Recently, Cobone.com, dubbed as the Middle East’s largest daily deal site, announced that it has been acquired by international investment firm Tiger Global Management and will now be injected with extra capital to expand into the market as it sees fit. This means that it will no longer operate under the umbrella of Dubai’s Jabbar Internet Group. Samih Toukan, the group’s chairman described the deal as a successful exit for them.

According to the company, it possesses the potential to compete on a global level and now has an enormous customer base of more than two million customers. So why, then, was a take-over more favourable than remaining in its current position? Kipp hears from Warrick Godfrey.

“In the past two-and-a-half years Cobone has grown to be one of the largest e-commerce companies in the Middle East. Throughout the process we were looking for a partner that was aligned to the management team’s overall vision,” continues Godfrey. “When Tiger approached us we were not looking for this deal, but when it came to the table it was clear that it was the best step to fuel Cobone’s growth going forward.”

Godfrey says this acquisition highlights a significant ‘vote of confidence’ for this region’s e-commerce scene – and is the first major investment for 2013, despite consistent interest from global investors over the past couple of years.

E-commerce growth in the Middle East is still going through exponential organic user growth due to increased internet (mobile and broadband) penetration. As more people jump online, and get more comfortable with e-commerce, a natural growth curve has been built into the market.

If you’re one of the site’s two million customers, or hope to be one in the near future, why should you care about this corporate transition?

“Customers can look forward to receiving much more personalised communications from Cobone, he says. “A large focus will be placed on high quality deals. Additionally, we have always made significant changes in our website layout over the past two and a half years. We will continue to invest in our website to improve our merchant and customer experience.”

Paul Kenny, founder and CEO of the company, will retain his current position, along with other members of its leadership team, including Warrick Godfrey, Pieter Sleeboom, Tahira Khan and Loai Ayoub.

The book begins unusually at the end. The first chapter boldly plunges into the deep end and talks about the need to have an exit strategy. Know your exit before you take the bull by the horns, he writes. Every business has an end to it, one way or the other, and most entrepreneurs think they have a good idea but don’t consider their exit strategy.

Is your plan to fill a market gap and sell it off, do you plan to launch an IPO or keep it until retirement? The author stresses that – in either case – one needs to have a plan.

Lincoln addresses many of the regional issues as well as International business tactics. The book covers everything from price wars and marketing for women to forming the correct proposition and planning before you look for funding. It takes the reader through practical theories, stories, experiences and illustrations into why leadership is important, why more women should get into business, what makes a good manager and the art of segmentation among many other core strategies.

“The problem is that most companies operate with an opportunistic mindset when they should be carrying a strategic one,” he says. A lot of businesses are unable to ‘connect the dots’ and John says that this was the primary motive to write and spread his decades of acquired experience and knowledge to the region.

“I too did start my own business at one point,” he says. “And it failed miserably and I’ve learned a lot from it. I talk very openly and honestly about it in the book.”

Why did you apply for the Entrepreneur?

I applied for two main reasons for which I think everybody applied for: the money and the free advertising. I am at a phase where I am building a business. Nabbesh is not a well known brand-it is very new and not too many people know about it, so I wanted to go as public as possible. Writing and shouting about it, so people will sign up and buy into the vision.

It came at a right time, when we were just starting, we just went online so that exposure was very much needed and the money was very much needed. So I thought why not?

How has the show helped you?

The one thing being in a show like The Entrepreneur is, it helps you to become a better public speaker. Since being in The Entrepreneur I have developed my ability to sell myself, and to sell my business. I don’t think it gets any more stressful than when you are talking on television, so now I feel so much more comfortable to talk about my business at any occasion.

Were you able to form a good network of contacts through the show?

Absolutely. I am in touch with some of the judges, post-show. I am also in touch with some of the contestants-we built some great relationships. I really think they should do it again. I am sure there has been a lot of learning on all fronts-after all it is the first time such a show has been made.

Do you think the show will help encourage other entrepreneurs?

It is all about making entrepreneurship desirable, making it hot. Encouraging people to get out on their own and try something different. This is a platform which will provide that push. One it will give budding entrepreneurs the push that you need to get your idea out there and second if you win it will give you the funding-to turn that idea to a product. It is great to get feedback from different people

Filming ended mid-May, what have you been doing since?

I have been building Nabbesh. We knew when the show was airing, I wanted to make sure that we bring Nabbesh to a certain level that we are very happy and pleased with by the time people start coming to check the site. We have been focused on hiring, developing the features, working on partnerships

As Kipp sat down with Kamal Hassan, President & CEO of Innovation 360 Institute (otherwise referred to as i360), we discussed just exactly how innovative the UAE is in terms of its SME landscape, what makes a good Entrepreneur and the importance of both education and passion when climbing the ladder of innovation.

