Thomas Edison once said, “I have learned fifty thousand ways it cannot be done, and therefore I am fifty thousand times nearer the final successful experiment.”
The same stands true for the startups and entrepreneurs who move from one failure to another in search of a repeatable and scalable business model. The preparedness to accept and learn from the failure is the key ingredient of entrepreneurial success.
CH9, a business accelerator that enhances the entrepreneurship ecosystem in the Middle East region, and YoStartups, which provides early stage support to build and scale start-ups globally, have collaborated to give entrepreneurs a strong idea validation pad for their ideas. YoStartups is bringing its flagship program Excelrate that is based on the concept of ‘lean Startup’ to Bahrain. This three-day event, called Bahrain Startup Weekend scheduled from 17 May 2017 to 19 May 2017 in Manama, will teach the participants how the power of failure provides a proper perspective of success.
Various reports suggest that 75% to 90% the startups fail because of several factors, prominent among them is the failure to come up with a viable product. The initial startup idea is fiction or a dream. The concept of ‘lean startup’ advocates testing of this initial dream with customer engagement at every stage.
As per Jappreet Sethi, Co-Founder of YoStartups, “The biggest risk a startup faces is the initial failure. The concept looks nice at the ideation stage or on paper but remember, that’s just the first stage. “He adds, “So it’s better to put the concept into the domain of potential customers so that you will know its pros and cons by the time it comes to scaling the business,” Sethi says that regular feedback from customers helps arrive at a minimum viable product which has excellent success rates.
The workshop activities in Excelrate would include helping participants refine their concept, solidify their startup ideas and business models, create entrepreneurial mindsets, enhance their viability through business workshops and readiness level in term of business maturity, presentation, communication skill, and mindset.
The Middle East region is a brimming with startup activity and has attracted millions of dollars in investment across all the sectors. High per-capita income makes it one of the most promising markets globally.
“Our team members at CH9 and YoStartups are experienced serial entrepreneurs, angel investors, VCs and other industry experts who have real world experience of founding companies. They deeply understand the problems, issues, and challenges today’s startups are facing, and they give honest, brutal feedback, as that’s the fastest way to move forward,” says Mohamed Altawash, from CH9.
“By bringing the Excelrate program from YoStartups to Bahrain, we are empowering the entrepreneurs to build next generation of startups by embracing challenges and failures; the Excelrate program will be a game-changer for budding entrepreneurs from the region.” Adds Dr Nazar Albaharna from CH9.
This initiative has come at an opportune time when entrepreneurs and Investors have realized the potential of the Middle East market and an effort by all the countries is underway to move beyond their traditional revenue streams. Excelrate, the validation and idea refinement workshop can attract the emerging tech talents from all the Gulf countries as well as other nations due to its location in Bahrain, which boasts, of well-established infrastructure and proximity to region’s high growth market.
Eminent personalities from various walks of life have welcomed the joint initiative of CH9 and YoStartups, as they believe that programs like Excelrate can encourage new talent and also benefit the startup sector in ways more than one.
CH9 is a business accelerator with access to funding, venture capital and Angel investors. Our vision is to enhance the entrepreneurship ecosystem in Bahrain and the GCC region by providing a platform that supports, teaches, encourages and inspires entrepreneurs to take the bold necessary steps to innovate, create and share prosperity in their respective countries.
YoStartups is vibrant, energetic and focused Company supporting startups from the idea stage onwards, guiding them to success. It does this through a team of talented and experienced professionals from all over the world, utilising a unique web platform that provides content management, investor readiness & beta customers. Moreover, startups can rely on our team for one to one mentoring, best startup practices and technics to solve the vast majority of issues for pre-seed and also seeded startups. YoStartups collaborates with leading Universities, co-working spaces, incubators, VC’s & Business Angels for a holistic approach in the startup competitive and uncertain environment. Since according to all recent International Studies indicate that 3 out of 4 startups unfortunately fail, YoStartups is the answer to make people dreams a reality in this fast-changing world full of inequality.