Starting a business is a difficult endeavor, and scaling and growing it is even harder. The optimal strategies, tools, and resources are essential to ensure that the startup can survive in an increasingly competitive environment.
With the right approach to scaling and growing a startup, entrepreneurs can unlock their true potential. They can make sure that they have access to the latest technologies and resources available in order to maximize their chances of success. By investing in the right strategies for growth, startups will be able to reach new heights of success as well as create more jobs for people in Saudi Arabia.
Advice from Saudi Entrepreneurs
Saudi Arabia has become a hotbed of entrepreneurial activity in recent years, with many startups and entrepreneurs launching innovative new businesses. We'll be looking at the advice from successful Saudi entrepreneurs on how they grew their startups and scaled them to success:
1- Build the right team
Mohammed Aldhalaan is an inspiring entrepreneur and the co-founder of Noon Academy. Established in 2013, the Saudi Arabia-based digital learning platform has reached a remarkable milestone with over 6 million registered users across four major global markets.
Aldhalaan emphasizes the importance of building a solid team as you grow a startup, “We look for employees who are humble, original in their thinking, who are bold, and can learn very fast. No matter what you do to maintain the culture at home or overseas, it's all about the people you hire and fire. Firing, honestly speaking, is equally as important as hiring! Be patient with those who learn and do their best to scale.”
2- Focus on the competitive edge
Ahmed Hamdan is a leader in innovation and technology, being the CEO and co-founder of Unifonic. Founded in 2006, Unifonic offers cost-effective cloud communication solutions that enable businesses to reach their goals. Unifonic has made a mark in the regional market, and their success is evident. Not only have they earned the trust of over 5,000 businesses, but also raised more than USD 146 million in Series A and B funding series.
Hamdan talks about how Unifonic uses their competitive edge to their advantage, “Our experience in the last 16 years has taught us that our clients are our best asset, as they create true connections between their customers and the market. A combination of the right features, along with a solid infrastructure and compliance frameworks, has allowed us to stand out in an otherwise crowded industry. Our approach is to work closely with potential and existing clients and exceed their expectations in the way that we deliver, develop, and bring products to the market. This is something that none of our competitors can offer, especially at our speed.”
3- Expand into different verticals
Ayman Al-Sanad, the CEO and co-founder of Mrsool, has seen great success with his on-demand delivery company. Launched in 2015 in Saudi Arabia, Mrsool's journey has been outstanding. It is now one of the fastest growing delivery companies in the Middle East with over 10 million users and 800,000 couriers in Saudi Arabia and the Middle East.
Al-Sanad mentions the fact that Mrsool is constantly working on diversifying their offerings, “We have vertical expanding plans, as we expand on what kind of service we offer. Today, we may be the person who provides what everyone wants, we should also focus on what kind of service we do, for example investing in the kitchen concept, making sure that this process is more streamlined and efficient than before. The competition today is about who can grow this market as fast as possible and who can offer the widest variety options. We also think and look into the small family business. The women who cook at home want to deliver, and we can help them get better contact with their clients and facilitate the whole transaction.”
4- Plan your finances wisely
Dana Baki is the co-founder and CEO of MUNCH:ON, and since its launch in 2016, it has seen incredible success and growth. It provides its services to companies and residences around Saudi Arabia and the UAE with double-digit monthly growth.
The MUNCH:ON team has been very successful in raising $6 million in funding over 3 rounds. For entrepreneurs fundraising in the times of COVID-19, Baki’s advice is that they should put extra focus on managing their finances with precision and acumen. "Financial modeling and deep understanding of your unit economics and levers of growth is pivotal," Baki says. "Further, if COVID-19 should have taught us all something, it is that we should always plan for the unexpected. Scenario plan for your business to ensure that your business model, team, and technology are agile enough to handle any necessary changes or pivots."
5- Grow with purpose
Adwa Al Dakheel is the visionary behind Falak Business Hub. Her latest endeavor, based in Riyadh, strives to foster a new wave of Saudi start-ups by providing support, development opportunities, and financing This unique hybrid combines an accelerator, incubator and co-working space along with being an angel investor.
Al Dakheel is a firm believer that startups can flourish if they have a clear purpose that guides their decisions and actions. “Growth without happiness is nothing at all,” she says. “This is why purpose-driven companies are the ones that last. Profit-driven companies have a quick win, and then plummet. It’s not only growth we should aim towards – whether a female or male, entrepreneur or businesswoman. Emotional and mental happiness and satisfaction is what’s going to make us work with love and actually make us do something worthwhile.”
