He appreciated the quality of startups that appeared in the 2023 edition of the LBS MENA Startup Competition. Ihab expects the next edition of the LBS MENA Startup Competition may happen in Saudi Arabia as the Kingdom is betting big on startups.

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The Surpluss is an innovative enterprise offering cross industrial collaboration that aims to convert under-utilised resources into value. With a growing customer base in the UK, Denmark, and the UAE, the company is set to assist 500 companies in the UAE alone within the next year to take transformative climate action to halve their emissions by 2030.

Expressing her delight, Rana Hajirasouli the founder of The Surpluss said winning the competition, now in its second year, would open new doors for the business. “The Surpluss was created as an answer to the climate change challenges that businesses face. Winning this competition in the Year of Sustainability resonates our purpose louder. This distinguished award will greatly improve our recognition across the UAE and MENA region, helping us to attract new and exciting opportunities, and deepen the strength of our network,” she said.

The 2023 LBS MENA Startup Competition builds on the event’s growing reputation as a dynamic platform for fostering innovation in MENA. Supported by the esteemed LBS Institute of Entrepreneurship and Private Capital (IEPC), the competition has solidified its position as a crucial link connecting aspiring entrepreneurs with venture capitalists and investors throughout the region. It represents a distinctive opportunity for founders to catapult their startups to greater success, secure essential financial support, expand their market reach, and receive valuable media visibility.

This year’s competition attracted more than 90 applications and saw ten seed-stage startup finalists present their pitches to a panel of distinguished judges.

Speaking at the event, LBS Dean François Ortalo-Magné, said “On behalf of LBS and the School’s Institute of Entrepreneurship and Private Capital, my heartfelt congratulations to the winners. The School very much looks forward to hearing more about the continued success and future endeavours of these businesses. What heartens me about the LBS MENA Startup Competition is the participation from across the region in this competition, and the support the School, its local alumni community and the IEPC is giving to the region’s entrepreneurial ecosystem. We are witnessing, right across MENA, the development of an ecosystem that allows for the fast flow of talent, information, and resources that helps entrepreneurs quickly find what they need at each stage of growth.”

One of the judges at the event, Sharif El-Badawi, CEO of Dubai Future District Fund commended The Surpluss for their ingenuity and said, “As venture capitalists and investors, what piques our interest are out-of-the-box and novel business ideations that provide exclusive solutions across the board. Our enthusiasm lies in fostering and elevating such startups, as they are the ones to bring real change to the entrepreneurial frontier in the region. The Surpluss platform has the potential to revolutionise the way we think about and manage industrial waste. It is especially timely given the upcoming COP28 in the UAE, which will focus on accelerating sustainable solutions. We eagerly await to see what The Surpluss has in store and look forward to witnessing all the participants ascend to exceptional levels of success.”

Zeal, a Cairo based fintech company, and Hulexo, a UAE based retail ERP system provider were the competition runners-up.

The startup competition was sponsored by Innobayt, AWS Activate, Floward, AstroLabs, and BNK Holding KSCC, a privately held shareholding company headquartered in the State of Kuwait. The competition also attracted support from Spark! Studios, ADG Legal, Bambucorn, and Khwarizmi Ventures.

Commenting on sponsoring the competition, Bader Al-Kharafi, Founder of BNK Holding & Vice Chairman & Group CEO of Zain Group, said “This competition continues to showcase the remarkable entrepreneurial talent in the MENA region, reaffirming our belief in the potential for innovation and growth in this dynamic ecosystem. Witnessing the creativity and dedication of these startups has been inspiring, and I am excited to see their continued progress. BNK Holding remains committed to supporting emerging businesses and the London Business School MENA Startup Competition, and this competition aligns perfectly with our mission to foster entrepreneurship. Congratulations to all the winners, and may your success serve as an inspiration to others. We look forward to witnessing your continued growth and innovation in the years to come.”

London Business School’s IEPC is a key backer of the competition, offering access to education, training and business, and the alumni network that it has produced and continues to support.

The full list of finalists participating in this year’s completion included the following startups: AHAD, a cyber security company based in UAE; Arab Therapy, a wellness company based in Jordan;  Caena, a startup fundraising marketplace based in UAE; DUDI, a wellbeing company based in UAE; Hulexo, a retail Point of Service providing company based in UAE; Innotech, a 3D construction company based in Oman; Organic Waste Management Solutions, a food waste management company based in the Kingdom of Saudi Arabia; Playbook, a media and women career empowerment platform based in the Kingdom of Bahrain; The Surpluss, an industrial asset exchange platform based in the UAE; and Zeal, a fintech and payment facilitation company based in Egypt.

