< Previous20 C EO M I D D L E E A S T AU GU ST 2 0 2 1 COVER STORY | SUNIL KAUSHAL where everything clicks: their realisa- tion of the passion they have for the industry they operate in coinciding with a great idea. Kaushal’s came during a town hall meeting with his team in Cote d’Ivoire (CDI) during his first visit to the country. This was 15 years after Standard Chartered had commenced operations in the country, just before the 2001 civil war had broken out. “It has since recovered to become the most consistent and fastest growing economy in sub-Saharan Africa, registering a 7 percent plus growth for five consecutive years with strong invest- ment in infrastructure and good govern- ance.” During the town hall session, some- one asked a question: “If the economy is doing so well, if the bank is committed to Africa, if consumer growth is a theme and if we are short of CFA funding (local currency), then why don’t we have a retail business in CDI?” After brainstorming sessions to discuss restarting Standard Chartered’s retail operations in the coun- try, Kaushal and his team soon realised what was needed: a digital bank. After successfully piloting a digital bank in CDI in 2018, Standard Chartered rolled out similar platforms across eight other key African markets: Uganda, Tan- zania, Ghana, Kenya, Botswana, Zambia, Zimbabwe and Nigeria. “The digital journey is ongoing, and it has been transformational. The digital banks have allowed Standard Chartered to attract a new audience of future- ready consumers, comprising a younger, digital-savvy demographic, with more than two-thirds of accounts being opened by consumers below the age of 35 and women representing a much larger share than normal.” Digital demands Across the banking sector, from wealth management to personal banking, the shift to digital has been underway for years. “It was a conscious choice for Standard Chartered to adopt a mobile- led digital strategy and to invest in an affordable, easy-to-roll-out end-to-end digital bank offering, but that choice was also driven by changing consumer behaviours and preferences,” explains Kaushal. “Consumer behaviours have also undergone a shift as a recent survey Future-proof. Kaushal says that the bank’s investment in technology aims to help position the UAE as a “beacon of innovation” in the Middle East. 5.8% Standard Chartered’s global growth expectation for 2021, up from -3.3% in 2020SUNIL KAUSHAL AU GU ST 2 0 2 1 CEO MIDDLE E A ST 21 conducted by Standard Chartered found that two-thirds of consumers in the UAE expect the country to become fully cashless by 2030. The apparent shift will eventually spur a reconfiguration of physical branches, which are evolving from being transaction-oriented to focus on advisory services.” Kaushal adds that the bank’s heavy investment in technology also aims to help position the UAE as a “beacon of innovation” in the Middle East. With consumers in 2021 demanding access to a highly personalised and inclusive experience, as well as a wide variety of services from the comfort of their homes, he sees the greatest potential in disruptive technologies that make banking more accessible, efficient and convenient. “Open banking, for instance, allows the financial services sector to seam- lessly integrate with that of the retail and lifestyle sector, providing consumers with a dynamic blend of services through a singular platform.” For Standard Chartered, he says, the pandemic served as a “large-scale, abrupt test drive” of these technologies while reaffirming the importance of digital transformation. Coronavirus challenges While the pandemic presented a for- midable, unforeseen stumbling block for most businesses, Kaushal says the bank saw its growth accelerate over this period. “Standard Chartered has grown its customer base by more than half a million – which is more than 50 percent of its legacy base – since the onset of the pandemic.” However, he adds that the unprec- edented nature of the event blind-sighted global business leaders, who had to very quickly ensure the safety, security and well- being of their workforce while maintaining productivity. “Just like any other organisation, we were compelled to have a solution in a matter of days – how were employ- ees meant to work remotely, activating business continuity plans, and guiding our workforce on how to best handle the situation in a time of angst?” Kaushal recognises that leaders might be tempted to put their head down and exhibit control during the early days of a crisis, but he believes it’s ADVICE TO YOUNG EXECUTIVES Be proactive, not transactional: Being proactive means anticipating what might happen, planning ahead, preparing in advance and acting ahead instead of simply reacting to circumstances. Think strategically: We all know that de- veloping strategic thinking skills is important, but many don’t realise how critical it is to your career advancement to show these