There’s an offbeat theory that middle-aged men tend to wear the same clothes, cut their hair the same way and listen to the same music they did the last time they felt cool. Oblivious to the latest trends, a lot of people remain wedded to a style they associate with the most exciting time of their lives. And frankly, why shouldn’t they?
However, when middle-aged companies start doing the same thing, the consequences can be more severe. Even the world’s most successful brands can get stuck in the same old patterns of thinking, long after the caravan has moved on. These companies might still perceive themselves as being on the cutting edge, right until the moment they fall off it. This is pertinent to the Arabian Gulf region right now, where a number of traditional industries ripe for disruption have been dominated by the same companies since the 1970s and 1980s.
So what is the solution to this corporate conundrum? How can medium and large companies – including family firms and incumbent market leaders – preserve or reignite the spark of entrepreneurialism that they had when they were younger?
For one thing, the answer is not for a CEO to throw on a hoodie and start running their business out of a garage. After all, not even Facebook is likely to be the next Facebook. Rather than imitating others, a few timeless rules can help more mature firms to remain competitive in what some might consider to be a young company’s game:
Play to your strengths
How did Apple restore its reputation as one of the most innovative brands in the world? By excelling at something people already associated with it: stylish and intuitive design. The path to sustainable reinvention often begins where you already have access to the deepest reserves of skills, knowledge and expertise.
Entrepreneurialism without execution is worthless, too. In fact, many established companies’ greatest strength over smaller rivals is a proven ability to scale up a good idea or promising innovation by manufacturing it reliably, marketing it effectively and distributing it efficiently. Established companies are also generally more equipped to harness the power of big data to drive innovation and to test their technical and commercial hypotheses before rolling them out to market.
Team up with high-calibre partners
One of the greatest assets of any established company is the equity built into its brand. Among other things, it means other firms are far more open to collaborating on research and development than they would be with a lesser-known entity.
For example, the golf brand Callaway unveiled its latest piece of state-of-the-art equipment in January this year. There is nothing unusual about that, except that its technical partner on the XR16 driver was not another sports company. It was the aerospace giant Boeing, whose aviation engineers – more familiar with runways than fairways – had helped to improve the aerodynamics of the clubhead.
In another example announced during last year’s National Innovation Week, UAE-based Aramex teamed up with InPost – the world’s largest network of parcel lockers – to install automated, self-service parcel lockers across Dubai, allowing customers to receive and collect e-commerce and other packages in a more convenient way.
Seek out new and different perspectives
All organisations can benefit from new and more diverse voices in the boardroom and management. This should include women and young people, who are often more in tune with emerging technology and consumer trends. This is particularly important in a region with the demographics of the GCC, where the average age is 27. That is why the appointment last month of a Minister of State for Youth Affairs and establishment of a UAE Youth National Council was such a timely step forward for our Government.
It is critical that younger and more junior employees also feel that proposing new ideas is not just accepted, but is actively encouraged. In a start-up consisting of fewer than five people, this can be as simple as raising a new idea across a desk. For a medium-sized or large company, with hundreds or thousands of employees, achieving the same outcome requires dedicated policies and a management culture – set at the top – that is conducive to entrepreneurialism and rewards it.
Having a strong purpose-driven mission can also help spur innovation by serving as a constant reminder to prospective talent and partners why the work you are doing really matters to both people and the planet. Research suggests that this is something Generation Y jobseekers increasingly expect from potential employers and the companies they purchase goods and services from.
Find the right ecosystem
In January, General Electric announced it was moving its global headquarters to Boston. Why there? According to the company, it wanted to place itself in the middle of the city’s 55 colleges and universities, including Harvard, MIT and Northeastern University. Boston and the state of Massachusetts are also building a new innovation centre, where GE employees and local researchers will collaborate.
The key to any successful innovation ecosystem is this kind of synergy between the public, private and academic sectors. That’s why one of the chief competitive advantages of the new Sharjah Entrepreneurship Centre at the American University of Sharjah, known as Sheraa, is the access it offers to Sharjah University City, its 15 educational institutions and 20,000-person diverse student population, and the local public and private sectors.
