[et_pb_section fb_built=”1″ _builder_version=”4.27.0″ _module_preset=”default” background_color=”#f5f6fe” use_background_color_gradient=”on” background_color_gradient_stops=”#e0e0ff 0%|#ffffff 99%” global_colors_info=”{}”][et_pb_row _builder_version=”4.26.1″ _module_preset=”default” width=”100%” max_width=”1000px” custom_margin=”||||false|false” custom_padding=”2%||0px||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” header_2_font=”|800|||||||” header_2_text_color=”#404fe6″ header_2_font_size=”19px” custom_margin=”||0px||false|false” global_colors_info=”{}”]<\/p>\n
[\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” header_font=”–et_global_heading_font|700|||||||” header_text_align=”center” header_text_color=”#060815″ header_font_size=”70px” header_line_height=”1.2em” header_2_font_size=”35px” max_width=”82%” module_alignment=”center” custom_margin=”0px||0px||false|false” custom_padding=”0px||9px||false|false” custom_padding_tablet=”0px||0px||false|false” custom_padding_phone=”0px||30px||false|false” custom_padding_last_edited=”on|phone” animation_direction=”bottom” header_font_size_tablet=”67px” header_font_size_phone=”35px” header_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n
[\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/12\/1764611936129.jpg” title_text=”1764611936129″ _builder_version=”4.27.5″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” text_text_color=”#848484″ text_font_size=”14px” text_line_height=”1.5em” custom_padding=”0px|||||” global_colors_info=”{}”]<\/p>\n
100% focus on the outcome scenarios \u2013 Scale Up MENA! Masterclass<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row disabled_on=”on|off|off” _builder_version=”4.27.3″ _module_preset=”default” width=”76%” max_width=”686px” custom_margin=”||-300px||false|false” custom_margin_tablet=”||-300px||false|false” custom_margin_phone=”||0px||false|false” custom_margin_last_edited=”on|desktop” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.26.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” header_2_font_size=”50px” custom_padding=”40px||||false|false” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” text_text_color=”#FFFFFF” background_color=”#293138″ custom_padding=”32px|32px|32px|32px|true|true” custom_padding_tablet=”” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” border_radii=”on|10px|10px|10px|10px” global_colors_info=”{}”]<\/p>\n \u201cPossibly the most unique training I have taken part in. The highs and lows of being a start up founder squeezed into two days.\u201d \u00a0– Michael Hunter, CEO & Co-founder, Holo<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” header_2_font_size=”50px” custom_padding=”40px||||false|false” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_margin=”||-1px|||” custom_padding=”||66px|||” custom_padding_tablet=”” custom_padding_phone=”||0px||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n \u00a0<\/span>Over the past decade we have seen an explosion of early-stage entrepreneurship activity across the MENA region in general and Dubai in particular. Co-working spaces, incubators, accelerators, angel networks, seed-stage VC funds, founders and events; the building blocks of the early-stage entreprenurship ecosystem has been booming. A record number of startups is getting launched. Founders move from all over the world to set up in Dubai. New VC funds are announced regularly. Yet, the region still has a shallow track record of breakout successes and founders truly scaling up.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.26.1″ _module_preset=”default” background_color=”#f5f6fe” custom_padding=”230px||3px|||” custom_padding_tablet=”” custom_padding_phone=”20px||20px||false|false” global_colors_info=”{}”][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”4.26.1″ _module_preset=”default” width=”100%” max_width=”800px” custom_margin=”68px|auto||auto||” custom_padding=”||0px||false|false” custom_padding_tablet=”||||false|false” custom_padding_phone=”|20px||20px|false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.26.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” header_2_font_size=”50px” custom_padding=”40px||||false|false” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding_tablet=”” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Not easily found in the data, but often coming up in our sessions is the \u2018lack of scaling mindset\u2019. \u201cWe have a small market\u201d,<\/em>\u00a0<\/span><\/span>said one founder, referring to the UAE and KSA as the two home markets. \u201cYes, but when are you launching in Turkey, EU and USA\u2026.?<\/em>\u201d; we asked. Multiple people have brought this up, the lack of a true international scaling mindset is holding many founders back from going global and aiming to build generational businesses. [TB1]\u00a0This spans access to markets, access to revenue, but also access to investors and exit opportunities.