Fatima Muhammad Saudi Gazette JEDDAH — The head of an institution that hopes to discover new talented innovators in the Arab countries and help them expand their knowledge and meet with investors said Friday that while the Middle East was once recognized for its leadership in sciences, today it is no longer at the forefront of innovation. Dr. Hayat Sindi, CEO and founder of the Institute for Imagination and Ingenuity (i2 Institute), is also UNESCO Goodwill Ambassador for Sciences in 2012. She was speaking to an audience at Jeddah Hilton in the presence of Prince Khaled Al-Faisal and a number of investors and industry leaders. According to her, the commercialization and entrepreneurial intent in the Middle East region is estimated at 2.4 percent, which represents one of the lowest globally. “The key issues that have been identified include innovators' lack of business skills and fear of failure, which translate into a high level of aversion to risk (51 percent) and a limited level of interest by regional investors in science-based ventures,” said Sindi. She called on Arab innovators to submit their applications for a fellowship program that will provide them with mentoring and matchmaking opportunities with potential investors in the region and abroad. The launch ceremony highlighted i2 Institute's status as a non-profit organization that aims at developing a comprehensive ecosystem of entrepreneurship and social innovation for scientists, technologists and engineers in the Middle East. Sindi said, “I hope to make my success story less exceptional and provide better resources for young innovators. The i2 Institute will adopt a fast-track and well-defined approach to inspire, educate and connect entrepreneurs.” Sindi elaborated that the goal would be achieved through two flagship initiatives – the Fellowship Program and the Business Venture Conference. The fellowship program will accept submissions until February 2013. It will involve a preliminary evaluation process to select 50 top applicants with viable and patented ideas. The short-listed entrepreneurs will then participate in a competitive workshop that will culminate with the selection of 12 outstanding fellows. Subsequently, the 12 fellows will undergo an intensive eight-month educational and skill-building program. The first part of this program will extend through six weeks at the Harvard Innovation Lab. A conference will be held on an annual basis, bringing together about 100 investors. It will serve as a matchmaking platform that will provide business propositions. “Our intent is not merely to offer learning experiences but has more to do with driving tangible results. I urge potential donors, contributors and investors to join hands with the i2 Institute and help us achieve our ambitious hopes for Arab innovators and aspiring entrepreneurs by contributing to the innovation potential of the region,” Sindi said.
