We’re close to 5,000 employees, 4,700, I think the last count. Alejandro: What was that day where you said, “Okay. Just stuff like opening a bank account was very difficult. I’m like, “Okay. So, I was in a position where “I’m being killed by a business.” Somebody was supposed to help me, and that company does not even care that it’s killing me because he knows I don’t have another option. It was very interesting, to say the least. Idriss Al Rifai: We grew 105 times in the past two-and-a-half years. They think they can disrupt industries even though what they have originally is not disruptive.
Then, I joined the personal staff of the Minister of Defense. But the reality is, this shows how disconnected they are with reality. Mr Idriss Al Rifai founded Fetchr in 2012. Then I went to the Free Zone and said, “Why are you turning it down?” They told me, “The number of visas that you can have is related to how big your office space is.” I’m like, “Just think about my business. The list is long. I know that on the fundraising, it was a bit shaky for you guys, and I know that, as you were saying, on the seed round, you got the friends and family, so I’m sure the holiday dinners turned a bit to the valuation of the business. Everybody’s impressed by the people I brought on board, but everybody should see the 90% of the others that refused. Definitely, being by yourself and make it a success. Just share your GPS. It’s like how you started disappearing, and how everything gets absorbed in your startup. Did my MBA after that and then went to Dubai. : I hear you. He holds degrees from the Institut d’Etudes Politiques of Paris (Sciences Po) and the University of Chicago’s Booth School of Business. Tell us what happened. First, you get visas to be able to grow.
: As you know, nothing is black and white. United Arab Emirates As Founder and CEO of Fetchr, Idriss Al Rifai leads one of the fastest growing start-ups in the Middle East. Tell us what happened. Even the words of Elon Musk, the guys work 17 hours a day, seven days a week. They led my convertible notes. Idriss Al Rifai: It’s a world where addresses are irrelevant. We wanted the perfect Swiss knife. If you can leave a review as well, that would be fantastic. Idriss Al Rifai: That was when I was a consultant. You can see that it’s even higher in most of the countries: 90 to 92%. But it starts with this. There are just a couple of things that aren’t right. I’m sure that this experience as a consultant taught you a lot. First, you get visas to be able to grow. What happened? You'll get about two emails per month. What happened seven years ago almost killed us literally. You have one guy that comes to your office one day, like this entrepreneur and says, “I want to open a bank account, and every day, I’m going to bring a couple of hundred thousand dollars in cash, and I’m going to bring that cash to different accounts. For all the people in the Valley or in the U.S., you have to understand that four billion people do not have addresses. We typically have teams from different countries that have different agendas. Actually, it was already spent.
I could not walk away because they were the only game in town. Right? You just need to regroup people that are extremely motivated that are willing to go to work with you no matter what it takes. Idriss Al Rifai: It was close to Christmas, and I was stressed. And if you got any value either from this episode or from the show itself, share it with a friend.
That was a bit like this. Then, I write reports at night, don’t sleep, and eat whatever I can find for a few months. It was my second loan back in France. Idriss, in your case, what ended up being the business model, so the people that are listening get it?
His family fled to France due to political turmoil, and as a result of his childhood experiences, Idriss developed an interest in politics and pursued a Masters at Institut d’Etudes Politiques de Paris. As a founder, you tell a lot of stories to investors, to people you sell, to your first clients, to your first customers, to people who want to leave their job to take a pay cut to join you. Let me come back to this. My business is in careers. I think there are a lot of self-fulfilling prophecies that go into building a startup. Obviously, they know a lot more about survival than I do. But that’s another story. 1) There is no address. The perfect employee is someone who feels inspired by the vision of the company and therefore it’s not a job but their passion.
It just doesn’t make sense. Idriss Al Rifai is the co-founder and CEO of Fetchr which is an international express, mail delivery, and logistics services company. I felt for me, it broke the myth, and I needed this to actually jump on my own, looking back at it, because I realized that startups are not perfect, and therefore, I’m okay to do something imperfect.
