Entrepreneurship Fundamentals: Flat6Labs and Startup Success in UAE

This report provides an in-depth exploration of entrepreneurship fundamentals, focusing on the role of Flat6Labs, a startup accelerator, in the United Arab Emirates (UAE). The report examines the various services and benefits offered by Flat6Labs, including training, networking, legal support, and mentorship, to support entrepreneurs in launching and growing their businesses. It outlines the entrepreneurial process, from idea generation to opportunity evaluation and business incorporation, with specific reference to the UAE context. The report also contrasts the UAE's entrepreneurial ecosystem with those of Silicon Valley and Europe, highlighting key differences in legal frameworks and investment landscapes. Furthermore, the report features success stories of startups like Jumpsuite and Collectionair, illustrating the practical application of entrepreneurial principles. The report concludes by summarizing the core concepts and emphasizing the importance of support systems like Flat6Labs in fostering a thriving entrepreneurial environment.

Running head: ENTREPRENEURSHIP FUNDAMENTALS
Entrepreneurship Fundamentals
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Executive summary
In this study, the fundamentals of entrepreneurship have been discussed with instances. There are
many entities that provide help to the entrepreneurs in starting and running the business. One
such entity is Flat6Labs that operates in UAE. This entity helps the entrepreneurs in all aspects
of launching a new venture. The flat6labs entity provides benefits to the entrepreneurs through
training, perks and services, legal supports, mentorships and networking. In this regard, the
Flat6Labs entity provides all types of support to the entrepreneurs so that the entrepreneurs can
fly high with funding. Flat6Labs provides help to the entrepreneurs in funding of the business
and it helps the new venture to get the investors. Flat6Labs gives the seed funding to the new
ventures so that they can run the business process in the initial stage. In addition, this entity has
partnerships with more than 100 large multinationals and these leaders listen to the ideas of the
entrepreneurs and provide suggestion to this. In this study, the entrepreneurial process has been
discussed in UAE basis. The entrepreneurs need to identify the opportunity that is present in the
market. Moreover, they can develop the opportunity in the market by finding the gap, however,
incorporation of paper works are needed. In the UAE, the entities have been there who can help
the entrepreneur in finding the investment from GCC meeting and office spaces. There have
been other entities too that provide help with the entrepreneur's help in Silicon Valley and
Europe. The differences between the two types of help have been discussed. The main difference
between the UAE and Silicon Valley was the legal framework and the mindset of the
entrepreneurs. In the UAE, the investment issue can be resolved easily; however, in Europe and
Silicon Valley, it was never easy. From the community of Flat6Labs, there have been more than
200 companies that have taken help and one such organisation is Jumsuite. This is an app based
startup that follows the business model of Airbnb and the organisation has been able to innovate

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the idea of health and fitness based ideas. This startup has managed to register more than 5000
active users of their app. Another example of Collectionair can be taken as it is a website baed on
artworks runs in Middle East and African continents. Therefore, it has been clear that it Silicon
or in Europe, the process of entrepreneurship practice has started early and the framework has
been made there earlier. UAE is trying to generate the process of fundamentals of
entrepreneurship.

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Table of Contents
1. Introduction..................................................................................................................................5
2. Overview of Flat6Labs................................................................................................................6
Joining and working processes of Flat6Labs...............................................................................6
Benefits are given by Flat6Labs......................................................................................................7
Training:......................................................................................................................................7
Networking and Exposure:..........................................................................................................8
Perks and Services:......................................................................................................................8
Legal Supports.............................................................................................................................9
Mentorship:..................................................................................................................................9
3. Entrepreneurial Process.........................................................................................................10
Getting the idea..........................................................................................................................10
Opportunity identification.........................................................................................................11
Opportunity development..........................................................................................................11
Opportunity evaluation..............................................................................................................11
Choosing business activities......................................................................................................11
Finalise all incorporation paperwork.........................................................................................12
4. Steps to which UAE entrepreneurs can start a business............................................................12
Pitching......................................................................................................................................12

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Writing a business plan..............................................................................................................13
Meeting GCC investor...............................................................................................................13
Office space...............................................................................................................................14
Funding......................................................................................................................................14
5. Differences in helping the entrepreneurs and explain why.......................................................15
Entrepreneurs and job creation......................................................................................................15
Understanding the Entrepreneurial Ecosystem..........................................................................17
Differences between Silicon Valley and GCC..........................................................................18
6. Success story of Jumpsuite........................................................................................................21
7. Success story of Collectionair...................................................................................................23
8. Conclusion.................................................................................................................................24
Reference List................................................................................................................................26

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1. Introduction
An entrepreneur is a person who makes an organization for commercial purpose and
entrepreneur must be energetic. Moreover, entrepreneurship is the method of designing, running
and launching a new business that is often in initial stage a small business. Moreover,
entrepreneurs must have the willingness to organise and develop a business venture in order to
make a profit. However, not all business start-up can see the light of success, in many cases, lack
of funding, economic crisis and lack of market demand can create issues for the entrepreneurs.
Entrepreneurs find opportunity in the market and from these opportunities; they develop new
services or products. In recent time, most of the entrepreneurs start the business using online
platform. In this regard, entrepreneurs must have the desire for independence autonomy and they
should have a desire for responsibility. Entrepreneurs should take the risk and they must be
organised in capacity. However, the entrepreneurs face issues in opening the start-up in many
occurrences. There are some of the entities that provide help to flourish the start-up business as
well.
In this study, Flat6Labs organisation has been chosen that operates in Abu Dhabi and it is
a start-up accelerator. In the later section of the study, the steps to open a new business have been
discussed in this study. However, there are other entries there which provide help to start-ups in
Europe and Silicon Valley as well. There are some basic differences in providing help to the
start-ups in Silicon Valley, Europe and UAE. In this study, the differences as also been
discussed. A successful start-up Jumpsuite has been chosen to discuss its success story as well.

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2. Overview of Flat6Labs
Flat6Labs is a startup accelerator programme that helps the young entrepreneurs to foster
in their startup business. Moreover, Falt6Labs fosters the innovation with cutting-edge ideas. In
addition, Flat6Labs provides investment to the startup so that the entrepreneurs can grow in
business. Flat6Labs gives seed funding, creative workforce, strategic mentorship, entrepreneurs
focused training and multitude perks. Moreover, Flat6Labs assists the entrepreneurs to make an
expensive network of various partners that can invest and mentor the business to grow
(Flat6labs.com 2017). This entity creates an environment to the startup to flourish the small
business in the very short time frame. In addition, Flat6Labs provides 24-hr office space and it
assists the entrepreneurs to keep in touch with the mentors with well-established advisors. The
entrepreneurs can get the best business plan as well as execution strategy of the business plan.
Flat6Labs has partnerships with many famous and foreign companies like Sawari, Microsoft,
GAN, PWC, Qualcomm and TechSparks and these organisations help the entrepreneurs in
getting the ideas and investments (Flat6labs.com 2017).
Joining and working processes of Flat6Labs
Apply
In order to join Flat6Labs, the entrepreneurs have to apply online and the employees have
to go through multiple screening processes in order to get selected. Flat6Labs screens all the
candidates and best entrepreneurs get selected for the programmes.
Grow
This is a programme course and by the end of the programme, this entity asks the
entrepreneurs to pitch the business plan to the investors' community at Demo Day. The

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Flat6Labs rises funding for the entrepreneurs so that the entrepreneurs can get the opportunity to
grow the business easily (Flat6labs.com 2017). After the Demo Day, the entrepreneurs may leave
the Flat6Labs; however, they can get connected with Flat6Labs. However, Flat6Labs provides
always support and connection to the entrepreneurs.
Accelerate
Once Flat6Labs accept the entrepreneurs, they become part of Flat6Labs family.
Flat6Labs guarantees that within four months, the business can flourish under the umbrella of
them. This entity provides seed funding and it gives start-up workshops with educational
programmes. It provides office space and seed funding for the entrepreneurs.
Benefits are given by Flat6Labs
The flat6labs entity has its offices in 5 locations and it has more than 200 mentors who
provide help to the entrepreneurs. At present, the organisation has more than 220 entrepreneurs
under them and it has support from more than 100 companies. Flat6Labs provides almost 50% of
the funding in the opening of the start-up and it has created more than 700 startups initiatives.
Apart from the UAE, it has its offices in Cairo also. Moreover, it offers various services to the
entrepreneurs.
Training:
Flat6Labs provide training to the entrepreneurs in order to make them experienced in the
field of business. This entity provides help to the entrepreneurs in academic training, partners
training, industry experts training and boot camp. It provides up-to-date focused in training
sessions from many of the industry experts as it has a connection with the many famous
organisations around the world. Many of the corporate leaders provide helps in flourishing the

