entrepreneur middle east march 2016 | a culture of entrepreneurship

MARCH 2016 | entRepReneuR.CoM/Me | uAe AeD20

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Curating your online presenCe Use the power of snapchat for personal branding

Establishing a culturE

of EntrEprEnEurship Riyada CEO Khalifa

Said al abRi Oman’s chief priOrity

is a diversified ecOnOmy

Your business maY do better with

a non-traditional funding route

Looking further afieLd

How “Silicon Valley’S firSt billionaire” grew HiS Startup to dominate tHe global market

ShutterStock founder and ceo Jon oringer Jon oringer

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CONTENTS

20 INNOVATOR:EsTAblIshINg A culTuRE Of ENTREpRENEuRshIp Riyada CEO Khalifa Said Al Abri Oman’s chief priority is a diversified economy.

26 QuAlITy cONTROl Restaurateur Hani Nakkach on bringing London-based Aubaine to Dubai (and why he’s doing it himself).

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

CONTENTS

30 Jon Oringer, founder and CEO, Shutterstock

mARch 2016


EntrEprEnEur march 2016 4

CONTENTS mARch 2016

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

46 ‘TREpONOmIcs: mARKETINgShow what you know Cheryl Tan outlines five essentials to consider for your content marketing plan in 2016.

42 AsK A pRO Early sales success is key to survival Karl Hougaard outlines five common mistakes to avoid, and why your business will be better off.

12 EDITOR’s NOTEBy Fida Z. Chaaban

60 ESQUIRE guyThe secret to better brainstorming 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.

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

72 mONEy:yOuR mONEyLooking further afield According to Genpharm co-founder Karim Smaira, your business may do better with a non-traditional funding route.

20 The winners of

this year’s Oman Entrepreneurship

Awards

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CONTENTS mARch 2016

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56 TEch:shINy#TamTalksTechGadgets 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.

58 ONlINE ‘TREpCurating your online presence Entrepreneur Tom Otton discusses how to use the power of Snapchat for personal branding.

59 mObIlE TEchOn the road Read about an app developed by NYUAD students that was awarded top honors at the World Government Summit.

54 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.

79 sTARTup fINANcE The Luxury Closet gets funded! 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.

51 busINEss uNusuAlStart ‘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.

74 sTART IT up:Q + A “Do you want some space?”Startup Boxit, founded by Premlal Pullisserry, offers up solutions for your storage needs.

49 lIfEThree tips for an energy-efficient lifestylePart of not losing control is to account for the energy that you allocate to the different things you do, and roles you play.

62 lIfETen common beliefs we get wrong and whyOverrated ideas vs. underrated ideas put forward by Olympian and entrepreneur James Clear.

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

56 C.R Lee, President,

Samsung MENA,2016 MENA Forum

57 Samsung Gear 360

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Fida Z. Chaaban Editor in Chief @fida | @[email protected]

EDITOR’S NOTE

Encouraging entrepreneurship is everyone’s responsibility

Doing your part for the ecosystem

@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.

I 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 co-

panelists (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 re-sponsibility 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 en-terprise 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 shad-ow, are just some ways that more senior members of our business community can help out. Juniors or

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 Twit-ter 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 lo-cal entrepreneurial endeavor- many are listed under the hashtag I just mentioned. If all that still doesn’t

sound like you, just choose Careem to taxi around town or Carpool Ara-bia for ridesharing options.

There is always a way to do your part for the ecosystem, and suggest-ing 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.


IN THE LOOP

BEIRUT TO HOST MENA GAMES CONFERENCE

2016 IN APRIL

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AIM 2016 hopes to keep Dubai as an international investment hub

Retail Leaders Circle 2016 to gather GCC’s retail

industry leaders for a stronger market

AIM 2015

MENA Games Conference 2015

COPENHAGENSaxo Bank A/S HeadquatersPhilip heymans Allé 152900 HellerupDenmarkPhone: +45 39 77 63 80Fax: +45 39 77 42 00E-mail: [email protected]

ABU DHABIEtihad Towers, Tower no. 3, Unit 1401P.O. Box: 43082Abu DhabiUnited Arab EmiratesCompany phone: +971 2 408 8000 Fax number: +971 2 658 3400E-mail: [email protected]

DUBAICurrency House, 1st Floor, DIFCP.O. Box:506830DubaiUnited Arab EmiratesPhone: +971 4 381 6000Fax: +971 4 325 9209E-mail: [email protected]

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M ENA Games Confer-ence 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, pub-lishing, infrastructure providers and online advertising. The event aims to promote and grow the regional gaming industry by of-fering a platform for regional and

international gaming companies and upstarts to accelerate busi-ness 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 pre-arranged B2B meetings for busi-ness development. Speakers at MEGA 2016 include Jason Della Rocca, co-founder, Execution Labs, Amir-Esmaeil Bozorgza-deh, 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-

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

Under the patronage of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice Presi-dent, 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

events between investors and industry leaders, the organizers will also pro-vide 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 & Pro-fessional Council. www.aimcongress.com

The New York Institute of Manage-ment (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, mean-ing 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). At-tendees will also have an opportunity to network throughout the two-day conference. www.retailleaderscircle.com/uae

COPENHAGENSaxo Bank A/S HeadquatersPhilip heymans Allé 152900 HellerupDenmarkPhone: +45 39 77 63 80Fax: +45 39 77 42 00E-mail: [email protected]

ABU DHABIEtihad Towers, Tower no. 3, Unit 1401P.O. Box: 43082Abu DhabiUnited Arab EmiratesCompany phone: +971 2 408 8000 Fax number: +971 2 658 3400E-mail: [email protected]

DUBAICurrency House, 1st Floor, DIFCP.O. Box:506830DubaiUnited Arab EmiratesPhone: +971 4 381 6000Fax: +971 4 325 9209E-mail: [email protected]

91739_Saxo_Price_Campaign_CEE_EN_ad_203x273_pr.indd 1 29/02/16 15:55


Establishing a culturE of EntrEprEnEurship Riyada CEO Khalifa Said al abRi Oman’s chief priOrity is a diversified ecOnOmy By Aby Sam Thomas

INNOvaTOR

“We Want more entities to be a part of the entrepreneurial eco-system, and start establishing and organizing their oWn pro-grams to help the sme sector.”

Like every other nation in the Gulf Coopera-tion 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

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 determi-nation 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 entrepre-neurship 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 incep-tion, CEO Khalifa Said Al Abri feels that the organiza-

tion has indeed made some headway on its goals- having said that, Al Abri acknowl-edges 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 now- a 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 poten-tial big business sectors like tourism, logistics, etc. H.M. Sultan Qaboos has also put his voice behind the SME sec-tor- 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 indus-tries… These are the funda-mentals, 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, Ri-yada’s existence is in itself an indication of the work being done in this direction. >>>


“there is a huge potential for

entrepreneurs to find

opportunities Within the

ecosystem. it is not easy Work-

but the benefits Will be huge.”Khalifa Said Al Abri, Riyada CEO


INNOvaTOR

Taskeen Properties’ Khalid Al Habsi

winning at the Oman Entrepreneurship

Awards

Dar alHerfya CEO Zuwaina Sultan Al-Rashdi

“establishing a culture of en-trepreneurship is not something that can be done Within one or tWo years.”

