Huge Cash Prizes Won At MITEF Start-up Competition
The tenth MIT Enterprise Forum Arab Startup Competition (MITEF) was held in the kingdom of Bahrain last month. At the final award ceremony, three Egyptian start-ups took away top prizes, winning first place in three different categories respectively: the Ideas, Social Entrepreneurship and Start-ups tracks. The start-ups are called Blink App, Kiliim, and Money Fellows. Two took away Cash Prizes of 50,000 US Dollars and one took away a prize of 5,000 USD. These weren’t the only Egyptian companies also that store the night. Read on to find out more.
The Competition began last year when 74 start-ups from 11 countries were selected for the semi-finals. These start-ups underwent a round of training. After this, the semi-finalists presented their business ideas between the 25th and the 27th of April to a group of the Arab world’s key investors. In addition to the Egyptian companies that took away first in the categories mentioned before, another Egyptian start-up, Nano Green Hub, won second place in the Ideas track and took a cash prize of USD 5,000 also.
MITEF is one of the biggest entrepreneurship competitions in the Arab region. The competition was organized in partnership with Zain Group, Tamkeen and Community Jameel. Each year it receives around 5,000 applicants from all over the Middle East and North Africa.
In addition to the cash prizes, Blink App, Kiliim, and Money Fellows will receive personal mentorship and advanced training sessions. In addition, they have gained a great deal of exposure from the media coverage and networking opportunities this prestige has brought them.
