// EXPERT PROFILE //
Early-stage funding for start-ups –
LEARN HOW TO GET IT
At the beginning , most start-ups rely on heavily funding , but obtaining it can be difficult . Ryaan Sharif , General Manager at Flat6Labs UAE , speaks to us about it and how SMEs can win investments .
“
EVEN IF YOU ARE THE
WORLD ’ S MOST INNOVATIVE
ENTREPRENEUR AND YOUR
BUSINESS MODEL IS BUILT TO RIVAL LARGE ENTERPRISES ,
YOU WILL
NOT GET FAR WITHOUT FUNDING .
ITH THE STEADY rise in
W entrepreneurship in the UAE , it ’ s possible you ’ re reading this because you believe you ’ ve got the next big innovation . A business idea that will blow aside the competition and render you the undisputed leader of your market . Perhaps you do , and perhaps it will . Perhaps you have already done your homework ; it is important to find a market gap . And perhaps you have something unique to offer ; it is an undeniable bonus if you can create a potentially disruptive solution or service . But a reality all entrepreneurs must come to terms with is that you will not be able to disrupt anything , win anything or get anywhere without a strong entry into the market . You need capital .
The UAE has a well-deserved reputation for being business-friendly . Favourable taxation frameworks and geographical advantages make it an ideal springboard for new businesses . According to an outlook study by Dubai Technology Entrepreneur Campus ( Dtec ), foreign direct investment in Dubai alone was more than US $ 3 billion in the first half of 2020 . The paper cited a Financial Times report that ranked the Emirates 11th globally and first in the Middle East and North Africa ( MENA ) for VC funding in 2020 while start-ups in the UAE as a whole raised US $ 577 million , which was more than half ( 56 %) the VC total for MENA .
Abu Dhabi ’ s commercial freezones – such as Abu Dhabi Global Market ( ADGM ), Masdar City and Abu Dhabi Airport Free Zone ( ADAFZ ) – are certainly a part of this success , as are incubators , accelerators and programmes , such as Flat6Labs , startAD , the Khalifa Fund and Hub71 .
But government commitments cannot manufacture successful businesses on their own . Indeed , even if you are the world ’ s most innovative entrepreneur and your business model is built to rival large enterprises , you will not get far without funding .
Funding is what keeps the lights on . You pay workers , creditors , landlords and utility companies with it . You use it to buy equipment and tools and technology . Overheads add up quickly and a lack of funds can prevent growth . Every big company had financial backers and you will need yours . Here is the two-step process that will help you seal the deal .
1
Prepare , prepare , prepare
Build your value narrative from the start . Ensure you can strongly and concisely convey what business value your idea brings . Write it down , being specific but to the point and learn it by heart so that you can recall it at will . A confident telling of your potential , backed by clear visual aids , will help you shine .
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