Besides Riyada, the Saih Al Shamekhat symposium also led to the creation of another organization catered specifi-cally to Oman’s SME sector: the Al Raffd Fund. While Riyada is aimed at helping SMEs with training and ad-visory services on everything from starting up on an idea to finally marketing their respec-tive 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 find-ing 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 Oman- but 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.”

From advising Omani entrepre-neurs on how to deal with govern-ment 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 Entrepreneur-ship 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 eco-system- 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 eco-system to establish programs or initiatives to help SMEs… So there are awards for gov-ernment authorities, financial

institutions, corporate gi-ants, etc. that support and help SMEs- and we want to encourage more of these activi-ties. We want more entities to be a part of the entrepreneurial ecosystem, and

start establishing and orga-nizing 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 achieve-ments 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 entrepre-neurs, 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 sto-ry,” 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 pro-mote 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

them.” And the post-awards program is a pretty intensive one- Riyada’s personnel get to work with the win-ners 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 Entre-preneurship 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 sus-tainable 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


on broadening our reputation in the market, as good design-ers, as innovative designers. Alhamdulillah, we have now achieved that reputation. But there is so much more to being an en-trepreneur than that, and for me, the big-gest 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 vi-sion, etc. We weren’t really focusing on these things, not because we didn’t prioritize them, but because we were focusing on the things that we knew, the things that we were able to invest our time in. Since winning last year, it’s taken us quite some time to just strategize how we’re going to really deal with developing those sides, and now, we’ve come up with a couple of so-lutions, that we’re hopefully going to be implementing soon.” And these changes probably couldn’t have come at a more opportune time for this SME- in January, Maq-bool’s company celebrated the successful completion and delivery of its milestone project, the Lycée Française de Mascate (The French School of Muscat), and one hopes that this achievement

will stand 23 Degrees North in good stead for the future.

Maqbool’s journey with her enterprise is almost certainly going to be an inspiration for

the SME founders that won at this year’s edition of the Entrepreneurship Awards. While these entrepreneurs may hail from different sectors and backgrounds, they are all linked by their steadfast dedication to their enterprises, despite the challenges inherent in the Omani ecosystem. Khalid Al Habsi’s Taskeen Properties, for instance, won in the “Best Small Enterprise in the Service Sector” category this year, but he notes one of the biggest hurdles he sees in Oman is the societal indif-ference to entrepreneurship. “We don’t have a culture of entrepreneurship,” Al Habsi says, a notion that Mona Al Shukairi agrees with. Al Shukairi, whose company Al Joory Boukor won second

place in the “Best Micro Busi-ness” 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-

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

what’s your personal take on the entrepreneurial ecosystem of Oman?“The entrepreneurial eco-system 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 capi-tal, etc.”

what are your tips for aspiring entrepreneurs in Oman?“I can’t say enough about the need for SMEs to under-stand 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

disruptive ideas. But ideas are a commod-ity. 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 competi-tors, 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 lead-ers who may have expertise. Allow yourself to formulate multiple ideas. Then, com-pare: who is already doing it or something similar to it. Look at potential competi-tors, collaborators, and stra-tegic partners. And most im-portantly- 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 entrepre-neurs call home.”

perspectives on the Omani smE sectorSherry Colbourne | Managing Partner, Startup Oman www.startupoman.om

Building an ecosystem

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

Mona Al Shukairi, founder, Al Joory Boukor

>>>


Chris Broad | Specialist Mentor, Riyada, and Lecturer, Central Bank of Oman’s College of Banking & Financial Studies

perspectives on the Omani smE sectorBuilding an ecosystem

INNOvaTOR

Nadia Maqbool, founder, 23 Degrees

Chris Broad, Specialist Mentor, Riyada

of them stop them either- they 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 not-withstanding, 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 cau-tions against entrepreneurs stepping into this field with-out 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 home-work 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 every-thing from helping with the procedures and processes, to pushing government authori-ties 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 every-one from the population to the government- is adamant on giving this sector the boost that it needs and deserves. Here’s hoping.

what’s your personal take on the entrepreneurial eco-system of Oman?“I think the ecosystem is in some instances very devel-oped; however, there is still a silo mentality and an appar-ent difficulty in getting all the various components and ini-tiatives work-ing together cohesively. The opportunity is there for an umbrella orga-nization, 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 govern-ment 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 govern-ment fiat. Big business and entrepreneurship are a natural fit and we must move away from programs that leave entrepreneurs feeling like they’ve become some-one’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 stunt-ing 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 disad-vantaged 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 alterna-tive 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, entrepre-neurship is ‘the pursuit of opportunity beyond resource control’ these guys have done this on their own volition.”


“

INNOvaTOR

By Aby Sam Thomas

Quality control

“We managed to build a great team in dubai, mixed With some veterans from aubaine london to take care of aubaine dubai.”

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

Aubaine at Dubai Mall


We don’t franchise- never have, and never will.” That’s the response

I get when I ask Beirut-born restaurateur Hani Nakkach about the strat-egy he used when going about the January launch of the first international location of his London-based French bistro, Aubaine, in Dubai. “We decided to open in Dubai when we found the right partner who shares the

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.”

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

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



“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.”

Tips for ‘Treps AUBAINE FOUNDER HANI NAkkACH

“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.”

“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.”

Hani Nakkach, founder, Aubaine

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 to-day has ten of its restau-rants spread across the city’s various neighbor-hoods. “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 al-ways 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 char-acteristics of its London counterpart- this, he explains, is the overarch-ing theme governing

the restaurant’s growth strategy. “With the Au-baine 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, espe-cially 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 connec-tion between Dubai and London lots of our loyal customers live or visit Dubai regularly… Start-ing 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 glob-ally, 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.”


INNOvaTOR

By Aby Sam Thomas

PicturePerfectHow “silicon Valley’s first Billionaire” grew His

startup to dominate tHe gloBal market

ShutterStock founder and ceo Jon oringer


“i alWays say i Want to hire entrepreneurs. 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.”

