Hadi Aboukhater’s Family Updates
Kids will be out of school in just a few days. Going to try to fly standby to visit the folks for Father’s Day. Looking forward to seeing the fam…has it really already been 7 months??
Having some work done to the house – just some touch up stuff. Getting a new mailbox and redoing the front landscaping.
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Reposted from Yahoo Finance.
Business Insider, By Jillian D’Onfro
Quirky, the New York City startup with the goal of “making invention accessible,” is close to closing a new round of funding, even as more employees leave.
CEO Ben Kaufman told Business Insider in April that he planned on raising more money, and that close is “just days away,” Fortune’s Dan Primack and Stacey Higginbotham report.
The funding comes at a crucial time for the company, which has had an incredibly tumultuous year.
In the past seven months it gone through multiple rounds of lay-offs, burned through tens of millions of dollars, and discovered that its founding business model broke at scale.
Now, Business Insider has learned, Quirky’s chief technology officer, Steven Heintz, has left the company to work at Bay Area-based Flextronics Invention Lab, and Quirky appears to have shut down the San Francisco office where he was based.
We also heard from a former employee that Quirky’s “Internet of Things” subsidiary Wink was almost sold, but the would-be buyer backed out after a major malfunction of Wink’s products in April.
(Quirky did not initially respond to a call and multiple emails for this story. We’ll update if we hear back.)
When Kaufman founded Quirky in 2009, it allowed ordinary people to become inventors by submitting ideas that Quirky would turn into real products and sell at stores like Target, Staples, and Bed Bath & Beyond. As the company grew, it started accepting more complex product ideas, which not only cost more to manufacture, but often sold far fewer units than its simpler, cheaper items.
For example, the company spent nearly $400,000 developing a Bluetooth speaker that only sold 28 units.
Meanwhile, the company created a subsidiary “Internet of Things” business called Wink, which it launched after striking a deal with General Electric in 2013. The partnership gave Wink access to old GE patents and it was an impressive vote of confidence from a major company in a young startup.
But Wink’s first product launches in 2014 were far from smooth. Disappointment is rife in forum posts about various software products and Gizmodo ran an extremely harsh review of the Wink system earlier this year.
In September 2014, Quirky hired a new CFO who took a toll of the company’s financials and went into “fix-it mode.”
“We got a CFO in here who knew what the hell he was doing, and he told us a harsher reality than anyone else would tell us,” Kaufman previously told Business Insider.
By February, Quirky decided to hire bankers to help it either sell Wink or raise new outside investment.
“There’s a point where it doesn’t make sense for one unprofitable startup to keep funding another unprofitable startup,” Kaufman told Fortune.
As that process got started, Quirky decided to scale back in a few ways.
It had a round of layoffs (which, compounded with cuts in November and December, amounted to more 20% of the company), decided to stop making so many products, and shut down its ecommerce site. A new initiative, called Powered By Quirky, would align the startup with major brands like Mattell and headphone maker Harman and help those corporations figure out new products to launch. Quirky itself would only manufacture products in three categories: “connected home,” “electronics,” and “appliances.”
All told, it had an overall burn of $150 million on net-losses of $120 million. But the process of selling or raising money for Wink was “moving along,” Kaufman told Fortune, until disaster struck.
In April, the company had to do an expensive nationwide recall of its Wink products because of a “completely preventable” security error. A former Quirky employee tells us that a company that had previously been interested in an acquisition pulled out after the malfunction. Kaufman told Fortune that inventory backlogs for Wink products are still not fully resolved.
In May, Quirky’s chief technology officer, Steven Heintz, left the company to work at Bay Area-based Flextronics Invention Lab. In early June, sources told Business Insider that Quirky had laid off between 20 and 30 more employees.
Several former Quirky employees tell Business Insider that the remaining people in Quirky’s San Francisco office either followed Heintz to Flextronics, started working at Wink, or lost their jobs. Kaufman declined to comment at the time of that report, but three former employees say that the office also sold all of its machine equipment, like 3D printers and a plastic injection molding machine, to Flextronics.
