The Innovation 4 Impact Competition 2016 commencing from October 11th to 12th will be a major highlight at the Global Islamic Economy Summit 2016 (GIES 2016) that will be held at the Madinat Jumeirah, Dubai. The theme for this year’s competition is ‘Inspiring Change’ and has been organised by the Dubai Silicon Oasis Authority (DSOA) and Thomson Reuters. Since the digital economy plays an important role in social change and growth, the main subject that will be the focus of the GIES 2016 is on how the Islamic economy is socially impacted.
The Dubai Islamic Economy Development Centre (DIEDC) is supporting the current second edition of Innovation 4 Impact just like the previous year, and the program is also in collaboration with the American Muslim Consumer Consortium (AMCC) who will be hosting the event. The business ventures that are presented by the startup business or entrepreneur should be one that socially and economically impacts the Islamic digital economy. Entrepreneurs of all faiths are welcome to take part in the Innovation 4 Impact competition. The business ventures should be applicable to any one of the 6 fields stated below:
New Media and Social Media
Prominent investors and business moguls from the United Arab Emirates and the Middle East will be present at the GIES 2016 and entrepreneurs will able to interact with them and discuss their business ventures and ideas with them. The main idea of the Innovation 4 Impact competition is to provide a platform for international Islamic entrepreneurs in the digital economy where they can gain beneficial investment opportunities, potential clients and even business mentors.
Business mentoring and assistance are just some of the benefits that the winner will gain from Innovation 4 Impact. The first competition held at the GIES 2015 saw 5 entrepreneurs selected from 170 participants from more than 35 countries. They received not only recognition but gained adequate knowledge from the mentoring and coaching that they received during the competition.
The competitors will stand a chance of winning prizes, cash and world-wide recognition as well. In addition to business mentoring, assistance and a cash prize of $20,000, the winner will also receive free office space for one year at the Dubai Technology Entrepreneur Centre (DTEC). DTEC is also a partner in the Innovation 4 Impact competition.
The final date of application has been extended to August 31st 2016 and the participants who are selected will be informed within the second week of September 2016. There will be three rounds of assesments. The entrepreneurs who have been selected to participate in Innovation 4 Impact will be coached by experts and investors who are very successful in their field. The entrepreneurs will then have the opportunity of discussing their business venture in front of a panel of judges and before an audience on the first day of the GIES on October 11th 2016. Finally, the winning entrepreneur of the competition will be announced on October 12th 2016 which is the last day of the GIES.