Dubai Internet City has launched what could well be the biggest e-business contest yet, to be held in a region stretching from SA to the Gulf countries and from Egypt to the Indian Sub-Continent. The competition is designed to attract the brightest and best e-business ideas from both budding and existing entrepreneurs.
Three winning ideas - selected by a rigorous multi-stage selection process by experts - will receive incubation support at Dubai Internet City valued at $150 000 each.
MasterCard, IBM, Hewlett-Packard, Oracle, Emirates Bank Group and Microsoft are sponsoring the e-business challenge. Entrepreneurs can submit an executive summary of their business plans until 15 August.
"We believe there are a lot of good e-business ideas and plans in our part of the world," says Mohammed Al Gergawi, director general, technology, e-commerce and Media Free Zone authority and chairman of Dubai Internet City. "Entrepreneurs unfortunately find it difficult to execute these ideas because all the enabling elements for a business start-up are not in place in the region at any one location. Through this challenge we will rectify this shortcoming."
Business plan summaries will be evaluated by Dubai Internet City at the first stage of judging and then between 100 and 125 innovative ideas will be short-listed. These entrepreneurs will be asked to submit detailed business plans which will be evaluated by Dubai Internet City, sponsor organisations and other external experts.
A final short-list of 20 to 25 business plans will then be drawn up and the teams behind these ideas will be flown to Dubai where they will attend a two-day coaching workshop with e-business experts who will help tighten up their business plans.
These teams will then have the opportunity to present and discuss their ideas with international and regional venture capitalists at a one-day forum. This could lead to these business plans getting funding support.
The venture capitalists will make a final shortlist of 10 plans to be finally presented to an international jury that will select the three most viable business ideas which will receive incubation support at Dubai Internet City to the extent of $150 000 each.
The winners will be announced at the official opening of Dubai Internet City at the end of October this year. Dubai Internet City is touted as a business hub for New Economy enterprises and the world`s first free trade zone for IT, e-business and media companies.
Entrepreneurs can participate by logging on to www.dubaiinternetcity.com/ebizchallenge.
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