Applicants are invited to submit entries to the School’s third, annual MENA Startup Competition by  September 14. The competition, which was founded and is driven by alumni and students from the London Business School Entrepreneurship Clubs, is sponsored by London Business School’s Institute of Entrepreneurship and Private Capital (IEPC) and AstroLabs, the leading business expansion platform in the Gulf, which returns as the club’s partner for the second year. The competition will also be supported by the Center of Digital Entrepreneurship (CODE), an initiative of The Ministry of Communications and Information Technology of Saudi Arabia (MCIT).

Following the success of the previous two years, LBS is extending its reach beyond its London-based Incubator program to assist and elevate the burgeoning community of business innovators and trailblazers across the MENA region.

Jane Khedair, Executive Director of IEPC, views the MENA region as a dynamic hub of innovation, where a thriving ecosystem brims with talent and ambition. She notes, “Empowering innovation in MENA means unlocking limitless potential. Together, with the wealth of resource made available through this competition, we can help build a future driven by creativity, resilience, and opportunity.”

The competition, which offers winning startups access to education, training and mentoring, is one of the most notable startup competitions in the region. Now in its third year, it will connect aspiring entrepreneurs with local venture capitalists and investors, providing a platform to raise funds and gain exposure before a prestigious panel.

IEPC has a distinguished background in supporting in new ventures, and through its Incubator Programme more than 150 new ventures have been launched and more than £150 million (728 million AED) in seed capital has been raised. The LBS MENA Startup Competition aims to complement this expanding ecosystem of companies, government agencies, and financial services that contribute to nurturing the region’s talented entrepreneurs.

In addition to monetary rewards, the competition provides startups with the chance to gain traction, reach a broader audience, attract financial investment from venture capitalists, leverage the extensive LBS global network, and increase their media exposure.

Last year’s competition saw The Surpluss, the world’s first B2B platform for industrial asset exchange, emerge as the winner receiving a significant package of support valued at a total of $80,000 (294,000 AED). The Surpluss is an innovative enterprise offering cross industrial collaboration that aims to convert underutilised resources into value. With a growing customer base in the UK, Denmark, and the UAE, the company is set to assist 500 companies in the UAE alone within the next year to take transformative climate action to halve their emissions by 2030. Zeal, a Cairo based fintech company, and Hulexo, a UAE based retail ERP system provider followed close behind as runners-up.

Commenting on her experience, Rana Hajirasouli, Founder, The Surpluss, said, “Winning first place in the London business School MENA startup competition last year was a game changer for us. The mentorship and feedback we received helped us refine our strategy and our pitch, which played a crucial role in our success. And don’t forget, you get to meet other amazing startup founders and collaborate with them as well along the journey. The competition also connected us with industry leaders and experts, opening up new doors for opportunities both in MENA and abroad. So if you’re an entrepreneur in the MENA, I highly recommend participating. It’s an experience that can only elevate your startup. Best of luck and looking forward to seeing you in the finals.”

In the inaugural competition (2022), Turkish technology startup Ollang, specializing in end-to-end human-powered AI localisation, was the winning startup. The company received a cash prize of $15,000 (55,000 AED).

Khedair encourages aspiring competitors to submit their entries by September 14, 2024. To apply, click here or to know more information, visit the competition page. For any inquiries regarding the competition, please email MENAcompetition@london.edu.

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He appreciated the quality of startups that appeared in the 2023 edition of the LBS MENA Startup Competition. Ihab expects the next edition of the LBS MENA Startup Competition may happen in Saudi Arabia as the Kingdom is betting big on startups.

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The Surpluss is an innovative enterprise offering cross industrial collaboration that aims to convert under-utilised resources into value. With a growing customer base in the UK, Denmark, and the UAE, the company is set to assist 500 companies in the UAE alone within the next year to take transformative climate action to halve their emissions by 2030.

Expressing her delight, Rana Hajirasouli the founder of The Surpluss said winning the competition, now in its second year, would open new doors for the business. “The Surpluss was created as an answer to the climate change challenges that businesses face. Winning this competition in the Year of Sustainability resonates our purpose louder. This distinguished award will greatly improve our recognition across the UAE and MENA region, helping us to attract new and exciting opportunities, and deepen the strength of our network,” she said.

The 2023 LBS MENA Startup Competition builds on the event’s growing reputation as a dynamic platform for fostering innovation in MENA. Supported by the esteemed LBS Institute of Entrepreneurship and Private Capital (IEPC), the competition has solidified its position as a crucial link connecting aspiring entrepreneurs with venture capitalists and investors throughout the region. It represents a distinctive opportunity for founders to catapult their startups to greater success, secure essential financial support, expand their market reach, and receive valuable media visibility.

