CJD Talks 2024: Soumaya Ben Beya on Startups and SMEs
Soumaya Ben Beya, Co-Founder and Partner at Rasmal Ventures, joined CJD Talks 2024 for a podcast on the theme "Startups and SMEs, what common roles and objectives?"
Rasmal Ventures: Pioneering VC in Qatar
Rasmal Ventures is the first private and independent venture capital fund launched in Qatar, dedicated to investing in Series A startups. Ben Beya explained that startup financing goes through different stages, starting with the "friends and fools" phase where startups receive small investments from angel investors. This is followed by the concept development phase with a minimum viable product (MVP) financed by pre-seed and seed funding. The evolution of companies with market validation leads to pre-Series A, Series A, and Series B financing.
Focus on the MENA Market
Ben Beya indicated that Rasmal Ventures focuses on the MENA (Middle East and North Africa) region, where the major challenge lies in pre-Series A, Series A, and B financing. The market is already well-served in terms of pre-seed and seed funding. Rasmal Ventures' investment tickets start from $3-5 million and can reach up to $10 million. In addition to financing, Rasmal Ventures provides valuable expertise through a network of seasoned professionals, enabling successful startup support until exit.
The Long Road to a Mature Ecosystem
Ben Beya emphasized that a mature startup ecosystem requires time and learning. She mentioned that failures and learnings are essential for creating sustainable innovation and achieving exponential growth. Inspiring successes like Instadeep or Expensya represent crucial steps to build upon.
Challenges and Opportunities in Tunisia
Analyzing the MENA region, Ben Beya noted a difference between the Middle East and North Africa in terms of financing needs. In Tunisia, while seed funding is relatively accessible, there is a gap between pre-Series A and Series A, where investments of $200,000 and more are rare. Ben Beya called on Tunisians living abroad to bridge this gap, highlighting the importance of investors capable of supporting these amounts.
The Challenges of Seed Funding in Tunisia
Tunisian startups in the seed phase can lose a lot of time searching for investors, risking the loss of their competitive advantage. Ben Beya proposed the creation of a fund of funds to attract venture capital, with increased operational flexibility for VCs and startups.
Positioning Strategy
Ben Beya compared Tunisia to a small market requiring a precise strategy, citing the example of Qatar, which focused on energy tech with QNB as a main client. A hub like Novation City, specialized in artificial intelligence, could become a powerful engine to boost Tunisian startups in this sector.
Supporting and Improving the Existing
Initiatives in Tunisia are promising and need to be supported and improved. Ben Beya insisted on resolving the challenges related to the Startup Act to strengthen the ecosystem and attract the best ideas and innovations. She also encouraged going beyond local borders to attract investors, experts, and Tunisian talent internationally, providing significant support to the Tunisian startup ecosystem.
Conclusion
The podcast with Soumaya Ben Beya highlighted several solutions and opportunities to strengthen the entrepreneurial ecosystem in Tunisia:
- Create a solid support ecosystem: Establish accelerators and incubators offering resources and personalized support for startups.
- Facilitate access to investments: Adapt banking policies to enable international transfers and facilitate fundraising.
- Promote transparency and experience sharing: Encourage entrepreneurs to openly share their failures and successes.
- Support Tunisian entrepreneurs abroad: Create networks and investment funds led by expatriate entrepreneurs.
- Encourage a new political approach: Adopt policies favorable to entrepreneurship and innovation.
- Education and continuous learning: Encourage young entrepreneurs to stay informed and learn constantly.
These approaches show that it is possible to create an environment conducive to innovation and startup growth in Tunisia, transforming the Tunisian economy and society.