The latest acquisition of Cyacle by ride-hailing app Careem is another victory for UAE startups.
Careem recently acquired the Abu Dhabi-based bike sharing company, opening a new exciting chapter in Cyacle’s five-year run as a small and medium enterprise.
Cyacle – launched in 2014 and supported by the Khalifa Fund for Enterprise Development (KFED) – offers a fully automated docked bike-sharing service in the capital.
The company’s short-term bike rental service is accessible 24/7 through a mobile app, a touch screen kiosk, and a docking system that uses a code or a member key.
“Cyacle is an excellent example of how creative and innovative ideas can be turned into a successful business venture,” said Mouza Al Nasri, acting CEO at KFED.
“Cyacle introduced to the market a first-of-its-kind business model in the region as its unique, competitive edge. Now, it enjoys widespread success after boldly taking the lead in offering public bike-sharing scheme in Abu Dhabi.
“We consider Careem’s recent acquisition of the KFED supported company as our success, too, as we continue to back UAE startups and SMEs as part of our socio-economic contribution to Abu Dhabi and the entire country.”
She added: “Through the success stories of Cyacle and many other flourishing KFED supported startups and SMEs, we hope to inject new energy into the growing culture of entrepreneurship across the UAE.
We will remain committed to our mission to help all Emirati entrepreneurs in turning their creative business ideas into a reality in the hope of promoting innovation in our citizens, especially among young Emiratis; facilitating sustainable growth of their enterprise projects with socioeconomic impact; and building an environment conductive to the development of SMEs and startups.”
Prior to Cyacle, other major acquisitions of UAE-based startups include (and incidentally) Careem by US ride sharing firm Uber in 2019 for $3.1 billion and e-commerce platform Souq by online retail giant Amazon for $580 million in 2017.
Planning to start a business but don’t know where to start? Here are a few tips on how to develop a great startup idea…
Carry a ‘problem notebook’. Always bring with you a notebook to list down common and everyday problems. Jot down everything, from the seemingly mundane to probably the most absurd. Remember that all business ideas like Uber, the iPod by Apple and Facebook were developed as solution to prior problems faced by people.
Solve a problem you’re passionate about. Writing daily problems and actually having the energy to solve them are two different things. Find a problem that you think you’re passionate enough to remedy and build a business around. Keep in mind that putting up and running a venture is not easy, so you’ll need lots of patience, resolve and enthusiasm to carry it through.
Gain knowledge. Once you’ve identified the problem you’d like to solve, it’s time to learn more about its business potential. Do extensive research by conducting surveys, finding out the right market and technical details to get it running. Read books, magazines and articles related to your idea to prepare you even better. Finally, have the confidence to take the jump and get your idea to reality.