ACCELERATING THE FUTURE
Author: Omar
StartEgypt Hosts First Female Founders Forum to Inspire Entrepreneurs
The pre-acceleration program, StartEgypt hosted its first virtual forum for female entrepreneurs; the Female Founders Forum. The one-day virtual event attended by over 300 up-and-coming female Egyptian entrepreneurs, saw leading experts from tech giants Dell Technologies, Google and YouTube provide key insights and training on how to get these start-ups from concept to implementation.
Designed to inspire and empower women considering starting their own business, the forum offered them the opportunity to learn from the experiences of influential females in the business and entrepreneurial world, as they discussed the differences, challenges and opportunities faced by females as entrepreneurs or in the corporate world.
A panel discussion featured Flat6labs graduate Sabrine Assem, co-founder & CEO at UNTAP Technologies, Mai Abbas, Education Services Manager for RSA Security by Dell Technologies.
Talking about their decision to host the virtual forum, Hassan Mansi, StartEgypt Program Director said, “Flat6Labs has maintained a gender ratio of 30%-females amongst its incubation and accelerator programs due to a solid belief in the ability of Egyptian female entrepreneurs to lead and drive the economy forward. This has been evident in their role as breadwinners across all socio-economic levels. We offer the opportunity for aspiring female entrepreneurs to unleash their potential and to continue having a positive impact on the Egyptian economy.”
“I was delighted to take part in the Female Founders Forum and to share the virtual stage with so many inspiring female entrepreneurs. The British Embassy is proud to support this programme. It is of paramount importance that we empower Egyptian women with the right tools and skills to allow them to take charge of their own enterprises. I am pleased to announce that until the beginning of October we were able to reach 1180 women, who are looking to found their own businesses and make a real change in Egyptian society.”
— Julia Skorupska, Political and Economic Counsellor at the British Embassy in Cairo
In addition to the panel discussion, experts from Google and YouTube also shared their know-how via two training workshops on digital marketing and product management to support young women in actualizing their ambitions to establish businesses of their own. The forum also hosted the CEO of Azza Fahmy Jewelry, Fatma Ghali, for a fireside chat.
As well as encouraging aspiring women to set out on their entrepreneurial journey, StartEgypt hopes that the forum will allow them to connect with promising female start-ups that they can incubate. “Earlier this year, the Egyptian Minister of International Cooperation, committed to increasing female participation in the workforce by 40%, by 2030,” said Mansi, adding that he hoped StartEgypt could contribute to achieving this developmental goal.
StartEgypt has previously organized multiple, nationwide workshops led by seasoned guest speakers and entrepreneurs. The Female Founders Forum is set to become an annual event, acting as a springboard for women exploring the possibility of launching their own businesses.
Here Are Four Tips On How to Get Your Startup Its First Customers
- Launching a new solution is never easy, but getting your early adopters amped up when it comes to your innovation isn’t a piece of cake; it also isn’t a far-fetched dream. Your early adopters will most likely be risk takers, people who trust you personally, and people who actually see potential in your innovation and great benefit to their lifestyle or business. The question that often lurks around many founders and startup teams is, how do we get those early adopters? Is it through marketing, social media, referrals, testimonials, personal relationships, what exactly is it that works across the board and makes up for a solid list of customers/clients with a high possibility of retention. Also, how can we do it? The answer is simple.
Leverage your existing network and continue growing it
The network you have developed over the years with people in different industries, should be your first place to look for potential clients/customers. These are the people you’ve known personally, and people who will add value to what you are offering by giving you all kinds of honest feedback that you will need to work on your solution. While this network can be used for “beta” testing, it can also be used for referrals, which brings us to the second point.
Utilize word of mouth and incentivize it
Your best customers/clients, are your first. Give them your ultimate best, and reward their efforts to make your solution better and spread word about it. Whether what you are offering is a B2B or B2C solution, this method works wonders. Give them discounts, promocodes, credits, however you may call it, just make sure to keep those who believe in you from the start.Spend money on digital marketing and know which platforms work the best
While your best bet is your network, but it is also important to gain trust from those who you don’t know because it validates your product-market-fit, and brings it to a new depth. Use email marketing, Facebook, Youtube, Instagram, or LinkedIn campaigns, and see which has the highest conversion rates and double down on it. In other words leverage growth hacking strategies to the best of your abilities.