Innovation 360 is a global innovation management consultancy that helps companies of all sizes and government organizations bridge the gap between innovation strategy and execution.

One of the key topics that Kipp was interested in wasn’t restricted to the mere empowerment of women in the workplace – as it has been a hot topic in the country over the past few years – but the amount of businesswomen and female entrepreneurs. Kipp said that, judging by what we constantly hear and see, there is a lack of them.

“I completely disagree with that,” says Hassan. “Yes there is an imbalance in the population, which translates to the work place but whenever we hold an event or business seminar, over 70 percent of the attendees are female entrepreneurs.”

He continues to express his optimism about this matter and that even though there is a lack of women entrepreneurs in the ‘hard-core’ technology segment, there are plenty on the creative side.

Diversity, naturally, has always been a word that is closely associated with the UAE’s work force. “We have a very diverse culture, which brings a lot of opportunities for innovation. Here we can have a Middle Eastern Arab, a European and an Asian in one company and that creates the benefit similar to areas like Silicon Valley which is rare to find except in the UAE,” Hassan says.

Some of the remaining challenges, according to him, are related to residency, immigration and start-up costs. “Of course, over the last 5 years, many free zones in the UAE have reduced the costs for start-ups dramatically. At one point it would have cost up to AED 50,000 where now it can be as low as AED 10,000.”

“On the part of the government, there are still some changes to be made in terms of residency or immigration because if an expatriate can call the country home then they’re likely to produce and create more.”

While Hassan briefly touched on the issue of a bankruptcy law, or lack thereof, in the UAE, Kipp wondered how far changes made by the government will progress in the next few years.

“I’ve moved here five years ago and since then, a lot has changed. There is a strong push to change policies. The leaders are listening and I think they’re working very hard to push and promote the culture of innovation. The changes might be slower than we would want because innovators want things to happen quickly but there are definitely changes.”

And today as Spice Holdings celebrates its 10 anniversary, we thought it only fitting for you too to be inspired by the rather inspiring Ansar.

Kipp chats with FNC hopeful Saeed Harib, CEO of Dubai International Marine Club as he tells us what it means to be part of the FNC.

To read more about Al Hilal’s latest dealings with a certain $500 million Islamic Bond check out this story.

Source: KIPP

And if you are interested in understanding how Ramadan in the UAE works, why not have a look at Kipp’s findings from our exclusive survey in conjunction with YouGov?

Source: Kipp

Afterwards, take this test to see if you’ve got what it takes to be a player in the world of advertising and media…feel free to share with yo’ friends…

Source:Kipp

In the late 1990s, Mars asked ex P&G exec Omar Salim, a Jordanian who has also lived in Egypt, Yemen, and Saudi Arabia, to come out to Dubai where Mars was still a fresh company. After all these years, Salim isn’t cocky about his achievements. In his free time, he enjoys playing with his two-year-old son, debates the state of the world with friends, and reads history books. We ask him about his indulgences. Cars, perhaps? “I drive a Honda,” he says. “If that gives you an idea. It’s a great car.” And this is from a man who’s taking Mars in the region to a global level.

Did you know that Nassef made it to Communicate’s Power List 2011? Check it out.

Source: KIPP

Source: Kippreport

To read more about the luxury sector in the UAE, check the June issue of TRENDS magazine.

Do you think you have a future in the watch industry? Try this quiz to find out by taking this quiz:

Former FIA president Max Mosley wrote a hard-hitting commentary in The Telegraph, which included the following: “Surely the line has to be drawn when a sporting event is not mere entertainment in a less-than-perfect country, but is being used by an oppressive regime to camouflage its actions. If a sport accepts this role, it becomes a tool of government. If Formula One allows itself to be used in this way in Bahrain, it will share the regime’s guilt as surely as if it went out and helped brutalise unarmed protesters.”

Former driver, Damon Hill, told the BBC Formula One racing would “forever have the blight of association with the repressive methods to achieve order” if it held the race.

And lets not forget the words of Australian Mark Webber who became the first driver to voice his opinion on the matter when he told the press:  “As a competitor, I do not feel at all comfortable going there to compete in an event when, despite reassurances to the contrary, it seems inevitable that it will cause more tension for the people of that country. I don’t understand why my sport wishes to place itself in a position to be a catalyst for that.”

So with the current temperature amongst the racing fraternity being rather hot, is there a potential boycott on the cards? And if so, what could be the likely affect on the Bahraini business scene?

Kipp spoke to our resident automotive expert Damien Reid, Managing Editor of F1 Racing Middle East and the Group Managing Editor of Sports and Automotive at MediaQuest (isn’t he quite the over-achiever?) to find out.

To read more about the luxury sector in the UAE, check the June issue of TRENDS magazine.

Do you think you have a future in the watch industry? Try this quiz to find out by taking this quiz: