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‘Start-up 100 Winners' from London Business School's enterprise Incubator buck regional trend with plans for Middle East online expansion
Dubai, UAE, 19 February 2014 – Savvy London Business School entrepreneurs are setting out to take advantage of the Middle East gap in e-retail.
Graduates of the School's enterprise ‘Incubator' programme for new business named on the UK ‘Start-Up 100' list are already capitalising on lower cost online opportunities to start a business from home. Now, their founders are looking eastwards as ecommerce in the region is predicted to grow to more than $40billion in the next three years, according to a recent report by Paypal Insights.
London Business School alumni and founders of online businesses, Sales Gossip and MenuSpring, which topped the 2013 Start-up 100 list, are recognising the allure of doing business in the Middle East and the opportunity for first-mover advantage, bucking UAE-based enterprise trends.
A Google survey last December revealed that few small and medium sized enterprises (SMEs) in the Middle East are sufficiently taking advantage of the opportunities offered by the internet. The survey revealed that only 18 per cent of the UAE's small businesses have an online presence whilst 75 per cent do not plan on having a website. This figure is even lower for surrounding Arab countries such as Saudi Arabia and Egypt.
“With such a positive forecast for ecommerce in the MENA region, with some reports anticipating 300 per cent growth rate in sales over the next six years, as an entrepreneur in the UK I am eager to catch the first wave and break through the Middle East market,” comments Elizabetta Camilleri, London Business School alumna and founder of Sales Gossip.
Backed by Kuwaiti investor Fahad Al-Falah, Sales Gossip already serves customers in the region by allowing them early access to all online fashion sales promoted through the site. Clients can also tag their favourite fashion brands on Sales Gossip to learn about any upcoming promotions before everyone else.
“We've grown our member base from a few thousand to over a third of a million in just over a year. The more customers we have, the more value we can add to the 800+ fashion brands and retailers we work with. We want to continue growing and helping retailers target their promotions to the right customers, enabling them to attract more footfall, online traffic and sales.”
In addition to its ranking among the top 100 British start-ups this year, Sales Gossip's Elizabetta won the SMARTA100 Female Entrepreneur of the Year award.
Topping the 2013 ‘Startup 100' list was MenuSpring. Founded by MBA alumnus Ali Meruani, MenuSpring is a website showcasing menus from multiple London restaurants. It has plans to expand to other global markets including the Middle East.
Meruani says: “The London Business School MBA and the Incubator were instrumental in the foundations for MenuSpring. Coming out of business school, in the first year it was great to still get support from the amazing faculty and student body and it helped me adapt my business to the real world challenge.”
The School's Incubator houses students who are launching their own business. The selected participants receive support for a year. The support includes a small cash injection, space in the School for one year, access to training, workshops and support from mentors.
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