KIPCO – the Kuwait Projects Company – and the Youth Empowerment Organization (Tmkeen) have announced the start of registration for the annual KIPCO Tmkeen Award for Young Entrepreneurs. This is the fifth year that the two entities come together to organize the award, which focuses on entrepreneurial businesses in the e-media and technology sectors.
Young entrepreneurs aged 18-33 with existing businesses established for no longer than five years and licensed in Kuwait are invited to visit the Tmkeen website (www.tmkeenkw.com) to apply for the award. Registration is open until November 5.
Ms Eman Al Awadhi, KIPCO’s Group Communications Director, said:
“Since launching the KIPCO Tmkeen Award for Young Entrepreneurs in collaboration with the Youth Empowerment Organization in 2015, we have strived to highlight the talent of Kuwait’s entrepreneurial community and shed light on its creativity and innovativeness. Through the services that KIPCO’s Group companies provide, we aim to support these ambitious young people as they work to make their businesses sustainable and profitable.”
“KIPCO Group is delighted to be partnering with Tmkeen for the fifth year. With the high level of proficiency that we have seen from our young entrepreneurs and the innovative business models, the competition has always been close. We look forward to seeing more of the same in this year’s competition.”
The KIPCO Tmkeen Award for Young Entrepreneurs offers the grand prize winner services from the KIPCO Group companies worth US$ 100,000, making it the largest entrepreneurship prize in terms of value in Kuwait. The 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. In addition, the first place winner will be awarded US$ 15,000 in cash, while the second and third place winners will receive US$ 10,000 and US$ 5,000 respectively.
On his part, Mr Abdulrahman Al Adsani, Head of the Tmkeen Symposium Organizing Committee, said:
“At Tmkeen, it is our mission to educate young people and to inspire them to become entrepreneurs. Our collaboration with KIPCO, now in its fifth year, has allowed us to take a step further in supporting this rising business community by allowing them the opportunity to benefit from the expertise that KIPCO Group has to offer.”
“It is our ultimate goal to encourage young people to use their creativity to establish innovative small and medium enterprises, thereby contributing to the development of Kuwait’s business sector.”
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 November 18, 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 three applicants with the highest scores will be eligible to give a final presentation of 7-10 minutes at the KIPCO Tmkeen Award Startup Battle, and the official judging panel will select the winners. The winner of the grand prize will be announced during the Youth Empowerment Symposium.