Wally+ Lets Users Manage Their Finances
From what you spend on new kicks, to what you splurge on when you’re out with friends or at your favorite resto, it helps to know your spending habits. Motivated by the necessity to manage people’s personal finances, founder and CEO Saeid Hejazi –who believes that behavioral economics can impact our financial literacy- and his team wanted to offer a simple and powerful tool that would let people enjoy life, while being able to keep track of their expenses. For a Dubai- based app that launched in 2013, the personal finance management app Wally has a lot of pull. After a positive response for their Wally iPhone app, the company says that they received a considerable number of requests for an Android version, which they developed and subsequently released as a newer version called Wally+.
But with an abundance of finance management apps in the market, how is Wally+ any different? With a sleek and minimalistic UI, they match its aesthetic appeal with a “machine intelligence-led approach”, says Hejazi. “We believe in focusing on the experiences surrounding each expense we make.” Instead of just using graphs and pie charts to condense expenses, Wally+ utilizes “predictive logic” which allows the app to remember frequent venues and people with each expense. At the same time, users can also add photos (like of receipts) and notes to “track sentiments” and make us appreciate each data input. To help users further understand their spending and saving patterns, the app has also incorporated aggregated and anonymous data from the Wally+ community.
“We use behavioral segmentation to compare users to people “similar’ to them- with similar demographics and spending patterns, to give users context into their financial behavior.” Though they’ve had updates since their first version, their core principle is still keeping Wally+ a “simple and intuitive” product that’s focused on providing users context to understand their financial patterns, while constantly developing and testing for better features. In fact, to encourage reviews, Wally+ has a “feedback loop” with users that allow them to easily communicate their disapproval of any new change or addition to the app. With this mindset, the app’s main challenge remains the struggle of balancing the team’s ideas with the suggestions of the users.
In terms of its user base, the app has gained the interest of millennials since they are more tech-savvy and finance-conscious, with -according to a Bayt.com survey- only 41% of millennials in the UAE attesting that they “live comfortably in their personal income,” while 31% say they’re “just getting by” on meeting different expenses based on their current income. For 2015, Wally+ plans to take their Android version out of the beta phase, update their iOS version and invest their resources for Wally+ to have better features and give more data-backed insights into us- ers’ finances.
Users
82% of the users are between the ages of 18-35 years old, especially in India, Brazil and U.S.
Milestones
6,000 people on waitlist to test Android app.
Ratings
4.7/5 stars average from 187 ratings from the iTunes App store; 3.5/5 stars average from 817 ratings from Google Play.
Funding
Initially bootstrapped, they now have angel investors and are getting ready to launch their first institutional round (series A).
Business Model
Freemium, although Wally+ will soon charge small fees for premium features for niche users such as currency conversion and family management tools.
Money Advice
“The most important step towards being in control of your money is knowing where it goes. you need to understand the problem before finding the solution. Wally+ helps with this by giving you a picture of your financial life and spending patterns.”
The Wave Rider: Dr. Rainer Behne, Chairman, BehneMar Middle East
The Chairman of BehneMar Middle East (BMME) is a marine enthusiast that took his passion to the next level- turning it into a successful commercial endeavor servicing the GCC niche client. Dr. Rainer Behne acts as Chairman of the Board for the yacht consultancy company, and considers BMME his “hobby business”, having personally owned yachts since the 1980’s. He’s recently put his 90 ft. Cantieri di Pisa yacht up for sale in Dubai, because “like all of our clients, I’m always looking for an upgrade! I have a personal affinity for yachts from German shipbuilder Lurssen as each is extraordinary in its own way, but they are far beyond my personal budget!” Behne says that the luxury yacht sector in MENA is similar to the global standard in that customers demand exacting service and superior quality, but differs from a sociological perspective. “Clientele in the MENA region are like any other client in the world -as long as we are talking about the top segment, which we consult- however, we’ve noticed in the GCC, yachting is more or less a men’s-only toy, while in the rest of the world it’s more family oriented.” Clients retain BMME’s services for their expertise in the market, and their penchant for exclusive top of the range taste. “At the moment, we are searching for a megayacht for one of our returning clients. We’re talking about a size so large, there’s only three handfuls of them cruising the world- nearly all of them with happy owners,so they’re not for sale! At that level, we’re working with the most elite brands with the highest resale values,” explains Behne.
