What were the key criteria for selecting the startups included in this year’s Top 50 Contech Startups list?
The selection process is based on several criteria and is decided by the Investment &  Business Development team. One of the strongest sources to build this list is the Construction Startup Competition, completed with the contributions from our investment and collaboration pipeline. We select startups with unique and innovative solutions that are aligned with Cemex Ventures’ four focus areas—green construction, enhanced productivity, supply chain, and construction future—and their potential to disrupt traditional practices of the construction industry. Overall, we aim to find passionate and resilient entrepreneurs and businesses that are covering the needs and challenges of the current built environment.

What major trends in construction technology stood out among the companies on the list this year?
This year, we saw a surge in solutions addressing the reduction of carbon footprint through sustainable materials (recycled and upcycled materials) and more efficient and productive construction processes.. There was also a noticeable rise in AI-driven tools for project management, project tracking, predictive analytics & maintenance, and automation, as well as advancements in industrialized construction methods and robotics to address labour shortages and efficiency gaps. Beyond our Top 50 report, we saw that 37% of all the capital raised in construction tech ecosystem went to AI, and the largest deals registered in 2024 went to solutions using AI.

Are there any regions or markets that showed a notable increase in innovation or representation in this year’s list compared to previous years?
North America and Europe continue leading the investment activity in our industry with 85% of all Contech transactions. From a deal perspective, Asia-Pacific showed significant growth in representations, with innovative startups tackling challenges unique to densely populated urban areas. Europe also strengthened its presence with growth across all the focus areas, although sustainability and productivity took 66% of the transactions. It seems that sustainability-driven solutions continue reflecting the region’s regulatory pressure to adopt and implement greener construction practices.

How many selected startups focus on sustainability, and what specific solutions stood out in addressing environmental challenges?
We try to build a balanced list of startups across our verticals every year. However, we see solutions from other buckets with a slight sustainability component, such as making processes efficient and greener by consuming fewer resources. In the Green Construction group, key innovations included CCUS technologies, LCA tools, AI tools for optimizing material usage, recycled construction materials and waste management, startups developing alternative cementitious materials and water efficiency & conservation.

With AI becoming increasingly integral, how are the listed startups leveraging artificial intelligence and automation to transform the construction industry?
AI is being used across various phases of the construction value chain, from generative design to predictive maintenance and real-time project monitoring. Many startups on the list leverage AI to optimize workflows, improve safety through automated risk assessments, and reduce project delays by predicting supply chain bottlenecks. Likewise, automation is particularly prevalent in robotics for tasks like bricklaying, 3D printing, site inspections or rebar works. 

Which startups or categories on the list do you see as having the highest investment potential or the greatest impact in the near future?
Startups focused on the sustainability, decarbonization and supply chain efficiency fields stand out for their investment potential, given the pressing demand for tackling industry´s carbon footprint, resource optimization, regulatory pressure and meet carbon budgets and targets. Specifically, those developing low-carbon materials, energy-efficient technologies, and AI-driven supply chain platforms are likely to have the greatest near-term impact. Lastly, the race for full automated sites has started, startups succeeding in automation lowering actual costs and increasing production will also take investors’ attention.

Are any of the startups from the list currently collaborating with Cemex Ventures, and if so, can you share examples of these partnerships?
All the startups included in the list are (or has been) part of our pipeline. While all these companies can benefit from our knowledge, our extensive network, or programs like the Construction Startup Competition, we prioritize those solutions whose vision is aligned with Cemex´s strategic needs and those that can help our operations to be more sustainable and efficient making our corporation more reliable and competitive. For example, some of these startups have participated in our acceleration program LeapLab, others are already collaborating with our operations and others are working with our Global R&D team.

Based on the innovations showcased, what do you see as the most significant opportunities and challenges for Contech in the next 5-10 years?
The most promising opportunities lie in addressing our industry decarbonization challenges throughout the entire construction lifecycle. The optimization of processes to make construction sites leaner and agile performing tasks on time and on budget will continue with capital inflows in the next years. Advances in AI, robotics, and industrialized construction will help to achieve this level of optimization. However, challenges include the slow adoption rate of new technologies due to the fragmented nature of the industry, regulatory hurdles, materials scarcity or the need for substantial investment to scale these solutions globally.

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As startup momentum has gained currency in the UAE, what specific initiatives is RAKEZ implementing to support startups in Ras Al Khaimah?
SMEs and startups are an essential part of the UAE’s economic engine, contributing around 63.5% to the non-oil GDP and driving innovation across sectors. With projections of up to 1 million SMEs by 2030, we’re focused on creating an environment at RAKEZ that helps these businesses thrive and grow.

To support this momentum, we’ve introduced flexible business packages that lower entry barriers, allowing SMEs and startups to get off the ground without heavy costs. But we know startups need more than just a license—they need ongoing support. That’s why we’ve built a lineup of events, from workshops and seminars to networking forums, where entrepreneurs can connect with investors, industry experts, and like-minded peers. These events aren’t just gatherings; they’re key opportunities for startups to gain market insights, broaden their networks, and explore potential funding channels.

In addition to this, we offer a range of value-added services, providing specialized consultations in areas like legal, marketing, and administration to help founders navigate the complexities of scaling up. And we know how important collaboration and community are, which is why we established the Compass Coworking Centre. It’s more than a workspace—it’s a dynamic hub designed for entrepreneurs to work, network, and innovate side by side. With modern amenities and a flexible setup, Compass provides a space where creativity and collaboration thrive.

Our focus is on making market entry as seamless as possible, so entrepreneurs can concentrate on what they do best: innovating and making a difference. At RAKEZ, we’re building more than just business solutions; we’re creating a thriving ecosystem where startups can play an active role in shaping the UAE’s diverse and dynamic economy.

