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“We are inviting Emiratis to come up with a business idea. Winners will be flown to the United Kingdom to work with the faculty of the business school and launch their business. The sponsors of the award intend to fund the launch of the business,” Nigel Bannister, Chief Global Officer and CEO of Manchester Business School Worldwide, told Khaleej Times.
The Manchester Innovation Awards are being held in association with the Khalifa Fund for Enterprise Development in Abu Dhabi. The deadline for entries is October 31 and the winner will be announced on November 15, 2009.
Bannister believes innovation means a creative idea, product or marketing approach that should be able to generate a more exciting growth in business.
Business plan entries will be judged by a panel of professors, academic directors, Khalifa Fund executives and a select MBS alumni.
The winner will be selected on the basis of the innovation and creativity demonstrated by the business idea, as well as its commercial viability.
According to Bannister, the speed at which a country recovers from an economic downturn is determined by how innovative the people are.
“The more innovative the society, the more likely that an innovative society can influence an upturn in the economy,” he said.
A recent survey by YouGov, a market research company, showed that people did not consider the Middle East as a place which fosters innovation, with only two per cent vote to the region. Only nine per cent of the respondents chose Abu Dhabi as innovative, while Dubai won a respectable 65 per cent vote of business professionals.
“There is scope for innovation as there is no lack of ambition in this part of the world,” Bannister pointed out.
afshan@khaleejtimes.ae
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