Mohammed Bin Rashid Fund (MBRF), the financial arm of Dubai SME, has announced the ten winners of its START competition. The initiative aimed to inspire and assist young unemployed people to start their own business. The total prize money amounted at AED 1,000,000.
The Dubai Entrepreneurship Academy received 263 applications and shortlisted 15 of them. They attended specialized workshops to develop some entrepreneurial skills and learn to write a business plan. A jury panel chose the finalists.
Al Janahi, the CEO of Dubai SME commented:
A core element of the Dubai SME strategy is to promote entrepreneurship as a culture and contributor to the national economy. The START competition is part of our efforts to stimulate entrepreneurial talent and support its evolution into a viable project and eventually into a competitive business.
Almost 20 percent of the entries came from young startups in the Food & Beverages sector, followed by Services and Technology with 18 percent. The retail industry-related projects were 12 percent. Over half of the contestants were female.
Established in 2015 to promote entrepreneurial spirit among the Emirati youth, MBRF has been actively supporting early stage businesses.