KIPCO – the Kuwait Projects Company – and the Youth Empowerment Organization (Tmkeen) have announced the beginning of registration for the KIPCO Tmkeen Award for Young Entrepreneurs 2016. This is the second year that the award takes place, and this year’s focus will be on entrepreneurial businesses in the retail and services industry.
The start of registration was announced at a joint press conference. Young entrepreneurs aged 18-33 with existing retail and service businesses established for no longer than five years and licensed in Kuwait are invited to visit the Tmkeen website ( HYPERLINK “http://www.tmkeenkw.com” www.tmkeenkw.com) to apply for the award. Registration is open until September 29.
Speaking at the press conference, Ms Eman Al Awadhi, KIPCO’s Group Communications Director, said:
“Last year, KIPCO and the Youth Empowerment Organization partnered to launched the first ever KIPCO Tmkeen Award for Young Entrepreneurs. The first edition of the award shed light on young entrepreneurs with media and technology businesses, who worked hard to argue their cases before an expert judging panel. Over the past year, KIPCO and its Group companies have been providing business mentorship and services to the winner of the 2015 award, Ajar Online, to help the business develop and grow. Today, we are delighted to say that not only the winner, but also our other finalist, have gone on to achieve greater business success.”
She added:
“KIPCO Group is delighted to be partnering with Tmkeen again this year. We hope that the award will continue to serve as a platform for showcasing Kuwait’s young entrepreneurial talent and encourage the next generation of business people to follow their passion and turn their ideas into profitable businesses. Again this year, KIPCO and its Group companies will be offering their support to entrepreneurs in the form of a grand prize worth US$ 100,000 in services.”
At US$ 100,000, the KIPCO Tmkeen Award for Young Entrepreneurs offers the largest entrepreneurship prize in terms of value in Kuwait. The grand prize services include a wide range of financial, strategic and operational consultancy sessions, market studies, insurance coverage and advertising services. Burgan Bank, OSN, Gulf Insurance Group, KAMCO Investment Company and Marina FM are contributing their expertise and services to the prize. United Real Estate, Qurain Petrochemical Industries, United Networks and United Education are also supporting the award.
On his part, Mr Ali Al Ibrahim, CEO of Youth Empowerment Organization, said:
“When we launched the KIPCO Tmkeen Award for Young Entrepreneurs in 2015, our aim was to encourage young people to establish their own small and medium enterprises and to offer them a variety of support services to ensure their success. We are pleased to say that with the expertise and support provided by KIPCO and its Group companies, we have been able to offer such services to Kuwait’s rising business community.”
He added:
“Many young Kuwaiti people have innovative business ideas, and we believe in their ability to act upon them. Our efforts, both through the annual Tmkeen Symposium and the award, is to encourage young people to put their creativity to good use and establish their own small and medium enterprises, thereby contributing to the development of our society.”
Eligible applicants for the award will be asked to submit detailed information about their business’s operational and financial performance. The first judging round will be held on October 15, where applicants will give a 5-7 minute presentation to a panel of business professionals from the KIPCO Group. Based on defined business criteria, the five applicants with the highest scores will be eligible to give a final presentation of 7-10 minutes at the KIPCO Tmkeen Award Startup Battle on October 26, and the official judging panel will select the winner. The winner of the grand prize will be announced during the Youth Empowerment Symposium on October 26.