This year’s competition attracted more than 90 applications and saw ten seed-stage startup finalists present their pitches to a panel of distinguished judges.

Speaking at the event, LBS Dean François Ortalo-Magné, said “On behalf of LBS and the School’s Institute of Entrepreneurship and Private Capital, my heartfelt congratulations to the winners. The School very much looks forward to hearing more about the continued success and future endeavours of these businesses. What heartens me about the LBS MENA Startup Competition is the participation from across the region in this competition, and the support the School, its local alumni community and the IEPC is giving to the region’s entrepreneurial ecosystem. We are witnessing, right across MENA, the development of an ecosystem that allows for the fast flow of talent, information, and resources that helps entrepreneurs quickly find what they need at each stage of growth.”

One of the judges at the event, Sharif El-Badawi, CEO of Dubai Future District Fund commended The Surpluss for their ingenuity and said, “As venture capitalists and investors, what piques our interest are out-of-the-box and novel business ideations that provide exclusive solutions across the board. Our enthusiasm lies in fostering and elevating such startups, as they are the ones to bring real change to the entrepreneurial frontier in the region. The Surpluss platform has the potential to revolutionise the way we think about and manage industrial waste. It is especially timely given the upcoming COP28 in the UAE, which will focus on accelerating sustainable solutions. We eagerly await to see what The Surpluss has in store and look forward to witnessing all the participants ascend to exceptional levels of success.”

Zeal, a Cairo based fintech company, and Hulexo, a UAE based retail ERP system provider were the competition runners-up.

The startup competition was sponsored by Innobayt, AWS Activate, Floward, AstroLabs, and BNK Holding KSCC, a privately held shareholding company headquartered in the State of Kuwait. The competition also attracted support from Spark! Studios, ADG Legal, Bambucorn, and Khwarizmi Ventures.

Commenting on sponsoring the competition, Bader Al-Kharafi, Founder of BNK Holding & Vice Chairman & Group CEO of Zain Group, said “This competition continues to showcase the remarkable entrepreneurial talent in the MENA region, reaffirming our belief in the potential for innovation and growth in this dynamic ecosystem. Witnessing the creativity and dedication of these startups has been inspiring, and I am excited to see their continued progress. BNK Holding remains committed to supporting emerging businesses and the London Business School MENA Startup Competition, and this competition aligns perfectly with our mission to foster entrepreneurship. Congratulations to all the winners, and may your success serve as an inspiration to others. We look forward to witnessing your continued growth and innovation in the years to come.”

London Business School’s IEPC is a key backer of the competition, offering access to education, training and business, and the alumni network that it has produced and continues to support.

The full list of finalists participating in this year’s completion included the following startups: AHAD, a cyber security company based in UAE; Arab Therapy, a wellness company based in Jordan;  Caena, a startup fundraising marketplace based in UAE; DUDI, a wellbeing company based in UAE; Hulexo, a retail Point of Service providing company based in UAE; Innotech, a 3D construction company based in Oman; Organic Waste Management Solutions, a food waste management company based in the Kingdom of Saudi Arabia; Playbook, a media and women career empowerment platform based in the Kingdom of Bahrain; The Surpluss, an industrial asset exchange platform based in the UAE; and Zeal, a fintech and payment facilitation company based in Egypt.

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Ten exceptionally innovative seed-stage startups have earned their spot in the Grand Final, scheduled for Tuesday, October 10th, which is to be staged at the AstroLabs Campus facility in Dubai. These startups, carefully chosen from across the MENA region, encompass a wide spectrum of industries, with a notable emphasis on sustainability. These talented people are now gearing up to showcase their potential at this prestigious event, where they will present their pitches to a distinguished panel of judges.

The finalists are as follows:
AHAD, a cyber security company based in UAE, Arab Therapy, a wellness company based in Jordan;  Caena, a startup fundraising marketplace based in UAE; DUDI, a wellbeing company based in UAE; Hulexo, a retail Point of Service providing company based in UAE; Innotech, a 3D construction company based in Oman; Organic Waste Management Solutions, a food waste management company based in the Kingdom of Saudi Arabia; Playbook, a media and women career empowerment based in the Kingdom of Bahrain; The Surpluss, an industrial waste management company based in the UAE, and Zeal, a fintech and payment facilitation company based in Egypt.

