Tag: business plan

Winners Of The MIT Arab Business Plan Competition 08-09

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MIT Arab Business Plan CompetitionThe MIT Arab Business Plan Competition is a competition designed to encourage all entrepreneurs in the Arab world to start their own company and, ultimately, create a nest of leading firms in the Arab world.

The current version of the competition officially started on November 10th 2008, by opening up registrations. A few hours ago, the final round took place in Dubai, where the 10 finalists did oral presentations of their business plans to the jury panel, and the awards were handed out.

The winners of this edition of the MIT Arab Business Plan Competition are as follows:

First place: A tie between Syphir (Husain Al-Mohssen, Courtland Allen, Ghassan Fayad, Faisal Alibrahim [Saudi Arabia]) and HAYATI Healthcare LLC (Michael Matly, Tariq El-Titi, David Matly [United Arab Emirates])

Second place: Rice Straw Fertilizer Company (Ibrahim Khater Youssef, Ahmed El Dorghamy, Mohamed Abdel Raouf [Egypt])

Third place: Blog Souq (Ahmad Takatkah, Adey Salamin, Ammar Ibrahim [Jordan])

According to the terms of the competition, the winner of the competition should receive prize money of USD 50,000; which in the case of a tie will most probably be split in two. The members of the winning teams will also be given the opportunity to attend the MIT Global Startup Workshop (GSW).

The first and second runner-ups will receive a check of USD 10,000 and USD 5000 respectively.

Besides the financial reward, the winning teams will be provided with coaching/mentoring from the members and network of the MIT Enterprise Forum who will also help the winners get their businesses up and explore further funding opportunities by introducing them to business development centers, financing institutions, and similar organizations.

The 10 Finalists Of MIT Arab Business Plan Competition 08-09

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MIT Arab Business Plan CompetitionThe MIT Arab Business Plan Competition is a competition designed to encourage all entrepreneurs in the Arab world to start their own company and, ultimately, create a nest of leading firms in the Arab world.

The current version of the competition officially started on November 10th 2008, by opening up registrations. Now, after two rounds of selection, the following 10 finalists from around the Arab world have made it to the final round of the competition (in alphabetical order):

  • AqarMap.com: Amad Almsaodi, Mohamed Hareth, Redwan Mohamed (Yemen)
  • Blog Souq: Ahmad Takatkah, Adey Salamin, Ammar Ibrahim (Jordan)
  • Digital Security Innovations: Adel Bouhoula, Seifeddine Aloui, Amine Ben Khalifa, Mohamed Abid (Tunisia)
  • EnglEasy: AbdulAziz Ahmed Al-Sulaima, Ahmed Siddiqui, Ayman Makki Hoho (Saudi Arabia)
  • HAYATI Healthcare LLC: Michael Matly, Tariq El-Titi, David Matly (United Arab Emirates)
  • Rice Straw Fertilizer Company: Ibrahim Khater Youssef, Ahmed El Dorghamy, Mohamed Abdel Raouf (Egypt)
  • Syphir (GFMail): Husain Al-Mohssen, Courtland Allen, Ghassan Fayad, Faisal Alibrahim (Saudi Arabia)
  • Transterra Media: Irina Prentice, Hassan Ibrahim, Eli Andrews, Jonathan Giesen, Raya Mamarbachi (Egypt)
  • Vaxeal Therapeutics: Ahmed Bouzidi, Bernard Maillere, Giampietro Corradin, Wassim Chehadeh, Mohammed Bouziane, Francois Spertini (United Arab Emirates)
  • White Smile Whitening Boutique: Jomana Musmar, Lamis Maddur, Nigah M. Ajaj, Saoussen Besrour (United Arab Emirates)

The final round consists of oral presentations of the finalists’ business plans to the jury panel in Dubai, on June 11th 2009. The awards ceremony will take place the following day in Dubai, on June 12th 2009.

The winner of the competition will receive prize money of USD 50,000. The check will be issued in the name of the company. The members of the winning team will also be given the opportunity to attend the MIT Global Startup Workshop (GSW). 

The first and second runner-ups will receive a check of USD 10,000 and USD 5000 respectively. 

Besides the financial reward, the winning teams will be provided with coaching/mentoring from the members and network of the MIT Enterprise Forum who will also help the winners get their businesses up and explore further funding opportunities by introducing them to business development centers, financing institutions, and similar organizations. 

