MIT Enterprise Forum Pan Arab startup contest
Oman is hosting on Thursday the final award ceremony of the Arab Startup Competition, under the auspices of Dr Ali bin Masoud al Sunaidy, Minister of Commerce & Industry, and Chairman of the Board of Directors of the Public Authority for SMES Development (Riyada). The 11th edition of the competition will take place on April 19, at the Oman Convention and Exhibition Centre, Hall 2.
MIT Enterprise Forum Pan Arab organises the event, which is hosted for the first time in Oman, in partnership with founding partner Community Jameel, and in collaboration with strategic partners Riyada, Omantel, and Zain Group as a digital partner, and supported by the National Youth Commission and Oman Technology Fund.
A total of 80 teams from 14 Arab countries have qualified to the finals of the MIT Enterprise Forum (MITEF) Arab Startup Competition, which received thousands of applications from across the Arab world. The semifinalists hail from 14 Arab countries, as follows: Lebanon (19), Egypt (13), the United Arab Emirates (8), Saudi Arabia (9), Jordan (7), Palestine (6), Morocco (4), Tunisia (5), Bahrain (2), Sudan (2), Kuwait (1), Qatar (1), Algeria (1), Oman (1) which is Thermal Electric Cooling.
The teams applied for three tracks: Ideas, Startups, and Social Entrepreneurship. Three winners will be chosen from each of the three tracks, and a total of $160,000 will be awarded amongst the nine winners.
During the two days event, the semifinalists will undergo training sessions focused on the art of pitching. The teams will practice their pitching skills and pitch decks in front of the trainers, and attend sessions on the “do’s and don’ts” of a pitch, communication skills, and body language in order to be prepared for their oral presentations.
In addition to a mentorship activity where semifinalists will have the chance to pitch their projects to 80+ stakeholders and partners from different expertise and backgrounds. These experts will give live feedback to the teams and share their experience in the business world. During this activity, teams will be exposed to different opportunities: coaching, mentorship, networking, and potential funding.
The Award Ceremony is preceded by a high-powered conference, including two panel discussions entitled Building Emerging Ecosystems and What Silicon Valley investors want to see in MENA.
Several high-profile entrepreneurs, investors, and government officials from across the Arab region and beyond will be sharing insights during the conference and judging the competition. These include Ahmad al Alfi of Sawari Ventures, David Fernandez of Startup Chile, Said al Shanfari of Omantel, Abdel Aziz Alloughani of Faith Capital Holding, and Abeer Abdullah of Riyada.
Talal Said al Mamari, Chief Executive Officer of Omantel, stated: “The entrepreneurship sector plays a major role in achieving economic development plans. In line with the Sultanate’s vision to support entrepreneurs and start-ups, Omantel has always reinforced its shared role as a national contributor that aims to diversify the economy and create a suitable environment for local investments. We are delighted to host the 11th Edition of the MIT Enterprise Forum Pan Arab Startup competition. Since its inception, the competition successfully encouraged Arab youth to innovate in entrepreneurship by establishing start-up companies that contribute to the economic growth of their countries.”