The LBS MENA Startup Competition 2023 enters its second year, building upon its dynamic legacy as a transformative platform for innovation in the MENA region. With the backing of the well-regarded LBS Institute of Entrepreneurship and Private Capital (IEPC), the competition has established itself as a vital bridge connecting aspiring entrepreneurs with venture capitalists and investors across MENA. It stands as a unique opportunity for founders to propel their startups to new heights, secure essential financial backing, broaden their market presence, and gain valuable media exposure.

This year’s competition enjoys robust support from a diverse array of strategic partners deeply embedded in the startup ecosystem within the region, thereby offering a holistic platform for nurturing startup growth and development.

From sponsorship packages and awards generously offered by AstroLabs, Innobayt, AWS Activate, and Floward, to immersive workshops hosted by esteemed entities such as Spark! Studios, ADG Legal, Bambucorn, and Khwarizmi Ventures, participants in the competition will also have access to and benefit from a seasoned cadre of mentors from the Dubai Future District Fund and support from nine senior executive leaders.

Jane Khedair, Executive Director of the Institute of Entrepreneurship and Private Capital (IEPC), the body that plays a key role in supporting the competition, said: “I’m very excited about the second LBS MENA Startup Competition and the opportunity to build upon the resounding success of what was achieved last year. This event will undoubtedly serve as a wider catalysing agent for startups in the MENA region.”

Ihab Tabbara, LBS MBA alumni and co-president of the LBS MENA Entrepreneurship Club in Saudi Arabia, said “Our broader ambition with this competition is to cultivate a MENA-based entrepreneurial landscape by bridging the gap between founders and investors.”

In the inaugural edition of the competition in 2022, the technology startup Ollang emerged as the winner. Ollang specialises in end-to-end human-powered AI localisation through subtitles and dubbing for video and audio.

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With ambitions to become one of the most acclaimed startup competitions in MENA, aiming to connect aspiring entrepreneurs with VCs and investors across the region, the inaugural LBS MENA Startup Competition in 2022 attracted strong, talented competition, with leading tech startup, Ollang, crowned the winner.

AstroLabs, an ecosystem builder in MENA since 2013, operates as the region’s trusted partner in solving innovation challenges, building self-sustaining ecosystems, and accelerating the growth of the digital economy by driving impactful large-scale programmes, and fast-tracking regional and global businesses‘ scaling strategies into MENA.

With a mission to build competitive local markets, helping to elevate local enterprises to global standards and enabling international companies to thrive in local landscapes, AstroLabs recognises the importance of the role that LBS plays in the region and the growing prominence of the MENA Startup Competition.

Ramzi Qannati along with Ihab Tabbara, Co-Presidents of the London Business School Entrepreneurship Club, are both managing and providing mentorship for this year’s event, working with a talented body of LBS students from around the world.

Qannati, himself an LBS alumnus (EMBA 2019), said it is rewarding to learn that London Business School, through its work undertaken at the School’s Institute of Entrepreneurship and Private Capital (IEPC), has become so very well known for its international leadership and educative role in inspiring entrepreneurs and private capital investors.

“Collaborative partnerships play a pivotal role in fostering successful entrepreneurship ecosystems. The presence of aligned partners who not only embrace our vision of generating value for both founders and investors but also bolster our endeavors, magnifies our capacity to drive concrete outcomes. We consider ourselves extremely fortunate to welcome AstroLabs as our Community Partner for this year’s LBS MENA Startup Competition. By empowering the broader business ecosystem with essential tools, expertise, and profound insights necessary for catalyzing growth, we hold a strong belief that AstroLabs will significantly enrich this journey as a valuable contributor,” says Qannati.

Roland Daher, CEO of AstroLabs and an LBS alumnus (EMBA 2010), said, ”We’ve been actively supporting this ecosystem for a solid decade now, and there’s a noticeable rise in the competitive capacity of regional startups and SMEs on the global level. Partnering with the LBS MENA Startup Competition is another way for us to continue honoring our commitment to enabling the entrepreneurial landscape.”

Daher added, “This year’s competition is particularly interesting for us. Aligned with the business school’s broader objectives, we’re excited to be part of this initiative and support building a stronger connection between LBS and the wider entrepreneurial community. Our partnership aims to facilitate the integration of a new generation of ambitious entrepreneurs into our regional framework and provide a boost to their scaling strategies.”

Also to be included in the package of support for this year’s competition by AstroLabs will be access to mentorship for the finalists and a platform of valuable support for this year’s winner, including discount membership of AstroLabs itself.

