Lebanon Businessnews News

MIT taking contestants to Silicon Valley
Successful companies seeking
global expansion will be selected
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The MIT Enterprise Forum Pan Arab will take Arab companies to Silicon Valley in June, said Catherina Ballout, Operations Manager / Levant & GCC Lead at MIT Enterprise Forum Pan Arab.

The company’s 2013-2014 season tournaments are parted into three tracks.

The first track includes entrepreneurs having new ideas and seeking to take them to the next level. The second track is for startups with a product being sold and established businesses seeking growth. The last track is for established companies seeking global expansion. Winners of the third category will be granted the opportunity to go on the four-day Silicon Valley conference and Roadshow in June 2014.

According to Ballout, the companies’ visit to Silicon Valley will offer them international exposure, networking, and funding from international Venture Capital (VC) funds.

At least three out of four requirements must be met to make the company qualified to participate to the Global track.

The company should be legally registered with at least two years of operations. It should have raised no less than one round of funding (through an accredited Angel Investor or a VC firm). It must also have a global reach or presence, with an office in one of the Arab countries. It must also generate at least $500,000 per year in revenues. (General terms are available at http://www.mitarabcompetition.com/the3tracks.php.)

According to Ballout, 20 teams will be selected. “Participants must belong to innovative industries and mainly ICT.”

Reported by Rana Freifer
Date Posted: Mar 19, 2014
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