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New Venture Creation: A Philips Innovation Program
Mohammed Bin Rashid Al Maktoum Foundation (MBRF), Philips Corporation, in local partnership with Berytech Technological Pole, are launching a competitive process to stimulate local talent and young innovative entrepreneurs to develop solid business concepts supported by advanced technology innovations.
Winning innovators will have the opportunity to develop their business case during a period up to 6-month internship within Philips’ High Tech Campuses, R&D and incubator facilities, all expenses paid. The entrepreneurs will benefit from access to other startups, research tools & publicly available patent databases, equipment suppliers, innovation & technology experts. The prototype/technology will be evaluated in with respect to IP, IP benchmarking, industrialization aspects and value-chain creation. After the program, the business cases will be presented to the VC community, with the aim to gain their support for further financing.
This initiative is to promote the development of broader and deeper innovation capabilities throughout the Arab region, which would contribute to future sustainable economic growth and creation of new employment opportunities. This initiative is within the framework of the “Entrepreneurship Program” launched by MBRF in 2008 to support regional Arab Entrepreneurship.
Competition's Objective
The competition aims at unlocking the vast potential of innovators by:
- Promote innovation and entrepreneurship across the Arab world, and ultimately create jobs;
- Stimulate local talent and young Arab entrepreneurs to develop solid business concepts supported by advanced technology innovations;
- Facilitate, mentor and coach local entrepreneurs to develop their ideas into high quality business propositions and commercially viable products in the Arab world;
- Support advanced business cases within the Philips R&D and incubator facilities;
- Provide access to local incubation facilities and technical assistance and expertise from Berytech.
 Additional Info
Contact:
For supplementary information, contact:
Nicolas Rouhana
Berytech Technological Pole
Mar Roukos, Mkalles
(Phone) + 961 4 533 040 (Fax) + 961 4 533 070
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Ghaleb Natour
Director Venture Relations
Philips Research, Germany
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Hanane Benkhallouk
Manager - Entrepreneurship, MBRF, Dubai
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