IN THE LOOP
INNOVATIONS WELCOME The new edition of MIT Enterprise Forum Saudi Arabia Startup Competition is now open for applications
HE Majid Saif Al Ghurair during the Market Access launch event
FOSTERING COLLABORATION Dubai Startup Hub launches revamped Market Access program for startups and SMEs
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even major corporates have signed up to Dubai Startup Hub’s latest edition of Market Access, which pairs leading companies in the UAE with startups that offer innovative solutions addressing their key challenges. Sanofi, Mediclinic, Sumitomo Corporation, Accenture, Dubai South, Emirates Post Group and Emirates NBD will list a series of challenges on the Market Access online portal, giving startups the chance to submit their solutions online and pitch their business concepts to potential business partners, Dubai Startup Hub, the entrepreneurship arm of Dubai Chamber of Commerce and Industry, said in a statement. In its fourth cycle, the Market Access program had received more than 500 applications from corporate and startups in previous rounds. The latest edition has been revamped to offer a one-year membership to corporate participants, specialized workshops and access to a wider network of solutions, as well as the opportunity to list multiple challenges. Meanwhile, startups that make the cut will benefit from training and pitching workshops, access to lucrative business opportunities, as well as
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a platform to boost their market exposure and build their brand reputation. Speaking during a launch ceremony, H.E. Majid Saif Al Ghurair, Chairman of Dubai Chamber, stressed the significance of programs like Market Access in providing an effective platform for fostering innovation and forging partnerships between established companies and startups in Dubai. He added that many large local and global companies have realized the benefits of collaborating with startups, with such partnerships are helping organizations successfully navigate the Fourth Industrial Revolution and boost their competitive edge. Launched in 2017, Market Access is a first-of-its-kind program that aims to enhance cooperation and facilitate deals between innovative startups and SMEs from around the world, and leading companies and government entities in Dubai. Dubai Chamber launched Dubai Startup Hub in 2016 as an online platform to connect startups, entrepreneurs, developers, venture capitalists and students, enabling them to learn about new opportunities and create new partnerships that stimulate economic growth. dubaichamber.com/dubaistartuphub/marketaccess
IMAGE CREDIT DUBAI STARTUP HUB
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audi entrepreneurs, this is an opportunity you shouldn’t miss. As part of the MIT Enterprise Forum global network, the MIT Enterprise Forum Saudi Arabia, along with Bab Rizq Jameel, an initiative of Community Jameel, has launched the fourth annual edition of the Saudi Startup Competition. The competition is designed to showcase Saudi entrepreneurs and provide an avenue to present their projects and ideas, and have the opportunity to gain cash prizes totaling more than SAR325,000. The competition has three tracks for interested applicants. First up, is Ideas Track, which is open for scalable ideas that already have a proof of concept and a validated business model and plan for growth. Next, is the Startup Track, which targets high impactful startups legally registered in KSA and has a working product or service, traction and sales. The last is the Social Track, which is designed for social enterprises in KSA that has a working product/service which addresses a social challenge with a for-profit angle. Winners in the Ideas Track have a chance to win SAR20,000 for the first winner, SAR15,000 for the second winner and SAR10,000 for the third winner, while the Startup Track’s first winner gains SAR100,000, SAR25,000 for the second winner, and SAR15,000 for the third winner. As for the Social Track, the first winner will gain SAR100,000, while the second winner will gain SAR25,000, and the third winner will gain SAR15,000. A panel of judges from the entrepreneurial community will evaluate the applicants, while the shortlisted 45 teams will proceed for the semifinals round in January 2020. Running for more than six months, e-induction briefs have been organized in selected universities and educational institutions across KSA from September to midDecember. Teams qualified for the semi-finals will have access to activities, orientation sessions and bootcamps with specialists and experts. Finalists also will have the opportunity to participate in the Saudi StartSmart Forum, a program of the global network of MIT Enterprise Forum. Saudi StartSmart is designed to encourage and guide entrepreneurs through workshops and programs related to technology and innovation. The nine winning teams, three from each track, will also be announced. Registration have already begun, and will continue until December 21, 2019. mitefsaudi.org