Listen and act accordingly
It is extremely important that you treat your first customers with extreme care and listen to their feedback on a regular basis. They will always offer you unbiased feedback on how to improve your solution because there is always a bug that needs to be fixed, changed, or removed. Listen carefully and keep it up. Your first customers are your best bet, but your late adopters are the ones who will determine how far your startup can go.
Flat6Labs programs are open for applications across MENA. Apply now!
Flat6Labs and OQAL Partner to Create More Funding Opportunities for MENA Startups
Flat6Labs, the regional seed investment company and startup accelerator, has partnered up with OQAL, an Angel Investors Network in Saudi Arabia in order to further the growth of MENA’s startups through collaborative efforts to introduce Flat6Labs network of startups to OQAL’s network of angel investors.
This partnership will provide OQAL with direct access to Flat6Labs portfolio companies, enabling more deals to happen efficiently across the board and enabling Flat6Labs startups to scale with the funding provided by OQAL’s network of investors.
“We are very excited about our partnership with OQAL today. It marks another building block in our mission to help our startups grow and scale toward their desired markets in MENA and specifically the GCC” said Ramez El-Serafy, CEO at Flat6Labs. “As one of the first and largest Angel Investor Networks in Saudi Arabia, we’re confident in what this partnership with OQAL will garner in terms of exciting investment opportunities for Flat6Labs’ startups and OQAL’s network of angel investors.” Added El-Serafy.
“A key pillar in OQAL’s strategy is ‘Engaged Network’ that emphasizes our efforts in playing a proactive role within the ecosystem with essential partners as Flat6Labs MENA, which is one of the most prominent acceleration programs in the region with a strong track-record and even stronger founders and teams. We’re hopeful that this partnership will be yielding more investments, and more startups setting-up and expanding to Saudi Arabia.” Said Latifa BaNasr, CEO of OQAL Angel Investors Network.
The pre-set criteria by OQAL and Flat6Labs ensures that the startups maintain a specific standard that enables them to accelerate. This criteria includes but not limited to: solving a problem, having a working prototype of the service/product, having a team that compliments one another, having technology at the startups’ core, having a clear plan for the future, and gaining traction for the solution on offer.
Since OQAL was founded in 2011, its investors have funded the growth of many GCC startups like Careem and Sawerly. OQAL will gain direct access to over 260 Flat6Labs select startups from around MENA, and Flat6Labs will be capable of introducing its startups to one of the first networks of angel investors in Saudi Arabia. This partnership opens a new channel of possibilities for Flat6Labs startups and OQAL’s network of investors in the GCC region, and provides the startups with the space and network to also expand their businesses to other countries.
Are These The Types of Startups MENA Needs Right Now?
The realisation that startups have become a pillar to sustainable economic development has dawned upon many in the past few years in the MENA. Driving an eclectic mix of forces to venture, fund, accelerate, and incubate startups, and to support this ecosystem that breeds innovation. With each passing year, there seems to be a change in the sector trends, and where the fund providers seem to be more attracted towards. Should the focus remain on the most promising sectors or towards those with untapped potential? While both options are being explored by Flat6Labs & StartEgypt and other concerned bodies, the 2019 MENA Venture Investment Summary by Magnitt, highlighted that in 2019, Transport received the most funding; FinTech had the highest number of deals, and IT Solutions had the fastest growing number of deals.
If anything, this Magnitt report highlights a market that is becoming highly saturated with companies who are creating solutions in the aforementioned industries; generating revenue, closing investment rounds, and even closing exit deals in those very industries. It has become a highly competitive market for these companies, and if you don’t have something unique that differentiates your product/service, backed up with a strong knowledge of the market, you are most likely to be stomped by competition. What about other industries with untapped potential? How do they fair in comparison to the most trending sectors?
