GUST’s Gulf Financial Center Welcomes Industry Experts to Deliver Pre-Incubation Module to Students
GUST Gulf Financial Center (GFC) hosted industry experts to deliver a pre-incubation module to GUST 440 Practicum students. The module titled “Writing Business Plan-Financials” was scheduled every Monday and Wednesday from October 29th to November 7th, 2018. The instructors facilitating the sessions came from Cubical Services Business Incubator, a Kuwaiti-based company founded in 2009 with experience in a range of fields including entrepreneurship and finance. Cubical Services have worked with close to 1,000 entrepreneurs and on over 600 projects with startups in numerous industries.
Being a social enterprise, Cubical Services is also Kuwait’s first officially licensed, one-stop business incubator, and was also the first to be qualified by the National Fund. Cubical Services strives to actively encourage current and potential entrepreneurs to successfully execute their business ambitions by offering all-inclusive services and support in every part of an entrepreneurs’ business cycle to create a healthy ecosystem where entrepreneurs can fulfil their business potential in order to enrich the Kuwaiti economy and elevate its talents regionally and internationally.
The instructors come from diverse backgrounds related to entrepreneurship such as investment, marketing, economics, and finance. The session began with an introduction by Maysoon Al-Attar, the Vice President of the Marketing & Sales Department with previous experience working for marketing agencies and international youth organizations locally and internationally. Al-Attar opened the sessions with engaging ice-breakers, and relevant information about defining a business incubator, what Cubical Services does and what it’s purpose is.
The session was then taken forward by the CEO and Founding Partner of Cubical Services, Abdulrahman Al-Fawaz, who covered topics such as sources of start-up funding locally and internationally, credit ratings, pricing, and cash-flow budgets. Al-Fawaz developed the concept of the company and has overseen its operations since inception. Al-Fawaz comes from a private equity and finance background and has served on board of numerous subsidiary & sister companies in the investment, logistics, real estate and industrial sectors. He has extensive experience in analyzing feasibility studies, business planning and operational control.
CEO and Founding Partner of Cubical Services, Abdulrahman Al-Fawaz, said: “The students were so appreciative of the practical learning opportunity in entrepreneurship to support their theoretic knowledge, and this was evidence in itself of how ambitious they are, and how much potential they have. It was also great to have discussions with them at such early stages for what may come when they are out in the “real-world” when they start their SME’s. We are looking forward to growing future collaborations with GUST and their students!”
The session closed off with Fay Al-Zouman, the Entrepreneurship Programs Divisions Business Development Officer, who introduced Cubical Services CSR Program, and the Fikra Program; a 6-month training program that takes on 15 business ideas, gives them all the appropriate tools, knowledge, mentoring, networking opportunities and more, to ensure that they are ready to operate successfully.
The following sessions were hefty with content and interactive for students with hands on material and practice, delivered by Cubical Services SME Division Manager, Salem Al-Mutawa who covered topics such as preparing basic financial statements; Identifying types of expenses for startups; and identify the break-even point for the business.
Director of the Gulf Financial Center and Associate Professor of Economics, Dr. Fida Karam, said “The GFC is proud to have collaborated with such a highly regarded entity in the local market to support our students and provide them with the right tools and hands-on experience to establish their business.”
The GFC continuously works on collaborating with local and international experts to create mentorship and apprenticeship opportunities for GUST students, as well as provide them the opportunity to gain valuable information from experienced individuals and industry leaders.