With up to SR100,000 up for grabs and three tracks to apply to, the MITEF Saudi Startup Competition combines mentorship, webinars and consultation to guide applicants to the best possible outcome.
Startup competitions have become regular fixtures on entrepreneurs’ annual calendars but not all competitions are created equal. One of the most action packed yearly events is MITEF Saudi Startup Competition, and though this year’s edition is going completely virtual, it remains a landmark event in the Saudi Arabia ecosystem with one of the most robust programmes out there. Accepting applications now, and until the 10th of December 2020, this is an opportunity for KSA-based innovators, inventors and ideas people that shouldn’t be missed.
Now hosting its fifth edition of the startup competition, the MITEF Saudi is an official chapter of the MIT Enterprise Forum; the iconic university’s platform dedicated to entrepreneurship and innovation. As such, the event isn’t simply a pitch competition, but a seven-month long programme filled with virtual roadshows, webinars, mentorship sessions and more.
Applicants can apply to one of three tracks: Ideas, Startups or Social. The Ideas Track is for those who have an innovative solution or scalable ideas in mind, but don’t necessarily have an actual business yet. First prize in this track goes home with SR20,000 to bring the idea to life, while second and third place win SR15,000 and SR10,000, respectively. The Startups Track is aimed at existing high-impact startups and the prize money is SR100,000, SR25,000 and SR15,000 for first, second and third place. Finally, the Social Track seeks social enterprises which are already legally registered in Saudi Arabia and looks for potentially life changing organisations, ideas and innovation with prizes of SR100,00, SR25,000 and SR15,000. Participating applicants across all tracks must have at least one Saudi national on their team to be eligible to join the exciting competition.
If you think you’ve got what it takes, you can apply now on the official MITEF Saudi website. But if you’re not quite sure, you can take part in one of their virtual roadshows that take place every Wednesday until the final submission date. Designed to guide and coach applicants to maximise their chances of winning, October’s roadshows have been hosted by some of the most impressive entrepreneurs in the MENA ecosystem, including: Amal Dhokan, CEO of GEN Saudi, Adwa Aldakheel, CEO and Founder of Falak Investment Hub, Noor Salama, Partnerships and Community Lead at MAGNiTT and Emon Shakoor, CEO and Founder of Blossom Accelerator who shared their experience, tips and advices in establishing startups, securing investments, analysing data, and more. The Roadshows take place on the Mashora app, a dedicated platform for mentorship and networking.
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