Shipbuilders, like the ones Behne refers to, surpass the significant spend threshold by a lot. While the Chairman won’t discuss specific transactions due to client confidentiality agreements, he can give a general ballpark figure and a basic client description: “We do not give any information. We sign very strict confidentiality agreements; we never talk. We work mainly with high net worth GCC nationals. I can assure you that we have been involved in major transactions in the multimillion euro range.” And the most impressive yacht they worked with in 2014? “Again sorry, we cannot provide any information. But the yacht I am thinking about was substantial!” Behne does add that in terms of the larger scale Middle East yacht consumer, there are a few companies that fare quite well like German-based Lurssen and Australian SILVERYACHT, and “for yachts 50 meters and below, Italian shipyards like Riva, San Lorenzo and Baglietto.” BMME, specializing in yachts 100 ft. and above, deals with both the patron seeking custom-built models and those who are looking for an existing model from their preferred suppliers. Founded
in 2006, the company not only trades in new-build yachts, but they also work with pre-owned yachts for purchase or charter, and rely on their international network of “renowned naval architects, yacht owners and shipyards” to service the niche demographic looking to spend hefty amounts.
Attracting their target market has nothing to do with marketing and everything to do with referrals, insists the Chairman. “BehneMar Middle East is not brand-oriented. We are personally known for our bespoke services, which is of an individualized nature. We market our services very quietly; discretion combined with word-of-mouth recommendation has been essential to our success.” The company provides end-to-end solutions for their customers, beginning with the sourcing and vessel-design, and continues on throughout the actual buying process, including negotiation, inspections, and transaction finalization. Their participation in this year’s Dubai International Boat Show (DIBS) is primarily to showcase luxury superyachts Nasima and Blue Dubai. “We are currently offering for sale the SILVER FAST super yacht, the fourth edition in the elite SILVER line from shipbuilder SILVERYACHTS. SILVERYACHTS has a very unique story: When the owner, a German entrepreneur and longtime sailor, couldn’t find anything he liked on the market, he decided to launch his own shipyard. The SILVER FAST is amazing- all aluminum, 77 meters in length, extremely fast for her size, and a range of over 5,000 miles- all rendered in outstanding qual- ity. Proof of the product is in its ownership; previous models in the SILVER line have been exclusively scooped up by royal families and Silicon Valley bil- lionaires.” BMME also plans to use their appearance at DIBS to promote their partnership with Sabrina Monte-Carlo and their specialization in bespoke outfitting for yachts, jets, chalets, and other “accouterments of fine living. Sabrina Monte-Carlo is a master at outfitting first-class interior spaces. Her expertise is the perfect fit for our clients who demand the highest standard of luxury.”
The Couturier: Rami Al Ali
“Attention to detail has been my philosophy from the beginning.”
“The opportunity to wear something bespoke and unique is always a key factor that draws a client to couture. Choosing eveningwear can be a difficult task, as you want something striking but elegant which is comfortable enough to wear throughout the entire evening. Feeling confident in a dress is so important because it changes the way you carry yourself and how you walk into a room,” says fashion designer and entrepreneur Rami Al Ali.
This year, he is marking the 15th anniversary of his eponymous label that can now claim some of the world’s most sought-after faces as having appearedin his gowns, including international socialite Ivana Trump. In terms of the impact of celebrity affiliation to his designs, Al Ali says that “there needs to be a balance between commerciality and creativity, and I think celebrities can help bridge the gap. I will always be grateful to the regional Middle Eastern celebrities who took a chance on me when I was starting out as a small fashion house– they gave me some much-needed coverage in the media at the time. This paid off commercially as it led to a boost in clients, paving the way for me to dress international A-list stars such as Beyoncé and Jennifer Lopez, to name just a few.”
