10 billion to sustainable business development over the next decade. Approximately how much of that funding will be allocated for SMEs? “At this stage of the industry’s evolution, we see the majority of sustainable business activity being driven by larger corporates and government-

Currently, the shift towards supporting innovative businesses and entrepreneurs that contribute to sustainability is a very pervasive topic in the GCC. Why has NBAD committed to this route? “We are committing to supporting sustainable business because we think that environmental considerations and sustainability will be one of the enduring forces shaping the business world of

Financing the Future of Energy The opportunity for the Gulf’s financial services sector

A report for the National Bank of Abu Dhabi by the University of Cambridge and PwC March 2015

Produced for

IMAGES COURTESY NBAD

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| ECON |

the future and we can see significant opportunities for the bank. In fact, over 20% of our large corporate clients are already active in sustainable business so to this extent, we are responding to their needs but in a more focused and specific way going forward. The data from the Financing the Future of Energy report 2015, that we have commissioned from the University of Cambridge and PricewaterhouseCoopers, as well as our own analysis, tell us that there

is a large pool of profitable businesses to target. The demand for energy is huge in the region and we know already that renewables will form a material part of that: the UAE government alone has committed to AED72 billion to renewable energy by 2021. So we see economically viable projects supported by strong government policy commitments and our core clients transacting more sustainable businesses on a commercial basis across the West to East Corridor.”

EXECUTIVE APPOINTMENT

Nathan Weatherstone, Head of Sustainable Business Banking, NBAD The August 2015 creation of NBAD’s Sustainable Business team, spearheaded by Nathan Weatherstone, was established to evaluate existing NBAD banking products, and potentially develop new NBAD banking products in line with the commitment to invest in sustainable businesses. Why was Nathan Weatherstone chosen to lead this initiative? “Nathan Weatherstone has a deep expertise in project finance and public private partnership (PPP), with extensive background in power, transportation, social infrastructure and sustainability related industries. He was also closely involved in the publication of NBAD’s Financing the Future of Energy report. Mr. Weatherstone joined NBAD from PricewaterhouseCoopers (PwC), where he served as a director leading PwC’s project financing. We are very proud to have him on

Nathan Weatherstone, Head of Sustainable Business Banking, NBAD

board, to build and lead the new business practice. From a corporate sustainability perspective, NBAD has maintained a top three position in the Hawkamah sustainability index for the last four years and is the first UAE bank to commit to the Equator Principles, the global benchmark that obliges us to follow international best practices when it comes to environmental and social analysis and risk evaluation. What we want to do, now, is to expand this into a way that we interact with our clients from a business perspective.”

Oil price fall a major complication in global economy, according to NBAD report The volatilities in the global financial markets and economy seen in 2015 are expected to continue to cause a fair share of worry for countries in 2016, according to the Global Investment Outlook 2016 report released in February by National Bank of Abu Dhabi (NBAD). Entitled Investment Strategies in Today’s Volatile Markets, the report analyzes the global investment climate and provides pointers for investors to deal with the economic environment for the rest of 2016. The report mentions oil price fall to be a major complication in the health of the world economy, with oil prices expected to trade in a range of $25-45 during the remainder of the year. The report notes that while 2015’s economy can be categorized “fragile,” structural problems remain in 2016, and it is worrisome that many policy responses of recent years which helped support global demand were more of “quick fixes” by nature. The study believes that despite economic strains persisting in 2016, there is scope for attractive investment opportunities in selected emerging and frontier markets, especially within the commodities sector. “The UAE seems to be weathering the storm better than other oil exporting nations,” says the report. “The UAE has over the years taken steps to diversify its economy away from its previous reliance on hydrocar-

bons.” In the case of MENA, the report says, “For the past year and a half, MENA equity markets have corrected sharply and valuations are now beginning to look attractive, with some stocks trading on valuations that are looking rather bombed out.” It names UAE as the first GCC nation to respond to the decline in oil prices and devise alternative methods to fund spending such as Value Added Taxes (VAT) and privatizations. Commenting about the need to ride out this slump, ClaudeHenri Chavanon, Head, Global Asset Management, NBAD, says, “Given the investment outlook as described in our report, investors will need to exercise patience and then have the requisite courage to decisively deploy funds when opportunities present themselves.” NBAD’s study also counts the economic impact of Europe’s migration crisis and the uncertainty around impending US Presidential elections as two key risk factors of 2016 that global investors need to keep an eye on. NBAD headquarters

