Akoun Business Idea Competition 2014
How to enter
Participants are to submit an outline of a bright idea that could lead to the creation of a successful business. Proposals being submitted for the competition should not exceed (1,500) words and should include the following:
- Name & location of your company
- Names and academic background for each member of your team
- Explain the product or service that your company will offer
- Outline who are your target clients & your target market
- Identify and explain who your competitors are, if any
- What advantages will your product or service give to your target clients when compared to your competitors?
- Explain the innovative component of your product or service
- How do you plan to reach your customers/target market?
- Estimate the total amount of money (AED) you need to start up your company? (Examples of what to consider: rent, utilities, salaries, raw materials, etc.)
- Estimate the amount for the revenue, expenses and profit for each of the first 3 years of your business
- How many months do you estimate you will need for your company to break even?
- What are the major risks you think you will face and how will you deal with them?
Download fillable form here
Three winners will be chosen from each city across the UAE (Abu Dhabi city, Al Ain, Al Gharbia, Dubai, Sharjah, Ajman, Ras Al Khaima, Fujairah and Um Al Qaiwain). Winners will receive the following prizes:
- 1st prize – AED 25,000
- 2nd prize – AED 15,000
- 3rd prize – AED 10,000
- - Khalifa Fund will provide training for the winners in each of the above mentioned cities to prepare a business plan
- - Further support and development (both financial & non-financial) will be provided by Akoun partners if they meet the partners criteria
- - All entrants will receive feedback on their entries
Please upload your business plan in the (submit your proposal section) or send it to
31st of May 2014.