MIT Enterprise Forum Saudi Arabia, in partnership with Bab Rizq Jameel – part of Community Jameel – is inviting applications for the second MIT EF Startup competition in Saudi Arabia. The competition is open to Saudi and non-Saudi entrepreneurs of all ages who may apply to participate in one of the three categories: ideas, emerging business startups, and social enterprises. Cash prizes worth up to SR325,000 are on offer, as well as workshops, training, and mentorship throughout the competition by specialists and experts in all social and business fields. Entries can be submitted through the website www.mitefsaudi.org. Closing date is Jan. 4, 2017. The ideas category is designed for entrants who believe their concepts have effective social or commercial potential, while emerging business startups is for Saudi-registered ventures that have experience and scalability. Social enterprise focuses on for profit entities that are officially registered in Saudi Arabia. Hashem Daghestani, general manager, business development and entrepreneurship programs at Community Jameel, said: "The competition will measure five basic standards: the scalability of the idea or the project and its capacity for deployment; the quality and extent of innovation of the offered solutions; and expertise and added value of each team members." Project ideas or startups must not be limited to the local market, so submitted action plans should target international markets. Alongside the need to maintain financial sustainability, we also take into account the social impact of projects. Entrants who qualify for the finals will have the opportunity to participate in the StartSmart conference in Saudi Arabia, one of MIT Global Forum's programs, which is organized to encourage, motivate, and direct local entrepreneurs to achieve success. The nine winners will be announced on March 11, 2017 and invited to participate in the tenth MIT Enterprise Forum Arab Startup competition.