How does RAKEZ collaborate with other organizations or government entities to enhance the country’s startup ecosystem?
Collaboration is essential to RAKEZ’s mission of building a strong, sustainable startup and SME ecosystem in the UAE. By partnering with key organizations and government entities, we create an environment where startups and SMEs have access to the resources, expertise, and support needed to thrive.

Our partnerships with leading banks—including RAKBANK, Mashreq, Emirates NBD, and others—provide streamlined financial solutions for startups and SMEs. These banks offer easy account set-up, dedicated advisors, online payment services, and financial support packages, simplifying the set-up process and helping new businesses operate smoothly. In the e-commerce space, we work with platforms like Amazon UAE and Tradeling to empower RAKEZ-based businesses with digital tools, access to a vast customer network, and resources for scaling online. Additionally, our collaboration with Emirates Post offers startups bundled logistics, financial, and tech support, allowing them to streamline their operations and focus on growth.

On the regulatory front, RAKEZ works with government bodies such as the RAK Department of Economic Development, Chamber of Commerce, Emirates Development Bank (EDB), Etihad Credit Insurance (ECI), RAK Courts, Customs Departments, RAK Civil Defense, and RAK Immigration. These partnerships ensure that our businesses have a robust support network to navigate regulatory processes with ease, fostering a smooth market entry and operational efficiency.

We also create valuable networking and learning opportunities through our events, forums, and workshops, where entrepreneurs can connect with investors, potential partners, and industry experts. These gatherings go beyond traditional networking by fostering collaboration, sharing insights, and strengthening the startup community in Ras Al Khaimah.

These are just a few of our key partnerships, and we’re continually expanding our network to bring even more resources and opportunities to our business community. Our commitment is to build a thriving ecosystem that supports entrepreneurs every step of the way.

What resources and facilities do RAKEZ provide to help startups scale their operations?
At RAKEZ, we provide startups with resources and facilities that truly drive growth. Our Compass Coworking Centre serves as a collaborative space where entrepreneurs can work flexibly and connect with a dynamic community of peers. It’s more than just a workspace—it’s where ideas flourish, partnerships form, and innovation thrives.

Our training programs cover essential topics such as business development strategies, client relationship management, social media mastery, financial planning and budgeting, IT and digital solutions, and sales techniques. These sessions address practical challenges, equipping entrepreneurs with skills crucial for long-term success.

We also offer extensive networking opportunities, allowing startups to connect not only with like-minded entrepreneurs but also with professionals from other sectors. Through our events, workshops, and mentorship programs, entrepreneurs gain valuable industry insights, expand their networks, and create connections that can lead to potential partnerships and collaborations.

For companies needing physical space to grow, RAKEZ provides scalable warehouse and office solutions. Our warehouses meet logistical needs, while our flexible office spaces allow teams to expand smoothly as they grow.

Each of these resources is designed to make scaling up as seamless as possible, empowering startups to focus on what they do best. With the right facilities, training, and connections, businesses at RAKEZ have everything they need to tackle new challenges and seize opportunities in the UAE’s thriving market. 

How does RAKEZ plan to attract international startups to establish a presence in Ras Al Khaimah?
We’re all about creating the ideal environment for international startups to establish and thrive in Ras Al Khaimah. At RAKEZ, we understand what it takes for a startup to enter a new market smoothly, so we focus on making setup straightforward, affordable, and growth-oriented.

To make RAKEZ even more attractive to global entrepreneurs, we offer a range of incentives that truly set us apart—100% foreign ownership, zero income tax, and a simplified setup process. These benefits give startups the freedom to operate and grow without the usual complexities. We actively promote these advantages through international roadshows, trade missions, and partnerships with foreign trade bodies, so that startups worldwide know about the unique opportunities RAKEZ offers.

Our recent participation in Expand North Star, one of the world’s largest startup events, was part of this mission to connect directly with the global startup community and show how we’re the perfect launchpad for growth in the UAE.

Ras Al Khaimah’s strategic location offers another competitive edge, providing startups access to high-demand markets across the Middle East, Africa, and Asia. Combined with our attractive pricing models, RAKEZ is an ideal hub for startups looking to enter and scale in the region. 

How does RAKEZ address the unique challenges faced by startups in the region, particularly in terms of funding and access to markets?
We at RAKEZ understand that access to funding and markets are two of the biggest challenges startups face, especially in a competitive region like ours. That’s why we’ve built strong partnerships and programs that specifically address these needs, giving startups a solid foundation for growth.

To support funding, RAKEZ actively connects startups with the Emirates Development Bank (EDB), a key partner in financing entrepreneurial ventures across the UAE. Through EDB, startups have access to tailored financial support, including loans and growth funding, designed to help them scale their operations.

When it comes to market access, RAKEZ’s location in Ras Al Khaimah offers startups strategic connectivity to high-demand markets across the Middle East, Africa, and Asia. We also work with leading e-commerce platforms, such as Amazon UAE, Tradeling and many others, to help startups establish a strong digital presence and reach customers online. Our international roadshows and trade missions give startups a hands-on opportunity to explore new markets, connect with local trade bodies, and build global partnerships.

Through funding connections, strategic location, and market entry support, RAKEZ provides startups with the essential tools to overcome challenges and succeed in the region’s fast-paced business landscape.

Can you discuss any upcoming programs or events RAKEZ hosts to foster innovation and entrepreneurship?
We’re constantly introducing new programs and events to spark innovation and support entrepreneurship here in Ras Al Khaimah. One of our key initiatives includes a series of industry-focused workshops and networking events that bring together thought leaders, investors, and successful entrepreneurs from across the region. These gatherings are designed to equip startups with valuable insights, foster collaboration, and create meaningful B2B opportunities.

