As STEP reveals its refreshed brand identity after 12 years, Communicate speaks exclusively with Ray Dargham, Co-Founder and CEO of STEP, on the tech conference’s journey.
The average age of entrepreneurs at the time of founding their company was 42, according to researchers at Harvard Business Review. However, not all entrepreneurial enthusiasts wait. Ray Dargham began his journey immediately after college when he initiated STEP Dubai in 2012 with its first 100 attendees. Little did he know, the tech event would evolve into a festival in Dubai attracting over 8000 global attendees - start-ups, tech enthusiasts, and investors - 12 years later.
Image Above: STEP Conference Dubai 2024
"Embarking on entrepreneurship fresh out of college was my path, and I still advocate for it. I believe launching a business early on allows fewer attachments and less disruption to an accustomed routine - such as leaving behind a stable salary and a familiar lifestyle. But it's not the only route. Many accomplished entrepreneurs gain invaluable experience through corporate roles before venturing out on their own," stated Dargham.
He recently unveiled STEP's updated brand identity, transitioning from the familiar cursive typography of the word ‘step’ to a more modern typographic word mark of ‘step’ - symbolizing movement and moving up.
Gif Source: STEP 2024
“With our sights set on global expansion and extending beyond the region, we recently introduced the Step Host Partner Model, enabling individuals to host Step events in their own cities. The rebranding is a natural progression in line with our expansion strategy,” he expressed.
This year, the STEP Conference Dubai showcased more than 400 startups, brought together hundreds of global investors, and introduced the AI track to its five existing tracks: Start, Fintech, Digital, Wellness, and Earth.
"Blockchain, cryptocurrency, and virtual reality are among trends, whereas AI is emerging as a force with a profound impact on thousands of companies and millions of people worldwide, driving productivity to new heights. The key focus lies in the productivity and vitality of the economy, defined by the goods and services it produces. Improvement in productivity within goods and services defines the economy, not merely currency or other factors. That is why AI isn't just a passing trend; it’s the future we're building," said Dargham with assertiveness.
Image Above: STEP Conference Dubai 2024
With the UAE National Strategy for AI 2031 in place, the Emirates aims to position itself as one of the leading nations in AI by 2031. In February, OpenAI CEO, Sam Altman unveiled plans to expand the global production of AI chips, with UAE emerging as a potential investor.
“There is a great interest in AI investments - such as Sam Altman's plan to aggregate $7 trillion to build an NVIDIA competitor,” Dargham shared.
Currently, NVIDIA, a $2 trillion company powering today’s artificial intelligence, dominates as the leading producer of chips and GPUs, highly sought after by many.
“The UAE, especially with the government backing G42 in Abu Dhabi, is actively pursuing AI investment and attracting companies to establish themselves here. STEP was and has always been a reflection of the current tech space and hence, the introduction of the AI track this year. In the future, all our events may revolve around AI, considering it could become the other software 2.0 or the new Internet," remarked Dargham.
Image Above: OpenAI CEO, Sam Altman speaks at the World Government Summit (The World Government Summit, 2024).
During the AI track, discussions spanned a range of topics, including language learning models (LLMs), AI applications across diverse industries, AI regulation, and ethical considerations surrounding AI usage and regulation. Furthermore, more than 30 AI companies participated in this year's STEP event.
STEP has also been active in Saudi Arabia since 2019 and will host its fourth edition later this year. The Kingdom has made significant strides in venture capital fundraising, commanding a 52% share of funding and asserting dominance in the tech sector.
“This year, Saudi Arabia has taken the lead in terms of total venture capital fundraising and the local market is significantly growing,” said Dargham.
Saudi’s local market is thriving with the emergence of numerous startups, especially in the tech sector.
Image Source: Arabian Business (2023)
“Events in Saudi Arabia tend to prioritize local interests, mirroring Dubai's event prominence. This reflects the nation's growing economy and significant investments, both nationally and within its own startup ecosystem. Despite facing operational hurdles, the industry maintains rapid growth, drawing attention from Saudis familiar with the Dubai market,” he added.
Perseverance has been the cornerstone of success for businesses in the region, and Dargham and his team reflect this during the challenges of COVID-19.
“I believe the most crucial aspect is perseverance — it may sound cliché, but it's the number one trait investors seek in founders. In the journey of founding companies, perseverance is paramount for success. At Step, we've experienced numerous setbacks, transitioning from building a platform akin to Buzzfeed for the Middle East to focusing on events, only to face the challenges brought on by COVID-19.”
Image Source: MENA Bytes (2018)
His perseverance drove him to press on and he recognized the impact of bringing like-minded individuals together.
“Part of our success was luck [during COVID-19], combined with swift action to keep afloat amidst the challenges and fortunately, we only had to skip one year of events. Despite losing revenue for over a year and a half, we adapted quickly. Our team's resilience played a crucial role as everyone came together, making sacrifices and controlling costs to transition to virtual events promptly.
"That's the essence of running a business: encountering challenges and working diligently with your team to overcome them. Once they're resolved, you move forward. This is when having a great team really pays off," he emphasized.
Dargham shared how STEP’s first event post-COVID-19 was one of their most successful conferences. The industry’s eagerness to attend in-person events again reaffirmed the enduring supremacy of human connection.
“Remember how people yearned for social interaction during COVID-19? As long as humans exist, this desire to connect will continue. At its core, Step is about fostering human connections. Our job is to bring people together, a need that remains strong despite technological advancements.”
Image Source: STEP LinkedIn (2024)
Reflecting on his entrepreneurial journey, Dargham stressed that while starting a company is exciting, it's essential to acknowledge the lifestyle that accompanies it and the changes it brings.
“It's like riding a roller coaster — one day, you'll feel like you're on top of the world, and another, you'll feel terrible. Some days, you’ll experience both. It's very unpredictable, especially in the early stages when you're bootstrapping. But there's a lot of joy that comes with it, especially for the creative ones who revel in crafting dreams into reality. A day comes when you look back and realize that it was the best decision you ever made.”
12 years ago, fresh out of college, young Dargham took a step, unaware of what the future held.
Little did he know, this single step, would be the best decision he had ever made.
Image Source: Forbes Middle East (2018)