Nine years after the launch of the Rami Al Ali label, the designer presented his work at Rome’s AltaRoma couture week which proved to be his gateway to the European market, garnering him significant attention from that region’s fashion press. In this region, Al Ali’s work is revered, and he gradually accumulated a client roster of the who’s who in society- and this means exacting and time-intensive personalized attention. “I first showed in Paris in 2012. Since starting my own line in 2000, it’s always been my ambition to show in the couture capital alongside the greats, as to be recognized as an international designer you have to be amongst them. Commercially, this has boosted my profile and brought in clients from Asia and further afield,” adds Al Ali. That first show in France was alongside global fashion Houses like Chanel, Dior and Valentino, helping to secure Al Ali’s position as a world-class designer.
Digital marketing savvy has made Al Ali’s pieces known outside of the exclusive and elite couture circle as well, and he adds that “social media is a key tool in establishing and increasing brand awareness. These days everyone is on Instagram or Twitter; it transcends age, social status and income. It’s a great way to showcase my label and reach all my potential clients, whether they are interested in couture, ready-to-wear or bridal.” Currently, Rami Al Ali has a significant web presence with highly active social media platforms including Facebook and Instagram, showcasing some of the designer’s work, shows, and high profile clients wearing his designs.
“My couture collection is made to order, taking into account specifications of each client and tailored by hand to fit perfectly, whereas the Pret-a-Porter collection is made on a larger scale using industrial techniques and more accessible materials. As a result the price ranges are very different– couture is always priced on request because each individual dress requires different components, fabric and time allocation depending on the client and their needs.” Over the years, Al Ali has drawn inspiration from the natural world, and even from masterpiece paintings like Sir John Everett Millais’ Ophelia and The Kiss by Gustav Klimt. During the regional release of Al Ali’s Klimt-inspired collection, each member of the press went away with a book featuring Klimt’s paintings.
“As soon as one couture collection is launched, I begin thinking about the next. I decide on a theme, research it thoroughly, create mood boards and sketches and then go on to the actual making of each gown. Of course each dress depends on the material, amount of embellishment and how simple or complicated the style is, but as a rough estimate it takes around six to seven months from inspiration stage to the final, finished collection.” Al Ali’s bridal range, a favorite of socialites and the well-heeled, is extremely intricate. Referring to himself as a perfectionist, Al Ali ensures that each of the gowns is proceeded by an in-depth consultation, followed by a process that keeps his label’s clients reassured with his minute attention to detail– from embellishments and choice of fabrics, to the actual final fit of the often one-off creation.
“Whether a client is buying a custom wedding gown or a dress from my couture collection, everything about the Rami Al Ali service is bespoke and tailored to their needs. Couture production is different because everything is made by hand and made to order. Each detail or embellishment is added individually which takes time, precision and talent– no shortcuts can be taken.”
The Audiophile: Archimedia CEO Omar Hikal
“We’re basically a technology and engineering firm that is passionate about enchancing the lives of its clients.”
The CEO of Archimedia, Omar Hikal, is accustomed to bespoke requests. Archimedia clients look for tailored home audiovisual and electronic solutions that are formulated with client preferences, architecture, design, and user experience in mind. This is not a one-size-fits-all industry by any means, and with many of their client investments clearing what most consider the significant spend bar, Archimedia works to ensure that the engineering behind every installation they do is both superior and ergonomic, surpassing client expectations and garnering client referrals across the MENA region.
“The smart home and high performance audio visual sector in the MENA region, like most other sectors, differs from country to country, and indeed, from city to city. We operate from Casablanca to Dubai so we have a unique insight into the market dynamics in each of the geographies we cover. Our experience is that there are commonalities between the ‘prestige’ clients, although we do have to tailor our offering to different concepts of luxury and lifestyles from country to country. Over the past 10 years, we have seen markets like the UAE and Saudi Arabia develop at rapid rates compared to markets like Casablanca and Egypt that are still somewhat conservative and haven’t fully embraced the concept of home technology. I see the coming years as being very interesting and we will see technology being adopted on a much wider scale in our homes,” says Hikal, discussing the MENA client.
