UAE backs up winning spirit of entrepreneurship

Abu Dhabi: The Akoun business idea competition has been launched to inspire the next generation of Emirati entrepreneurs and empower them to enter the world of business, the Abu Dhabi Council for Economic Development (ADCED) announced on Wednesday at the Khalifa University campus in the capital. Akoun translates into ‘to be’ in English.

Competitors, who will be chosen from cities across the UAE — Abu Dhabi, Al Ain, Al Gharbia, Dubai, Sharjah, Ajman, Ras Al Khaimah, Fujairah and Umm Al Quwain — can participate by submitting business proposals in not more than 1,500 words.

Those who take first place in the competition will receive Dh25,000, while runners-up will receive Dh15,000 and the third-place winners Dh10,000

“With around 80 per cent of Emiratis working in the government sector, Akoun brings together government organisations and top-level Emirati entrepreneurs to collectively promote private enterprise to students across the UAE,” said Anas Bukhash, co- founder and managing director of Ahdaaf sports club.

The Akoun business ideas competition will reward the best three business proposals from each emirate with funding to help students launch their business successfully.

Applications will no longer be accepted after May 31 and the workshops will be hosted in every emirate across the country through the month of April to create an inspiring forum for students to learn first-hand about setting up their own businesses.

“We are pleased to see the increased interest from universities across the UAE to host our Akoun workshops, as this demonstrates how influential Akoun workshops have become over the year. Encouraging entrepreneurship among Emirati youth lies in line with the UAE’s government strategic goals to develop a strong private sector,” said Fahd Saeed Al Raqabani, director general of ADCED.

“We will continue to play a key role in educating the youth, guiding them to establish their own businesses and support new entrepreneurs across the UAE,” Al Raqabani added.

Last year, the Akoun business ideas competition committee received more than 113 strong entries, with three winners each announced in Abu Dhabi, Al Ain, and Al Gharbia region.

Ahmad Abdullah Al Ali, a 21 years old Khalifa University student, told Gulf News: “I have participated in Akoun competition the previous year and I won Dh20,000. My idea was mainly about inventing vending machines which sell pens, pencils, books and calculators. I am willing to continue working on this project in the summer and I believe having my own business would not interfere with my studies. I do have several unique ideas which I look forward to apply in the short and long period,” Al Ali, who studied mechanical and nuclear engineering, said.