Q- What is Al-Fikra?
A business competition split into two phases; a phase for selecting the business idea and business plan; and a second phase where to the entrepreneurs are selected through an assessment center and provided long term support through QDB services.
Q- How can I apply?
A: You can easily apply to the competition by accessing the Al Fikra website, filling the application online, and submitting it. More information is provided on the website.
Q- Who can apply?
A: Professionals, entrepreneurs, and university students with business ideas for Qatar; For Teams (3 members only) of Residents living in Qatar, a Qatari partner per team is required in order to set a business with a legal structure that could be operated and registered in the state of Qatar.
Q- Can I apply for more than one idea?
A: Each team is required to submit one idea at a time.
Q- How can I make sure that my idea will not be stolen?
A: The QDB Al Fikra team will ensure that all your submitted documents and ideas are kept safe. We are committed to safeguarding your business ideas and confidential information. QDB has set in place, special measures to ensure no data is leaked out in the interest of protecting our participants’ and clients’ privacy. For more information, please refer to our website.
Q- What is the duration of the competition and when will the final results be announced?
A: The program will run over a 3-month period from August 31st until the second week of December 2016. During this period, creative and innovative ideas will be recognized and supported by Qatar Development Bank and its strategic partners throughout the different stages of their development.
Q- Who are the evaluators? Can the judging criteria be accessed by participants?
A: A committee of (8) evaluators from the Academic Community, Business Community and Qatar Development Bank will be dedicated to evaluating the business ideas and the applicants of the Al Fikra participants and select the finalist teams.
The finalist will go in front of selected judges in the final ceremony to determine the rank of the winning teams.
Q- How do I attend and register for the workshops?
A: The workshop attendance is mandatory for the applicants and don’t need registration as their names will be added automatically upon applying for the competition. The dates of the workshop can be found in the website.
Q- Will my attendance to workshops secure my position in the shortlisted finalists?
A: The workshops will ensure a guaranteed mark that will affect the shortlisted finalists and will be considered as an advantage if there is a tie between the competitors.
Q- I need more information about the competition. Where can I get it from?
A: The Al Fikra website is a comprehensive platform where all necessary information, including a mention of our partners and sponsors, is listed. We have also uploaded documents and presentations related to the competition.
Q- Winning criteria:
· Explained the purpose of the business
· Effective business idea
· Referenced the industry and potential market growth
Value Proposition of the Business
· Linked the value to the economy of Qatar.
· Identified the business model; how the company expects to make money
Target Audience and competitors
· Identified the key activities that would be included in the distribution channels.
· Identified the key resources included in the distribution channels.
· Provided details of customer relationship mechanisms.
· Pricing program and Promotional plan
· Described customer service programs
Expected Revenue Stream
· Itemized key financial factors; investment requirement, yearly sales and profit totals and expected return on investment
Key Partners/ Suppliers
· Presented strong team spirit.
· The team members has solid background and relevant experiences.
· Passionate towards achieving the project.
· The team is aware about its strength points and areas of improvements.