The Dubai chapter of The Indus Entrepreneurs (TiE) has announced the launch of the TiE University MENA Programme in partnership with RAKBANK, to empower aspiring student entrepreneurs across the MENA region. Through the initiative that has grown to be more than just a competition, TiE Dubai aims to provide ambitious collegiate start-ups in the UAE and across the Arab world with mentoring and coaching, bootcamps, and learning workshops to give them a boost in their entrepreneurial journey.
The TiE University programme encourages students that have an idea, product, or service that they are looking to launch into a business and who meet the eligibility criteria to apply and be part of the 2022 programme to receive professional support, access to investors, and ultimately have an opportunity to present their business concepts and compete globally for prizes reaching up to $100,000, including cloud credits, technology, and start-up services.
The programme is aimed at fostering the future generation of entrepreneurs, helping to grow their entrepreneurial ventures and ideas into viable and sustainable businesses. Successful student applicants will have the opportunity to pitch ideas to investors and scale up their projects to be a part of the regional dynamic business ecosystem.
Nitin Anand, co-chair at TiE University MENA, TiE Dubai commented: “While statistics show that many start-ups fail, over half of millennials would like to start a business, with one poll showing one in five millennials plan to quit their day job to start their own business. The odds are not in their favour, yet they persist. We have launched the 2022 TiE University MENA Programme to support such passionate young professionals and bring together university entrepreneurs with successful business leaders across the MENA region to perfect their pitch, develop their product or service and provide a holistic approach to their start-ups.”
Applications are now open to university students MENA wide to compete globally for cash and in-kind prizes of up to $100,000
Vivek Chowdhary, co-chair at TiE University MENA, TiE Dubai added: “With proper mentoring and guidance these entrepreneurs will have high chances to succeed with their business ideas. By 2030, Gen Z will become the largest demographic in the world economy, earning $33 trillion, or 27% of the global income. Members of this generation are already putting their money to good use, starting companies and new funds, with over 20% and 19% of the 18 to 24-year-olds investing in stocks and real estate, respectively.”
Commenting on this strategic partnership, the Managing Director of Business Banking at RAKBANK, Dhiraj Kunwar, said: “We, at RAKBANK, are pleased to have partnered with TiE Dubai. The aim of this partnership is to provide the Bank with an opportunity to connect with the youth and foster a culture of entrepreneurship and start-ups across the country. This initiative is in line with the Bank’s key pillars of its ESG framework as it delivers world-class programmes in Work Readiness, Entrepreneurship, and especially Financial Literacy, which will equip the youth with the knowledge and skillset they need to plan their professional future and guide them to make smart choices in life. SMEs account for an overwhelming majority of the UAE’s enterprises, which is why we must continue to promote and nurture their development. We are proud to be encouraging entrepreneurship and playing a role in the success of the next generation of entrepreneurs, which will contribute to the country’s future business and economic vision.”
The TiE-University 2022 competition is open to all currently enrolled college students and recent graduates and postgraduates across the MENA region. Shortlisted applications from the UAE and MENA region will participate in a live pitch to represent the region in the Global Finals.
By 2030, Gen Z will become the largest demographic in the world economy, earning $33 trillion
The regional winners will be selected by a panel of independent jury members comprising of successful entrepreneurs, investors, and exceptional leaders. All entries received will be evaluated on various criteria relating to the economics of the business and the ability of the applicant to be successful. These include problem definition, solution and success viability, including operation and executional approach and attractiveness of business solutions. They will then be mentored by TiE Dubai in preparation for their participation in the Global Finale event.
The initiative was launched locally by TiE Dubai in partnership with RAKBANK, who will be supporting all the participants to take their ideas forward post the pitch competition to bring their business projects to life.
TiE Dubai has a strong support network to guide young entrepreneurs on their journey. In the last year’s edition, out of 40 teams, 10 teams from across the MENA region were shortlisted to pitch their new business ideas at the Regional Finals. Team Small World from New York University Abu Dhabi won the regional round and represented the TiE Dubai chapter at the global competition in Silicon Valley, USA, where they finished in the Top 10, winning prize money worth $16,629, including the best Female Pitch.