Streams of Progress

Tariq Sanad began his career at Gulf Air prior to spending almost a decade at Procter & Gamble where he climbed the corporate ladder from a Financial Analyst all the way to Group Finance Manager for the MENA region.

His first foray into startups was as an entrepreneur and the Managing Director of Lime & Tonic Dubai.

After winding down Lime & Tonic Dubai’s operations, he joined Careem as the Chief Marketing Officer where he served for over a year before onto his next challenge at Fetchr to serve as the Chief Financial Officer.

Over the last two years at Fetchr, he has witnessed and be part of the company’s massive growth and expansion.

Listen to learn more about his journey and where he sees it all going.

Enjoy the show!

• 01:30 – Pragmatism, University and Studying Accounting.
• 03:00 – Starting at P&G, just when it was opening up it’s office in Dubai.
• 04:00 – Moving to Dubai back in the early 2000’s.
• 05:00 – From becoming a pilot to an accountant.
• 06:15 – Climbing the corporate ladder at P&G.
• 08:00 – His first entrepreneurial venture following P&G with Lime & Tonic.
• 08:45 – A podcast & a Twitter exchange sparked his entrepreneurial journey.
• 10:00 – How he took a calculated risk when starting his first startup.
• 11:00 – The decision whether to go back to the corporate world after the first failed startup or to join an up and coming startup called Careem.
• 12:00 – His transition from finance guy to Chief Marketing Officer.
• 12:30 – Your role in a startup is solving problems.
• 14:00 – Moving from Careem to Fetchr and how he learned from every venture he was involved in.
• 15:00 – Return to his financial role as a CFO at another scaling startup.
• 16:00 – The employee growth at Fetchr since his joining.
• 17:45 – The Oman Post Joint Venture and how serves as validation for what Fetchr is achieving.
• 18:15 – Fetchr’s specialized offerings to various market segments and building customized solutions.
• 23:00 – Low barriers to entry and building for the long term with scaling.
• 25:00 – How healthy competition is for the startup ecosystem.
• 26:00 – Tariq’s optimistic outlook for upcoming Fetchr projects in the works for 2018.
• 27:00 – Walking as a health and mental exercise.
• 28:00 – Recharging himself by investing time in the people around him.
• 30:00 – On not having a role model and instead focusing on building his own story.
• 31:30 – The importance of understanding your team and connecting with them.
• 33:15 – A typical day in Tariq’s workday.
• 35:00 – A book he highly recommends to people interested in managing a team.
• 35:45 – Unleashing trapped potential by remembering that life is short.
• 36:30 – “You make your own time”
• 37:15 – He would love to see a greener Dubai, an even more sustainable city.
• 38:15 – Be more confident; things aren’t as complex as they seem as long as you break it down.
• 39:15 – His advice to potential entrepreneur’s out there about taking calculated risks.
• 40:00 – The importance of tackling big problems.

“The Five Dysfunctions of a Team : A Leadership Fable” by Patrick Lencioni

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On how the MENA startup ecosystem has evolved over the last few years…

The macro economic consequences of Shale horizontal drilling in West Texas which ’caused oil to hit peak demand rather than hit peak supply; served as one of the catalysts for governments in the region to shift towards technology. Over the last few years, we have seen a lot more initiatives from the government sector to support the growth of the nascent startup ecosystem.

On where the MENA startup ecosystem is heading next…

There is a huge potential in a single market for the region, at least in terms of startups looking to scale. A 450 million person market is waiting if they are able to come together and act as one single market.  Dubai is excellent at what it does for startups, the only thing is allowing those startups to scale to additional cities overnight, as they can in the United States or European markets; allowing them to expand into the 350 million person market in the blink of an eye.  Bureaucracy and barriers to entry between the individual MENA region ecosystem markets act as a detriment to startups looking to expand in the region.

On the Step Conference…

We see a lot of cohesion in the ecosystem here, everyone knows each other and it’s very collaborative, in the sense everyone wants to do stuff together; there is competition but relative to other sectors, it’s generally a collaborative environment. There is a need for more interlocking with the corporate arena, and trend of Corporate VC is a positive trend in the market.

