Pixelbug: Bright idea now a reality thanks to MIT Enterprise Forum
The competition, now in its ninth year, is organised by the MIT Enterprise Forum of the Pan Arab Region, one of the 28 worldwide chapters of the global MIT Enterprise Forum.
One of those who set up the competition is Hala Fadel, the Lebanese-French chairwoman of Mitef Pan Arab’s board, who is also chairwoman of the venture capital firm Leap Ventures.
“Our initial idea behind the competition was to impact mentalities in the Arab region to make them more entrepreneurial and risk-taking, and build the right spirit around competing and staying hungry,” says Ms Fadel. “The idea of changing mentalities is still there. In addition to that, now the competition provides training, mentorship, funding, networking opportunities and media exposure to aspiring entrepreneurs from throughout the Pan Arab region and supports much-needed economic development and job creation.”
For Mr El Eid, who has lived in Dubai for the past 11 years, the learning experience he gained from the competition started during the application process was immense.
Competitors apply to one of three tracks: ideas, start-ups and social entrepreneurship. Each track awards its first three ranked winners, with prizes totalling more than $150,000, as well as training, mentorship, coaching, media exposure and networking opportunities.
Pixelbug ticked all the boxes to win last year’s competition and its award money has been used as a much-needed buffer on operational spending. But learning insights as part of the competition process on how to thrive in the business world was just as valuable as winning.
“It has made our business a lot more meaningful. The move to a more product-orientated business strategy has allowed Pixelbug to focus a lot more on what really matters in terms of providing solutions that can help improve kids’ motor and imagination skills, while keeping them engaged through innovative use of technology. We saw immediate results after winning the competition from strong user uptake and positive feedback from the market for Colorbug.”
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