We recently launched the RAKEZ Growth Series, an ongoing program covering essential topics like scaling strategies, digital transformation, and financial management tailored specifically for startups and SMEs. The response has been fantastic, and we’re excited to expand this series with even more sessions and fresh topics to support our clients’ evolving needs.

There’s also a lot more in the pipeline, including larger events and sector-specific programs, and we’ll be announcing these soon. We’re committed to providing our business community with a dynamic calendar of resources and events to ensure they have everything they need to thrive.

How does RAKEZ incorporate feedback from the startup community to refine its support initiatives?
Listening to the startup community is essential to how we shape and enhance our support initiatives. We actively gather feedback from entrepreneurs through regular sessions, surveys, and one-on-one meetings, giving them an open platform to share insights on their experiences—from business setup to mentorship programs and events. This input enables us to make real-time improvements and ensures our offerings stay aligned with what startups truly need.

For us, feedback isn’t just valuable—it’s the foundation of our approach. By staying closely connected to the challenges and goals of our startup community, we ensure that RAKEZ remains a responsive, supportive environment where entrepreneurs can thrive. Every piece of feedback we collect helps us refine our services, improve operational efficiency, and tailor support packages that grow alongside our clients’ ambitions.

What is RAKEZ’s vision for the startup ecosystem in Ras Al Khaimah over the next 2-3 years?
We’re on an exciting journey at RAKEZ to establish Ras Al Khaimah as a premier hub for innovation and entrepreneurship in the region. Our goal is to expand our startup ecosystem by drawing in more local and international startups, strengthening our infrastructure, and building deeper connections with global accelerators and investors.

Building on the incredible response to our current Compass Coworking Centre, I’m thrilled to share that we’re moving forward with Compass Coworking Centre 2 (CCC2)—a state-of-the-art facility that will be around three times the size of the original. Located right between Marjan Island and Al Hamra in the business and beach district, CCC2 is all about creating an inspiring, sustainable space for innovators. It’s LEED-certified, reflecting our commitment to sustainability, and it’ll feature expanded event spaces, flexible office layouts, and amenities like cafés, retail spaces, and even a podcast recording studio.

Beyond CCC2, we’re also adding 20,000 square meters of private office space and upgrading another 20,000 square meters to meet the demand for dedicated work environments. These spaces are designed to give startups and growing businesses the flexibility they need as they scale.

We’ll also continue to support our community with regular sessions, workshops, and events to keep startups up to date on industry trends and best practices. Our goal is to create a thriving, sustainable ecosystem where entrepreneurs have access to everything they need to succeed. We’re building an environment right here in Ras Al Khaimah that’s primed for growth, collaboration, and innovation—and we can’t wait to see what’s next.

How does RAKEZ leverage technology to improve services for startups?
Technology is at the heart of how we’re enhancing the RAKEZ experience for startups. We know that time is everything for entrepreneurs, so we’re focused on creating digital solutions that make business setup and management as seamless as possible.

One of our standout offerings is the Instant License, which allows startups to get their business up and running in record time. With just a few clicks, entrepreneurs can secure their license online, cutting down on processing time so they can dive straight into their business activities without delay.

We’re also integrating AI into our processes to enhance efficiency and personalize the experience for our clients. AI-driven insights help us anticipate the needs of startups, automate routine tasks, and streamline administrative processes. This means faster responses, more tailored services, and a smoother journey from setup to scale-up.

Behind the scenes, we’re using data insights to understand what our clients need most, so we can keep refining our support and introducing services that genuinely make a difference. By embracing technology, we’re building a dynamic, responsive environment that empowers startups to focus on what really matters: growing and innovating. 

What advice do you have for entrepreneurs looking to establish their businesses in Ras Al Khaimah?
For any entrepreneur looking to establish in Ras Al Khaimah, my advice is to approach it strategically and stay open to the unique advantages this place offers.

First, understand your market deeply. Successful businesses are built around real demand, so take the time to understand your target audience, their needs, and what you can offer that truly adds value. Ras Al Khaimah is an incredibly diverse market with access to the wider Middle East, Africa, and Asia, so think about how your product or service can resonate across these regions.

Second, location is everything. Ras Al Khaimah combines a business-friendly regulatory environment with strategic positioning. By choosing RAKEZ, you’re not only benefiting from our flexible setup options but also our support infrastructure, designed to help startups thrive right from the start.

Adaptability is key—the market can shift fast, and staying responsive to trends can keep you ahead of the curve. We encourage startups here to stay agile and leverage our mentorship and networking programs, which keep entrepreneurs connected to new developments and resources.

Also, invest in a strong team. Talent is a critical driver of growth, so bring on people who share your vision and expertise. At RAKEZ, we offer visa and relocation support to make it easier to build that solid team.

Finally, always think long-term. Keep an eye on future trends, and don’t be afraid to innovate. Whether it’s through adopting sustainable practices or integrating new technology, positioning your business for the future will pay off. At RAKEZ, we’re here to support you every step of the way, with facilities and resources designed for growth.

Ras Al Khaimah is a place where you can grow sustainably, connect globally, and build something impactful. Take advantage of all it has to offer, and don’t hesitate to lean on our community—we’re here to help you succeed.

How do you measure the success of your initiatives aimed at supporting startups?
At RAKEZ, we measure the success of our initiatives by focusing on both the individual growth of startups and the overall strength of the startup ecosystem in Ras Al Khaimah. A key indicator is the number of startups registered with RAKEZ, along with their growth and survival rates beyond the crucial early years. The fact that a significant portion of our business community is made up of SMEs and startups is clear proof that our support and infrastructure align well with the needs of emerging ventures.

Engagement within our programs is another major metric. By tracking participation levels in our events, workshops, mentorship sessions, and networking platforms, we can gauge the relevance and impact of these resources on our community. High engagement shows us that we’re providing real value, and it also helps us fine-tune our offerings to better support startups.

