Overview :
The MIT Arab Business Plan Competition is the first of its kind in the Arab world. The Competition is designed to encourage all entrepreneurs in the region 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 50K Entrepreneurship Competitions and has created a number of leading firms and thousands of jobs.
How to Apply :
Teams interested in joining the Competition must secure a username and password per team by clicking on the "Apply Now" button on the home page of the website. The website will be open for registrations starting Monday, November 10, 2008. Using their credentials, 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 application is available in English language only and should be filled in English too.
The user may save the application as many times as necessary to fill it. Once duly completed, the application will be considered for grading by pressing the "Submit" button. The deadline for submitting the applications is Thursday, January 22, 2009 at 23:59, Beirut time.
Eligibility :
The Competition is open to all Arab nationals with a business idea. The only requirement is to be part of a team. You cannot enter the Competition as one person. We believe that a viable team should comprise minimum 3 individuals.
1) At least 2 members of the team should be citizens of the Arab world - see eligible countries below
2) The business concept should be implemented in a country within the Arab world - see eligible countries below
List of Eligible Countries:
Awards :
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 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.
Suggestions & Advice : 1) All questions should be answered without exception. It takes one blank entry to disqualify the application from the Competition, as well as answers that are obviously not serious and not well thought of.
2) Take your time to thoroughly think about your business project in as much detail as possible. We estimate that it takes at least 2 weeks to compose all answers. Submitting the application very early will enable the organizers to check for formatting problems which you may have overlooked.
3) Look at your entry the way it will be printed out for the judges. You may be surprised about the formatting and want to change it before the deadline.
4) Download both examples of the application form found below to see what the jury expects from you.
About the MIT Arab Business Plan Competition
