Qatar Development Bank (QDB) has announced the eight winning teams of the seventh edition of the Qatar National Business Competition (Al Fikra), a programme launched by QDB to support Qatari entrepreneurs.
Al Fikra is an educational and coaching programme designed for Qatari-led start-ups and entrepreneurs, enabling them to develop business ideas that can be turned into successful private, value-adding businesses.
This year, Al Fikra was divided into three categories: the emerging ideas for ‘Al Fikra Startup’, a competition for general business ideas; ‘Al Fikra Mashroie’ for university students; and ‘Al Fikra Challenges’, allowing entrepreneurs to find solutions for some of the challenges that could be turned into business ideas and projects to serve Qatar.
The competition saw the participation of 560 applicants.
Eight were awarded special prizes and 83 received training courses by professors and trainers in entrepreneurship.
They also attended several practical workshops.
HE the Minister of Commerce and Industry Ali bin Ahmed al-Kuwari said the seventh edition of Al Fikra has demonstrated innovative and practical projects that reflect the full potential of Qatari youth and their ability to play an active role in achieving sustainable economic development in Qatar, especially when they find someone who guides and leads them to the right path.
In his speech at the awards ceremony on Tuesday, HE al-Kuwari lauded QDB’s pivotal role in the Qatar National Vision 2030, where it worked for many years to fulfil the bank’s developmental mission at all levels by providing funding and training programmes to build cadres and train youth on entrepreneurship.
The minister said QDB has made a strong effort to provide young people with the necessary skills to participate in the establishment of their companies and projects, through programs such as Al Fikra, which is an important milestone in the life of professional entrepreneurs in Qatar.
He said Al Fikra seeks to educate, empower, and develop business ideas for young people and promote a culture of entrepreneurship in Qatar.
The competition took place in three stages, the first was evaluating the ideas submitted and ensuring their suitability, while the second was attending workshops and training courses and presenting comprehensive and clear work plans. The third stage was the presentation of the final works to the jury.
The winners of the competition will receive various services from QDB, including business incubators, finance, and advisory services so that they can mature their ideas and turn them into commercial ventures, QDB said.