MIT Arab Business Plan Competition 2008

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MIT Arab Business Plan CompetitionThe MIT Arab Business Plan Competition is a competition designed to encourage all entrepreneurs in the Arab world to start their own company and, ultimately, create a nest of leading firms in the Arab world. It also brings to the Arab world all the MIT expertise in entrepreneurship and in running such competitions.

The equivalent of the MIT Arab Business Plan Competition in Boston is called the MIT 100K Entrepreneurship Competition and has created a number of leading firms and thousands of jobs. 

Teams interested in joining the competition must register through the competition’s website. Registrations opened on November 10th, 2008. Users are required to fill the online application form consisting of 16 questions that summarize their business idea and the means of implementing it.
The deadline for submitting the applications is Thursday, January 8, 2009 at 23:59, Beirut time. 

The competition is open to all Arab nationals with a business idea, with the only requirement being to be part of a team, with each team comprising of minimum 3 individuals, of which at least 2 should be citizens of the Arab world. The business concept put forward by the team should also be implemented in a country within the Arab world.

The winner of the competition will receive prize money of USD 50,000. The check will be issued in the name of the company. The members of the winning team will also be given the opportunity to attend the MIT Global Startup Workshop (GSW). 

The first and second runner-ups will receive a check of USD 10,000 and USD 5000 respectively. 

Besides the financial reward, the winning teams will be provided with coaching/mentoring from the members and network of the MIT Enterprise Forum who will also help the winners get their businesses up and explore further funding opportunities by introducing them to business development centers, financing institutions, and similar organizations. 

All entrepreneurs interested can go to the competition’s website and Apply Now.

# MIT Arab Business Plan Competition

ASTF And Intel Launch 4th Arab Technology Business Plan Competition

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ASTFThe Arab Science and Technology Foundation (ASTF), a regional and international non-profit NGO, in collaboration with Intel announced the launch of the 4th Arab Technology Business Plan Competition, and the start of the 2nd Made in the Arab World Competition, across more than ten Arab countries including the UAE, KSA, Jordan and Egypt.

ASTF was established in 2000 by Arab scientists and researchers in order to identify and support outstanding scientific achievement within the region. The Foundation also seeks to promote the advancement Arab entrepreneurship by acting as a mediator between up and coming companies and investors. 

Commenting on the announcement, Ferruh Gurtas, Corporate Affairs Group Director, Intel Middle East, Turkey and Africa said: ‘The Middle East is an exciting and dynamic region with a growing number of entrepreneurs – many of whom require initial funding to launch their projects. The 4th Arab Technology Business Plan Competition does just that. It is an opportunity for young, Arab entrepreneurs to map out and transform their ideas from a concept to a tangible working company. At Intel we believe entrepreneurship is a key driver for emerging Middle East economies. As the region begins to compete on an increasingly global scale, these skills, coupled with technological expertise will help local businesses to excel in an international marketplace.’

The Arab Technology Business Plan Competition strives to support and assist Arab entrepreneurs to transform their ideas into successful ventures by providing them with access to potential investors and venture capitalist that are willing to finance promising technology start-ups through the Arab Investment Forum, which is held annually in one of the participating Arab nations. 

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Business Plan Or No Business Plan?

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As I scour the internet going through bunches of articles and blog posts, and as I read more and more business books looking for more advice and tips on launching startups and running them, one of the main questions that keeps coming to mind is that concerning the business plan.

On one side you have the people who tell you to forget about writing a business plan, and to invest that time into working on your startup, getting things off the ground and moving, and that your business plan will come easily to you later on when you’re well established.

On the other side, of course, are the people who think a business is not a business unless you seriously think about and formulate a business plan for it, and that it’s best done at the very beginning so that you know what your goals are, where you’re taking your startup and how you’re actually going to make money to keep it alive.

Both opinions hold a certain amount of truth and logic in them, but if you’re an entrepreneur thinking of launching a business today, which bit of advice should you follow?
Is there a middle ground between the two?

Personally, I think it’s very important that the entrepreneur have an idea about how they plan to generate revenue to sustain their business and grow it from the beginning, but still move forward with an open mind about it all, fully knowing that their idea could change with the evolution of the project.

How detailed these initial ideas or plans have to be depend on the size of the project and the investment being put into it; sometimes they can be just a tiny thought scribbled on a post-it note, and some other times it’s a big elaborate document.

The importance of having this idea of how the business ‘can’ eventually make money is for it to serve as a guide, a reference point for the entrepreneur to keep in mind as they build up their business, and develop different paths towards that goal, and explore other new ones that open up for them along the way.

What are your thoughts on the issue? Business plan or no business plan?