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With ambitions to become one of the most acclaimed startup competitions in MENA, aiming to connect aspiring entrepreneurs with VCs and investors across the region, the inaugural LBS MENA Startup Competition in 2022 attracted strong, talented competition, with leading tech startup, Ollang, crowned the winner.

AstroLabs, an ecosystem builder in MENA since 2013, operates as the region’s trusted partner in solving innovation challenges, building self-sustaining ecosystems, and accelerating the growth of the digital economy by driving impactful large-scale programmes, and fast-tracking regional and global businesses‘ scaling strategies into MENA.

With a mission to build competitive local markets, helping to elevate local enterprises to global standards and enabling international companies to thrive in local landscapes, AstroLabs recognises the importance of the role that LBS plays in the region and the growing prominence of the MENA Startup Competition.

Ramzi Qannati along with Ihab Tabbara, Co-Presidents of the London Business School Entrepreneurship Club, are both managing and providing mentorship for this year’s event, working with a talented body of LBS students from around the world.

Qannati, himself an LBS alumnus (EMBA 2019), said it is rewarding to learn that London Business School, through its work undertaken at the School’s Institute of Entrepreneurship and Private Capital (IEPC), has become so very well known for its international leadership and educative role in inspiring entrepreneurs and private capital investors.

“Collaborative partnerships play a pivotal role in fostering successful entrepreneurship ecosystems. The presence of aligned partners who not only embrace our vision of generating value for both founders and investors but also bolster our endeavors, magnifies our capacity to drive concrete outcomes. We consider ourselves extremely fortunate to welcome AstroLabs as our Community Partner for this year’s LBS MENA Startup Competition. By empowering the broader business ecosystem with essential tools, expertise, and profound insights necessary for catalyzing growth, we hold a strong belief that AstroLabs will significantly enrich this journey as a valuable contributor,” says Qannati.

Roland Daher, CEO of AstroLabs and an LBS alumnus (EMBA 2010), said, ”We’ve been actively supporting this ecosystem for a solid decade now, and there’s a noticeable rise in the competitive capacity of regional startups and SMEs on the global level. Partnering with the LBS MENA Startup Competition is another way for us to continue honoring our commitment to enabling the entrepreneurial landscape.”

Daher added, “This year’s competition is particularly interesting for us. Aligned with the business school’s broader objectives, we’re excited to be part of this initiative and support building a stronger connection between LBS and the wider entrepreneurial community. Our partnership aims to facilitate the integration of a new generation of ambitious entrepreneurs into our regional framework and provide a boost to their scaling strategies.”

Also to be included in the package of support for this year’s competition by AstroLabs will be access to mentorship for the finalists and a platform of valuable support for this year’s winner, including discount membership of AstroLabs itself.

Speaking about the association with AstroLabs, Qannati added “I am an ardent believer in the abilities of young people within the MENA region who are driving the country’s growing enterprise sector. When I see relationships such the one forged between AstroLabs and this exciting new LBS startup competition I don’t just see a connection being made, but rather an entire ecosystem growing and flourishing”.

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Ollang, a provider of end-to-end human powered AI localisation through subtitles and dubbing for video and audio, and runner-up Vaqat from the UAE, an online platform for companies outsourcing intern support, were announced during the finals held last week in Dubai at the DIFC campus. The 12 finalists made their pitches to the prestigious judging panel made up of Roger Rabbat of Strategy&, Manya Pamnani of Dubai Cultiv8, part of Dubai Economy, Jane Khedair, Executive Director of the Institute of Entrepreneurship and Private Capital, Philipp Pabst of Dubai Future District Fund and Haya AlMana, currently heading Innovation & Entrepreneurship at Zain Kuwait.

London Business School is leading the charge for entrepreneurs, recognised as being a powerful hub for its global network of alumni entrepreneurs. Its highly successful London-based Incubator has supported and developed over 100 new ventures, helping them to raise an impressive £100 million in seed capital; and it was recently reported in Business Leader, the School’s alumni raised almost $4 billion of funding for their companies last year.

