Local entrepreneurs urged to apply for MIT forum competition

AMMAN — Jordanians with innovative ideas or projects in fields such as ICT, health, energy and agriculture are encouraged to apply for the MIT Enterprise Forum Arab Start-up Competition, which provides cash prizes and training for winners and participants.

Students, entrepreneurs, start-ups and those with existing companies are eligible to apply for any of the three tracks of the eighth edition of the competition, according to Catherina Ballout, operations manager for the Levant and Gulf Cooperation Council lead at MIT Enterprise Forum Pan Arab.

“We have had a great turnout by Jordanian entrepreneurs so far and we encourage more applications as the deadline is approaching,” Ballout told The Jordan Times over the phone from Beirut on Thursday.

Those wishing to take part in the competition can apply at mitarabcompetition.com/site and compete in the ideas track, the start-ups track or the social entrepreneurship track, she said. 

The deadline for submitting entries for the competition, held in partnership with Abdul Latif Jameel Community Initiatives and Zain, is February 15.

“Any team with an idea or a project that is innovative, helps serve the community and is based in the Arab region can apply. Our objective is to promote entrepreneurship, innovation and foster skills of entrepreneurs across the region,” Ballout noted.

In the first quarter of March, the names of 30 teams in the start-ups track, 20 teams from the ideas track and 20 teams from the social entrepreneurship track will be announced. 

“Those teams will take part in an April 18-21 event in Kuwait. During the event, several workshops and training sessions will be held for the participants. Then, the judges will select 10 teams from each track as finalists,” Ballout said, adding that a jury of experts will announce the winners.

The 10 teams in each track will have the opportunity to pitch their ideas or start-ups to investors, she noted.

Each of the ideas, start-ups, and social entrepreneurship tracks will present cash prizes to three winners, as well as other benefits including top-tier training, mentorship, coaching, media exposure and networking opportunities, according to the MIT Enterprise Forum Pan Arab website.

In the ideas track, the winner will receive $15,000, first runner up $10,000 and second runner up $5,000.

Winners in the start-ups track will get $50,000, while the first runner up will get $15,000, and $10,000 will go to the second runner up. For the social entrepreneurship track, each of the three winners will get $10,000 in cash.