Speaking about the association with AstroLabs, Qannati added “I am an ardent believer in the abilities of young people within the MENA region who are driving the country’s growing enterprise sector. When I see relationships such the one forged between AstroLabs and this exciting new LBS startup competition I don’t just see a connection being made, but rather an entire ecosystem growing and flourishing”.

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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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As a renowned global hub for alumni entrepreneurs, LBS is leveraging the remarkable success of its London-based Incubator program to assist and elevate the burgeoning community of business innovators and trailblazers across the MENA region.

Jane Khedair, Executive Director of the Institute of Entrepreneurship and Private Capital, recognises the Middle East as a breeding ground for talent, with access to a vibrant ecosystem teeming with enthusiasm. She notes, “The Middle East region is one of the youngest global entrepreneurial hubs, and places like Dubai Silicon Oasis, and the King Abdullah Financial District in Riyadh, are buzzing with new technology and innovation. This has attracted leading entrepreneurs and investors who are seeking to take their ideas to the next level.

“MENA’s passion for entrepreneurship is innate, and there is an invaluable support provided by governments and the wider business community. Ambition, entrepreneurship, and innovation are abundant in the Gulf states, many of whom are promoting the use of smart technologies to accelerate their agenda of becoming knowledge-based economies. The region is now rivalling some of the world’s greatest hubs, from Tokyo to Singapore,” says Khedair.

Whilst the competition does not have a specific sector focus, Khedair says this year we are expecting an increased number of ‘green’ entries as part of the mix of applications given the huge emphasis on sustainability in the region. “As the UAE prepares to host COP28 in November, we are looking forward to seeing more startups that are using their entrepreneurial spirit to address the many environmental challenges that the planet is facing. Investors are increasingly taking ESG into account when deciding where their money should go. Likewise, at LBS, sustainability remains a core focus.”

With LBS’s Incubator program alone, Khedair has supported the development of over 100 new ventures and raised more than £120 million (547 million AED) in seed capital during her tenure at LBS. The MENA Startup Competition aims to complement the growing ecosystem of companies, government agencies, and financial services that contribute to nurturing the region’s talented entrepreneurs.

“We are well-positioned to support MENA’s entrepreneurial ambitions,” Khedair adds. “LBS and the Institute have a proven track record, as highlighted in a recent report by Business Leader, stating that our alumni raised nearly $4 billion (14.7 billion AED) in funding for their companies last year.”

Beyond monetary rewards, the competition offers startups the opportunity to gain traction, reach a wider audience, secure financial investment from venture capitalists, tap into the extensive LBS global network, and increase their media exposure.

Khedair encourages aspiring competitors to submit their entries before the deadline of June 16.

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Congratulations on your new book, please share in your words, the response to “Break-the-Rules: The 6 Counter-Conventional Mindsets of Entrepreneurs” by the readers.
I think the great thing about the feedback I’ve received from my readers is that they were able to take a deep dive and understand the different mindsets I outlined in the book. They think of it as a practical learner’s manual to understanding, learning, and applying the various counter-conventional mindsets, and are encouraged to utilize them in their own startups and businesses.

I can often feel the excitement that the readers have, with many of them intending to start out on their own entrepreneurial path and using my book as a tool to assist them on the journey. The positive, “yes, we can!” spirit that the book encourages is reflected in the attitude of the readers who I regularly meet. This is a source of enjoyment for me as I love to hear of the innovative ideas that my readers want to bring to the business world and how the book is assisting them in achieving this.

Some readers have told me that my background in entrepreneurship, combined with my academic experience, gives credibility to the messaging in the book. The fact that I have worked with many successful entrepreneurs and business leaders who have taken career paths that challenge conventional wisdom, is taken as an endorsement by many readers.

What is one thing your readers liked about the book, other than it’s written by you?
It gave them a glimpse into how some of the best innovators in the world think and provided them a roadmap, if you will, on how to achieve success by applying these mindsets.

Multiple readers have told me that the book proves to them that it truly is mindset over matter when you’re aiming to succeed, regardless of whether others have failed before you. Time and again, I have heard it being said that the book is an “eye-opener”, and that in the spirit of the title, it encourages readers to “break-the-rules” and challenge conventionalism.

To sum-up, most readers of the book, which is designed to encourage entrepreneurship, are looking for guidance and inspiration on how to start and grow their own business. While they appreciate the practical advice, personal stories, clear language, and actionable takeaways, it is the uniqueness of this book which encourages counter conventional thinking that they value most of all.