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business in the Middle East countries. Flat6Labs has resources and tools for giving training to the
entrepreneurs in such competitive global market.
Networking and Exposure:
It is not easy to open a business and the business will be successful in no time. The
entrepreneurs try to plug into a community where they can access the contacts of the various
network (Drucker 2014). Flat6Labs provides help to the entrepreneurs who can take help from
partners, investors, customers, developers and mentors that are associated with the entity.
Flat6Labs is growing in the market and they are the ever-expanding network. This entity has a
relationship with international and local industry experts, managing directors, innovators, media
and CEOs. It provides web support to the entrepreneurs to teach them about various marketing
tools. Most importantly, Flat6Labs can be a well-mentioned brand name when the business will
grow up. The networking and exposure of entrepreneurs will be startup events, media & PR
coverage, demo day and business networking.
Perks and Services:
Flat6Labs provides help to the entrepreneurs in providing added values of perks and
services. Flat6Labs provides the startup with the benefit of $300k in perks and benefits that can
provide entrepreneurs with best resources. This resource helps the start-ups to flourish and build
in the market. It provides benefits to be part of Global Accelerator Network that helps to make
various partners in the industry. This partnership can provide help in taking the advantage to get
huge perks from the sponsors like PayPal, Microsoft and Amazon Web Services. The perks and
services are related to the Softlayer, Bayt.com, Eleance Oedsk, MailChimp and Rackspace
(Flat6labs.com 2017).

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Legal Supports
Flat6Labs provides entrepreneurs with up-to-date focused legal support in free of cost in
the opening of new business. Moreover, in Abu Dhabi and in Cairo, the legal system of the
marketing and opening of business, the entrepreneurs can take help from Flat6Labs. In getting
the legal support and advice can be expensive for the entrepreneurs in the opening of start-ups
(Kirzner 2015). Flat6Labs has a team of lawyers who provide help to the start-ups in any query
that they have in relation to business and licensing. Legal consultation, service and support are
needed in starting a business as these are related to the company establishment, agreements, legal
contracts and IP (Intellectual Property). In registering the company through following the
government rule, this entity provides support to the entrepreneurs.
Mentorship:
This entity provides four months support to the entrepreneurs as mentors and they claim
that these four months are better than one year struggling by them alone. Flat6Labs links
strategically the entrepreneurs' goals with providing help in making a business plan, arranging
funding, logistic supports, hiring employees, solving technical issues, attracting customers and
presenting the entrepreneurs in front of investors. In facing the critical decision, each of the
entrepreneurs needs to solve the dilemma. In this regard, the startups can get guidance in various
aspects from this entity. In the first occurrence, all the entrepreneurs make some mistakes;
however, in improving the learning curve in the process of business, Flat6Labs can help the
entrepreneurs. The features of mentorship are related to the coaching, weekly dinner and one-on-
one meeting with mentors who can share the knowledge of the business and the entrepreneurs
can experience bluntly and honestly the information of startups (Baum et al. 2014).

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Figure 1: Benefits given by Flat6Labs
(Source: Flat6Labs.com 2017)
3. Entrepreneurial Process
Entrepreneurial process is related to the recognising and refining of a viable economic
opportunity in the marker.
Getting the idea
Getting the primary idea about the market can help in starting the startups and the idea is
related to the simple conception of opportunities and obstacles in business. The ideas of opening
business can be various, however, the entrepreneurs need to find the market opportunity,
building a successful business and implementing the ideas in the business process. As stated by
Storey (2016), market opportunity can be defined as gap left in the industry that can give chance

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to entrepreneurs to penetrate the market with new ideas. The ideas must be related to the
disruptive innovation and that can open up the prospect of the business.
Opportunity identification
Entrepreneur alertness is the ability to see the vacuum in the market and exploit the
opportunities in the market (Nandan 2013). This alertness can create the opportunity in the
market to recognise and capture the market value. The entrepreneurs need to scan the market
opportunity that would provide the changing information of external environment.
Opportunity development
Timely adaptation of the opportunity is needed if the entrepreneurs find the market suit to
his/her services or products. Opportunity development can be defined as the method of
combining resources with the systematic approach of promising potential opportunity.
Opportunity evaluation
Opportunity evaluation is the critical stage that affirms that the entrepreneurs can execute
the business process with investment and risks to be taken. Opportunity evaluation process can
be undertaken with various factors, market opportunity, products and services, costing and
pricing, profitability, capital requirements and issues and risks (Karimi et al. 2016).
Choosing business activities
The entrepreneurs find the ‘free zones' in the market and then select the type of business
they want. Moreover, the entrepreneurs can start the business online or they can just start the
business that has proximity to the urban places. In the preparation process, the final activities
must be done.