By Mohammad Shoeb
DOHA: Qatar Development Bank (QDB), the Government entity committed to develop investments within local industries, yesterday launched the fifth edition of its National Business Competition, Al-Fikra 2016, for Qatari-led start-ups.
The programme targets entrepreneurs and newly-emerged local organisations, and aims to support them in successfully developing their business concepts. The competition is scheduled to run a period of three months, from August to December, this year. This year’s Al-Fikra competition is open to university students, entrepreneurs and working professionals. The teams will be enrolled into a special educational and coaching programme, enabling the participants to learn the necessary skills to develop their business ideas into successful private value-adding businesses.
They will then propose their business plans that may be developed into operating entities in Qatar.
Commenting on the launch of Al-Fikra, Abdulaziz bin Nasser al-Khalifa, CEO of QDB, said, “Every great company starts with an idea, which needs nurturing and support to flourish. This is why we, at QDB, are highly keen on fostering creative ideas and enabling individuals to turn their ambitions into real projects. We hope that these start-ups grow into major companies and achieve great accomplishments across the global market.”
“QDB extends its support to entrepreneurs through their business journey, from the idea stage until they reach a global level. Typically, this means going through the following five stages: development of the initial concept, market entry, full launch and growth, and finally maturity and expansion”, he added.
In an effort to assist candidates in developing their ideas and transforming them into real projects, QDB has collaborated with a group of preeminent supporters and strategic partners to organise Al-Fikra this year. The competition is sponsored by Sasol and Qatar National Bank (QNB) as official sponsors, and ExxonMobil as the platinum sponsor.
Commenting on his organisation’s role, Alistair Routledge, President and General Manager of ExxonMobil Qatar, said: “Together with our partners at QBD, we are very excited to see the 2016 edition of Al-Fikra Competition. Al-Fikra has become a remarkable platform for Qatar’s next generation of business leaders to cope with a highly competitive and innovation-focused future.”
Speaking on the occasion, Khalid Majid Al Nuaimi, Deputy General Manager of SMEs at QNB, said, “Our official sponsorship of Al-Fikra Competition aims at promoting the ideas of Qatari entrepreneurs by highlighting their innovative work, which contributes to diversifying the economy and reinvigorating the creative spirit among business owners.”
Benda Vilakazi, Director of Gas to Liquid Ventures at Sasol, said: “Being a firm believer in innovation and groundbreaking ideas, Sasol has supported several institutions and organisations over the past few years, with the aim of contributing to the development of the SME sector in Qatar. As envisioned in the Qatar National Vision 2030, we are confident that the private sector will play a pivotal role in the country’s future growth.”
A committee of eight evaluators from the local business community, QDB and its official competition partners will evaluate the business ideas and select the qualifying teams. The finalists will then be presented to a panel of judges during the final ceremony to be evaluated on their idea creativity, innovation and feasibility.
The Peninsula