Gaming & E-Sports Market Share Will Reach $300bn by 2025
Gaming for one is an industry that has a stronger standing than the film and music industries, combined. It is expected that by the year 2025, the gaming and e-sports global market share will reach $300bn annually, according to Market Watch. Also, the MENA mobile gaming market share is growing at a steady rate in comparison to other regions, recording $680m in 2015. Most game developers and game studios are using microtransactions as a business model, and are generating high revenue. However, this strategy comes at a cost. Some game developers tend to abuse this business model to generate more revenue by hindering gamers’ progress unless they buy some of the in-game features they have on offer. It sets off the user, and causes rebellion (a great example of that is BattleFront II). The caveat here is to be capable of adopting such a profitable business model, while keeping the users engaged and without messing with the gameplay.
Other Gaming & E-Sports Flat6Labs startups: Seemba, VRapeutic, The Stories Studio, YAYY Studio, & SpicaTech Academy.
Healthcare Spending Will Reach $144 Billion in MENA by 2022
“According to a report from the Middle East Medical Devices and Diagnostics Trade Association, the annual value of the medical technology market in the region is set to grow to $11 billion by 2021 while overall healthcare spending will reach $144 billion in MENA by 2022 according to Al Masah Capital.” — Wamda.com
Chefaa (an online platform to order prescribed medicine from and a Flat6Labs Cairo Startup) has grown tremendously since they have launched their services to receive a six figure seed round. The startup ecosystem support, along with the high demand for services like Chefaa’s showcases a desire for people to actually use advanced technologies to make life easier. According to another article by Wamda.com, “people are willing to use advanced computer technology or robots with AI that can answer health questions, perform tests, make a diagnosis and recommend treatment.” Also, VRapeutic is combining the knowledge of gaming, VR, and health tech into realising a service that will help autistic children develop a more stable learning path through its VR-enabled learning solution.
Other HealthTech Flat6Labs Startups: Curotrip, AXON Medical, Pharmaklik
E-Commerce & Shopping: Are They Saturated Sectors With No Room For Innovation?
Another promising and highly diverse sector, is the e-commerce and shopping sector, with many problems existing in current platforms and abandoned markets, there are always new solutions to create. Exactly like what three of our startups are doing, while Souq.com is focused on selling any and almost everything, Brimore, Dabchy, & Shiphaly are doing things their own way to help people have a better shopping/selling experience. For one, Brimore (a Flat6Labs Cairo startup) offers end-to-end distribution channels where manufacturers can list their products, then it uses its network of women, housewives, and employees to sell and distribute their products in local circles. Brimore has raised $800k last year alone. Dabchy (a Flat6Labs Tunis startup) is an E-commerce platform with a focus on selling/buying women’s clothing whether new, used, or self-made with an active 400k users and a recent $300k fund. Shiphaly (a Flat6Labs Cairo Startup), on the other hand, is an online platform that helps people buy items from around the world, and helps travelers make money by delivering these items.
While in any of these industries you have a great chance at success, you do not need to be in a specific sector and following a specific trend to succeed. We welcome all kinds of innovative startups, and we invest in teams, passion, and true drive in every industry as long as they are tech-based. You will constantly be challenged, sometimes you will fail, and sometimes you will need to pivot because you’ve just realised a true gap in the market that you can fill. Do your best and luck will be in your favour. If you believe your startup could be MENA’s next unicorn, apply now for one of our programs: Flat6Labs or StartEgypt.
We want to see you make a dent in the industry you are in.
Here Are 5 Reasons Why Governments Should Implement Startup Acts Like Tunisia’s
In order to create a more dynamic startup ecosystem that fosters innovation and encourages entrepreneurs to venture into unknown lands, governments, corporations, and policymakers must understand the benefits of employing new policies and passing new laws that supports the geeks behind each innovation.
While governments across the MENA region have been allocating funds and initiating programs to support early-stage startups, there is little to be seen when it comes to enacting standardised laws that maximize the entrepreneurs’ chances to success.