A CEDIA EMEA and CEDIA US (Custom Electronic Design & Installation Association) board member and a CEDIA Certified System Design Professional, Hikal has served as Archimedia’s CEO since 2010, building on his previous role with the company as COO from 2004. One of his main areas of attention? Ensuring Archimedia’s technical standards and brand development. Flawless execution and thoughtful design are two main Archimedia principals, and in 2014 alone they executed over 250 systems across 11 countries, but it isn’t just brand offerings that matter in how the company chooses to implement client wishes, it’s also about cohesiveness.
“We use a number of best in class brands to ensure that our solutions offer the functionality required at the high standard of performance that our clients expect. We’re proud to offer world renowned brands like Bowers & Wilkins, Classé, Datasat, Integra, Sonos, Kaleidescape, Crestron, Savant and Lutron, among others. The truth is that while these brands have been carefully selected, what really matters is how they are integrated into one seamless solution that just works.”
In terms of demanding clients, Hikal admits admits that they’ve had a few eye-opening requests, but after a decade in the industry they’ve “seen and heard it all- in high definition,” jokes Hikal. He does mention one client in particular who wanted omnipresent-like control “including the ability to see all 50 of the cars in his garage, and [the ability to] summon his chauffeur with any particular car by simply touching its image on his touch screen. That was loads of fun. He’s been a client of ours ever since. Today’s technology and our team of skilled engineers make it relatively simple to accommodate even the most outrageous request.”
Hikal, a Boston University School of Management graduate who also attended INSEAD executive management programs and the Senior Executive Program at Harvard Business School, has held various positions in IT, sales, marketing and general management. He’s put both his theoretical and market experience to work as the co-founder of Archimedia garnering client referrals and developing that repeat client base that pushes many businesses that cater to the niche client from the great level to the exceptional level.
“Referrals are our lifeline; our primary source of business comes from the referrals of happy customers, so we pay lots of attention to making sure our clients are delighted with the work we do for them. We have one client who has used us for his homes in Dubai, Riyadh, Jeddah and London, in addition to his offices. We have done work for his father and three of his brothers. A few years ago one of the region’s heads of state had us install identical solutions across many of his palaces and two of his yachts. This is very common for us. I don’t have the exact statistics, but I would guess that at least 35% of our clients have Archimedia systems in more than one home.”
Hikal says that while he is quite taken with the “projects with their limitless budgets, magnetic (targeted) marketing, and industry influence tactics for the significant spend threshold and all the bells and whistles”, he’s almost keener on the challenge of unconventional requests that require an inventive approach without compromising the overall quality and delivery.
“Last year, we delivered an exceptional project for a discerning audiophile in Casablanca who spoke to companies all over the world before selecting Archimedia. We also worked on two fabulous penthouses in Dubai that required amazing attention to detail. Our dedicated home cinemas are unquestionably the most technically sound, and I’m particularly proud of a few of our cinema projects in Saudi Arabia, where the home plays a huge role in the entertainment of every family. I love having fathers thank me for allowing them to spend more time with their children and their friends- that’s impressive.”
The Candy Trigger By The Checkout Line (And Why We Fail With New Habits)
Selling candy bars can teach you a lot about building better habits. Before I tell you why, let’s start at the beginning.
The Science Of Candy Bars
In 1952, an economist by the name of Hawkins Stern was working at the Stanford Research Institute in Southern California where he spent his time analyzing consumer behavior. During that same year he published a littleknown paper titled, The Significance of Impulse Buying Today. Stern described a phenomenon he called Suggestion Impulse Buying, which “is triggered when a shopper sees a product for the first time and visualizes a need for it.”
Suggestion Impulse Buying says that customers buy things not necessarily because they want them, but because of how they are presented to them. This simple idea- that where products are placed can influence what customers will buy- has fascinated retailers and grocery stores ever since the moment Stern put the concept into words.
