Wizards was expected to be one of the top Jordanian startups in the online/mobile games industry, it was funded by angel and VC investors, but unfortunately it was shut down earlier this year. Sohaib wrote about 11 Lessons learned after 4 years at Wizards Productions on his blog, and we just wanted to learn more details about him, about this journey, and about what went wrong.
Below the video you can find an index of the interview where you can jump to specific discussions for your convenience*.
I would like to thank all the sponsors for their support to produce a great first episode: Dardasa, Vadwen, Elaf, and of course special thanks to Batata team for the amazing work, and to the director of the show @Neo7th
Please follow me on Twitter (@VCpreneur) for updates on the next episodes, and please use the Hashtag #TechMajles to suggest new guests and to ask questions in next episodes inshallah.
Here is the link on YouTube in case the below video don’t work for you: http://youtu.be/o1q2JiCT_Pg
- - 00:01:20 – Before Wizards, several experiments, one websites sold, and two acquihires!
- - 00:05:05 – The decision to leave Maktoob and the promised stock options and start Sahara/Wizards and why to focus on the Arabian market. Also taking about funding the seed stage of Wizards, the first few games, and their business model.
- - 00:15:55 – Ready to raise the next round, the details of raising the first VC round, why to raise VC funding, how long it took, how did they use the proceeds, and the startup’s pivots.
- - 00:21:40 – The board, governance and the third round of investment.
- - 00:23:16 – Discussing the lessons learned in the blog post in details with lots of examples and insights.
- - 00:53:15 – The last week of Wizards, how the decision was taken, and the struggle to raise another round.
- - 00:57:50 – The relationship between the co-founders and investors and their updates after shutting down the company, why to take a break of entrepreneurship for a while, and why to join a startup company again.
- - 01:05:16 – How would you do it differently?
- - 01:06:07 – Why to blog about this?
- - 01:08:05 – Is the investment a main reason for a startup to succeed? How would you approach investment differently? What do you think of the ecosystem in Jordan and Arabia in general? How many failures does it take to enhance our ecosystem? and how did your experiment help others?