The UAE Ministry of Finance – Festival of Innovation

The UAE Ministry of Finance Festival of Innovation is a two-day event that brings the entire innovation ecosystem together and promotes cross-sector collaboration. The festival is part of UAE Innovation Week, a nationwide celebration that aims to promote and foster the spirit of innovation and creativity in the UAE.
The festival will include a variety of activities targeting all stakeholders in the innovation ecosystem. It will host workshops, seminars, innovation challenges, networking events, a hackathon and more. Innovators, investors, corporate and government representatives are all welcome to attend.
The festival will take place between November 21st & 22nd in Dubai, UAE.
To participate, please visit www.mof.gov.ae/iw/
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Corporate Venturing In The Middle East Can Be A Mirage.

This article was originally published on Forbes on 11-Jul-2016 and is written by Mr Kamal Hassan, General partner TURN8 Fund.

Large corporations in the Middle East (and elsewhere) tend to lag behind in innovation. Once they reach a certain size, competitive pressures seem to diminish, and they lose their nimbleness. Recognising this, some companies have started to think about investing in startups as a strategy for spotting and ultimately profiting from innovation. But there is an art to doing this successfully, and many Middle East organisations have not yet mastered it.

Let’s start with the basics. There are three ways for large companies to innovate:

1. Inorganic: do an M&A deal.

2. Organic: engage in internal research and development, testing new products and expanding the ones that work.

3. Invest in early stage innovation: set up a venture arm.

Five to seven years ago, #3 was not really a factor in the Arab world. Corporate investment basically entailed buying out your potential competitors. But more recently, companies are beginning to look at startups as a way to innovate. On the positive side, that’s great news. This is what happens in much of the developed world, and it’s a proven strategy.

On the not so positive side, the Middle East lacks an IPO exit market, so investors are limited to M&A deals as their exit path. This is a manageable problem, but a bigger one looms large: in this region, executives are not experienced investors. In other words, they don’t know how to loosely hold an entrepreneurial relationship, or to cultivate cultures of entrepreneurship and innovation. They invest in a manner that has the potential to crush innovation. For example, experienced investors are hands-on—dispensing advice, helping startups gain traction, build strong teams, and globalize their offerings. But in this region, many corporate investors treat entrepreneurs like employees. They impose restrictions that forbid the entrepreneurs from doing business with the investor’s competitors, or they impose bureaucracy on these still delicate entities. They want exclusivity. They want 10-year plans. In reality, entrepreneurs have no idea where they will be in 10 years, or even five. They may be forced to pivot. Market conditions may change. Each new executive hire has the potential to shift paths. If you push all the uncertainty out of the entrepreneurial process, you will be left with a process that is anything but entrepreneurial. Instead, corporate venture investors should be thinking like real VCs.

Even in the United States, where corporate ventures are commonplace, large organizations have trouble maintaining the deft touch necessary to nurture rather than crush innovation.

What leaders in the Middle East call corporate venturing isn’t really corporate venturing.

It makes sense to look elsewhere for examples. For example, nearly every bank and telecom in Southeast Asia invests in venture capital funds. The banks understand they are not the experts in this realm, so they are content to watch and learn.

They might seek to embed some sort of terms that give them the option to invest more at a certain trigger stage, or perhaps a right of first refusal. They might also seek the right to co-brand with a startup as their technology matures and they expand. But such actions simply give them a window of six to twelve months in which they will have an innovation head start; they do not crush innovation.By being a limited partner in an established venture capital fund, established organisations participate in the purest form of innovation. VCs are more skilled at finding and nurturing innovators with the hope of achieving market success; their objective is simple: produce attractive financial returns. In contrast, corporate ventures tend to have a strategic objective, and in the Middle East such objectives can be so dominant as to all but eliminate any true innovation.

To nurture innovation, you can’t simply go through the motions. You have to give innovators room to innovate.

The Perfect Pitch.

