“Fekrety” National Business Idea Competition by AUC
The American University in Cairo’s Entrepreneurship & Innovation Program launches “Fekrety,” its National Business Idea Competition of the year. They have partnered up with key players in Egypt and the Middle East with the aim of “hunting for Egypt’s most talented entrepreneurs.” Any Individual or team with an innovative business idea and are seeking mentorship and seed funding are welcome to apply.
This is based on the more familiar “Accelerator” method of screening, mentoring, and seed funding start-ups, however, this is put in a competition setting; in which, teams will get a chance to compete and present their ideas to a large audience, for award prizes up to EGP 50,000.
This is a 3 round competition, with screening of the applicants in Round 1, the selected ideas will then move on to Round 2 where they will take part in workshops and get mentored on how to develop their business plan and prepare their pitch. Qualified participants will then move on to Round 3, where they will be required to submit their revised and finalized business plans and 2 minute business pitch. Lastly, finalists will be invited to the Demo Day where they will be presenting their business pitch in front of a Jury board.
In case you’re wondering if your idea is ready, business ideas will be evaluated on the following criteria:
1. Innovation: How innovative is the idea/business model? (e.g., business model innovation, technical innovation, etc.)
2. Customer Value: How clearly defined is the target customer? What is the size of the target market? Global vs. regional vs. Local? How strong is the value to the target customer?
3. Clarity of the Business Model: How clear and refined are the business model and value proposition?
4. Feasibility: How feasible is this idea for implementation? (Investment, technology, know-how, complexity, etc.)
5. Scalability: Can this idea scale to a large venture?
6. Financial Returns: Does the idea have a high chance of financial return or profit generation?
Deadline for submissions has been extended to Saturday, May 26th 2012 – this might be the time to step on the gas pedal if you want to give it a shot.
For more info on the Fekrety check the competition’s website here
WE SAID THIS: More seed funding opportunities for your start-up!