“New policies and regulations should take into account the challenges faced by entrepreneurs and the needs of the ecosystem. The timing of the Startup Act couldn’t be better as it stimulates and encourages entrepreneurship across the country. Ultimately, it will result in thousands of new jobs created, important advances in technology and national economic growth.” — Yehia Houry, Flat6Labs Tunis’ Managing Director
Tunisia is one of those countries with its eyes set on empowering its startup ecosystem, and allocating the necessary resources for its hungry and passion-driven entrepreneurs.
“The Startup Tunisia initiative is meant to put the country on the map of startup-friendly ecosystems, sustained by three main pillars: the Tunisian Startup Act; the 200m Euro Fund of Funds; and the ecosystem support. With these things in motion, a synergy effect is expected to be produced between three key players: Investors, as the growth engine; incubators/accelerators as the performance lifter; and Startups as the economic and innovative locomotive.” — Haythem Mehouachi, General Manager of Smart Capital, Startup Tunisia operator.
Through Tunisia’s latest Startup Act, it hopes to create a fertile ground for innovation that both encourages competition and propels individuals who seek to utilise their solutions to the benefit of the community in many industries through its pre-set criteria (as quoted from the Tunisian Startup Act).
– Its legal existence does not exceed eight (08) years from the date of its constitution
– Its human resources, its total balance sheet and its annual turnover do not exceed the ceilings set by government decree
– More than two-thirds (2/3) of its capital is held by natural persons, venture capital investment companies, and collective investment funds. investment, seed money and any other investment body according to the legislation in force or by foreign Startups
– Its business model is highly innovative, utilizing cutting-edge technology
– Its activity has strong potential for economic growth.
This criteria set ensures that only the innovative, competitive, and ambitious startups get the Tunisian “Startup” label, and according to Salma Baghdadi, Smart Capital’s Startup Ecosystem Manager, 210 startups have earned it; out of which were 20+ Flat6Labs startups like, Dabchy, Tap4Glam, Sqoin, Junior Robotics Lab, Grabingo, Chantier, Logis, Trust It & many more.
Ali Mnif, the Country Manager of Silatech in Tunisia and a member of the ‘Collège des Startups’ and one of the pioneers that worked on the project since the beginning said:
“Clearly, the best thing that could happen is a Startup Act 2.0. All the learnings, the mistakes, the feedback will better shape the second iteration of the key measures to be included.
Startup act 1.0 is a breath of fresh air for many entrepreneurs, startups and investors. It is also a powerful wave that reached many other countries. We keep hearing good news mainly in Africa.
In any iteration, the startup act is capable of breeding more mature startups with solid teams, who are backed up by experienced investors. The challenge would be to quickly incubate, accelerate and support the next regional champions.”
This act should be employed or adapted by other governments because:
1) Promotes Unmatched Innovation of Young & Hungry Entrepreneurs
One of the main criteria of getting the startup label is to be utilising a highly innovative business model, and to use cutting edge technology as part of the solution you are offering, be it a service or a product.
2) Releases Entrepreneurs From The Shackles of Failure
Aspiring entrepreneurs are often burdened with the fear of failure, and it seems to shackle most startup ecosystems around the world, with the first thought being losing the main job that earns them a living, the sustained expenses that come with establishing a startup, and more. Tunisia’s Startup Act allows them to maintain the contract they have with their previous employer without the benefits and grants them a “Startup Leave.” This allows them to focus solely on their startup, and gives them a safety net to fall on if it so happens that the startup fails. It also allows for free local and sometimes international intellectual property registration for startups, and exempts them from corporate taxes.
3) More Innovation Means More Competition
While the day to day consumer or business is often limited by the choices of big corporates, and public services that might be either too outdated or lacks quality, startups pave the road for unmatched innovation at often reasonable prices. More startups usually means more competition, and more competition means better products and services for the community at lower prices.
4) Proves that Innovation Is Often Synonymous With Solving Current Problems
Younger generations think daily of their problems, and many have innovative solutions to the problems at the back of their heads. Utilising this power is instrumental to helping governments resolve the country’s problems. When these entrepreneurs innovate, they solve a problem.
5) More startups means more job opportunities.
Instead of depending on large and medium-sized corporations and governments to do the hiring, startups can offer fresh graduates a new path of learning that is both beneficial and more challenging with often better pay if the startup happens to succeed.
