A unique person who skillfully combines business success with a strong dedication to philanthropy, Muna Abusulayman stands out in the dynamic terrain of Saudi Arabia’s changing economic and social projects. Muna, a prominent entrepreneur and ardent philanthropist, has accomplished noteworthy feats in the economic sector and has also made substantial contributions to numerous philanthropic organizations.
Muna exemplifies the essence of contemporary Saudi Arabia, where inventive advancement blends with traditional values, as they adeptly navigate the junction of corporate acumen and charity activities. Rooting from her belief in equalizing opportunities for all, she started in the philanthropic world trying to tackle injustice and community development through working with NGOs and using philanthropic dollars to uplift communities. At the end of 11 years and having led a large foundation for 9 of those years, She turned to business and non-profits as a different alternative to enabling communities.
In this article, we explore the multifaceted life of Muna, delving into her impactful business ventures, the philanthropic projects that are reshaping communities, and the broader implications of her work on both a national and global scale.
You have been frequently ranked within the top most influential women in the Arab world, what personality traits contributed to reaching this achievement?
I believe that determination, risk tolerance, and resilience are the top qualities that you must have when nothing is handed to you and you must work from the bottom up.
Given these qualities, I was able to accept various positions and jobs that no one else would take due to cultural restrictions or monetary compensations. I said yes to everything that could help me learn, get out of the restricted employment space given to female employees. Every single job I took, once I left the comfort zone of teaching at the university, carried high potential reputational risk in (at the time) a conservative society that had a lot of taboos. 20 years later, this is definitely not the case and we have a huge push from the top to ensure that women are able to get to the very top in whatever they choose to work in.
What strategies did you use to stay ahead of the curve in your industry?
“Knowledge is power, and networking is powerful”.
I read a lot, I love going to conferences and I am a native English speaker, when all of these advantages were not common. Being able to access the latest trends and understand what is happening in the world and meet with the movers and shakers enabled me to be a few steps ahead of everyone else, not just in the region, but in general.
I used to have The Economist, New Yorker, and Vanity Fair delivered to me in Saudi, before there were digital prints of them. I invested in going to sector conferences on my own dime, and took various executive education classes.
Furthermore, becoming a Young Global Leader at the WEF in 2006 helped me start to see the various paths exceptionally brilliant people took, and opened my eyes to what is possible beyond what I knew. This helped me later to go on fellowships and join other organizations and networks that accelerated my journey to knowing and doing.
Do you believe that Saudi Arabia is becoming the Goldmine for Global entrepreneurs ? How can you interpret the rise of Startups in Saudi Arabia?
Saudi Arabia is situated in the middle of the world, within 6 hours you can reach 80% of the world population. We have unique access to natural resources, and ease of business regulations have recently made entering the market so much easier. Doing your startup in Saudi Arabia instead of Europe or other places, becomes a no-brainer for the majority of sectors.
Tell us more about your mission as a Venture Capitalist, and What distinguishes Transform VC from other VCs?
My work with Transform VC is about doing good business while doing good. We are very focused on underrepresented founders in Deep Tech who are working to solve various challenges with a focus on climate change and impact.
We have a large team of scouts and analysts to help identify those founders and the ideas that we think will go very big. We have an amazing track record of backing winners with actual exists, and top tier in the relatively short time we have been operating.
We have also created an impactabillion.com website where we are getting introduced to phenomenal founders who have been overlooked due to their background, and who fit the impact bucket but may not fit the Deep Tech bucket.
You can check our website to see some of the technologies and innovations we have backed. Every time, we have been definitely ahead of the curve, with big institutions following us.
What are the main factors that guided you to where you are now?
When I was quite a bit younger I wanted to be a headmistress. I loved the idea of managing a school and helping students become the best versions of themselves. I still love teaching, which I did for many years at both the HS and college levels.
I would not have dreamed that I would become world famous, or have lived this extremely interesting life. But somehow, each decision, which stemmed from wanting to go one step further in helping people, led down this path.
It was difficult picking up different skills for the different roles I had to take on, while being a single mother. But, looking back, what a journey.
In light of your entrepreneurial journey and experiences, what message would you like to convey to aspiring entrepreneurs?
It is a hard and long journey and there are no guarantees. Read a lot about the experience of other entrepreneurs, so that you realize you are not the only one who feels a certain way, or who has made these mistakes. Join an accelerator if you can, the mentorship and camaraderie are extremely helpful. Make sure you choose your team wisely, and build a lot of trust. Lastly, your first startup will probably fail in some way, it is ok. No one is really going to care when your second startup does well.
How would you balance the pursuit of wealth and success with personal fulfillment and happiness?
I think the pursuit of purpose is the most important and most fulfilling journey that one goes on. It is a lot easier if you have financial independence. Unfortunately, that has eluded women for many years, due to not learning financial literacy and women not being in control of finances in most families.. These days there are financial products and investment advice geared towards young women, on how to save and invest. This can give women the freedom to pursue more fulfilling careers, instead of working just to get a paycheck.
As more AI enters our work lives, we will need to lean into these types of financial products to help produce stability in income, as well. If Universal Basic Income is not implemented, many people who are not financially literate will fall through the cracks.
What is the most valuable lesson learned in your journey of building multiple businesses ?
Picking the right team. This is more important than the product (as you will most probably pivot). It is more important than revenue, as the right team will work on the cashflow. If you don’t have the right team for your needs, you are setting yourself up for failure or burnout, or both.
What is the value of women empowerment in the entrepreneurial world? And What inspires you to advocate for mothers in the workplace?
Motherhood is the only way possible to prevent population collapse, and if we don’t start accommodating women in the workforce to both achieve their potential and at the same time enable them to be present mothers, then we are heading towards either disempowering women, or a population collapse.
The majority of women who leave the workforce do so after the second child, as the burden of caring for the children and providing a nurturing environment for them while still working full time becomes increasingly impossible for the majority of working women. We have to put policies in place to help women be retained or at least come back into the workforce with minimal damage to their positions and income.
What is the quote that inspires you the most?
“You can’t be what you can’t see”. It is very important to have great role models available to our younger generations so that they can see paths of success, especially those who may not have had the best support systems in place.
