Planning and strategy is key

Kamal Hassan, chief executive of consultants Innovation 360, says he wants to keep helping start-ups and not earn so much as to retire and not work.

Kamal Hassan of Innovation 360 says his “success is due to hard work and persistence”. Jaime Puebla / The National

Kamal Hassan is the founder and chief executive of Innovation 360, an innovation management consultant for government and private enterprises. The Palestinian- American was educated in the United States, setting up his company in Dubai six years ago to help fledgling entities with innovation leadership and strategy. Innovation 360 also supports small businesses and start-ups through its own seed funding and mentorship programme, i360accelerator, and in partnership with DP World on their seed accelerator Turn8. Mr Hassan is also the man behind The Cribb, an office-sharing space in Dubai for start-ups.

How would you describe your financial journey so far?

It has been a rocky climb at times but I can honestly say the hard work is paying off. As an entrepreneur money can sometimes be in short supply unless you come from money. I don’t, so my success so far is due to hard work and persistence. I say to the start-ups I mentor that I have been in their shoes.

Are you a spender or a saver?

Both. It’s the nature of a serial entrepreneur. I always have to be looking for good investments, but I also have to save until a good one comes along. Personally, I tend to be more of a spender. It’s the optimist in me.

What is your inspiration for the business?

I believe in helping organisations be creative and use innovation to their advantage. If you are in the private sector, especially if you are an SME, innovation is the best way to differentiate yourself from the competition. There are so many others after the same market; it’s really not a choice any more, you have to innovate.

What’s your philosophy towards money?

There is an American expression, “easy come, easy go.” I know the “easy go” part, but it doesn’t always come easy. So you have to think about how to spend it wisely, especially when you are spending money for your business.

Did you make any financial mistakes along the way?

Sure, but just like innovation, you sometimes have to fail before you succeed. If you don’t try to take chances, you may never get to where you want to go. Along the way, you learn from your mistakes and learn how to better manage the finances. Like Thomas Edison said when inventing the light bulb: “I haven’t failed, I’ve just found 999 ways that don’t work.”

Do you believe in planning for the future?

Absolutely. Innovation 360 has an offering designed to help companies develop strategic foresight and determine if they are ready for potential future scenarios.

Is money important to you?

Yes. Money gives you freedom to do what you dream of. But it’s not the only thing. Whether you dream of running a business or going on a big holiday, you still need a plan, a strategy.

What is your idea of financial freedom?

Financial freedom means being my own boss, running a successful company and supporting my family. I don’t dream about making so much money that I don’t have to work. I wouldn’t be happy if I wasn’t working. But it has to be something I love.

What do you enjoy spending money on?

Coffee. No, just kidding, I am a giver so I enjoy giving to good causes. I also love travelling. I still travel to the United States regularly for business and personal reasons.