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“Do you want some space?” Startup Boxit offers up solutions for your storage needs By Pamella de Leon

oxit can’t provide the emotional space the title might suggest, but the company can, however, connect people seeking extra storage space with credible logistic companies with just the click of a button. Simply put, Boxit lets users order a number of boxes as needed, pick it up, and provide you with a visual online catalog of your stored items with an iOS mobile app to manage your storage (and yes, an Android version is in the works). Though there are self-storage companies in the region, Boxit asserts that its USP is enabling customers

Entrepreneur march 2016

manage their things digitally and only pay for space they use, while utilizing the existing infrastructure of reputable warehouses and delivery partners. Looking to address the needs of longtime GCC residents, founder and CEO Premlal Pullisserry says that “people sometimes refrain from buying things they really need because of the lack of space, and because they don’t know where to store the things they rarely use. We hope to help users in owning anything, without worrying where to store them!” This feeling seems to have resonated well, given that the startup has caught the attention of angel inves-

tor Sabah Al Bader from whom they received “almost US$100,000” in angel funding, as well as InfoFort CEO Abed Shaheed and Aramex M&A Director Nader Museitif joining Boxit’s board as strategic advisors. The startup also has a few notable recognitions from the ecosystem: it was winner of the Kuwait edition of Startup MENA’s GCC Pitch Challenge 2015, winner of the Kuwait edition of the South Summit 2015, grand champion for Dubai Smart City App Hack 2015 and first runnerup at Seedstars World’s Dubai 2015 round. Boxit was started by three founders: CEO Premlal Pullisserry, VP of Operations Abraham Thomas and VP of Sales Joby Matthew- between the three, their backgrounds include logistics, corporate business development, telecom, technology, and operations. The Kuwait-based startup was launched in February of last year with pre-bookings, partnering with Sirdab, an accelerator that Pullisserry regards has helped them connect to the tech community and early adopters, with investor Al Bader assisting them in settling legalities. In the startup’s early days, Pullisserry says the team

adopted the lean startup approach, starting with oneon-one surveys with people in communities (even shopping malls) to determine whether a market for the service exists. With enough data, a landing page was set up explaining the idea and a form to request pre-booking. “The response was really encouraging, and then we started developing an MVP of our mobile app and shared it with the registered users to try using it.” Pullisserry adds that after collecting feedback, the team began developing a full-fledged application, and then launching its iOS and web version.

“people sometimes refrain from buying things they really need because of the lack of space, and because they don’t know where to store the things they rarely use.” It’s interesting to note that Boxit didn’t start out as it is and actually pivoted from its operational end, with the original idea being about building or renting large spaces to convert to warehouses to store customers’ items. That approach, according to Pullisserry, would have been extremely capital-intensive, and that would have “only incrementally innovated the traditional industry, rather than disrupt it,” adding that in the team’s search for a facility, they found logistics and warehouses companies such as Aramex had surplus

THE EXECUTIVE SUMMARY BOXIT TALKS BACK CHOOSING AN INVESTOR “I think the most important factor is to understand the value the investor is going to bring to your startup. Money comes second, really! Determine the value the investors bring to your startup, including the depth of knowledge this person has of your industry. Determine how well connected they are within the industry, and how much potential to support you there is in raising the next round of funding, and finally, funds.”

www.boxit.co

LESSONS IN STARTING A COMPANY “I would say that finding the right mentors were our biggest struggle. We learned that the earlier you have great mentors, the easier your life will be. Our region can be a difficult and challenging market in terms of legalities and funding options, but, if you manage to find the right mentors, you will see how things will fall in place quite efficiently.”

