The Kuwait Projects Company (Kipco) has partnered with the Youth Empowerment Organization (Tmkeen) to launch the first ever Kipco Tmkeen Award for Young Entrepreneurs 2015. 

 

The award will focus on entrepreneurial businesses in the media and technology sector, said a statement.

 

The start of registration was announced at a joint press conference, it said.

 

Young entrepreneurs aged between 18 and 33 with existing media and technology businesses established for no longer than five years and licensed in Kuwait have been invited to visit the Tmkeen website to apply for the award.

 

The registration is open until September 26.

 

Eman Al Awadhi, Kipco's group communications director, said: “For the past three years, Tmkeen’s symposium has brought international and local experiences to young Kuwaitis, inspiring them to develop their own business ideas and become successful entrepreneurs. 

 

"Kipco Group is delighted to be partnering with the Youth Empowerment Organization on launch the first ever Kipco Tmkeen Award for Young Entrepreneurs, which will serve as a platform for showcasing Kuwait’s young entrepreneurial talent and encourage the next generation of business people to follow their passion and take their projects from the idea phase to reality.”

 

“To offer the greatest support to entrepreneurs, KIPCO Group companies will be offering the grand prize winner a bundle of services valued at $100,000. We would like to thank Burgan Bank, OSN, Gulf Insurance Group, Kamco Investment Company and Marina FM for contributing their expertise and services to the prize," said Al Awadhi. 

 

"We would also like to thank United Real Estate, Qurain Petrochemical Industries, United Networks and United Education for their support,” she added.

 

At $100,000, the Kipco Tmkeen Award for Young Entrepreneurs offers the largest entrepreneurship prize in terms of value in Kuwait, said the statement.

 

The grand prize services include a wide range of financial, strategic and operational consultation sessions, market studies, insurance coverage and advertising services, it said.

 

Ali Al Ibrahim, chief executive officer, Youth Empowerment Organization, said: “Young people across the world are the driving force behind the development of their societies; their creativity and innovation, coupled with strong commitment, provide a strong basis for the establishment of new businesses and projects. 

 

"As organisers, we trust in the abilities of the young people of Kuwait. The Kipco Tmkeen Award for Young Entrepreneurs serves to encourage young people to establish their own small and medium enterprises, and offers them a variety of support services to ensure their success.”

 

The eligible applicants for the award will be asked to submit detailed information about their business’s operational and financial performance, said the statement.

 

The first judging round will be held in late October, where applicants will give a five to seven-minute presentation to a panel of business professionals from the Kipco Group. 

 

Based on defined business criteria, the ten applicants with the highest scores will be eligible to give a final presentation of 15 minutes before the official judging panel in early November.

 

Manar Al Hashash, a representative of the Official Judging Panel, said: “The Official Judging Panel of the Kipco Tmkeen Award will be responsible for making the final selection of the winning entrepreneurial business. 

 

"The submitted projects will be judged based on the creativity and innovation of the business, its strategic plan and long-term feasibility, the immediate impact the business has on the society, presentation skills and the ability to sell the idea.”

 

The winner of the grand prize will be announced at the opening of the Youth Empowerment Symposium on November 9, she added. - TradeArabia News Service