Direct feedback from our clients is also essential. Through regular surveys, feedback sessions, and one-on-one discussions with founders, we gather insights into what’s working well and what could be improved. This feedback loop allows us to continuously adapt and evolve to meet the needs of our growing startup community.

Finally, we look at the broader economic contributions of our startups in Ras Al Khaimah. As these businesses expand, create jobs, and introduce new ideas, they play a vital role in strengthening the local economy. For us, success means not just helping startups grow individually but fostering a vibrant, thriving business environment that drives Ras Al Khaimah forward.

In the end, seeing our startups thrive and actively contribute to the local economy is the strongest validation of our efforts and a testament to the value of RAKEZ’s ecosystem.

Are there any partnerships with educational institutions to promote entrepreneurship among students in the region?
Absolutely, supporting the next generation of entrepreneurs is something we’re truly passionate about at RAKEZ. We’ve partnered with educational institutions and organizations like the Abdulla Al Ghurair Foundation and Skyrize Partners to deliver impactful programs that build real-world skills among students and young professionals.

Through initiatives like the Nomu Al Ghurair program, we’re empowering Emirati and Arab women with essential leadership skills, career guidance, and hands-on project experience. It’s all about bridging the gap between academic learning and practical business skills, so these young talents are ready to step into the entrepreneurial world with confidence.

In addition, we welcome students from various universities and colleges for internships at RAKEZ, not only to give them insight into different career paths but also to introduce them to the world of business setup and entrepreneurship. These experiences offer students a firsthand look at what it takes to launch and grow a business, sparking that entrepreneurial mindset early on.

For us, these initiatives are more than just programs—they’re an investment in the future of Ras Al Khaimah’s business community. By nurturing young talent, we’re building a foundation for a vibrant, innovative, and opportunity-rich ecosystem.

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In the race for technological supremacy, the UAE has emerged as a top contender, with Abu Dhabi and Dubai becoming key innovation hubs. According to the Startup Genome Global Startup Ecosystem Report 2024, both cities rank among the world’s leading startup destinations. The UAE’s appeal is further strengthened by its ranking as the 16th easiest place to do business globally, according to the World Bank’s Ease of Doing Business report of 2020, attracting entrepreneurs from around the world and solidifying its status as a major startup hub.

Additionally, the UAE’s startup ecosystem is rapidly growing, currently ranked 43rd globally in the Global Startup Ecosystem Index 2022. With billions in venture capital and over 4,000 active startups, the UAE’s tech scene is thriving. However, amidst this rapid growth, founders face a crucial question: How can my venture stand out in such a competitive market?

The answer lies not just in securing funding or assembling a top-tier team, but also in surrounding yourself with the right kind of people who can provide valuable support, guidance, and connections. This is why Offline, a private members’ community for scaled-up founders, has selected the UAE as the location for our first international expansion beyond India.

Since launching in India in September 2023, where we began with seed funding and saw our first cohort go live in January 2024, we have grown to over 100 members in just eight months, with a trajectory to exceed 150 by year’s end. Our Indian chapter includes prominent founders from Zomato, PepperFry, Awfis, 1MG, TBO, Boult, and Swiggy, among others. With this success, we believe now is the right moment for the UAE’s leading entrepreneurs to tap into a platform that can help advance their businesses to new heights.

Offline was born out of a fundamental need — one that I experienced firsthand as a founder. While launching Offline, I realised that traditional networking avenues fell short. The connections were often superficial, and opportunities for meaningful, strategic advice were limited. Founders and entrepreneurs needed more than just conversations; they looked for a space where deep, impactful connections could be forged with peers who truly understood their unique challenges. This need for a high-calibre, curated community led to the creation of Offline.

Today, as we launch in the UAE, our mission is clear: to provide the region’s most ambitious founders with a powerful network that not only supports their growth but also surrounds them with the right resources and guidance.

Offline is not just another networking group. We are a selective community where membership is earned through demonstrated achievement and potential. Our criteria ensure that every member is on a comparable growth trajectory, whether they’ve raised $5 million, achieved $5 million in annual recurring revenue, exited a company for $10 million, or reached a valuation of $50 million. This focus on alignment in experience and growth means that connections within Offline are highly relevant, as members share similar challenges and opportunities. While others outside this criterion can also offer valuable insights, our community’s exclusivity guarantees that interactions are particularly impactful, allowing members to leverage the collective expertise of the group and gain meaningful perspectives.

Our expansion into the UAE is more than just a new office—it’s a commitment to shaping the future of entrepreneurship in this dynamic region. Abu Dhabi and Dubai are at the forefront of global innovation, and we are here to ensure that the founders driving this change have the support they need to succeed. Our UAE chapter already includes co-founders from Ultrahuman, CoinDCX, Verloop, Fuze, and Hunch, and we are backed by notable investors, including the co-founders of Groww, Razorpay, Polygon, Park+, and Xiaomi.

Our members benefit from exclusive closed-door meetings, focused coaching, and masterclasses with industry experts. Additionally, unique social experiences are provided to foster deep and meaningful connections.

The future of entrepreneurship in the UAE is bright, and with Offline now at the heart of this dynamic ecosystem, we are excited to be part of this journey. We are now accepting applications for members to join our UAE chapter. We invite the region’s top founders to connect with us as we build a stronger, more connected, and more successful entrepreneurial community. To learn more and apply, please visit our website at www.offline.club .

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The winds of change are blowing through the financial services industry. New disruptive technologies are poised to reshape everything from how we make payments to how we invest our money. The fintech innovations emerging today will soon become the new normal.

If you’re an entrepreneur or small business owner, you can’t afford to ignore these seismic shifts. The fintech trends rising to prominence in 2023 will open new opportunities while threatening established players unable or unwilling to adapt. Only those who understand what’s coming will be able to ride the waves rather than being swept away.