<\/p>\n For many founders, growing across the local markets is \u2018enough\u2019. This needs to shift. We need founders and early backers that can shift the mental model for what is possible and build global winners out of Dubai.<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” text_text_color=”#FFFFFF” background_color=”#293138″ custom_padding=”32px|32px|32px|32px|true|true” custom_padding_tablet=”” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” border_radii=”on|10px|10px|10px|10px” locked=”off” global_colors_info=”{}”]<\/p>\n When will we see a Dubai version of TikTok (Bytedance, China, $330BN), Lovable (Sweden, $6,3BN) or Thinking Machines ($50BN, US company, Albanian founder)?<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” header_2_font_size=”50px” custom_padding=”40px||||false|false” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”4.27.4″ _module_preset=”default” width=”100%” max_width=”800px” custom_padding_tablet=”” custom_padding_phone=”0px|20px||20px|false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.26.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding_tablet=”” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Today, the conversion from seed to series A in MENA sits around 7%, vs. global averages between 10% \u2013 14%. This indicates a healthy number of seed-stage deals, but too few that can mature fast enough into a more grown up startup, with the traction and metrics to secure a strong series A funding round.<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.26.1″ _module_preset=”default” custom_padding=”1px|||||” global_colors_info=”{}”][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”4.27.4″ _module_preset=”default” width=”100%” max_width=”800px” custom_padding_tablet=”” custom_padding_phone=”|20px|0px|20px|false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.26.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” header_2_font_size=”50px” header_2_line_height=”1.2em” custom_padding=”||||false|false” custom_padding_tablet=”30px||30px||false|false” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]There is a lack of growth funds operating in the region. Established fund managers like Beco Capital and Global Ventures are both addressing this, but more is needed. Today, the $25M \u2013 $100M growth rounds are still too few and far between. Like in many ecosystems, growth-stage companies either plateau out or need to move elsewhere to raise the later-stage capital.<\/span><\/span><\/strong>[\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” header_2_font_size=”50px” custom_padding=”40px||||false|false” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Compared to other ecosystems, the feeling is that the MENA region is still not able to attract significant capital from outside the region. Today, local investors very much dominate the negotiation table, pitch sessions and cap tables. It\u2019s changing, but a growth in international capital would strengthen the market<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” header_2_font_size=”50px” custom_padding=”40px||||false|false” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n The talk of the town, \u2018lack of exits\u2019 is real, but at the same time, nobody wants to exit companies at undervalued valuations or on premature deals. More time, more mature companies are needed first, then the focus should shift to successful listings and exit transactions.<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Combined, the lack of scaling mindset, low conversion rate, limited growth rounds and growth investors \u00a0and shallow exit market is holding back the \u2018scaling up\u2019 part of the ecosystem in the region. \u00a0But, given the momentum from the early-stage ecosystem, the rapidly rising quality of founders, the influx of capital, the quality of VC firms now going back to the market to raise their funds II, III and IV, the strong government leadership, this is changing.<\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/12\/1764612523851.jpg” title_text=”1764612523851″ _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” text_text_color=”#848484″ text_font_size=”14px” text_line_height=”1.5em” custom_margin=”||||false|false” custom_padding=”0px||0px|||” global_colors_info=”{}”]<\/p>\n Connecting the ecosystem with Scale Up MENA!<\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” header_2_font_size=”50px” header_2_line_height=”1.2em” custom_padding=”||||false|false” custom_padding_tablet=”30px||30px||false|false” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” header_2_font_size=”50px” custom_padding=”40px||||false|false” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n In our global work with startup ecosystems, from Switzerland to Canada, Norway to Singapore, we have seen how startup ecosystems mature into scale up ecosystems. It does not happen by itself, but it can happen.