What are these 6 counter-conventional mindsets and how have you classified them into 6 categories?
I have over 20 years of executive experience in high-growth retailing firms, including two ventures I founded and one I took public, and my entire book is built on research-based insights. As I examined my past body of case-based field research, I discovered that there were six distinct mindsets that connect what entrepreneurs observe and encounter and how they respond. They are as follows:

• “Yes, we can!”: When approached by a potential customer inquiring about a solution or product that is new or unfamiliar, outside current competencies, entrepreneurs say “Yes, we can!”. Then they figure out how to accomplish it.
• “Problem-first, not product-first, logic: Entrepreneurs know to put solving customer problems at the front of their business objectives. As prominent venture capital investor Vinod Khosla famously remarked, “It’s very simple. Nobody will pay you to solve a non-problem.”
• Think narrow, not broad: It is important to build a strong foundation before scaling your business. Establishing success in a tiny market can pave the path to success, expansion and growth.
• Ask for the cash, ride the float: Entrepreneurs can generate cash to grow their business by getting customers to pay in advance then paying their suppliers later.
• Beg, borrow, but don’t steal: To become successful, you need to have access to the right resources. “Borrow” the resources you need to start something new instead of investing in those resources right off the bat, especially in scenarios of high uncertainty.
• Instead of asking permission, beg forgiveness later: Organizational hierarchy can dampen entrepreneurial spirits and getting new things done in established companies typically requires permission. When sparked by innovation ideas and/or solutions, entrepreneurs choose to act first and deal with the red tape or beg for forgiveness later, if necessary.

Each of these six mindsets can be learned, practiced, and built upon by anyone, in any business setting large or small, old or new, to create thriving businesses that grow and prosper.Do you think understanding these mindsets can help anyone become a better entrepreneur?
There is a certain nuance these mindsets have, and the beauty is that anyone, from a reader to an aspiring founder or established entrepreneur, can master them and improve their entrepreneurial approach.

This book dives into the 6 different mindsets that you see in entrepreneurs today and understanding them can be a powerful tool for gamechangers in the industry. Some entrepreneurs showcase one mindset, others more than one. Regardless of the number, they have been able to hone their capabilities and become successful in the industry they are in.

A key point is knowing which one suits your leadership style, the way you want their business to succeed and knowing how to deal with the obstacles that stand in your path. As you read the book and get a deeper understanding of the various counter conventional mindsets, you will also become enlightened on the possible mindset(s) that you can adopt to become more successful.

You have been part of several leading startup communities across the globe, so how do you evaluate the startup landscape and where is it heading?
Currently the startup landscape is flourishing and thriving, especially in the MENA region. There are many brilliant minds in the startup world at the moment, with innovative products and solutions who are striving to bring their businesses alive, often by seeking venture capital.

The MENA region is the hub startups need to establish themselves and grow. Over the last few years you can see that the region has supported and accelerated countless startups and provided them with the tools need to ensure they succeed.

Globally, remote and hybrid working, as well as rapid adoption of technologies, has allowed individuals to unleash their entrepreneurial passions, leading to a rise in new businesses. Despite the current turbulent economic conditions, many countries are encouraging new businesses and supporting start-ups.

I think right now there is a great emphasis on sustainability. With COP28 fast approaching, startups in this area, and those with strict ESG policies, have the potential to grow exponentially, should they successfully identify opportunities and pursue them effectively.

What is the best way to hone your entrepreneurial skills?
Being an entrepreneur is not only a career, but it also becomes your way of life. Entrepreneurs need to constantly be striving to be better than the day before.

Practicing perseverance can go a long way. You will face many obstacles; being able to persevere through the challenges is very important.

Developing and/or strengthening your Interpersonal Skills can do wonders. A part of being an entrepreneur is networking and interacting with other people. You won’t be able to grow your business as a one man band; you need investors, clients, a team of people. Improving interpersonal skills through daily conversations can help you polish up the qualities you need.

Working on proper communication and teamwork are other crucial factors. You need to be able to communicate thoughts, ideas, and concerns with your team and work collectively to problem-solve.

John Mullins, Associate Professor of Management Practice in Marketing and Entrepreneurship at London Business School

What is one thing that sets a successful entrepreneur apart from the rest?
Entrepreneurship is not something that is to be taken lightly. They need to put in blood, sweat and tears to make their business successful and that takes time and effort. Through that, having a resilient mindset, one that is ready for a challenge, that can adapt to changing conditions, plays an integral part in ensuring your business is on the path to success. As outlined in my new book Break the Rules!, it does help having at least one of the 6 “counter-conventional” mindsets to differentiate you from the rest.