skills to your boss and other senior leaders. Be a catalyst for innovation: Disruption is a key driver of change for organisations of all sizes and industries. Organisations will look to recruit professionals that emulate this embrace of change and ingenuity. At the same time, a robust innovative spirit will translate into greater work and greater organisational contribution. “A CONSTRUCTIVE SENSE OF PARANOIA IS GOOD.” Open for business. Standard Chartered has grown its customer base by more than half a million. important to demonstrate emotional intelligence – “this ensures employees and colleagues are able to grapple with their own reactions”. With a positive work culture, strong internal communication and support – things Kaushal says Standard Chartered has always stressed the importance of – a healthier, happier workforce translates into greater productivity. “This ensured that business objectives were being met while not compromising on employee well-being.”22 C EO M I D D L E E A S T AU GU ST 2 0 2 1 n today’s economy, CEOs are often viewed as the charis- matic superstars who almost single-handedly change the fate of even the largest organisations. CEOs like Akbar Al Baker (Qatar Airways), Tim Cook (Apple), Hatem Dowidar (Etisalat), Elon Musk (Tesla), or Amin H. Nasser (Saudi Aramco) have almost become household names. But is the CEO really the only person that matters for success in an organisation? Should company success be attributed to the individual at the top? In this piece we argue that the idea of the CEO as the sole hero is a funda- mental misconception that misses how the strongest CEOs achieve success in organisations namely by surrounding themselves with a team which is equally strong. Because running a company is a team sport, even with a superstar at the top, the company is only as good as the team that works with the CEO. Cases which demonstrate that prin- ciple abound across most fields of life. Look, for instance, at the recent per- formance and outcomes at the EURO 2020, which was held in 2021 due to COVID-19 pandemic. The Portuguese team was one of the favorites, with much hope and attention on Cristiano Ronaldo, probably the best individual player in the world, as team captain leading the team. But something went wrong and even Ronaldo was unable to shoot Portugal to success. The same often happens in organi- sations when a CEO surrounds himself with a mediocre management team. On the other hand, the Italian team, with many young players, and some almost old ones for such a competition and with practically no renown world class star won the championship. What struck was that the entire team, includ- ing the reserve players, came in to save the day when needed. I “THE STRONGEST CEOS SPEND TIME ON GROOMING MULTIPLE POSSIBLE SUCCESSORS.” Human element. Management teams require strong personalities that have the mental independence and strength of personality to drive the business. WHO’S IN YOUR CORNER? AUTHORS THOMAS KEIL AND MARIANNA ZANGRILLO SHARE THEIR VIEWS ON WHY STRONG MANAGEMENT TEAMS ARE KEY FOR CEO SUCCESS BUSINESS LEADERSHIPAU GU ST 2 0 2 1 CEO MIDDLE E A ST 23 BUSINESS LEADERSHIP The whole is greater than the sum of its parts Also, visionaries require trusted advi- sors. One can think of a strong man- agement team as the extended eyes, ears, hands, and legs of the CEO. The best CEOs are often brilliant visionar- ies, strategists that have insights into industry evolution years before others. Just like Sheikh Rashid Bin Saeed Al Maktoum, the former ruler of Dubai who foresaw the need to prepare Dubai for a world after oil, such CEOs often see the road to the future before others. However, even the most brilliant CEO cannot develop a winning strategy and vision without trusted advisors that are loyal to the leader and are capable of providing insights, ideas, and sometimes even constructively challenge the emerging strategy. Too many weak CEOs do not accept be- ing challenged and therefore remain constrained in their ideas and thinking, in particular in times of unprecedented change as today. When the head alone is not enough to make a full body function. The role of the top management team in developing visions and strategic plans is essential, but even more important is the role of their role in being the loyal hands and legs that enable strategy implementation. To drive success- ful change in an organisation requires dedicated and coordinated effort. Strong top management teams play an essential role in guiding the organisa- tion to implement the CEOs vision and plans and turn them into reality. Without the effort of the top manage- ment team even the best-thought-out plans can fail miserably in the mud of corporate inertia unless a strong coali- tion of senior managers support the change and go beyond the call of duty to multiply the CEOs effort. Seeing inside the organisation. Management teams can also work as the eyes