Arab Business Plan Competition, a $100,000 charity initiative launched by Jeddah-based Abdulatif Jameel Company to support enterprising Saudis and citizens of 24 other Arab countries to start their own ventures, is inviting innovative business ideas. Ziad Younes, vice president MIT (Massachusetts Institute of Technology) Enterprise Forum for Pan Arab Region and Fadi Mohammed Jameel, president, ALJ International Social Programs, jointly announced the opening of website for online application forms and schedule for MIT Pan Arab Business Plan Competition 2010 at a press conference here, Monday evening. The two-page application form consisting of 18 questions that summarize the applicants' business idea and the manner of its implementation could be accessed through www.mitarabcompetition.com. The last date for submission of application forms (online) is Jan. 12, 2010. Younes said MIT Pan Arab Business Plan Competition is getting huge response from the prospective entrepreneurs from the Arab World. MIT Arab Business Plan Competition is equivalent to US-based MIT 100K Entrepreneurship Competition that has created a number of leading firms and some thousands of jobs. “Over 500 entries have already been received after the MIT Pan Arab Business Plan Competition 2010 was unofficially launched on Oct. 1, which demonstrates a strong appeal for the program,” he said adding “this year we expect a 20 percent increase in the number of applicants applying for the competition, as the number of countries has also been increased to 24 from 17,” he said. In 2008, the number of applicants from 17 Arab countries including Saudi Arabia was 1,650, he said. He said the program invites applications from both, groups of individuals and newly established companies. Announcement for first 30 semi-finalist teams will be made on Feb. 22 next. A workshop then will be organized for the short-listed teams on March 21 and 22 in Beirut. Ken Morse, Managing Director of MIT Entrepreneurship Center in Cambridge will be present in the workshop to teach the qualified teams on how to draft a clear, concise and convincing business plan. The full business plan will be then submitted on or before April 14 next. On May 13 the names of nine finalists will be announced and the prize money of $100,000 will be awarded to three winners divided into $50,000 (first prize) $30,000 (second prize) and $25,000 (third prize).