spaces. It was then when the team came up with a new idea of focusing Boxit to be a platform in connecting users to storage facilities. “Customers get world class storage facilities to store their personal items at an affordable cost -which was not available to them earlier- and the warehouse companies get extra revenue for their otherwise unused space.” Boxit sees itself as “the future of on-demand personal storage,” with a subscription-based model. Charging a monthly rental fee per box as its business model, it aims to simplify the process while making storage costefficient, by forgoing the traditional route of renting storage rooms on a monthly basis, and having to pay for it, regardless of whether it were full or not. The platform positions itself between consumers and facilities,

instead of providing the selfstorage spaces themselves, allowing the startup to scale quickly, focus on user experience, maintain a lean team, develop the user-friendly platform, and improve its services. Marketing-wise, word of mouth has thus far been its go-to modus operandi, while with online efforts, they’ve started with marketing and social media campaigns. Offline, Boxit is targeting companies in Kuwait such as professional associations, and attending local community startup events to share its services. What’s next? The Boxit team is seeking funding for its expansion to UAE, KSA and eventually other MENA markets- Pullisserry proposes the team has more features and ideas up its sleeve for Boxit’s progress, and encourages the rest of us to keep an eye out for developments.

MENTORS “Abed [Shaheed, CEO of InfoFort] and Nader [Museitif, M&A Director of Aramex] are our main mentors, apart from a few more individuals. They have helped us in many key areas. Right from strengthening our belief in the platform model, refining our operations, and helping us connect with the right partners to restructuring

Boxit’s legal entity to be more fundable now! They have also helped us connect with some of our key vendors such as online payment providers, top lawyers, and online marketers and also helped us create a marketing and growth plan.” PARTNERSHIPS “We have signed a warehousing agreement with Aramex Kuwait. This will enable us to store all our customers’ boxes at Aramex’s world class warehouses, which has the best in class security and safety measures. Now, we do not have to worry about high quality storage space, as Aramex can offer as much space as we need.” CHOOSING A STARTUP ACCELERATOR “It really all depends on the value the accelerator would bring in. I don’t think there is a right answer for this and it greatly varies from one market to another. I think, a founder [should] look at the mentoring community available with the accelerator, the range and depth of their network, and the recognition a startup gets by choosing a particular accelerator. In our market, we should also consider the infrastructure they have built- how much do you save by choosing a particular accelerator? What sorts of legal support does the accelerator provide, and again at what cost?”

Boxit co-founders VP of Sales Joby Matthew, CEO Premlal Pullisserry, and VP of Operations Abraham Thomas

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A breath of fresh air

White Lab brings healthcare analytics to the forefront with Sensio Air By Kareem Chehayeb

ne of the tech startups to come out of Lebanon that looks set to soar is White Lab, a company that “specializes in healthcare analytics,” headed by Lebanese entrepreneur, architect, and professor at the Lebanese American University (LAU), Cyrille Najjar. The White Lab CEO partnered up with Eve Tamraz, who holds a PhD in neuroscience and focuses much of her work on the health and environment, to set up the enterprise. “We thought that there is a huge

Entrepreneur march 2016

problem in healthcare in which many of the treatments were not based on tangible data,” says Najjar, who hopes that White Lab will provide products that can increase data transparency to both doctors and patients. The company’s first product focuses on air quality and allergens: Sensio Air, a device that detects different particles in the air that you can connect to your smartphone. “We both have allergies,” says Najjar. “We need to know what’s in the air.” Of

course, for both Tamraz and that they started experiNajjar, it wasn’t just permenting with the “electronic sonal; there is a huge gap in side” of the product, using the local, regional, and global a Styrofoam board. “All this market for something like was done in the living room this. That said, it couldn’t be as well,” adds the co-foundmore relevant to the MENA er. While the folks at White region, where many counLab are looking for angel tries deal with sandstorms, investors to help them scale “heat peaks,” and, in their up the product, they bootnative Lebanon, pollution, strapped to kick things off. which could “increase the “In the beginning we focused impact of allergens on your on patenting the technology, body.” traveling expenses, [attendDeveloping Eve Tamraz and Cyrille Najjar, this super cool co-founders, Sensio Air gadget wasn’t a simple task for both co-founders, but two factors certainly made the process easier: the diversity of skillsets and keeping it straightforward. Tamraz says

ing] fairs, and prototyping,” explains Najjar. In addition to both Najjar and Tamraz, the team includes a consulting CFO, a developer, a junior architect, and a business developer. Coding tasks are outsourced, although the co-founders claim to have taken a stab at it themselves as well.

www.whitesurwhite.com/#!breathe-better/c213p

Developing this super cool gadget wasn’t a simple task for both co-founders, but two factors certainly made the process easier: the diversity of skillsets and keeping it straightforward.

