This article was first published by Forbes Middle East on 20th September , 2016 and is written by Kamal Hassan, Founder at The Cribb.
Walk down a street in the Middle East, and you’re going to see a LOT of falafel shops. To a certain degree, this is because a lot of us like falafels. But that’s not the real reason there are so many.
In reality, this is the easiest business opportunity to copy. Someone who wants to be an entrepreneur — but who doesn’t want to think that hard about what people really need — simply looks around and finds the easiest successful business model that he can copy.
Hence, we end up with so many falafel shops. This is definitely not the path to true innovation.
We were happy to host Somali Expat Forum at The Cribb last week. This is a platform created for and by Somali Professionals, Entrepreneurs and University Student to connect, engage and share valuable experiences, ideas and knowledge. The objective of this group is to support and guide Somali professionals and University students finding jobs through referrals, mentorship and sharing relevant market intelligence in the UAE & Qatar.
Junkbot is a DIY robotic kit that enables young and old to create and build working robots from almost anything. It transforms house hold objects such as plastic bottles and old CDs,wooden spoons or cardboard in to unique,imaginative robots that can be programmed for a variety of functions – and at different levels of skill. As they delight in making new shapes come alive,kids will learn the core STEAM concepts of analytical thinking,problem solving,prototyping, lateral thinking and building. - See more at: http://www.thecribb.co/en/blog/read/222990768/startup-sequels-episode-2-junkbot#sthash.8UDimRUf.dpuf
Statistics show that venture capitalists barely fund startups. Only 1% of all submitted business plans receive funding. One of the major issue startups that don’t get funding is the lack of understanding how investors think: On the one hand entrepreneurs are optimists, focusing on success, amplifying sales projection and highlighting the product features; all of this without significant customer validation. On the other hand investors are skeptics and focus on potential risks, break-even and positive cash flow.