These factors help sustain economic growth and prosperity for the country and the startup ecosystem. They breed a nation driven by sustained innovation in every corner and every industry.
Flat6Labs Best Tips & Tricks Round Up To Get Your Startup Off the Ground
Throughout decades, many entrepreneurs, investors, acclaimed businessmen/women have talked about how perseverance, resilience, passion, and drive will get your company off the ground. While working hard and having a belief in your startup will get you far, working smart will get you further. To work smart, you need to identify the main pillars that help you sustain, grow, and scale your startup from idea stage to seed-ready stage. With that said, here is Flat6Labs 2019’s roundup of the best tips from all over the MENA region on how to get your startup kicking.
1) Hire These People
Choosing the right team is essential to your business’ success. You could be a brilliant entrepreneur with an awesome business idea destined for success, but if you don’t have the right people on your team, you won’t go far. Based on CB Insights report on the top reasons startups fail, which was conducted on 311 flamed-out startups, 23% of startups fail due to not having the right team — it’s also the third most common reason for startup failure.
Continue Reading: The Five Types of People You Need to Hire for Your Startup.
2) Use Networking As A Infinite Resource Of Opportunities
There are a number of catalysts that could elevate your startup and improve its prospects when it comes to scalability; and standing the test of time and lots of glorious examples, is networking. In a report by Forbes.com, their highlighted research concluded that on the way to entrepreneurial success, networking is crucial for 78% of the startups. So yes, it does act as an undeniably strong force on the way to shaping a well-rounded future for your startup, which will likely entail a network of friends, mentors, investors, professionals for hiring, and advisers.
Continue reading: 5 Tips on How to Use Networking as a Limitless Channel of Possibilities.
3) Get A Strategic Partner
With your innovative services or products trying to enter the space of one thriving startup scene, it is crucial to know where your startups’ best interests lie; and what is the best course of action that will revolutionise how people live daily through your tech-based solutions. Identifying what you need early on, and settling on partnering with those who can help you propel your startup comes a long way; especially, if you chose Flat6Labs, and the reasons are many.
Continue Reading: Four Ways A Strategic Partner Can Help Your Startup.
4) Learn To Deliver A Perfect Pitch
You’ve put in your all to kickstart your startup and now you’re after investors who can share in the vision you have for your business. A great pitch goes a long way in securing investments and the way you present can make or break your chances. If you’ve been to one of Flat6Labs Bahrain’s Demo Days, then you’ve probably seen that we do know a thing or two about giving an exemplary pitch. Here are some of our tips to pitching your way to securing investments for your startup.
Continue Reading: Five Tips to Deliver a Perfect Pitch.
5) Read The Investors’ Minds
According to CBinsights.com, running out of cash and the lack of investor interest in a startup are some of the common hurdles that stand in the way of early-stage startups. With Flat6Labs expertise in the startup ecosystem over the past 8 years, Flat6Labs’ CIO, Dina el-Shenoufy, and our Managing Partners and Directors from our offices: Flat6Labs Beirut, Flat6Labs Bahrain, Flat6Labs Cairo, and Flat6Labs Tunis, discussed how startups can maximize their potential and chances with local, regional, and even international investors. They have thoroughly examined, through both experience and knowledge, the conditions and preferences of investors when they are fishing for innovative, scalable, and all-around amazing startups. And, with the number and magnitude of events we hold each cycle for our startups, we’ve demonstrated our ability to give each of our startups multiple chances to meet with and actually secure deals with investors. Mainly through our networking events, pitch nights; our speed-date investor mixers; and through the Demo Days, which always hosts a number of local, regional and international investors and even mentors and government officials.
Continue Reading: Six Top Tips to Get Investors Invested in Your Startup.
The Flat6Labs-Powered StartEgypt Hosts Its 2020 Forum
StartEgypt, the pre-acceleration incubation program, established to inspire and support thousands of Egyptian entrepreneurs in the field of social impact enterprises, held its second annual forum to showcase its 45 graduating startups, from all over Egypt incubated in Cairo, Assiut, and Alexandria during 2019.
