Winners of MIT Arab business plan competition announced
MIT Enterprise Forum awards team Butterfleye of Lebanon with $50,000 prize
The winners of the fifth annual Massachusetts Institute of Technology (MIT) Enterprise Forum Arab Business Plan Competition were revealed on Thursday.
The winner, Butterfleye from Lebanon, was presented with the prize of $50,000 in start-up funds, by HE Sheikha Lubna Al Qasimi, the UAE's Minister of Foreign Trade at the finals held in Dubai.
The MIT Enterprise Forum Arab Business Plan Competition, which is held in partnership with Abdul Latif Jameel Community Initiatives (ALJ) and Global Innovation through Science and Technology (GIST), had over 4,500 entries from across the Arab world.
The competition is intended to foster entrepreneurship. Half of the 14 final business plans included technology or telecommunications start-ups
Qabila Media Productions from Egypt took second place, winning $10,000 in start-up, and SilGenix, also from Egypt, were presented with $5,000 for third place. Identifying entrepreneurial women across the region, Perihan Abou-Zeid was also recognized as this year's ‘Best Woman Entrepreneur', receiving a special prize of USD $15,000 to help seed her innovative business plan.