Entrepreneurs are invited to submit their entries by September 14, 2024, to the much-anticipated annual startup competition.

Building on the success of its first two editions, this year’s competition promises enhanced opportunities for startups, with a focus on leveraging LBS’s global network and resources.

The competition has previously showcased groundbreaking startups, such as The Surpluss and Ollang, which have benefited from significant support and exposure.

Dubai, United Arab Emirates: London Business School (LBS) has called on budding entrepreneurs, specifically welcoming those that not only leverage the potential of exciting new technologies but also provide sustainable solutions in line with regional economic drivers 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 Center of Digital Entrepreneurship (CODE), an initiative of The Ministry of Communications and Information Technology of Saudi Arabia (MCIT).

Following the success of the previous two years, LBS is extending its reach beyond its London-based Incubator program to assist and elevate the burgeoning community of business innovators and trailblazers across the MENA region.

Jane Khedair, Executive Director of IEPC, views the MENA region as a dynamic hub of innovation, where a thriving ecosystem brims with talent and ambition. She notes, “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 (728 million AED) 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.

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 (294,000 AED). 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.

Commenting on her experience, 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. 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, specializing in end-to-end human-powered AI localisation, was the winning startup. The company received a cash prize of $15,000 (55,000 AED).

Khedair encourages aspiring competitors to submit their entries by September 14, 2024. To apply, click here or to know more information, visit the competition page. For any inquiries regarding the competition, please email MENAcompetition@london.edu.

About MENA Startup Competition

The prominent LBS Startup Competition in the MENA region was founded by the London Business School Entrepreneurship Club and is supported by the Institute of Entrepreneurship and Private Capital (IEPC). In its third edition, this highly esteemed competition aims to connect aspiring entrepreneurs with venture capitalists and investors in the region.

Have an idea, a team, and an MVP with some initial traction?
Struggling to find an audience of VCs? Maybe your pitching needs some polishing?
Need a monetary boost with sizeable cash prizes?
Need some powerful free media exposure?

Who can participate?

All entrepreneurial founders based and/or operating in the MENA region

Must possess a solid MVP and/or have completed a Pre-seed or Seed Round

Should have achieved initial traction (e.g., revenue and/or subscribers/users)

Key dates

July 22 – September 14: Applications open

September 19: Shortlisting of top teams

September/October: Mentorship

October 7: Virtual semi-finals

November: Final Pitch Competition in Dubai, UAE

About The Institute of Entrepreneurship and Private Capital (IEPC)

Entrepreneurship and finance have been at the heart of London Business School for the last 20 years. In 2021, the School launched the Institute of Entrepreneurship and Private Capital (IEPC), born from a timely merger of the Institute of Innovation and Entrepreneurship and the Centre for Private Equity.

Both the Institute and Centre were already hugely significant, within London Business School and as parts of the wider business ecosystem. Together, IEPC aims to become an unparalleled centre for education, research, policy shaping and events covering all aspects of entrepreneurship, from idea generation to financing, and private markets investing. The IEPC will help create and finance the companies of the future and shape the people who will lead them.

About London Business School

London Business School's vision is to have a profound impact on the way the world does business and the way business impacts the world. The School is widely acknowledged as a centre for outstanding research.

As well as its highly ranked degree programmes, the School offers award-winning Executive Education programmes to business leaders from around the world.

As well as its main campus in London, London Business School has a campus in Dubai, and a presence in three additional international cities – New York, Hong Kong and Shanghai. The School equips its diverse student body with the tools needed to tackle today’s business challenges and connects them with many of the world’s leading thinkers.

The School has more than 53,000 alumni working in more than 157 countries. Together, they are a community defined by a wealth of knowledge, business experience and worldwide networking opportunities.

London Business School’s 259 faculty members come from over 30 countries. They cover seven subject areas: accounting, economics, finance, management science and operations, marketing, organisational behaviour, and strategy and entrepreneurship. 

www.london.edu

About AstroLabs:

AstroLabs is the leading business expansion platform in the Gulf, propelling high-growth companies across strategic industries. With a decade of supporting economic development in emerging markets, AstroLabs is the partner of choice for over 1,650 companies that have expanded across the region, engaging a vibrant network of 20,000+ market leaders in the UAE and KSA. Bridging key gaps in fundamental industries in the Gulf, AstroLabs designs sector-focused and outcome-driven programs in partnership with government entities and the private sector. AstroLabs is committed to building the future of key sectors, driving market access, and contributing to regional visions like Saudi Vision 2030. 

https://www.astrolabs.com

About CODE:

CODE, an initiative by the Ministry of Communications and Information Technology (MCIT) of Saudi Arabia, is dedicated to fostering a vibrant and innovative coding community in Saudi Arabia. As a cornerstone of the Kingdom's digital transformation strategy, CODE aims to cultivate the next generation of tech talent, driving forward the nation’s ambitions in the digital economy.

By offering a wide range of programs, resources, and collaborative opportunities, CODE empowers individuals, startups, and organizations to harness the power of coding and software development. Through strategic partnerships with educational institutions, industry leaders, and the global tech ecosystem, CODE is paving the way for a knowledge-based economy, in line with Saudi Arabia's Vision 2030.

https://code.mcit.gov.sa/en