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TiE Dubai opens $100,000 competition to female entrepreneurs in Mena region


Nada El Sawy
  • English
  • Arabic

TiE Dubai, the local chapter of The Indus Entrepreneurs founded in Silicon Valley, opened applications for a $100,000 (Dh367,300) global pitch competition to female entrepreneurs in the Middle East and North Africa.
The inaugural TiE Women competition, which is available to 61 local chapters across the globe if they choose to participate, will culminate in the Grand Finale Pitch that will take place at the TiE Global Summit in Dubai in December.

There is so much untapped potential in the Arab World and by empowering women to go into business and rewarding aspiring female leaders, we will ensure global economic gains …

“We all recognise the challenges women face when accessing funding and financial support. By bringing together a global network of entrepreneurs, investors, mentors and a prize money pool of $100,000, we will provide a unique launch pad for the winners,” said Ziad Matar, president of the TiE Dubai chapter.

“We look forward to seeing healthy competition and rewarding exceptional women leaders.”

Only 14 per cent of the more than 1,400 start-up deals in the Mena region last year were with businesses founded by women, according to a 2019 report by event organiser Arabnet, in partnership with the Mohammed Bin Rashid Establishment for SME Development (Dubai SME).

Meanwhile, the largest gender gap in established business ownership is found in the Mena region at over 40 per cent, according to the 2018-19 Global Entrepreneurship Monitor Women Entrepreneurship Report.

However, the highest rates of women’s entrepreneurial intentions were also reported in the region at 36.6 per cent.

“There is so much untapped potential in the Arab World and by empowering women to go into business and rewarding aspiring female leaders, we will ensure global economic gains and a competitive knowledge economy in line with UAE’s 2021 Vision,” Mr Matar said.

Online applications for the TiE Women competition for Mena women entrepreneurs are open from today until August 1.

Twenty finalists will be selected to take part in an online pitch on August 31.

Three businesses will then be shortlisted by a panel of independent jury members, including entrepreneurs, investors and corporate leaders.

They will receive personalised coaching and mentorship as part of a three-month, locally run accelerator programme.
One finalist will be selected to participate in the global competition to win the $100,000 equity-free prize money and investor support.

To be eligible for the competition, businesses must be led or co-led by a woman and be a registered company.

A female senior executive must also lead the pitch. Participating start-ups can apply for the early-stage or late-stage category and need to be established for a maximum of seven years.

Even in a time of Covid-19, the competition shows that "organisations are still actively supporting and investors and sponsors are still willing to support the right causes, and it's not all doom and gloom", Mr Matar told The National.

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MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

'Munich: The Edge of War'

Director: Christian Schwochow

Starring: George MacKay, Jannis Niewohner, Jeremy Irons

Rating: 3/5

PAST 10 BRITISH GRAND PRIX WINNERS

2016 - Lewis Hamilton (Mercedes-GP)
2015 - Lewis Hamilton (Mercedes-GP)
2014 - Lewis Hamilton (Mercedes-GP)
2013 - Nico Rosberg (Mercedes-GP)
2012 - Mark Webber (Red Bull Racing)
2011 - Fernando Alonso (Ferrari)
2010 - Mark Webber (Red Bull Racing)
2009 - Sebastian Vettel (Red Bull Racing)
2008 - Lewis Hamilton (McLaren)
2007 - Kimi Raikkonen (Ferrari)

MATCH INFO

Inter Milan 2 (Vecino 65', Barella 83')

Verona 1 (Verre 19' pen)

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%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
RACE RESULTS

1. Valtteri Bottas (FIN/Mercedes) 1hr 21min 48.527sec
2. Sebastian Vettel (GER/Ferrari) at 0.658sec
3. Daniel Ricciardo (AUS/Red Bull) 6.012 
4. Lewis Hamilton (GBR/Mercedes) 7.430
5. Kimi Räikkönen (FIN/Ferrari) 20.370
6. Romain Grosjean (FRA/Haas) 1:13.160
7. Sergio Pérez (MEX/Force India) 1 lap
8. Esteban Ocon (FRA/Force India) 1 lap
9. Felipe Massa (BRA/Williams) 1 lap
10. Lance Stroll (CAN/Williams) 1 lap
11. Jolyon Palmer (GBR/Renault) 1 lap
12. Stoffel Vandoorne (BEL/McLaren) 1 lap
13. Nico Hülkenberg (GER/Renault) 1 lap
14. Pascal Wehrlein (GER/Sauber) 1 lap
15. Marcus Ericsson (SWE/Sauber) 2 laps
16. Daniil Kvyat (RUS/Toro Rosso) 3 laps

War and the virus
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India squad for fourth and fifth Tests

Kohli (c), Dhawan, Rahul, Shaw, Pujara, Rahane (vc), Karun, Karthik (wk), Pant (wk), Ashwin, Jadeja, Pandya, Ishant, Shami, Umesh, Bumrah, Thakur, Vihari

The biog

Favourite book: Homegoing by Yaa Gyasi

Favourite holiday destination: Spain

Favourite film: Bohemian Rhapsody

Favourite place to visit in the UAE: The beach or Satwa

Children: Stepdaughter Tyler 27, daughter Quito 22 and son Dali 19

Dhadak

Director: Shashank Khaitan

Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana

Stars: 3

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

The specs

Engine: Turbocharged four-cylinder 2.7-litre

Power: 325hp

Torque: 500Nm

Transmission: 10-speed automatic

Price: From Dh189,700

On sale: now

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Price, base: Dh69,900

Engine: 2.0-litre turbocharged four-cylinder

Transmission: Seven-speed automatic

Power: 197hp @ 5,500rpm

Torque: 315Nm @ 2,000rpm

Fuel economy, combined: 7.0L / 100km

About Okadoc

Date started: Okadoc, 2018

Founder/CEO: Fodhil Benturquia

Based: Dubai, UAE

Sector: Healthcare

Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth

Funding stage: Series B fundraising round to conclude in February

Investors: Undisclosed

UAE currency: the story behind the money in your pockets
Brief scoreline:

Crystal Palace 2

Milivojevic 76' (pen), Van Aanholt 88'

Huddersfield Town 0

Scoreline

UAE 2-1 Saudi Arabia

UAE Mabkhout 21’, Khalil 59’

Saudi Al Abed (pen) 20’

Man of the match Ahmed Khalil (UAE)

The specs

Price, base / as tested Dh1,100,000 (est)

Engine 5.2-litre V10

Gearbox seven-speed dual clutch

Power 630bhp @ 8,000rpm

Torque 600Nm @ 6,500rpm

Fuel economy, combined 15.7L / 100km (est) 

UAE currency: the story behind the money in your pockets
Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

Profile of Bitex UAE

Date of launch: November 2018

Founder: Monark Modi

Based: Business Bay, Dubai

Sector: Financial services

Size: Eight employees

Investors: Self-funded to date with $1m of personal savings

UAE currency: the story behind the money in your pockets
Company profile

Name: Steppi

Founders: Joe Franklin and Milos Savic

Launched: February 2020

Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year

Employees: Five

Based: Jumeirah Lakes Towers, Dubai

Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings

Second round raised Dh720,000 from silent investors in June this year

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