In this post, we’ll highlight the top 3 fintech trends that forward-thinking startups need to have on their radar right now. These technologies are already sending ripples through the industry and have tremendous potential to disrupt small businesses and consumers alike.

Read on to discover the biggest fintech game-changers that could shake up your startup in the year ahead. Master these trends now and you’ll be poised to capitalize on them as they go mainstream. Ignore them at your peril.

Blockchain: Laying the Groundwork for a New Financial System
Blockchain first exploded into mainstream consciousness as the technological foundation enabling cryptocurrencies like Bitcoin. But its potential stretches far beyond just digital currencies. At its core, blockchain represents a decentralized, distributed ledger able to verify transactions and record information in a secure, transparent manner without any central authority. This groundbreaking technology promises to remake everything from payments to contracts and business agreements.

In 2023, we will likely see blockchain adoption accelerate and move into the mainstream of the financial sector in several important ways:

For payments, major payment networks run by credit card companies and banks have already started experimenting with blockchain technology to enable faster cross-border money transfers and reduce transaction costs. Startups that accept cryptocurrency payments from customers will benefit from this expanding blockchain adoption. As more consumers purchase and use digital currencies, businesses that cater to this market will gain a competitive edge.

Blockchain also provides inherently better security when compared to traditional centralized databases. Its cryptographic foundations make blockchain far more resistant to cyberattacks, hacking, and fraud. Financial institutions are exploring ways to incorporate blockchain to reduce system-wide risks and enhance data security. Startups should keep an eye out for any opportunity to leverage blockchain’s security capabilities to protect customer information and reduce potential fraud.

Moreover, blockchain enables smart contracts, which are self-executing contracts written in computer code rather than legal language. Smart contracts have the potential to remove third-party intermediaries from many common financial transactions and processes. For example, insurance payouts after specific events or loan approvals when certain conditions are met could be automated and accelerated by smart contract applications. Startups should monitor developments in this area, as removing expensive intermediaries through blockchain-based smart contracts could significantly reduce costs.

The blockchain wave is steadily building and will likely become an integral pillar of the financial industry in the near future regardless of whether established institutions are ready. Savvy startups should actively look for ways to incorporate blockchain technology now before it becomes ubiquitous. Integrating this groundbreaking innovation early can provide startups with a distinct competitive advantage.

AI: A Powerful New Brain for Startups
Beyond blockchain, artificial intelligence and machine learning have also progressed tremendously in sophistication and capabilities. In 2023, AI is poised to reshape and disrupt financial services in many exciting ways:

AI-powered chatbots and virtual assistants are revolutionizing customer service, providing 24/7 automated support for common inquiries and tasks. For startups, implementing a chatbot solution (along with other tools like reverse phone lookup) can significantly boost efficiency, accuracy, and availability for customers without incurring high staffing costs. As natural language processing continues to improve, customers may soon prefer chatbot interactions over human agents for quick questions and transactions.

In addition, predictive analytics powered by AI algorithms enables far more accurate data-based forecasts of everything from credit risks to stock performance. By crunching data, AI can surface insights and make predictions that even the most seasoned human experts would miss. This allows financial institutions to make smarter and more informed lending and investment decisions. Startups providing financial services should look for ways to incorporate predictive analytics and AI modeling for improved risk management.

Moreover, AI excels at analyzing customer data and behavior to deliver highly tailored product recommendations and personalized user experiences. Startups that leverage AI capabilities to provide custom-fit financial services can gain customer loyalty and satisfaction.

Process automation is another area where AI promises major benefits. Repetitive back-office tasks like financial reporting, compliance documentation, and data entry can be fully automated by AI (which may displace some employees). This reduces overhead costs and allows human employees to focus on higher-value work. Startups should assess their internal processes to identify areas where AI automation can boost productivity.

The AI field is rapidly evolving, and its transformative impact on financial services will likely only grow. Startups that creatively tap into AI’s potential early will gain a distinct competitive edge. Those that delay or ignore this trend risk falling behind competitors.

Open Banking: Tearing Down Proprietary Silos
Historically, financial institutions have locked away customer account data in proprietary, walled-off information silos. However, open banking initiatives facilitated by API technology are now tearing down these walled gardens. Open banking gives customers more control over their own financial data, allowing it to be securely shared with authorized third-party financial services providers.

In 2023, open banking frameworks will likely democratize access to financial services in several key ways:

First, customers will be able to compile all their account, transaction, and investment information in one aggregated platform regardless of the underlying institutions. For example, an open banking hub could seamlessly combine checking, savings, retirement accounts and more from different banks and financial companies. This aggregated view enables superior financial oversight and management.

Additionally, open banking breaks down barriers to entry previously erected by major institutions. Consumers can access innovative financial products from any provider, not just established institutions where they hold pre-existing accounts. This makes it easier for startups with novel offerings to reach target customers, promoting greater competition.

Open banking also holds promise for expanding financial inclusion. By sharing their financial data, underserved populations like low-income groups can establish credit histories and access affordable, tailored financial services designed for their needs. Startups catering to these demographics can utilize open banking to build trust and offer helpful products.

While adoption is still in early stages, open banking momentum is building globally. Startups that want to remain competitive should get ahead of this trend by building open banking capabilities now before they become a standard requirement. Integrating open banking early will prepare startups for the future.

Riding the Wave of Change
The fintech trends gaining steam leading into 2023 – blockchain, AI, and open banking – appear poised to become as commonplace as smartphones over time. Like it or not, these innovations seem ready to forever transform the financial services landscape.

Startups and small businesses now face a key strategic decision point. They can choose to paddle out early and catch these emerging waves before they fully crest. Or risk being left behind and pummeled by change.

