Category: Tips & Tricks

Over the past few months, countries and regions have witnessed a global lockdown. While we were forced to stay home, we’ve decided to host eight webinars that would help the startup ecosystem and its key players take part in rebuilding it. This was done mainly through regional and global interviews with renowned investors & entrepreneurs, who have shed light on unique aspects of the COVID-19 pandemic and its regional & global impact on startups. We’ve decided to share them with you in a bite-sized article, with the eight best tips from our 8 #StartSmart Webinars.

“The pandemic heightens the need for inclusive services & products.” — Christopher Schroeder, a Global Investor

As we’ve all seen, this pandemic and the move to online communication, transactions, consultation, etc… has deepened the need for our economies to be inclusive of those who don’t have access to such technologies. Entrepreneurs should cease this opportunity to create solutions that bring inclusivity to a new level, Chris said.

Read more about our 1st Webinar here: “How to Take Off Your Startup During COVID-19 Outbreak”

“Startups In the Frontier Ecosystems Need to Think Globally.” — Alexandre (Alex) Lazarow, a global investor and author of “Out-Innovate.”

 

 

Alex elaborated that startups in growing economies need to think of how their startup can expand globally or regionally when they are just starting out. It is important to create a solution that could be adapted to different cultures and economies because it will facilitate your growth. He highlighted that most of today’s unicorns had going global at their core from the very beginning. Entrepreneurs need to think about how you can build teams that communicate efficiently across the world, and how they can build that global muscle from day one. Also, the pandemic is enabling entrepreneurs to reach out to global investors without the need to travel. This is a chance for them to raise money and approach remote investors.

Read more about our 2nd Webinar here: “How To Out-Innovate.”

“You don’t need to be in silicon valley to do something great.” — Amira Yahyaoui, MOS’ Founder

An entrepreneur should first and foremost be building for the experience, the journey, and changing people’s lives. Entrepreneurs need to realise that wherever they are in the world, there are problems that require innovative solutions, which will ultimately change people’s lives, hence, “you don’t need to be in silicon valley to do something great,” Amira said. She added” “the only interesting thing about silicon valley is the technology and the people,” and if you can read books, watch webinars, and listen to podcasts coming from the silicon valley, you can start anywhere.

Read more about our 3rd Webinar here: “Building a startup in Silicon Valley”

“Send consistent updates.” — Mike Preuss, Co-founder & CEO of Visible.vc

Mike said that in one of their surveys, they have discovered that founders are more likely to get investments if they are consistent with their reports to investors, in fact it increases their chances by %300. During the COVID-19, investors will likely be looking at startups that have a record of maintaining their reports. Most founders can’t raise because they don’t update investors regularly.

Read more about our 4th Webinar here: “Impactful Communication with Investors During COVID-19”

“If you want to see long term, positive change, you need to commit yourself to positive change.” — Roxanne Varza, Director of Station F

While the pandemic has held most of us hostage in our homes, it has provided an opportunity for the environment to get better. If we want it to keep getting better, we need to find solutions to do that, while still living our normal lives. COVID-19, on the good side of things, has provided us with a lot of opportunities that need to be explored by our aspiring entrepreneurs.

Read more about our 5th Webinar here: “Opportunities and Lessons Learned”

“Ask your customers/clients what they are doing, not what they need.” — Patrick Riley, CEO of the Global Accelerators Network (GAN)

Lots of businesses of varying sizes have changed their business models overnight to cope with pandemic, and all of them are dealing with new challenges. If you can ask them what they are doing, know the services they are offering, you can most definitely know & assume their challenges/problems, and develop/adapt your offerings to help them. Patrick added, “Your solution must always be relevant.” You can research different segments and find your “sweet spot,” and start developing a prototype or even launch a startup that is revolutionary, but no one wants because it is not relevant. When you start a research to create a product/service, think of how long it can stay relevant to people and businesses.

