V7 Grand Prize valued at AED 100,000 awarded to Green Truck Recycling Transportation Services

The Dow Sustainability Prize of AED 50,000 awarded to Green Shine

Competition signals promising future for Dubai's social enterprises

Dubai, United Arab Emirates, 11 December 2013: Before Dubai's historic win of the World Expo 2020, the city with an insatiable appetite for innovation hosted the Grand Finale of the "Acumen for Social Enterprise Business Plan Competition 2013" (ASE 2013), announcing this year's winning social enterprises at the Dubai International Financial Centre (DIFC) last month.

Green Truck Recycling Transportation Services was awarded the "V7 Grand Prize" valued at AED 100,000 and Green Shine won The Dow Sustainability Prize of AED 50,000. Green Truck, co-founded by Diya Khalil and Timothy Paul, aims to provide direct recycling transportation services for freehold communities and other villa/townhome enclaves in Dubai. Green Shine, started by Elizabeth Kuruvilla, is a facility providing organic and water-free car washes.

V7 Capital, with its commitment to fund SMEs was pleased to invest in the competition's winning social enterprise, Green Truck. "Social enterprises are becoming more globally recognized as the next best driver for economies," said ASE 2013 Judge Yousef Hamza, Chairman of V7 Capital. "Not only do they create jobs, they also have a wider social and environmental impact that is sorely needed in emerging markets. V7 is happy to help incubate and grow Green Truck's aspiration to make Dubai more recycling-friendly."

"I would like to congratulate Green Shine on winning the Dow Sustainability Prize," stated ASE 2013 Judge Moosa AL-Moosa, General Manager of The Dow Chemical Company in the UAE. "Sustainability is a cornerstone of Dow's business philosophy and we believe it is important to encourage the sustainable business potential of the UAE by supporting entrepreneurs like Green Shine with the opportunity to turn great ideas into a game changing reality."

Launched by DUBAI+Acumen, a volunteer-led organization focused on promoting social entrepreneurship in the emirates, ASE 2013 is a unique UAE initiative as it is the first and only community-centric business plan competition organized entirely by volunteers: Christine Azavedo, Jean Pierre Aramouni, Leigh-Ann Lanier, Natasha D'Souza and Sameeha Khan. A relatively new concept to the region, "social enterprises" are businesses that seek to address a socio-economic or environmental challenge in society by operating as a profitable business, rather than relying on grants or donations. 

Following a successful inaugural competition in 2012, this year's competition refined its "innovation accelerator" concept to grant aspiring social entrepreneurs access to valuable business insights to help launch their homegrown social enterprise ideas. The program also helped foster the necessary community relationships and mentorship to support the growth and success of these nascent ventures.  

Ten finalists competed for the V7 Grand Prize (valued at AED 100,000/-) sponsored by Prize Partner Venture 7 Capital and  The Dow Prize for Sustainability (of AED 50,000/-) sponsored by Prize Partner The Dow Chemical Company, before an eminent judging panel of business leaders and entrepreneurs including:

  • Mr. Yousef Hamza: Chairman of Venture 7 Capital, Partner at Envestors MENA
  • Mr. Moosa AL-Moosa: General Manager, UAE and Finance Director, Middle East & Africa, The Dow Chemical Company
  • Mr. Badr Jafar: Managing Director of the Crescent Group, Vice-Chair of The World Economic Forum Global Agenda Council on Energy Security
  • Mr. Karim Djerboa: Founding member of Endeavour UAE and former Senior Manager at Cisco Entrepreneur Institute
  • Ms. Tracy Fountain: Winner of DUBAI+Acumen's 2012 Business Plan Competition and Founder of "Back to Basics"

The judges unanimously affirmed the quality of the pitches presented and were especially impressed by the strong potential of some of the business plans, leading to the surprise announcement of additional awards of mentorship and incubation services to another two finalists. In addition to the winners, Global Youth EMpowerment (GYEM) was awarded a year's incubation by V7 Capital, while MASKA Gift Wrapping LLC/The Sewing Fund Initiative was awarded mentorship from Mr. Badr Jafar. 

"Research has shown that entrepreneurs with mentors are almost twice as likely to succeed as those without the support and guidance of experienced business people. The Social Enterprise Business Plan Competition recognizes this fact and is particularly effective at connecting promising entrepreneurs with mentors and capital," commented Badr Jafar. "This was the case with MASKA Gift Wrapping demonstrating true understanding of their niche market and the consumers they were looking to target, which is why I have offered to be their mentor."

Roberta Calarese, Chief Legal Officer at DIFC Authority, said: "DIFC proudly supports ASE 2013. This is an excellent initiative by DUBAI+Acumen to help develop social enterprises within the U.A.E. that are currently in a fledgling stage."

All ASE 2013 winners and finalists will each receive membership packages at Impact HUB Dubai.

-Ends-

About "Acumen for Social Enterprise" (ASE) Business Plan Competition 2013
Conceptualized by DUBAI+Acumen, ASE 2013 represents a unique UAE initiative as the first and only community-centric business plan competition organized entirely by volunteers. Building upon the success of the inaugural 2012 competition, Business Acumen 4 Good, this year's competition included additional elements in line with best practices at other leading social enterprise business plan competitions.

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 please visit www.dubai.plusacumen.org

About Venture 7 Capital
Venture 7 Capital (V7) is a private investment consortium established in 2013 with a focus on SMEs and entrepreneur investment and development. Chaired by Yousef Hamza, the consortium is comprised of young, established business leaders and private investors with a mission to support early stage/growing entrepreneurs in the UAE. V7 welcomes any and all ideas/entrepreneurs and growing companies that are seeking funding in the UAE.  For more information contact: Leigh-Ann Lanier at dubai@plusacumen.org

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

About DIFC
The Dubai International Financial Centre (DIFC) is the financial and business hub connecting the region's emerging markets with the developed markets of Europe, Asia and the Americas. Since its launch in 2004, DIFC, a purposely built financial free zone, has been committed to encouraging economic growth and development in the region through its strong financial and business infrastructure. Currently, DIFC's client base comprises over 1,000 active registered firms, including 21 of the world's top 25 banks, 11 of the top 20 money managers, 6 of the world's 10 largest insurers, and 6 out of 10 top law firms in the world. Around 15,000 employees operate in an open environment complemented by international legal and regulatory standards.
DIFC offers its member companies benefits such as 100 per cent foreign ownership, zero per cent tax rate, with no restriction on capital convertibility or profit repatriation. DIFC has its own independent financial and ancillary services regulatory body, the Dubai Financial Services Authority (DFSA).
It also has the DIFC Courts, which is an independent common law judiciary based in DIFC with jurisdiction over civil and commercial disputes in or relating to the Centre.
DIFC is built upon a modern legal, regulatory and physical infrastructure, which makes it the destination of choice for Financial Services firms establishing a presence in the region.
For further information, please visit our website:
www.difc.ae, or follow us on Twitter @DIFC.

For media enquiries and interview requests, please contact:
DUBAI+Acumen
Email: dubai@plusacumen.org 
Mobile: +971504989425

© Press Release 2013