With the co-founders’ different backgrounds and skillsets, it is expected they both faced different challenges during Sensio Air’s development process. For the neuroscientist Tamraz, the toughest bit was “definitely working on the detection part of the product.” What about the industrial architect and entrepreneur, Najjar? “The main challenge for me was understanding the market, developing the right proposition for that market, and making sure the product is positioned in a way that makes it desirable.” The duo believes that their next set of challenges will include “making sure we get as many units out as possible.” More on how Sensio Air works: the co-founders add that it’s “both a device and an app.” The device tracks everything in the air and “feeds the info back to the cloud, and then to your phone,” says Najjar. Tamraz elaborates: “It will give you information on everything from light intensity, allergens, gases, and other irritants.” But not only does it give an analysis of the air, according to Tamraz, Sensio Air will also share the potential health problems based on its analysis. The app was launched in January for both

iOS and Android devices, and is free. On its own, the app will provide data of allergens and other irritants in the air, depending on which city or country they’re in. This info will eventually come from other users of Sensio Air; at this point, it will come from “third-party research” and from some of the Sensio Air devices that they’ve set up in different cities. At the moment, Sensio Air is at its beta testing stage. “We have people signing up everyday on our list,” says Najjar, “They seem to be really interested.” As of last December, they had 200 testers. For those interested, they are still accepting beta testers from anywhere in the world; just sign up online. The Sensio Air device will eventually come in two versions: a “personal edition,” and a higher-end “enterprise edition.” What about the company’s marketing efforts? The co-founders admit to have been emphasizing heavily on putting out a top-notch product at the moment. While you can find White Lab and their parent

company, White sur White, of which Cyrille Najjar is its CEO, online, most of their interaction has been focused on other businesses, particularly energy companies, and companies that monitor air quality. White Lab was one of 15 Lebanese startups that packed their bags and headed to Silicon Roundabout in London for six months to take their enterprises to the next level as part of the UK Lebanon Tech Hub initiative by the British embassy and Banque du Liban. Tamraz and Najjar both previously won startup competitions in Paris and at Harvard University, but they say that the UK Lebanon Tech Hub is “the best we’ve seen.” Najjar believes that the provision of networking and mentorship opportunities, as well as the top-notch tech infrastructure that the hub offers will only shake things up for Lebanon’s tech scene. “Next year, we’re going to see a huge batch of stellar startups in Lebanon,” Najjar predicts. Both co-founders are confident that the UK Lebanon Tech Hub and other

similar initiatives are going to dismantle Lebanon’s main obstacle to its entrepreneurial ecosystem: the country’s weak tech infrastructure. So can we anticipate a slow down in Lebanon’s infamous “brain drain”? Here’s hoping for the best. The co-founders admit to have been emphasizing heavily on putting out a top-notch product at the moment.

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Kunal Kapoor, founder, The Luxury Closet

to set to measure our business growth and success.”

Dressed for success The Luxury Closet

2013 study by McKinsey and the Altagamma Foundation studying consumer patterns indicates what we’ve mostly had a hunch about: luxury customers are digital-savvy. This applies to the Middle East too- a 2014 Ipsos and Google survey in Saudi Arabia indicates that 48% of luxury retail purchases are conducted online. Mobility and convenience is a strong factor in the luxury online market, and The Luxury Closet, an e-commerce marketplace for authentic high-end pre-owned items at discounted prices, is banking on this trend. Launched in