How To Sell Candy Bars
Candy sales are very seasonal. Bulk candy purchases in North America tend to be made around Halloween and other holidays, which means during the majority of the year candy never makes it onto the grocery list. Obviously, this isn’t what candy companies want since they would prefer to have sales continue throughout the year. Because candy isn’t an item you are going to seek out during most trips to the grocery store, it is positioned in a highly visible place where you’ll see it even if you aren’t looking for it: the checkout line.
But why the checkout line? If it was just about visibility, the store could put candy right by the front door so that everyone saw it as soon as they walked inside.
The second reason candy is at the checkout line is because of a concept called Decision Fatigue. The basic idea is that your willpower is like a muscle. Like any muscle, it becomes fatigued with use. The more decisions you ask your brain to make, the more fatigued your willpower becomes, and there is the ticket. If you see a box of candy bars at the front door, you’d be more likely to resist grabbing one. By the time you get to the checkout counter, however, the number of choices about what to buy and what not to buy has drained your willpower enough that you give in and make an impulse purchase. This is why grocery stores place candy at the checkout counter and not the front door. Ok, but what does a chocolate have to do with building better habits?
Three Ways To Change Your Habits
At a basic level, a store that wants to sell more candy wants to change human behavior. And whether you’re trying to lose weight, become more productive, create art on a more consistent basis, or otherwise build a new habit, you want to change human behavior too. Let’s take a look at what the grocery store did to drive additional purchases of candy bars and talk about how those concepts apply to your life.
1. Grocery stores removed the friction that prevented a certain behavior. They realized that people were only buying candy in bulk around the holidays, so they cut down the size of the purchase and sold candy bars one at a time.
You can do the same thing with your habits. What are the points of friction that prevent you from taking a behavior right now? Does the task seem overwhelming? Like the equivalent of buying 40 pieces of candy when you only want one piece? Then start with a small habit. Examples include: doing 10 pushups per day rather than 50 per day, writing one post per week rather than one per day, running for five minutes rather than five miles, and so on. Starting small is valuable because objects in motion tend to stay in motion.
2. Grocery stores created an environment that promoted the new behavior. Retailers recognized that unless the holidays were around the corner, people were unlikely to browse the store and seek out candy bars, so they moved the candy bars to a place where people didn’t have to seek them out: the checkout line.
How can you change your environment, so that you don’t have to seek out your new habits? How can you adjust your kitchen so that you can eat healthy without thinking? How can you shift your workspace so that digital distractions are minimized? How can you create a space that promotes good behaviors and prevent bad ones? Surround yourself with better choices, and you’ll soon find yourself making better choices.
3. Grocery stores stacked the new behavior at a time when the energy was right for it. As we’ve already covered, you’re more likely to give in and buy the candy bar at the checkout line because decision fatigue has set in. Of course, it’s not just decision fatigue that saps our willpower and motivation. There are a variety of positive and negative daily tasks that drain your brain. Periods of intense focus, frustration, self-control, and confusion are all examples of how you can deplete your mental battery.
When it comes to building better habits, you can deal with this issue in two ways.
Focus. You can take active steps to reduce the areas that deplete your willpower. In the words of Kathy Sierra, you have to “manage your cognitive leaks.” This means eliminating distractions and focusing on the essential. It’s much easier to stick with good habits if you subtract the negative influences. Self-control has a cost. Every time you use it, you pay. Make sure you’re paying for the things that matter to you, not the stuff that is useless or provides marginal value to your life.
Timing. You can perform your habit at a time when your energy is right for it. Stores ask you to buy candy bars when you are most likely to say yes. Similarly, you should ask yourself to perform new habits when you are mostly likely to succeed. Your motivation ebbs and flows throughout the day, so make sure the difficulty of your habit matches the current levelof your motivation. Big habits are usually best if attempted early in the day when your motivation and willpower are high (or after a lunch break when you’ve had a chance to eat and rejuvenate).
