Dubai, 28 January, 2012: Under the patronage of His Highness
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown
Prince of Dubai, Dubai SME, the agency of the Department of
Economic Development in Dubai mandated to develop the small
and medium enterprise (SME) sector, will launch the
preliminary registration for the 8th cycle of the Young
Entrepreneur Competition 2012 (YEC) on Sunday, the 29th of
January 2012.
YEC 2012 aims to inculcate and encourage entrepreneurial
spirit among students in the public and private secondary
schools and universities across the UAE. The competition will
be an opportunity for the participants to learn the basic
principles of starting and operating a private business.
Through the competition Dubai SME also aims to inspire and
enable the younger generations to become entrepreneurs in the
future by introducing them to the foundations of
entrepreneurship and a real world of business to compete.
YEC 2012 will have two stages of registration. Participants
can join web-based training sessions on www.yec.ae through a
simple registration process to enter basic information on
them and any business idea they have. The registration will
be open from January 29 till February 15, 2012. After
registering, participants will be invited to the three
web-based training sessions, to be held from February 12 till
March 1, 2012. These sessions will help the participants
learn how to develop their concept, team and project.
After attending the second web-based training session,
participants can then register their team and project into
the competition, during February 20 to March 1, 2012.
"The YEC initiative reflects our commitment to the vision of
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice
President and Prime Minister and Ruler of Dubai, to sow the
seeds of entrepreneurship at an early age. Dubai SME targets
to help the youth to develop their business skills as part of
our commitment to promote the small and medium businesses
sector," said Abdul Baset Al Janahi, CEO of Dubai SME.
"Dubai SME is keen to build a generation of entrepreneurs who
are confident and determined, in addition to providing them
with opportunities to test their projects in the real world
of business by dealing directly with customers and acquiring
the negotiation skills and marketing acumen needed to grow
their enterprise," Al Janahi added.
Nisrin Safar, General Coordinator of YEC, said: "YEC has
become an annual celebration of creativity, innovation and
excellence, and a real opportunity for the younger generation
to plan their future and lay the foundations to achieve their
ambitions. Over the past years, the competition has achieved
remarkable success with demand increasing every year since
its launch in 2005. More than 2,000 projects and 6,500
students have already participated in the competition during
the previous seven cycles, demonstrating the growth of the
event and its success in nurturing entrepreneurs."
Participation is open for high school (grade 10) and
university students in the 15-25 age groups. The maximum
number of students in each project should not exceed four.
Each project team can have students from different schools,
colleges and universities.
du has announced its sponsorship of the Young Entrepreneur
Competition for the third consecutive year. To support the
event, du will set up kiosks to allow university students to
have a first-hand experience of retailing telecom products
and services.
"We are very proud of our on-going partnership with the Young
Entrepreneur Competition, and we wish the organisers and
participants the best of luck for the 2012 session. This
partnership is in line with our aims to achieve sustainable
development through training future business professionals,
by equipping them with the practical skills needed for their
personal empowerment, while also nurturing their
entrepreneurial skills," said Hala Badri, Executive Vice
President - Brand & Communications at du.
Dubai SME coordinates with ministries and educational
institutions in the UAE to disseminate the concept of YEC
among administrators and faculty members, and to attract
wider participation in the competition. A four-day exhibition
will also be organised across malls in Dubai between March 28
and 31, 2012 for participants to showcase their projects.
A jury comprising specialists from Dubai SME and external
agencies will observe and evaluate the projects and select
the winners depending on creativity, innovation, marketing
and customer service. Winners will be honoured later by Dubai
SME.
The competition will feature a range of projects spanning
fashion, fine arts, handicrafts, traditional or heritage
products, health products excluding medicines, environmental
awareness products (recycling, renewable energy), educational
material (games, tools, modern teaching aids), interior
design, cultural activities, and information technology.
The three web-based training sessions, organised by Dubai SME
in partnership with Potential, will focus on 'Innovation',
'Build your Team and Submit your Project', and 'Business
Model and Setup Costs'. The sessions will last for three
weeks with a lecture per week for the convenience of all
participants.
Shadi Banna, Managing Partner, Potential, said: "Potential is
excited to be part of this entrepreneurial development
programme where students can acquire and develop business
skills from a very early age. YEC will not only help them
construct and develop business ideas but also make it a fun
experience while empowering and growing them into stars."
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