Shutterstock’s Empire State Building Office

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He’s been called “Silicon Valley’s first billionaire,” and he’s also been called “the coolest person in New York tech,” but ask Shut-

terstock 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 atten-tion 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 Shut-terstock’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 City-based 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, Shutter-stock 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 success- Oringer is a serial en-trepreneur who founded ten companies before Shutterstock turned out to be the hit he was looking for. “I always knew I wanted to run my own company,” Oringer remembers. “It was just a matter of figuring out what that com-pany was. I toyed with different ideas, and some seemed to really take, until they didn’t- an online pop-up blocker company I ran was toppled overnight when Microsoft Explorer introduced a built-in solution into their browser. But the one commonality to all of the companies I founded was that op-tions for affordable stock imagery for

marketing or websites were incredibly limited. So I set out to take my own pictures and to license them to others at a nominal cost. I shot 30,000 images in the first year alone. I coded the site myself, and we were off and running, back in a time when there were not a lot of tools out there to help you start your own business. As an entrepreneur and a business owner, I knew who my customers were, and the challenges they faced trying to find the right im-age to market their business.” And we

all know what happened afterward. “I am proud to say that Shutterstock revolutionized the stock image industry by throwing out all the complex rights and offering a simple subscription model,” Oringer declares. “It wasn’t just that I understood the pain points in the process- I learned from my own frustration trying to use a traditional stock-imagery company, and I looked for ways to make it better.”

And Oringer did make it better- that is essentially why Shutterstock today has over one million active customers in 150 countries around the world. But it’s important to note here that Shut-terstock isn’t resting on its laurels- on the contrary, the company is keeping a close tab on whatever is being said about it or the industry around the world, and is on a seemingly relentless pursuit to better its offerings for its customers. I realized this first-hand when an obscure tweet I made about the difficulty of finding the right stock image led a member of the Shutterstock team to get in touch with me, and further, give me a potential solution to the problem I was facing as well. This whole episode took me by surprise- a pleasant one, of course, but it bears testimony to the importance of compa-nies, be it startups or conglomerates, keeping an ear to the ground in terms of customer feedback. “We have a healthy feedback loop with customers,” Oringer says. “They tell us through research we lead and customer-service inquiries they initiate what they want more of. >>>

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INNOvaTOR

1. Start building “Whether you’re an engineer build-ing 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 fac-tors, really anything else, but don’t blame yourself. i actually launched four businesses at once, figuring that might increase my odds at find-ing 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 photog-rapher, 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 ex-periment and the willingness to stick around when the odds are stacked against you.”

SHUTTERSTOCk FOUNDER AND CEO JON ORINGER’S TIPS FOR ENTREPRENEURS

sTarT up like a pro

Shutterstock’s Empire State Building Office

Shutterstock’s office

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

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Our tech and UX teams are responsive to what we’re heading, working in tan-dem with the support teams to ensure that customers are a major component of what drives our decisions and in-novation. 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 cus-tomers is also reflected in the acquisi-tions it has made in the past few years. In January 2015, Shutterstock acquired Europe’s largest independent photo press agency Rex Features for $33 mil-lion, and stock music and sound effects service PremiumBeat for $32 million. “Our first major acquisition was Web-DAM, which gave our customers a bet-ter 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- edito-rial imagery and music. REX (now REX Shutter-stock), and our partnership with PMC have quickly

allowed us to ramp up the editorial content we are able to offer our cus-tomers.” 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 profes-sionals,” Oringer explains. “In Decem-ber, 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 in-novate 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 en-trepreneurial mindset with which his >>>


INNOvaTOR

JON ORINGER ON HIS COMPANy’S PRESENCE AROUND THE GLOBE

ShutterStock and the Middle eaSt

“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.”

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Shutterstock Offset

Dubai-based photographer

Daniel Cheong

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 Shutter-stock, and helps remind us of how much you can get done on a given day if you work to-gether. Offset, in some ways, resembles the early, scrap-pier years of Shutterstock. In addition, every summer we host an annual hackathon for our employees, where

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 ex-ecutives. 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 opportu-nity 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 atten-tion to what the competition is doing,” he says. “We focus on executing our plan, and moving forward.”

“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 col-lection 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

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 archi-tectural images from Dubai and surrounding cities can be found on Offset.”


ShutterStock and the Middle eaSt

“international growtH Has Been key to sHutter-

stock’s growtH strategy. we want to Be eVerywHere

for eVeryone. tHat takes time. But we’re on tHe

rigHt track: 70% of our Business comes from out-

side tHe united states.”Jon Oringer, Shutterstock founder and CEO


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Bayt

.com

We 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.

how to be an ethical leaderAction this big ideA for 2016 By Suhail Al-Masri

EThIcs | ESQUIRE guy | sKIllsET | mARKETINg | pROTREPONOMICS

>>>

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 responsibleWe 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

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 ethical37% 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 socially-responsible 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

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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 examplesEthical 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.

leaders are listening to their employeesDevelop an honest work environment where employees can report unethical behavior without fear of punishment. No one wants to be considered a

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 ethicsAccording 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’

EThIcs | ESQUIRE guy | sKIllsET | mARKETINg | pROTREPONOMICS

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.


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.

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.


SEVEN BODY LANGUAGE CUES ENTREPRENEURS NEED TO BE AWARE OF

FOR EFFECTIVE COMMUNICATIONBy Neil Petch

Sending the right message

TREPONOMICS EThIcs | ESQUIRE guy | sKIllsET | mARKETINg | pRO

StudieS Show that geS-turing with your handS naturally while you Speak will help improve your credibility, and there iS alSo evidence that it actu-ally improveS your own thought proceSS.

Whether we realize it or not, we are con-stantly

giving off body signals that affect how others perceive us. Body language is in fact so important that it is actu-ally thought to account for almost 60% of our effective-ness in communication. This means that the success in which we convey our mes-sage is in fact more depend-ent 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 commu-nicators have spent their fair share of time in front of the

mirror practicing hypotheti-cal deliveries. With that in mind, this article takes a look at some of the obvious and not-so-obvious body language cues and move-ments 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 communica-tor 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.

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-


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.

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.

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.

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 negotia-tion setting.Studies have also shown that mirroring tends to foster a climate of collabo-ration 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

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

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 So many people struggle here, but it’s perhaps the single-most important thing a communicator can do. This is however not to sug-gest 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 conver-sation– 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,

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 involun-tary and subconscious. So while it is certainly worth-while 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 real-izing 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 listen-ing, interested, to be trusted, and so on. In other words, for the astute body language expert, body language could end up playing a consider-able role in influencing busi-ness outcomes.



By Karl Hougaard

Five common mistakes to avoid and why your business will be better oFF

EntrEprEnEur fEbruary 2016 42


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.

too many SaleSpeople are afraid to initiate converSa-tionS regarding price, when really it iS nothing to Shy away from. having diScuS-SionS 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 poS-Sible to give a range. >>>

For 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 interest-ing facts for you– the second of which really gets me think-ing: 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 busi-ness front, it could result in complete failure.

Personally, I feel that the ma-jority of people who fail to sell do so not because they can’t

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 foun-dation 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 busi-nesses 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 frustra-tions 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 custom-ers 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 at-tention to the reaction of the client– and therefore failing to act on vital buying signals.