Statistics show that venture capitalists barely fund startups. Only 1% of all submitted business plans receive funding. One of the major issue startups that don’t get funding is the lack of understanding how investors think: On the one hand entrepreneurs are optimists, focusing on success, amplifying sales projection and highlighting the product features; all of this without significant customer validation. On the other hand investors are skeptics and focus on potential risks, break-even and positive cash flow.
Once this is understood, the entrepreneur shall prepare the pitch based on the particular audience. In this case, it’s an investor. A great pitch is brief (get to the point quickly), has an attractive overall appearance, is well organized (with a table of contents and numbered pages), is market-oriented in meeting customers’ needs, shows evidence of customer acceptance and greater TAM (Total Addressable Market), and is delivered in an insanely great way. As Gregory Berns said “A person can have the greatest idea in the world.  But if that person can’t convince enough other people, it doesn’t matter.”
Whether you’ve been in the game for a while or new to developing your own startup, pitching an idea or a business concept is never easy. To those that have a natural flair of delivering speeches or even storytelling, this might come easy. Otherwise, you need to work hard to make sure your first impression counts.
So how do I do that? You might be asking?
 Here are 5 tips that could prove useful to increasing your chances to a successful boardroom pitch with investors:
1. Start a high-level: Convey your message verbally and visually in the most articulate manner
2. Always keep it simple: Straightforward vocabulary, short sentences and don’t always assume that the investors are familiar with your industry
3. End powerfully: One completion of your the essential elements of your proposal, end it with a strong summary of the key items of your model/idea
4. Bring along your team and answer questions confidently: There’s nothing better than seeing a unified team know and are familiar with their respective fields of expertise
5. Be prepared for negative feedback and don’t hesitate to ask for clarification: Don’t be discouraged. You’ll always find one or two investors that won’t be convinced by your idea. Everyone’s different, and always remember to ask for clarifications if you didn’t understand a question
In order to deliver The Perfect Pitch, entrepreneurs need not only to focus on the hard skills (problem, solution, team, market, projections etc.) but also the soft skills. Soft skills include the way you convey your message, the overall story of your pitch, your voice tone and gesture during your pitch. At the end your audience should “feel” your presentation. Or as Maya Angelou once said “people will forget what you said, people will forget what you did, but people will never forget how you made them feel.

– See more at: http://www.thecribb.co/en/blog/read/213138926/the-perfect-pitch#sthash.tNrJpjTp.dpuf

New Global Startups Arrive in Dubai’s TURN8 Round 6 Accelerator

A new round of startup teams have arrived in Dubai to attend growth-focused workshops, meet mentors, investors, and gain traction for their advanced-stage startup. With the launch of a new pre-accelerator next month to manage early-stage idea startups, this round represents a shift in TURN8’s approach to invest in later stages of startups’ lifecycle in the effort of encouraging more commercial success. During this round’s acceleration period, teams will finalize their products or MVPs, go-to-market plans and launch.

TURN8’s program manager, Ahmed Abdulwahab, remarks about this round, “These teams demonstrate innovative solutions with real game-changing possibilities. Within the TURN8 program, we coach teams in accelerating their product, sales and marketing efforts. It’s exciting to accompany this round of startups on their journey of market entry and scale.

The startup companies that were chosen for TURN8 Round 6 include:

AirGo (Singapore): AirGo is an award-winning and patent-pending design concept that will take both airlines profits and passenger experience to a whole new level. 

Bridg (UAE): Bridg is a mobile payment platform that allows smartphones to transact regardless of connectivity. Bridg partners with local gateways and processors to enable fast deployment across the global landscape.

Crowdbabble (Canada): Crowdbabble helps marketers to benchmark and optimize their social media performance by understand what is working and what isn’t, for themselves as well as their competitors.

Meetizer (Spain): Meetizer is the social app where travelers and expats connect and share plans in real-life by creating ‘here & now meetups on the go’ over a coffee or lunch break, an event or whatever they plan.

Finerd (UAE): Harnessing the power of the latest technology, rigorous academic research and an honest management, Finerd provides intelligent investment solutions for everyone.

Visage (UAE): Visage is a crowdsourced recruiting platform for startups and SMEs. Professional recruiters worldwide refer their surplus candidates.

HeyDoc! (UAE): HeyDoc! is a healthcare communications & technology platform dedicated to connecting patients with t medical consultants, wherever they are, the easiest way possible. Delivering in-app consultations, without the need for physical appointments.

Prattler (Ukraine): A social media creating a user’s own brand in a live stream while following any broadcasted media content. Users can stream themselves directly to share emotions, thoughts and reactions with others while building their following of other users viewing the same event.

Mailburn (Russia): A clever business communication solution that will change emails forever by allowing users to close more business tasks and bring the entire business communication industry up-to-date through speed, security and openness.

The teams will graduate 18 May 2016 at the TURN8 Demo Day, pitching for late seed or early Series A funding from regional investors. 

About TURN8

TURN8 is an accelerator in Dubai UAE, initiated in partnership with DP World in 2013 to invest in technology startups and support them with mentoring, training and their product launch in exchange for an equity position in the company. As part of its larger mission, TURN8 and DP World work to integrate these startups into the global innovation ecosystem and startup economy of the UAE.

For applications for Round7 visit www.TURN8.co/apply