Competition aims to promote socially responsible business entrepreneurship in the UAE

Prizes include the V7 Grand Prize valued at AED 100,000 and the Dow Prize for Sustainability of AED 50,000

October 2, 2013, Dubai, United Arab Emirates - Last week, DUBAI+Acumen launched the Acumen for Social Enterprise Business Plan Competition 2013 (ASE 2013), an "innovation accelerator" focused on promoting social entrepreneurship in the Emirates.

A relatively new concept to the region, a "social enterprise" operates with a primarily social, rather than financial, objective, is market-driven and financially self-sustaining through earned revenues and profits. Unlike Corporate Social Responsibility (CSR), a social enterprise seeks to address a socio-economic or environmental challenge in society by operating as a profitable business, rather than relying on grants or donations.

Conceptualized by DUBAI+Acumen Chapter Leaders--Jean-Pierre Aramouni, Natasha D'Souza and Sameeha Khan--ASE 2013 represents a unique UAE initiative as the first and only community-centric business plan competition organized entirely by volunteers. Inspired by the caliber and achievements of last year's candidates and winners, the ASE 2013 leadership team sought to build upon the success of the inaugural 2012 competition, incorporating additional elements in line with best practices at other leading social enterprise business plan competitions.

The Dubai+Acumen leadership team explains: "Social enterprise represents a vibrant and vital part of the entrepreneurship ecosystem, addressing social problems that are traditionally tackled by non-profit or non-governmental organizations. DUBAI+Acumen remains resolutely committed to supporting up-and-coming social entrepreneurs in the U.A.E. Through the Acumen for Social Enterprise Business Plan Competition, we intend to encourage a budding entrepreneur's interest in social enterprise and support social entrepreneurs at various stages in the idea-generation and enterprise-creation process, enhancing the viability of their proposed businesses and their prospects for success."

DUBAI+Acumen held the first social enterprise business challenge in 2012. Entitled "Business Acumen 4 Good," the competition was held at The Shelter, and had 22 teams competing for AED 30,000/- in seed money awarded by The Khalifa Fund for Enterprise Development. The winning teams were Tracy Fountain with Back to Basics--the first UAE training provider to develop government endorsed community outreach programs focused on child injury prevention--and Nojoud Al Bastaki and Muna Harib with Buksha--a sustainable cultural & volunteer tourism venture .

This year, Acumen for Social Enterprise 2013 offers entrants the opportunity to compete for prizes established by Prize Partners Venture 7 Capital (V7) and Dow, with a combined value of AED 150,000/-.

The V7 Grand Prize, valued at AED 100,000/-, comprises of AED 50,000/- in seed capital and a host of in-kind services including free office space and business set-up assistance. "With entrepreneurship emerging as a primary focus in the MENA region, especially in Dubai, we are happy to elevate social entrepreneurs to the next level through this competition. Social entrepreneurship is an endeavor that most people want to do but don't know how they ought to proceed.  9 out of 10 entrepreneurs we meet want to start a business with a 'socially conscious angle or focus', while still making a profit.  We are confident that this competition will catalyze an already existing undercurrent of positive change." says Yousef Hamza, Chairman of Venture 7 Capital, the Grand Prize partner for the competition.

For the first time in the region, Dow has instituted The Dow Prize for Sustainability, valued at AED 50,000/- in seed money, to be awarded to a social enterprise idea that complements Dow's sustainability philosophy.

"Social enterprise is a powerful next phase for entrepreneurship in the region. It can amplify the development of sustainable breakthroughs for social and environmental problems, without having to rely on charity or public funding. Sustainability is a cornerstone of the Dow philosophy embodied in our mission to passionately innovate what is essential to human progress by providing sustainable solutions to our customers as well as our vision and values. Dow is pleased to support the sustainable business potential of Dubai by instituting The Dow Prize for Sustainability, providing entrepreneurs with the opportunity to turn great ideas into a game changing reality," comments Moosa AL-Moosa, General Manager of The Dow Chemical Company in the UAE, one of the main sponsors of the competition.

