Applications are now open to 0075niversity students MENA wide to compete globally for cash and in-kind prizes of up to USD $100,000
Dubai, UAE – 01 February 2022 –The Dubai chapter of The Indus Entrepreneurs (TiE) on January 19 announced the launch of TiE University MENA Program 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, boot camps, and learning workshops to give them a boost in their entrepreneurial journey.
The TiE University program 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 Program 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 USD $100,000 including cloud credits, technology, and start-up services.
The program is aimed at fostering the future generation of entrepreneurs helping to grow their entrepreneurial ventures and ideas into a viable and sustainable business. 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 startups 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 2022 TiE University MENA Program 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.”
Vivek Chowdhary, co-chair at TiE University MENA, TiE Dubai added: “With a 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 programs 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.
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 solution. 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 SmallWorld from New York University Abu Dhabi won the regional round and represented 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.
About TiE:
The Indus Entrepreneurs (TiE), was founded in 1992 in Silicon Valley by a group of successful entrepreneurs, corporate executives, and senior professionals with roots in the Indus region. There are currently 15,000 members, including over 2,500 charter members in 61 chapters across 14 countries. TiE’s mission is to foster entrepreneurship globally through mentoring, networking, education, incubating, and funding. Dedicated to the virtuous cycle of wealth creation and giving back to the community, TiE’s focus is on generating and nurturing our next generation of entrepreneurs.
About TiE Dubai:
The TiE Dubai chapter was established in 2003 to promote the spirit of entrepreneurship in the Middle East region. TiE Dubai through its diverse charter members provides assistance and guidance to a community of more than 3,000 budding entrepreneurs through events and programs that span across Networking, Mentoring and Education. For more information, visit https://dubai.tie.org/
About RAKBANK:
RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 27 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.
