INJAZ Misr, the leading education organization which works to bridge the gap between the education system and the private sector, announced today its 4th annual national 'Young Entrepreneurs of the Year Competition', as part of its ongoing commitment to foster entrepreneurship among Egyptian youth.
The competition targets both schools and universities across the nation and will be rolled out in two events. The first event will witness 80 students representing 5 teams from schools battling it out for the winning title on June 23rd, 2010 and the second event will see 400 students representing 18 entrepreneurial ventures at the university level competing in front of a panel of executives who will select the most sustainable and bankable business ideas on July 13th, 2010. Participating schools include Cairo American College, British International School, New Cairo British International School, and Futures International School. Out of those four schools, the winning team will win the 'Junior Entrepreneurs of the Year' award and the second best team will get the 'Best Innovative Team' award. The top team from this event will be candidates to represent Egypt at the INJAZ al-Arab Regional Company Competition tentatively scheduled to coincide with the World Economic Forum conference in Morocco in October 2010. All wining teams will be awarded trophies and medals.
The 400 students at the university level representing 18 teams from Ain Shams University, Cairo University, Fayoum University, Helwan University, Tanta University and Zeitoun El Togaria El Fania El Moshtaraka will be competing for three awards. The top team will win the 'Young Entrepreneurs of the Year' award and will be nominated as candidates to represent Egypt at Injaz Al Arab's regional competition which is set to coincide with the World Economic Forum conference in Morocco; where they will compete with other Young Entrepreneurs from across the region. The second best team will win the 'Best Responsible Business Award' and the third best team will receive the 'Best Innovative Idea' award – both these teams will receive medals and trophies for the team members. Following the competition the three winning teams from the universities will get the opportunity to apply and compete to be incubated in one of INJAZ's board member companies.
A panel of judges consisting of senior executives from 9 leading private sector companies will judge the companies of both the school teams as well as the university teams based on the following criteria:
1- Junior/ Young Entrepreneurs of the Year
Demonstrate strong market potential: showing the ability to be profitable and competitive (beyond the period of the course/competition)
Strong Financial Performance: Showing the ability to be profitable and competitive and bringing benefits to shareholders and secure long-term growth of their business.
The Highest Score: the winning company must have the highest score accumulated for the three-stages: Report, Trade Fair and Business presentation, team work spirit.
2- Best Innovative Idea:
Originality: whether the idea is radically new (or unique), or any improvements made on an existing product or service
Effectiveness and Feasibility: the possibility and ease of implementing the idea; what benefits will it provide and at what costs Be innovative: Innovative approach of business solution; taking non-conventional routes for problem solving.
3- Best Responsible Business:
Demonstrate social responsibility: meeting the wider concerns of stakeholders such as employees, suppliers, customers and local communities Demonstrate environmental excellence: preventing pollution, optimizing resource efficiency and developing products with minimal environmental impacts Be committed to responsible business at all levels: the management team must regard Corporate Social Responsibility a priority and communicate that accordingly and include it within their company's strategy.
During each full day competition, student teams will set up a booth for their company in a trade fair to display their products and services, provide a business proposal presentation and get interviewed by the esteemed panel of judges. Each judge will receive an Annual Report submitted by each participating company which will be sent to them prior to the competition. On the day of the competition, the judges will visit each team during the trade fair and will assess each team during their presentations.
"Entrepreneurship has never been as high on the social agenda as it is today; the world is now confronted with major challenges that reach far beyond the scope of global economy. At Injaz Egypt, we believe that this country's greatest asset lies in its young population, and therefore accordingly they must become our most important investment," said Dina El Mofty, Injaz Egypt Executive Director.
"Empowering our youth and investing in fostering the spirit and culture of entrepreneurship and innovation in helping them to create their own self employment opportunities will have a long term impact on the growth, and economic prosperity of our nation," added El Mofty. "Injaz Students are mentored by executives from the business world who encourage them to think freely and creatively in exploring innovative solutions to address business challenges that would help inspire them to further their career aspirations."
Entrepreneurship is the way forward and there is a global trend realizing the need to instill in youth the skills to become tomorrow's leaders and innovators. U.S. President Barak Obama recognized the work of INJAZ at the 'Summit of Entrepreneurship' held at the White House this year and pointed to Injaz's innovative steps in giving Middle Eastern youth the tools for success.
