Bridgemaker Gulf and Oliver Kreusen

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Bridgemaker Gulf is the UAE branch of Bridgemaker, one of the leading corporate venture builders in Europe and the UAE. B-M enables companies to exploit their full potential by identifying, validating and launching new business models to empower their core business or creating entirely new ventures. Bridgemaker's deep understanding of the unique needs and challenges of family businesses, making it an excellent partner for the UAE's Ministry of Economy. Together, they have launched „Thabat Ventures“ (www.thabatventures.ae), which enables UAE's prestigious families and their businesses to adapt new technologies and scale from traditional sectors into the digital economy. 

Oliver is a Principal at Bridgemaker and responsible for the UAE expansion as Managing Director of B-M Gulf. His decade-long experience in management consulting, family offices, and startups is a perfect fit for the vibrant UAE market. His passion for innovation and keen business instinct guide Bridgemaker's journey in the UAE's thriving economic landscape.

The United Arab Emirates (UAE) has been rapidly developing into a hub for entrepreneurship and innovation, attracting talents and startups from around the world. With its forward-thinking government, strategic investments, and focus on creating a vibrant ecosystem, the UAE is poised to become a major player in the global startup scene. In this article, we explore the entrepreneurial landscape in the UAE, its unique opportunities and challenges, and offer advice for those looking to enter this exciting market. We'll also highlight insights from Bridgemaker Gulf’s Managing Director, Oliver Kreusen.

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Opportunities for Startups in the UAE

The UAE government is highly supportive of entrepreneurship, offering various initiatives and programs to encourage startups. Importantly, up to 90 percent of private companies in the country are family businesses, employing more than 70 percent of the sector's workforce and contributing about 40 percent to the Emirates GDP. This dynamic greatly impacts the startup ecosystem, emphasizing the crucial nature of the relationship between startup founders, Emiratis, and the government.

The government actively invests in innovation and technology, providing incentives and creating a favorable environment for startups to thrive. The UAE's diverse population, with over 80% expatriates, presents a wide range of potential customers for startups. This diversity also fosters an environment of cross-cultural exchange and collaboration, making it an ideal breeding ground for new ideas and solutions.

Furthermore, the UAE's strategic location at the crossroads of Europe, Asia, and Africa makes it an ideal hub for startups looking to expand internationally. The well-developed infrastructure and excellent connectivity make it easy for businesses to access regional and global markets.

These opportunities, coupled with the significant presence and influence of family businesses, create a vibrant and supportive environment for startups to grow and prosper. As such, the ability to build strong, trust-based relationships with Emiratis, family businesses, and government institutions is paramount for success in the UAE's startup landscape.

Challenges for Startups in the UAE

Despite the opportunities, the cost of living in the UAE, especially in cities like Dubai and Abu Dhabi, can be quite high, posing a challenge for startups and entrepreneurs looking to set up their businesses. This can impact the overall operational costs and the ability to attract and retain talent. Establishing trust and strong relationships with locals and Emiratis is crucial for success in the UAE. This might be challenging for some entrepreneurs, especially those unfamiliar with the local culture and customs. As more startups and businesses enter the UAE market, competition can be fierce. Startups must differentiate themselves and offer unique solutions to stand out and succeed.

The Trend of On-Demand Services

The UAE market is unique due to its diverse population, strategic location, and government support for entrepreneurship. This dynamic environment has given rise to a growing trend of on-demand services catering to the needs of its residents. The convenience and personalization offered by these services have led to a significant demand across various sectors, from transportation and food delivery to home maintenance and personal care. This trend of a service for everything has created numerous opportunities for startups and entrepreneurs to tap into this market, offering innovative solutions that cater to the fast-paced and diverse lifestyles of the UAE's inhabitants. As this market continues to evolve, businesses that can effectively harness the power of on-demand services and address the unique needs of the region will find great success in this thriving entrepreneurial landscape.

Advice for Entrepreneurs in the UAE

Before starting a business in the UAE, it's essential to have a deep understanding of the local market, its needs, and cultural nuances. Engage with locals and expatriates to gain insights into the unique challenges and opportunities that the market presents. Establishing trust and fostering strong relationships with Emiratis and other stakeholders is crucial for success. Be open, honest, and genuine in your interactions, and focus on building long-term partnerships. Ensure that you have sufficient capital to start your business and manage the high cost of living in the UAE. This might involve securing external investment or having personal funds to support your venture.

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Conclusion

The UAE offers a dynamic and rapidly evolving entrepreneurial landscape, with numerous opportunities for startups to flourish. By understanding the unique challenges and leveraging the strengths of the market, entrepreneurs can successfully navigate the UAE startup ecosystem and make their mark in this exciting region. With companies like Bridgemaker Gulf and experts like Oliver Kreusen leading the way, the UAE's entrepreneurial landscape looks promising and full of potential.

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