The regional managing director of the Middle East’s latest unicorn start-up has encouraged budding entrepreneurs to make mistakes as part of an essential learning journey towards ultimate success.
Last month, Dubai-based cloud kitchen start-up Kitopi raised $415 million from a group of investors, including SoftBank Group Corp.’s Vision Fund 2, vaulting it to unicorn status.
The deal marked one of the largest funding rounds for a Middle East technology company.
However, Jihad Bou Nasr, told a large audience at the inaugural AB Technology Forum on Wednesday that the story hasn’t all been one of success, revealing that from 20 business ideas launched, only two have stood the test of time.
He said: “We have made a lot of mistakes. We have failed a lot. We are proud because if it wasn’t for these 18 mistakes, we would never have been courageous enough to take the two that are still with us today.”
Only founded three years ago Kitopi has partnered with 200 brands across the Gulf region, operating more than 65 kitchens with a workforce of some 2,500 employees.
And while Nasr insisted technology was “at the core of the company”, the culture of making mistakes was part of the secret sauce that has seen them succeed so much in such a short space of time.
L-R: Staff Writer and Jihad Bou Nasr. Image: ITP Media Group.
The former management consultant said: “We encourage making mistakes and learning from these mistakes, because only by learning from these mistakes, then we are 100 percent solid on what is the right course.
“Of course, you still need a very solid vision and that’s something that has enabled us to be successful. We’ve always had a very clear, solid vision and our vision is to satisfy the world’s appetite and we do that by providing exceptional food on customers’ terms.”
The global cloud kitchen market, worth $43.1 billion in 2019, is estimated to reach $71.4bn by 2027, according to a report by Allied Market Research.
The GCC region has also followed the trend, with recent reports suggesting that the UAE is emerging as a leading market for online food delivery with an annual market size of over $800m.
Kitopi currently operates in three countries and is planning to launch in Bahrain and Qatar “in the next few months”, according to Nasr, while expansion in South-East Asia is also on the cards.
Only founded three years ago Kitopi has partnered with 200 brands across the Gulf region.
And he was bullish on the future for start-ups in the region. He said: “We are an output of this ecosystem, the infrastructure, the VC ecosystem that the UAE has built. Kitopi only started three years ago and has achieved the unicorn status not just because of the vision we had, but because of everything that enabled us to get to where we are.
“We are very proud to be part of this ecosystem and we believe that’s what launched us to get investors from abroad and also locally as well.
“Were very hopeful that there are other start-ups, with a very clear vision and a lot of hard work, can get to where we are and we expect to see another 10 unicorns in the next year or two coming out of the UAE.”
Follow us on
