Today more and more people are beginning the journey of starting their own company. The days of people holding a corporate "job for life" are long gone, replaced by a shift towards a much more fluid work environment and a desire among a younger, more digital generation to break the mould and go it alone.
The UAE offers excellent opportunities for those with an entrepreneurial spirit. In fact, UAE start-ups secured $400m (AED1.47bn) of investment in 2017 – representing 84 percent of the total investment raised by regional start-ups last year.
Recent initiatives in the UAE, such as the announcement of 100 percent foreign ownership and more attractive license fees in Emirates such as Ras Al Khaimah, can only serve to accelerate this trend.
While some of this is driven by the desire to “get rich quick”, the vast majority of people are looking to set up on their own to deliver flexibility – perhaps for child care or remote working – as well as the opportunity to become their own boss and pursue a dream.
In this edition of Inside AB, Faiyaz Chand and Nasrullah Chaudhry, co-founders of We Cash Any Car, the start-up that was recently acquired by Dubizzle, share some lessons of the road to acquisition.
Their journey started back in 2015, after leaving the corporate world behind. With a small starting capital of AED15,000 and one employee, they successfully built the company to the most active vehicle cash buying service in the UAE, recently having been acquired by Dubizzle, the largest motors platform in the UAE, and are in the process of expanding across the other emirates.
(Source: Arabianbusiness.com YouTube channel)