Yahya Aqel

How did your experience at IE prepare you for your professional career? In what ways do you think the program you did has changed your life professionally and personally?

When I enrolled to IE it was because I wanted to do something global. I was already an entrepreneur, I had started three businesses before—all of them in the healthcare sector, none in tech. Then I started at IE and was exposed to a diverse group of people. It was 2014, a period of great momentum for tech companies: Airbnb, Uber, and the likes. I started experiencing these apps and discussing these case studies with the people at IE. 

All of this led me to an “a-ha” moment. What I wanted to do was to use my previous experience and attempt to solve a problem, but this time by leveraging technology. It's something I had always observed but never considered resolving through technological means. The exposure to a very diverse group of people at IE was really helpful to get there, because you get exposed to a lot of different experiences, especially in Tech. And there’s the courses, too. I remember a course that completely changed my perspective on business: Entrepreneurship Management. It was during this course that the idea of what would become Aumet came to my mind while I was reading the Airbnb case study. I completely shut off and started to think about it, "Okay, so why don't I do the same as Airbnb, but in the pharma and healthcare industry? Because, in the end, it's the same challenge."

So, let's say the classes, the opportunity to share with great classmates, and the diversity of the team; all of these things pushed me to think outside the box and helped me decide to jump in and start my next venture. 

What is one thing you wished you knew, when you were a student?

I would have loved to know more about the Y Combinator startup accelerator; and to know more about fundraising for business ventures in general. When I started my own startup, I didn't even have proper knowledge of what an entrepreneur was, what a startup was, or that there are these things called fundraising and accelerators. I simply had an idea; I knew how to get it done and wanted to execute it. So, I had to bootstrap it with my own money. But had I known during my studies that I could raise funds from business angels, or that I could apply to accelerators I would have considered those options. It took me six months to learn all these things, and at that time I had already spent around half a million dollars on the startup. Luckily, it all turned out fine, but I would have liked to have known more about VCs, business angels… I could have even reached out to friends and family and explored other fundraising options.  

Some entrepreneurs prefer to bootstrap and use their own money, and that’s okay. But they need to make sure they have a SAFE, for their own benefit. With my own money, I didn't put any conditions or a SAFE in place, so when investors came in, I had to give away equity. I made that mistake. 

What’s the importance in maintaining close ties with your peers and engaging with the IE community?

When I started my project, some of my colleagues at IE flew to Amman to be part of this project from the beginning. They helped me in various aspects: some taught me about digital marketing, some assisted me with the tech side, and others helped me explore different ideas. We are a group of five major executive team members who come from IE, two of them are my co-founders, and the other two are part of the executive team. We all had a strong connection through alumni gatherings and such. You definitely grow with the experience and knowledge of the people around you. Most people who come to IE already have a good business background, so being close to them, discussing with them, and checking their ideas allows you to learn from their mistakes or sometimes avoid making new ones.  

What traits were important for you to find in your business partners?

One of the most important is their experience in managing people. Management skills are crucial because as a company grows, building a capable middle and higher management team becomes essential. Some people excel in solo work but struggle when they have a team to lead.

I also value hunger for improvement. One of our core values at Aumet is being anti-fragile: I seek individuals who continuously work on themselves and strive to upgrade their knowledge. They never settle for thinking they know enough. 

Moreover, self-learning, people management, integrity, and openness are qualities I greatly appreciate. And of course, hard work is highly valued. It's not just about working smart, but also working hard.

What is the most difficult part of being a CEO?

The toughest part of being a CEO is the loneliness. You have to handle problems on your own and without showing to anyone else, because you don't want to transfer your burdens to others; they should feel confident and supported. The biggest difficulty for a CEO is realizing that you need to be comfortable with discomfort and loneliness.

In anything that’s not company related I try not to practice any form of seniority. I don’t want to be the captain when we go to play football. When we go on a picnic, I don’t want to be leading the activity. I prefer just being part of the team. As a CEO, you are always making decisions and taking on responsibilities, and it can be consuming.

Are entrepreneurs born or made?

