Step Podcast

How does an artist from Trinidad revolutionize the music and tech industries while embracing change and diversity? Join Chris Leacock, aka Jillionaire, a renowned artist and tech visionary, on an inspiring journey that breaks cultural barriers.

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HIGHLIGHTS

1:57 - Creating the Tools Creators Need

4:14 - Choosing a Genre: Jillionaire's Journey

6:52 - Disrupting the Music Industry

12:27 - Jillionaire's Passion for Music

14:39 - Bridging the Gap: Creativity and Success

18:05 - The Power of Mentorship

24:40 - Jillionaire's Exciting Ventures

27:20 - Exploring Virtual Reality

30:07 - The Future of the Metaverse and the Internet

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QUOTES

"I set myself the goal to see how far, how wide I could stretch my hands and create context for Caribbean culture, specifically trade and culture through music."

"Music was always a hobby, and about 2008 or nine, I had the opportunity to pursue music as a career."

"I think the idea of genre is pretty new, you know, that's not something that I really grew up with."

"Creation is disruption. Being able to create and innovate is probably one of the most fulfilling feelings because it's really about looking at the technology and tools available to you and saying, 'Okay, how can I use these things to do something new and interesting?'"

"I've always been focused on solutions for the 99%, products that the average consumer can easily understand and use."

"When we look at technology, it's like a comet. We see the bright, fiery ball of what's brand new and exciting, not realizing there's a long tail of things that will have a greater long-term impact."

"The thing about music is that it constantly evolves. It's the same with creative work in general; it's always changing and adapting to new circumstances."

"As a creator, you have to be ready to dedicate the time, whether it's a phone call once a week or catch-up once a month, so you can be effective as a mentor."

"I've met folks who collect vinyl and cassettes, finding new content in a way that's far more enjoyable than just relying on streaming services to recommend new music."

"Music is a way to communicate an idea, thought, or feeling. It's less about trying to fit into a specific genre and more about conveying emotions and messages."

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Innovation and uncertainty go hand in hand when it comes to building or managing a startup. Mohamed Amine Merah, Ahmed Arif, Mohammed H. Khashoggi, and Rayan Alsharif discuss the challenging process of entering unregulated markets, but also highlight the positive outcomes that can be achieved.

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HIGHLIGHTS

1:22 How do you know if you’re in the gray area?

3:07 The challenges and uncertainties of starting a new business in Saudi Arabia

7:17 Navigating the regulatory landscape

9:50 The pros and cons of being in a regulated industry

13:31 Building in the money markets

22:15 Being a first mover and regulations

24:43 The regulation that will virtually apply to every single startup

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QUOTES

"Building or managing a startup is by definition, dealing with uncertainty every day, if it's certain, it's definitely or most probably not innovative."

"Do your research, look at what it is that you're trying to achieve, where you're trying to achieve it, because jurisdiction is important."

"When you have that conversation [with regulators], you're putting yourself on their radar. So it's kind of mapping timing and that key balance of asking for permission or forgiveness."

"You can also work with somebody who has a license, right, like fintechs do that all the time, they may not necessarily have a banking license, but they partner up with a bank that does the piping in the background."

"If you're a first mover and you have those discussions with the regulators, even if there isn't a regulation to use, you're then in a position to craft those regulations with them to influence their thinking."

"Sometimes it's very important to understand the language and the background of the regulator so you can reach that middle point where you can actually amend the regulations and make it happen as a partner with them."

"There's definitely a glory in being a pioneer, being the first to start, but it does also have its sleepless nights and the days that you think, why am I doing this?"

"You can actually use the interaction with regulators to craft the product that actually works for your customers."

"Take the easiest route that works for you, and that builds momentum. Then you can go to other regulators and say, 'I've done it already. This is how it's done. This is how we should do it."

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Dubai, a vibrant city in the United Arab Emirates, has rapidly emerged as a global hub of innovation and entrepreneurship. Its strategic location, business-friendly policies, and forward-thinking vision have attracted entrepreneurs, investors, and tech enthusiasts from around the world. Racha Ghamlouch of Digital Digest, Diplomat Meghan Gregonis, US Consul in Dubai, and Saeed Al Nofali of In5 explore the key factors that have contributed to Dubai’s rise as a hotbed of entrepreneurial activity and its position at the forefront of innovation.

