{"id":549266,"date":"2022-09-11T04:00:37","date_gmt":"2022-09-11T04:00:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/this-morning-meltdown-on-planet-startup-finmin-ends-fixed-customs-exchange-rate\/"},"modified":"2022-09-11T04:00:37","modified_gmt":"2022-09-11T04:00:37","slug":"this-morning-meltdown-on-planet-startup-finmin-ends-fixed-customs-exchange-rate","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/this-morning-meltdown-on-planet-startup-finmin-ends-fixed-customs-exchange-rate\/","title":{"rendered":"THIS MORNING: Meltdown on Planet Startup + FinMin ends fixed customs exchange rate"},"content":{"rendered":"

Good morning, friends, and welcome to a very busy Sunday in which the apparent <\/strong>meltdown of Capiter is the only thing most people are talking about. <\/strong>The board of the high-profile B2B e-commerce startup said it had fired the company\u2019s two co-founders \u2014 who are also its CEO and COO \u2014 alleging the two brothers had failed to show up for meetings with representatives of the board.<\/p>\n

The news comes as Capiter\u2019s meltdown has been chronicled in near-real time <\/strong>through social media posts that have included allegations both conceivable and outlandish. Business failure is messy, but it doesn\u2019t mean that everyone is a crook<\/strong> (until proven otherwise).<\/p>\n

It is becoming a pile-on, and we\u2019d ask you to remember this: Building (or investing in, or <\/strong>working at) <\/strong>a new business is risky.<\/strong> All the more so if you\u2019re chasing scale, as the venture capital growth model demands. Businesses were failing long before VC investing was the \u201cthing.\u201d Consider the stats from the US of A: One in five new businesses fail in their first year. Half of all new businesses disappear from the face of the earth by year five. And about 70% of businesses fail to make it to their 10th birthday.<\/strong> And that is in a country that has enough experience with entrepreneurism to have real small business funding products, experienced founders, and meaningful <\/em>bankruptcy protection laws.<\/p>\n

Presuming there has been no financial impropriety on the part of the Nouh brothers (a presumption we have to make until the contrary is proven): \u201cThis would not even be a story in Silicon Valley \u2014 it would just be another Friday<\/strong>,\u201d venture investor Aly El Shalakany told us over the weekend.<\/p>\n

Capiter is the first high-profile Egyptian startup to publicly implode \u2014 it won\u2019t be the last. <\/strong>More companies will fail in the coming 6-12 months. Many of them are great businesses in the making, but will choke because of current market conditions in Egypt. Because they miss KPIs that would trigger new tranches of cash from VCs. And because funding for startups is drying up: VCs themselves have less money to invest because their limited partners are looking at much less risky assets. Others will fail because they were simply never good businesses to start with \u2014 companies with incompetent founders or dumb business models, for example.<\/p>\n

What should you do if you\u2019re running a startup now? First, don\u2019t panic. <\/strong>Second, think about what your staff, your investors, and your partners (suppliers and the like) need to hear. Write out a script for each, then have an all staff. Call all your investors. Reach out to your partners \u2014 in person if you can.<\/p>\n

Second, huddle with your core team and ask yourselves: What can we do to slash the <\/strong>\u201cburn rate\u201d? <\/strong>Do we have a path to profitability? To becoming cashflow positive? It will mean growing much slower in the coming year \u2014 hell, it probably means getting smaller \u2014 but it will also mean you\u2019ll have a chance of reaching the other side, where you\u2019ll find yourself stronger (and with much less competition). We previously looked<\/a> at how local startups are tightening their belts by revisiting their growth trajectories, marketing activities and customer acquisition efforts.<\/p>\n

Lamees El Hadidi got it right last night: <\/strong>\u201cThis isn\u2019t the first company to collapse and won\u2019t be the last \u2026 especially in the current economic circumstances,\u201d adding that it would be a shame if others in the startup community were tarred as a result.<\/p>\n

The last word goes to serial founder <\/strong>Mohamed Nagaty<\/a><\/strong>, who says he thinks just 10-15% of startups survive. \u201cIt\u2019s okay for a company to collapse, and it\u2019s okay to see problems on the condition that this doesn\u2019t affect the entrepreneurship climate, which has brought in the USD equivalent of more than EGP 50 bn in the past 10 years,\u201d he told Amr Adib (watch, runtime: 5:36<\/a>).<\/p>\n

^^ We have more in this morning\u2019s news well, below. <\/strong><\/p>\n

\n

Are we about to have an EEDC-ish gathering? <\/strong>Prime Minister Moustafa Madbouly will hold a meeting this week with the cabinet economic team, consultants and other experts, we\u2019re told. The PM is preparing for what state-owned Al Akhbar Al Youm says will be an economic conference at the end of this month.<\/p>\n

