The Global Startup Pitch Showcase 2024, held at Phocuswright WiT Middle East, revealed not only cutting-edge ideas but the grit, grind, and gut instinct it takes to survive and scale in today’s turbulent funding climate.
If there was a common thread running through the Global Startup Pitch Showcase, it wasn’t just innovation, it was resilience. Two winners of the 2024 competition – Jeff Pan (Belli, Asia Pacific Seedup winner) and Kristina Melsova (atlaseek, Emerging Markets Seedup winner), were featured alongside Mohammad Salman Arain (Umrah Companions), an up-and-coming startup in the region.
They shared not only what their startups are solving, but the struggles they face in navigating a challenging funding landscape.
Hosted by Phocuswright’s managing director Pete Comeau, the showcase was part celebration, part reality check. Belli and atlaseek had emerged from nearly 150 entries worldwide in a global competition now in its fourth year.
“Don’t ever do a startup. It’s terrible.”
That first quip by Jeff Pan of Belli drew laughter, but it echoed a deeper truth. “I got rejected 120 times in three months,” he said, referring to his current fundraising round. “It’s a brutal environment.”
Mohammad Salman Arain of Umrah Companions agreed. “Institutional funding is there for the right venture and traction but it’s harder. The bar is higher, the competition tougher, and the tech landscape changes so fast.”
Even with a contract just signed with Pakistan International Airlines to handle 65,000 passengers end-to-end using their platform, raising capital remains a hurdle. “We’re just starting our fundraising journey,” he said, “but investor conversations get more serious when you show deals like this.”
“Chase customers, not investors”
That’s Kristina Melsova’s approach with atlaseek, a SaaS platform helping marketing teams work with creators. “I chose to chase customers because if you’re not solving a big enough problem to get organic traction, maybe it’s not worth the time.”
Bootstrapped so far, Kristina’s focus is on solving a clear pain point for brand and destination marketers. “It’s not that I don’t know investors, I just don’t want to get distracted,” she said. “When the time is right, I’ll raise on better terms.”
She also delivered one of the more heartfelt moments: “Dubai lifestyle is tempting, but I’ve adjusted. I used to work corporate with a blow-dry and heels. Now I survive on a minimal salary, but I believe in my business.”
The magic wand moment
Comeau wrapped the panel with a “magic wand” question – what’s one thing they’d wish for to accelerate their business?
- Salman: A strategic FinTech partner to take Umrah Companions to the next level.
- Kristina: A dream partnership with a major destination like Visit Dubai.
- Jeff: The power to crack opaque airline procurement. “Airlines make huge decisions based on who the CIO had steak dinner with,” he joked. “Not product quality. That’s my barrier for the next five years.”
This wasn’t just a startup showcase. It was a candid, sometimes funny, often poignant look at the founders behind the ideas. The innovation is real but so is the hustle.