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 present-ing 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 natu-rally, but be ready to change tact if needed, rather than re-lying 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


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

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.

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.

discussion, a discussion with your partner, or a casual con-versation 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 comfort-able, and you just want more of them. For the salesperson, I can’t think of a more endear-ing and indeed necessary trait.

A good listener looks you in the eyes, gives no indica-tion 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, ultimate-ly, 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

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.

4. beiNg coy abouT price 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 ap-proach. 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 require-ments. 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

opportunity right out of your hands. The case for not jump-ing 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 dem-onstrate 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 stay-ing 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 exer-cise, and you have to develop killer instincts in this respect. The key is to look at the close as part of an ongoing consulta-tive 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 hap-pens in B2B). This means that events dictate the timeline and not vice versa. The sale can come at anytime through-out 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.

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Show what you knowFIVE ESSENTIALS TO CONSIDER

FOR YOUR CONTENT MARKETING PLAN By Cheryl Tan

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.

nothing will replace a face-to-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 important than ever to create eaSily acceSSible in-formation So potential cuStom-erS 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.

Are you using your marketing strength to ensure the suc-cess of your busi-ness? 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 ap-preciation 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 face-to-face connection. But, more often than not these days, a potential buyer will search you out in Google before step-ping 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 prod-ucts, 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:

1. whaT are your coNTeNT goals? Yes, creating content for your business is critically impor-tant. 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 newslet-ter? 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? De-termine who your ideal client is and know everything you can about that person’s desires and what exactly they are will-ing to pay for.

3. where do They go To geT iNformaTioN? Where does your potential client show up to get infor-mation? 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 audi-eNce? 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. Deter-mine 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-


Cheryl Tan is the founder of Tan Media LLC, a media strategy consulting com-pany based in Virginia Beach, Virginia. Get more media & marketing tips at CherylTanMedia.com.

ExECUTIVE COACHING CAN SUPPORT YOU AS YOU FACE REAL ENTERPRISE CHALLENGES

Fast-growth businesses, led by energetic, high-paced, inspirational visionar-

ies, who have the ability to generate innovative ideas and translate (some of) these into practical commercial applica-tions, often face challenges that result from a business’ own success.

How can this be? Surely fast-growth businesses, character-ized by the practical realization of an entrepreneur’s own vision and drive, evidenced by meas-ures 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 differ-entiate 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 em-ployees 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 recruit-ment, 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 deliv-ery 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: delegation- letting go, when you previously had a strong and singular grip on the business’s differentia-tors. Now, you’re faced with the challenge of inspiring and lead-ing others, so they can deliver the standards that are embed-ded 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 han-dling the transition from being hands-on to being hands-off, but staying in control of the strategic direction of the busi-ness.

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

Retaining founding principles can be tough

creating content for your buSineSS iS critically impor-tant. 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?

| AsK A pRO |

tant to add your views to the mix. With so much noise out there, it’s critical your voice is there to represent your com-pany’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 knowledge-able 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 prod-uct or service. You can also create content responding to the questions you get over and over from current customers.

Once you have potential arti-cle topics, plot those topics on a calendar. Then sit down and write your article, record the podcast, create the video. De-liver 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.


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Three tips for an energy-efficient lifestyleget in control

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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

treP talk Me By Shoug Al Nafisi

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It’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.

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.

Chronic stress has been linked to all sorts of illness-es, and will probably con-tinue 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. Un-fortunately, 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 en-ergy that you allocate to the different things you do, and roles you play. Tony Hchaime, a high perfor-mance coach, believes time-management 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

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

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Jordan-based teen ‘treps launch accessories linestart ‘em young

By Pamella de Leon

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.”

ZAID RAhhAl’s TIps fOR AspIRINg JuNIOR ENTREpRENEuRs

Jade Buddha and Hamsa bracelets

Unluxury Juste en Clou bracelet

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WristGame Jo founders Zaid Amer Rahhal and Mazen Rid Hashem

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While they may be only 16 years of age, IB students Zaid Amer Rahhal and Mazen Rid Hashem

are no strangers to the entre-preneurial 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

electroplated metals at afford-able 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 open-ing, they already had nearly 70 customers and sold nearly 120 bracelets. Following the web-site’s launch, Rahhal estimates that they had around 160 cus-tomers and sold around 400 bracelets, with nearly nine out 10 customers providing posi-tive feedback. To assess their market opportunity, the duo utilized Instagram to figure out whether the products were worth selling. Wrist-Game 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-

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 col-lection.” 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 launch-ing his enterprise is “financial independence”- an admirable entrepreneurial goal at any age, if I do say so myself. www.wristgamejo.com


fRaNCHISE

Iraq on the agenda GROUP CEO MOHAMMED ABDUL RAHIM AL FAHIM ON

WHAT IT TAkES TO MAkE THE CUT FOR THE LUxURy GROUP’S FRANCHISE ROSTER

paris gallery opens its first Iraqi outlet in baghdad

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

Mohammed Noori Ayyed Al Handal, CEO, AHIG

“tHe francHisee sHould HaVe good understanding tHat Businesses

are aBout people- retaining and satisfying customers and otHer stakeHolders are wHat makes a

Business successful.”

Paris Gallery Group of Companies’ latest regional expan-sion, 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 es-tablished multisector portfolio that spans logistics to media to oil and gas amongst others. The launch of

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 team-building skills, a good understand-ing 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 Gal-lery Group of Companies, in response to the question of what

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 busi-nesses are about people- retaining and satisfying customers and other stakeholders are what makes a busi-ness 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-the-letter 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


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

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

by ThE NumbERspARIs gAllERy

Paris Gallery Baghdad



“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.”

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 im-proved, and disposable income has increased. We are confident that the market is ready.”

The eXecuTive summaryQ&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 opera-tional, 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.

Is ThERE ANyThINg IN ThE fRANchIsE mODEl ThAT hAs bEEN TAIlORED spE-cIfIcAlly 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.


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busINEss uNusuAl | lIfE | TRAVEl | DEsIgN | TRAppINgsCULTURE

From 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.

‘trep trimmingsthe executive Selection

four beNefiTs of dressiNg for successaccessorizing tHe executiVe wardroBe

By Tareq Samara

Corthay Arvca Vernis

Framboise

THE BOARDROOM LOOK

THE DOWNTIME LOOK

THE EVENINGLOOK

TOM FORD SS16: WEAR IT YOUR WAY www.tomford.com

A luxury vehicle, a state of the art apartment at a well-heeled address, and a high pay-ing position might be your power drive, but what fuels it is what you wear. Most people perceive the secret to being confident as be-ing successful and gaining enormous wealth, but Professor Karen Pine from the University of Hertfordshire thinks differently. According to Pine, clothing influences a person’s self-perception and confidence. Along with cloth-ing, the accessories you choose can enhance your competitive edge. If seeing Don Draper in Mad Men gives you the urge to hit up the mall, then you’re aware what handsome at-tire and good accessories can do for you. My startup, BoxKnocks, focuses on accessories for men, and having founded a business based on this ethos is proof that I believe in it. Here are four reasons why you need to up your style game- and increase your self-esteem and confidence in the process.