StartEgypt Forum is an annual showcasing event that presents the incubated startups culmination of efforts during the previous year. The startups get the opportunity to present their businesses to investors, leading business professionals, government officials, press, and coaches & mentors to expand their business connections in order to take their ideas to an even more advanced stage.
The four-month incubation program, funded by the United Kingdom’s Department for International Development (DFID), supported by the International Finance Corporation (IFC), a member of the World Bank Group, and powered by Flat6Labs, provides training, educational mentorship, and coaching by industry leaders. As well as, technical and business support to social impact startups in the fields of Education, Agriculture, Healthcare, Renewables, Environment, Transportation, Financial Inclusion and Marginalized Communities.
The program had originally launched in Cairo in 2017, with the first cycle starting in June, 2018. After their launch in Cairo, StartEgypt recognised the potential that entrepreneurs in non-centralized cities had. Therefore in 2019, the program has expanded to Assiut and Alexandria, graduating 45 social impact startups over the course of two cycles in Cairo, two cycles in Assiut, and one cycle in Alexandria, with entrepreneurs coming from all over Egypt, and startups working across various industries offering innovative solutions to disrupt the market.
Hassan Mansi, StartEgypt Program Director, said: “I am extremely proud of the efforts exerted in this program, we have undergone an amazing journey with amazing achievements. To date we have executed more than 45 events, reaching out to over 15,000 participants, partnering with caliber community partners in the ecosystem, receiving over 4,000 applications, and finally incubating 72 competitive startups from across Egypt. Moving forward, the whole team is excited and ready to increase the efforts to excel and reach out to more entrepreneurs across Egypt and inspire them into this new promising futuristic market in Egypt.”
The Forum is designed, along with showcasing the incubated startups, to provide an outstanding experience for over 1,000 guests interested in entrepreneurship, starting with a morning Startup Huddle, engaging activities like the Fight Club Competition and Ecosystem Activation Game, exceptional panel discussions about Female Founders and Impact Investment, and different hands-on workshops provided by Google, Dell Technologies, Cleopatra Hospitals, and Shell.
Eleven startups, out of the 45, have been qualified to end the day with a thrilling pitch competition in front of a judging panel for a chance to win EGP 200k in total, awarded to the following top 5 startups:
- 1st Pyro awarded EGP100K
- 2nd Biofeedx awarded EGP50K
- 3rd Mycelium awarded EGP20k
- 4th Banalistic awarded EGP10K
- 5th Shalta awarded EGP10k
The eleven social impact startups come from a variety of industries and use different technologies, including:
- Mycelium: A biotechnological company that grows eco-friendly biodegradable bio polymer (mycelium) on agriculture waste to make sustainable products that can replace the plastic in the field of packaging, construction, and furniture.
- Shetla: A mobile application that assists farmers in agricultural operations, irrigation and fertilization and the detection of diseases.
- Smart Farm: Utilises unused roofs across urban areas to make way for a small roof garden that provides food for the tenants.
- Hadotopia: Hadotopia offers a plethora of content including stories and information for all ages. Content is offered in traditional arabic, slang arabic, and english. The platform targets parents in an effort to help them educate their children.
- Mashro3i: A website platform that connects student’s graduation projects with entities that helps them to commercialize it.
- Banlastic: Banlastic introduced the eco-friendly shopping bag(cloth): an alternative to the plastic shopping bag, which will be a strong starting point for people to stop consuming single use plastic bags which has a very adverse impact on the environment as each Banlastic bag is reusable.
- Ero: Ero is a waste management startup that was initiated to create innovative solutions for paper leftovers. We collect, recycle and produce paper commodities to substitute environmentally irresponsible materials. Ero is a Finnish word for difference, which is what we plan to create.
- Pyro: Pyro offers an on-site customized Pyrolysis system which works on any agricultural waste to generate bio-charcoal. The system takes in the cellulosic agricultural wastes and produces bio-charcoal as briquettes.
