Three Egyptian teams won the first prizes in all three tracks of the MIT Enterprise Forum Arab Startup Competition, winning a total US$115,000 in prize money.
The tenth MIT Enterprise Forum Arab Startup Competition was this year held in Bahrain, with teams from across 11 Arab countries competing across three tracks: startups, social entrepreneurship, and ideas.
Egyptian teams won first prize in all three tracks.
In the startups track, Money Fellows was named winner, for its online group savings and lending platform which leverages users’ social media networks. The startup received US$50,000 prize money.
Kiliim won the social entrepreneurship track – also taking home US$50,000 – with its work which aims to revive and sustain the local craft of handmade kilim making in Egypt.
Finally in the ideas track, augmented reality app development startup Blink was awarded US$15,000 as first prize.
Two runners up were also selected across each track, with all the winning teams to receive advanced training sessions, personal mentorship and guidance, in addition to the cash prizes.
“It is time to invest more in the infrastructure that helps young people to hone and develop their entrepreneurial ideas, stressing the importance of utilizing technological innovation towards the modernization and development of tools that enable entrepreneurs to create technological solutions,” said Hala Fadel, chair of the board of MIT Enterprise Forum for the Pan-Arab region.
“This will in turn contribute to the revitalization of the economy and encourage the inauguration of partnerships that can eventually transform into large institutions that will house impeccable talent and capacities with opportunities to grow and develop.”