Your Environment Drives Your Habits
We like to think that we are in control of our behavior. If we buy a candy bar, we assume it is because we wanted a candy bar. The truth, however, is that many of the actions we take each day are simply a response to the environment we find ourselves in. We buy candy bars because the store is designed to get us to buy candy bars. Similarly, we stick to good habits (or repeat bad habits) because the environments that we live in each day -our kitchens and bedrooms, our offices and workspaces are designed to promote these behaviors. Change your environment and your behavior will follow.
The Horologist: Peter Harrison
“Our clients on a global scale appreciate our standing as one of the most daring watch brands with a penchant for luxury, innovation and absolute quality.”
“The Middle East is an expanding market for haute horology and we have witnessed that first-hand. There are an increasing number of collectors and watch enthusiasts, and understanding is growing at a rapid pace. There isn’t a typical stereotype of a MENA client for us; they come from all walks of life and what connects them is an intense fascination with cutting-edge watchmaking and our “no compromise’ approach to mechanical design and technology,” says Peter Harrison, CEO Richard Mille Europe, Middle East and Africa (EMEA). Harrison can attest to a quarter century of background in the spheres of luxury sales and luxury marketing, so it seems only fitting that he launched Redgrave Luxury just under 10 years ago to act as an international luxury prestige product distributor.
Based in the United Kingdom, Redgrave Luxury’s portfolio can boast having Swiss watch brand Richard Mille under their umbrella; the company is both the joint shareholder and the sole distributor for Richard Mille across EMEA. Referring to Richard Mille as a personal friend, Harrison is big on relationships both with internal and external entities in relation to the brand. “As a business we are very close to our clients, they are passionate about the brand and the watches, and [they] tend to be eager to share this through word of mouth and increasingly online. Some of our key partners have also been brought to the brand by referrals- this trust is key in building lasting relationships,” he says, stressing the significance of customer referrals not only to the watchmaking industry, but to all sectors of commercial activity.
There is one area of client management that is specific to horlogerie -the haute timepiece collector- and how brands interact with those consumers whose repeat-purchase determines turning a loyal client into an avid brand fan prepared to devote significant resources to expanding a private collection. “Richard Mille collectors are very important to us and it speaks volumes of not only the quality of the watches, but also the close relationships the brand has built with our clients in a relatively short time. Our collectors are very selective; they do not buy a piece unless they truly love it. This gives us the motivation to create new concepts and designs that are interesting to potential clients old and new.”
Richard Mille EMEA Ltd, a joint venture between Redgrave Luxury and mother company HOROMETRIE SA in Switzerland, calls their clients “daring and forward-looking. They appreciate what we do and they are willing to experiment and experience new directions in watchmaking. It really is a mindset rather than a simple demographic.” The allure of owning one of few finely crafted limited edition timepieces, like the RM 19- 02 Tourbillon Fleur, only enhances the feeling of a special circle of watch aficionados- they are repeat clients and self-appointed influential friends of the brand.
“Richard Mille is a dynamic brand that produces watches in very limited numbers which has made it both aspirational and very rare. It is the thirst of clients for something new and different that fuels our markets, and the power of word of mouth should never be underestimated. Nor indeed should true exclusivity.” Harrison himself wears the RM 011 Black Night, “a limited edition of 100 pieces, available only in the EMEA region. It is our first limited edition watch with a case made entirely of NTPT® Carbon. Brand partners Felipe Massa, Martin Brundle and Sebastien Loeb will all be wearing the RM 011 Black Night during this year’s motor racing season,” adds the CEO. Brazilian Massa, English Brundle, and French Loeb are all widely-known motorsport figures and Formula 1 racecar drivers, and do reflect the brand’s penchant for teaming up with opinion leaders who are both adventurous and a bit on the slicker side of style.