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HIGHLIGHTS

4:03 The UAE Government's Support of Entrepreneurship

9:17 The UAE's Agenda for Sustainability and Food Security

13:33 Policies Development

17:37 Partnership-driven Approach

20:52 Unifying Entrepreneurship in the Learning Experience

25:26 The evolution of VC funding in Dubai

30:09 What Awaits in the Next Few Years?__________________________________________

QUOTES

"The UAE already has an AI strategy. It aims to cut government spending by 50%, using AI and improving GDP with up to $98 billion simply by implementing and improving their operations with AI."

"Dubai is really on the forefront at this stage. This will set the stage for you for what's happening over the next two days with some amazing innovations."

"The UAE has done an amazing job of setting its sights on the globe in terms of growing in a worldwide way. But they've also set their sights on the universe."

"The collaboration is what makes those really huge moonshot goals possible."

"We're starting to accelerate and even catching up to the US and Europe as well."

"The true use cases of NFT technology have yet to be tapped properly in the market."

"All governments are working on plans for agriculture, sustainability, and climate change. Policies are being put in place, and this is really the real stuff."

"The UAE has ambitious programs with billions of dollars of funding to improve food production, vertical farming, and deep tech."

"The UAE is branded as the most tolerant place in the world, creating a very welcoming environment for innovation."

"It's not about one country going it alone, we really need to be working together. Different countries have different resources to bring to the table."

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Andrew Gazdecki, founder of Acquire.com, shares key highlights from his entrepreneurial journey with Zubair Paracha of Refunnel, including starting the marketplace for internet businesses, making acquisitions, and expanding the customer base, as well as mistakes made, the importance of hiring smart individuals, and offers advice for internet entrepreneurs.

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HIGHLIGHTS

(1:00) - How did you become an entrepreneur?

(1:24) - Why did you decide to do Acquire.com?

(3:55) - Preparing to get acquired.

(8:47) - How long did it take to make the first acquisition?

(11:25) - Mistakes he made early on.

(17:26) - Why did you decide to drop micro acquisitions?

(20:09) - Expanding the customer base to include startups.

(22:53) - How have the multiples changed over the last 12 months?

(27:44) - What’s next for acquired calm?

(29:28) - Advice on how to build an internet business.

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QUOTES

"There needs to be an easier way to facilitate these acquisitions because it's arguably the most important part of the founder's journey."

"I just felt the startup ecosystem needed something like Acquire.com to exist, so I built it."

"We want to put the founder first, be the most attractive option for them to sell their business."

"Having no commissions made a lot of sense, just here, you can list your business, we charged the buyers."

"When we do implement commissions, we're going to do it in a way where we add value to the acquisition."

"Building those early relationships, one to one, I think, is really crucial."

"There's something that you need to close, which he called a credibility gap."

"The longer I was in those roles, the more I could understand them, and optimize them, and then build the processes."

"The biggest mistakes I've made building businesses are not hiring people smarter than me and not having a big focus on building the product correctly in terms of infrastructure from the start."

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Do you ever wonder about the emotional journey entrepreneurs go through after an exit? Join Khaled Talhouni of Nuwa Capital, Ali Halabi of Voltlines, Ziyaad Ahmed of Spotii, and Tammer Qaddumi of VentureSouq as they explore the emotional changes, post-exit depression, and the pendulum swings that founders experience as well as the relief of paying back investors, the potential pitfalls of going public, and valuable advice on protecting oneself during an acquisition.

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HIGHLIGHTS

2:14 The Emotional Journey of Joining a Larger Business

8:05 Riding the positives and the negatives

10:53 Five things to look out for in exits

14:06 What went wrong with SWVL's acquisition

18:52 Protecting Your Business

21:42 Acquisition Gone Wrong: Volt Lines Story

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QUOTES

"Exits are the end goal of every entrepreneurial journey, and that's half of the point of building a great company."

