The competition is in three rounds. First students to log on www.thebigstart.ae to submit their ideas. Round two has students submitting their business plans to a jury from Al Tamimi Investments and round three is the presentation of the plan.
We speak to last year’s winner, Yahya Stapic, who answers questions you may have about the competition. The American University of Sharjah graduate is well on his way to establishing his fashion business, United Designers, as CEO.
What if a student’s idea is the same as someone else’s idea?
During Round One of The Big Start competition, the business summary online submission, there is no way to tell if your idea is the same as another student. In the end, a good idea is a good idea and that is all that matters initially. Each idea is judged on its own merits by Al Tamimi Investments’ judging panel, so I would suggest students concentrate on making their idea the best they can and not worry about what others are doing.
Do you have any ideas how students can differentiate themselves and their ideas?
One of the most important pieces of advice I can offer students is to believe in themselves and in their idea. I believe that if a student has a strong self-belief then their personality will naturally shine through and help to differentiate their idea. Another point worth noting is that students need to make sure that they have a real business idea they are passionate about, rather than simply a wish to own a business. When it comes down to it, being successful in The Big Start is just like being successful in any career; it is important that students have a strong desire to work hard and to strive for success. Passion is definitely a prerequisite for all entrepreneurs.
How do students know if their idea is good or not?
It never hurts to ask for advice. Whether it is friends or family, classmates or university lecturers; bouncing an idea off others will help students refine different aspects of their idea. It can be very hard to critique one’s own idea and so seeking different points of views can be a very rewarding process. It is worth remembering that Round One submissions are graded on the basis of commercial viability, so students need to make sure that they ask the right questions about their idea.
How do students who submit their business idea in The Big Start competition know their ideas won’t be used by someone else if they are unsuccessful?
Right from the start of last year’s competition, Al Tamimi Investments made it very clear that each student’s idea was their own intellectual property. Students that don’t make it through to the next stage are encouraged to carry on and pursue their ideas independently.
What can students expect if they are accepted through to Round Two?
Round Two of the The Big Start competition is the Business Plan workshops. One of the great things about The Big Start competition is the amount of individual attention ATI gives students. The competition isn’t just about submitting an idea and then choosing one winner. ATI take a very active approach to guide and mentor each student’s business plan and there is a lot of valuable input from senior ATI management. This type of practical business expertise is very important to university students. Even if students don’t win the whole competition, they will still come out with a sense of achievement and a lot of real life business skills.
What has it been like for you winning The Big Start?
Winning The Big Start has been the most amazing and rewarding experience of my life. I have probably already said this a thousand times, but every day I believe it more strongly. I go to work every day with people who are committed to helping me establish my dream company, are funding my idea and working in partnership with me to make it a success. I couldn’t have asked for a better start to my career.
What was your winning business idea?
My winning idea is called United Designers. It is a retail concept store that will offer local fashion designers a platform through which they can communicate with their customers, sell their collections and achieve great heights. The concept is focused on nurturing and mentoring this young talent so that they can one day launch and establish their own fashion brands. Through United Designers I hope to support other entrepreneurs in the UAE, just as The Big Start has supported me.
What is the latest news with you and United Designers?
It is a very exciting time right now for me and my idea - United Designers. We’ve received great interest from budding designers so far, but our search for the UAE’s emerging fashion stars has only just begun. We are looking to open the United Designers store in April next year, so I want to encourage any young, aspiring designers to contact us now. At the moment, my days are very full putting together all the different parts of the business - from the marketing and PR to the website and financials. I am definitely keeping busy and working hard, but this is easy when you are doing something you love.
