The Arab Science & Technology Foundation (ASTF) was formed in 2000 as an initiative by 400 Arab scientists with the support of Sharjah ruler Sheikh Sultan bin Mohammad Al-Qassimi. ASTF’s mission is to promote science and technology in the Arab world. Today it boasts a network of more than 3,000 scientists residing in Middle East, Europe and the United States, working in a wide spectrum of disciplines. As a result of its dedicated efforts, ASTF (www.astf.net) has been acknowledged by international and regional development organizations as a driving force in bridging the technology inequality gap in the GCC and Middle East.
One of ASTF’s current initiatives is organizing the Pan-Arab Technology Business Plan Competition. By tomorrow’s first round closing date for the competition, it is expected that over 100 proposals will be received. The contest invited the region’s aspiring young “technopreneurs” to submit plans for high potential start-up business projects. ASTF has received submissions from many sectors including biotechnology and pharmaceuticals, information and communication technology (ICT), energy and water applications, and engineering.
According to ASTF President Dr. Abdalla A. Alnajjar, the Business Plan Competition will culminate with five finalists being selected to present their start-up business plans to investors attending the Fourth Forum on Investing in Technology in Kuwait City on April 10-11, 2006. The winning entry will be decided on the concluding day of the forum and will bag an investment of at least $50,000 to initiate the venture, while winners in the second and third places will also be eligible for investment capital from the Arab Technology Ventures Seed Capital Fund. A high-profile, pan-Arab jury of five prominent members has been chosen to select the finalists and the winner.
“We are proving yet again,” said Dr. Alnajjar, “that there is no shortage of world-class entrepreneurs and technology in this region.”