3 Egyptian teams were the champions of MIT Arab Startup Competition

Three Egyptian teams won the first prizes in all three tracks of the tenth MIT Enterprise Forum Arab Startup Competition, winning a total of US $15,000. The competition was held here in Bahrain with teams from across 11 Arab countries competing across three tracks: startups, social entrepreneurship, and ideas.

In the startups track, Money Fellows was named winner and received a prize money of $50,000. Their project is dedicated towards online group savings and lending platform which leverages users’ social media networks.  

Kiliim won the social entrepreneurship track – also taking home$50,000 – with its work which aims to revive and sustain the local craft of handmade kilim making in Egypt.

Finally in the ideas track, augmented reality app development startup Blink was awarded US$15,000 as first prize.

Hala Fadel, chair of the board of MIT Enterprise Forum for the Pan-Arab region said: “It is time to invest more in the infrastructure that helps young people to hone and develop their entrepreneurial ideas, stressing the importance of utilizing technological innovation towards the modernization and development of tools that enable entrepreneurs to create technological solutions,”

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