By Pamella de Leon

2011 with a capital of under AED150,000, The Luxury Closet has steadily gained financial support over the years. In April last year, it raised US$2.2million from Middle East Venture Partners (MEVP) as the seed stage investor along with Dubai Silicon Oasis Authority (DSOA), twofour54 and MENA Venture Investments (MVI), followed by a raise of $1 million from Wamda Capital in December. Founder and CEO Kunal Kapoor, a former head of sales at Louis Vuitton, emphasizes on the company’s discipline to complying to budget timelines and financial strategy for its growth plans. This

drove the fundraising round, essentially looking into local VCs to benefit from the proximity and local expertise. He indicates that during the search for capital, looking into their investing portfolio was essential in assessing which partnerships would be most beneficial. “We also looked for VCs who would help us with strategic advice in all critical areas, such as product development and growth strategy, the kind of parties who could bring credibility to our business by backing us, and who could also introduce us to a network of players,” Kapoor says. About their partnership with Wamda Capital, Kapoor notes, “We are thinking big, and are determined to get every luxury consumer in the Middle East to visit The Luxury Closet and use our service.” THE PROCESS “The pitch process was thorough and lengthy; each round took four to nine months to be finalized,” says Kapoor. “But that worked to our advantage: with each new negotiation, we gained more experience, insight into what investors looked for and the key metrics

WHAT HAPPENS NEXT According to Kapoor, the company is allotting its funds to execute a plan for the following priorities: enhance user experience and drive engagement, and increase market reach. “Our seed round helped us prove our model, and our Series A funding helped us build our processes and introduce the technology that can scale it all up,” says Kapoor, adding that the startup is now fundraising for its next round with a target to raise over $10 million to help it scale across Middle East and India, a market that Kapoor indicates is a current focus for luxury brands.

Tips for MENA startups when pitching to investors THE LUXURY CLOSET FOUNDER AND CEO KUNAL KAPOOR

1. Think like an investor. “Know what investors look for in a startup: a scalable business that addresses a large market, and a core team that will make it happen- especially at the early stages, the team matters the most. This is essential not only to to attract investors, but to building a strong, viable company.” 2. Develop a viable strategy. “Have a big, bold, and ambitious vision for what the future looks like for your startup, and be prepared to back this vision with a milestone by milestone execution plan, that shows exactly how you grow and scale.” 3. Maintain good relationships. “Be constantly prepared to build new relationships, so you don’t miss any opportunity to introduce and promote your business.”

The Luxury Closet products

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Working at a startup made me a better version of myself

ike many before me (and I presume many after), I made the decision to leave the corporate world to try my hand within a more entrepreneurial setting. Why did I do this? The short answer is that somewhere along the way to corporate success, I no longer felt a sense of accomplishment, or that I was contributing anything of value. I needed something more. I needed something better. The day I decided to leave my position at a multinational turned out to be the day I was bombarded with the questions that other startupcurious people are bound to hear: “Why would you do such a thing?” I was asked that more than a few times, mostly by friends and family, shocked at my decision to leave what they considered a stable, lucrative, and promising corporate career. “But it’s such a big company!” It is indeed a big company, and that fact in itself speaks volumes of what it has to offer to so many others. As for me, my job was more of an obligation than a passion. I found myself stuck within what others had pre-defined as my career path, with very little space to maneuver and having no say in the way the business operated. I’ll be the first to admit that leaving my corporate career to join the entrepreneurial ecosystem was not an easy decision. I had spent the majority of my professional life at a larger-than-life multinational, and I really didn’t know anything else. I can clearly recall the many

Entrepreneur march 2016

By Adib Samara

sleepless nights debating if I should make a move on the opportunity. I now work for Laundrybox, a UAE-based startup that, as a whole company, is smaller than the unit within the division that I was working at during my multinational days. Expect to be patronized if you join a startup “So, you are doing people’s laundry now?” This rhetorical epithet is courtesy of a clever acquaintance. I replied, “Well, I was just selling coffee before…” For context, the brand I worked for -a powerhouse, a globally recognized household name- often made my position seem like less work than it actually was. This got me to think over the dichotomy that exists between the corporate and startup worlds, and why people were generally downplaying the latter. In my reality, the latter was (and still does) offer me so much more than my multinational positon. I’m much more satisfied and challenged working within a small, growing enterprise than I ever felt working for the biggest business of them all. But why is that? Is it the respect and recognition I receive that fosters my sense of ownership and greater level of commitment from me personally and professionally? Is it the supportive environment that allows me to increase my contribution levels? Or is it the work structure that provides me with a greater development opportunity by exposing me to the various components of the value chain? It is all three of these things.

