Mohammed Bin Rashid Al Maktoum Foundation has announced the launch of a competitive process aimed at stimulating local talents and young innovative entrepreneurs.

The announcement was made together with Royal Philips Electronics and in local partnership with Berytech Technological Pole.  The Research Innovation Program, launched at a press press conference held at le Vendome InterContinental hotel, will also encourage young entrepreneurs to develop solid business concepts supported by advanced technology innovations.

The objectives of the program are to promote the development of broader and deeper innovation capabilities throughout the Arab region, which would contribute to future sustainable economic growth and the creation of new employment opportunities. The foundation and Philips will offer access to sophisticated technology facilities and cultivate innovative concepts from the Arab world with the access to the local partner incubator facilities and technical assistance of Berytech.

“Through this program, we aim at empowering the new Arab generation to innovate and create, which will open new opportunities of a brighter future for the Arab World,” said Alaa Al Afifi, director-entrepreneurship, Mohammed bin Rashid Al Maktoum Foundation.

“We strongly believe that the capabilities of the young people in this region will meet the highest standards of professionalism in the field of technological innovations,” said Louis Hakim, vice president of Royal Philips Electronics and CEO Philips Middle East. “The winning innovators will have the opportunity to develop their business case during an internship within Philips’ High Tech Campuses, R&D and incubator facilities, all expenses paid.”

Maroun Chammas, president Berytech said: “We, at Berytech, strongly believe in giving entrepreneurs chances. We are proud to be partners in this venture to offer a platform of creativity and a think tank where entrepreneurs can nurture their ideas and from there, run the chance of getting worldwide exposure.”

Three winning innovators will be selected annually to be hosted at Philips R&D sites for up to six months to develop their innovation into well developed cases, a statement said. – TradeArabia News Service