- Biofeedx: A wearable gadget that accurately measures the muscle’s electrical activity during workout. The measured data is visualized on the user’s mobile app in a gamified visual feedback (mobile phone game). The app sends a report to the coach/doctor about the user’s performance with the ability of the coach/doctor to modify the user’s training parameters. It also allows current physiotherapy access and monitors a larger number of patients, reduces the cost of rehabilitation on patients and offers a more efficient and objective way of remote patient monitor rather than home care which accelerates the healing process.
- i-Sew: A mobile app that connects the disabled community with fashion designers who want to make their designs in a professional, cost effective manner in a short time. We help involve people with disabilities in our society while providing a reliable income they could live off. SDS offers a workshop space where disabled people assist designers in creating their products.
- Naql Misr: A digital online platform for providing logistics transport services to serve individuals and commercial and industrial institutions through the operation section to management and operate a fleet of different transport trucks.
Flat6Labs Trains 100+ Saudi Entrepreneurs at Misk Innovation Startup Bootcamps
5 Cities, 5 Bootcamps, 75+ Startups, 100+ Saudi Entrepreneurs Empowered by Flat6Labs
The Misk Innovation Startup Bootcamps powered by Flat6Labs program, was held late 2019 in five different cities across the kingdom to see that those with vision, ambition, and insight, get the best the MENA has to offer of mentorship, funds, and exposure to a local, regional, and international network of investors. After rounds of filtration from 900+ applications, the bootcamps held in Riyadh, Jeddah, Al Madinah, Khobar, and Al Qassim, saw over 90+ idea-stage startups; around 100+ entrepreneurs; and tens of mentors flocking the bootcamps.
The bootcamps hosted a number of sessions designed to introduce the participating startups on how to take their startups to the next level. Starting from design thinking, which helped startups formulate methods through which they can tackle complex problems; and moving on to customer acquisition, an essential ingredient of any successful startup. The mentors and coaches also provided sessions on how to create business and financial models, with the aim of setting clear revenue streams and aiding startups in the management of their resources. The sessions also contributed to the startups ability to define and accentuate the value they will be giving to their customers through value proposition sessions, and how to use growth-hacking to accelerate their penetration of the market and the realisation of the product/market-fit.
Knowing that well-rounded team is what drives the success of any startup, the program also hosted sessions on the best methods to allocate human resources that could drive the business forward. The program also brought legal experts who provided sessions on how to setup the startup in Saudi. Finally, and most importantly, through workshops designed to attract customers and investors, startups’ founders were trained to deliver amazing pitches.
The whole purpose of the Misk Innovation Startup Bootcamps powered by Flat6Labs is to enable aspiring entrepreneurs to create and innovate.
“I was capable of changing my startup’s strategy to suit my business needs and aspirations because of the mentorship that was provided during Al Madinah Bootcamp.” — Osama Al Motrfy, CEO of Waste Turn
We’ve taken it upon ourselves to ensure that the 75+ entrepreneurs attending our bootcamps across the kingdom, get the best mentorship and direction at such a critical stage in the startup’s life.
“I already learned a lot and it’s only been one day. Well organized, great trainers, and amazing energy” — Suhail Ahmed, CEO of Group4Less
Flat6Labs saw that each of the startups got the best support possible to help them venture and kick off innovative services and products through bringing in our team, and local and international mentors to help the startups ground their ideas. We’ve given Saudi entrepreneurs access to a number of essential tools that will help them succeed in the future and change the startup ecosystem starting from ideation sessions to design thinking and legal setup. Empowering such a drive of passionate entrepreneurs and raising awareness are at the core of why Misk kicked off its Misk Innovation Startup Bootcamps and the reason Flat6Labs powered it! This goal has been achieved, but it is just the start!
Flat6Labs saw that each of the startups got the best support possible to help them venture and kick off innovative services and products through bringing in our team, and local and international mentors to help the startups ground their ideas. We’ve given Saudi entrepreneurs access to a number of essential tools that will help them succeed in the future and change the startup ecosystem starting from ideation sessions to design thinking and legal setup. Empowering such a drive of passionate entrepreneurs and raising awareness are at the core of why Misk kicked off its Misk Innovation Startup Bootcamps and the reason Flat6Labs powered it! This goal has been achieved, but it is just the start!
