Process and Timeline
Dates:15 Sep, 2015
Action:Open call for submissions
Dates:30 Nov, 2015
Action:Deadline for submissions
Dates:3 - 14 Dec, 2015
Action:Judges evaluation and feedback
Dates:15 Dec, 2015
Action:Announcement of the 30 semi-finalist teams
Dates:15 Dec, 2015 - 09 Jan, 2016
Action:Working on demos and requirements with assigned mentors and workshops
Dates:18 -19 Dec, 2015
Action:Workshop @ KAUST
Dates:9 Jan, 2016
Action:Private event and announcement of the 18 finalist teams
Dates:16 Jan, 2016
Action:StartSmart Saudi conference and announcement of the 6 winning teams
- The MIT Enterprise Forum Saudi Startup Competition has 3 tracks: Ideas, Startups, Social Entrepreneurship. Each of the first 3 mentioned tracks have 3 Rounds.
In Round 1, teams must fill and submit an online application that consists of two sections:
- Management Team: that accounts for 30 points of the Grade
- Project/Startup Profile: that accounts for 70 points of the Grade
- In Round 1, applications are accepted in English, and Arabic.
In Round 1, each application is graded 3 times by 3 different judges with preferences given to the following criteria depending on the track you are applying for:
- Team: The team composition takes an important share of the grade. Judges look for experience, value add, and relevance of each team member.
- Innovation: Creativity and improvement of existing solutions and/or business processes with respect to current competitors or compSaudile. Within this definition, innovation does not necessarily mean technology. (applies for the Ideas, Startups & Social Entrepreneurship Tracks)
- Scalability: A business idea or a startup should not be limited to a local market. At a minimum, a nationwide market should be targeted. Preferably, the business could easily be replicated regionally or globally as the company expands. (applies for the Ideas, Startups & Social Entrepreneurship Tracks)
- Social Impact: The extent to which your project benefits the community
- Financial Sustainability: How the social enterprise, startups and ideas are maintaining their financial sustainability on the long term
- Teams are respectively selected for the Idea and Startup tracks. These are teams that got the highest average score on their application forms. MITEF Saudi reserves the right to modify the number of teams selected.
- To be eligible for Round 2, the semi-finalist teams must achieve certain deliverables required from them that will be communicated to them in due time (e.g. having a working prototype and securing at least one client for the Ideas Track). The semi-finalist teams must also sign the “intent of incorporation” form. All persons whose names are mentioned as part of the team must sign the form.
Date:Developing a prototype (Model or built product or service to test a concept or a process)
Activity:Submitting 2 pages executive summary
Date:Submitting 2 pages executive summary
Activity:Securing More than 1 client
Date:Securing 1 client
Activity:10-12 business plan
Date:Submitting oral presentation
Activity:Submitting oral presentation
- In Round 2, the selected semifinalist teams will attend the Workshop and a private judging event. The workshop is led both in English and Arabic.
- The selection of the finalist teams for each of the tracks happens during the private judging event.
- In Round 3, the finalist teams pitch in front of a Final Jury where they will have 10 mins to present followed by 5 mins of Q&A. After the final round oral presentations, the jury deliberates and selects the top three winners for each of the Ideas, Startups, and Social Entrepreneurship Tracks.
- In Round 3, Oral Presentations will be held in either English and Arabic language
- Information about the Final Round Judges will be available on our website as soon as the names are finalized.