April 9, 2018, CUD Red Theatre: Ms. Elisabetta Lampedecchia, Coordinator Incubator introduced the first event in a series of panel discussions devoted to exploring the elements of the Start-up Business. The panels include industry experts and their discussions will be shared on YouTube and broadcasted as a podcast.
First, Ms. Elisabetta welcomed Charles Falzon, Dean of the Faculty of Communication & Design from Ryerson University. Charles spoke about the multi-cultural atmosphere at Ryerson and at CUD. He encouraged the audience to adopt a dual mind-set that includes international and North American mentalities and urged them to build an eco-system designed to help individuals learn and identify opportunities. He cited hard work, risk-taking, thinking outside the box and daring to fail as the keys to becoming a successful entrepreneur.
Sara Chemmaa, Strategy and Business Development Manager from MBC Venture Capital, said: "there is no wrong time to become an entrepreneur. It is more important to come up with an idea that makes sense and to talk to as many people as possible – including family and professors – about the soundness of their idea". She stressed the importance of a solid business plan and how important it is that the business plan is realistic because those who provide funding need to be guaranteed a return on their investment. She receives 10 to 15 applications per day and quoted a 5% success rate from the proposals she receives. It is necessary to do your research, identify your mission, assess the competition and then build up gradually.
Jonathan Moore, Strategy Manager with Careem, urged people to consider the different forms of employment and not to rush into anything too quickly. "You can take risks at any point in your career", he said, "but it is necessary to figure out exactly what you want to do and then pursue it with passion when you are ready. The best way to start is to choose something simple or something people really need. Once you have identified a problem, you can then start to solve it".
Vinay Ramkumar, Investment Analyst with BECO Capital, encouraged people to think big and not be afraid to take risks. He also explained the benefits of working with like-minded people who share your beliefs. "Having the end goal in mind is essential and above all else", he said, "you need to be flexible and responsive to changes in customer demand. The success of any successful enterprise is teamwork, being able to share your vision and supporting your teammates in accomplishing goals".
Irshad Jaleel, CEO of Vault of Spaces and a CUD Alumnus, explained how all individuals are different. He emphasized the importance of willingness to commit to an idea and to start small, gradually building up. He spoke of his experiences at CUD where all the support to start a successful business was available, including access to learning about finance, HR, marketing and creativity and developing presentation skills. He said: "each decision you make impacts the progress of your company and that it is important to harness the skills that your team members have".
The session ended with a lively question and answer session after which Ms. Elisabetta thanked the panel and the audience. She said she looked forward to the next event in the series, plans for which will be announced soon.
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