1. yOu wIll RADIATE sElf-REspEcT AND sElf-wORTh A guy who knows how to pair a fine watch with a good suit is respected and viewed with appreciation. Not only does dressing sharp show your maturity, but it also indicates that you take time, effort and pride in the way you look. Bags and briefcases are not just items to haul your stuff from place to place, instead use your choice of at-taché case to dictate your grip and your hold on the things you carry.

2. AccEssORIZINg cONVEys yOuR AbIl-ITy TO bAlANcE TRENDs (sERIOusly) In my opinion, a man who knows how to rock a v-neck shirt paired with a chain also knows how to cope well with changing trends in business. Not only is this a win-win situation for your fashion statement, it also allows a man to get across his sense of personal style.

3. fOsTER A mORE pOsITIVE mEN-TAl OuTlOOK A freshly-shaved face on a sunny day is awesome, but pump it up with a great new Tom Ford tie to complete your well-groomed look. Wearing a debonair accessory finishes up an outfit nicely, and it increases your self-esteem because it’s true that when you look good, you feel good. Dressing wisely and giving it a proper mark with accessories gives you more self-confidence because you’ve injected some oomph to your day, and helps you develop a positive mental attitude.

4. gAIN A cOm-pETITIVE EDgE When it comes to the opinion of the average guy, I think it’s fair to say that accessories don’t mean much to them. Many men think that wearing interesting add-ons to the next executive interview might be too much. Then these same men complain and wonder why they were overlooked during the selection process, or why they don’t get the applause from the crowd that they seek. One reason behind their lack of opportunities is the lack

of personality they show when it comes to their wardrobe. Better dressing indicates confidence and upgrades a man’s self-esteem, and dapper accessories paired well with a fine suit boosts confidence to an exceptionally high level. If a man can’t confidently project his personality through his wardrobe, then how can he have the confidence to snag that coveted position? www.boxknocks.com


QualiTy NoT QuaNTiTy is whaT couNTs wiTh shave producT

smootH moVes

Endeavour Perpetual Calendar Concept

editor’s pick h. mOsER & cIE. ENDEAVOuR pERpETuAl cAlENDARWith 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

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 shaving- this 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


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

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

Samsung Galaxy S7

EntErprisE mobility HP ElitE x2 1012HP Elite x2 1012

Samsung released its newest Galaxy smartphones at Mobile World Congress 2016. Galaxy S7 and S7 edge are impec-cably designed with new and improved features like a more advanced camera, streamlined software functionality and unparalleled compatibility to a range of other Galaxy products. The devices include a Dual Pixel camera- a first for smart-phone camera technology. It delivers faster shutter speed, more accurate autofocus, and a brighter lens with wider aperture, even in low-light conditions. Samsung also in-corporated Motion Panorama, a new camera mode, that brings movement to traditional

panoramic photos. The 5.1-inch Galaxy S7 and 5.5-inch Galaxy S7 edge are constructed with 3D glass and metal– all in a sleek and durable body. The device’s new Always-On Display, gives you access to notifications without having to touch your phone. Galaxy S7 and Galaxy S7 edge also deliver fast wired and wireless charg-ing technology. Additionally, the SIM card tray allows you to insert a microSD card for up to 200GB of additional storage, and both phones are rated IP68 for water and dust re-sistance. With an entirely new suite of products, Samsung has broadened its reach to a new galaxy and beyond.

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 pos-sible. An IDC survey on enterprise

mobility revealed that 51% of decision mak-

ers cite security

concerns as the greatest

risk to the mobile execu-tive. Consequently, the Elite x2

features Sure Star technology

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 com-patibility 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 sta-tion and travel bag with a pocket that blocks RFID scanner, Elite x2 is the ideal companion for any mobile professional.


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Well rounded SamSung unveilS gear 360

Samsung Gear 360

The hoT SpoT AlcAtel introduces personAl Wi-Fi hub

#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 came full circle at Mo-bile 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 lead-ing to a rvvange of products that allows the world to create, share and experience reality- virtually. 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 includ-ing 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.

When public Wi-Fi just won’t cut it, rely on your own devices (liter-ally). Alcatel has made it easier -and safer- to stay connected with the ONETOUCH LINK per-sonal Wi-Fi hub. It comes in two types, either 3G or 4G LTE, and supports up to 10 devices includ-ing smartphones, tablets, and computers. The device features PIN and magnetic connectors making it easy to pair with acces-sories like the adaptor for a car charger. Easily manage your per-sonal network with the LINK app which allows you to power your Wi-Fi connection off and on, read SMS and check data consump-tion. 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.


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.

Curating your online presenCe

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

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

How to use tHe power of snapcHat for personal Branding

By Tom Otton

You’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 chan-nel that’s taking the world by storm. Snapchat is the latest tool to bring communities closer to individuals and is proving to be incredibly pow-erful when used correctly.

Unlike Facebook, Instagram and most other social chan-nels, 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 real-ity 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 chan-nels), it’s important to set

out some fundamental guide-lines 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; authen-ticity is essential. Those who position themselves ef-fectively 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


App by NYUAD students wins top honors at World Government Summit

oN The road

NYUAD winning best m-government service award

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.

| mObIlE TEch |

A group of students from New York University Abu Dhabi (NYUAD) were declared the winners

of the UAE Best m-govern-ment 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 safety-oriented. The mobile, web and wearable app monitors driver behavior, warns them when they exceed speed limits, in-forms them when emergency services vehicles approach and also gives them a heads-up 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 plan-ning 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 lo-cations and road safety trends in the region’s roads.

interactions. Utilizing mul-tiple tools can place you in front of a potential audi-ence 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 build-ing 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.

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 struc-ture my Story throughout the day? Will you go ad hoc or will you create an ongoing and engaging narrative?

C. What value am I providing the viewer? Are you provid-ing 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



The Esquire guy on the secret to better brainstorming

By Ross McCammon

How do you lead a brain-storming 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 exer-cise. (“Is this ‘outside the box’ enough?”) And the box denies crucial truths about brainstorm-ing: that there is a goal, and that because of time and money there are always limitations on discus-sion, even from the very beginning. The box is silly.

The only box to be concerned with is the room you’ll use for the ses-sion. Which is what this is about. There are ways to brainstorm while not “co-locating,” as the sociolo-gists call it, but this is not about that. This is about being in a room with other people.

ThE INVITATIONAn 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 partici-pating. If people think they need more information from the invita-tion, 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.)

