The Mohammed bin Rashid Al Maktoum Foundation, together with Royal Philips Electronics, unveiled a competitive process in Beirut yesterday aimed at stimulating local talent and young innovative entrepreneurs to develop business concepts supported by advanced technology innovations.
The initiative, in local partnership with Berytech Technological Pole, was announced at a press conference held at le Vendome Intercontinental hotel, attended by Alaa Al Afifi, Director-Entrepreneurship for the Mohammed bin Rashid Al Maktoum Foundation, Louis Hakim, Vice-President of Royal Philips Electronics and CEO of Philips Middle East, Maroun N Chammas, President of Berytech, representatives of major Lebanese universities, students, aspiring entrepreneurs as well as the media.
The objectives of the "Research Innovation Programme" are to promote the development of broader and deeper innovation capabilities throughout the Arab region, which would contribute to future sustainable economic growth and the creation of new employment opportunities. The Foundation and Philips will offer access to sophisticated technology facilities and cultivate innovative concepts from the Arab World with access to the local partner's incubator facilities and the technical assistance of Berytech.
"Through this programme, we aim at empowering the new Arab generation to innovate and create, which will open new opportunities of a brighter future for the Arab World," said Al Afifi in his speech.
Maroun Chammas, President of Berytech, said: "We are proud to be partners and offer a platform of creativity where entrepreneurs can run the chance of getting worldwide exposure."
Three winning entries will be selected annually to be hosted at Philips' R&D sites for up to six months to develop their innovation into well-developed cases. Arab nationals can apply by visiting www.berytech.org/ innovation.