"The emotional change that the founder goes through when getting acquired is like moving back in with your parents."

"Most entrepreneurs fall for the mistake of getting connected and becoming one with their startup."

"Some days you feel like you're on top of the world, some days you just don't want to get out of bed."

"You go from being the master of your own destiny to a quarterly report, writing memos, and dealing with a chain of command."

"The experience of an exit is not a binary shift from controlling your own destiny to being an employee, but rather a spectrum of autonomy."

"Taking a company public prematurely can be a mistake if the business is not ready in terms of size and maturity."

"The share price and market caps of the acquiring company can impact the perceived success of an exit."

"Always think about the worst-case scenario. Only the paranoid survive."

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Can you strike a balance between scale and profitability? In a debate between investors Laith Zraikat of Arzan VC and Yana El Dirani of Modus Capital, and founders Mohannad Ali of Hotjar, Nida Sumar of 60 Day Startups, Lloyed Lobo of Traction Ventures, and Yousef Albarqawi of Alfii, moderated by Shubham Yadav of Strategy Connect, they delve into the definition of profit from the standpoint of investors and entrepreneurs. They also discuss the difference between scale and growth, the rule of 40 for sustainable growth, and the challenges of advocating for scale over profitability.

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HIGHLIGHTS

(5:37) - Definition of profit

(8:00) - Difference between scale vs. growth

(13:00) - How to get to profitability in B2B

(17:23) - Scaling is a methodical approach

(23:18) - How do you deal with scale vs profitability?

(28:43) - How to say yes or no

(34:40) - Do you see this changing for VCs?

(39:49) - Questions from the audience

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QUOTES

"If scale is done correctly, it should ultimately lead to profit. Otherwise, it was not done correctly."

"So you could be growing 80% year on year and burning minus 40%. Or you could be growing 20% and making a 20% profit margin."

"Growth is more about capturing more customers and increasing transaction volume, while scale is about operational metrics and capturing all the revenues."

"That topic should really be profitability versus blitzscale. Because you can scale profitably, right, but you can't blitzscale."

"Overspending is also just as bad as under-spending, in my opinion."

"As an entrepreneur, you have to be willing to take risks and make tough decisions."

"I would never invest into a startup that doesn't own the IP because then the potential growth of it, whether scale or profit, is really technically non-existent or dependent on third parties."

"Finding the right team is crucial for the success of a startup."

"Investors are looking for startups with a strong value proposition and a clear market opportunity."

"Scaling a startup requires a combination of strategic planning and agile execution."

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The number of Fintech is continuously growing and becoming the latest talk of the town.

Fintech speakers Shafique Ibrahim of Walvat, Ihsan Al Hayek of DAPI, Danny Abla of Bankiom & Narendra Nandal of Nym Card spill all the details about the growth of the fintech in a fragmented market, the role regulations play in the Fintech space and the effective strategies recommended for fintech to get into the MENA region.

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QUOTES

''With open banking now coming full force in the region, we do have an excellent chance of stitching together at least commercially, these markets and these jurisdictions''

''If you have to address a fragmented market, which, where the scale can only come, when all these different fragments come together, you need a common platform''

''We need the regulator to escort us into getting much, much, much better services into our banking and our finances.''

''I think the driver that will push them to become more and more and more responsive and agile is the process of putting the regulation and we need to not over-regulate because this will kill all the risky and ambitious new use cases. So when you it's always a balance between the two''

''So definitely the global trend is for technology companies to start offering financial services.''

''I think the future of banks, they will initially work hand in hand.''

''Fintech is to the digital economy''

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HIGHLIGHTS

3:04- The Fintech ecosystem in the fragmented region today

6:38- Emerging of the Fintechs and the reasons behind their ability to initiate solutions

11:43- The role of regulations in the MENA region

20:57- Fintech being an alternate to the banking industry or more of a collaborative with a bank

26:51- Higher funding on the Fintechs

31:40- The strategies for Fintechs to get into the MENA region

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Diving into long-term and short-term effective solutions can be really impactful in reducing the carbon emissions in the MENA region. Anne Marie Thodsen of The Umbrella Institute, Jeremy Crane of Yellow Door Energy, Vielham Hedberg of ekar and Cornelius Mattes of Dii Desert Energy discuss the process of transitioning into renewable energy sources, the hard challenges that come along with it and their own strategies to change the future of energy.

