We’re joined by Hassan Haider, founder and managing partner at Plus VC, one of the most active early-stage VCs in the Middle East and North Africa (MENA), with nearly 100 investments since 2020 and the #1 ranked venture investor in the region (according to Forbes). From pre-seed investing across MENA to the evolution of regional stock markets and secondary exits, Hassan brings a front-row view of how the region’s startup ecosystem has transformed—and where it’s headed next. As a pioneer of early angel networks and a long-time ecosystem builder in Bahrain, he breaks down what’s working, what’s not, and what founders need to thrive in MENA’s rapidly maturing tech scene. We dive into: -Why MENA is one of the best startup investment opportunities globally -What differentiates successful founders in the region -Why regional VCs avoid multi-stage plays and focus early -How to navigate regulatory setups, capital scarcity, and cross-border expansion -Exits in MENA: From secondaries to IPOs on the Saudi Exchange -What the rise of AI, crypto, and sovereign capital means for the region’s future Key Takeaways from the Episode: 1.⁠ ⁠MENA’s Startup Ecosystem Has Reached an Inflection Point: Governments, corporates, and investors are now actively building a robust tech infrastructure. Bahrain, Saudi Arabia, and the UAE are emerging as regional tech hubs with improving regulatory support and liquidity pathways. 2.⁠ ⁠Execution > Pedigree: In a region where signals like elite universities don’t always apply, Plus VC backs founders who get things done. The strongest predictor of success is a “bias towards execution,” not resumes. 3.⁠ ⁠Valuations Are Low, Returns Are High: While the total VC capital is still small compared to the West (~$3B across all of MENA), early-stage funds in the region are consistently outperforming global medians, with many aiming for 3–5x returns. 4.⁠ ⁠Secondary Exits Are Thriving: Unlike the US, where secondaries are restricted, MENA has an active secondary market. Later-stage investors often buy out seed investors, allowing early funds to lock in strong multiples well before IPO. 5.⁠ ⁠IPOs on Local Exchanges Are Growing: Saudi Arabia and the UAE are now viable IPO markets for startups, often offering better liquidity and valuation premiums than NASDAQ. Companies are lining up for public listings across the region. 6.⁠ ⁠Startups Are Expanding Globally: From food delivery startups like Kcal (Kcal Extra) to SaaS players like Gameball and Appetito, MENA-born companies are increasingly going global, not just serving the region. 7.⁠ ⁠Not Just Copycats: While some startups are local versions of global models, many others are building unique products tailored for MENA or solving global problems from within the region. 8.⁠ ⁠AI & Crypto Adoption in MENA is Growing: From Arabic LLMs like DXWand to early investments in Rain (crypto exchange backed by Coinbase), MENA is developing its own innovation layers while leveraging global open-source models. 9.⁠ ⁠Challenges Remain – Especially Capital Availability: Despite sovereign wealth, there’s still limited local LP participation in regional funds. Much capital still flows to the US or goes into traditional sectors like real estate. 10.⁠ ⁠What Makes Startups Fail in MENA: The most common reasons? Lack of execution or inability to raise follow-on funding in non-mainstream sectors. Hassan emphasizes: fundraising ≠ success—building a viable business does. Timestamps: (00:00) – Introduction to Hassan and Plus VC (01:20) – Pre-seed in MENA vs the West: Why the definitions differ (02:30) – How involved Plus VC is with 100+ portfolio companies (05:25) – What Plus VC looks for in a founder: Execution > pedigree (08:10) – Evolution of the MENA startup ecosystem over 15 years (11:20) – How exits happen: secondaries, IPOs, and growing liquidity (13:45) – Regulatory environment and setting up in the MENA region (18:10) – Are startups just Western clones or globally competitive? (19:20) – Examples of MENA startups going global (Kcal, Gameball, Appetito) (21:00) – Regional expansion and why localization matters (23:00) – Challenges: capital scarcity and early-stage risk in MENA (25:45) – Fund returns in MENA vs Silicon Valley (29:30) – Plus VC’s approach to AI startups and LLM integrations (30:15) – Open-source AI models and building Arabic LLMs (32:35) – The role of PIF, G42, and strategic AI trade deals (33:00) – Crypto ecosystem in MENA: Rain, regulation, and adoption (33:30) – 2040 vision: What MENA’s startup ecosystem will look like (34:30) – Final advice to MENA founders: focus on value creation, not hype

We’re joined by Tomicah Tillemann, former U.S. State Department official and President of Project Liberty, for a conversation on the entrenched problems of the Internet and how to rebuild it from the ground up with digital rights, sovereignty, and decentralization at its core.

Tomicah has spent decades working on governance, blockchain innovation, and digital infrastructure. As a key architect behind the Decentralized Social Networking Protocol (DSNP) and the Frequency blockchain, his mission is to restore agency, trust, and dignity to the digital public square.

We dive into:

-Why today's internet operates like a digital feudal system and how to break free

-The rise of the attention economy vs. the potential of an "intention economy"

-How Project Liberty's Frequency infrastructure is helping millions regain control of their data

-The People's Bid to acquire TikTok and what it means for platform ownership

-Why AI agents must serve individuals not corporations

-Lessons from blockchain land registries, data scraping lawsuits, and digital identity

Key Takeaways from the Episode:

1. The Internet Is Broken by Design: Big platforms dominate because they've captured our data and social graphs. Tomicah argues this has led to a neo-feudal internet where users generate value but own nothing.

2. The Path to Digital Sovereignty Starts with Shared Infrastructure: Through DSNP and Frequency, Project Liberty is building a protocol layer where users control their identities and data, independent of any platform.

3. Attention Economy vs. Intention Economy: We’re fed content designed to addict us. What if platforms instead let us define what we want and curate our own algorithms?

4. Why Project Liberty Could Transform TikTok: If successful in acquiring TikTok, Tomicah’s team would migrate 170M users onto Frequency, allowing data portability, shared economic upside, and participatory governance.

5. AI Agents Should Work for Us, Not Big Tech: Like Kurt Flood challenging MLB’s reserve clause, Tomicah believes users deserve AI agents that act as fiduciaries, not surveillance tools.

6. Open Models Must Be Paired with Compensation: Even when AI scrapes public data, individuals should benefit economically. New systems can recognize digital labor and creativity.

7. Blockchain Still Holds Real-World Potential: From land registries to stablecoins, decentralized tech offers breakthrough solutions, especially in emerging markets where institutions are weak.

8. Decentralized Identity Is Key to Truth: In an AI-saturated world, verifying authenticity is critical. Frequency lets posts be cryptographically validated without storing full data on-chain.

Timestamps:

(01:53) – What’s wrong with the internet? A history of digital feudalism

(04:11) – Network effects and the value users create but never capture

(07:03) – Shared social graphs vs. platform monopolies

(09:00) – Why platforms manipulate us: inside the attention economy

(10:32) – Designing an intention-based digital experience

(15:13) – What Frequency is and why millions are using it

(18:35) – How Frequency enables social graph portability for developers

(19:20) – Comparing DSNP to other decentralized networks (e.g. BlueSky)

(22:19) – The good and bad of LLMs—and how to steer them responsibly

(27:51) – Should OpenAI pay us for using our data? A digital labor argument

(29:34) – Why we need AI agents that act as fiduciaries (31:43) – What a decentralized TikTok would look like (31:55) – Governance, monetization, and the shift to user ownership (35:19) – Blockchain for land titles: a Global South use case (37:55) – Why stablecoins are money for the internet (39:01) – Identity and authenticity: how Frequency verifies truth online (41:38) – Rating U.S. crypto policy: regulation, innovation, and FTX fallout