and ears of the CEO. Without these additional eyes and ears, even the most capable CEO runs the risk of becoming isolated from what is hap- pening throughout the organisation and unable to respond to changes in the marketplace. To do so requires that enough senior managers, also beyond the top management team, are onboard and committed to the success of the organisation and its leader. Ensuring success beyond the leader’s tenure. Finally, and probably most uncomfortable for many CEOs, a successful corporation also needs to maintain the capability to continue success beyond the tenure of the cur- rent CEO. The strongest CEOs there- fore spend time on grooming multiple possible successors for the time when they will no longer lead the corporation. What should a strong manage- ment team look like? To build strong top management teams CEOs need to keep three principles in mind. First, to function as the CEOs extended eyes, ears, brain, hands, and legs, the top team needs to have very diverse skills, experience, and maybe even views. CEOs therefore should hire based on the needed skills rather than comfort factors such as nationality, tribe, or personal relationships. A second principle for building strong management teams is that the members should be willing and able to engage in critical dissent and debate. As Ray Dalio, the founder of the hedge fund Bridgewater Associates often argues, to learn the truth, CEOs need to listen to those who disagree with them rather than to those who simple repeat what the CEO says. Third, strong management teams require strong personalities that have the mental independence, energy, and strength of personality to drive the business without supervision. Concluding thoughts The CEO is no doubt the one who car- ries most responsibilities in an organi- sation. However, when the CEO collects a strong team in his corner, the burden can be better shared across more capa- ble individuals, it can be better carried and more easily converted into positive energy and knowledge which will power the organisation. When the CEO is surrounded by a good team, where each individual plays the team game, perfor- mance is more likely to follow. *Article by Thomas Keil and Marianna Zangrillo, co-authors of The Next CEO: Board and CEO Perspectives for Successful CEO Succession published by Routledge, priced £29.99, available from Amazon and leading international booksellers. Capitalist. Marianna Zangrillo is a corporate leader and investor. Academic. Thomas Keil is a professor at the University of Zurich24 C EO M I D D L E E A S T AU GU ST 2 0 2 1 hile start-ups and tech go hand in hand, startups have never been confined to the parameters of a single industry. Through the centu- ries, start-ups have become a staple of capitalist societies, celebrating the entre- preneurial spirit and marking the incep- tion of new business endeavours. While the landscape of industries in which they exist has drastically transformed over the years, one aspect remains true to start- ups that only a few manage to weather the storm – flourishing into trusted, established companies. A common challenge that start-ups tend to face is the inability to secure sound funding. In an effort to facilitate a smooth take off, a myriad of estab- lishments and organisations have risen in the recent years to offer supporting funding solutions to new entrepreneurs. Nevertheless, there are some traditional approaches of securing early-stage fund- ing that have prevailed over time and are still favoured today. A classic method of funding new ventures, commonly preferred amongst entrepreneurs who have previously pursued a career and have thus accumulated capital, is self- funding. Without doubt, self-funding is perhaps one of the safest routes to opt for when launching a business given that it reduces the founder’s dependence on external partners and sources. Another source of funding frequently explored by entrepreneurs is within their close circles of friends and family. This approach heavily relies on the reputation of the founder within their network, as W CEO WISDOM SECURING FUNDING: THE INSIDE TRACK Jakson Peters, chief financial officer at Property Finder, discusses funding for start-ups and how to narrow down potential investorsCEO WISDOM AU GU ST 2 0 2 1 CEO MIDDLE E A ST 25 In recent years, the advent of new technology brought a new dawn in the nature and business models of start- ups, and with it came new expectations for early stage funding. Suddenly, not only were we witnessing purely online players, but even traditional brick-and- mortar stores needed to have an online presence in order to succeed; a transi- tion that triggered the need for high upfront financing. Gradually, the market developed a new wave of establishments geared at supporting startups to over- come their financial challenges. Private equity, along with variations such as seed capital, angel investors and