Google’s Former Senior VP and CFO: ‘The only constraint is your imagination’
KUWAIT: The Youth Empowerment Organization (Tmkeen) kicked off the second day of their sixth annual Youth Empowerment Symposium, taking place October 23-25 at the Jaber Al-Ahmad Cultural Center under the Patronage of His Highness the Amir of Kuwait, Sheikh Sabah Al-Ahmad AlJaber Al-Sabah. Patrick Pichette, Former Senior Vice President and Chief Financial Officer at Google Inc., led the seminar of the day, addressing a crowd of young entrepreneurs and startup founders. Abdulrazag Al-Mutawa, general manager at Ghaliah, moderated the discussion session with Pitchette.
Pichette, who retired from his position as the chief financial officer and senior vice president of Google in May 2015, reflected on how far technology has come in the past ten years, and stressed on the important role that artificial intelligence will play in the years to come.
Speaking on job opportunities, Pitchette also advised local youth to keep three key factors in mind when making career decisions: “First, pick the people and culture. The reality is, if you are ambitious, you are going to be working long hours, so choosing the people you are going to work with is the most critical decision in your growth and happiness. Second, pick the industry itself as your industry is your destiny. Third, look at the position, the responsibilities and the salary.”
The second day of the symposium also hosted a series of panel discussions, the first of which was titled “Tech Startups: Growth Challenges.” The panel consisted of Abdullah Boodai, CEO of Snapbook; Abdulwahab Al-Essa, Cofounder at Boutiqaat, Khalid Al-Otaibi, Cofounder of Talabat and Managing Partner at Floward. Dana Mado, founder of local marketing agency Twenty Two Eleven, moderated the panel.
Localizing ideas
Boodai, who spoke on the importance of localizing business ideas, added, “Things that might work in Kuwait might not work in America, which is why we localized our product by adding a local twist to the idea of digital printing.”
Speaking on the importance of taking advantage of opportunities locally and not just internationally, Essa commented: “Our entrepreneurial youth have witnessed a number of disappointments, but I am here to say that Kuwait is still a wonderful setting to start and grow a business, and Boutiqaat is a testament to that. There is still so much hope and room for so many success stories to come.”
Otaibi advised entrepreneurs to make smart decisions when deciding whether to cash out of a business. The second panel discussion, titled “The Secrets of Launching a Startup” was led by local and international business leaders Victoria Grace, Founder and Chief Operating Officer at Colle Capital Partners; Claudine Coletti, Managing Editor at Forbes Middle East Magazine; Fajer Al-Refai, Managing Partner at FTL Legal Services; Rakan Al-Fadalah, Cofounder and Partner at Chocolateness; and Ghina Abbas, Senior Manager of Marketing Services and Insights at Alghanim Industries. Dana Mado, founder of local marketing agency Twenty Two Eleven, moderated the panel.
Grace spoke of her extensive experience in launching, structuring and monitoring venture capital businesses, advising young entrepreneurs to invest in technology at an early age. Speaking on key attributes found in every successful entrepreneur, Coletti said: “The most common characteristics we come across are passion and persistence. These qualities come from having an idea that resonates, especially in this region, and if you’re going to invest in something, invest in people.” Fadalah spoke of the importance of attending training courses to help overcome business challenges: “In order for your business to last, you need to be equipped with the proper skills, managerial knowledge, and the right team. In order to be successful, you need to have two things: an original concept and persistence.”
Advising startups to take advantage of local resources such as the Kuwait Business Center, Refai also recommended startups set aside a budget for legal services, taking time to establish proper contracts from the very beginning.
Conducting research Meanwhile, Abbas advised the youth on the importance of conducting research before launching a business to determine whether the business idea is unique and has a target audience: “Uniqueness speaks volumes. Even before starting a business, we advise startups to spend money or time on research. Speak with your family and your friends and ask them what they think of that idea.”