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 bEgINYou could stand up and yell, “Get your umbrellas out because that’s when I brainstorm,” attribut-ing 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 mu-sic- 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 peo-ple 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. In-spirational mediocrity. Brilliant.

bAD IDEAsOnce things are moving, it’s a mat-ter of gently guiding the discus-sion. 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.


The brainstorming process

“If you’ve been 10 minutes down some path and you think it’s a rab-bit 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 Acous-tics. “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 usu-ally happens because a person feels they need to speak. Which brings up a crucial paradox about partici-pating in a brainstorm: speaking is overrated. The key to being in a brainstorm as a participant, leader

or not, is to not talk so much. When you do speak, you’ll probably have an interesting thing to say, and peo-ple will probably listen to you.

A fEw wORDs AbOuT sIlENcETo 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 occasion-al silence. Meetings in our office sometimes involve six men staring at one another and a seventh look-ing out the window at the ballet of taxis on Eighth Avenue. Which is fine. Because ideas require thinking.

There’s a technique that journal-ists use: when an interviewee stops talking, just look into their eyes. Most of the time the subject will start speaking again- either to fin-ish the thought or to make things less awkward. And their second thought will usually be better than their first. Nice.

gETTINg OuTEasy. 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 digi-tal marketing and creative agency The Barbarian Group in New York. “You get a bad reputation and then nobody wants to go to your meet-ings anymore.”

Of course, you’re not really getting out. You’re just finishing up the be-ginning. “In the last 15 minutes, set

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 brain-storming 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


Overrated ideas vs. underrated ideas By James Clear

Ten common beliefs we get wrong and why

CULTURE busINEss uNusuAl | lIfE | TRAVEl | DEsIgN | TRAppINgs

by default, any good book that iS more than 10 yearS old iS filled with life-changing ideaS. why? becauSe bad bookS are forgotten after a decade or two. any laSting book muSt be filled with ideaS that Stand the teSt of time.

As a society, we often over-value 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 over-work. More critically, we have mistaken

all this activity as an indicator of liv-ing 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.”

B. PUTTING YOURSELF OUT THERE TO IMPROVEOverrated Avoiding criticismunderrated Sharing unique ideas

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

Too often, we let our fears and emo-tions prevent us from sharing our work with others.

C. STRUCTURING YOUR TIME Overrated Unrestricted freedomunderrated 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.

D. ENFORCING CONSTANT SELF-LEARNINGOverrated Degrees, certifications, and credentials underrated Courage and creativity

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 de-grees, the awards, going to the “right” school or being born into the “right” family- none of these things are a pre-requisite for success.

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

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


CULTURE busINEss uNusuAl | lIfE | TRAVEl | DEsIgN | TRAppINgs

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.

treP talk Me

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.

book or learn a new language. Motiva-tion is fickle and it doesn’t last. One study found that motivation had no im-pact 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 en-vironment around you. We rarely think about the spaces we live and work in, but they drive our behavior whether we feel motivated or not.

F. EVALUATE YOUR INFORMATION SOURCESOverrated Watching the newsunderrated Reading old books

By default, any good book that is more than 10 years old is filled with life-changing ideas. Why? Because bad books are forgotten after a decade or two. Any lasting book must be filled with ideas that stand the test of time. Meanwhile, the news is filled with fleeting information. We justify pay-ing 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 televi-sion 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 BASICSOverrated Discovering the “new” thingunderrated Mastering the fundamentals

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

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.

H. BE A BETTER TEAM PLAYEROverrated Being the leaderunderrated Being a better teammate

We love status. We want pins and me-dallions 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 JUDGEMENTOverrated Winningunderrated 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 failureunderrated Not missing workouts

Feeling exhausted at the end of your workout is massively overrated. Work-ing 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.

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 region- iSolarWorkx 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

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Step2016-FP_Entrepreneur(20.3x27.3cm).pdf 1 2/25/16 1:27 PM


IN THE LOOP

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Maker Faire Cairo is back for DIY enthusiasts in MENA

If you build it

GET IT TOGETHERSTEP Conference 2016 to take place in Dubai

Maker Faire 2015

STEP Conference 2015 pitch

competition

DOHA TO HOST THE 2016 ENTREPRENEURSHIP IN

ECONOMIC DEVELOPMENT FORUM

buIlDINg fOuNDATIONs

for those who love tinkering their way to solutions, or value the sense of accomplish-

ment associated with DIY projects, Maker Faire Cairo, a gathering for “makers” to exhibit their inventions, crea-tivity and resourcefulness, will be back for its second edition on March 26, 2016 at the Greek Campus in Cairo, Egypt. The 2016 edition fol-lows 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 Informa-tion Resource Center, U.S. Embassy and other partners,

the event will see tech lovers, artists, craft persons, entre-preneurs 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 compris-ing 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

STEP 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 com-prising 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 South-east 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

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, Co-founder, WOMENA, Issa Aghabi, Head of Investment, twofour54, and Fadi Ghandour, Chairman and Managing Partner, Wamda Capital. www.stepconference.com

T he third edition of Entrepreneurship in Economic Development (EED) forum, a platform

that assesses the role of entre-preneurship in Qatar’s economic development and defines the is-sues to be addressed to promote entrepreneurship in the Gulf, will

be held in Doha on March 7-8, 2016. Held under the patron-age 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 entrepreneur-ship.

The forum expects participa-tion from policymakers, public/private educational institutions,

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 entre-preneurship, role of educational institutions in creating incuba-tors, social communication tools for effective marketing, and sources of finance for entre-preneurs among other topics. Speakers at the 2016 forum

include Abdulaziz Bin Nasser Al-Khalifa, Chief Executive Of-ficer, Qatar Development Bank, Ahmed El Alfi, Founder, Sawari Ventures, Bilal Randeree, Manag-ing Director, Qatar Living, Emad Al Khaja, Executive Director, INJAz Qatar and others.

The event is sponsored by Manateq, Qatar Shell, Commer-cial Bank of Qatar, Qatar Science & Technology Park, and Ahli Bank, with other partners includ-ing Bedaya Center, INJAz Qatar and Qatar Living. www.interactiveb.com


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

Looking further afieLd

Your business maY do better with a non-traditional funding route

After 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.

By Karim Smaira

EntrEprEnEur fEbruary 2016 68



>>>

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 IFTHE NUMBERS SUPPORT yOUR CASEBefore embarking on a new venture, ask yourself if the numbers support your busi-ness idea. In our case, we saw that the healthcare sec-tor in MENA has witnessed tremendous growth. The population here has risen to around 350 million, and inci-dence of chronic and lifestyle diseases such as diabetes and cardiovascular ailments have reached epidemic propor-tions, 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 invest-ments- the competitive and open business environment (including free zones focused on healthcare and financial services) have allowed en-trepreneurs 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 CHALLENGESNevertheless, 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 FAVORHaving a good working knowledge of the investment ecosystem, the regulatory process, and benchmarking the alternatives is a must for

entrepreneurs. The current entrepreneurial climate in MENA suggests that sourcing capital remains the biggest challenge for young and un-proven entrepreneurs.

