Arab Startup Competition and a Funding Chance Valued $120,000 from MIT Forum

Date limite : 10 déc. 2019

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Arab Startup Competition and a Funding Chance Valued $120,000 from MIT Forum

MIT Enterprise Forum Arab Startup Competition (ASC) is a yearly competition initiated by the MIT Enterprise Forum Pan Arab since 2006. This annual competition is designed to empower entrepreneurs and foster an eco-system of innovation and entrepreneurship in the Arab Region. ASC pits entrepreneurs in three different tracks: Ideas, Startups, and Social Entrepreneurship Track. The winning teams are awarded 120,000 USD in equity-free funds and benefit from a range of other activities including top tier training, mentorship, coaching, media exposure, and great networking opportunities.

Eligibility Criteria Social Entrepreneurship and Startups Tracks:

  • At least two members.
  • Working product/service, traction, and sales.
  • Generating revenues.
  • Have not raised funding above 1,500,000 USD.
  • Legally registered/operating in an Arab country.
  • Should be in Tech or Digital industry.
  • Addressing a social challenge for the social entrepreneurship track.

Eligibility Criteria for Ideas Track:

  • At least two members.
  • Proof of concept & prototype.
  • Validated business model & clear plan to grow.
  • Has a mentor/industry Expert.
  • Should be in Tech or Digital industry.

Selection Process:

The selection process for round 1:

  • Applications are accepted in English, French, and Arabic
  • Each application is graded by at least 2 different judges. Judges place more importance on certain criteria, depending on the track you are applying for (Judging criteria below)
  • 50 semifinalists teams from different tracks are selected for the second round. These teams will have scored the highest average score on their application forms
  • MITEF Pan Arab reserves the right to modify the number of selected teams
  • The semifinalists teams must work on and submit certain deliverables that will be communicated with them in due time prior to the workshop and conference. The semifinalists teams must also sign the “engagement letter” form. All members whose names are mentioned as part of the team must sign the form.
  • Qualified teams are not required to pay a participation fee for any of the workshops or conferences. Each of the participants is expected to pay for their own flight ticket to the final event. The MIT Enterprise Forum Pan Arab will be paying all other expenses for up to two members per team, including accommodation, lunch and coffee breaks, ground transportation to and from the event venue. Other members attending the event can benefit from our special rates

The selection process for round 2:

  • The selected semi-finalist teams are required to attend a pre-boot camp, the final award ceremony, and the conference. The pre-boot camp training is led in English. At least one of the team members who will be attending the training must be fluent in English
  • The semi-finalist teams are required to pitch in front of a Round 2 jury panel during the 2-day final event where they will have 3 minutes to present/pitch, followed by 7 minutes of Q&A
  • The oral presentations should be delivered in English
  • After the oral presentations, the jury will deliberate and select 10 finalist teams that qualify to the final round of the Startups track

The selection process for round 3:

  • The finalists teams are required to pitch in front of a Final Round Jury panel where they will have 3 minutes to present, followed by 7 minutes of Q&A
  • The oral presentations should be delivered in English
  • After the oral presentations, the jury will deliberate and select the three winners of the Startups track

Judging Criteria:

  • Team.
  • Innovation.
  • Scalability.
  • Financial sustainability.

Award:

  • First place award valued $30,000.
  • Second place award valued $10,000.
  • Third place award valued $5,000.

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