Local Social Entrepreneurs Awarded AED 150,000 in DUBAI+Acumen Competition

- V7 Grand Prize valued at AED 100,000 awarded to Green Truck Recycling Transportation Services
- The Dow Sustainability Prize of AED 50,000 awarded to Green Shine
- Competition signals promising future for Dubai's social enterprises

Dubai, United Arab Emirates, 11 December 2013: Before Dubai's historic win of the World Expo 2020, the city with an insatiable appetite for innovation hosted the Grand Finale of the “Acumen for Social Enterprise Business Plan Competition 2013” (ASE 2013), announcing this year's winning social enterprises at the Dubai International Financial Centre (DIFC) last month.

Green Truck Recycling Transportation Services was awarded the “V7 Grand Prize” valued at AED 100,000 and Green Shine won The Dow Sustainability Prize of AED 50,000. Green Truck, co-founded by Diya Khalil and Timothy Paul, aims to provide direct recycling transportation services for freehold communities and other villa/townhome enclaves in Dubai. Green Shine, started by Elizabeth Kuruvilla, is a facility providing organic and water-free car washes.

V7 Capital, with its commitment to fund SMEs was pleased to invest in the competition's winning social enterprise, Green Truck. "Social enterprises are becoming more globally recognized as the next best driver for economies," said ASE 2013 Judge Yousef Hamza, Chairman of V7 Capital. "Not only do they create jobs, they also have a wider social and environmental impact that is sorely needed in emerging markets. V7 is happy to help incubate and grow Green Truck's aspiration to make Dubai more recycling-friendly."

“I would like to congratulate Green Shine on winning the Dow Sustainability Prize,” stated ASE 2013 Judge Moosa AL-Moosa, General Manager of The Dow Chemical Company in the UAE. “Sustainability is a cornerstone of Dow's business philosophy and we believe it is important to encourage the sustainable business potential of the UAE by supporting entrepreneurs like Green Shine with the opportunity to turn great ideas into a game changing reality.”

Launched by DUBAI+Acumen, a volunteer-led organization focused on promoting social entrepreneurship in the emirates, ASE 2013 is a unique UAE initiative as it is the first and only community-centric business plan competition organized entirely by volunteers: Christine Azavedo, Jean Pierre Aramouni, Leigh-Ann Lanier, Natasha D'Souza and Sameeha Khan. A relatively new concept to the region, "social enterprises" are businesses that seek to address a socio-economic or environmental challenge in society by operating as a profitable business, rather than relying on grants or donations.

Following a successful inaugural competition in 2012, this year's competition refined its "innovation accelerator" concept to grant aspiring social entrepreneurs access to valuable business insights to help launch their homegrown social enterprise ideas. The program also helped foster the necessary community relationships and mentorship to support the growth and success of these nascent ventures.

Ten finalists competed for the V7 Grand Prize (valued at AED 100,000/-) sponsored by Prize Partner Venture 7 Capital and The Dow Prize for Sustainability (of AED 50,000/-) sponsored by Prize Partner The Dow Chemical Company, before an eminent judging panel of business leaders and entrepreneurs including:

• Mr. Yousef Hamza: Chairman of Venture 7 Capital, Partner at Envestors MENA
• Mr. Moosa AL-Moosa: General Manager, UAE and Finance Director, Middle East & Africa, The Dow Chemical Company
• Mr. Badr Jafar: Managing Director of the Crescent Group, Vice-Chair of The World Economic Forum Global Agenda Council on Energy Security
• Mr. Karim Djerboa: Founding member of Endeavour UAE and former Senior Manager at Cisco Entrepreneur Institute
• Ms. Tracy Fountain: Winner of DUBAI+Acumen's 2012 Business Plan Competition and Founder of "Back to Basics"

The judges unanimously affirmed the quality of the pitches presented and were especially impressed by the strong potential of some of the business plans, leading to the surprise announcement of additional awards of mentorship and incubation services to another two finalists. In addition to the winners, Global Youth EMpowerment (GYEM) was awarded a year's incubation by V7 Capital, while MASKA Gift Wrapping LLC/The Sewing Fund Initiative was awarded mentorship from Mr. Badr Jafar.

“Research has shown that entrepreneurs with mentors are almost twice as likely to succeed as those without the support and guidance of experienced business people. The Social Enterprise Business Plan Competition recognizes this fact and is particularly effective at connecting promising entrepreneurs with mentors and capital,” commented Badr Jafar. “This was the case with MASKA Gift Wrapping demonstrating true understanding of their niche market and the consumers they were looking to target, which is why I have offered to be their mentor.”

Roberta Calarese, Chief Legal Officer at DIFC Authority, said: “DIFC proudly supports ASE 2013. This is an excellent initiative by DUBAI+Acumen to help develop social enterprises within the U.A.E. that are currently in a fledgling stage.”
All ASE 2013 winners and finalists will each receive membership packages at Impact HUB Dubai.