If you are about to start a business in MENA and considering yourself as a lonely entrepreneur at the best of the time, you need to spread your co-working experience through an advisory board. Without a continuous and reliable support of an expert team, you will face struggles in isolation. The basic challenges any new comer in the region faced is related to raising fund, getting support and traction building for the product. This is a high time opportunity for you to place your dice in Dubai market.
According to Philip Bahoshy, founder and CEO of MAGNiTT, 26 percent % of the founders listed the need of board member and for 56% mentorship is the biggest requirement and concern during endeavor. According to him, for achieving success the greatest challenge is to get the right support and tools but most of start-up founders put their effort in fundraising.
Finding the advisory board members in UAE
A lot of networking and quality time is required to pick a reliable advisor. There is no spell available that can lure them to join a new business. Stop stressing out on the question of finding them and emphasize on the traits you should consider when you reach out to offer them
Look for Passion:
Measure the enthusiasm and passion in the potential advisor for your project. Does the person you want to trust believes in your dream? Are they eager to become a part of your journey? If yes then you have found the perfect advisor who will support you and provide the commitment towards success.
Gaps in Knowledge:
Meet the people who can fill the hole of your weakest link. You could choose from previous or current entrepreneurs, industry experts, or a consultant who can help you out in defining your products.
As a SME in Dubai and UAE when you start up a company the most challenging thing is to get big names on board to buy your products and services. When renowned brands and government start buying, it provides an ultimate validation in market and you can use that reputation to sell to everyone. Even after new laws and regulations for SMEs, it is the general culture for huge names to show reluctance towards signing contract with firm that have only started their venture for 6-12 months.
In abroad it is common for giants to sign contracts with emerging disruptive companies. To bring the same environment here in UAE, the change of mindset is required which will really encourage and support the growth of small to medium companies and will definitely diversify the economy of the United Arab of Emirates.
That is how the growth of new jobs increases. Specially for tech innovators in the market of Dubai and MENA region are hugely leveraging the knowledge of local market so that they can fend off the competition from the new entrants of US and Europe.