venture capital are the most widely sought out forms of funding – all of which precede a possible IPO. Jakson Peters has been CFO at Property Finder since February 2020. An executive with more than 20 years of experience leading financial operations and business strategy, he was previously CFO of Catho, the leading jobs portal in South East Asia in Brazil and Seek Asia, with prior stints at Daimler, Mondelez and Positivo Tecnologia. well as on the investment capacity of said individuals. For a more strategic route, one could opt for an external funding partner. I would always advise that the deciding factor while choosing a partner should be more than merely a monetary incentive, as the risk often outweighs the short-term financial benefit. When considering a partner, the main driver should always be to look for someone with complementary skills and experi- ences that balance one’s own. Depend- ing on the start-up’s business model, founders can also look to their suppliers for funding. This is commonly observed in retailing sector and can be an excellent source of capital, as long as this partner- ship does not hamper the founder/com- pany’s relationship with other suppliers. Lastly, banking institutions offer an array of financing solutions ranging from credit card receivables to short term loans. Although banks often serve as the most expensive sources of funding, they play a crucial role when there is a momentary need for cash. Capital. A number of organisations have risen in recent years to offer funding solutions to new entrepreneurs. DO’S AND DON’TS To sum this up, I’ve narrowed it down to a few key pointers that I’ve learnt along the way on the dos and don’ts when it comes to funding a startup: DO know your business model like the back of your hand. Have a clear understanding of your market potential as well as how much capital is required to grow your business for at least the next 12-18 months. DO have clear KPIs set in place to track the development of your business against your business plan and end-goal. DO target investors that have more to offer than just capital. Consider the investor’s experience with the business model and market you are looking to penetrate, the quality of their portfolio network and their reputation – are they a long-term player? Do they provide support but also leave you with freedom of choice? Before getting into a partnership with an external entity on individual, I would strongly advise budding entrepreneurs to retrospect and first understand their plan and goal as thoroughly as they can, and then venture out to find the suitable fit. DON’T chase the money – to reiterate the above, investors play a much bigger role than simply funding business. An investor that will invest at the highest valuation may not necessarily be the best fit for your business and could possibly cause potential hinderances to your growth. DON’T dilute yourself excessively to the point where you are unable to enjoy the fruit of your labour. Be careful to not put yourself in a situation where you’re working around the clock, yet un- able to benefit significantly. DON’T have a transactional mindset with in- vestors – you want them to be your partners and support you through your journey, and it is key that you look at them as long-term companions. DON’T put different potential investors in an auction to extract the most – think long term. Most importantly, always remember that you are the founder, and the company is your vision. Find an investor that is aligned with you, not one that wants you to follow their lead. That being said, advice from investors is invaluable; be open and flexible to adjust your plan. “FIND AN INVESTOR WHO IS ALIGNED WITH YOU, NOT ONE WHO WANTS YOU TO FOLLOW THEIR LEAD.”26 C EO M I D D L E E A S T AU GU ST 2 0 2 1 TIME | ROLEX and Australia found that 72 percent of workers would prefer a hybrid work style – meaning they would work both from the office and at home. Despite the fact that employees want to return to office work in some capacity, a quick Google search reveals that there are many concerns about moving from remote work scenarios back to office environments. ith Covid-19 vaccinations being offered around the globe and the promise of life returning to a new normal, many employees are left wondering when they will be called to return to the office. While opinions vary about what the future of work looks like, a survey commissioned by Slack of 9,032 workers in the US, UK, France, Germany, Japan HOW TO SUPPORT EMPLOYEES AND EASE RE-ENTRY ANXIETY While there is no single approach to eliminating anxiety involved in returning to the offi ce, there are steps that leaders and managers can take to reduce stress, says Gaj Ravichandra There is also endless contradic- tory information regarding what the new work environment will look like for many people, which understandably is causing concern for employees and employers