Over the past months, the global economy has witnessed massive changes as a result of the COVID-19 pandemic. While certain organizations faced bumps along the way, many others discovered several opportunities that propelled their businesses forward. One of the biggest changes brought by the pandemic is the move towards digitization.
With people working from home and operations and services moving online, digital transformation is now considered to be the center of today’s economic development. Jordanian Valery Abou Eid from Mercurian Solutions reveals how the pandemic has provided his startup with unparalleled opportunities, enabling it to be part of the global market.
The Idea behind Mercurian Solutions
Computer engineer, Valery Abu Eid, spent several years studying and working in Russia. After acquiring experience in the financial trading sector, he discovered the amount of opportunities rooted in it. With the intention of beginning operations in Jordan, and while researching about the subject matter, he discovered the low demand on enterprise solutions.
“This was both an opportunity and a challenge. On one hand, there’s a gap in the market, on the other, there’s a reluctance to accept my solutions,” revealed Abu Eid.
After further thought and research, he decided to bring Mercurian Solutions to life. The startup works as a software provider of next-generation highly efficient and revenue/ income driven brokering solutions, which utilize the capabilities of decentralized networks and cryptocurrencies.
The Anatomy of Mercurian Solutions
“Our solutions assist employees, particularly risk managers and IT people, in their work by automating various tasks,” explains Abu Eid. “Furthermore, they detect issues in business operations via an advanced analytical engine. Once detected, these issues are solved by managers via our mobile application.”
These solutions allow companies to reduce time, efforts, and cost while insuring faster and better operations. Abu Eid also adds that having systems based on new-generation technologies allows them to drive prices down aggressively, consequently providing brokers with more revenue streams than any other company in the market.
The Challenges Faced by The Startup
One of the biggest challenges the Jordanian startup faced was attracting investors and clients. “Many people find financial trading technologies complex. We had to simplify our solutions and approach when communicating our idea.”
Once they had worked on that, the Mercurian had to negotiate with businesses having conservative ideas about traditional IT systems. “We decided to address the challenges one step at a time,” said Abu Eid. They began building trust with their perspective investors and clients.
They further explained the advantages of their solutions such as the low cost of setting them up and their benefit to the company. Lastly, they worked on closely working with organizations to translate their software and brokering solutions into projected revenue streams.
Incubated at “The Tank” by Umniah
Mercurian Solutions joined The Tank in November 2019. According to Abu Eid, they have tremendously benefited from their time at the incubator. “If I had to name one thing I gained while being there it would be my partner, who I met through networking. But the truth is, The Tank helped us gain several other things,” admitted Abu Eid.
Through the Tank, they were able to acquire a licensed location for their startup, and the training they underwent helped them gain valuable skills. Abu Eid also stated that their exposure to other startups helped them all learn from each other and grow together.
The Impact of COVID-19
The pandemic presented itself as an opportunity rather than a hurdle. Mercurian Solutions used LinkedIn as a primary medium to connect with businesses, and they were able to contact organizations outside Jordan.
“Everybody is now working remotely, and automation has become the new trend due to COVID-19. It was the perfect opportunity to reach new businesses that were once considered too difficult to reach,” admits Abu Eid.
Today, they have successfully closed several deals in Dubai, Lebanon, and Cyprus, and they are working on securing deals in London as well. The startup’s success is growing significantly, as the solutions’ response rate increased by 300%. This is 30 times to what it was before the lockdown.
Abu Eid addresses everyone who possesses an idea but might be too afraid to take a leap of faith, “focus on your skills, but don’t stay in your bubble. Step out of your comfort zone and leverage on opportunities others might have disregarded. The entrepreneurial journey will be long, and mistakes won’t be inevitable, however, the rewards you’ll gain will make the journey worth it.”