Here Is Why Flat6Labs Believes MENA Needs More Women Entrepreneurs
More women entrepreneurs means more innovation
There are often two reasons why someone would start a startup, and it can be either the potential of an untapped opportunity or the potential of surviving poverty and unemployment. In a recent study on women entrepreneurship in the MENA region, Hala Hattab found that the general consensus is that women are driven to take part in entrepreneurial activities because of the existence of opportunities, especially in Egypt. Since we’ve already mentioned that women compromise 48% of MENA’s population, this means that with more women entrepreneurs there is a much higher chance for innovative products and services, and room for improvement in every industry. This will benefit consumers, businesses, governments, and economies of countries at large.
Women-led small businesses tend to create an overflow of job opportunities
If more women entrepreneurs were to start venturing with scalable businesses, more job opportunities will be created, and the GDP of countries affected by such growth will increase. In one research, it has been forecasted that if women were capable of starting such businesses, millions of jobs will be created; Dell’s research further elaborated that in the U.S. alone 15 millions jobs will be available for the unemployed. Hattab’s research on the employment rate in women-led small businesses in MENA, indicated that the highest average of employment rates exists in Jordan, Lebanon, and Yemen with around 20 employees per startup; a big number considering that the businesses are still at their infancy.
Women inspire other women
Women inspire women. Independent, powerful, and socially impactful women can inspire women to start their own businesses, and be a strong force in any economy. StartEgypt initiative has roamed 17 cities over the past years, and has trained and counseled 1,000 women entrepreneurs around Egypt through 14 Female Founder sessions. During such sessions, StartEgypt brings successful entrepreneurial models to inspire Egyptian females all across Egypt, and they also offer workshops for female entrepreneurs, and provide them with access to their incubation program. Also, StartEgypt’s ‘Inspire’ which was held 42 times, saw about 6,000 females attending it. Last but not least, StartEgypt has welcomed 20 female founders to their incubation program the past cycles! When women are inspired they can lift themselves up from poverty, they can fight unemployment, and their independence will evidently inspire other women.
Women are more likely to invest their revenues to further extend the growth and impact
A research conducted by the World Bank, found out a pattern where women are more likely to invest 90% of their income in supporting their families and communities. To further elaborate, a Goldman Sachs report states “enabling women, particularly as entrepreneurs, benefits future generations because women tend to spend more on their children’s education and health, which should boost productivity as well.”
StartEgypt Heads North; Launches Leading Entrepreneurship Initiative in Alexandria
After the successful launch of StartEgypt initiative in Cairo two years ago to push forward the most innovative cairene entrepreneurs, then in Assiut to be a hub for aspiring innovators from Upper Egypt, StartEgypt, proudly, launched in Alexandria to, yet again, help in the nourishment of the young minds who are seeking social impact through their ideas. The StartEgypt initiative is funded by the United Kingdom’s Department for International Development (DFID); supported by the International Finance Corporation (IFC) a member of the World Bank Group; and powered by Flat6Labs.
With the launch of StartEgypt Alexandria and the eight new startups joining its first incubation cycle, we’ll see those new startups thrive to inspire, build, accelerate and have indefinite social impact in the environmental, healthcare, renewable energy, and educational industries.
The launch event of StartEgypt saw those startups pitching their ideas to a number of entrepreneurs, representatives from the British Embassy, and investors who are looking for the next big idea.
While the aforementioned startups target four important industries, StartEgypt Alex’s scope of industries is bigger, as it also includes marginalised communities, financial inclusion, agriculture, and transportation sectors whom are represented thoroughly through StartEgypt’s existence in different cities across Egypt.
Over the course of upcoming 15 weeks, the startups from StartEgypt Alex’s cycle one will be mentored, coached, and given different types of resources to develop their products/services and compete to earn two spots on the StartEgypt Forum day.
The forum will also host several other startups from StartEgypt Assiut (2 startups) and Cairo (10 startups). The winner on the Annual StartEgypt Forum day will get a chance at getting scouted and accelerated by the Flat6Labs Cairo team and a chance at receiving funding of up to $25k.