Capitalizing on these new technologies first certainly requires boldness, vision, and a high tolerance for risk. But those willing to plunge ahead stand to reap enormous first-mover advantages. Embracing fintech trends is like embarking on a journey to explore new horizons, and just as you would prepare for a trip by learning how to travel more, it’s essential to stay informed and adapt to the ever-changing landscape of financial technology.

Imagine being among the first fintech providers in your market to fully embrace cryptocurrency payments. Or successfully harness cutting-edge AI for superior customer insights and predictive analytics. Or seamlessly integrate open banking capabilities before competitors. By plunging ahead now, your startup could establish itself as an industry leader for years to come based on proprietary processes and consumer trust.

Will you watch history unfold from the sidelines? Or grab your board and ride the wave? The choice is yours.

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How has the startup ecosystem evolved since you joined the Institute of Entrepreneurship and Private Capital at London Business School?
The IEPC exists to bridge the gap between the LBS community and the global entrepreneurial and investment ecosystem by promoting novel ideas to facilitate real-world learning opportunities, with an end goal of driving sustainable economic growth.

During my time as Director of the IEPC since 2018, I have witnessed significant growth in the startup ecosystem in the MENA region, with increased investment, support, and innovation. By providing tax exemptions, funding opportunities, and streamlined regulations, countries like the UAE and KSA have been working to foster a favourable environment for the growth of startups. This region is also hungry for opportunities in the form of new goods and services and for growing businesses across many different sectors making it economically appealing.

How would you compare the startup ecosystem in the UK to the Middle East?
The start-up ecosystems in the UK and the Middle East have their own unique characteristics and strengths, although they are equally dynamic and evolving rapidly, with governments and stakeholders in both regions actively working to strengthen their start-up ecosystems and promote innovation.

Starting with funding, the UK has a well-developed investment culture, with access to significant funding from local and international investors. Tax incentives for those based in the UK have driven significant support for early-stage ventures over recent years. In contrast, the Middle East has been rapidly growing its start-up ecosystem and has seen an increase in venture capital funds and investment activities, with cities like Dubai and Riyadh emerging as important investment destinations.

The UK has a long-standing tradition of entrepreneurship and a culture that embraces risk-taking and innovation. London is known for its diverse and vibrant start-up scene, attracting talent from around the world. The Middle East, on the other hand, has witnessed a recent surge in entrepreneurial activity, driven by a growing youth population, government support, and initiatives to foster innovation and technology-driven start-ups.

As for each region’s regulatory environment, the UK has well-established legal frameworks and business-friendly policies. The presence of professional service providers and institutions that support start-ups further enhances the ease of doing business. In the Middle East, governments have been actively working to create favourable regulations and policies to encourage entrepreneurship and attract foreign investment. Initiatives such as free zones, start-up visas, and regulatory sandboxes have been introduced to facilitate start-up growth.

Against this backdrop the specific opportunities and challenges for startups in each region will ultimately vary depending on the industry, precise location, and their stage of development.

How does the failure of financial institutions such as Silicon Valley Bank impact the startup ecosystem?
If a prominent financial institution like Silicon Valley Bank (renowned for its tendency to support early-stage ventures) were to fail, it would not only make it more challenging for businesses to secure funding for their operations, growth, or new ventures but would seriously impact market confidence. Whereas we saw evidence of this earlier this year, the abundance of family money across the region to provide a safety net for those businesses has increasingly become apparent and private investment activity is gathering momentum in a welcome move to diffuse what could have otherwise put these start-ups in a very vulnerable position should the SVB situation be repeated in the future.

What’s your take on the venture capital ecosystem in the Middle East?
There is a lot of booming momentum in the Middle East’s venture capital ecosystem. The UAE accounted for nearly 50% of the total venture funding in the MENA region in the past few years – establishing a promising outlook.

This flourishing expansion is particularly seen in startups in the fintech industry, in big cities like Dubai and Riyadh. With an increasing demand for economic change and diversification, several venture capital firms look forward to accelerating their growth rapidly. Especially, post-Expo, the Middle East has seen a rise in venture capital funding and investments, and the formation of several SMEs in the UAE and followed by Saudi Arabia. The venture capital activity in the Middle East and North Africa region increased 46 percent to $1.8 billion in the first half of 2022, according to startup data-crunching firm MAGNiTT.

Overall, the venture capital ecosystem in the MENA region harbors an innovative and diverse audience, with favorable prospects for the integration of socio-economic and business-friendly policies.

What role can governments play in developing the startup and venture capital ecosystem in the Middle East region?
By taking a proactive role and implementing supportive policies and initiatives, governments can play a crucial role in developing a vibrant startup and venture capital ecosystem in MENA.

We have seen in the UK how a favourable regulatory environment is able to play a significant role in fuelling entrepreneurship activity. This could be replicated in the Middle East to streamline business registration processes, reduce bureaucratic red tape, and implement investor-friendly laws and regulations where, encouragingly, the government has already started to take positive strides by establishing special economic zones and innovation hubs with flexible regulations to attract start-ups and investors.

The next step could be the provision of financial support and incentives to potential stakeholders in the form of grants, subsidies, tax breaks, and investment matching programs.

At the heart of a thriving entrepreneurial ecosystem though should be a government’s agenda on education and skills development to nurture a culture of innovation and equip future entrepreneurs with the necessary skills and knowledge to launch and grow a business. By instilling tomorrow’s generation with the ‘entrepreneurial mindset’, arming them with a set of attitudes, beliefs, and behaviours that are conducive to identifying and pursuing entrepreneurial opportunities, creating innovative solutions, and navigating the uncertain and dynamic business environment, they will be better leaders of their own – and others’ – businesses in the future.

