Is the MIT Enterprise Forum Saudi Competition associated with MIT in the United States?
Yes. The MIT Enterprise Forum Saudi is Chapter No. 28 of the global chapters monitored and associated with the Massachusetts Institute of Technology Global Office.
What is the relation between MIT Enterprise Forum Saudi and MIT Enterprise Forum Pan Arab?
Community Jameel is a proud sponsor for the MIT Enterprise Forum Pan Arab Region for over 10 years. We now work closely together to support our Saudi entrepreneurs in entering the regional market. Therefore, winners of the MIT EF Saudi competition are automatically included as semi-finalists in the MIT EF Pan Arab region competition and expected to compete for larger prizes.
Why should I choose to participate in MITEF Saudi?
MITEF Saudi is one of the leading entrepreneurship competitions in Saudi Arabia. In addition to the international recognition from the MIT Global Office, winners enjoy national and regional exposure of their ventures, cash and product/service prizes from our partners, and the opportunity to pitch in front of investors.
What are the tracks and the qualifications for each?
Please see the details for the three tracks under the “MITEF Saudi Competition” tab.
I have an idea, but I still have not registered a business, can I still apply?
Yes. You can still compete under the “Ideas” track without a registered CR.
I would like to apply but do not have a team, can I apply now and add team members later?
No. You must have at least two members in each team. Although, you may add team members after acceptance into the competition.
How many rounds of judging are there? When do they take place?
There are three rounds of judging. The first round takes place as soon as the application deadline is passed. The second round occurs after the bootcamp. The final third round takes place on the morning of the final event.
What are the judging criteria?
Judges and mentors are given 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. 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 (Only for the Social Enterprise Track)
Financial Sustainability: How the social enterprise, startups and ideas are maintaining their financial sustainability on the long term
What other support services does this competition offer to entrepreneurs?
Several. MIT EF Saudi recognizes that entrepreneurs need several areas of support to contribute to their success. Therefore, we offer an intensive bootcamp that will highlight the critical tools for startups. In addition, we offer mentoring sessions and to be paired with a mentor so that teams have the guidance they need along their journey, and finally we offer mock pitching sessions with immediate feedback to best prepare the teams for the round two and three judging.
How much is the prize money? Is there any price for second and third position? After how long the team can receive the money?
Please see the below table that outlines the prize money in SAR. The MIT EF Saudi management team aim to deliver the prize money to teams within one month of the competition completion.
Idea Track - First Place (20k); Second Place (15k); Third Place (10k)
Startup Track - First Place (100k); Second Place (25k); Third Place (15k)
Social Enterprise Track - First Place (100k); Second Place (25k); Third Place (15k)
If I applied last year but did not win, can I apply again?
Can I submit more than one idea for the idea track? Can I be participant in more than one group in the same competition?
No. Only one idea/application per team.
If I am selected as a semi-finalist, what travel expenses will the MITEF Saudi chapter cover?
Each member of the qualifying team will not be paying a participation fee. The MIT Enterprise Forum Saudi Arabia will be paying all other expenses for up to two members per team including Accommodation, Lunch & Coffee breaks, Ground Transportation from/to the event venue, Bootcamp and Conference tickets.
I am a Saudi female and need to travel with a mihram…how does this work if I am chosen to compete?
If you need to travel with a mihram then you need to either choose them as a second team member or pay all expenses for them to travel with you.
What happens after the competition?
After the competition, winners will be directly contact by the MIT EF Pan Arab team for specific instructions and guidelines to participate in their regional competition. Also, you will continue to have access to your assigned mentors as needed.