<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Growth stage accelerators, unicorn programs, emerging fund manager programs, Superangels, serial exited founders, corporate venture teams, LP development programs, IPO readiness programs and strong government support are all key building blocks in a more maturing, scaling up ecosystem.<\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Over the past decade we have helped write this playbook for ecosystems and government agencies globally.<\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n One of our key tools; the Scale Up! Masterclass. Originally developed in partnership with the Norwegian national innovation agency, and since delivered in 50+ countries, 1000\u2019s of founders has mastered the keys to scaling up in this program.<\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n A year ago, in Cairo, we started the development of a 100% MENA version, Scale Up MENA! Based on a year\u2019s research into term sheets, deal syndicates, investor networks and ecosystem trends, the Scale Up MENA! development work has taken us to conferences in Saudi Arabia, VC summits in Abu Dhabi, founder interviews in the UAE and everything in between.<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n After a year\u2019s development, it was time to bring the Scale Up MENA! Masterclass to market. Our first call, to our friends and long-term collaborators at Dubai Future District Fund. \u201cWould you be interested in running a unique, first-of-its-kind?\u2019. \u201cYes, let\u2019s make it happen!\u201d<\/em><\/p>\n<\/div>\n<\/div>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/12\/1764611605967.jpg” title_text=”1764611605967″ _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” text_text_color=”#848484″ text_font_size=”14px” text_line_height=”1.5em” custom_margin=”||||false|false” custom_padding=”0px||0px|||” global_colors_info=”{}”]<\/p>\n Should we take the investor roadshow for five new investor term sheets?<\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n \u201cThis was an awesome couple of days for growth-stage venture founders experiencing a simulation of rapid scaling and exiting (and some hostile takeovers too) \u2013 thanks again to\u00a0<\/span><\/span><\/em>Christian Rangen<\/em><\/strong><\/a>,\u00a0<\/span><\/span><\/em>Scott Newton<\/em><\/strong><\/a>\u00a0<\/span><\/span>and\u00a0<\/span><\/span><\/em>Sanjana Raheja<\/em><\/strong><\/a>\u00a0<\/span><\/span>for running it!<\/span><\/em><\/p>\n Founders don\u2019t learn through textbooks and theory \u2013 everyone learns best through doing and this simulation is a great safe space to experience how to scale fast with a path to exit. Thanks also to\u00a0<\/span><\/span><\/em>Karim Wazni<\/em><\/strong><\/a>\u00a0<\/span><\/span>for sharing the realities of what it takes to IPO in MENA. Now onto the real-life exits ahead\u2026\u201d<\/em><\/p>\n \u2013\u00a0<\/span><\/span>Tiffany Bain<\/a>,\u00a0<\/span><\/span>Principal Portfolio Development Dubai Future District Fund<\/strong><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”4.27.4″ _module_preset=”default” width=”100%” max_width=”800px” custom_padding=”||||false|false” custom_padding_tablet=”” custom_padding_phone=”|20px|0px|20px|false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.26.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” header_2_font_size=”50px” header_2_line_height=”1.2em” custom_padding=”||||false|false” custom_padding_tablet=”30px||30px||false|false” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Scale Up MENA! is an experimental learning simulation, delivered in a Masterclass, Accelerator or Classroom format. Participants form teams, select a case company and work to scale this from idea to successful exit. Along the way, the teams race to develop a growth strategy, raise 1-3 SAFE notes, secure first revenue, select advisors, develop a GTM strategy, expand into new markets, raise 3 \u2013 12 rounds of equity financing, meet 600+ real life investors and term sheets, deliver partial liquidity and ultimately deliver a winning exit transaction \u2013 all wrapped into a couple of days\u2019 worth of intense work. Global founders have called it \u201cstunning\u201d, \u201cmind blowing \u2013 but in a good way\u201d and \u201csomething every founder should experience\u201d.