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HIGHLIGHTS

5:24 The major challenges that have been seen during the transformation

10:18 The big issue of the subsidies for fuel

12:55 The companies' emissions and their energy spending

15:11 The reason behind big buildings not building renewable solar panels

17:39 Educating drivers & building smart cities

21:04 Making sure both business and individuality are not endlessly using capacity

26:15 The easier way for large and little business investments to come to energy

28:03 Strategies that will change the future of the world

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QUOTES

'' We look towards altering people's purchasing behavior from traditional buying a car into understanding that a car is a depreciating asset, it's causing a lot of debt.''

''The regulatory framework that enables people to change.''

''I'm optimistic that the rest of this decade is going to be very viable for that transition because we can operate outside of regulatory constraints, and we can certainly be more cost-competitive.''

''I'm a strong believer in distributed energy''

''The economic reasons phase out a few subsidies and the other things together, they will probably prevent conventional capacities from being significant edits in the region over the next few years''.

''Choosing Dubai as a hub, because it's a fantastic place to live and to work and to build a business as opposed to it being that carbon hub''.

''Clean tech can also reduce the cost of energy, which can also attract businesses.''

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What is the right talent in the startup space? How can we keep and secure talent in a company? Christian Eid of Ducklife, Nathalie Spree of True Search, Adel Khalil Hemdan of Talabat, Tymour Fisher of Nomad homes, and Shubham Yadav of Startegy Connect are leading tech experts and are here to talk about the sources of these issues and provide effective solutions to close the talent gap while discussing the contributions of resignations happening in the companies due to the pandemic in the MENA region.

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HIGHLIGHTS

1:15- The changes in the talent market

4:53- Seeking out more work balance or compensation

6:15- Maintaining the work balance through remote work

8:05- The difference between finding an executive leader in an early-stage startup and in a more established brand

15:53- The role of the organization in finding the right talent

17:58- Changes in the recruitment process

21:47- The process of hiring the right talent & to keep it

25-52- The great resignation debate

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QUOTES

'' It was like just the confidence of employer that they can actually have like productive teams that work remotely, and they can take charge of their day and all of these things''

''I think building organization building teams directly and not necessarily from recruitment as a discipline''

''So how we assess candidates, how we communicate that with them, ultimately, they are a form of customers for your business''

''So, make sure to utilize that incredible tool you have, which is your existing workforce, so that it's much, much easier to attract the talent as and when you need it''

''People now more than ever can, can do the job from anywhere in the world''

''You're building up your own community and potential future talent pool by engaging in people that might be stars of the future within your teams''

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With the amount of data that we're putting out there, it's becoming easier to get hacked, especially when UAE is one of those leading on the digital government in the world.

Mossab Hussein of SpiderSilk, Rudy Shoushany of Dxtalks, Mohammed Amine Belarbi of Project Cypher and Multimedia Journalist Salim Essaid discuss the the threats to personal data, educating companies on the need for cybersecurity, as well as its costs and regulations, and what is needed in the future to protect our data.

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HIGHLIGHTS

3:34 - Risking our personal data

7:48 - Cost of cybersecurity breaches

16:17- The need for cybersecurity & where to start

20:42 - Government responsibility & regulations

27:35 - Individual rights & future recommendations

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QUOTES

"It doesn't work unless governments and governance of cybersecurity comes in."

"It's becoming easier for hackers to hack us because of the amount of data that we're putting out there."

"The most important part is actually the readiness factor."

"Data is the new oil today."

"Cybersecurity is not an option, it's not wishful thinking. It's who is not affected."

"The final accountable is actually really the government."

"It's always a cost, it's never a gain."

"UAE is one of those leading on the digital government in the world."

"If you're not paying for a service, you are the product."

"It's really the regulator that can force these changes.'

"The human factor is the weakest point under present software"

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