Main competition events, such as the Workshop Series and Grand Finale will be hosted in conjunction with Venue Partner, the Dubai International Financial Centre (DIFC). The competition will close for entries on October 20, 2013, and winners will be announced on November 23, 2013. To enter the competition, and for more information on DUBAI+Acumen, please visit: dubai.plusacumen.org.

More about the Acumen for Social Enterprise Business Plan Competition 2013:
The competition is open to any individual (at least 21 years of age) seeking to launch a social enterprise in the United Arab Emirates. For initial consideration, candidates are invited to submit a brief Statement of Interest sharing basic details of their social enterprise idea. The proposed idea must present an innovative solution to a defined problem prevalent in the U.A.E. (such as climate change, environmental conservation, societal issue). The candidates are asked to consider the following aspects when submitting their application:

  • The Social Entrepreneur: What are the applicant's aspirations in relation to social impact?

  • The Idea: What is the social or environmental problem being addressed, and what is the potential solution? What are the risks involved?

  • The Impact: What is the expected impact,  how will it be measured, and is the model scalable?

  • Financial Sustainability: What is the revenue generation model, and is it sustainable? What will funds go towards?

  • Sustainability: Applicants interested in competing for The Dow Prize for Sustainability must propose an idea that complements Dow's sustainability mission following one or more of the following megatrends i.e. agriculture, consumer and lifestyle, energy, infrastructure and transportation.

Shortlisted candidates will be invited to attend a one-day series of "deep dive" workshops led by seasoned professionals and trailblazers. The series will enable entrants to understand the strengths and limitations of their idea, develop a solid business plan and gain insight on the social entrepreneurship ecosystem.  The workshop series will be held at the DIFC and includes the following modules:

  1. Social Enterprise 101 - led by C3- Consult and Coach for a Cause

  2. Social Impact Measurement - led by C3- Consult and Coach for a Cause

  3. Business Plan Basics - led by Oliver Wyman

  4. Show Me The Money - led by Venture 7 Capital

  5. Digital & Branding Strategy - led by Xische & Co.

-Ends-

About Dubai+Acumen
DUBAI+Acumen is a self-organized, volunteer-led group that seeks to inspire and empower individuals who are passionate about supporting Acumen's mission to create a world beyond poverty by investing in social enterprises, emerging leaders, and breakthrough ideas.  The chapter is committed to cultivating social enterprise and supporting likeminded changemakers in the U.A.E. and the Middle East who believe in the merits of "patient capital." Founded in 2009, DUBAI+Acumen is the oldest and largest chapter in the Middle East, consisting of approximately 1,000 chapter members. For more information and to join DUBAI+Acumen contact us on dubai@plusacumen.org

About V7
Venture 7 Capital (V7), a private investment consortium was established in 2013 and focuses on SMEs and entrepreneur development.

About Dow in the Middle East
Dow has a longstanding relationship with the Middle East beginning with the establishment of manufacturing and commercial facilities in the United Arab Emirates more than 35 years ago. Since then, Dow has established a solid presence in the Middle East petrochemicals industry, partnering with leading regional companies to set up state-of-the-art petrochemical complexes across the region. For 18 years, Dow and Petrochemical Industries Company K.S.C. (PIC) of Kuwait have shared one successful milestone after another, partnering on six industry-leading joint ventures. Saudi Aramco and Dow have formed a joint venture. Sadara, to build, own and operate a world-scale integrated chemicals complex in the Eastern Province of the Kingdom of Saudi Arabia. From the entrepreneurship initiatives of LoYac in Kuwait to the new Dow Middle East and Africa R&D Center at the King Abdullah University of Science and Technology in Saudi Arabia, Dow actively supports the social and economic aspirations of the communities where it operates. For more information about Dow in the Middle East, please visit: www.dowmiddleeast.com

For media enquiries and interview requests, please contact:
Serene Touma
Purple PR
Email: serene@purplepr.ae 
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© Press Release 2013