President Abdel Fattah El Sisi called for the economic conference last week<\/strong>, saying in a televised speech (watch, runtime: 4:32<\/a>) that \u201cthere is a pressing need for an economic conference at which economic experts, business leaders, and investors can participate and exchange views. \u2026 I know that the National Dialogue has already formed a committee to discuss a host of economic issues, but I think we as a state are in need of a conference in which we can discuss pressing economic issues.\u201d<\/p>\n

<\/a> MEANWHILE- There\u2019s no longer a fixed customs exchange rate<\/strong>, Finance Minister Mohamed Maait clarified to Bloomberg Asharq<\/a> last week after the Customs Authority announced that the USD would change hands at the border at EGP 19.31 from EGP 18.65<\/a> in June. From now on, the customs USD price will fluctuate in line with the official exchange rate, the minister said, ending a six-month period of fixed rates introduced following the devaluation of the EGP<\/a> in March.<\/p>\n

EGP WATCH-<\/strong> The EGP continued to slip on Thursday, hitting EGP 19.36 against the greenback from EGP 19.31 a day earlier. The currency has now fallen 22.7% against the USD since the devaluation in March.<\/p>\n

\n

HAPPENING THIS WEEK-<\/strong><\/p>\n

Our friend Dr. Mahmoud Mohieldin will join the good folks at AmCham<\/strong> for a luncheon tomorrow (Monday, 12 September) from 1-4pm CLT. Dr. Mahmoud will by speaking in his capacity as UN climate change high-level champion for Egypt<\/a>. The special luncheon meeting at the Nile Ritz Carlton is open to AmCham members and their guests. Non-members can register to watch here<\/a>.<\/p>\n

Consoleya and Cairo Angels will host a business meet-up tomorrow<\/strong> focusing on Nigeria\u2019s tech ecosystem and how it compares with Egypt\u2019s startup scene. Tarek Shahin (CI Capital\u2019s chief investment officer), Biola Alabi Media CEO Biola Alabi, and Ibrahim Sagna (Afreximbank\u2019s global head of advisory and capital markets) and take part in a panel discussion moderated by Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund.<\/p>\n

Domty deadline day:<\/strong> Shareholders in cheesemaker Domty have until Wednesday to sell<\/a>their shares<\/a> to Expedition Investments, as part of its mandatory tender offer for 34% of the company. Expedition sweetened the deal by upping its offer price by 10% last week, which we cover in more detail in this morning\u2019s news well, below.<\/p>\n

B Investments is going to have to make up its mind over TotalEnergies Egypt by <\/strong>Thursday:<\/strong> The private equity player has the right to preempt a bid<\/a> by Abu Dhabi energy giant Adnoc to acquire a 50% stake in the company, which expires on Thursday.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

SIGN OF THE TIMES- Food nationalism isn\u2019t over: <\/strong>India has imposed a 20% tax on various grades of rice exports, putting further pressure on countries in Asia and Africa already struggling with food insecurity caused by the war in Ukraine, according to Bloomberg<\/a>.<\/p>\n

This isn\u2019t great news for Egypt<\/strong>:<\/strong> India, which accounts for around 40% of the global rice trade, is one of Egypt\u2019s major rice suppliers and provided more than a quarter of the country\u2019s imports in 2020.<\/p>\n

IT\u2019S OFFICIAL- We\u2019re in talks with Saudi Arabia to host the 2030 World Cup<\/strong>. Egypt and Saudi Arabia are in discussions on mounting a joint bid for the tournament, Youth and Sports Ministry spokesman Mohamed Fawzy told local sports website FilGoal<\/a>, confirming a report by the UK Times<\/a> that was published after weeks of rumors in the local press. Fawzy made no mention of Greece, which was reported to be joining Egypt and Saudi Arabia in the bid.<\/p>\n

Things will look different the next time you visit the Giza Pyramids: <\/strong>The Tourism Ministry and Orascom Pyramids Entertainment \u2014 an Orascom Investment Holding subsidiary \u2014 have launched trial operations for the Giza Pyramids\u2019 new main entrance on Fayoum Road, along with seven visitors\u2019 centers, a restaurant complex, and an electric bus system, according to a cabinet statement<\/a>. Some 1k electric cars and buses will offer tours on a trial basis, it read. The overhaul of the Pyramids Plateau area aims to boost tourism traffic to the pyramids to over 8 mn visitors annually. Check out our deep dive on the project <\/strong>here<\/a><\/strong>.<\/strong><\/p>\n