<\/span><\/p>\n<\/div>\n<\/div>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/12\/1764612072620.png” title_text=”1764612072620″ _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” text_text_color=”#848484″ text_font_size=”14px” text_line_height=”1.5em” custom_margin=”||||false|false” custom_padding=”0px||0px|||” global_colors_info=”{}”]<\/p>\n Scale Up MENA! covers a series of topics all founders should master<\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n \u201cRecently wrapped up a fantastic masterclass on term sheet negotiation. It was incredibly clear, practical, and provided a ton of founder-centric insights. Loved breaking down investor dynamics, leverage points, and how to protect long-term control. Easily one of the most actionable sessions\u00a0I\u00a0have\u00a0taken.\u201d<\/em><\/span><\/p>\n \u2013 Anuscha Iqbal, Co-Founder @Qanooni<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” header_2_font_size=”50px” custom_padding=”40px||||false|false” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n The 20+ participants, a mix of Series A & B stage founders and Dubai-based VC investors quickly formed teams, selected their case companies and we were off to the races. Four teams, five participants per team. Retail Mind \u2013 shaping the future of retail (Dubai) LogiFlow \u2013 AI-powered logistics solutions (Dubai) VisionGuard \u2013 AI-solutions for smart cities (Bay area, San Francisco) Leo Bank \u2013 Digital banking startup (Abu Dhabi)<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Could all of them outperform Careem\u2019s $3,2BN exit? Who would come out on top?<\/span><\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2026\/02\/1764611281487.png” title_text=”1764611281487″ _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” text_text_color=”#848484″ text_font_size=”14px” text_line_height=”1.5em” custom_margin=”||||false|false” custom_padding=”0px||0px|||” global_colors_info=”{}”]<\/p>\n SAFE conversion on the Founder\u2019s Journey<\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” header_2_font_size=”50px” header_2_line_height=”1.2em” custom_padding=”||||false|false” custom_padding_tablet=”30px||30px||false|false” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Right from the start, participants shaped early growth strategy, set up initial equity splits and cap tables and, most importantly, stepped into their roles.<\/span><\/p>\n<\/div>\n<\/div>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/12\/1764611824255.jpg” title_text=”1764611824255″ _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” text_text_color=”#848484″ text_font_size=”14px” text_line_height=”1.5em” custom_margin=”||||false|false” custom_padding=”0px||0px|||” global_colors_info=”{}”]<\/p>\n Seed stage investor pitch for Leo Bank.<\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” header_2_font_size=”50px” header_2_line_height=”1.2em” custom_padding=”||||false|false” custom_padding_tablet=”30px||30px||false|false” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n An undisputed fact of startup life, the burn rate, also got real very quickly in the Masterclass. With a 200.000 opening capital, plus a few government grants, the 50.000 burn rate to roll the dice and make progress in the market is a steep cost to manage. Fortunately, each team\u2019s IRM (Investor Relations Manager) quickly found a way to tap into friends and family investors, leading each team to quickly assess 10-15 family offers for early-stage financing. Uncapped SAFEs, interest free loans and \u2018set any terms\u2019 were prevalent, while CROs (Chief Revenue Officers) scratched their heads trying to find paths to first revenue, a key milestone for any startup.<\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/12\/1764612223861.jpg” title_text=”1764612223861″ _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” text_text_color=”#848484″ text_font_size=”14px” text_line_height=”1.5em” custom_margin=”||||false|false” custom_padding=”0px||0px|||” global_colors_info=”{}”]<\/p>\n Analyzing 100\u2019s of term sheets requires focus<\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” header_2_font_size=”50px” header_2_line_height=”1.2em” custom_padding=”||||false|false” custom_padding_tablet=”30px||30px||false|false” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_margin=”||34px|||” global_colors_info=”{}”]<\/p>\n But markets wait for no founder, and burn rates leaped from 50.000 to 100.000, then 500.000 as teams were closing SAFE notes, negotiating with advisors and trying to avoid the most complex of advisor terms. Just like in real life, most teams quickly got into SAFE stacking, an art and science most MENA founders learn to deal with. Priced round, preference shares, accelerator programs and board seats all hit founders as day 1 progressed at pace. At the same time, CPOs (Chief Product Officers) were sprinting to get the product development of the ground and grow the AI Stack to level 5 (triggering a big KSA AI grant, courtesy of Saudi Data & AI Authority (SDAIA).