London Business School MENA Startup Competition 2023 Is Accepting Applications Till June 16, 2023 By offering a sector-agnostic competition, London Business School aims to leverage the success of its London-based Incubator program to support business innovators and startup founders across the MENA region.

London Business School (LBS), the UK-headquartered educational institution that has a Dubai-based campus, is inviting MENA-based entrepreneurs to apply for the 2023 edition of the annual LBS MENA Startup Competition. The last day for sending applications is June 16, 2023.

Sponsored by Innobayt, a UAE-based software development solutions company, the competition is also supported by LBS' very own Institute of Entrepreneurship and Private Capital (IEPC). In its second edition this year, the LBS MENA Startup Competition will be hosted at the LBS Dubai Campus.

Those applying for the competition must adhere to the following criteria: the startup/entrepreneur must be MENA-based; the applicant must have a minimum viable product (MVP) and/or have completed a pre-seed or seed round; and the startup must have achieved some initial traction (such as revenue, subscribers/users, etc.).

Once the application deadline is complete, 20 teams will be shortlisted on June 20, 2023. Following this, the selected participants will undergo a two-month mentorship program from July to August 2023. The LBS MENA Startup Competition will then host a virtual semifinal on September 14, 2023, with the final pitching competition to take place in Dubai on October 19, 2023.

In addition to monetary prizes, participants can expect access to gaining further traction for their companies, guidance on how to finetune pitching skills, the opportunity to access financial investment via venture capitalists, media exposure, as well as the means to tap into LBS' global network of experts and professionals.

By offering a sector-agnostic competition, LBS thus aims to leverage the success of its London-based Incubator program to support business innovators and startup founders across the MENA region. "The Middle East region is one of the youngest global entrepreneurial hubs, and places like Dubai Silicon Oasis, and the King Abdullah Financial District in Riyadh, are buzzing with new technology and innovation," Jane Khedair, Executive Director of the IEPC, said. "This has attracted leading entrepreneurs and investors who are seeking to take their ideas to the next level. MENA's passion for entrepreneurship is innate, and there is invaluable support provided by governments and the wider business community. Ambition, entrepreneurship, and innovation are abundant in the Gulf states, many of whom are promoting the use of smart technologies to accelerate their agenda of becoming knowledge-based economies. The region is now rivaling some of the world's greatest hubs, from Tokyo to Singapore."

Khedair also iterated that while the LBS MENA Startup Competition is open to all sectors, there is a general expectation that a lot of applications this year will focus primarily on sustainability-related ideas. "As the UAE prepares to host COP28 in November, we are looking forward to seeing more startups that are using their entrepreneurial spirit to address the many environmental challenges that the planet is facing. Investors are increasingly taking ESG into account when deciding where their money should go," Khedair added. "Likewise, at LBS, sustainability remains a core focus."

Vaqat, the runner-up of the inaugural MENA Startup Competition 2022. Source: LBS

In the inaugural edition of the competition in 2022, the winning startup was Ollang- a Turkish technology startup that specializes in end-to-end human-powered AI localisation through subtitles and dubbing for video and audio. Ollang received a cash prize of US$15,000 (AED55,000). The runner up -which was awarded $5,000 (AED18,000)- was Vaqat, an online platform for companies outsourcing intern support. "We are well-positioned to support MENA's entrepreneurial ambitions," Khedair added. "LBS and the Institute have a proven track record, as highlighted in a recent report by Business Leader, stating that our alumni raised nearly $4 billion (14.7 billion AED) in funding for their companies last year."

Those interested in applying for the 2023 LBS MENA Startup Competition must submit their entries by June 16, 2023. To apply, click here. For further enquiries regarding the competition, email: MENAcompetition@london.edu.