“Our brand partners all serve a purpose far greater than as marketing tools; they are the ultimate real-life testing ground for our watches. Largely the strategy has been the same in all regions,” says Harrison, noting that visibility is strategic to continue to position of Richard Mille as a global timepiece manufacturer, and that participation in annual events like Salon International de la Haute Horlogerie (SIHH) and other horlogerie luxury events is essential for both consumer and industry contacts. “It is important that we remain close to our clients, partners and friends in the region and these shows can be a great way of doing this.”
The realm of haute horlogerie dictates that brands looking to recruit (and keep) their clients need to source interesting, ergonomic, and durable materials. In addition, they also need to take into account the obvious factor of whether or not the production and craftsmanship standards can be adhered to, while remaining innovative in a hyper competitive industry.
“All of our pieces require varying levels of research, development, tooling and finishing and this is reflected in the amount we can produce of each model. We have pieces with different complications; automatic, manual, chronographs, tourbillons and now with the RM 19-02 Tourbillon Fleur, an automaton. We also use a variety of cutting edge materials; from titanium, carbon and ceramics to precious metals and some with a variety of settings. What unites all the pieces is that they are extremely high performance.”
Rolling With The Punches
As far as origin stories go, the tale that Round 10 Boxing Club co-founders Abdulla Khoory and Ahmed Seddiqi profess about the start of their enterprise is one that is rather believable, and perhaps more importantly, one that should be quite relatable to all you entrepreneurs-in-the-making out there. The two UAE nationals, who also happen to be first cousins, were at a Formula 1 event at Abu Dhabi in 2012, during which they lamented about not having a similarscaled platform for a sport they were particularly passionate about: boxing.
“We were watching the race,” Khoory recalls, “and Ahmed mentioned to me that he’d love to see the sport of boxing in the UAE to one day be at a level as that of Formula 1 and all the other sports that are being heavily supported by the country, [as] unfortunately, we don’t hear much about boxing here… And while we were talking, we began wondering: why don’t we start something, and try [by ourselves] to promote boxing in the UAE?” It may have been just an idea at the time- but this moment marked the genesis of Round 10 Boxing Club.
Following that night, the two men continued to discuss and debate the idea, with each of them conducting their own research into the viability a boxing-focused gym in the UAE. Having said that, they weren’t expecting their potential business to be a quick money-generator either- as long as it was an enterprise that could sustain itself while also having the potential to grow in the future, then Khoory and Seddiqi were willing to invest their time, effort and money in the same. With that idea in mind, the two went about making their dream a reality.
But the way ahead had its own share of hurdles. “We were taking a big risk opening a specialized gym for only boxing, because we didn’t exactly know if there was a market for it,” Seddiqi remembers. “That was one of the biggest risks that we took- but we just took it, you know… Business is, after all, all about taking risks.” The two then found a warehouse in Dubai’s Al Quoz neighborhood that they thought could be converted into the gym they envisioned- but again, it was easier said than done.
According to the co-founders, the biggest issue in this regard was getting all of the necessary municipality approvals in place for their gym. “People would [probably] think that we are UAE nationals and so, the process would be easier- but it was not,” Khoory laughs. “I keep telling people it was not.” The problem, he explains, was that they couldn’t get their contractor to start the fit-out for the gym without getting the building permit from the municipality. But in order to get this permit, one needs to have a tenancy contract for the space in place first.
“So, you cannot start approaching the municipality for an approval until you have signed the tenancy contract,” Khoory explains. “This means that you actually start your expenses before you get your approvals.” In Round 10’s case, it took a long while to get these approvals because it was located in a warehouse- in fact, Khoory says that it took them nearly a year to get past this particular challenge. “The first year was gone almost completely for this,” he says. “We had to pay the whole year of rent, and we couldn’t open because of these approvals.”
But the cousins remained resolute in their ambition to open a gym, and finally, in September 2013, after winning all the necessary approvals, Round 10 Boxing Club opened its doors to the public. While Seddiqi and Khoory had used their own money to fund the enterprise, they left no stone unturned in ensuring that their gym was fitted with the best quality equipment and products. Being boxers themselves, this attention to detail was a particularly important factor for them to have in the gym- and their clients have appreciated them for it as well.