Check out more episodes from the 2018 Step Conference Series and learn more about VentureSouq.

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On how the MENA startup ecosystem has evolved over the last few years…

The attraction of the UAE & Dubai for people from across the globe to come setup their companies and startup has to do with both the forward thinking aspects of the government (e.g. Smart initiatives and Blockchain usage), as well as the appeal of Dubai as a great city to live in. These aspects of the city has made the appeal for entrepreneurs to setup their companies in the city very appealing over the last few years. The startup ecosystem has been rapidly growing with the advent of new technology startups.

On where the MENA startup ecosystem is heading next…

Blockchain technology in the UAE is a very attractive industry for startups as it aligns with the country’s goals to adopt the technology across various fields. We also see the potential to improve the speed of startup registration and company formation/launch over the coming years as the UAE works to improve it’s offerings for would be entrepreneurs.

On the Step Conference…

The event being divided into different verticals allows very niche-based networking for both the entrepreneurs/startups as well as investors to find the right people they are looking for.

Check out more episodes from the 2018 Step Conference Series and learn more about DTEC (Dubai Technology Entrepreneur Centre).

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On how the MENA startup ecosystem has evolved over the last few years…

There has been a lot of positive change and growth in the startup sector. Opportunities have arisen around smart phone apps for entrepreneurs and startups to address problems. The number of funds in the region has increased and the ability to raise capital is a lot easier. As we have seen exits in the region, a lot of the teams involved with those exits are then re-investing in the ecosystem either as VCs and/or by starting new startups.

On where the MENA startup ecosystem is heading next and the challenges they face…

The market is big, young and very tech savvy. Startups need to continue to focus on actually solving problems. We will continue to see global eyes focus on the region, but we still see some difficulties in additional funding rounds, however overall we are on the right track.

On the Step Conference…

We see a lot of entrepreneurs at the conference and also tend to see entrepreneurs coming back again the following year; whether that means their startup has grown or their ideas have pivoted, it’s a good sign of growth in the MENA startup ecosystem.  

Check out more episodes from the 2018 Step Conference Series and learn more about Souq.com.

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On how the MENA startup ecosystem has evolved over the last few years… 

Angel groups and accelerators have greatly evolved from what they were before; investors are more active with startups and the market education has occurred. We have moved beyond some of the initial just ‘talk’ around investments and the overall scene is more active.

On where the MENA startup ecosystem is heading next…

The next step is focus – early on we saw a lot more ideation, but now it’s about creation and implementation of strategy. Lead angels of years ago are now heading VCs and we have more niche/industry focused approaches towards portfolios. Rather than external consultants assisting the ecosystem, entrepreneurs are starting to give back

On how Angel Investors in the region can improve…

Angel investors need to learn to trust the entrepreneurs, trust the ecosystem and community around them. New investors aren’t comfortable investing after 20 minute coffees and funding rounds at Seed and Series A can take up to two years. So there needs to be faster turn around and they need to be more active.

On the Step Conference…

Step is about the community and connecting with other entrepreneurs and the overall MENA startup ecosystem coming together.

Check out more episodes from the 2018 Step Conference Series and learn more about Womena.

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On how the MENA startup ecosystem has evolved over the last few years…

The past five years have been where most of the acceleration has happened. More money, more entrepreneurs, more ideas, more exits, more of everything, there has been a very positive upwards trend.

On where the MENA startup ecosystem is heading next…

Technology companies and businesses are being more accepted as mainstream companies and everyday life usage of their solutions. As startups become larger and more mature, that leads to the creation of a bigger venture capital industry. MEVP also just announced at Step about it’s next $250 million dollar fund, which will focus on technology.

On what potential positive changes to see in the investment industry…

Walid would like to see investments become a more accepted asset class, which could drive more people to invest into the ecosystem and we will see more innovative technologies and solutions come out of it.

On the Step Conference…

Step is a chance to connect and see what is going on in the industry, meet some old friends and make some new friends.  It’s a break away from our day to day and a chance to also see trends going on.