• Startups usually need funding either early on or in later years to scale, hence timing is a critical factor. Based on some of the public data, 74% of funding in MENA targets companies that are three years old or less.

• Institutional investors 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 strat-egy, 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 major-ity share and seize manage-ment 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 regu-lations and personal liabili-ties are discouraging factors. A World Bank survey states

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Dubai International Government Achievements Exhibition“Local Governments - Global Achievements”

April11 - 13 2016Dubai, United Arab Emirates

ExhibitionConferenceWorkshop 30+ Government departments from Dubai and UAE federal Governments showcasing achievements and projects of it s development initiatives.

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Benchmarking home experiences against other top innovative countries Globally.

Participatory worksops designed to bring together innotovators opinions and extract knowledge in a collaborative environment.

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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. +971 4 39 23232

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that only one in five SMEs in MENA have access to bank credit lines or loans.

This has created a niche for crowdfunding and crowdin-vesting and platforms like Beehive, offering more advantageous conditions. They don’t require founders to dilute ownership early on, but instead allow for pre-cious 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 spe-cific 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 pharmaceuti-cal 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 Gen-pharm four years ago. Global-ly, there are seven thousand diseases classified as “rare.” Most are of genetic origin and are prevalent in MENA due to several factors. Never-theless, 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 improv-ing 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 con-cluded our first capital rais-ing thanks to angel investors. The alignment between our strategic thinking and their investment criteria allowed this to materialize, particu-larly because the funding needed was relatively mod-est.

It was clear early in the process that VCs and PEs were not our preferred route, since we aimed to keep man-

agement control. Protecting shareholding dismissed the concept of a short-term exit, as we wanted to first maxi-mize the potential and create significant value. Nor were banks an option. The unwill-ingness 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 differ-ences with VC, PE and banks have great implications on the structure of the pitch and the communication strategy.

Institutional investors are mostly looking for control and lucrative exits. Having to deliver strong financial return to their clients, their investment decisions are purely based on financial considerations. Although financial returns are im-portant to angel investors, their considerations are usually broader. They are usually directly or indirectly acquainted with the entre-preneur 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 usu-ally 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 con-siderations of institutional investors.



Q&a ALeX thUrsbY, groUP ceo, nbAd

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

March 2015

Produced for

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

NBAD EARMARKS FUNDS FOR SUSTAINABLE BUSINESSES

thinking ahead Alex Thursby, Group CEO, NBAD

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esy

nBaD

Aiming to curb the funding gap for sustain-able business-es, the

National Bank of Abu Dhabi (NBAD) announced in Janu-ary a commitment of US$10 billion over the next dec-ade dedicated to projects focused on “environmen-tally sustainable activities.” Citing the 2015 Financing the Future of Energy report, commissioned by NBAD from the University of Cambridge and PwC and in collabora-tion 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 en-ergy mix of the future.” Alex Thursby, NBAD Group CEO, explained that the institu-

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

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 Associa-tion (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 consump-tion, clean transportation that promotes modal shift from road to rail, sustainable water management, sustain-able 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 major-ity of sustainable business activity being driven by larger corporates and government-

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 sustain-able business across the Middle East, as it has been elsewhere. Once that has materialized, we will be bet-ter able to offer widespread support also to the SMEs involved in sustainable busi-ness.”

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 sup-porting sustainable business because we think that en-vironmental considerations and sustainability will be one of the enduring forces shap-ing the business world of


| ECON |

Oil price fall a major complication in global economy,

according to NBAD report

NBAD headquarters

Nathan Weatherstone, Head of Sustainable Business Banking, NBAD

The volatilities in the global fi-nancial 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 men-tions oil price fall to be a ma-jor 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 cat-egorized “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 attrac-tive investment opportunities in selected emerg-ing and frontier markets, especially within the com-modities sector. “The UAE seems to be weather-ing the storm better than other oil exporting na-tions,” says the report. “The UAE has over the years taken steps to diversify its econ-omy 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 attrac-tive, 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, Claude-Henri 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 them-selves.” 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 fac-tors of 2016 that global inves-tors need to keep an eye on.

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 Financ-ing the Future of Energy report 2015, that we have commissioned from the University of Cambridge and PricewaterhouseCoop-ers, 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 pro-jects supported by strong government policy commit-ments and our core clients transacting more sustain-able businesses on a com-mercial basis across the West to East Corridor.”

eXecuTive appoiNTmeNTNathan 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 weather-stone 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 sustain-ability related industries. He was also closely involved in the publication of NBAD’s Financing the Future of Energy report. Mr. Weath-erstone joined NBAD from PricewaterhouseCoopers (PwC), where he served as a director leading PwC’s project financing. We are very proud to have him on

board, to build and lead the new business practice.

From a corporate sustain-ability 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 interna-tional 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 busi-ness perspective.”


STaRT IT UP

“Do you want some space?”

Startup Boxit offers up solutions for your storage needsBy Pamella de Leon

ecosystem | who’s got Vc | Q&A | stARtUP FINANce

“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.”

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

manage their things digitally and only pay for space they use, while utilizing the exist-ing infrastructure of reputa-ble 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, with-out 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 fund-ing, as well as InfoFort CEO Abed Shaheed and Aramex M&A Director Nader Mu-seitif joining Boxit’s board as strategic advisors. The start-up also has a few notable recognitions from the eco-system: it was winner of the Kuwait edition of Startup MENA’s GCC Pitch Challenge 2015, winner of the Kuwait edition of the South Sum-mit 2015, grand champion for Dubai Smart City App Hack 2015 and first runner-up 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 busi-ness 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 commu-nity 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 one-on-one surveys with people in communities (even shop-ping 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 ap-plication, and then launch-ing its iOS and web version.

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 custom-ers’ items. That approach, according to Pullisserry, would have been extremely capital-intensive, and that would have “only incre-mentally 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 summARyBOxIT 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.”

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.”

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?”

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

spaces. It was then when the team came up with a new idea of focusing Boxit to be a platform in connect-ing users to storage facili-ties. “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 fu-ture of on-demand personal storage,” with a subscrip-tion-based model. Charging a monthly rental fee per box as its business model, it aims to simplify the process while making storage cost-efficient, 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 plat-form positions itself between consumers and facilities,

instead of providing the self-storage spaces themselves, allowing the startup to scale quickly, focus on user expe-rience, 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 devel-opments.


