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Listen "#18 - Ziyaad Ahmed on exiting, re-acquiring, and exiting again the first BNPL platform in MENA, and why most investors don't understand co-founder relationships. "
Episode Synopsis
In this conversation, Ziyaad Ahmed shares his entrepreneurial journey, detailing the founding of Spotii, a FinTech company in the UAE, and the challenges faced in building a startup in a developing ecosystem. He discusses the impact of COVID-19 on consumer behavior, the fundraising landscape in the UAE, and the unique dynamics of being co-founders with his sister. Ziyaad also reflects on the acquisition of Spotii by Zip and the subsequent transition to a new venture focused on AI.KeywordsSpotii, FinTech, UAE, entrepreneurship, COVID-19, fundraising, sibling co-founders, acquisition, AI, startup ecosystemTakeawaysSpotii was founded to address a gap in the MENA region's payment industry.The UAE's startup ecosystem has evolved significantly in recent years.COVID-19 accelerated the shift towards online shopping in the region.Fundraising in the UAE is dominated by family offices and government funds.Sibling co-founders can leverage their trust to navigate challenges effectively.Acquisition offers can be both flattering and strategically beneficial.Transitioning to a capital-light business model can mitigate risks.AI is seen as a transformative force in various industries.Building a strong tech stack is crucial for startup success.The journey of entrepreneurship is often filled with emotional highs and lows.TitlesBuilding a FinTech Revolution in the UAEFrom Employee to Entrepreneur: The Spotii StoryHow COVID-19 Changed Consumer BehaviorSound Bites"This is a product that could do really well.""The UAE has made great strides over the past five years.""65% of startups will fail because of founder disagreement.""We want to build out a global BNPL platform.""It's incredibly flattering when someone wants to acquire you.""We managed to sign on Amazon, for example.""We decided to pivot the business to avoid capital requirements."Chapters00:00 The Founding Journey of Spotii02:56 Navigating the UAE Startup Ecosystem05:55 Impact of COVID-19 on Business08:48 Fundraising Landscape in the UAE11:56 Sibling Co-Founders: A Unique Dynamic14:58 Acquisition Journey of Spotii17:50 Transitioning to AI and Future Prospects Hosted on Acast. See acast.com/privacy for more information.
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