The Arab Science & Technology Foundation (ASTF), a UAE-based independent, non-governmental and non-profit organisation established to promote the development of science, technology and entrepreneurship in the Arab world, announced the First Arab Technology Business Plan Competition at a press conference held today.
This first pan-Arab contest invites the region’s aspiring young technopreneurs to submit plans for high potential start-up business projects in the sectors of Information Technology, Communications, Life Sciences, Engineering, Nanotechnology, Biotechnology, Pharmaceuticals, Energy Applications and related technology fields. The competition is being held in collaboration with Abdul Latif Jameel Company Limited and Islamic Development Bank.
Speaking at the press conference, Dr Abdullah A Alnajjar, President of ASTF said: “The Arab Science and Technology Foundation, through the ‘Investing in Technology’ Forum seeks to increase Arab investment in Technology and mitigate the migration of qualified Arabs to the developed world by building an atmosphere of excellence, innovation, research and technological development that in turn will promote entrepreneurship in the Arab world and generate jobs for the people of the region. The First Arab Technology Business Plan Competition is an initiative in the same direction, providing exposure to entrepreneurs in the technology sector among investors in the region.”
The contest will culminate with five finalists with the most feasible projects, being selected from all the competitors, to present their start-up business plans to investors attending the Fourth Forum on Investing in Technology in Kuwait City on April 10 and 11, 2006. The winning entry will be decided on the concluding day of the Forum and will bag an investment of at least US$50,000 for the venture while winners in the second and third places will also be eligible for investment capital from the Arab Technology Ventures Seed Capital Fund.
Also speaking at the press conference, Farhan Kalaldeh, Business Development Officer, ASTF, said, “Entrepreneurs from all Arab countries, whose new ventures are in the seed, start-up or early growth stages are eligible to join the contest, in teams of two to five persons each. Arab nationals with relevant business and technical experience, planning to establish the company in the Arab world, could apply. Likewise, most of the research and development activities for the project should have been done, or propose to be done, in an Arab country.”
“Successful business projects must have passed the research and development (R&D) stage, must be financially feasible and must offer attractive returns to investments. To qualify, these projects should also deploy a technology with regional or worldwide market potential, and finance proposals should be clearly spelt out for investors. Entries will be judged on general criteria such as innovation, uniqueness, strategy, experience, competitive advantage and business model, marketability, financial feasibility and funding requirements of the projects,” he added.
Applicants have to submit their initial online entries by February 8, 2006. Subsequent submissions should be entered by March 8, 2006. Private and public presentations will be held on April 9, 2006 concluding with the award ceremony in Kuwait on April 11, 2006. The competition also has the support of ASTF’s local partners, Princess Sumaya National Entrepreneurship Competition and Jordan Young Entrepreneurs Association in Jordan, Technology Development Fund Business Plan Competition and IDEAVELOPERS in Egypt, Syrian Young Entrepreneurs Association in Syria, National Technology Enterprises from Kuwait, and United Nations Industrial Development Organization (UNIDO) from Bahrain.