Read more about our 6th Webinar here: “Seed-stage Startups: A Global View”

“Find the right balance between human clustering and individual functions.” — Khaled Talhouni, Managing Partner of Nuwa Capital

Some tasks will require human clustering to be finished effectively, like creating a new innovative product/service. However, there will be tasks that require individual efforts, which could be done more productively from home. Startups need to find that balance between taking their jobs home, and clustering to innovate. Khaled Talhouni, Managing Partner of Nuwa Capital

Read more about our 7th Webinar here: “Building In the New Normal”

“Young entrepreneurs who have ideas should move ahead & do them.” — Ferid Belhaj, Vice President of World Bank MENA

Young entrepreneurs in MENA need to have the ambition to go way beyond what they think is possible because new tech must spread everywhere, Ferid said. He also noted that the market will judge the entrepreneurs’ projects, and whether it can absorb their products or not. Entrepreneurs need to do what they feel will work, and see for themselves if it actually solves the problem.

Read more about our 8th Webinar here: “The World Is A Village: World Bank Response to Covid-19”

The good thing about all these tips is that they are effective during the pandemic, post-pandemic, and in the face of any other economic recession. Make sure to utilise them to the best of your ability, and perhaps share it with your friends?

On our eighth and last Flat6Labs StartSmart Webinar, we hosted Ferid Belhaj, Vice President of World Bank MENA, interviewed by Dina el-Shenoufy, Flat6Labs’ CIO to discuss World Bank’s response to COVID-19 globally and specifically in MENA. Ferid offered us his unique perspectives on how to tackle #COVID19, and how to create more opportunities for MENA startups. This is our full recap of the webinar.

“The world is a village”

Ferid said, one needs to find the right balance between squeezing out the best of the village that the world is becoming, and some of the possible negative aspects of this.

“Globalisation is fundamental”

Globalisation has helped us stay connected & work twice as much as we used to work from offices, and we need to push the globalisation of technology if a similar crisis ever comes to be, Ferid added.

“The World Bank has committed $160bn to MENA”

Since the crisis started, the World Bank committed $160bn to fast track financing facilities to help countries around the world to manage and deal with the health dimension of the crisis; to help the backbone of economies: SMEs; and to offer social protection for vulnerable people due to COVID-19.

“Young entrepreneurs who have ideas should move ahead & do them”

Young entrepreneurs in MENA need to have the ambition to go way beyond what they think is possible because new tech must spread everywhere, Ferid said. He also noted that the market will judge the entrepreneurs’ projects, and whether it can absorb their products or not. Entrepreneurs need to do what they feel will work, and see for themselves if it actually solves the problem.

“States in MENA need to be an enabler for startups”

“MENA needs to take care of itself,” Feird said. While we are trying to help countries, entrepreneurs and vulnerable families, states need to be the enabler that pushes everyone to do their best. States need to push out reforms that help startups. In some of Ferid’s talks with government officials from around MENA, they said that they are starting to recognise that they should have invested more in innovative solutions.

“Investment in new tech is never ever a lost investment”

Investors who have the resources and ability to invest in new technologies, need to be aware that it is their responsibility to help startups who are suffering because of the pandemic. They also need to be aware that an investment is never a lost investment, something will always come out of it; be it a new solution or a pivoted business model, something can always happen that can transform the way we live.

Make sure to join our upcoming Flat6Labs Cairo Spring 2020 Demo Day, June 24th. For more information and to register, click here.

Our seventh Flat6Labs StartSmart Webinar was co-hosted by Khaled Talhouni from Nuwa Capital, with our own CEO, Ramez El-Serafy, to discuss the changing definition and implications of building companies and what this means for the MENA region

“Human clustering is a big part of accelerated innovation” — Khaled

Historically, Khaled said, that there has been a large dependence on human clustering to achieve innovation. It, as he said, plays a significant role as one of the economic engines. There is something about the existence of a people in a dense environment that cannot be replicated virtually.

“Find the right balance between human clustering and individual functions” — Khaled

Some tasks will require human clustering to be finished effectively, like creating a new innovative product/service. However, there will be tasks that require individual efforts, which could be done more productively from home. Startups need to find that balance between taking their jobs home, and clustering to innovate.

“Our region is super resilient” — Ramez

Over the past decade, we’ve seen and learnt how startups have been capable of surviving the many crises, Ramez said. Our applications during 2011 & 2012, have actually doubled every cycle, and that is a great indication of how crisis can breed innovative solutions, great adaptability, and resilience.

