- Over 200 applications received from women-led businesses in UAE, Saudi Arabia, Egypt, Levant, and the Rest of the MENA
Dubai, UAE – The Dubai chapter of The Indus Entrepreneurs (TiE Dubai) has announced the winners from its regional MENA TiE Women pitch competitions. In its third year, TiE Women is a global initiative dedicated to empowering women entrepreneurs across the globe to come forward and speak of their entrepreneurial journey, share their innovative business ideas and be a part of the vibrant entrepreneurial ecosystem.
This year’s MENA’s regional competitions saw over 200+ applications from women-led businesses from 15 countries across five regions (UAE, Saudi Arabia, Egypt, Levant and Rest of the MENA). The nominations were reviewed by a jury of renowned experts and successful entrepreneurs from within the TiE Dubai network, and 42 finalists were shortlisted from 10 countries, 20 cities and 13 different industries across all five regional finals.
The five final winners to represent MENA and TiE Dubai at the global finals include (in order of the regional finals):
Rest of Middle East
Grocart (Nesma Zaghow)
Nutrical (Soniya Ashar)
The judges evaluated the business concepts based on value creation, global market opportunity, competitive advantage, operational and technical viability, management team capability, raise and exit strategy, financial acumen and lastly the presentation strength.
According to a 2019 analysis by Boston Consulting Group (BCG), if women and men participated equally as entrepreneurs, global GDP could rise by approximately 3 to 6%, boosting the global economy by $2.5 trillion to $5 trillion. Wamda reported that In the first two months of this year, less than $6 million was invested in startups founded solely by women, while startups with both male and female co-founders raised $17 million in total, or 2.7 per cent of the $622 million raised in MENA.
Ashish Panjabi, President of TiE Dubai, pointed out, “We are very proud to see our (MENA) region featured really well. We (TiE Dubai) had the largest number of applications to this year’s global competition and it was a tough job to whittle it down to 42 finalists and then choose just five winners to represent us. TiE Women’s pitch competitions not only raises the profiles of some outstanding women-led businesses but also closes the gap in funding for women-led businesses which we are all dedicated to bridge. There are more angel investors and VCs now focused on closing this gap, which is encouraging, and we hope the contributions of competitions like this one helps to change investment attitudes sooner rather than later.”
The vision and goal of TiE Women is to ‘Embrace, Engage, Empower’ women entrepreneurs across the globe – irrespective of the size, origin, interests, standing and background of the enterprise. The TiE Women initiative is built on the Pillars of TiE Global: Learning, Mentoring, Access to Funding, Scalability, Safe Space and Community.
Built upon best practices from local chapters’ women-centric initiatives, TiE Women will specifically result in capacity building, increased networking, knowledge-sharing, and visibility, providing a ‘safe space’ for women entrepreneurs to learn without inhibitions and judgment.
Throughout the year, with a focus on giving back to the community, TiE Dubai fosters entrepreneurship through mentoring, networking, education, funding, and incubation to assist the next generation of entrepreneurs. For information on upcoming educational events, mentorship sessions or pitch initiatives, please visit https://dubai.tie.org/
The Indus Entrepreneurs (TiE), was founded in 1992 in Silicon Valley by a group of successful entrepreneurs, corporate executives, and senior professionals with roots in the Indus region. There are currently 15,000 members, including over 2,500 charter members in 61 chapters across 14 countries. TiE’s mission is to foster entrepreneurship globally through mentoring, networking, education, incubating, and funding. Dedicated to the virtuous cycle of wealth creation and giving back to the community, TiE’s focus is on generating and nurturing our next generation of entrepreneurs.
About TiE Dubai:
The TiE Dubai chapter was established in 2003 to promote the spirit of entrepreneurship in the Middle East region. TiE Dubai through its diverse charter members provides assistance and guidance to a community of more than 3,000 budding entrepreneurs through events and programs that span across Networking, Mentoring and Education.