WHITE LAB BRINGS HEALTHCARE ANALYTICS TO THE FOREFRONT WITH SENSIO AIR

By Kareem Chehayeb

a breath of fresh aIr

EcOsysTEm | whO’s gOT Vc | Q&A | sTARTup fINANcESTaRT IT UP

Eve Tamraz and Cyrille Najjar, co-founders, Sensio Air

One of the tech start-ups to come out of Lebanon that looks set to soar is White Lab, a company that

“specializes in healthcare analytics,” headed by Leba-nese entrepreneur, architect, and professor at the Leba-nese 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

problem in healthcare in which many of the treat-ments were not based on tangible data,” says Najjar, who hopes that White Lab will provide products that can increase data transpar-ency to both doctors and patients.

The company’s first prod-uct focuses on air quality and allergens: Sensio Air, a device that detects different particles in the air that you can connect to your smart-phone. “We both have aller-gies,” says Najjar. “We need to know what’s in the air.” Of

course, for both Tamraz and Najjar, it wasn’t just per-sonal; there is a huge gap in the local, regional, and global market for something like this. That said, it couldn’t be more relevant to the MENA region, where many coun-tries deal with sandstorms, “heat peaks,” and, in their native Lebanon, pollution, which could “increase the impact of allergens on your body.”

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

that they started experi-menting with the “electronic side” of the product, using a Styrofoam board. “All this was done in the living room as well,” adds the co-found-er. While the folks at White Lab are looking for angel investors to help them scale up the product, they boot-strapped to kick things off. “In the beginning we focused on patenting the technology, traveling expenses, [attend-


the co-founderS admit to have been emphaSizing heavily on putting out a top-notch product at the moment.

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.

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

With the co-founders’ dif-ferent backgrounds and skillsets, it is expected they both faced different chal-lenges during Sensio Air’s development process. For the neuroscientist Tamraz, the toughest bit was “definitely working on the detection part of the product.” What about the industrial archi-tect and entrepreneur, Naj-jar? “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, al-lergens, gases, and other irritants.” But not only does it give an analysis of the air, according to Tamraz, Sensio Air will also share the poten-tial 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 al-lergens 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 ver-sions: a “personal edition,” and a higher-end “enter-prise edition.” What about the company’s marketing efforts? The co-founders admit to have been empha-sizing 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, particu-larly energy companies, and companies that monitor air quality.

White Lab was one of 15 Lebanese startups that packed their bags and head-ed 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 entrepreneur-ial 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.


STaRT IT UPEcOsysTEm | whO’s gOT Vc | Q&A | sTARTup fINANcE

Dressed for successTHE LUxURY CLOSET By Pamella de Leon

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 hap-pen- 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 strat-egy. “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 mile-stone by milestone execution plan, that shows exactly how you grow and scale.”

3. maintain good rela-tionships. “Be constantly prepared to build new rela-tionships, so you don’t miss any opportunity to introduce and promote your business.”

Tips for MENA sTArTups whEN piTchiNg To iNvEsTorsTHE LUxURy CLOSET FOUND-ER AND CEO kUNAL kAPOOR

Kunal Kapoor, founder, The Luxury Closet

The Luxury Closet products

A 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 pur-chases 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

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 in-vestor along with Dubai Sili-con 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 time-lines and financial strategy for its growth plans. This

drove the fundraising round, essentially looking into lo-cal 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 devel-opment and growth strategy, the kind of parties who could bring credibility to our busi-ness 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 thor-ough 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

to set to measure our business growth and success.”

whAT hAppENs NEXTAccording to Kapoor, the com-pany is allotting its funds to execute a plan for the follow-ing priorities: enhance user experience and drive engage-ment, and increase market reach. “Our seed round helped us prove our model, and our Series A funding helped us build our processes and intro-duce the technology that can scale it all up,” says Kapoor, adding that the startup is now fundraising for its next round with a target to raise over $10 million to help it scale across Middle East and India, a market that Kapoor indicates is a current focus for luxury brands.


STaRT IT UP EcOsysTEm | whO’s gOT Vc | Q&A | sTARTup fINANcE

Working at a startup made me a better version

of myself By Adib Samara

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Like 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 accomplish-ment, or that I was contribut-ing 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 startup-curious 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 promis-ing corporate career. “But it’s such a big company!” It is in-deed 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

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 rhe-torical epithet is courtesy of a clever acquaintance. I replied, “Well, I was just selling coffee before…” For context, the brand I worked for -a power-house, 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 peo-ple were generally downplay-ing 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 recog-nition I receive that fosters my sense of ownership and greater level of commitment from me personally and pro-fessionally? Is it the support-ive environment that allows me to increase my contribu-tion 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 aspira-tions, and admittedly, work-ing 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 recog-nition, 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 pas-sion to ensure the success of the business. Some might ar-gue 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 in-trepid road of entrepreneur-ship has become more ac-ceptable 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 imag-ined, and there seems to be a sense of community you don’t find in a corporate environ-ment. Everyone is willing to share their experiences, their expertise, and their strategic know-how to help out your business. I have had entre-preneurs go out of their way to make sure I didn’t repeat


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.

their mistakes, and I’ve man-aged 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 eco-system now has branches of support thus making choos-ing the startup path an easier way to go, and that has made a huge difference in success rates and cross-industry col-laboration.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 mea-sure 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. Every-one is in silo mode.

In a startup, things work a little differently. The “not my job” mantra is usually re-

placed 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 re-quire you to go in-house for things that could normally be outsourced- all of a sud-den, 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 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 en-tire career at an established corporation. You’re always on your toes, and while you are learning the hard way, it does offer invaluable experi-ences 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.

bEcOmINg A bETTER yOuWhen it comes down to it, we all want the same thing: a feeling of personal fulfill-ment 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 motiva-tional 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.


STaRT IT UP EcOsysTEm | whO’s gOT Vc | Q&A | sTARTup fINANcE

By Reggie Bradford

your time is now tHe middle east is ripe for tecHnology entrepreneursHip

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

Business Connect Entrepreneur ME Asian Man H273xW203-E.indd 1 12/23/15 12:27 PM

Technology is at the forefront of the Mid-dle East’s phenom-enal present-day momentum. And where technology is

driving profound change, the opportunities for successful entrepreneurship are expan-sive and compelling.

I’m a long-time believer in (and practitioner of) technol-ogy-oriented entrepreneur-ship. 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 smart-phone). 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 analytics- have leveled the playing field for ambitious entrepreneurs, and not just metaphori-cally. 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 well-worn 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 cre-ate 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 devel-opment (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 innova-tion 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 entre-preneurial 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 At-lanta, 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 lack-ing 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 under-stand 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 op-portunities for the region. Cloud, social, mobile, and the sharing economy- these technology trends are hap-pening 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!

Business Connect Entrepreneur ME Asian Man H273xW203-E.indd 1 12/23/15 12:27 PM

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entrepreneur middle east march 2016 | a culture of entrepreneurship

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