Established firms are generally in a better position than smaller rivals to place themselves at the heart of these kinds of environments, and to help shape them in meaningful ways. What it requires though is a recognition that the next great idea for your company might come from somebody that is currently outside of the business. You need to bring them (and their creativity) into your orbit.
This is almost conventional wisdom in the technology sector. For example, Microsoft has created an international network of state-of-the-art, branded innovation centres in partnership with government, educational institutions and private sector companies. There are over 100 of these centres in India alone, connecting the company with students, entrepreneurs and start-ups, and helping them to develop their skills and ideas.
Invest in people
The next time you read about an obscure tech start-up that has been acquired for some obscene valuation, think about what the buyer is really paying for. Increasingly, it is not just the product or the underlying technology. Rather, companies making acquisitions today will often have more interest in the engineering talent behind the products than they do in the technology itself. They believe that the right talent can help to fuel their own entrepreneurial ambitions and are prepared to pay top dollar to bring it in-house.
These companies know that human capital drives innovation more than any other factor. That’s why in the Middle East and North Africa, where youth unemployment continues to be compounded by skills shortages, education must be viewed as an economic investment just as much as it is a social one. More than most, established companies have a vested interest in underwriting that investment and helping to build a workforce tailored to the current and emerging needs of employers. The effect of innovative social enterprises such as Education for Employment – which provides youth with job-relevant training and connects them with employers – is also significant.
It is often said that the classic start-up philosophy is to “move fast and break things”. That’s an exciting proposition, but it is not the only way to do business. For more established firms, the goal should be to foster an entrepreneurial culture that is consistent with the organisation you are today, but that allows you to evolve into the company you want to be in the future. In other words, to age gracefully, while remaining young at heart.
Badr Jafar is chief executive of the UAE’s Crescent Enterprises.
business@thenational.ae
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Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
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German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
DSC Eagles 23 Dubai Hurricanes 36
Eagles
Tries: Bright, O’Driscoll
Cons: Carey 2
Pens: Carey 3
Hurricanes
Tries: Knight 2, Lewis, Finck, Powell, Perry
Cons: Powell 3
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
THE BIG THREE
NOVAK DJOKOVIC
19 grand slam singles titles
Wimbledon: 5 (2011, 14, 15, 18, 19)
French Open: 2 (2016, 21)
US Open: 3 (2011, 15, 18)
Australian Open: 9 (2008, 11, 12, 13, 15, 16, 19, 20, 21)
Prize money: $150m
ROGER FEDERER
20 grand slam singles titles
Wimbledon: 8 (2003, 04, 05, 06, 07, 09, 12, 17)
French Open: 1 (2009)
US Open: 5 (2004, 05, 06, 07, 08)
Australian Open: 6 (2004, 06, 07, 10, 17, 18)
Prize money: $130m
RAFAEL NADAL
20 grand slam singles titles
Wimbledon: 2 (2008, 10)
French Open: 13 (2005, 06, 07, 08, 10, 11, 12, 13, 14, 17, 18, 19, 20)
US Open: 4 (2010, 13, 17, 19)
Australian Open: 1 (2009)
Prize money: $125m
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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COMPANY%20PROFILE
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Racecard
6.30pm: The Madjani Stakes (PA) Group 3 Dh175,000 (Dirt) 1,900m
7.05pm: Maiden (TB) Dh165,000 (D) 1,400m
7.40pm: Maiden (TB) Dh165,000 (D) 1,600m
8.15pm: Handicap (TB) Dh190,000 (D) 1,200m
8.50pm: Dubai Creek Mile (TB) Listed Dh265,000 (D) 1,600m
9.25pm: Handicap (TB) Dh190,000 (D) 1,600m
The National selections
6.30pm: Chaddad
7.05pm: Down On Da Bayou
7.40pm: Mass Media
8.15pm: Rafal
8.50pm: Yulong Warrior
9.25pm: Chiefdom
RESULT
Copa del Rey, semi-final second leg
Real Madrid 0
Barcelona 3 (Suarez (50', 73' pen), Varane (69' OG)
MATCH INFO
Uefa Champions League, last 16, first leg
Liverpool v Bayern Munich, midnight (Wednesday), BeIN Sports
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Avengers: Endgame
Directors: Anthony Russo, Joe Russo
Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin
4/5 stars
KILLING OF QASSEM SULEIMANI