Commenting after the final, one of the competition judges, Jane Khedair, Executive Director of London Business School’s Institute of Entrepreneurship and Private Capital (IEPC) said “This competition has exceeded our expectations and we look forward to expanding our involvement in the startup community in the Middle East in the near future. The innovation and entrepreneurship on display was truly inspiring. Tech startup Ollang, were worthy winners, though I have no doubt many of the finalists will go on to great success with their ventures. I very much hope that this competition can provide the platform for LBS’ next unicorn business and develop the entrepreneurs of today and tomorrow.”

The London Business School model provides mentorship to startups and access to VCs and has a proven track record of success. Over 93% early-stage companies supported by the London Business School programme over the last 5 years go on to sustained business success.

Ollang, the winning startup provides end-to-end human powered AI localisation through subtitles and dubbing for video and audio globalisation teams, changing the way people communicate. It merges human intelligence with the AI automation power and brings out a technology that it calls: Ollang Augmented Intelligence.

On winning the event, Ebru Yildirim, Founder of Ollang said “It is a huge honour to be announced as the winner of the inaugural London Business School MENA Startup Competition 2022. The finalists we participated alongside brought incredible ideas and innovation to the competition. We are extremely grateful to be recognised in this prestigious event and to take away the coveted prize. The opportunity provided by the school, the Entrepreneurship Club and Institute of Entrepreneurship and Private Capital is fantastic for startups, helping inspire new entrepreneurs in the region. We are excited for what this achievement means to us as a business, and as we now strive to go to the next level and continue to grow.”

Ollang walks away with a $15,000 cash prize along with runner up Vaqat receiving $5,000. Beyond this, the competition gives startups the opportunity to develop traction for their companies, reach a wider audience, gain financial investment with access to VCs, exposure to the London Business School global network, and increase their media exposure.

Runner-up Vaqat, founded by LBS alumnus Daniel Robaczewsk, is a platform where companies outsource intern-like tasks to pre-vetted students and can hire the best of them full-time. This platform enables employees to get an intern on-demand, for students to explore various careers, while talent acquisition managers can identify top talent.

Speaking at the event, co-founder and CEO of Livspace Anuj Srivastava and LBS alumnus said “Being a part of the LBS MENA Startup competition has been really inspiring and amazing. It was heartening to see and hear the finalists who have come up with some really exciting and cool ideas. Startups have always been the centre of innovation and incubation of innovative solutions, and it is vital that such forward thinking solutions and services get all the recognition they truly deserve. As a proud alumnus of LBS, I was elated to be at the event and supporting the LBS Middle East fraternity as they enable these incredible entrepreneurs to shape their business journey.”

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The startups from across the MENA region represent a diverse range of sectors, including Fintech, Healthtech and Artificial Intelligence Analytics, and are set to compete at the prestigious event by pitching to a high-level judging panel.

The inaugural competition was created by the new MENA-based Entrepreneurship Club, part of the London Business School Gulf Association, and supported by the School’s London-based Entrepenuership Club. The new club, which was founded at the beginning of the year, brings together and supports LBS entrepreneurs and startup ventures. With its ambition to grow the School’s reputation as a global hub for venture creation, London Business School’s Institute of Entrepreneurship and Private Capital (IEPC) also provides support and encouragement to the Entrepeneurship Clubs, and the new competition.

Backed by Strategy&, part of the PWC network and Amazon Web Services Activate, the competition aims to become one of the most-reputed annual startup events in the MENA region.

Demand was high for the competition which received more than 70 applications from right across the MENA region, representing a wide range of sectors.  The competition aims to connect the most inspiring and innovative Middle East entrepreneurs with prominent VCs and investors alongside extensive mentoring. Following a rigorous series of assessments, the LBS MENA 2022 finalists have been selected out of 20 semi-finalists who followed months of extensive mentoring.

Speaking ahead of the finals’ judging panel, Jane Khedair, Executive Director of the Institute of Entrepreneurship and Private Capital said “I’m hugely excited by the inaugural LBS MENA Startup competition. This provides an additional spur to expand our successful LBS Incubator programme, which to date has already supported more than 100 startups, helping early-stage companies to navigate their paths to growth and raise millions in seed capital.”

“Both the IEPC and LBS have great ambitions to drive and support entrepreneurship in the MENA region, and the competition will help elevate businesses to another level and demonstrate to the investor community what can be achieved by entrepreneurs. We are proud to be a catalyst to inspire new innovation, skills and ideas, and enable businesses to grow and partner together to become stronger.”

