The search is on to find the next $100,000 (Dh367,000) winner of the Arab Technology Business Plan Competition.
The annual contest is organised by the Arab Science and Technology Foundation (ATSF) in conjunction with Intel and aims to stimulate technological innovation across the 22 Arab countries.
"We want to turn the brain drain into a brain gain," said Dr Abdalla Alnajjar, president of the ASTF.
"Do not think small, think global.We do not want to open a grocery shop, we are looking for ideas that can grow into mega companies. That is the way to make real change in the region, by acting as an example of what can be done." The Foundation has allocated a further Dh55 million to be invested in 20 promising Arab technology companies.
"If a firm can grow from a $500,000 investment to a Dh180m company, which is bought five years later by the likes of Intel, it will create major shockwaves and will encourage investors to think of technology instead of traditional sectors such as real estate," added Alnajjar. It also aims to increase women's involvement in technology, with just six per cent of entries in last year's contest coming from Arab women.
"In order for Arabs to compete globally, they must start focusing on innovation and education," said Bassem Nasir, higher education manager for Intel Middle East Turkey and Africa.
"The idea is to help devel op a more competitive IT workforce capable of driving innovation and economic growth in the region." Entries must have a regional or global market potential and will be judged according several criteria, including market potential, financial return on investment, innovation, uniqueness, strategy and experience.
The first round will see entrants submit an executive summary. The final 25 will then be asked to submit a draft business plan and winners will be announced at the Investing in Technology Forum in Jordan in December.
The top two entries will also take part in a global competition at the University of Berkeley in California.
Entries should be sent to bpc@astf.net. For further information visit www.astf.net/bpc2
By Matt Smith
© Emirates Today 2007
