By: Husam Yaghi
The year was 2016. The air crackled with a barely audible hum, not of electricity, but of possibility. In hushed conversations and stolen glances, the whispers of a revolution danced on the wind – blockchain. It wasn’t just a technology; it was a siren song, beckoning me, an entrepreneur with a head full of dreams and a heart brimming with audacity, to the shores of a digital frontier. Thus, Ateon was born, the first blockchain solutions company in Saudi Arabia, a tiny spark in the nascent embers of a technological phoenix. We were pioneers, yes, but little did we know, the path ahead would be a crucible, forging us not just in code and servers, but in the fires of resilience, adaptation, and unwavering belief.
Being first isn’t always synonymous with being best. It’s like venturing into uncharted jungle; the thrill of discovery dances with the gnawing uncertainty of the unknown. But for those bitten by the bug of innovation, the potential rewards – shaping the narrative, forging new paths, even redefining entire industries – make the trek worth the sweat and the scars.
Sure, there’s an undeniable allure to being the flag-bearer, etching your name on the digital frontier. But like any good explorer, we pioneers know the map is often scribbled on parchment, riddled with blank spaces and dotted with potential pitfalls.
Trailblazing the Unknown
- Educating the Market: In the early days, blockchain meant Bitcoin, and Bitcoin… well, let’s just say it had a bit of a PR issue. I spent countless hours in hotel conference rooms, traversing cityscapes to meet clients, patiently unfurling the tapestry of blockchain’s true potential, beyond the shadows of cryptocurrency. It was an uphill battle, fueled by passion and countless cups of lukewarm coffee.
- Building the Arsenal: Resources were scarce in that digital Wild West. Attracting top talent required not just competitive salaries, but the intoxicating lure of building something revolutionary. We improvised, we bootstrapped, and we learned to pivot faster than a desert nomad in a sandstorm.
- Navigating the Skeptics: “Isn’t that the Bitcoin thing?” This was the refrain I heard all too often. Companies, understandably cautious, hesitated to embrace a technology shrouded in whispers of illicit activity. Every contract won felt like a small victory, a chip carved away from the wall of skepticism.
Finding the Sweet Spot
So, when is early entry a wise move? The answer, as always, is a messy blend of variables:
- Market Maturity: Is it a wide-open savannah or a tangled mangrove swamp? In fast-paced tech, speed can be your weapon. But in slower-moving landscapes, waiting for the dust to settle might be wiser.
- Resource Arsenal: Are your pockets deep enough for the expedition? Talent, technology, and resilience are your tools, and you need a well-stocked backpack to survive the uncharted terrain.
- Competitive Landscape: Are there lumbering mammoths on the horizon, waiting to swoop in with polished offerings? Sometimes, letting them clear the initial brush can be a tactical win.
My Ateon Story
Before Ateon emerged as a pioneering force in Saudi Arabia’s tech landscape, my entrepreneurial journey had already spanned continents and industries. From my first startup in 1986, to building companies for others across diverse fields, each venture honed skills and instilled lessons that proved invaluable when I ventured into the uncharted territory of blockchain.
The challenges of launching Ateon in a nascent market like Saudi Arabia were unique, demanding not just technical expertise but also an agile leadership style and a deep understanding of cultural nuances. Yet, the years spent building diverse companies had prepared me for these hurdles. The grit and resourcefulness fostered in Baton Rouge fueled my determination to navigate the unmapped terrain. The lessons learned in building teams across multiple industries sharpened my ability to assemble a talented and diverse workforce at Ateon, able to bridge the gap between cutting-edge technology and local realities.
One crucial skill honed through my previous ventures was the art of navigating ambiguity. Launching Ateon meant venturing into a world where the rules were still being written. My experience adapting to the ever-evolving landscapes of different industries proved invaluable in shaping Ateon’s course, making swift decisions based on limited data and embracing the inherent fluidity of a nascent market.
Another invaluable lesson came from the importance of building trust and fostering strong relationships. My years spent collaborating with stakeholders from diverse backgrounds taught me the power of understanding local sensibilities and building bridges across cultural divides. This proved crucial in establishing Ateon’s credibility within the Saudi Arabian market, gaining the trust of investors, clients, and regulators alike.