Startup incubators are at the heart of Dubai’s economy, with the Department of Economic Development saying startups now make up 50% of the total companies registered in the emirate and employ half its workforce. Incubators help startups to take strides ahead in their business journeys, enabling them to grow at a faster rate, create new innovative solutions, and develop their talent.

To date, the London Business School Incubator has supported and developed more than 100 businesses through their programme, with a huge £100 million raised in seed capital. The London Business School Incubator team have already successfully backed businesses from across different sectors such as Little Steps Financing which helps supports families with childcare financing, to reusable plates from Junee, to SENUP an edtech platform for special needs students.

At the finals on Wednesday, the finalists will make their pitches to the finals’ judging panel made up of Roger Rabbat of Strategy&, Manya Pamnani of Dubai Cultiv8, part of Dubai Economy, Jane Khedair, Executive Director of the Institute of Entrepreneurship and Private Capital, Philipp Pabst of Dubai Future District Fund and Haya AlMana, currently heading Innovation & Entrepreneurship at Zain Kuwait.

The awards ceremony will announce the successful finalist will walk away with a $15,000 cash prize, with the runner-up set to receive $5,000. Beyond this, the competition gives startups the opportunity to develop traction for their companies, reach a wider audience, gain financial investment, and increase their media exposure.

Anuj Srivastava, co-founder and CEO of Livspace and LBS alumnus is set to make a keynote address at the finals. Livspace, one of Asia’s largest omni-channel home interior and renovation platforms, provides a one-stop renovation solution for homeowners and holds the status of unicorn business, with a value worth over $1 billion.

The 12 startups in the finals have come from across AI, Fintech, Healthtech, e-commerce, HR tech, marketing tech, mobility data, and remote working. They include the following:

• Diwama (Waste management – AI) – Diwama is providing solutions for waste to improve quality of life. They provide an AI-based image recognition software that helps people at home and waste facilities to recycle more and better.
• Lemonade Fashion (E-commerce) – Lemonade is building the world’s first curated decentralized marketplace that goes beyond commerce and aims to make fashion more sustainable. The platform allows designers and creators to tell their stories and sell their products at scale.
• Recruitment Smart Technologies (HR Tech) – The startup provides a talent intelligence solution. Their platform uses game-changing, disruptive artificial intelligence for recruiters to effectively find, qualify and hire the best talent before their competitors, removing bias and improving diversity and inclusion.
• OLLANG (Marketing Tech) – The startup provides end-to-end human powered AI localization through subtitles and dubbing for video/audio globalization teams, changing the way people communicate.
• MOBiSENSE (Mobility Data Analytics) – The company provides a solution to empower mobile operators to become unrivalled providers of footfall and mobility analytics for businesses and governments. Their technology places a mobile operator in an advantageous position to offer such analytics, creating insights on how people move, their mode of transportation, places they visit etc.
• Emani (Marketing Tech) – A platform collecting crowdsourced data from locals who matter so that clients can monitor risk before it’s too late and better understand opportunities for sustainability. From executing projects safely to deploying capital effectively, good decisions depend on good information. Emani radically improves information available to businesses, Governments and NGOs.
• Troc Circle (Fintech) – The startup has developed the circular and chain invoice netting technology based on netting invoices forming a supply chain in an open network.
• DESAISIV (AI Analytics – Healthcare) – DESAISIV provides a holistic solution which links operational, financial and clinical aspects of healthcare organisations. They make the future more predictable thanks to their AI algorithms that can help clients prepare for change before it happens.
• TWIG (Fintech) – The startup is the first Bank Agnostic Automated Savings platform in the MENA region, offering mechanisms that help users put money on the side automatically.
• Zyyp Pte (Fintech – Accounting) – A tech-driven platform that empowers businesses to spend, manage and borrow across currencies and geographies with ease and complete transparency.
• Vaqat (Remote Working) – Vaqat is a platform where companies outsource intern-like tasks to pre-vetted students, enabling them to hire the best of them full-time.
• The Convo (Hospitality) – The company has turned a handful of distressed hotels into profitable ones. They create a marketplace of renovated, operated and digitalized/tokenized properties in Europe ready to be sold online to retail investors and guests wanting to invest as low as $500 to own a fraction of listed assets.

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