Dubai Internet City has announced that its recently launched e-business challenge had attracted business plan ideas from entrepreneurs from 15 different countries, reported Khaleej Times.
According to a press release quoted by the paper, the response underlines the global reach and attraction of the new business climate offered by Dubai Internet City. The challenge set by Dubai Internet City requires participants to submit the brightest and best e-business ideas to win incubation business support worth $US 450,000.
In the first 10 days of the competition, entries have been received from Australia, Canada, Egypt, France, India, Jordan, Lebanon, Kuwait, Pakistan, Turkey, Saudi Arabia, South Africa, the UAE, USA and the UK.
Three winning ideas selected by a rigorous multi-stage selection process by experts will each receive incubation support at Dubai Internet City valued at $150,000 each, the release said.
Dubai Internet City's E-Biz Challenge is partnered by six leading international companies - Emirates Bank Group, Hewlett Packard, IBM, MasterCard, Microsoft and Oracle. The e-business challenge is open to entrepreneurs who have to submit an executive summary of their business plans until August 15th. Entrepreneurs should log on to www.dubaiinternetcity.com /ebizchallenge.
The paper said that after the closing date an initial evaluation of the business plans will shortlist 125 to 150 innovative ideas. Detailed business plans will be submitted by these teams and a final shortlist of up to 25 teams flown in to Dubai to attend a two-day workshop with e-business experts followed by presentations to leading international and regional Venture capitalists, in the third week of October.
The venture capitalists will identify the final 10 plans to be presented to an international jury who will select the three most viable business ideas which will be announced when Dubai Internet City officially opens, according to the daily – Albawaba.com
© 2000 Al Bawaba (www.albawaba.com)
