LOCAL STAR Tell us about yourself? I’m originally from Istanbul, Turkey, and hold a bachelor’s degree in electrical engineering from Yildiz Technical University and an MBA from Beykent University. I am both the co-founder and CEO of mrUsta. What exactly is mrUsta? It’s an open, online marketplace that allows customers to find quality service providers ‘Ustas’. Customers deal directly with the Ustas with no middlemen – for free – and receive offers from multiple Ustas based on their requirements. Simply choose the preferred offer to complete the job, and rate their Ustas on the platform, based on their performance. The service is web-based, but for a more immersive experience, we recommend that customers download our app, available for both Android and iOS devices. What field were you in prior to this? I was a product marketing manager at Nokia, and worked for other large tech giants like IBM and Vestel for the past 20 years. How did you see a niche in the market? A few years back, our air conditioner broke down in the middle of August. The building’s management promised to get it fixed, but never showed up. I called around for service providers in Dubai who were willing to do it in short notice. This wasted hours of my time, with broken promises, and atrocious rates. After talking to several friends and colleagues, I realised that this was not an uncommon story in the UAE. That’s when mrUsta – the idea – was born. We officially launched in 2014, with minor tweaks to our model along to the way, until we reached the current product. What have been your major challenges till date? We find the biggest challenge to be one of education. The UAE has one of the most diverse and complex demographics in the globe, and finding one common ‘language’ or solution that works for all is nearly impossibile. There are also varying degrees of tech-savviness in the country, and not to the extent you would expect in Europe and North America. We have to bear in mind that our friends, friends’ friends, and social circles are not necessarily representative of the UAE, as a whole. We find the challenge is not only to educate the public about mrUsta – taking into consideration these complexities – but also, to a certain degree, teaching them how to use it. We see the same challenge with service providers. As an overwhelming number of them do not exist in any form in the online space, teaching them how to take their business from offline to online does require a bit of time, patience, and of course, education. Have you secured funding or gearing up for a round? We raised Dhs1.2 million in seed funding in late 2015, and Dhs2.6 million in a second round in October <strong>2017</strong>. This second round was ‘bridge’ financing that has been instrumental in driving our growth until we go for our Series A funding in 2018. Any interesting launches rolling out this year? Based on insight and market studies, we are regularly launching new categories that we are confident that our customers – and potential clients – would be happy to see. We soft-launched in Riyadh a few months ago, and as it organically ramps up, we will officially launch in Saudi Arabia next year. Where do you see the brand in the next five years? We will continue to grow and innovate, and hopefully, set foot in major markets in the region. In the next five years, I also see mrUsta as a regional powerhouse in the online marketing sector, moving 80 per cent of offline service market to a digital platform. In addition, I foresee the brand being synonymous with service quality, and our name always being associated with happiness, convenience, and innovation. #SUPPORTLOCAL Meet Ibrahim Colak, Co-Founder and CEO of mrUsta, an online marketplace that allows customers to find quality service providers 34 EQUITY
ody & soul Indulge in a therapeutic couple's massage, tee off at Ras Al Khaimah's finest golf course, score a megayacht and place your order for the next-generation of the Bentley Continental GT. Read on to get the inside scoop on each 35 EQUITY
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