(MENAFN- Qatar News Agency) Qatar Development Bank (QDB) announced today the launch of the fourth edition of Al-Fikra competition for start-ups, in collaboration with a host of sponsors and partners.
The competition aims at nurturing Qatari entrepreneurs' talents through mentoring their innovative businesses, which will contribute to the economic diversification QDB targets.
Al-Fikra competition is divided into two phases, the first phase is to choose an idea and a plan. After that, the selected entrepreneurs go through a final phase of assessment.
The competition is designed to encourage people to start their own business and to spread the culture of entrepreneurship in Qatar, as the competition reflects the great value of owning business relationships with investment and banking institutions and strategic partners.
The committee, which will comprise of 10-12 members of the academic and business community and officials of the Qatar Development Bank, will evaluate the presented ideas during the competition in order to select the winning groups.
"Organizing 'Al-Fikra' competition comes within the framework of our commitment to support entrepreneurs and SMEs. Al-Fikra competition is designed to attract the largest possible number of entrepreneurs and SMEs to add value to Qatar's economy. Qatar Development Bank's goal is to support them in every possible way, and to contribute to the economic diversity of the state and to support small and medium enterprises sector," CEO of Qatar Development Bank Abdul Aziz bin Nasser Al Khalifa said.
The competition is organized in collaboration with Sasol, the international integrated energy and chemical company, as the official sponsor of the national competition, and ExxonMobil Qatar as a platinum sponsor in addition to the Qatar University and Carnegie Mellon University to provide academic support for the contestants.
Phinda Vilakazi, President Sasol Qatar said, "Sasol Qatar is honored to be the main sponsor of this year's 'Al-Fikra' competition for start-ups, a platform we have long supported where youth can present their innovative ideas and receive the support they need to further develop their projects. Sasol has always believed in the potential of the Qatar's youth and their ideas through our many community initiatives. We are pleased to be supporting this great initiative and we wish all of the contestants the best of luck." In this regard, ExxonMobil Qatar President and General Manager Alistair Routledge said: "At ExxonMobil Qatar, we're committed to providing the energy to drive human potential by helping to build a workforce that can sustain Qatar's future € a feat which will only be achievable through close collaboration with partners such as Qatar Development Bank, and initiatives such as the Al Fikra Business Competition." He added: "Qatar Development Bank is doing a wonderful job of fostering Qatar's most pioneering young business minds, creating a space for them where they can express their entrepreneurial talent and see their creative concepts come to fruition. We have been supporting the competition for the past three years, and are delighted to have a role in its fourth edition this year as platinum sponsor. I look forward to seeing this year's group of young Qatari entrepreneurs showcase their innovative ideas." Qatar Development Bank seeks to provide everything to speed up the development process within the Qatari private sector, through activating the role of the private sector and building a sustainable competitive economy.
Al-Fikra competition provides an opportunity for those wishing to participate via filling out an online application to submit their projects and work plans. Five winning teams will be selected. The winners will receive valuable monetary and supporting prizes.
The names of winners will be announced at the end of November this year.
QDB was established in 1997 as the Qatar Industrial Development Bank, a 100 percent government-owned developmental organization. Its primary aim was to develop investments within local industries, thereby accelerating growth and economic diversification in Qatar through support for private sector.
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