I would say it's a mix, to be honest. When I look back at my childhood, it's clear that I wasn’t the typical kid. I was buying and selling stuff, running errands, and doing the shopping for my family when I was six. I was always handling money. By the time I was ten, I had already started my own business. And then, after college, I had a company with 50 employees. So, it's a bit of the two, you can make yourself an entrepreneur, but maybe you also need to have the “genes”, the mindset, or the predisposition.

As the founder of three successful startups, how do you know when it’s the time to put an exit strategy into action?

The decision of when the moment is to do the exit is based on evaluating all the possibilities for growth. You need to consider what’s the most you can achieve from your current business model and assess the offers you receive. You have to weigh the efforts you put in against the potential for exponential growth elsewhere. Because you may realize that by putting in the same amount of effort or even less, you could double, triple, or even grow ten times more than what you're currently doing. That's when you reach a point where you decide it's time to exit and pursue a bigger mission. When I’ve decided it was the moment for an exit, I've always had the mindset of wanting to reach higher, not to settle for where I was standing. So, when I have come to the conclusion that being in a particular company will only yield a 10-20% growth, that's the moment I know I needed to step out, sell it, and move on to something that has the potential to grow even more.

Your company uses AI to forecast procurement and stock for pharmacies. What would you say are the limits of AI capabilities? And how can young entrepreneurs have a future-ready strategy that includes AI as a building block of their core business?

It's time to embrace AI and make the most of this technology for the benefit of humanity. We at Aumet believe we will secure 1 billion lives by digitalizing the medicine ordering system using AI. Today, our solution is available in the MENA region, but we see ourselves going into Europe and the United States very soon. Using AI, we’re changing the way pharmacists forecast and order their pharmaceutical supplies. It’s a system that’s been in place for over a hundred years.

Our engineering and science team is continuously exploring new factors that can enhance the ordering process and help pharmacists make more informed decisions to maximize their profits. We are passionate advocates of artificial intelligence and of the solutions we are building with it. Once our AI solution reaches its full potential, we genuinely believe it will be a game-changer, not only in our region, but globally. And the same applies to virtually any industry out there, I believe that having a future-ready strategy that includes AI is essential for any company today.

What advice can you give to entrepreneurs looking for their first rounds of investment?

Investors and business angels can consume and sometimes distract you from your own business. My advice is to always prioritize your project and focus on building a good business with solid revenue. When you have a successful business, investors will naturally be drawn to you. It's like a gear mechanism, if you generate money, they will chase after you. However, if you chase them without a strong foundation, they may not show much interest. This is how I see it, to be honest. 

If you’re approaching your first round of investment focus on the execution, get things done, don’t get distracted, and always hire people that you would love to have as teammates. Because, in the end, it’s all about the people. Never settle for mediocrity; strive to work with talented individuals who share your vision and dedication.

What can alumni do to create a positive impact, not only within the IE community but also for the rest of the world?

The IE community is doing great in terms of building and supporting various startup businesses. I have noticed a lot of promising startups emerging, and I also contribute from different angles. Personally, I believe that being part of the IE alumni community can be a fantastic platform to connect with like-minded individuals and engage in positive interactions. Surrounding yourself with such people who think positively can help you tackle life's challenges and create a beneficial environment for everyone involved. Ultimately, it's all about the people you meet and the connections you establish. When you surround yourself with IE alumni or individuals who share a positive mindset, it can have a positive impact on your personal growth, their growth, and even contribute to the betterment of the global community. That's how I see it.

What’s your measure of success?

Growing in experience, increasing your knowledge… And cash in my bank account!

How is the Yahya of today different from the Yahya who graduated from IE?

I think there’s a 180-degree difference. Mindset, experience, and beliefs are all completely different. Even my character has changed, I’m a completely different person to the one that began studying at IE in 2015.  I've matured a lot in terms of doing business. I've made thousands of mistakes, and I've learned from each one of them. The things I used to believe were right I now realize are not necessarily right. I’m in a completely different place right now… If I met the Yahya of 2015 I don’t think I’d get along well with that person!

If you had a billboard that you could display to the world, what would you write on it?

“Always look for the win-win strategy,” Before seeking ways to win yourself, prioritize finding ways for others to win.

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