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The competition is open to Saudi and non-Saudi entrepreneurs of all ages who may apply to participate in one of the three categories: ideas, emerging business startups, and social enterprises.

Cash prizes worth up to SR 325,000 are on offer, as well as workshops, training, and mentorship throughout the competition by specialists and experts in all social and business fields. Entries can be submitted through the website www.mitefsaudi.org. Closing date is January 4, 2017.

The ideas category is designed for entrants who believe their concepts have effective social or commercial potential, while emerging business startups is for Saudi-registered ventures that have experience and scalability. Social enterprise focuses on for profit entities that are officially registered in Saudi Arabia.

Hashem Daghestani, general manager, business development and entrepreneurship programmes at Community Jameel, said: “The competition will measure five basic standards: the scalability of the idea or the project and its capacity for deployment; the quality and extent of innovation of the offered solutions; and expertise and added value of each team members.

“Project ideas or startups must not be limited to the local market, so submitted action plans should target international markets. Alongside the need to maintain financial sustainability, we also take into account the social impact of projects.”

Entrants who qualify for the finals will have the opportunity to participate in the StartSmart conference in Saudi Arabia, one of MIT Global Forum’s programmes, which is organised to encourage, motivate, and direct local entrepreneurs to achieve success.

The nine winners will be announced on March 11, 2017 and invited to participate in the tenth MIT Enterprise Forum Arab Startup competition.

Partners in this year’s MITEF Saudi Startup competition are the SME Authority (governmental partner), MIT Tech magazine (Media partner), MIT Arab Forum (Regional partner ), Mecca Valley Company (Innovation partner), King Khaled Foundation (Social entrepreneurship partner), and SEDCO (Financial literacy partner), Badir (technology incubators partner) and Aramco entrepreneurship center (promising partner) .Supporting partners include Microsoft, Oracle, KAUST, Olou mentors, Qotuf and associate Co.

MITEF Saudi Startup competition is part of a global network dedicated to the promotion of entrepreneurship and innovation. The chapters inform, connect, and coach technology entrepreneurs – enabling them to rapidly transform ideas into world-changing companies.

Founded in 2015 with the goal of promoting and enriching entrepreneurship in Saudi Arabia, MITEF Saudi Arabia celebrates and supports all potential startups and entrepreneurs in the Kingdom through the competition.