What about the money? We all have financial aspirations, and admittedly, working at a large corporation guarantees stability and a relatively great salary. As you gain seniority within the company, you also build a larger bank account, a pension plan, and if you’re senior enough, you may even be granted stock options. In such an environment, financial recompense is often perceived as a measure of worth, and for some, a level of respect. At a startup, things are different. You don’t have the same salaries (at least not at the early stages), and you will never have the stability of a company that is a century in the making. You do, on the other hand, have the ability to gain equity in the business. That is not only a gesture of respect and recognition, but it is an incentive that gives you ownership (literally). With a heightened sense of ownership and the actual equity itself, you are

consciously willing to commit most of your energy and passion to ensure the success of the business. Some might argue that equity may be worth nothing, but with a vesting period, who really knows? This gamble is not for the faint-hearted, but it is for those who truly believe in the potential of their business. Ultimately, it is a long-term play, and nothing happens overnight at a startup. We look out for one another The once less traveled and intrepid road of entrepreneurship has become more acceptable across MENA in the past few years. The “startup” culture is now becoming increasingly pervasive, and within our ecosystem exists a plethora of support networks and entrepreneurs hoping to make it big. I have now found myself at the heart of the ecosystem- it’s more populated than I had imagined, and there seems to be a sense of community you don’t find in a corporate environment. Everyone is willing to share their experiences, their expertise, and their strategic know-how to help out your business. I have had entrepreneurs go out of their way to make sure I didn’t repeat

www.laundrybox.com

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help the business move forward. One example? I learned how to code HTML, so that I could send out emails that packed a greater punch. Outside of your area of expertise, learning by trial and error is the name of the game. The curve is steep, and personal development opportunities are endless. What you have the ability to learn within a year at a startup, may take you an entire career at an established corporation. You’re always on your toes, and while you are learning the hard way, it does offer invaluable experiences and makes you a more resilient person. Everything I have had to learn to excel within a new role has been so much more engrossing because of the challenges. Today, I’m much more of a generalist at Laundrybox, because that’s what our startup needs to keep moving forward.

their mistakes, and I’ve managed to optimize my role and boost my contribution levels based on the supportive work environment. The general mindset is that we look out for one another, and what was once survival of the fittest is now more cohesive and organized. The road less traveled might still be less traveled, but the ecosystem now has branches of support thus making choosing the startup path an easier way to go, and that has made a huge difference in success rates and cross-industry collaboration.

Learning on the fly In a large corporation, you tend to work within a given function, between a set of guidelines to follow, with several objectives to achieve, and KPIs to guide and measure your success. Anything outside that job description “isn’t your responsibility.” Everyone is too focused on making sure they earn their yearly salary increase or promotion (and a pat on the back from the boss). No one is really concerned with what everyone else is doing. Everyone is in silo mode. In a startup, things

work a little differently. The “not my job” mantra is usually replaced by a positive and proactive statement: “Yeah sure, I’ll learn how to do that.” The work structure is built around a few people trying to do pretty much everything. Budgets can be very tight, and that may require you to go in-house for things that could normally be outsourced- all of a sudden, you are exposed to the various components of the value chain. You are doing sales, marketing, operations, human resources, legal, and whatever you need to do to

Becoming a better you When it comes down to it, we all want the same thing: a feeling of personal fulfillment in the work we do, and the ability to channel our energy to be as productive in that work as possible. The environments we work often determine the key motivational drivers that we need to make us more effective, complete individuals. That doesn’t mean I am telling you to quit your corporate job right away to join a startup, but I am hoping you’ll ask yourself the question: what kind of work environment do you need to become a better you? As for me, I think I made it quite clear. The startup environment is exactly what I needed to become a better version of myself.

