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Talal Bayaa (Bayzat) - Growing up in Dubai when it had dial-up internet, why he rejected Amir’s initial investment offer, what it’s like to expand across MENA, and how Bayzat went from 3 employees to now over 150+
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In this episode, Talal Bayaa talked about his journey as a health-tech entrepreneur and founder of Bayzat, A company that provides a free platform for employee benefits, human resources, payroll and more. From finding the right investor to support the business plan, identifying the right talent to hire and grow the company, to even learning how Talal improves on his mental well-being to avoid burnt out.
Talal broke down his process to be in the right headspace, how he overcame his obstacles, building Bayzat from ground up and more.
About the Guest
Talal Bayaa is the CEO and co-founder of Bayzat, a UAE-based technology start-up that empowers businesses with smart and effective insurance & HR solutions.
Launched officially in April 2013, the platform is the first one-stop-shop to offer a real-time comparison of health insurance rates in UAE and much more. The company has recently introduced HR Administration services that help companies automate all their admin work from data entry to managing employee records.
Talal studied bioengineering at the University of California, Los Angeles, USA. He is a CFA Charter holder as well as finance, investment and banking expert. In his free time, the 29-year-old Palestinian-American entrepreneur enjoys being outdoors and travelling.
Main Points
- Identifying your market. What product and services are lacking in your immediate market. Find a small dependable team and build upon that foundation and you’re able to jump ship once the ball is already rolling.
- Learn from your mistakes and replace models that are broken or don't make sense. This is what Talal said in the episode: “If something is not going well and we’re not happy with something, we need to change it, otherwise we will get the same (negative) result.”
- Be attentive during the hiring process. Talal mentioned that the company will evolve drastically over time. You’ll have to put the right people in the right position and give them the support to succeed as a whole.
- Seek help in the wisdom of others. In the episode, Talal shared how he has a handful of trusted peers that he is able to talk to when it comes to challenges and misery of owning a business. From colleagues to business coaches, he will try to call out for help and feedback.
Timestamps
- 01:55 - Growing up in Dubai and California
- 05:14 - Graduating university and going into the job market
- 05:29 - Early days of Bayzat and how the idea came about
- 8:20 - Bootstrapping, self funding and running an early business model of Bayzat
- 13:57 - Most significant learnings from building Bayzat from 3 people to more than 150 people.
- 16:00 - Mindset of the hiring and firing process
- 21:14 - Toughest moment in Talal’s career with Bayzat
- 25:00 - Suggestion and pointers for entrepreneurs starting a software firm in the Middle East.
- 26:24 - Talal’s technique on selecting the right strategy for his business
- 33:52 - What has Talal learnt about the fundraising process, what to look for and how to pick the right investors.
- 41:20 - What would Talal do differently if given another chance
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