Fourteen startup teams from the Middle East are heading to Dubai this month for the final judging of the fifth annual Massachusetts Institute of Technology (MIT) Enterprise Forum Arab Business Plan Competition.
The 5th edition of the competition has seen more than 4,500 applicants. Hala Fadel, Chair of the MIT Enterprise Forum of the Pan Arab Region, attributed the high application numbers to the growing entrepreneurial spirit throughout the Middle East.
Of the 14 final teams selected, 1 team is from Saudi Arabia, 1 is from Tunisia, 7 are from Egypt, 3 are from Lebanon, and 2 are from Palestine. Half of the final business plans include technology startups, while media, social networking and agriculture compromise the remainder of the startups aiming for the prize of the 2012 MIT Enterprise Forum Arab Business Plan Competition.
The selected three winning business plans will all receive funding, with $50,000 USD for first place, $10,000 USD for second, and $5,000 USD for third. A special prize of $15,000 USD is also reserved for the selected "Best Woman Entrepreneur" Prize, as as part of the final award ceremony on 28 June.
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