We hope your June was better..

Alright,

To make this month’s newsletter interesting for more readers we are testing a new, more interesting format. We will talk about the “good” stuff, the “not-so-good-almost-want-to-cry” stuff, plus some insights we learned during that month.

We would love to hear your thoughts on this format to see how to improve the way we talk to our family, you!

The good

We led the first InsurTech informative session in Palestine in partnership with Bank of Palestine’s Intersect Hub in Ramallah.

We went back to the whiteboard and redesigned our pilot to be quicker, achieve better results and scale more rapidly. (More information on this soon).

We had our first expression of interest from an insurance company to invest in Naviatx

We have 2 contracts with insurance companies cooking, one in the local Palestinian market and one abroad.

We created new local partnerships that grant us access to a wider pool of resources and opportunities. Main partners include Intersect and Fikra innovation hubs.

When the going gets tough..

The unpleasant:

We received official emails from 2 insurance companies that they want to adopt our safe-driving app, Maslak, then a day before signing the MoUs they bailed out for no convincing reasons

The previous pushed our pilot timeline back and forced us to redraw our pilot plan (was a blessing in disguise)

The non-objection letter we received from the PCMA is about to expire without us launching the pilot which lights a fire under us (I think the hotter the better for us to move our asses)

..The tough get going💪

What’s next?

Reconcentrate on putting Maslak (our safe driving app) in as many hands as possible, collect as much data as possible, and aim for big partnerships in the regional market.

File for an extension with the Palestinian Capital Market Authority to test in Palestine.

Give more attention to grant raising as bootstrapping is putting more and more pressure on the startup.

Begin interacting with investors in the local and regional market to speed up our post-pilot launch and grow rapidly into the Arab world and hit our next milestones.

Lastly, our monthly reflection

• Again, there is no contract until a contract IS SIGNED
• Focus on what you do, celebrate the external attention but don’t long for it
• Most of the startups don’t make it, mostly because of timing and commitment when things get hard, not necessarily a bad idea.
• Founders’ mental health is a focus that all stakeholders should consider and keep in check as it is one of the biggest performance drivers.
• Thank you for your time and endless support,
• Naviatx team