\n

THE BIG STORY ABROAD-<\/strong> Queen Elizabeth II \u2014 the UK\u2019s longest-serving <\/strong>monarch <\/strong>\u2014 died aged 96 on Thursday afternoon.<\/strong> The Queen saw 16 prime ministers come and go during her 70-year reign \u2014 during which time the country lost its empire, went through wars and economic crises, and both entered and left the EU. Her son, Charles, was officially proclaimed King Charles III yesterday, though his coronation ceremony is unlikely to happen before next year. The Queen\u2019s state funeral<\/a> will be held on Monday, 19 September, at Westminster Abbey. It will also be a bank holiday<\/a>. News of the Queen\u2019s death and reflections on her legacy have been everywhere in the global press for the past couple of days: Bloomberg<\/a> | FT<\/a> | BBC<\/a> | AP<\/a> | Reuters<\/a> | WSJ<\/a> | Washington Post<\/a> | TIME<\/a> | the Guardian<\/a>.<\/p>\n

President Abdel Fattah El Sisi offered his condolences to the UK in a <\/strong>tweet<\/a><\/strong>, where he also expressed his confidence in King Charles\u2019 ability to \u201cfill the void\u201d left by the Queen\u2019s passing.<\/p>\n

Ukraine is making gains on the battlefield: <\/strong>A major Ukrainian offensive has caused thousands of Russian troops to withdraw from the Kharkiv region, with Russia confirming the retreat of its soldiers. (AP<\/a> | Reuters<\/a>)<\/p>\n

\n

** What\u2019s Next, our weekly deep dive into the trends and companies that are shaping the future of the business community, is on hiatus this week. <\/strong>Look for it to return next Sunday.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends, and welcome to a very busy Sunday in which the apparent meltdown of Capiter is the only thing most people are talking about. 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The pair were dismissed by the board\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/184.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549280,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/capiters-meltdown-and-the-death-of-queen-elizabeth-ii-were-the-talk-of-the-town-last-night\/","url_meta":{"origin":549266,"position":1},"title":"Capiter\u2019s meltdown and the death of Queen Elizabeth II were the talk of the town last night","author":"enterpriseam admin","date":"11 September 2022","format":false,"excerpt":"The big story on the airwaves last night: The apparent meltdown of high-profile B2B e-commerce player Capiter. We have chapter and verse on that in this morning\u2019s news well and What We\u2019re Tracking Today (above).Queen Elizabeth II\u2019s death and Charles III\u2019s proclamation as king got plenty of attention on the\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549775,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/29\/another-suitor-for-capiter\/","url_meta":{"origin":549266,"position":2},"title":"Another suitor for Capiter?","author":"enterpriseam admin","date":"29 September 2022","format":false,"excerpt":"Is Saudi fintech Sanad Cash moving in on Capiter? Saudi fintech platform Sanad Cash wants to acquire 60% of crisis-stricken B2B e-commerce startup Capiter, Al Mal reported last night, citing sources it claims are familiar with the matter. Sanad is reportedly offering to clear out Capiter\u2019s debt in return for\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/428.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549268,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/capiter-board-fires-ceo-coo-as-company-looks-set-to-become-first-casualty-of-slowdown-on-planet-startup\/","url_meta":{"origin":549266,"position":3},"title":"Capiter board fires CEO, COO as company looks set to become first casualty of slowdown on Planet Startup","author":"enterpriseam admin","date":"11 September 2022","format":false,"excerpt":"The board of directors of B2B e-commerce startup Capiter has fired the company\u2019s co-founders \u201ceffective immediately,\u201d according to a statement (pdf) issued on Friday. Capiter CFO Majid El Ghazouli (LinkedIn) will become interim CEO until \u201cthe Nouh brothers return and allay the concerns of employees, suppliers, creditors and stakeholders,\u201d the\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/176.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567341,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/20\/former-swvl-co-founder-mahmoud-nouh-launches-fintech-startup-capiter\/","url_meta":{"origin":549266,"position":4},"title":"Former Swvl co-founder Mahmoud Nouh launches fintech startup, Capiter","author":"enterpriseam admin","date":"20 January 2020","format":false,"excerpt":"STARTUP WATCH- Swvl co-founder and former COO Mahmoud Nouh has launched a fintech startup called Capiter, months after leaving Swvl to \u201cpursue new personal goals,\u201d Menabytes reports. Nouh is listed as Capiter\u2019s co-founder and CEO, working alongside co-founder and COO Ahmed Nouh. According to its website, Capiter reads like a\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575464,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/egypts-e-commerce-startup-capiter-to-invest-egp-500-mn-in-2021\/","url_meta":{"origin":549266,"position":5},"title":"Egypt\u2019s e-commerce startup Capiter to invest EGP 500 mn in 2021","author":"enterpriseam admin","date":"15 October 2020","format":false,"excerpt":"STARTUP WATCH- E-commerce company Capiter plans to invest EGP 500 mn next year to expand its geographical presence and the network of its SME clients, CEO and founding partner Mahmoud Nouh said, according to Al Mal. 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