The MIT Business Plan Competition in the Arab World is the first of its kind in the Arab region It is designed to encourage all entrepreneurs in the region to start their own company and ultimately create a nest of leading firms in the Arab world. It also brings to the Arab world all the MIT expertise in entrepreneurship and in running such competitions. The equivalent of the MIT Business Plan competition in the Boston area is called the MIT 50K competition and has created a number of leading firms and thousands of jobs.
Are you ready? Let´s see how we can help you succeed!
Round 1:
Submitting Applications:
All applications must be submitted electronically through the web site. Teams willing to enter the competition must sign into the website and secure a username and password. The application contains 16 questions that summarize the business idea and the means of implementing it. The Application is available in English only. Using the username and password, it is required to fill the application on-line. The user may save the application as many times as necessary to fill it. Once finished, the application is entered into the competition by pressing the “Submit” button. On February 7, 2007 at 23:59, only those applicants who have submitted their applications would have entered the competition.
Grading Round 1:
Every application is graded once by a jury of business professionals. Grades are given on a per question basis as published in the application form. Two or more blank questions disqualify an entry, as well as answers that are obviously not serious and not well thought of. We estimate that it takes at least two weeks to compose all answers, so we advise applicants to take their time to thoroughly think about their business project in as much detail as possible. All grades are given electronically, and graders do not see the names of the applicants. Only the system is able to sort and process the best applications.
Deliberating Round 1:
Around twenty applications will qualify for round 2. The first jury will convene for two days to review the applications that will qualify for round 2. The first jury consists of all business professional people who have graded applications. The qualifying teams may be interviewed by the first jury during deliberation. The first jury reserves the right not to qualify a team if the team does not abide by the terms and conditions of the competition. The applicants that qualify for round 2 are announced in a press conference or in the offices of the MIT Arab Business Plan Competition.
Round 2:
The judges will review all entries based on criteria that is shared by all jury members. Each submission will be reviewed and graded by three different judges. After all grades are submitted by the judges, the top 10 teams will be invited by February 28th, 2007 to submit a full-blown business plan. You will receive an email inviting you to submit a business plan.
All invited teams who have successfully gone through round 1 must submit their full business plan by April 15th, 2007. The business plan guide (see how to write a business plan section) will help you construct the plan in the best possible manner. Before March 15th 2007, you will have access to mentors who can help you with the plan. You will have a chance to ask us questions and get answers that are specific to your business. There will be a couple of information sessions held during this time to answer any general questions that the participating teams may have.
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About the MIT Arab Business Plan competition