What should one remember before embarking on their entrepreneurial journey?
Being an entrepreneur can be a tough journey, from my own personal experience, it has its highs and its lows. You need to passionate about your business and be willing to put in the time, effort, and energy to ensure it grows, reaches various milestones, and achieves success. It isn’t easy and you will need to constantly push past the barriers to come out stronger on the other side. While embarking on your entrepreneurial journey, adopting counter-conventional mindsets, gives you the ability to challenge assumptions, tackle problems, and lead your business in ways that are distinctive from the rest.

Though the toil involved with entrepreneurship can at times be a challenge for even the most adaptable and prolific entrepreneurs, I would urge those involved in enterprise to never lose sight of the potential rewards.

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Ollang, a provider of end-to-end human powered AI localisation through subtitles and dubbing for video and audio, and runner-up Vaqat from the UAE, an online platform for companies outsourcing intern support, were announced during the finals held last week in Dubai at the DIFC campus. The 12 finalists made their pitches to the prestigious judging panel made up of Roger Rabbat of Strategy&, Manya Pamnani of Dubai Cultiv8, part of Dubai Economy, Jane Khedair, Executive Director of the Institute of Entrepreneurship and Private Capital, Philipp Pabst of Dubai Future District Fund and Haya AlMana, currently heading Innovation & Entrepreneurship at Zain Kuwait.

London Business School is leading the charge for entrepreneurs, recognised as being a powerful hub for its global network of alumni entrepreneurs. Its highly successful London-based Incubator has supported and developed over 100 new ventures, helping them to raise an impressive £100 million in seed capital; and it was recently reported in Business Leader, the School’s alumni raised almost $4 billion of funding for their companies last year.

Commenting after the final, one of the competition judges, Jane Khedair, Executive Director of London Business School’s Institute of Entrepreneurship and Private Capital (IEPC) said “This competition has exceeded our expectations and we look forward to expanding our involvement in the startup community in the Middle East in the near future. The innovation and entrepreneurship on display was truly inspiring. Tech startup Ollang, were worthy winners, though I have no doubt many of the finalists will go on to great success with their ventures. I very much hope that this competition can provide the platform for LBS’ next unicorn business and develop the entrepreneurs of today and tomorrow.”

The London Business School model provides mentorship to startups and access to VCs and has a proven track record of success. Over 93% early-stage companies supported by the London Business School programme over the last 5 years go on to sustained business success.

Ollang, the winning startup provides end-to-end human powered AI localisation through subtitles and dubbing for video and audio globalisation teams, changing the way people communicate. It merges human intelligence with the AI automation power and brings out a technology that it calls: Ollang Augmented Intelligence.

On winning the event, Ebru Yildirim, Founder of Ollang said “It is a huge honour to be announced as the winner of the inaugural London Business School MENA Startup Competition 2022. The finalists we participated alongside brought incredible ideas and innovation to the competition. We are extremely grateful to be recognised in this prestigious event and to take away the coveted prize. The opportunity provided by the school, the Entrepreneurship Club and Institute of Entrepreneurship and Private Capital is fantastic for startups, helping inspire new entrepreneurs in the region. We are excited for what this achievement means to us as a business, and as we now strive to go to the next level and continue to grow.”

Ollang walks away with a $15,000 cash prize along with runner up Vaqat receiving $5,000. Beyond this, the competition gives startups the opportunity to develop traction for their companies, reach a wider audience, gain financial investment with access to VCs, exposure to the London Business School global network, and increase their media exposure.

Runner-up Vaqat, founded by LBS alumnus Daniel Robaczewsk, is a platform where companies outsource intern-like tasks to pre-vetted students and can hire the best of them full-time. This platform enables employees to get an intern on-demand, for students to explore various careers, while talent acquisition managers can identify top talent.

Speaking at the event, co-founder and CEO of Livspace Anuj Srivastava and LBS alumnus said “Being a part of the LBS MENA Startup competition has been really inspiring and amazing. It was heartening to see and hear the finalists who have come up with some really exciting and cool ideas. Startups have always been the centre of innovation and incubation of innovative solutions, and it is vital that such forward thinking solutions and services get all the recognition they truly deserve. As a proud alumnus of LBS, I was elated to be at the event and supporting the LBS Middle East fraternity as they enable these incredible entrepreneurs to shape their business journey.”

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