alike. The anxiety that employees feel is typically related to two key factors. First, they feel uncertainty about how a return to the office will feel after working remotely for over a year. Secondly, they worry about the destabilising impact it may have on the routines they have developed over the last year. While there is no single approach to solving these issues, there are steps that W WORKPLACE The new workplace. Employers could focus on the flow of people and office layout to ensure social distancing.AU GU ST 2 0 2 1 CEO MIDDLE E A ST 27 WORKPLACE leaders and managers can take to reduce the anxious feelings their teams will have when returning to the office. Recognise the impact of routine change Breaking the routines that your employ- ees have created at home could pro- voke anxiety as they may have become dependent on certain patterns that have helped them get through each day. In fact, the study commissioned by Slack suggests that 51.6 percent of workers saw an improvement in work-life balance after transitioning to remote work. Most likely, this is because simple activities like taking the kids to school, undertaking housework while working, or exercising in place of a long commute have become commonplace this year. While many of these routines are impossible to continue when working from an office, there has been a greater emphasis on employee health, wellbe- ing and work-life balance over the last 12 months. Some teams have designated days for meetings, set certain times for emailing, or even set certain days for collaboration and for individual work. When we return to the office, it’s important to keep these routines in place as much as possible. This structure gives your teams time to get their work done and can help ease the anxiety that some people may be feeling about suddenly working around other people again all day. Whatever other support systems your company has implemented during Covid that were designed to enhance productiv- ity, should be retained in the office. “WHILST THE RETURN TO THE OFFICE WILL BE A CHALLENGING TIME, IT ALSO BRINGS MANY OPPORTUNITIES FOR COLLABORATION AND PRODUCTIVITY.” Focus on reducing risk Fixating on the negatives for too long can create anxiety – this is a long-term evolutionary process that was used by our minds to keep us safe and alive. Though it wasn’t really necessary day-to-day pre- pandemic, it has become the norm over the last year, as our own physical health and that of our loved ones is jeopardised. Despite vaccinations now being widely available in most developed and developing countries, the threat of Covid-19 will still be present after return- ing to the office, creating anxiety. It is natural for employees to be concerned about their health – espe- cially in offices that may be crammed, poorly ventilated or not have the safety procedures that have become the norm in other locations. As a workplace, what steps can you take to make employees feel more at ease? Focus on the flow of peo- ple and office layout to ensure social dis- tancing. This may mean taking a phased approach to returning to the office or alternating work schedules to ensure eve- ryone can maintain distance, stay healthy and feel comfortable. Consider allowing versatile work structures: for example, allowing some employees to stay remote, some to use flex work locations and oth- ers to be in-office only. Provide mental health supports This step goes far beyond just the initial return; make sure that any mental health support you introduce is implemented long-term to promote the safety and wellbeing of everyone. Prior to the pandemic, a HSE study from 2019 found that 44 percent of work-related illness was related to anxi- ety or depression. This amount has only increased, with a 2021 study by the Office of National Statistics in the US suggest- ing that the number of adults suffering from depression in 2021 has doubled. Regardless of your job title, most people are experiencing mental health concerns or some level of anxiety related to returning to the office. Making mental health support easily accessible and focusing on creating an open environ- ment to discuss anxiety is essential. Communicate with kindness Express what is happening and allow open conversation with your teams. If you are the leader in an organisation, you too will face struggles with the transi- tion. Communicate how you feel too, and ensure you are creating an environment based on mutual respect, communication and empathy. Whilst the return to the office will be a challenging time, it also brings many opportunities for collaboration, team building, socialisation and productivity that we have been missing out on. Focus- ing on communication, empathy and respect will go a long way when easing the transition to a new normal. Strategist. Gaj Ravichandra, Dubai-based organisational psychologist and career coach.28 C EO M I D D L E E A S T AU GU ST 2 0 2 1 THE