Everyone talks about making a break from the past and changing their lives for the better…forever. But how many people actually succeed? Find out how the founder of Seedstars World did just that—and helped other entrepreneurs in the process.
What inspired you to leave your stable job at L’Oréal to found Seedstars?
“Do one thing that scares you every day.” – Eleanor Roosevelt
I remember very well discovering this quote and realizing how far I was from actually doing this. That was four years ago, when I was not very happy, even though I had what seemed to be the perfect life in terms of corporate career. I was far from living a risk-taking life, but more importantly, one that would push me constantly out of my comfort zone. So I printed the quote, stuck it on my wall, and decided to start seeking something more impactful and more worthwhile.
During this period, I met with Pierre-Alain Masson, one of my cofounders, who talked about this far-fetched vision of wanting to build a truly international network of entrepreneurs, and wanting to understand what an entrepreneur like himself was doing on the other side of the world. With this idea in mind, we started brainstorming about the best vehicle for getting together quality startups—and, most importantly, the different stakeholders building local ecosystems. That was when we came up with an exclusive worldwide startup competition focused on emerging markets.
So that was it. I quit my job, left the country I was living in at that time, and embarked on a 10-month trip around the world to scout for the best startups!
How has this decision affected your life?
It is still, to this day, the most important and best decision of my life.
We see that you traveled for a year around the word. How was that experience?
99% of people on earth are good people! Before I started my journey, the worst fears were in my head. I linked Mexico only to drug scandals, and thought of Nigeria as a nation of kidnappers, Indonesia as the synonym of pollution, traffic, and chaos. I literally got it wrong in all the cities I visited. Every time, I was shocked—and, more surprisingly, I realized how terribly ungenerous we are in Europe compared to societies that I have come across in Africa, Asia, or Latin America. People are good. People are generous. People are open and curious. As the saying goes, “You are so far behind, you think you are first.” It is true that I had the fortunate job of traveling the world and meeting entrepreneurs, people who are quite extraordinary in the way they all have a personal quest to make a difference and be a changemaker. Maybe one could think my experiences were (and are) biased, and that I did not experience the true reality of Citizen X. However, at Seedstars World, there is a rule: no one enters a hotel. We have made it a key success factor to stay at the homes of the local people we meet along the way. This is a simple, efficient solution that allows us to stay lean, but also to truly experience the local ecosystem. There is no better way than to couch-surf with the locals! And since they are not always entrepreneurs themselves, my findings did not change—we are one-of-a-kind in all our differences, both independently and together.
That is why I feel that everyone should be strongly motivated to travel and interact with other cultures at a business level. It allows one to realize that there will never be ONE definition of happiness, love, marriage, negotiation, etc.
THIS REVELATION WAS CRUCIAL FOR ME, AND I WILL NEVER SEE IN BLACK OR WHITE AGAIN…IT ALL LIES IN THE FIFTY SHADES OF LIFE ITSELF.
Why did Seedstars World focus on emerging markets in the first place?
Emerging markets are at the center of the map. Just to clarify, an emerging market is any country with the characteristics of a developed market, but that does not yet meet the standards to be considered developed.
Emerging markets are centers of innovation. Nigeria, Colombia, and Indonesia are no longer symbols of corruption, drug wars, or overpopulation, but actual incubators where talented entrepreneurs live. By 2030, 87% of the world’s population will be in an emerging market, and by 2020, 80% of all smartphones will be located in emerging markets. You see, as Zhu Min, Chinese economist and Deputy Managing Director of the IMF, claimed earlier in 2015, “People will remember this as the year emerging markets take half of the global GDP.”
Leapfrogging is a fascinating concept whereby a country adopts a more advanced technology as it is more cost-efficient and productive for consumers (from desktop to smartphone, for example). This phenomenon is happening in all industries, such as clean tech, healthcare, and mobile money.
How is Seedstars World supporting the startup ecosystem in the MENA region?
