The second edition of the Innovation 4 Impact Competition will take centre-stage at the upcoming Global Islamic Economy Summit 2016 (GIES 2016) at the Madinat Jumeirah in Dubai, UAE from October 11-12.

To be held under the theme ‘Inspiring Change’, the event will feature Islamic digital economy entrepreneurs from around the world will compete for a chance to win cash, gain global publicity, and attractive in-kind prizes.

Organised by the Dubai Silicon Oasis Authority (DSOA), the regulatory body for Dubai Silicon Oasis (DSO), the integrated free zone technology park and Thomson Reuters, the Innovation 4 Impact Competition is designed to support emerging Islamic digital economy entrepreneurs from around the world in showcasing their businesses, as well as connecting with investors and customers, gaining access to expert mentoring, and competing to win cash prizes and in-kind benefits.

During GIES 2016, the emerging entrepreneurs from the Islamic economy space will engage in pitch sessions with leading entrepreneurs and investors from UAE and from across the region.

The winner of the competition will also receive free office space for one year at the Dubai Technology Entrepreneur Centre, DSOA’s wholly owned technology incubation center and the largest of its kind in the region.

The upcoming edition of GIES will explore the social impact of diverse sectors within the Islamic economy. Digital economy represents a key driver of change and social development given its capacity to transcend geographical boundaries and drive economic activities with ethical dimensions in line with the principles of Islamic economy.

Supported by the Dubai Islamic Economy Development Centre (DIEDC), Innovation 4 Impact provides value-added services for the selected entrepreneur including exclusive mentoring, access to leading investors in the region, as well as support to fine-tune their ideas. Innovation 4 Impact effectively nurtures start-ups and enables them to contribute to the further development of Islamic digital economy.

In 2015, Innovation 4 Impact received 170 applicants from over 35 countries. Five entrepreneurs received the opportunity to attend and present their ideas at GIES 2015, while also gaining global media coverage, and benefiting from their participation in the sessions that helped them continue to grow and scale-up even after the Summit.

Nadim Najjar, managing director of Thomson Reuters, Mena said: “With the rapid development in the digital economy sector, new digital trends such as mobile computing, cloud computing, hyper-converged platforms and big data have emerged to reshape the business landscape. The development of digital Islamic economy is highly dependent on leveraging these growing trends to create successful businesses with significant economic and social impact.”

Innovation 4 Impact qualifications:

Managed and hosted in collaboration with the American Muslim Consumer Consortium, the Innovation 4 Impact Competition is open to any start-up, business venture, and digital entrepreneurs of all faiths. Only business ventures which have an economic and social impact on the Islamic digital economy will be considered. The businesses should belong to one of the following sectors:
1.    E-commerce
2.    Mobile computing
3.    Cloud computing
4.    Big data
5.    Hyper-converged platforms
6.    New media and social media

Application submissions will close on August 15, 2016 and selected applicants will be notified by the second week of September 2016. Selected applicants will also receive coaching and feedback from investors and experts in the entrepreneurial community throughout the process. They will pitch their businesses to a renowned panel of judges and a professional audience on the first day GIES on October 11 and the winner will be announced on the closing day of the Summit on October 12. – TradeArabia News Service