In April 2019, our team sent out a (very unscientific) survey to the local DFW community to learn a bit more about the DFW Muslim Startup scene. The goal of the survey was simply for us to get a general idea of our local community's assets and to determine if the community would benefit from a local Muslim entrepreneurs conference. (We therefore did not develop a survey with proper sampling and data collection methodology, although we did learn that a conference would likely be very helpful for our community!)
Anyhow, here is what we learned:
Survey Results Summary
The survey was distributed primarily through WhatsApp and word of mouth. We were very happy with the 144 responses it garnered, and even more pleased that 21 investors (70% accredited investors) were part of the respondents.
When asked what would drive them to attend a potential DFW Entrepreneurial conference in the future, the primarily reason survey respondents gave was to network (39%) and to learn from successful entrepreneurs/mentors (34%).
When asked what topics they were interested in hearing about, they mostly wanted to learn about sales/growth strategies (39%), financial/legal help (14%) and finding investors (11%).
Investors were primarily interested in Real Estate and Healthcare type investments, although many also expressed interest in investing in Retail, Construction and IT/Software.
Entrepreneurs said they were running all kinds of businesses, although there was a concentration in Tech (including consulting, software) (19%), Islamic Lifestyle companies (16%), Education (9%) and Real Estate (7%)
It was encouraging to see that entrepreneurs in our community are running real businesses: 86% have 2 or more US based full time employees, and the average company employed 6 US based employees.
Survey Result Details
- The bulk of the respondents are between 25 and 44.
- And a healthy amount of respondents were investors! We were pretty pleased about that. In fact, there was 1 investor per every 3.2 entrepreneurs.
70% accredited and 67% have invested more than 25,000 in the past 3 years in an average of 1.9 investments per investor
95% said they wanted to network with other investors and 62% were open to mentoring others
Investors were interested in investing in the following kinds of business:
- A total of 56 startups employ 332 US based employees (average of 6 employees per company) of which 254 are DFW based
- 61% were first time entrepreneurs, the remainder had started an average of 1 company in the past. Of those who ran previous companies, they employed an average of 11 employees at their peak, with the maximum anyone company employed was 65.
- 66% are working on their startup full-time, 44% part time.
- 86% have 2 or more full time US Based employees
- Those who had co-founders vs. those who went solo were almost evenly split (49% had a co-founder, 51% didn't)
- 94% are interested in meeting other entrepreneurs, 72% are looking for mentors
- 20% have taken outside investment, 80% have not - of which about half were looking for outside investment
- The following is a breakdown of the types of businesses of the entrepreneurs who responded to the survey:
There is no specific focus on the types of industries they serve:
- In terms of US based employees: Average: 6; Highest: 65
- In terms of DFW based employees: Average: 5; Highest: 65
- Age of the business: Average: 4 years; Highest: 19 years
- Lastly, in terms of the type of topics respondents wanted to learn more about, sales/growth, legal and finding investors topped the list.
We wanted to thank everyone for responding. Hopefully this will help drive our agenda for our first conference!