What are the potential risks associated with venture capital investment for a startup?
Venture capital investments, by their very nature, tend to be risky, as is starting a business. However, bringing in equity funding can be an invaluable tool to grow a business with careful planning and forethought. There are quite a few aspects that need to be considered before taking on venture capital investments, both for the investors as well as the startups.

These aspects can be like a double-edged sword. Bringing in external investment translates into  a dilution of ownership where the founders will have to forego a portion of the ownership of the company and reduce the control they have over their own business.

Venture capitalists also take on an active role in the startups they invest in. With VC backing, you will get valuable insights, expertise, mentorship, and networking, but it can also result in a loss of autonomy and a reduction in decision making rights since venture capitalists typically have a say in certain decisions being made.

Financially, in some cases, there will also be stringent terms on what the monetary resources can be used for to protect the investors’ investments, potentially making it difficult to quickly respond to the changes in the market.

It is very important to understand all the risks startups face before taking in venture capital investments. But with careful due diligence, founders can seek investments from VC firms that are good for the business ensuring the business’ interests are properly protected.

What is the best way to raise funding for a startup?
This really depends on various factors such as the stage of your startup, industry, growth potential, and your network. Self-funding (‘bootstrapping’) by using personal savings, credit cards, or any other personal resources may limit your initial rate of growth although it does give you complete control and ownership of your business.

You can approach friends, family members, or close acquaintances who believe in your vision and are willing to invest in your startup although it’s important to treat these investments professionally and have clear agreements in place to avoid straining personal relationships. Instead, many founders prefer to take their ventures outside of their personal network by approaching angel Investors who make themselves known through angel networks and often provide more than just capital in the form of mentorship and providing access to industry connections in exchange for equity in your company. Some angels prefer to stick to crowdfunding platforms that allow you to raise funds from many individuals who contribute smaller amounts on a hands-off basis. Crowdfunding can be an effective way to validate your product or service and build a customer base.

As your business grows and you are looking for larger amounts of money to scale, venture capital firms are typically the next port of call, again taking equity in the company based on its valuation which is typically driven both by historic performance as well as future projections.

Businesses in some sectors – particularly those involving innovation – are able to access grants that offer funding to innovative startups although involve a competitive application process and ongoing reporting that often compromises the benefit of so called ‘free’ money.

Accelerators, incubators, and competitions are all great ways of not only raising money but also securing, mentorship, resources, networking opportunities and visibility.

How important is an Exit Strategy for a startup, and when is the best time for a startup to exit?
Starting up a new business involves high risks and can sometimes reap high rewards. But this outcome is not the rule of thumb. As with any idea, it is always a good idea to safeguard your business and protect your assets, ideally by ringfencing them if possible.

Having an exit strategy in the early stages of the business can also help dictate and influence aspects of the business such as revenue models, legal structure, investments etc. and will let founders optimize their returns in case the exit strategy comes into play.

There is no definite time frame for a startup to exit. Business owners will need to consider various factors and consequences and base their decision accordingly.

What entrepreneurial tricks have you discovered in your journey that you can share with our readers?
I don’t think there are any ‘tricks’ as such – more like ‘tips’…

Firstly, don’t underestimate how much time or money you will need to get your business off the ground. It will typically take twice as long as you thought to get any revenues and require 3 times the amount of money you anticipated.

Secondly, don’t leave it too late to raise money for your business – it’s never too early to start raising or at least having conversations. Don’t be precious about who you speak to. Unless you have a need to keep quiet to protect your IP before it gets filed, there’s usually very little that you need to protect. The success or failure of most businesses is down to execution by a stellar team not because of the business idea itself.

And finally, talking of team, make sure you bring in people who have the right skillset, background and network to really add value to your business. As is often quoted ”If you ever find a man who is better than you are – hire him. If necessary, pay him more than you would pay yourself.”

What message would you like to give to budding entrepreneurs in the Middle East who aspire to be part of this growing ecosystem?
I’ve witnessed remarkable growth and opportunities in MENA over recent years which is now an exciting and vibrant arena for hungry individuals to make a mark in the business world. Where possible and relevant, embrace innovation and leverage the digital revolution to future-proof your business by way of automation to allow for scale.

Build strong networks and foster a culture of collaboration to learn from others’ experiences and discover new opportunities. The entrepreneurial career path is a journey filled with ups and downs and can be a lonely place if you don’t have the right people around you to help you build resilience and perseverance that will be key to help you overcome obstacles and achieve long-term success. Make sure you never stop learning – the world is your oyster, and the pearls are there for the taking.

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What does London Business School have to offer to budding entrepreneurs in the Middle East?
LBS started its entrepreneurial focus exactly 25 years ago, so we do have experience in the field. We have a great team of faculty doing research and advancing knowledge on topics like early-stage funding, female entrepreneurs, issues on founding teams, corporate venture capital, crowdfunding or accelerators, to mention a few. We have over 20 courses related to entrepreneurship and private capital. Finally, we have an incubator supporting new ventures for over a decade in London. All that is what we bring to the table with our presence in Dubai. All that experience and lots of excitement is what we bring to the region

How is entrepreneurship different than doing a business?
In a regular business, the managers have access to resources. In entrepreneurship, first, you identify an opportunity, solve a problem or make things easier for the consumer. Then you have to evaluate and execute without controlling the resources. Lack of resources is a big difference. It means you have to convince people to join you and follow your dream and also to fundraise when you don’t have any track record yet.

What do students learn differently in entrepreneurship stream than a MBA stream?
They learn about opportunity identification, validation, testing, lean startup and early-stage funding. They also learn about the issues encountered by entrepreneurship founders, how to manage high growth and, if their focus is sustainability or social ventures, how to move forward. Finally, it is not only about starting a business. It is about the entrepreneurial mindset that can be applied in any business or organisation. This is very important. It relates to the way employees in organisations look at challenges, at the future and use creativity to make this world a bit better.