<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_margin=”||34px|||” global_colors_info=”{}”]<\/p>\n As the day progressed, Superinvestors, the complex term sheets that would often require a small army of lawyers to unpack were starting to make their way into the market. Careem Cartel, Global Ventures, Beco Capital and MEVP, were just four of the 90+ Superinvestors the teams faced, each with unique and distinct term sheets and deal structures.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/12\/1764611645586.jpg” title_text=”1764611645586″ _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” text_text_color=”#848484″ text_font_size=”14px” text_line_height=”1.5em” custom_margin=”||||false|false” custom_padding=”0px||0px|||” global_colors_info=”{}”]<\/p>\n Reviewing the fine print on complex Superinvestor term sheets<\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” header_2_font_size=”50px” header_2_line_height=”1.2em” custom_padding=”||||false|false” custom_padding_tablet=”30px||30px||false|false” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_margin=”||34px|||” global_colors_info=”{}”]<\/p>\n Scaling, not just starting, was the key theme of the Masterclass, pushing founders to think bigger (remember, the scaling mindset gap), invest more aggressively in global growth (35 markets to choose from), and scale their cap tables with Amazon, Softbank (mostly secondaries), Mubadala, PIF, BECO, Nuwa Capital and White Summit capital as later-stage investors.<\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/12\/1764611697954.jpg” title_text=”1764611697954″ _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” text_text_color=”#848484″ text_font_size=”14px” text_line_height=”1.5em” custom_margin=”||||false|false” custom_padding=”0px||0px|||” global_colors_info=”{}”]<\/p>\n The Zoo. Which bragging-rights animals can you capture?<\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_margin=”||34px|||” global_colors_info=”{}”]Along the way, zoo animals were captured, with Camels, Unicorns, Gazelles and Elephants showing founders quickly scaling on valuations, revenue and profitability.<\/span>[\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” header_2_font_size=”50px” header_2_line_height=”1.2em” custom_padding=”||||false|false” custom_padding_tablet=”30px||30px||false|false” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_margin=”||34px|||” global_colors_info=”{}”]<\/p>\n Every startup has two sets of customers. Your \u2018product customers\u2019 and your \u2018equity customers\u2019. What\u2019s your strategy to create value for each of them? The four teams really got into that during the final stages of day two. Team one, Retail Mind, accepted an cash- and equity, $1,2BN M&A deal with LogiFlow. Team three, negotiating from a superb position, managed to land an $87BN M&A deal, delivering 267X back to their early investors (which came in at an exceedingly high valuation to begin with). Team four, Leo Bank structured a total of 15 equity financing rounds to hit a $1,2 Trillion valuation (think, OpenAI, just in MENA), and start IPO preparations for a future listing.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/12\/1764611766234.jpg” title_text=”1764611766234″ _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” text_text_color=”#848484″ text_font_size=”14px” text_line_height=”1.5em” custom_margin=”||||false|false” custom_padding=”0px||0px|||” global_colors_info=”{}”]<\/p>\n Raising capital is one thing, but can you also return capital?<\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_margin=”||34px|||” global_colors_info=”{}”]<\/p>\n Shaping the market was team two, LogiFlow, using their cap table as a strategic weapon to consolidate the market space and quietly killing off their competition. With 19,7% of their equity, or about $89BN, LogiFlow managed to acquire and consolidate two competitors.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/12\/1764611409606.png” title_text=”1764611409606″ _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” text_text_color=”#848484″ text_font_size=”14px” text_line_height=”1.5em” custom_margin=”||||false|false” custom_padding=”0px||0px|||” global_colors_info=”{}”]<\/p>\n What a winning cap table looks like, great work team LogiFlow<\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Finalizing the day, each team was tasked with a final board presentation on their IPO readiness and a recommendation to the board on why, where and how to take the company public.<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Joining the Masterclass, Karim Wazni, Executive Director with Moelis, served as board member, asking the challenging questions of the founders hoping for a \u2018quick flip IPO process\u2019. Having been involved in 20 IPO transactions in the region, Karim brought a wealth of knowledge on how to structure IPOs in line with the MENA market \u2013 advising founders on cap table choices, governance, corporate setup and equity stories to lead a high-growth startup into public market success.