“Startups need to ask themselves what is different” — Ramez

During these times, startups will be either thinking about pivoting quickly to stay relevant, pushing forward with their existing solutions, or shutting down to cut the losses. Startups need to think about whether there is an actual opportunity to pivot, by changing their business model, creating partnerships, etc… They also need to think about how they can utilise their current solution to temporarily benefit from the situation. The crisis will end one day, so you as a startup founder, need to to think about your solutions and their viability in both the long and short term.

“There is going to be a shift in private capital” — Khaled

Businessmen will be looking for ways to invest their money in more transparent ecosystems, and they will head for micro investors and micro fund managers to take off the hassle of due diligence off of themselves. AngelList is the first iteration of that.

Make sure to join our upcoming Webinar on June 9th, 2020, Co-hosted by Ferid Belhaj of The World Bank MENA and our own Chief Investment Officer, Dina el-Shenoufy.

For more information and to register, click here.

In our sixth Flat6Labs StartSmart Webinar, Patrick Riley, CEO of the Global Accelerators Network (GAN) shared his global insights on seed stage startups during and post COVID-19. Interviewed by Flat6Labs Beirut Managing Director, Fawzi Rahal, Patrick talked about the challenges and opportunities for startups to access the human and financial capital they need to solve problems and create impact during these challenging times.

“Acceleration doesn’t have to be in person.”

COVID-19 pandemic has proved that virtual acceleration is more than just possible. A testament to that is the number of accelerators in GAN, who have shifted virtualised their models. “The functions of an accelerator haven’t changed, but the mechanisms did change,” Patrick said.”

“Investors have the money.”

You need to prove to investors why your company is safe, stable, and most importantly, taking off during this season. Most investors nowadays think of whether they should wait for the storm to pass, or if they should doubledown on investments they have already made. In order for you as a startup to get their funds, you need to show growth, ability to scale, and high adaptability to COVID-19.

“Ask your customers/clients what they are doing, not what they need.”

Lots of businesses of varying sizes have changed their business models overnight to cope with pandemic, and all of them are dealing with new challenges. If you can ask them what they are doing, know the services they are offering, you can most definitely know & assume their challenges/problems, and develop/adapt your offerings to help them. Patrick added, “Your solution must always be relevant.” You can research different segments and find your “sweet spot,” and start developing a prototype or even launch a startup that is revolutionary, but no one wants because it is not relevant. When you start a research to create a product/service, think of how long it can stay relevant to people and businesses.

“5-year-old companies are the ones who will be creating jobs.”

With many companies laying off people due the COVID-19 pandemic, the unemployment rates have skyrocketed in the past months across the globe, but startups, as always, can flatten the curve. Patrick said that according to their surveys and research that companies that are 5-year-old or less are capable of creating new jobs much more than 6+ year-old startups.

“You are not your business.”

The most successful entrepreneurs and founders didn’t make it from the get-go, some had to struggle a bit to finally create that one innovative solution that is bound to change the world. Failing at one venture, two, or three doesn’t make you a failure. Learning when to quit, pivot, or try something entirely new is what shows your strength and resolve.

“There is something about real life interaction that virtualness cannot replicate.”

Partick has elaborated that now might not be the best of times to find a co-founder for your startup, and that you need to do it in real life because you get to know that person in front of you when you do that.

“If you don’t know where you are going, any road will take you there.”

Tell your team where you are going today, and be flexible enough to adapt & change your plans next week if necessary, but know that in the end you will get “there.”

Read Patrick’s recommended blogpost entitled “The One Chart That Gets Me Up In The Morning.”

Make sure to join our upcoming Webinar on June 2nd, 2020, Co-hosted by Ramez El-Serafy, CEO of Flat6Labs, and Khaled Talhouni, Managing Director of Nuwa Capital. For more information and to register, click here.

