The pan-Arab Technology Business Plan Competition, organized by the UAE-based, non-profit, Arab Science & Technology Foundation (ASTF), is gaining momentum as participants submit an array of high-quality technological initiatives. ASTF, established to promote the development of science, technology and entrepreneurship in the Arab world, is expecting to receive over 100 plans and proposals by the first round closing date of February 8, 2006.
The first pan-Arab contest invites the region’s aspiring young technopreneurs to submit plans for high potential start-up business projects, and ASTF is expecting submissions across all sectors, including biotechnology and pharmaceuticals, information and communication technology (ICT), energy and water applications, and engineering.
ASTF president Dr. Abdalla A. Alnajjar said, “We are proving yet again that there is no shortage of world-class entrepreneurs and technology in this region. We are focusing on bringing convergence between investors and ideas in order to support and facilitate the introduction of a strong technopreneurial start-up culture that will further strengthen its economic well being in the region, and lay strong foundations for a hotbed of ideas and commerce.”
“ASTF aims to foster new opportunities and disseminate new ideas across the Arab region so as to facilitate and introduce innovation to investment. For instance, by bringing together a Saudi investor looking for portfolio diversification and a Tunisian start-up in oil & gas technologies, there is an excellent chance of inculcating synergies and integrating resources to further productivity across the region,” said Alaya Bettaieb, the head of the Tunisian Venture Capital Association.
The contest will culminate in five finalists being selected to present their start-up business plans to investors attending the Fourth Forum on Investing in Technology in Kuwait City on April 10 and 11, 2006. The winning entry will be decided on the concluding day of the Forum and will bag an investment of at least US$50,000 to initiate the venture, while winners in the second and third places will also be eligible for investment capital from the Arab Technology Ventures Seed Capital Fund. A high profile, pan-Arab jury of 5 prominent members has been chosen to select the finalists and the winner.
The competition is part of a series of ASTF-led efforts to close the technology gap in the region and is being supported by a diverse regional network of partners such as the National Technology Enterprises from Kuwait, Princess Sumaya National Entrepreneurship Competition and Young Entrepreneurs Association in Jordan, Technology Development Fund Business Plan Competition and IDEAVELOPERS in Egypt, Syrian Young Entrepreneurs Association in Syria, United Nations Industrial Development Organization (UNIDO) from Bahrain, Fonds Sindibad from Morocco, and de l'Institut Arabe des Chefs d'Entreprises from Tunisia. The competition was also made possible by the generous sponsorship of Abdul Latif Jameel Co. Ltd and the Islamic Development Bank.
It should be noted that thanks to the continued support of His Highness Sheikh Dr. Sultan bin Mohammad Al-Qassimi, Ruler of Sharjah, Member of the Supreme Council of the UAE, and Honorary Chairman of ASTF, The Foundation was able to proceed with its various activities ever since its establishment in the year 2000. ASTF proceeds in developing new initiatives that aim to provide a strong groundwork for Science and Technology in the Arab World.
ASTF was formed in 2000 as an initiative by 400 Arab scientists and the support of the Ruler of Sharjah, H.H. Sheikh Sultan Al Qassimi. ASTF's mission is to promote science and technology in the Arab world, and today it boosts a network of more than 3000 scientists residing in Middle East, Europe and USA, and working in a wide spectrum of disciplines. As a result of its dedicated efforts, ASTF has been acknowledged by international and regional development organization -- like UNESCO, UNDP, TWAS, KFAS, KACST, and others -- as a driving force in bridging the technology gap in the region.
ASTF programs include, among other things, a wide array of activities to encourage more investments in technology. It supports technology startups through strategic, financial, and marketing advice and seeking for them financial and strategic partners. It also organizes the "Investing Technology Forum", which is held twice a year in different cities around the Arab world. ASTF also supports various initiatives to setup venture capital funds focused on the Arab world, and assists large Arab corporations to expand their technological capabilities.
Over the past few years, ASTF has had several successes in IT, communication, water desalination, engineering, and pharmaceuticals. It has always outlined to investors the high returns realized from technology investments, which may exceed 50% per year. It minimizes the investor's risk by conducting extensive technical and financial feasibility for the projects it sponsors, and supports investors in overcoming financial, managerial, and technical problems through its international network of members.