WORK-LIFE BALANCE The serial tech entrepreneur has always believe in moral obligation to make an impact. During the last two decades he has worked with an amazing team of people and continue to do so in his quest to make a difference LEADERSHIP PROFILE IN CONVERSATION WITH… BHAVIN TURAKHIA, CEO AND CO-FOUNDER OF ZETA havin Turakhia is a billionaire serial entrepreneur, and the founder of Flock, Radix, Co- deChef and Zeta. He is the CEO of Flock and Zeta. He co-founded Resellerclub, Logicboxes and BigRock in 1998 and exited them in a $160m transaction in 2014. Subsequently, he founded Radix in 2012, Flock in 2014 and Zeta in 2015. How did you get started as an entrepreneur? I was very fortunate to find my passion B early on. I was born and raised in Mum- bai, and my school installed its first computer room back in 1989 when I was 10 years old. This was before the inter- net or Windows or anything like that. I went to the lab every chance I got. Be- cause my family didn’t have a computer at home, my teacher would leave me the keys so I could stay after school for two to three hours to teach myself how to code. To help, my father bought me over thirty programming books, and I’d practice all the various techniques.AU GU ST 2 0 2 1 CEO MIDDLE E A ST 29 LEADERSHIP PROFILE I was always a voracious reader, and my father also bought my brother and I many other books to read around this time. Biographies were my favourite genre, and I read the stories of many successful entrepreneurs. This helped inspire me to build my own company. And, because of my love for computer science, I knew it needed to be in tech. As teens, my brother and I did soft- ware consulting on the side after school. When I was 17, I co-founded my first company — Directi — with my younger brother, using a $375 loan from our fa- ther. We bought a server from a compa- ny called Alabanza, started selling web hosting and domain names, and grew the business from there. Later, I co-founded four more com- panies- BigRock, ResellerClub, Log- icBoxes, and Webhosting.info, which I sold in a $160m transaction in 2014. At present, I am involved with 3 B2B SaaS companies. Radix, a domain name reg- istry that operates leading extensions like .online and .tech, Nova, a suite of productivity and communication apps that includes Flock and Titan; and Zeta, a banking tech company that is chang- ing the way banks deploy technology. Where do you think your work ethic stemmed from? One of my cherished beliefs is that it is our moral obligation to make an impact that is proportionate to our potential. I strive to learn about different problem spaces and push myself constantly to excel and take on challenges, it’s a part of my core programming. The work ethic comes naturally when there is a strong motivation. What does the word success mean to you? For me success is having a fearless mind- set and that is something that I learnt from my father. “You can achieve any- thing if you set your mind to it,” that’s what my father used to tell us all time. It’s okay to fail, but the thing that scares me the most is not giving my best shot. What makes you get out of bed each day? The excitement of working with a won- derful set of people around me and solv- ing problems with technology which brings efficiency in the real world makes me look forward to each day. Can you name a person who has had an impact on you as a leader? I’ve read tons of amazing biographies in my life and stood on the shoulders of giants. I’ve really learned a lot from en- “THE EXCITEMENT OF WORKING WITH A WONDERFUL SET OF PEOPLE AROUND ME AND SOLVING PROBLEMS MAKES ME LOOK FORWARD TO EACH DAY.” Connection. Flock’s technology keeps organisations engaged and connected across all devices, wherever work takes them. trepreneurs that have made an impact. If I had to choose one right now, it’d be Elon Musk. His biography is one of my favourites. There were many times that Tesla and SpaceX were on the brink of bankruptcy. Even now, Tesla is the most shorted stock and people ques- tion Musk’s judgement and abilities in many ways. I admire his determination and the fact that he’s chosen crazy and massive goals to reach for. That level of ambition and drive is very admirable. How did Zeta come to be? My co-founder Ramki Gaddipati and I have always been very passionate about the banking and payments space. If you look carefully, banking soft- ware is stuck in the stone ages. Banks today work with several disconnected and monolithic software vendors that have been around for 20+ years. Most banks were built on decades old tech- nology deployed at a time when Main- frames, Cobol, and Batch-processing were the standards. Cut ahead to today, as a result these legacy challenges banks are slow to innovate and provide sub- par user experiences to their customers. To address this, Zeta has built from scratch the most modern banking stack ever. Our stack is completely cloud na-Next >