MENACatalyst’s UAE Demo Roadshow Extravaganza: Part II
March 2019, Ramallah: The last week of February was a whirlwind for MENACatalyst which kicked off its second UAE demo roadshow. Having experienced such immense feedback from its first time around in the UAE, the decision to head to the UAE for a second round of events proved rather simple. Participating startups were selected through MENACatalyst’s Pitch Challenge event, which spanned three cities – Ramallah, Hebron and Gaza City. With over 120 startup applications, the competition was fierce to say the least. The aftermath of the Pitch Challenge event resulted in 10 finalists from the West Bank and Gaza Strip rewarded with an all-expense paid trip to the UAE; complete with networking opportunities with experienced entrepreneurs, speed mentorship sessions, and pitching to potential investors. UAE Pitch Challenge finalists included Switch, Tebfact, NoL Design, Car Cleaner, Meet Scholars, Sunbox, Disarming Design from Palestine, CaseX, Jedule, weDeliver and Localyser.
Kicking off its first event on the 25th of February, at Dtec – a leading co-working space in Dubai and an initiative of the Dubai Silicon Oasis Authority - startups got a taste of the talent investors in the UAE are after. Pitching to a panel that included the Senior Portfolio Manager at Dtec – Mr. Daniel dos Reis, and Innovest Business Partner– Mr. Moatassem Moatez. Startups were offered valuable feedback and insights into the world of innovation and technology. And of course, the event offered plenty of room for startups to network with Dtec startups, coupled with speed-networking and mentorship sessions from experienced startup founders.
Next in the event line up – MENACatalyst headed to in5 innovation hub where they partnered with Endeavor, Dubai which hosted MENACatalyst startups in the precincts of in5, for an event complete with motivational speakers with firsthand startup experience and industry knowledge. Appearances from successful UAE-based startups PaleStyle and Visualizing Impact, offered startups a glimpse of what impactful initiatives dedicated to promoting the Palestinian identity are doing on the ground and how they were able to gain largescale regional/international influence.
Further, events with the diaspora – the central target audience of MENACatalyst’s mission – were not only eye-opening, but inspirational, offering startups a glimpse of the success they could achieve with a competitive edge and a little (or a lot- let’s be real) hard work. Among the meetings with the diaspora included an incredible visit to the Kaloti Precious Metals Refinery – a Palestinian-owned refinery and a global leader in the gold trade industry, along with meetings with the founders of Bayt.com and Bayzat – both regionally successful companies in their respective industries (recruitment and health insurance) founded by successful Palestinian diaspora.
The role MENACatalyst is aiming to play in tapping into the diaspora community is unlike any other initiative embarked on as of yet. The diaspora community is not only significant in terms of its achievements, but in is interest to give back to a thriving Palestinian startup ecosystem. In order to capitalize on the diaspora community’s role in building a robust Palestinian economy, MENACatalyst will continue in its quest to unlock these communities and the resources they could provide to fuel this process. Not only has the diaspora community already expressed its interest in offering one-to-one mentorship sessions to Palestinian startups, but their intent to offer investments and outsourcing opportunities to local entrepreneurs has been the leading indicator that investing in initiatives like MENACatalyst’s will prove successful and sustainable for the future of the Palestinian economy.
The positive role that MENACatalyst is playing in amplifying the startup ecosystem is beyond question immense. The doors that have been unlocked for participating startups whether it be by way of networking, exposure or investment opportunities, the overall outcome has given way to a new framework in Palestine. One which offers startups the ability to learn and digest the latest information pertaining to emerging markets and disruptive technologies while enlightening them on the guidelines of how to scale big, or go home. One thing is for sure, with two startups in line for big-ticket investment opportunities, it’s only a matter of time before we witness the domino effect such a powerful initiative can unleash for the startup community in Palestine.