Innovation and uncertainty go hand in hand when it comes to building or managing a startup. Mohamed Amine Merah, Ahmed Arif, Mohammed H. Khashoggi, and Rayan Alsharif discuss the challenging process of entering unregulated markets, but also highlight the positive outcomes that can be achieved.
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HIGHLIGHTS
1:22 How do you know if you’re in the gray area?
3:07 The challenges and uncertainties of starting a new business in Saudi Arabia
7:17 Navigating the regulatory landscape
9:50 The pros and cons of being in a regulated industry
13:31 Building in the money markets
22:15 Being a first mover and regulations
24:43 The regulation that will virtually apply to every single startup
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QUOTES
"Building or managing a startup is by definition, dealing with uncertainty every day, if it's certain, it's definitely or most probably not innovative."
"Do your research, look at what it is that you're trying to achieve, where you're trying to achieve it, because jurisdiction is important."
"When you have that conversation [with regulators], you're putting yourself on their radar. So it's kind of mapping timing and that key balance of asking for permission or forgiveness."
"You can also work with somebody who has a license, right, like fintechs do that all the time, they may not necessarily have a banking license, but they partner up with a bank that does the piping in the background."
"If you're a first mover and you have those discussions with the regulators, even if there isn't a regulation to use, you're then in a position to craft those regulations with them to influence their thinking."
"Sometimes it's very important to understand the language and the background of the regulator so you can reach that middle point where you can actually amend the regulations and make it happen as a partner with them."
"There's definitely a glory in being a pioneer, being the first to start, but it does also have its sleepless nights and the days that you think, why am I doing this?"
"You can actually use the interaction with regulators to craft the product that actually works for your customers."
"Take the easiest route that works for you, and that builds momentum. Then you can go to other regulators and say, 'I've done it already. This is how it's done. This is how we should do it."
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