First of all, it is important for Seedstars to put all cities on the tech map, and give the opportunity to all entrepreneurs to pitch their ideas at the global level. That is why it is important for us to scale to all these markets with the startup competition. It allows startups to access a training program, the pitch session where they can pitch in front of investors, and to network with key ecosystem players. Our mission is to connect the different stakeholders, support startups to accelerate their businesses, and, of course, to help fundraise, so that they can get to the next level!
What do you think are the greatest obstacles facing entrepreneurs in the MENA region?
- The culture of failure is still taboo, and there is not enough talent in the ecosystem.
- Education: There is unbelievable talent around the world, but they do not have the same access to networking, education, and infrastructure—not only to build their companies, but more importantly, to scale their companies.
- Qualified investors: Business angel networks and VCs are starting to come in, but there is still a lot to be done locally.
- Think big: In some ecosystems on the region, entrepreneurs are not thinking big enough. The opportunity in the Arab world is huge!
- Political and economic instabilities linked to specific regions.
What about female entrepreneurs in the region? Are they few? Do they face specific hurdles?
We were impressed, in countries like Jordan, to see such a strong community of women founders. I think this is partly due to the strong figure and involvement of Queen Rania in the support of entrepreneurship and women’s leadership. However, despite the fact that MENA nations have made considerable efforts to narrow the gender gap, much remains to be done to raise the social welfare of women in the region. Indeed, women still have limited access to financial services and resources, making it difficult to launch their enterprises independently.
Females have a growing role in the professional sphere in the region. Everyone recognizes that encouraging and supporting more women to enter the workforce only boosts the GDP, and governments are mobilizing to make the workplace more amenable to women—from young graduates to career professionals and mothers.
I HAVE OFTEN FELT THAT THE WORK ENVIRONMENT IN THE MIDDLE EAST HAS SUCH A HEIGHTENED AWARENESS OF WOMEN’S ISSUES THAT IN SOME WAYS, THEY ARE MORE PROGRESSIVE THAN MANY DEVELOPED COUNTRIES IN THE WEST.
For female entrepreneurs seeking more opportunities, there has never been more support, fiscal and otherwise. We witnessed many bright and determined women pitch their startups in Jordan, Lebanon, the GCC, Tunisia, Egypt, and Turkey. The energy and dynamism they bring is unique, and the discussion and business framework immediately feels more comprehensive with their viewpoints and insights into the market. Investors recognize that women have a distinct perspective as leaders and entrepreneurs—which is valuable to the community, but also sage for investment. We are truly at a moment at which female entrepreneurs are no longer the exception, but increasingly the norm. Family by family, there might be varying levels of support for female entrepreneurs; but on the whole, in the civic space and beyond, there is great cultural acceptance and encouragement. Many of the key partners we work with—UK Lebanon Tech Hub in Lebanon, Orange BIG Accelerator in Jordan, and in5 in the UAE—have women at the helm.
What advice you want to share with the young entrepreneurs?
- Surround yourself with the best.
- Get comfortable being uncomfortable.
- Build resilience. No pain, no gain.
- Love the process. The end game is just the motivator.
- Get used to failing, and measure to better manage your projects.
- Cut out the noise and negative energy.
- Focus on values when choosing your co-founder, not their skill set.
- Passion, passion, passion.
What is the next plans for Seedstars world?
Too much is happening! After working hard for the past four years building the platform and network for our flagship brand, Seedstars World Competition, we’re now expanding our investment activities. In the next two years, we have the objective to open up our Seedstars Academies in 15 different locations, and invest in 50+ top technology companies through our different regional funds.
By the way, don’t miss out! Join us at the Seedstars Summit, taking place on the 6th of April in Lausanne, Switzerland. More on Seedstarssummit.com. Please use the following discount, created especially for the Startup MGZN community: bit.ly/ssw_startupmgzn.
For investors interested in investment opportunities in Africa, the Middle East, Latin America, or Asia, please contact me at alisee@seedstarsworld.com.