<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Wrapping the day, with two companies on path to public market listing \u2013 and two companies nursing their early M&A exits, team two, LogiFlow and team four, Leo Bank, got to share the winning position on the podium \u2013 having successfully scaled from idea to IPO ready exit in MENA in just two days \u2013 a pretty impressive achievement by any standard.<\/p>\n<\/div>\n<\/div>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/12\/1764611476469.png” title_text=”1764611476469″ _builder_version=”4.27.5″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” text_text_color=”#848484″ text_font_size=”14px” text_line_height=”1.5em” custom_margin=”||||false|false” custom_padding=”0px||0px|||” global_colors_info=”{}”]<\/p>\n Unique insights into the MENA exit market right now<\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” header_2_font_size=”50px” header_2_line_height=”1.2em” custom_padding=”||||false|false” custom_padding_tablet=”30px||30px||false|false” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.5″ _module_preset=”default” custom_margin=”||34px|||” global_colors_info=”{}”]<\/p>\n \u201cJust wrapped up an incredible two-day workshop on Scaling and Exiting for Founders, hosted by\u00a0<\/span><\/span><\/em>Dubai Future District Fund<\/em><\/strong><\/a>\u00a0<\/span><\/span>who I\u2019m deeply thankful for the invitation. If only I had attended something like this 20 years ago during my first venture\u2026 In just 16 hours, we covered what felt like a year\u2019s worth of founder lessons thanks to\u00a0<\/span><\/span><\/em>Christian Rangen<\/em><\/strong><\/a>\u00a0<\/span><\/span>of\u00a0<\/span><\/span><\/em>Strategy Tools<\/em><\/strong><\/a>\u00a0<\/span><\/span>and the team.<\/span><\/em><\/p>\n What made it stand out?<\/span><\/em><\/p>\n We worked in teams, simulating startup journeys through multiple funding rounds \u2013 navigating curveballs, spotting opportunities, and making tough decisions founders face every day.<\/span><\/em><\/p>\n The process was gamified, which brought a whole new level of energy and engagement.<\/span><\/em><\/p>\n Special guests (thank you,<\/em>Karim Wazni<\/em><\/strong><\/a>\u00a0<\/span><\/span>\/\u00a0<\/span><\/span><\/em>Moelis & Company<\/em><\/strong><\/a>\u00a0<\/span><\/span>team!) joined to evaluate and share feedback, adding immense value.<\/span><\/em><\/p>\n Most importantly, this wasn\u2019t just another \u201csit-and-listen\u201d seminar. It was fully interactive. We were the participants. The experts simply facilitated. We don\u2019t just learn by listening, we learn by doing. And the DFDF team clearly gets that.<\/span><\/em><\/p>\n Two days. High-impact insights. High ROI on time invested.<\/span><\/em><\/p>\n \u2013 Fahmi Al-Shawwa, Founder, CEO, Immensa<\/strong><\/p>\n \u201cFirstly I would like to thank you for a very energizing session and 2 days spent in a wonderful setting so very well orchestrated by you. I can safely say that \u201cthe 2 days flew by \u2013 quite often reminding me of the basics that we sometimes forget, often helping me relate the simulation to real life situations we have come across in our own business at\u00a0<\/span><\/span><\/em>Camb.ai<\/em><\/a>\u00a0<\/span><\/span>and sometimes challenging my fundamental beliefs.<\/span><\/em><\/p>\nWhat happens if we hand-pick 20 of the leading growth founders across the UAE, bring in a handful of venture capital investors and take them through the Scale Up MENA! Masterclass? The outcome: 2 successful M&As, 1 mega IPO and 1 IPO in waiting. Not bad for the booming MENA ecosystem<\/h5>\n
The persistent challenge: MENA founder\u2019s don\u2019t scale<\/h3>\n
Lack of \u2018scaling mindset\u2019<\/h3>\n
Shallow seed-to-A conversion<\/h3>\n
Limited growth rounds<\/h3>\n
Limited international investor appetite<\/h3>\n
Few large IPO\u2019s and M&A exits<\/h3>\n
The solution: a long-term playbook to build scale up ecosystems.<\/h3>\n
Step one: The Scale Up MENA Masterclass
We have seen this playbook before.<\/h5>\nWhat is Scale Up MENA?<\/h3>\n
DAY 1: Navigating the founder\u2019s journey \u2013 where years are hours<\/h5>\n
Laying the foundation: growth strategy, foundational equity<\/h3>\n
Ramping up, stacking SAFE notes, securing first revenue<\/h3>\n
Scaling up, from SAFEs to equity<\/h3>\n
Scaling, scaling, with Softbank, Mubadala and PIF on the cap table<\/h3>\n
Delivering returns, realizing an exit transaction<\/h3>\n
Founder insights<\/h3>\n
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