The journey of Ateon, though filled with its own set of challenges, was never an isolated venture. It was built on the foundation of lessons learned and skills honed across years of navigating the ever-changing landscape of the tech world. From the early hustle of Baton Rouge to the intricate collaborations in building diverse companies, each experience contributed to the leadership and adaptability that steered Ateon through the uncharted waters of blockchain adoption in Saudi Arabia.
{with Steve Wozniak in Baton Rouge, Louisiana}
Fueled by the skills and wisdom gleaned from years of navigating diverse landscapes, I set my sights on a new frontier: leveraging blockchain to transform Saudi Arabia’s tech landscape. This vision gave birth to Ateon in 2016 to provide blockchain transformative solutions in Saudi Arabia. It was my vision to transform legacy banks into blockchain-based digital banks and to encourage enterprises to use blockchain for access control, instant settlement of Point-of-Sale transactions, access to automated teller machines, identity management, and documents exchange. Within two years, we completed several proof of concepts to major institutions and won a few contracts. Let us dive deeper into these specific struggles and share the innovative solutions I adopted.
A tech evangelist at heart, I’ve always been captivated by the disruptive potential of new technologies that empower and streamline. When I first encountered blockchain, its inherent promise of decentralization and security ignited a spark within me. I envisioned a future where secure, transparent transactions could foster trust across industries, from finance to healthcare. Ateon became my platform to translate that passion into tangible solutions for Saudi Arabia, helping businesses embrace blockchain’s revolutionary capabilities and unlock its potential for real-world impact.
Conquering Misconceptions
One of the biggest hurdles was overcoming the misconception that blockchain was synonymous with Bitcoin and its shadowy underbelly. Repeatedly, I had to explain the transformative potential of distributed ledgers to bankers who saw it as a haven for hackers and illegal transactions. To combat this, I took a multi-pronged approach:
- Targeted seminars: I didn’t wait for people to come to me. I held free blockchain workshops for bankers, focusing on practical applications within the financial industry, like secure transactions and enhanced transparency.
- Media outreach: I actively engaged with local media, giving interviews and speaking at conferences. Several newspapers featured our work, highlighting the potential of blockchain and Ateon’s pioneering role. This helped legitimize the technology in the eyes of the public.
- Building Trust: Every interaction, from client meetings to industry conferences, presented an opportunity to dispel misconceptions and demonstrate the genuine potential of blockchain technology. By consistently adhering to principles of professionalism, transparency, and deep technical expertise, we gradually earned the trust of potential users and investors. This commitment to building trust was further validated by FintechSaudi, a prestigious initiative of the Saudi Central Bank. Recognizing the value and innovative potential of Ateon, they included us in their esteemed Fintech Companies Landscape, even granting us a dedicated category. This endorsement served as a powerful testament to the effectiveness of our trust-building efforts and solidified Ateon’s position as a pioneer in the emerging blockchain landscape.
Building my Blockchain Army
Finding talent in the nascent blockchain space was like searching for diamonds in a sandstorm. There simply weren’t enough experienced professionals to go around. But instead of throwing up my hands, I decided to create my own.
- Daily bootcamps: Every morning, our staff meetings morphed into mini-lectures. I donned my “professor hat” again, drawing on my electrical engineering background to break down complex blockchain concepts into digestible chunks. These daily sessions became our core training program, nurturing our team’s understanding and laying the foundation for further growth.
- Global knowledge grab: Recognizing the need for specialized expertise, I sent some of our brightest minds to international blockchain conferences and workshops. This investment broadened their horizons and brought back cutting-edge knowledge to fuel our innovation.
- Talent magnet: The passion and dedication of our learning culture attracted skilled individuals who shared our pioneering spirit. By fostering a collaborative environment where everyone had the opportunity to learn and grow, we built a loyal and talented team, despite the initial talent shortage.
Forging Global Alliances
While nurturing talented minds within Ateon was crucial, I also recognized the value of strategic collaborations. To accelerate our learning and access top-tier expertise, I actively sought partnerships with established blockchain startups from diverse backgrounds.
- Global Knowledge Exchange: I forged alliances with some of the most innovative blockchain companies in Belgium and the USA. These collaborations opened doors to advanced knowledge and cutting-edge research, further fueling our internal training programs and development initiatives. By exchanging best practices and sharing unique insights, we cross-pollinated our teams and unlocked new possibilities for blockchain integration.
