Omar Kassim
@okassim
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Founder and CEO of @Nomod — we’re small business obsessed. Occasional stories of startups and businesses shaping the future of MENA
Dubai
Joined September 2010
1. Be genuinely interested in what you’re building 2. Get to a place where there’s nothing else that you’d rather be doing https://t.co/6wa2Fpg2jO
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🔥 This is crazy: Ghost Tap Remote NFC Fraud Apple Pay cloned via Android to a second Android, successful auth on a legitimate payment terminal
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At every setback, write down how long it takes you to both mentally and emotionally return to your baseline Over time, consciously attempt to bounce back faster and therefore build a more resilience self
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➡️ @uaekeeta 🔚 @tomasorodriguez Genius
⚡️ @Talabat is a great example of counter-positioning: 1. Rather than investing, @deliveryherocom acquired for $170m 2. Has skipped the region's largest market, KSA 3. Went wide into T2, T3, and T4 cities 4. Manager mode rather than founder mode 5. DFM rather than @Nasdaq
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*shocked pikachu face* (Fully expect the IPO marketing blitz to be written off as yet another one time expense in the relentless march towards the best ever adjusted EBITDA)
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The ease of scheduling is highly correlated with how well you’ll get along with someone
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For so many of us, you just need someone to take a chance on you, and when they do, make sure you do an @averagejuju, who went from flipping pencils to running product @boltapp Crazy proud 🙌
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How long before Dubai announces the world’s first AI city? - Exclusively for AI agents - Cheap, solar powered electricity - Largely underground for cooling - Fast, cheap (?) IXP - Clusters of human suburbs for remote hands - Agglomeration of supply chain
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Dubai and by extension, the MENA region is the food delivery capital of the world Why? When you have a first world economy with third world costs, delivery works
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⚡️ @Talabat is a great example of counter-positioning: 1. Rather than investing, @deliveryherocom acquired for $170m 2. Has skipped the region's largest market, KSA 3. Went wide into T2, T3, and T4 cities 4. Manager mode rather than founder mode 5. DFM rather than @Nasdaq
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Whilst turning $170m into a $10bn regional IPO over nine years is a phenomenal achievement.. ..no one in @Talabat’s team owns any equity in the business 😭 ⬇️
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Not quite the debut @deliveryherocom was hoping for, @talabat swung 18.25% in both directions, before closing down 6.875%, whilst Delivery Hero closed down 11.94% Talabat does however raise $2bn, cements a $9.5bn cap, and sets a phenomenal new high water mark for a regional exit
So much so, that @deliveryherocom wants to spin out @Talabat via a Q4 DFM IPO Talabat has absolutely crushed it -- now a $5.5bn GMV delivery and quick grocery behemoth
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Dubai is a city-state startup, whilst the UAE is a multi-family office hedge fund, which is why we can get a probe to Mars, but can't ring anyone over WhatsApp to talk about it
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It's sad that we're unlikely to witness a "Talabat Syndicate", but here's to hoping that we re-learn the lesson of the incredibly powerful second-order effects of generous ESOPs, and solve before the next wave of exits
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Careem's 2019 exit to Uber wasn't just a watershed moment for the region's ecosystem, but the knock-on affect of creating wealth (75 $ millionaires..) gave birth to the "Careem Mafia", who went on to found, invest in, work at, and build the next wave of startups
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I mean it's great that the Board "intends to review possible additional or alternative incentive plans for employees" post IPO, but it's a story of too little, too late
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Talabat's senior management team does however own some equity in @deliveryherocom, but this pales in comparison to the value that they've created. Based on yesterday's closing price of EUR 37.08, @tomasorodriguez, Talabat's CEO only owns $600k in DH equity
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