The Mohammed Bin Rashid Establishment for SME Development, one of the Department of Economic Development establishments, on Monday announced that it has opened the registration for the 7th Edition of the Young Entrepreneur Competition 2011 (YEC), held under the patronage of Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai.
Registrations can be done online at www.yec.ae, from March 29 to April 2, 2011.
YEC in its 7th Edition aims at reinforcing entrepreneurial skills and aptitude among students in high schools, colleges and universities across the UAE. The competition will focus on providing insights into the comprehensive business environment of Dubai in order to encourage students to start their own businesses and drive innovations within a competitive environment.
Abdul Baset Al Janahi, CEO of MBRE for SME Development, said: “The YEC initiative reflects our commitment to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to target Youth and develop their business skills in order to support the development of the small and medium businesses sector, currently accounting for 95 per cent of the registered businesses in Dubai.”
"This year's event will see many new developments and features. The number of projects increased from 700 to 1000, and winners will be ranked according to the top ten projects according to a criteria of marketing, sales, operations, financial management and other factors of quality and environment" said Nisreen Safar, General Coordinator of the competition.
"The change in format was driven by the huge success achieved last year when applications exceeded 2000. There will also be obligatory workshops to help participants to learn more about the competition, its objectives and mechanisms ," added Safar.
The Mohammed Bin Rashid Establishment for SME Development plans to organise a five-day exhibition in The Dubai Mall for the third consecutive year by the end of March 2011 for YEC participants to display their products and ideas, which will be evaluated for their innovation, marketing and profitability standards. The event will thus mark a first step for participants towards becoming part of the small and medium business sector.