Dubai - MENA Herald: Thomson Reuters, the world’s leading source of news and information for professional markets, concluded the celebration of its 150th anniversary in MENA with the last of its three-day seminar series. The MENA region, and Dubai in particular, has been a hotspot for the brightest entrepreneurial minds. This topic was explored in three sessions.
Session 1 – The Challenge for Entrepreneurs
Tamara Pupic, Editor of Entrepreneur Middle East, the moderated a panel of impressive speakers consisting of serial entrepreneurs and players from the start-up community. The discussion focused on the challenges and opportunities related to attracting and retaining talent and the regulatory environment.
When asked about the main challenges experienced when hiring talent, Joy Ajlouny – Co-founder of Fetchr, a Dubai-based GPS-driven delivery company – emphasised the difficulty in finding people who love and are passionate about the business as a founder. She believes this is especially the case for the millennial generation that is prone to having shorter professional attention spans than their older predecessors. She said it is important to look at how hungry the person is to help the business succeed, regardless of their educational background. Ambareen Musa, CEO of Souqalmal.com – UAE-based product and service comparison website – commented on how the transient mind set desire to enjoy the comforts of living are not always compatible with the long term view and lower wages of start-ups, respectively.
When asked about the types of regulatory improvements that can support the start-up ecosystem, Ziad Kamel – managing director of Couqley Middle East – believes there should be a system where you can test an employee without committing to residency, transportation, visa and other expenses. Ajlouny agreed, saying in the US you do not get taxed if your business is not making money. In the UAE, you have multiple regulatory fees, licenses and expenses despite the business not making any money just yet. Tarek Ghobar, Startup Services Manager of 1776 – a Dubai-based business incubator – spoke about the need to review the freedom of movement for employees without the 30-day pressure of finding a new job. All panellists were in agreement that Dubai is one of the most vibrant ecosystems for start-ups and entrepreneurs with enormous potential for further dev.
Session 2 – In Conversation with Ray Dargham, Co-Founder and CEO, STEP Group
In a session moderated by Tamara Pupic, Editor of Entrepreneur Middle East, the conversation with Ray Dargham, Co-Founder and CEO of STEP Group, explored the challenges facing start-ups with respect to the current economic landscape. Dargham delved into his experience with co-founding STEP Group, a Dubai-based media and technology company that owns STEP Conference, which became the largest gathering for technology, digital and entertainment industries in the MENA region.
According to Dargham, fund raising remains the core objective for the start-up, to facilitate organic growth, which Ray sees as crucial to uphold quality and customer commitment as well as valuable engagement opportunities.
Dargham concluded that Dubai has proved to be a pioneer in supporting start-ups, and urges the rest of the region to catch up in terms of infrastructure and fee processes, among other factors.
Session 3 – Generations Y & Z in the Workforce
In a session moderated by Nicoletta Papakyprianou, Vice President of Human Resources at Thomson Reuters MENA, the participants discussed how businesses can attract and retain talent, while understanding generational challenges in our region.
• Edward Matti, Managing Partner of CCM Consultancy, commented on the need to prepare the new generation joining the work force through incorporating practical learning schemes into the classroom, while also collaborating with companies to create an immersive experience.
• Henrik Jonson, Head of Employer Engagement and Career Development at INSEAD, commented on generation Y embracing technology, stating that they need to leverage their ability to use their notion of being tech-savvy in the work place.