In our fifth Flat6Labs StartSmart Webinar, Roxanne Varza, Director of Station F exposed what the COVID-19 pandemic offered and still has to offer to startups in general, no matter where they are: MENA, Europe or US. This crisis is changing the landscape of the startup and tech ecosystem, and Roxanne & Faten Aissi Flat6Labs Tunis Marketing & Outreach Manager discussed the lessons learned and how innovation tackled some of the most severe aspects of the quarantine in Health, entertainment, WFH and education.

Take advantage of talents that have been laid off around the world

Due to the current economic crisis, many startups and corporates are laying off people to maximise the business’ chance of surviving the economic recession. So they are laying off people, this is where if you as someone just starting out or your business is growing rapidly can utilise this chance to hire remote employees. This is an opportunity for you because you can get a magnitude of experienced people, who can help your business grow and scale, remotely.

Customer service is essential the more you grow

Understanding that your small team will not be capable of always answering questions, receiving complaints, or following up with magnitude of people is important to knowing when to outsource your customer service or build a team dedicated to just that.

Companies needn’t be ashamed of downsizing, but someone needs to take responsibility

During the pandemic, many companies went the route of laying off people, but taking responsibility for your business operations, means that you care for business, your clients, and your staff. People can grasp the reality they are in, but they need to be assured that they were worth every resource the company has put into hiring, training, and employing them. It is more than just a nice gesture or politics, it is honest and responsible.

If we want to see long term, positive change, we actually need to commit ourselves to positive change

While the pandemic has held most of us hostage in our homes, it has provided an opportunity for the environment to get better. If we want it to keep getting better, we need to find solutions to do that, while still living our normal lives. COVID-19, on the good side of things, has provided us with a lot of opportunities that need to be explored by our aspiring entrepreneurs.

Always be dedicated & focused

If you start something, finish it. Don’t get sidetracked, Work until your vision has become your reality, but until then, keep your focus on one project at, one startup at a time.

Make sure to join our upcoming Webinar on May 19th, 2020 with Patrick Riley, CEO of Global Accelerator Network along with Fawzi Rahal, Managing Director of Flat6Labs Beirut. For more information and to register, click here.

In our fourth Flat6Labs StartSmart Webinar, Mike Preuss, Co-founder & CEO of Visible.vc along with Marie Therese Fam, Managing Partner of Flat6Labs Cairo, discussed how startups can approach investors virtually but effectively during the pandemic. Mike and Marie highlighted how you can leverage KPSIs and metrics to win over investors, and how it is virtually possible to communicate all of that online.

Cash Has Never Been More King than today

How you will be managing your burn rate in the upcoming months is much more important than how much you are growing nowadays. Investors will be looking at your ability to to maintain cash flow, while still running your business, Mike said.

Send consistent updates

Mike said that in one of their surveys, they have discovered that founders are more likely to get investments if they are consistent with their reports to investors, in fact it increases their chances by %300. During the COVID-19, investors will likely be looking at startups that has a record of maintaining their reports. Most founders can’t raise because they don’t update investors regularly.

Where You See Failure, Investors See Opportunities

From developing multiple relationships with startups and funding many, investors develop this pattern and skill to recognise troubles and opportunities. If an investor sees that your metrics haven’t been met for this month, they might consider funding you or providing you with the resources to help further grow your business. Don’t fall short on sending your reports as much as your investors want, and compare on a month to month basis.

Consistence Cadence Will Help Your Investors Fully Trust you

Instead of micromanaging you into sending reports, setting clear KPIs, and metrics, or having unreasonable demands of you because they don’t really understand the nature of your workflow, you will give them what they want beforehand, so that automatically stops you from getting innumerous requests. In the eyes of the investor, you are an active and an engaged entrepreneur. Consistent cadence also gives you time to reflect on your operations, and what needs to be done or changed.

If You Don’t Need The Money, Don’t Raise The Money

Some bad investors will be looking out to getting the maximum out of your business for little change. You have to be careful while choosing your investors during the COVID-19 pandemic, and if you can maintain your position in the market and operations, then there is no need for it.

Make sure to join our upcoming Webinar on May 5th, 2020 with Roxanne Varza, Director of Station F along with Faten Aissi, Marketing & Outreach Manager of Flat6Labs Tunis. For more information and to register, click here.