Dubai: Over 600 young entrepreneurs showcased their projects at the Young Entrepreneur Competition 2010, which was held from March 31 to April 4 at The Dubai Mall.
Organised by the Mohammad Bin Rashid Establishment for Small and Medium-sized Enterprises Development, part of the Department of Economic Development, YEC attracted more than 600 participants — twice the number last year.
Now in its sixth edition, YEC was held under the patronage of Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai, and Chairman of the Dubai Executive Council.
Students from private and public high schools, colleges and universities across the UAE set up stands and sold products in a highly competitive market environment. The competition was designed to help educate the students about the basic principles of starting and operating a private business, and to inspire them to become entrepreneurs.
Project assessment
The projects were assessed on the basis of several criteria, marking the students' first step towards becoming part of the SME sector.
"The YEC exhibition has attracted an impressive 600 entrepreneurs this year in various categories, which reflects the trust and attention gained by the competition year after year. The event is in line with the vision of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to develop the performance of the SME sector into a major supporter of the economic development of Dubai," said Abdul Baset Al Janahi, CEO of MBRE for SME Development in a press statement.
"The young entrepreneurs competition is an excellent platform to mould the young generation into future and better entrepreneurs," said Mohammad Ashraf, one of the parents of a participant in an interview with Gulf News.
New law
In September 2009, Shaikh Mohammad issued Law No 23 of 2009 concerning the Mohammad Bin Rashid Establishment for SME Development. It is a Department of Economic Development establishment, recently renamed the Mohammad Bin Rashid Establishment for Young Business Leaders.
The law is part of the commitment of the Dubai Government to support the development of the SME sector.
SMEs account for up to 98.5 per cent of registered businesses in Dubai, with 61 per cent of the workforce in this sector. The event supports the thrust of Dubai to further strengthen the culture of entrepreneurship and enterprise based on innovation and intellectual property.
For Nishant Mehta, the competition has also helped him meet new friends and improve his social skills: "For sure next year I will still join the competition. I've learned a lot from the event and aside from being a young entrepreneur I also gained more friends."
"It's not easy to become an entrepreneur you must have patience and dedication," professes Nithin Dev, while Faahim Zubair adds: "Doing business is not a joke; you have to possess the qualities that can catch the attention of potential buyers. Like in our stall, we are selling shirts and mugs with jokes printed on them; people will stop and laugh at it and end up buying our products."
The products and services displayed during the event included shirts, mugs, bling-blings and photography services.
Since its inception in 2005, YEC has succeeded in encouraging entrepreneurial spirit among youngsters from high schools and universities nationwide. The contest also promotes the concept of SME and business environments among the younger generation.
Evaluation: Judging criteria
The projects are being assessed by the Judging Committee based on the following categories:
- Best Marketing and Promotion Team
- Best IT Project
- Best Team Work
- Most Profitable Project
- Best Cultural Project
- Best Product Design
- Best Shop Display
- Best UAE National Team
- Best Innovative Product
- Best National Identity Project
- Best Hand Craft Product
- Best Green Project
- First Place Winner for Young Entrepreneurs Competition