Selling off that machinery would make sense, because Kaufman tells Fortune that Quirky will stop making any of its own products at all. It’s looking for Powered By Quirky partners for the “electronics” category it had decided to stick with in February.
Complete article here: http://ift.tt/1cT2V7X
from Hadi Aboukhater Entrepreneurship http://ift.tt/1BdThbx
Hadi Aboukhater’s Family Updates
When Sandy came through in 2012 it partially knocked several trees out between our house and our neighbor’s house. The trees were on the neighbor’s property. They began to die and became an eyesore. It took until this last weekend for the neighbor to decide to cut down the trees. Apparently, he’s decided not to put anything up in place of the trees. So now we’re stuck looking right at the neighbor’s deck whenever we look out the window.
We sure do miss those trees…
from Hadi Aboukhater’s Family Site http://ift.tt/1PwqmCq
Hadi Aboukhater Latest Startup Post
of 2015 launched last month. The summit brought together over 300 African entrepreneurs, government and corporate representatives, and investors to discuss entrepreneurial efforts that establish social change and democracy. Speakers at the summit reiterated the need for African entrepreneurs and investors to work together to solve systemic market needs. The emphasis being that collaboration is necessary to solve Africa’s social, economic, and financial problems.
The entrepreneurs were quite adept to identifying the gaps that need to be addressed and creating innovative solutions to close these gaps. Collaboration with like-minded individuals was also rampant throughout the summit.
Evelyn Omala is the Program Officer for the Segal Family Foundation and was in attendance last week. She travels around Africa building relationships with NGO partners and other potential individuals at the foreground of social change in Africa. SFF’s philosophy is to catch quality companies at the beginning stages of development who might not make enough capital to catch the eyes of investors. There are a lot of small startups within small communities that are extremely popular within their community and foster significant economic and social change.
The Chairman of the Kenya Young Parliamentarians Association, Johnson Sakaja, spoke at the Sankalp summit on the importance of increased investors to match the increasing numbers of entrepreneurs in Africa. There are plenty of startups in Africa that have created significant impacts in their community, so the next step is to scale these companies with help from investors.
The Sankalp summit has made it apparent that investors are turning their attention to Africa. The Global Impact Investing Network has revealed that investors are focusing on Sub Saharan Africa more than any other region when it comes to funding priorities for social finance. Impact investment is on the rise as more and more investors are looking to spend their capital on significant social impacts.
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Hadi Aboukhater Latest Startup Post
Hadi Aboukhater has recently created a video bio on his Vimeo profile. Hadi is a self-made business consultant that has extensive experience in developing growth companies and educating young entrepreneurs throughout various stages of the development process. Hadi has a keen eye for business development and market variance, as he has taken part of multiple industries during their best growth years. Today, Hadi is focusing his consulting abilities on tech startups, mobile applications, and real estate. He believes that these industries have a lot more room to grow as he offerers his entrepreneurial advice from his experience in building businesses. Take a look at his video biography below:
Hadi Aboukhater Professional Video Biography from Hadi Aboukhater on Vimeo.
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Hadi Aboukhater’s Family Updates
Hadi Aboukhater recently created a slideshare presentation that was featured on slideshare’s travel section. The presentation illustrated the most popular food and drinking neighborhoods in our nations capital, Washington, DC. The places included Adams Morgan, Capitol Hill, H Street, Shaw, and Logan Circle. The Aboukhater family love to venture into Washington, DC for dinner and explore as much as they possibly can. These neighborhoods are great for families and friends of all ages. While Adams Morgan and Capital Hill have been popular for years, places like H Street, Shaw, and Logan Circle are up and coming neighborhoods that are becoming more and more popular every day. Take a look at the slideshare below!
