London Business School (LBS) has called on budding entrepreneurs to participate in the LBS Mena Startup Competition 2024.
Applicants are invited to submit entries to the School’s third, annual Mena Startup Competition by September 14. The competition, which was founded and is driven by alumni and students from the London Business School Entrepreneurship Clubs, is sponsored by London Business School’s Institute of Entrepreneurship and Private Capital (IEPC) and AstroLabs, the leading business expansion platform in the Gulf, which returns as the club’s partner for the second year.
The competition will also be supported by the Centre of Digital Entrepreneurship (CODE), an initiative of The Ministry of Communications and Information Technology of Saudi Arabia (MCIT).
Business innovators
Following the success of the previous two years, LBS is extending its reach beyond its London-based Incubator programme to assist and elevate the burgeoning community of business innovators and trailblazers across the Mena region.
Jane Khedair, Executive Director of IEPC, said: “Empowering innovation in Mena means unlocking limitless potential. Together, with the wealth of resource made available through this competition, we can help build a future driven by creativity, resilience, and opportunity.”
The competition, which offers winning startups access to education, training and mentoring, is one of the most notable startup competitions in the region. Now in its third year, it will connect aspiring entrepreneurs with local venture capitalists and investors, providing a platform to raise funds and gain exposure before a prestigious panel.
IEPC has a distinguished background in supporting in new ventures, and through its Incubator Programme more than 150 new ventures have been launched and more than £150 million (AED728 million) in seed capital has been raised. The LBS Mena Startup Competition aims to complement this expanding ecosystem of companies, government agencies, and financial services that contribute to nurturing the region's talented entrepreneurs.
Gaining traction
In addition to monetary rewards, the competition provides startups with the chance to gain traction, reach a broader audience, attract financial investment from venture capitalists, leverage the extensive LBS global network, and increase their media exposure.
Last year’s competition saw The Surpluss, the world’s first B2B platform for industrial asset exchange, emerge as the winner receiving a significant package of support valued at a total of $80,000 (AED294,000). The Surpluss is an innovative enterprise offering cross industrial collaboration that aims to convert underutilised resources into value. With a growing customer base in the UK, Denmark, and the UAE, the company is set to assist 500 companies in the UAE alone within the next year to take transformative climate action to halve their emissions by 2030. Zeal, a Cairo based fintech company, and Hulexo, a UAE based retail ERP system provider followed close behind as runners-up.
Rana Hajirasouli, Founder, The Surpluss, said: “Winning first place in the London business School Mena startup competition last year was a game changer for us. The mentorship and feedback we received helped us refine our strategy and our pitch, which played a crucial role in our success. And don't forget, you get to meet other amazing startup founders and collaborate with them as well along the journey.
Opening new doors
“The competition also connected us with industry leaders and experts, opening up new doors for opportunities both in Mena and abroad. So, if you're an entrepreneur in the Mena, I highly recommend participating. It's an experience that can only elevate your startup. Best of luck and looking forward to seeing you in the finals.”
In the inaugural competition (2022), Turkish technology startup Ollang, specialising in end-to-end human-powered AI localisation, was the winning startup. The company received a cash prize of $15,000 (AED55,000).--TradeArabia News Service
