(MENAFN Press) Dubai, 28 March, 2012: Dubai SME, the agency of the Department of Economic Development mandated to develop the small and medium enterprise (SME) sector, has assigned 15 jury members to evaluate the performance of the participating students in the eighth Young Entrepreneur Competition (YEC 2012) exhibition, taking place at WAFI from the 28th to 31st March 2012.
Members of the judging panel will visit the kiosks daily to observe the students from a distance and evaluate their projects based on a set of criteria ranging from marketing, customer service, operations, and other factors such as innovations and sustainability.
The top 10 projects will be selected after 70% of the evaluation done on the ground and the remaining 30% completed during the closing ceremony, with the audience voting directly for their chosen project. The best two projects will be selected from those who received the highest number of votes and the highest rating by the judging panel.
"The YEC 2012 has grown in stature as it encourages creative ideas of the younger generations to advance economic growth in the Emirate of Dubai. It provides a competitive work environment that simulates the real world of business and instills in students the desire to start their own businesses in the future, as well as give them the opportunity to manage their projects within a real work environment," said Nisrin Safar, General Co-ordinator of YEC.
As part of its association with Young Entrepreneur Competition, telecom operator du will support 20 students from various universities, offering them training on product plans from the company “ such as Pay as you Go prepaid lines and WoW recharge cards - which they will then sell at four du-branded kiosks. The students will manage the kiosks themselves (with the support of du staff). Through this competition, du offers students practical real-life experience by setting sales targets for them and facilitating them to achieve it. At the end of the competition, the students will receive a reward from du.
Farid Faraidooni, Chief Commercial Officer, du, said: "This is the third consecutive year that we have offered our support to the Young Entrepreneur Competition, and we are proud to be associated with a platform that encourages growth in this particular segment. Entrepreneurs are the lifeline of any economy and the UAE is full of sterling examples, of those who have struck out on their own and achieved success. Our alignment with the Young Entrepreneur Competition goes hand-in-hand with our upcoming reality TV show, 'The Entrepreneur', which represents an effort to identify and recognise the country's most stellar businessmen and women, by giving them a viable platform to turns their dreams into reality."
Lena Kayed, Head of YEC Judging Panel, said: "The competition is witnessing innovative expansions that include new categories of participants, which has elevated the level of competition and the quality of products on display. Members of the jury will not visit the projects individually, but will observe the participants from a discreet distance to assess them according to their sales skills, marketing, operations management, and other key differentiators in business, such as innovation and sustainability."
WAFI has announced a range of benefits for participants and their families, including discounted accommodation in the Raffles Dubai Hotel and exclusive offers in the food and beverage outlets across the mall in connection with the exhibition.
"Wafi Mall has the honour of collaborating with Dubai SME as part of its continuous efforts to support social establishments and to encourage our students to be part of the economic development, as the UAE, particularly Dubai, is considered a commercial hub in the Middle East and the world. Wafi sees this support as part of our social responsibility and looks forward to hosting the event in the coming years as well to benefit the UAE youth. We also take this opportunity to wish success for all participants in YEC 2012 in achieving their goals," said Abdullah Ibrahim, Director of Local Affairs, Wafi Group.
The exhibition will feature a range of projects spanning fashion, fine arts, handicrafts, traditional or heritage products, health products excluding medicines, environmental awareness products (recycling, renewable energy), educational material (games, tools, modern teaching aids), interior design, cultural activities, and information technology.
For more information on YEC 2012, email www.yec.ae. YEC 2012 is also on www.facebook.com/yecuae, www.twitter.com/yecuae, and www.youtube.com/yecuae.