Industry experts highlight key strategies for startup success, funding

Industry experts navigated the intricacies and challenges of funding businesses during a panel discussion hosted by Startup Grind Qatar Chapter titled ‘Fuelling Startup Growth: Acceleration and Early-stage Funding Strategies’.

The panel was composed of Malgorzata “Mal” Filipowska, portfolio & platform manager at Seedstars, Mohamed Elmalik, venture partner at Antler, and Dr Hanan el-Basha, managing director of Founder Institute GCC Chapter. The discussion was moderated by Steve Mackie, founder of www.businessstartupqatar.com.

During the discussion, Filipowska underscored the importance of accelerators and strategic investment in nurturing startup ecosystems, particularly in emerging markets. She said local entrepreneurs can scale their businesses and access international markets by wisely utilising tailored support and funding.

She also encouraged entrepreneurs to value adaptability and learn from others’ experiences. “We don’t want to work with founders who think they know everything,” Filipowska explained, noting that ideal startup founders are open to feedback and eager to learn from industry experts.

When asked if competition is necessary in the industry, she stated that a lack of competition raises concerns among investors. “We love it when there’s competition... it means that the market exists,” said Filipowska, who emphasised that competition provides crucial insights into a company’s growth prospects.

While entering untested markets may involve significant risks, Filipowska pointed out that competition enables investors to effectively assess market demand and trends. She stated, “When we look at companies creating entirely new categories, it gives us a completely different perspective on how far the company can grow.”

Filipowska also stressed the importance of personal development for entrepreneurs, recommending free resources like Y Combinator’s Startup School and Lenny’s Newsletter, as well as Reforge, a paid platform where industry leaders share best practices in product and growth strategy.

For his part, Elmalik underlined the critical role of self-reliance and adaptability in the startup world, noting that while external support allows key insights, founders must have the core drive to succeed.

Asked how Antler prepares founders for the challenges of entrepreneurship, he said: “We don’t get them ready.” Elmalik stressed that entrepreneurs should learn how to be resilient, with a focus on self-discovery.

Elmalik also underlined the value of self-reliance, noting that not all businesses would need or benefit from venture funding, and advised founders to explore other funding methods. He noted the importance of forging personal, long-term relationships with potential investors, suggesting that they should build trust and mutual understanding with investors in the hope that this could lead to funding opportunities before formal rounds.

El-Basha, for her part, advocated for thorough market research and validation before diving into development, stressing that the proverbial “build it and they will come” no longer applies in most cases today. Instead, she encouraged startups to ensure their idea is grounded in real customer insights.

She noted that providing constructive support for founders with the right knowledge and entrepreneurial mindset could help clarify their vision and find a clear path forward. “Rather than giving [startups] a hard time, we emphasise the research part. A lot dive into the deep end without doing the research, without doing the market validation, the customer validation,” she pointed out.

El-Basha stressed that financial awareness is essential for founders, emphasising that they should manage funds wisely, balancing hiring and operational expenses with available resources. She said building financial literacy within startup ecosystems to help founders will help ensure sustainable and effective financial decisions.

She added: “Being aware and open to possibilities allows you to advance while staying true to your vision and the core of your idea. It’s crucial to remain open to feedback. I often say others can detect your blind spots. If you choose to ignore feedback on these blind spots, you might remain stuck for a long time.”