- Mutual Growth: These partnerships weren’t one-sided. Ateon’s deep understanding of the Saudi Arabian market and unique perspective on emerging technologies offered valuable contributions to our international partners. We facilitated their entry into the local market, providing strategic guidance and industry connections. This mutually beneficial collaboration fostered a global network of blockchain pioneers, propelling innovation forward at an accelerated pace.
These experiences were invaluable lessons about patience, resilience, and the power of creative problem-solving. By facing challenges head-on, I discovered that sometimes, the greatest achievements come not from having all the answers, but from the willingness to learn, adapt, and inspire others to join the journey.
Navigating the Seas of Startup Success
The entrepreneurial journey is often a delicate dance between passion and pragmatism. While the fire of innovation may propel a startup forward, it needs to be balanced with the need for financial sustainability. This complex equation is where the role of the board and shareholders becomes critical. Supportive boards act as guiding lights, offering strategic advice and celebrating milestones alongside setbacks. They understand the inherent risks and rewards of pursuing ambitious visions, allowing the entrepreneur to navigate the inevitable twists and turns with autonomy and focus. On the other hand, controlling boards can become anchors, dragging down the ship with unrealistic expectations and short-term pressures. Their laser focus on immediate financial returns stifles creativity, suffocates the entrepreneurial spirit, and ultimately hampers the potential for long-term success.
A Call to Action
These experiences taught me the value of perseverance and inspiring others. If you’re facing challenges in your own path, remember that being a tech pioneer isn’t for the faint of heart. It’s a constant dance between audacity and prudence, a battle fought not just with code and servers, but with grit and vision. But for those who dare to break the mold, the rewards are intoxicating.
The satisfaction of shaping a brand new world, of guiding the digital compass towards uncharted horizons, is a feeling no latecomer can ever truly replicate. So, if the call of the untamed tech frontier is beckoning, remember this:
- Weigh the risks, sharpen your tools, and most importantly, never lose sight of the vision that ignited your pioneering spirit.
- Embrace the challenges, celebrate the victories, and share your wisdom with fellow trailblazers.
However, remember that innovation doesn’t always require being the first. Even as latecomers, there’s immense value in refining existing ideas and delivering them to wider audiences.
While the thrill of pioneering is undeniable, it’s crucial to remember that being first isn’t the only path to success. In the tech landscape, second movers can reap immense benefits from learning from early pioneers, iterating on existing ideas, and reaching wider audiences. Consider focusing on building a truly differentiated and valuable solution rather than solely chasing the first-mover crown. The most impactful pioneers, regardless of their entry point, are those who solve real problems and improve lives.
P.S. Feel free to share your own tales of early entry adventures in the comments! Let’s leverage our collective experience to support future pioneers and build a brighter tomorrow.
- {The first Contract to build a blockchain system for the Islamic Development Bank to manage & control aid to member states. The project was also covered by Reuters.} ↩︎
- {Reputation soars as Lebanon’s Central Bank invited us to collaborate on financial innovation}
↩︎ - {A discussion on Saudi Arabia’s latest advancements} ↩︎
- {Featured for a philanthropic initiative in Baton Rouge, Louisiana} ↩︎
- {Meeting with the Co-Founder of Apple, Mr. Steve Wozniak, in Baton Rouge, Louisiana} ↩︎
- {Won a grant from the National Science Foundation to build a multimedia online learning system in 1992} ↩︎
- {Lecturing about blockchain and its impact on investment banking} ↩︎
- {Bridging the gap: From blockchain believer to industry influencer} ↩︎
- {Recognized by Saudi Fintech of the Saudi Central Bank in 2018} ↩︎
- {Appreciation by the team for my leadership and mentorship} ↩︎
- {Lecturing about blockchain and interviewed by CNBC} ↩︎
- {Lecturing about blockchain to bankers at a hotel hall} ↩︎
- https://finance.yahoo.com/news/biometric-blockchain-atms-scan-face-105337452.html ↩︎
- {Discussing how blockchain could play a role in accomplishing Vision2030} ↩︎
Disclaimer: “This blog post was researched and written with the assistance of artificial intelligence tools.”