MIT Enterprise Forum Arab Startup Competition - 3 Tracks

http://www.mitefarab.org/2013/10/mit-enterprise-forum-arab-startup-competition/ The MIT Enterprise Forum Pan Arab has a proven record in promoting MIT-style entrepreneurship by organizing each year the MIT Enterprise Forum Arab Startup Competition, in partnership with Abdul Latif Jameel Community Initiatives, targeting 21 countries of the Arab region and bringing in more than 4,000 applications a year. The competition has trained over 900 entrepreneurs and has helped start more than 200 knowledge-based and technology-driven companies in Yemen, Jordan, Lebanon, Saudi Arabia, UAE, Tunisia and others. The website is now open for applicants. Do you have a new business idea, a startup or a growing company that you want to take to the next level? Apply now: www.mitarabcompetition.com IDEAS Track For entrepreneurs with just ideas looking to take them to the next level See the questions for the Ideas Track here. Eligibility Criteria for the Ideas track You can apply as an individual or part of a team provided that at least one member is an Arab national The business idea should be implemented in one of the Arab world countries Your idea can be in any sector (Creative industries, Construction/Engineering/ Education/ Environment/Food and Agro Business/Health and Healthcare/Entertainment/ICT/Services, etc.) No registration; No prototype; No funding; No sales The new Rolling Application System Website opens on October 28th and closes by the time the 50 semi-finalist teams are selected You are strongly encouraged to apply REAL EARLY to make the most out of the rolling process A higher chance to get selected if you apply early We are looking for a total of 50 semi-finalists for the ideas and startups tracks, so these slots get filled up quickly as we judge and qualify applicants especially that the judges evaluate applications as they come in, instead of waiting to review all applications concurrently A Second Chance to Apply: With a rolling process, applications will be reviewed as soon as they are submitted. You are likely to hear back from us within 3 weeks (instead of the usual 3 months from previous years), giving you another chance to adjust your entries and reapply. Grading Round 1 Judges evaluate applications as they come in Each application will be reviewed by 3 judges based on innovation, scalability, and positive social impact. Applications receiving an average grade above 70/100 shall qualify to the next round Selection Criteria Innovation: Creativity and improvement of existing solutions and/or business processes with respect to current competitors or comparables. Within this definition, innovation does not necessarily mean technology. Scalability: A business idea should not be limited to a local market. At a minimum, a nationwide market should be targeted. Preferably, the business could easily be replicated regionally or globally as the company expands. Impact: This innovative business idea has the potential to become a landmark company in the region and make an impact on the region’s economy or perceived competitiveness. Semi-finalists will be automatically assigned a local coach to work closely with them in view of achieving the deliverables set for each track prior to attending the 3-day workshop. Deliverables for the Ideas Track Developing a working prototype Securing at least one client Forming a team and selecting board of advisors Submitting an executive summary Workshop: March 2014 Following ~4 months of preparations and working toward achieving common deliverables, the 50 semi-finalists of the Ideas & Startups tracks will sit for a 3-day training covering topics such as business planning, sales, finance, marketing, elevator pitching, presentation skills, etc. Finalist Teams At the workshop, Round 2 judges will choose out the finalists teams from the Ideas & Startups Tracks 50 semi-finalists and qualify them for the final round of oral presentations Final Round Oral Presentations: March 2014 On day 3 of the workshop, the participants from the ideas and startups tracks will have to pitch in front of a judging panel. Names of the Final Jury members will be announced in due time. Final Award Ceremony The winning teams are then announced during a Final Award Ceremony on March 27th, 2014 —————————————————————————————————————- STARTUPS Track For startups with a working prototype, ideally with some user traction and some sales See the questions for the Startups Track here. Eligibility Criteria for the Startups track At least three team members (at least one of the members should be Arab national) The startup should be registered in one of the Arab world countries Your idea can be in any sector (Creative industries, Construction/Engineering/ Education/ Environment/Food and Agro Business/Health and Healthcare/Entertainment/ICT/Services, etc.) Working Prototype ready, ideally with some user traction and some sales The new Rolling Application System Website opens on October 28th and closes by the time the 50 semi-finalist teams from the Ideas & Startups tracks are selected You are strongly encouraged to apply REAL EARLY to make the most out of the rolling process A higher chance to get selected if you apply early We are looking for a total of 50 semi-finalists for the ideas and startups tracks, so these slots get filled up quickly as we judge and qualify applicants especially that the judges evaluate applications as they come in, instead of waiting to review all applications concurrently A Second Chance to Apply: With a rolling process, applications will be reviewed as soon as they are submitted. You are likely to hear back from us within 3 weeks (instead of the usual 3 months from previous years), giving you another chance to adjust your entries and reapply. Grading Round 1 Judges evaluate applications as they come in Each application will be reviewed by 3 judges based on innovation, scalability, and positive social impact. Applications receiving an average grade above 70/100 shall qualify to the next round Semi-finalists will be automatically assigned a local coach to work closely with them in view of achieving the following deliverables set for each track prior to attending the 3-day workshop Selection Criteria Innovation: Creativity and improvement of existing solutions and/or business processes with respect to current competitors or comparables. Within this definition, innovation does not necessarily mean technology. Scalability: A business idea should not be limited to a local market. At a minimum, a nationwide market should be targeted. Preferably, the business could easily be replicated regionally or globally as the company expands. Impact: This innovative business idea has the potential to become a landmark company in the region and make an impact on the region’s economy or perceived competitiveness. Deliverables for the Startups Track Deliverables of the IDEAS track should all be met, plus Submitting a 10-15 page business plan Getting ready to pitch for VCs Workshop: March 2014 Following ~4 months of preparations and working toward achieving common deliverables, the 50 semi-finalists of the Ideas & Startups tracks will sit for a 3-day training covering topics such as business planning, sales, finance, marketing, elevator pitching, presentation skills, etc. Finalist Teams At the workshop, Round 2 judges will choose out the finalist teams from the Ideas & Startups Tracks 50 semi-finalists and qualify them for the final round of oral presentations Final Round Oral Presentations: March 2014 On day 3 of the workshop, the participants from the ideas and startups tracks will have to pitch in front of a judging panel. Names of the Final Jury members will be announced in due time. Final Award Ceremony The winning teams are then announced during a Final Award Ceremony at the end of Day 3. ——————————————————————————————————————— Global Track For established companies seeking Silicon Valley exposure and funding from international VCs See the questions for the Global Track here. Eligibility Criteria for the Global track At least 3 out of the 4 below requirements MUST be met: 1. Legally registered company, ideally with 2 years in operations. 2. Raised at least one round of funding (through an accredited Angel Investor or a VC firm) 3. Has global reach or presence. 4. Generates at least $500K/year in revenues. Mandatory: Provide a recommendation letter from one of our trusted partners: Abdul Latif Jameel Community Initiatives,Techwadi, Wamda, Flat6Labs, Endeavor, and Oasis500. Selection Process Submitted applications will be screened; the shortlisted candidates will be interviewed. 30 Finalists will be selected from the region and will be granted the opportunity to go on a 3-day Silicon Valley conference and roadshow during April 2014. Silicon Valley Conference and Roadshow, April 2014 Day One: Workshop with top entrepreneurs Discussing the latest insights and trends in the tech and digital worlds with industry leaders Hands-on training on key topics; scaling operations across regions, sales, hiring new staff, in-bound marketing, fundraising, etc. One-to-one coaching sessions with experts in their fields Day Two: Touring Key Locations: Google HQ office tour, Facebook Campus, Apple and Airbnb offices. Visiting other entrepreneurship hubs: hacker and coworking spaces, tech shops, 500 startups, TechStars and meeting up with key people there. Day Three: Speed dating with: a)Top VCs b) A-Level Mentors Conference followed by pitching event and dinner.