“The response has been very good,” Seddiqi says. “It was slow in the beginning, but once people got to know of the place –thanks mainly to word-of-mouth recommendations– slowly, the footfall increased.” The fact that Round 10 was solely focused on boxing also helped. “When we did our research, we found that there were some gyms [in Dubai] that offer boxing classes,” Khoory explains. “But all of these gyms are not really focused on boxing. They offer many other workouts like kickboxing, jujitsu, etc. and boxing is just a small section.”
“So boxing enthusiasts aren’t given the attention they need, or they feel that they are not getting the right attention,” he continues. “That was why one of the decisions we made about our gym focusing only on the sport of boxing, because we really want to give the right information, the right training, of the highest quality to our customers.” This also explains why the duo have imported handmade boxing products by Cleto Reyes –a brand that’s considered to be the best in the industry- all the way from Mexico to be used at the gym.
Round 10’s focus on quality is also reflected in the trainers they have hired at the gym- its roster of coaches includes Morovan Viorel, a Romanian boxer who had earlier been recruited by the UAE Boxing Federation to introduce the sport to the country. With features like these to boast of, it shouldn’t then come as a surprise that Round 10, which celebrated its first anniversary last year, now has a dedicated fan following, with the co-founders keen on building on their success and setting up branches of the gym in the UAE’s other emirates soon.
“Our initial goal [with Round 10] was to build a home for boxers,” Seddiqi says. “But now, we are looking at it as a good business, where we could really expand, because we not only focus on the needs of professional fighters and amateur fighters, but also on fitness and helping people losing weight. So we are planning to expand– we know that there is a big potential for it. No one has our concept until now. We are planning to expand locally, and once we see it going well, maybe internationally [as well].”
Another of the ideas they have for Round 10’s further growth is to partner with government entities like the police, military, civil defense, etc. and provide their resources with fitness training through the sport of boxing. Khoory and Seddiqi had earlier approached Dubai SME to help them with this initiative, but it didn’t really pan out. Having said that, they haven’t let go of this dream either- the duo have now tied up with Tejar Dubai, and they are hoping that this new alliance will help them develop and grow this plan of theirs.
‘Trep Talk
On being cousins and business partners
Abdulla Khoory: “As long as there is an understanding [between partners] -whether you are a cousin, a casual relation, a friend or you simply don’t know each other- as long as there is an understanding with each other and a very clear vision, then I don’t think any business should suffer. These two things are very important- an understanding between the partners, and a clear vision where the company should be heading to. Then there shouldn’t be any problem.”
Ahmed Seddiqi: “It’s been really great, because we have split the responsibility a 100%. And whenever I need help, he helps me; whenever he needs help, I help him too. So we have split the work- each one does his thing, so no conflict arises. And we had decided on this before even opening the gym- you can’t have two captains in one boat.”
Infographic: 10 Fitness Apps for Healthier Living
One of the bigger app booms has revolved around the shift towards healthier living– and that includes working out. This infographic by Supplement Mart lists a few with some outstanding features, and even tells you which platforms the fitness apps are made for. Joggers especially will find a few lesser-known apps on this list to track and motivate their progress. Hit download and head to the gym!
Double Up: Braun Face
The Game Changer: OPPO Releases Smartphone With Rotating Camera
Global technology firm, OPPO, is the first to release a smartphone with a rotating camera. The N3, a refreshed version of its predecessor, boasts a 16MP camera that can take high resolution images and rotate 206 degrees- for selfies, of course. In a marketplace dominated by smartphones offering two cameras, one rear and the other front-facing, the N3 is truly changing the game by offering a single camera that moves to find its subject. You can control the motorized camera in three ways including o-click, gestures and touch.
While the innovative design of the N3 starts with the camera, it doesn’t stop there. It also features secure Touch Access which responds to wet or gloved hands allowing for a higher recognition rate. N3 has 2GB RAM, a 5.5 inch screen made of Corning Gorilla Glass 3 and is powered by the Snapdragon 801 quad-core processor.