Fikra Program concludes its second edition with a final ceremony

Fikra Program held its concluding ceremony on 9 May 2017 at Dar al Athar al Islamiyyah’s Yarmouk Cultural Centre. Gulf Bank was pleased to be among the sponsors of this edition of Fikra Program’s entrepreneurship training program for entrepreneurs with unique business ideas.

Fikra Program aims to provide entrepreneurs with all of the tools and support they require to establish their own innovative businesses. Managed by Cubical Services Business Incubator, Fikra Program is an intensive entrepreneurship training program that provides aspiring entrepreneurs with all of the tools and support they require to establish their own innovative business. The training includes: leadership skills; comprehensive business planning; marketing; investment opportunities; navigating legal issues and contracts; and more. The program also provides one-on-one mentoring for the aspiring entrepreneurs.  The first edition of the program resulted in establishing 33% of businesses, while 44% are still in the negotiation phase with investors.

There were more than 170 entrepreneurs who applied to Fikra Program’s second edition. The selection process started in December 2016 where 40 shortlisted ideas pitched their business ideas to a panel of Fikra Program judges. Then, 15 innovative business ideas were selected and accepted into Fikra Program.  The program was five months of intensive training and guidance, including more than 24 educational workshops. Additionally, Fikra Program worked with the Kuwait National Fund, helping the participants prepare the requirements necessary for obtaining funding. Participants also visited Dubai SME fund to understand the ecosystem and expand their businesses to the GCC.

During the concluding ceremony, the entrepreneurs pitched their ideas to an audience of more than 200 entrepreneurs, potential investors, high ranking government officials, and the key players in the startup ecosystem. The event featured an exhibition where the 15 teams displayed their business ideas and identified collaboration opportunities. 

Commenting on the success of the program for the second consecutive year, Ms. Laila Al-Qatami, Assistant General Manager of Corporate Communications at Gulf Bank said: “It was fantastic to be a part of fostering an entrepreneurial spirit in Kuwait’s youth. The business plans and ideas presented were top-notch, diverse, and innovative. Gulf Bank would like to congratulate all of the participants in Fikra program and extend our best wishes to the 15 final businesses; we look forward to seeing their businesses grow and them making their mark.  We were very pleased to be a sponsor of the Fikra program, the team behind it are themselves successful examples for upcoming entrepreneurs.”

Ms. Mariam Hisham Al Rayes, Fikra Program Manager at Cubical Services, expressed her sense of pride in the participants and the tremendous work that was put in by each and every one of them to ensure that their thoughts were heard. Ms. Al Rayes said: “When Fikra Program was first established, it was inspired by the idea of embodying a support system for young fresh minds that have a lot to offer but lack the guidance and tools. Today, we stand tall and proud of what they have achieved and what Fikra Program was able to offer each participant. Congratulations to each of them for putting great efforts into transforming their innovative ideas into actual businesses. We look forward to the third edition of Fikra Program, and are excited to support new and innovative ideas by aspiring entrepreneurs and help them establish their businesses.”

A highlight of the event was a speech given by HE Al Sheikha Al Zain Al Sabah, Under Secretary of the Ministry of State for Youth Affairs of Kuwait, which is a strategic partner of Fikra Program. HE Al Sabah said. “It is a pleasure to be part of Fikra program’s first and second editions and we are proud to be a strategic partner of such an impactful initiative. The program has witnessed great success and has attracted a large number of entrepreneurs and I believe it will continue to do so, in light of the invaluable contribution it is making to the lives of so many youth. I would like to thank the organizers, sponsors, mentors and trainers who contributed so much of their time and efforts to ensure that Kuwait’s youth are equipped with what they need to secured a bright and prosperous future”.

Gulf Bank, in addition to all trainers, mentors and judges that were involved in the program, were honoured for their support and efforts, and more importantly, for believing in the power of youth and what they could achieve when equipped with the necessary knowledge and skills.

For more information on Gulf Bank, please visit one of Gulf Bank’s 56 branches, call the Customer Contact Center on 1805805, log on to www.e-gulfbank.com, Gulf Bank’s bilingual website, or visit its social media channels.