from Hadi Aboukhater’s Family Site http://ift.tt/1Biz4PW
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As the Baby Boomers retire and find that they might not be as secure in their funding as they had perhaps hoped to be, an issue starts to arise. Many are facing forced downsizing from the familiarity and stability of their corporate positions. Alternatively, even those who choose to retire on their own terms are finding that the pension they were promised has been severely reduced, or even that what they had planned to have isn’t enough for their monthly expenses. The obvious solution is to take control of one’s own destiny—to become an entrepreneur and manage one’s own business. However, to many fifty-something Baby Boomers, this proposition is relatively daunting, according to an article recently completed by The Huffington Post; these works are used to the stability of the corporate world and fear they aren’t equipped to manage the risky and fast-paced start-up game.
As a result, the article sought to provide several tips for those aging corporate workers who may be interested in starting their own business to supplement their retirement income. Fundamentally, the first step is to stop saying it can’t be done, or that the individual can’t start and manage their own business endeavor. In moments of insecurity, the individual need look no further than their resume—a listing of themselves, their career and their accomplishments—to know they are more than equipped in business experience to function as an entrepreneur. Next, once the individual has bolstered their own sense of confidence, they must seek as much advice as is possible. Ask everyone possible on what the individual is best equipped for and, in turn, listen very carefully. Doing so could offer a number of surprising perceptions, including insights into how the individual is perceived, especially in terms of strengths and weaknesses.
Before moving forward with creating the business, the individual must also make peace with his or her perceived past disappointments and mistakes. If the individual continues to allow these items to work as a barrier, even the best intentions are doomed to fail. The final step before truly starting the endeavor is to set one’s own criteria; finalize the parameters of the plan of action, including what products, services or work procedures best suits the individual’s personality. This also includes who the entrepreneur may wish to work with, and what the work culture should feel like. Finally, it is important to remember that taking the first step in creating the business doesn’t need to be some form of a grand gesture; make a list of things that can be completed right now and, from there, choose the easiest and least intimidating and proceed full speed ahead.
from Hadi Aboukhater Entrepreneurship http://ift.tt/1yu8cHq
Hadi Aboukhater Latest Startup Post
Below are 5 key financial factors to be aware of when studying a business’s financial model and future growth.
1) Net income – There are multiple net income ratios to study at when deciphering a business’s bottom line. For example, the ratio of gross profit over net sales allows the owner to determine the business’s profit margins compared to similar companies. The ratio of net income over net worth shows the owner whether or not the company will earn a reasonable return on their product. Last, the ratio of net income over total assets tells an owner whether or not the company is obtaining a favorable rate of return on their assets.
2) Sales – Sales numbers can appear better than they really are. When thinking about purchasing a business, make sure to read between the lines when studying the growth in sales and earnings. It is important to distinguish whether the growth rate is because of higher prices or an increased sales volume. It is also important to be aware of the marketplace. A market can be static, so there is little potential for growth.
3) Operating environment – The way in which the business environment operates and its corporate culture is critical to studying long-term growth. If a company mostly deals with international clients, it is important to research the long-term political environment of the countries in question. It is important to look at economic and consumer trends to make sure that the product will still be popular 10 years from now. Can your product keep customers for life, or is this just a one and done product?
4) Fixed assets – Fixed assets are assets that are tangible and cannot be easily converted into cash; such as property, plant, and equipment. If a company has excessive fixed assets, it is important to understand why. If equipment goes unused, this can be a sign that demand is declining or that the owner miscalculated manufacturing needs.
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When purchasing a business, you want to first do some research about the company’s potential returns combined with its asking price. When looking at a business, you will want to ask the owner for the projected financial statements of the business in question. To understand a business’ financial health, you need to look at the key indicators: income statements, balance sheets, cash flow statements, tax returns for the past three years and footnotes. Below are 8 factors that you should focus on closely.