The startup community is burgeoning. We wanted the perfect Swiss knife. : Very true. But, at the end of the day, we hit it off. : For the company. Think about how I look now. So lowered our pre-valuation, different types of rights, class of shares, all of it. It’s the type of medicine that you need to have because you know you need that. I did a couple of classes. It’s funny how the type of skill set changes. For a winning deck, take a look at the pitch deck template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. Idriss Al Rifai holds degrees from the Institut d’Etudes Politiques of Paris (Sciences Po) and the University of Chicago’s Booth School of Business. Therefore, sometimes they do send missions, what we call fact-finding missions to understand what is going on. With easy-to-use, proprietary shipping, the fetchr app and logistics software, we take the hassle out of online shopping. Thank you for your continued support. What a crazy combination. Then you put your phone number, and the driver calls you. It’s good. Maybe they were up-to-speed. As of today, it’s still one of my biggest regrets because I think even though — now, she made 12x. Then, my second mistake was I thought that having NEA would make everything easy. Could you explain a little about what Fetchr is about? Big mistake. If I had to give advice to myself, I would say, do read some horror stories because this is the most likely scenario. I liked it, but I didn’t love it.
Moreover, I also provided a commentary on a pitch deck from an Uber competitor that has raised over $400 million (see it here). What were you doing in the Special Forces? Idriss tiene 1 empleo en su perfil.
Idriss Al Rifai: If you look at last money in the emerging markets to make it very simple, there are two key problems. It’s like you’re trying to buy shoes, and you can only buy one shoe. : Half French and half Iraqi. I did not understand hypergrowth.
You do understand the competition, so you have an edge here, but you have quite a lot of people who have the same knowledge. What is working one day will not work the second day. The only thing we care about is where you’re going to be when you want your package delivered. We were crying. That’s first. I think that’s very important. So, I started it.
We do not care about where you live. Idriss Al Rifai: Thanks a lot, Alejandro. : First, this is extremely difficult. Like, 40% monthly growth like companies that literally triple in size in four or five months. It’s really not my game. What does that world look like? Today, we have a very exciting founder. Are you ready to fail because most likely, you are going to fail? It’s not like in the West. It was a crazy story, and by the way, just to get the loan.
I have to find something else.”. We go there, 20 bodyguards, and I talk to like ten people a day. Because even in the West, why can’t you receive a package if you’re at Starbucks for two hours, or anyplace? What happened there?
What are the growth areas currently for your industry? Again, do not do that at all. Perhaps they will also appreciate it. Are you really ready for this? It’s called survival buyers. How do you come, let’s say, from abroad, from a completely unknown market to them because perhaps they didn’t invest in it?
I think the equation was wrongly stated. They were like, “Yeah. So, I think the good thing about entrepreneurs is that they’re a little bit cuckoo.
How big is the business for the people who are listening to get a sense of the size? It was a fun time, but when I realize I could never make it to the NBA or even the EuroLeague, I’m like, “Okay. Fetchr (formerly, MENA360) provides businesses a solution for entering the ecommerce space in the region and for reaching customers via their mobile devices. You’re nice, but you’re crazy.” But I think you need this to be able to get started on a business. Alejandro: Half French and half Iraqi. I think that we’re going to learn a lot about startups in the Middle East, and then also there will be quite a few exciting stories, near-death experiences for sure. I remember my best classes were entrepreneur selling, entrepreneurship strategy. There are a couple of things that are not 100% correct, but what I love about it is the fact that you do not ask what you’re going to do. In your case, tell us about the experience with the bank account. You just need to regroup people that are extremely motivated that are willing to go to work with you no matter what it takes. : I hear you.
Are you ready to fail because most likely, you are going to fail? What are the biggest challenges for UAE businesses in your sector? He told me, “There is a startup that we funded.
Obviously, it’s completely different after that, but you need people that are as driven as you, almost like who are possessed with the business. It is still a great time to start an online business as the market grows more than 30% year over year. At the end of the day, you have no other life than this. عرض ملف Idriss Al Rifai الشخصي على LinkedIn، أكبر شبكة للمحترفين في العالم. Idriss Al Rifai: First, this is extremely difficult.
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