Fekrety 2012 National Business Idea Competition
In an effort to promote and encourage entrepreneurship, the School of Business’s Entrepreneurship and Innovation Program (EIP) launched Fekrety (My Idea), a national business idea competition that aims to provide an opportunity to implement and build on submitted business proposals.
As a national-based competition, Fekrety targets individuals who possess aspiring business ideas and acts as a simulator to prepare them for real-life and practical entrepreneurship. The competition serves as a gateway for those individuals by allowing them to learn how to start their business ideas in a secure and risk-free environment.
The competition is divided into three phases. Participants will be given a chance to present and market their ideas to the public, network with individuals seasoned in relevant professions and attend sessions by faculty members from AUC’s School of Business. Consequently, participants
will acquire the much-needed exposure to help them create and launch real, successful businesses.
The objective of the competition is to educate its participants on effective entrepreneurship, whilst enabling them to acquire business, technical and planning skills, in addition to expanding the entrepreneurial ecosystem in Egypt. By successfully instilling the appropriate entrepreneurial concepts and providing guidance to participants, it will inevitably reinvigorate Egypt’s business ventures.
The competition is open to all forms of sectors including telecommunications, health care, media, agribusiness, transportation and information technology, among
others. To incite Egyptian entrepreneurship, the competition is specifically and exclusively catered to young Egyptians aged 18 to 30. Additionally, potential participants may apply either in teams or individually; however, they may not, in any way, be incorporated with an existing business corporation or entity.
In its first phase, applicants submit their business ideas, including their preliminary search, business proposal and any information regarding the business industry they seek to enter. As such, admitted participants are granted the opportunity to attend an intensive training program on the various theories of entrepreneurship, covering topics such as management, business, financing and pitching for investors.
Immediately after completing the training program, individuals and/or teams submit summaries of their business plans, in addition to a two-minute video of their business pitch. Videos will be shared with the public for voting, which will act as an indicator, but not necessarily a factor during judging. After a screening process upon the discretion of Fekrety’s high-profile judge panel, a handful of semi-finalists are selected to enter the last round of the competition.
Through the mentoring sessions provided during the competition, winning teams will be receiving guidance specific to their fields of interest in order to develop their final business plans in the most optimal way. Furthermore, on demo day, teams are to present their business idea or plan in front of a jury board. Winning teams will be announced, with prizes amounting to LE 50,000. Additionally, winning teams will get the chance to pitch their ideas to Angel investors group.