Coming up with a successful startup calls for great business ideas and plans. This is because the process calls for perseverance and mental strength. The current day startups are in a different position of developing ideas which cannot be developed by large corporates. In terms of corporate structure and scale, startups run short of flexibility, agility, drive, and passion to do well.
Startups in MENA region received an investment worth $560 million in 2017 which was an increment of 65% from the previous year. The regions startup sector is usually dominated by fintech startups. But adtech startups have been making inroads in the recent past at a high speed. CB Insights states that 65 adtech startups raised a total funding worth $2.7 billion globally. Mediaquest Corp partnered with Digital@INSEAD and INSEAD Middle East Campus to put up a Global Start-up Bootcamp. This was on a move to recognize the role played by technology in transforming the retail sector and the importance of luxury sector startups, Arab luxury world and the summit on the luxury business in the Middle East.
The event took place for two days that is on 6th and 7th May in the UAE. It was hosted under the sponsorship of Chalhoub Group, and TAG Heuer. It saw the attendance of game changers community from across the globe. It was noted from the event that startups are able to deal with fearlessness and pressure received from the business market. According to Riviter’s CEO and co-founder Andi Hadisutjipto, there are many risks that come with abandoning a company that one knows works on something that is completely not tested is daunting. But for Actiff’s co-founder Lucas Poelman, and Stockly.ai’s CEO Eliott Jabès, the move was all but an excitement. Poelman says that he was exited on the possibilities of putting up a business with his close friends.
Despite the early excitement, committed startups face a rough time. Hadisutjipto said that during such scenarios entrepreneurs should keep in mind that whatever they are doing has not been done by anyone before. They should then handle it as an experiment and stop personalizing any failure since they are in the untapped territory. Such time also calls for entrepreneur’s transparency with investors, customers and employees. According to the Mercaux’s CEO and co-founder Olga Kutsur, that is what keeps the company moving always. Moreover, according to Kutsur, the best happiness is when you discover that your ideas change into a product used by customers.
According to Induo’s co-founder Pauline Guesné, making decisions together with business partners is compared to burden sharing. She adds that she always feel great when getting a late night call from a satisfied client. Apart from offering the best to the market entrepreneur should also have the right priority and make the right moves.