MIT Enterprise Forum (MITEF) Saudi Arabia has announced the winners of the prestigious MITEF Saudi Arabia competition for up-coming entrepreneurs.
The judging panel of business experts and academics from Saudi Arabia and beyond assessed entrants’ business models according to criteria such as innovation, scalability and social impact.
In the Start-up category, the winner was Madad Services LLC, which received SAR 100,000; runner-up iBoat received SAR 25,000; and third place Nushmi Services received SAR 15,000.
In the Social Enterprise category, the winner, Tadweer, received SAR 100,000; runner-up Banafsajeel received SAR 25,000; and third place Ketaby Lak Application received SAR 15,000.
The final category was Ideas. The winner was Aquaponica, which received SAR 20,000; runner-up Stitches False Wall, received SAR 15,000; and third place Packageha won SAR 10,000.
Selected from 2,200 entrants, all nine teams will now advance to the 10th MITEF Pan Arab competition, to be held in Bahrain in April 2017.
MITEF Saudi Arabia, established in 2015, is part of the MITEF Global network of chapters dedicated to promoting entrepreneurship and innovation worldwide. It also seeks to provide knowledge, communication, and training for entrepreneurs, enabling them to quickly turn ideas into world-changing companies.
Now in its second year, it is organized in partnership between Community Jameel’s Bab Rizq Jameel initiative and Zain Saudi Arabia.
Dr. Sarah Ghaleb, Senior General Manager, Education and Entrepreneurship initiatives at Community Jameel, and project manager of the program, praised the role of government organizations and private companies in accelerating development in entrepreneurship. She said: “The slogan of MITEF Saudi Arabia is ‘You are Tomorrow’ because when we create new entrepreneurs we contribute to developing the solid foundation for tomorrow’s economy.”
This year’s contest culminated in agreements between Bab Rizq Jameel and some of the companies that are considered leaders in entrepreneurship; and between Bab Rizq Jameel and Prince Mohammed bin Salman College, through which scholarships and training will be provided for this year’s winners