Adib Samara has a BA in Political Science and a Masters in International Law and brings a unique combination of multinational and entrepreneurial experience, having worked across a variety of industries in various capacities. Adib is currently heading Business Development and Franchising at Laundrybox, a UAE-based startup. He was also on the Advisory Board of The Box Self Storage, Sales Advisor for SugarMoo Desserts, and Business Development Director at Salmontini Trading, where he established, structured and implemented the sales and distribution strategies for the brand. Prior to that, he spent his career with Nestlé where he gained solid exposure to various regional assignments in different senior capacities, including human resources and sales development management. march 2016 Entrepreneur

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Your time is now

The Middle East is ripe for technology entrepreneurship By Reggie Bradford

echnology is at the forefront of the Middle East’s phenomenal present-day momentum. And where technology is driving profound change, the opportunities for successful entrepreneurship are expansive and compelling. I’m a long-time believer in (and practitioner of) technology-oriented entrepreneurship. My most recent startup, Vitrue, which provides social

media publishing software, was acquired by Oracle in 2012. Before Vitrue I was CEO of N2 Broadband, one of the first video-on-demand technology companies, which was acquired by Tandberg Television in 2004. And before that I helped shape the world’s first online healthcare information site, WebMD, acquired by Healtheon in 1999. Today I’m senior VP of product development in social relationship management at Oracle. I’m also on the boards of three technology startups, two in marketing and one in digital health. I’m also an advisor to a new, US$120 million venture capital firm investing in “digital lifestyle” startups in Europe. So, while technology is not a new area, I believe the opportunities are only just beginning. First, technology is a multi-leveled avenue for innovation, both a platform and a commodity -sometimes

both at once (think smartphone). Second, it offers a range of options, from the wide consumer market to the deep corporate enterprise arena. The most compelling technology trends of the last several years -social, mobile, cloud, and data analyticshave leveled the playing field for ambitious entrepreneurs, and not just metaphorically. Would it surprise you to know that 85% of the traffic on Facebook comes from outside the United States and Canada?1 To borrow a wellworn phrase, the world is flat: it’s a global marketplace, and technology is the support structure. Which means, for one thing, that you don’t have to be in Silicon Valley to create the next Uber or Airbnb. All three of my startups were founded and based in Atlanta, Georgia, which wasn’t known as a hub of technology development (at least, not back then). A successful startup is really about five imperatives: • Discovering a big, disruptive market opportunity • Building the right team • Solving the product/market fit equation • Finding the right source of capital • Identifying the right customers Technology startups have certain characteristics when it comes to product innovation and development. In the B2B realm, you can count on your customers to help you shape your product (for better or worse). In the B2C market, it’s about following consumer behavior- or, better yet, anticipating it. Overall, one of the secrets to entrepreneurial success is finding

regional economic drivers and then innovating around those. In technology, though, don’t be too parochial in your thinking. If you’re located in Atlanta, or Dubai, you have one big advantage over more tech-entrenched areas when it comes to launching a well-researched, creatively imagined, intelligently funded technology startup- you stand out. So think big! No less an ambitious entrepreneur than Larry Page, co-founder of Google, criticized today’s technology startups for lacking ambition. “We’re probably underinvested as a world in that,” he said.2 In terms of hiring, I will take enthusiasm over experience any day. Battle scars and gray hair may connote hard-won wisdom, but new ideas are the key to entrepreneurial success. That’s especially true in the digital environment. Look for people who understand millennials, both their consumer traits and their work habits. The Middle East stands at the crossroads of the old and new economies- literally. Dubai International Airport is among the top three in the world in total passengers.3 It’s proximity to developing economies like Africa and India gives it a significant strategic advantage over those in Western countries, and creates tremendous opportunities for the region. Cloud, social, mobile, and the sharing economy- these technology trends are happening globally, and are being driven as much east-to-west as they are west-to-east. It’s a good time to be an ambitious technology entrepreneur in the Middle East. So think big!

Reggie Bradford is Senior Vice President of Product Development at Oracle. Bradford brings more than 20 years of experience to his role as senior vice president of product development at Oracle. In his current role, he leads a team responsible for developing Oracle’s integrated suite of social cloud applications, social marketing, content creation, analytics, listening, and community management. Prior to joining Oracle, Bradford was the founder and CEO of Vitrue, the global leader in cloud-based social marketing platforms. Vitrue was acquired by Oracle in May 2012. 1 http://www.digitalinformationworld.com/2015/02/fascinating-social-networking-stats-2015.html | 2 http://www.ft.com/cms/s/2/3173f19e-5fbc-11e4-8c27-00144feabdc0.html 3 https://en.wikipedia.org/wiki/List_of_the_world%27s_busiest_airports_by_passenger_traffic#2015_statistics

Entrepreneur march 2016

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