Check out more episodes from the 2018 Step Conference Series and learn more about MEVP (Middle East Venture Partners).

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On how the MENA startup ecosystem has evolved over the last few years…

A few years back we would’ve only seen early stage startups, where as now we are seeing exits and substantial scale ups occurring, with the advent of the region’s first unicorns (e.g. Careem) and the acquisition of Souq.com by Amazon.

On where the MENA startup ecosystem is heading next and the challenges they face…

The markets are fragmented and the amount of VC money is still behind other markets (as a percentage of their GDP); so funding and access-to-market needs to be improve to truly achieve the region’s potential. The scaling process is slowed down in such a fragmented market, we don’t see what we see in other huge markets such as United States, China or India. The role of government support also plays a factor – the research that comes from other governments also contributes to their own startup ecosystems.

On the Step Conference…

When one explores the Step Conference, one can see that this ecosystem is happening and growing. There is an energetic vibe one can sense at the Step Conference, the entrepreneurs and startups are solving problems of the market and one needs to support them. 

Check out more episodes from the 2018 Step Conference Series and learn more about Wamda Capital.

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On how the MENA startup ecosystem has evolved over the last few years…

We’ve seen people moving to the UAE to launch their startups because they see the opportunities of starting their businesses. So we’ve seen the market mature over the last few years. Fintech regulators at FSRA and DFSA are creating new frameworks for new types of startups to operate.  Regulators don’t like to regulate in a vacuum, they are looking for guinea pigs that they will craft the regulations around.

On where the MENA startup ecosystem is heading next and the challenges they face…

The sky’s the limit – Amazon creating new possibilities, official unicorn with Careem, it’s drawing talented individuals into the startup ecosystem, who might be in a high paying jobs, seeing exits and such liquidity events attract more talent in the space.

On challenges that startups in the UAE face within the legal framework that could be improved…

It’s costly to start and operate a startup within the UAE, thus the evolution of operating licenses would allow faster turn around and for a cheaper cost.  Government has recognized this and is working towards it – it takes a certain shift in mindset. 

If you truly want to become a knowledge economy hub, need to take steps and possibly sacrifice traditional drivers of the current economy.

On the Step Conference…

Being able to connect and collaborate with people who are also along the entrepreneurial path can be beneficial for entrepreneurs and Step Conference allows that entrepreneurial networking to occur.  

Check out more episodes from the 2018 Step Conference Series and learn more about Support Legal.

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On how the MENA startup ecosystem has evolved over the last few years…

It’s not only top-down innovation with governments incentivizing startups, but we are also seeing more private capital flowing into the startup ecosystem and talent leaving good jobs to explore startup careers.

On where the MENA startup ecosystem is heading next…

We have seen talent leaving good consulting, banking or government jobs, but not always technical founders, so there is a need for more schooling and attractive incentives to pull specifically technical talent and technical founders into the ecosystem.

On challenges that companies might face when scaling up…

We see a Funding Gap at Series B level or at Seed Level, thus there is a need for more funding at those stages in this ecosystem.

Additionally we need to make it easier for technology startups to scale up across region from a regulatory perspective.

On the Step Conference…

We have a chance to see everything in action at the event, the vibe and the energy of the event is so inspiring. It’s an opportunity for people on the fence to learn more and get involved with the startup ecosystem.

Check out more episodes from the 2018 Step Conference Series and learn more about Shorooq Investments.

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On the MENA startup ecosystem’s entrepreneurs…

Startups that succeed in this region have been the ones that were able to make great strategic partnerships, beyond just the right investors. 

On what is needed for MENA startup ecosystem to develop…

More investors need to get involved at an early stage. We need more early stage investment for startups. These tend to be riskier bets for investors but such types of investments are part of the growth we see in places like Silicon Valley.

On the Step Conference this year…

One of the sessions this year was about thinking global and moving beyond region. From the brand, to product offering. The importance of scaling global and thinking global begins from the start.

Check out more episodes from the 2018 Step Conference Series and learn more about 360VUZ.

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