What are your thoughts about the startup ecosystem in the Middle East?
The startup ecosystem as well as the venture ecosystem in ME is boiling. You can feel the energy, the alignment of the different components. There is so much potential, but there are challenges. For example, it is difficult for startup founders to recruit people, as there are many opportunities in the normal business world. Additionally, the ecosystem is young, and there is still a lack of exits and role models. But it is happening as we speak. I am very bullish on the startup ecosystem in ME. This is why LBS presence in the region has a focus on the entrepreneurial ecosystem, and we are now launching a ME LBS Business Angels (MELBA) group and a startup competition (2nd edition, October 2023 for the finals), to be a key player and support both those that are starting up and fundraising and need tools and knowledge and those that want to invest in startups in the region.

Raising money remains a biggest task for startups, in your view, what steps startups should take before venturing out for funding, especially in the initial stage?
Get feedback from customers and from potential investors. Talk to everyone you can and try to test your assumptions asap. You have an idea, and a plan, but having some metrics that prove the willingness to pay for your product or service, having some customers or a big company already testing it, helps a lot to understand better your value proposition and to convince potential investors.

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Ahmed Hamdan, CEO & Co-Founder of Unifonic said “As a Saudi startup, we take pride in our roots and recognize the importance of giving back to our community. To do so, we will continue to support the new generation of passionate entrepreneurs by empowering an ecosystem that fosters innovation and encourages a steady stream of ideas. Our goal is to attract investment and pave the way for a sustainable future. We are honored to be part of the vibrant technology ecosystem in the MENA region and will continue to support startups, scale-ups, multinational companies, governments, and institutions in connecting people all over the world. Looking ahead, the most exciting part of our journey is the impact we can make. Our dream is to see a world where local champions lead the global tech industry.”

The InspireU from stc is a significant business accelerator in the Kingdom that offers a range of services to emerging projects, including an intensive, high-quality training program provided by experts and consultants from Silicon Valley. InspireU from stc also provides office space for entrepreneurs to promote their projects with an opportunity to be present and participate in many events starting from workshops, national and international exhibitions. Furthermore, the accelerator helps these projects in connecting with the best investors and investment funds available in the market.

Under this partnership, Unifonic will integrate its solutions with inspireU from stc platforms, allowing them to seamlessly communicate with customers and maintain engagement with their audience throughout each transaction.

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The announcement was made at the tenth edition of the Elevate series, hosted at Dubai Silicon Oasis, where India’s startup and entrepreneurial ecosystem displayed its ability once again as 50 startups showcased a range of innovative business ideas to global investors.

The event was attended by Dr Aman Puri, Consul General of India in Dubai and Deputy Commissioner-General for India at Expo 2020 Dubai; Dr Juma Al Matrooshi, Director General, Dubai Silicon Oasis and Ghanim Al Falasi, Senior Vice President of Technology and Entrepreneurship, Dubai Silicon Oasis alongside other senior officials from both parties.

Startups from industries such as healthcare, fintech, F&B, energy, space, software as a service (SaaS), logistics, and technology among others presented their ideas to the global investors at the popular pitching series supported by HSBC.

Addressing the session, Dr Aman Puri said, “I am glad to be a part of this LoI signing ceremony between Dubai Silicon Oasis, India Innovation Hub and Consulate General of India in Dubai. India has emerged as the world’s third-largest startup ecosystem with over 40 Indian start-ups joining the Unicorn Club in 2021.”

“The UAE has an immense focus on supporting innovation and attracting global talent. We will engage some of the key Indian startups to come and use Dubai as a base for their global expansion. Going ahead, India and the UAE will work closely to foster innovation as well as nurturing new talent,” Dr Puri added.

Talking about the growing partnership between India and Dubai in the startup domain, Dr Juma Al Matrooshi said, “We are delighted to expand our collaboration with the India Innovation Hub, following a delegation’s visit to DSO and Dtec earlier this year and a mutual commitment to support tech-focused startups in both countries. The UAE and India recognize the key role of startups and SMEs in the nations’ economies and are keen to support their establishment and development. In line with the goals of the National Entrepreneurship Agenda, to transform the UAE into The Entrepreneurial Nation and become home to 20 unicorns by 2031, DSO is partnering with the India Innovation Hub to host the Elevate pitch series and welcome promising Indian entrepreneurs looking to expand their operations.”

The next Elevate session is scheduled on 17th February 2022.

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The Information Technology Industry Development Agency (ITIDA) has participated in the “Towards Creating an Enabling Environment for Venture Capital and Start-ups in Egypt” symposium, jointly arranged by USAID, The American Chamber of Commerce in Egypt (AmCham) and ITIDA.

The symposium, held on the 28th of July 2021, aims at empowering and scaling up the thriving startup business environment in Egypt by shedding light on the best practices and the governance of venture capital.

The symposium was inaugurated by Eng. Amr Mahfouz, ITIDA’s CEO, Ms. Leslie Reed, Mission Director of USAID Egypt, and Dr. Hossam Osman, ITIDA’s VP, Hermann Thiel, Chief of Party of the Economic Governance Activity, and Tarek Tawfik – President of AmCham Egypt.

In his opening remarks, ITIDA’s CEO Amr Mahfouz said “Entrepreneurship has become the key engine in different economies for the investments it attracts and the jobs opportunities it creates”.

“This year, we are foreseeing significant growth rate in the number of investments and number of deals on the Egyptian startups where they have already collected 26% of deals in the MENA region, amounting to nearly USD194m in the first half of 2021,” Mahfouz stated.

“The Egyptian startups had recorded the highest venture investment of USD190m, up 30% YoY in 2020, with a CAGR of 100% from 2015-2020,”, Mahfouz noted.

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