Lebanon Businessnews News

Ideaz Prize show launches third season
Entrepreneurs compete for investments on-air
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The Ideaz Prize television show has launched its third season. The program allows young entrepreneurs and visionaries to secure financial and in-kind support for their business idea.

Ideaz Prize gives local entrepreneurs the opportunity to reach out to investors and secure funding live on-air. It also encourages the submission of non-profit projects.

Mark Dickinson, Chief Ideaz Officer, said that the program’s last two seasons received very positive feedback. The show will be broadcast live on MTV over eight episodes in reality-show format.

In the first round, judges will select the top 16 viable ideas from a pool of preselected competitors, aged as young as 16 years. Over the next rounds, they will compete to stay on the program as their number drops.

The final two competitors will present their projects live. The first prize involves registering the winner’s company, as well as the services of a lawyer and accountant for a full year (worth $30,000), as well as $10,000 in cash as seed capital, judge mentoring for a year, the services of a business manager for four months, and investments and donation from the public.

All 16 participants will have access to crowd-funding through Naharnet / Ihjoz. The final eight will receive one year’s worth of one-on-one mentoring. The final four will get prearranged meetings with Kafalat staff and management.

Dickinson said that competitions and prizes are an emerging model to support entrepreneurship. He said IDEAZ maintains good relations with Bader and Berytech.
Reported by Rana Freifer
Date Posted: Aug 12, 2013
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