1) Insufficient or Excessive inventory – If the business is product based, make sure to look into its inventory. Too much inventory can become a lost cost, as it might not be used and it’s expensive to store and insure. Excessive inventory can also mean that the business is not able to deliver their product to their customers fast enough, or customers are returning their products.
2) Lowest possible level of inventory – Before purchasing a company, you will want to find the lowest possible inventory that the business can hold. After this, ask the owner to reduce the stock to that number. You only want inventory that is saleable and current.
3) Accounts receivable – Uncollected receivables can inhibit a business’s future growth and demand unforeseen bank loans. The factors that you want to pay close attention to are the business’s credit policy, accounts receivable turnover, aging of receivables, and the schedule of cash collection.
4) Working capital – Working capital is current assets minus current liabilities. A business needs working capital to stay afloat. Another key aspect of working capital is to understand at the ratio of net sales over net working capital. This will tell you how efficiently working capital is being expended to maintain business objectives.
To read the complete list of important business financial factors, click here to read the full article form Entrepreneur.com.
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Hadi Aboukhater’s Family Updates
The most common association with Washington, D.C. is politics, but these days the DC area is gaining attention for yet another reason – culinary treats. Over the years, new restaurants have been setting up shop throughout various DC neighborhoods. The options for delicious dining experiences has increased significantly over the years. You can discover a new place in just about every neighborhood. Not to be outdone, you can also find a variety of fine drinking establishments. Below you will find a list of the top 5 neighborhoods in the DC area to find some of these delicious food & drink establishments. Keep in mind that they are not limited to just these neighborhoods. Explore DC and stumble upon one its newly sprouted dining spots.
5. Adams MorganWhiskey is the name of the game if you are in the Adams Morgan area. Fine whiskey establishments such as Bourbon, Dram & Grain, and Jack Rose Dining Saloon have made this DC area a go-to spot if its whiskey you seek. In years past this area has been a primary location for college kids, but a shift is taking place. With new bars and restaurants such as Mintwood Place and Chasion’s Eat Place, the Adams Morgan area continues to attract new clientele.
Capitol Hill offers a collection of delicious DC treats. Popular locations like We, the Pizza, Hank’s, and Good Stuff Eatery are staples for the area. On 8th Street you can find several well-known eateries. One such place is Rose’s Luxury, an eclectic American tapas restaurant with relaxing ambience, beautiful decor, and a cozy upstairs lounge. Not too far from Rose’s you can find other options like Cava Mezze and Ambar. If you find yourself in this district, be sure to stop into at least one of these local favorites.
3. H Street NEIf you are unable to make a decision or just flat out prefer a decent variety, then H Street NE may be the area to go. Here you can find an impressive collection of restaurants and bars. Rock & Roll Hotel, Biergarten Haus, Ethiopic, The Pug, Boundary Road, and Smith Commons all call this area home. While it may not be the quickest and easiest area to get to, the rewards far outweigh the commute.
Shaw has become one of the top areas for drinks and dining in DC. As new venues have moved East, Shaw has become a top go-to area in DC. It’s where the cool people go out – for now. Mockingbird Hill, Southern Efficiency, Eat The Rich, All Souls, Dacha, and Ivy & Coney all call Shaw home. Other popular locations in the area include La Colombe, Chaplin, A & D, Rogue 24, Table, and Thally.
To the residents of DC, Logan Circle/14th Street is not surprisingly the top spot for weekend outings. In the mood for tapas, oysters, French cuisine, wine, or beer? Logan Circle is just the place for you. This area offers a wealth of delicious restaurants and bars. Le Diplomate, Pearl Dive, Estadio and Barcelona Wine Bar are just a few of the many delicious options in the Logan Circle area. Much like the Shaw neighborhood, Logan Circle/14th Street houses an increasing amount of new restaurants and bars. If you haven’t added this area to your to-do list, then you are missing out.
from Hadi Aboukhater’s Family Site http://hadiaboukhater.org/top-dc-neighborhoods-for-food-drink/
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