Saturday 31 October 2020

Start-ups in the Middle East battle it out through region-wide
pitch competitions

25 Mena start-ups picked for AIM Startup finals

DUBAI, December 21, 2017

A total of 25 start-ups were selected out of 100 start-ups across the region through a series of pitch competitions to participate in the grand annual event organised by AIM Startup, an initiative of the UAE Ministry of Economy.

AIM Startup will host the second edition of its annual Innovation Showcase and Pitch Competition in Dubai, UAE, in conjunction with the Annual Investment Meeting, Future Cities Show and DIGAE, from April 9 to 11.

This year, 200 promising start-ups will convene under one roof to meet with investors, corporates, government representatives and industry experts and will be given the opportunity to demo their ground-breaking solutions to a global audience of more than 19,000.

Start-up companies are gradually changing the economic landscape of the Arab world that, according to the start-up research firm Magnitt, has attracted more than $1 billion investment. Instead of seeking employment, most Arab young men and women are now becoming employers – that will help reduce unemployment as well as increase the economic output in the region.

The start-up revolution in the Arab World will accelerate with a threefold jump in mobile broadband subscriptions in the Middle East and Africa between 2016 and 2022, according to report by Ericsson AB. AIM Startup, the largest such platform in the Mena region for start-ups, is helping create a start-up eco-system that will bring investors, venture capitals and start-ups closer to help create employment and accelerate economic growth.

Business consulting firm Frost & Sullivan predicts that the GCC e-commerce market would be worth $41.5 billion in 2020, with 53 per cent of this market in the UAE Meanwhile, the Mena Private Equity Association estimated that the value of e-commerce in the wider Mena region would reach $200 billion by that same year.

As many as 60 start-ups from across Saudi Arabia, 20 from Jordan and 20 from Bahrain battled it out at separate pitch competitions hosted in Amman, Jeddah, Riyadh, Dammam, and Manama, adjudged by a panel of experts. In Amman, Little Thinking Minds, Arabot, Mind Rockets, Madfooat and Salasil – were the five start-ups selected by the panel.

In Jeddah, Kees Chic, Avokado, Sadeem, Sydality and Algorizm won the pitch while Fruits 360, Serviis, Ajeer, Fixtag and Nutrifit have been selected by judges in Riyadh.

The winning start-ups from the Mena Roadshow and Pitch Competitions will join another five top start-ups picked up through AIM Startup’s upcoming Pitch Competition in Kuwait – who will then enter into the final round of the competition to attract funding and vie for the coveted prizes of up to US$50,000.

Dawood Al Shezawi, CEO of AIM Startup, said: “This is the first such competition aimed at helping the region’s start-up community to flourish. The region-wide pitch competition gives the start-ups in the Middle East a chance to participate at the AIM Startup 2018 and make their cases for funding among mentors, trainers, business leaders, investors – and help them source funding.

“ThesedevelopmentsmakeAIMStartupmoreexcitingandrelevantaswewillseeyoungwomen and men showcase new products, services and new processes that will reshape our lives and the way we work in our respective fields.”

With the theme – Technology for Sustainable Development and Inclusive Growth – the second edition of AIM Startup has been aligned with the United Nation’s Sustainable Development Goals (SDGs). – TradeArabia News Service

Tags: Start-ups | Annual Investment Meeting | AIM Startup |

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