The application process for the award was opened to eligible organizations in Qatar. The first `Qatar Entrepreneurship Award’ comprises five categories: Best Microenterprise Award, the Best Scale-up Business Award, the Best Start-up Business Award, the Best Exporter Award and the Best Local Market Self-sufficiency Award.
The registration period for eligible businesses to apply for the awards opened on 17 July. Following the receipt of applications, a thorough verification and review would be conducted. Shortlisted candidates would be interviewed by the QDB team to allow for a further winnowing of suitable candidates.
A specially-comprised panel of judges would then conduct their final review and select the winners, who will be announced during a grand ceremony, scheduled to be held on 15 November.
Global Entrepreneurship Week
Notably, the Qatar Entrepreneurship Award will be held during Global Entrepreneurship Week (GEW), thus, contributing holistically to fostering a culture of entrepreneurship and innovation locally.
Held each year, GEW-Qatar is a local chapter of the international expo series designed to connect startup owners, investors, researchers and policymakers in a weeklong exhibition, comprising networking opportunities, training workshops and other development activities.
QDB CEO Abdulaziz bin Nasser Al Khalifa said: ” QDB launches the first edition of the award to propel entrepreneurs to compete and offer their best innovations, projects and initiatives to enrich the business community with new and innovative projects that serve the Qatari community.”
Companies applying for the award would have to demonstrate their ability to meet set criteria to qualify for participation.
The common requirements include the ownership of the company being registered under a Qatari citizen; the holding of a commercial registration license (except for the Microenterprise Award), ,the ability to demonstrate an organizational disposition for innovation, the understanding for the social, economic and environmental impacts of one’s business and a long-term vision for strategic growth.
Additionally, contingent upon on the specific award for which an application is lodged, participating businesses must be in operation for varying minimum number of years and possess clear achievements to qualify. For instance, the Best Microenterprise Award mandates eligible companies be in operation for more than a year and have the capability to demonstrate a clear vision for growth and market expansion.
The Best Start-up Business Award necessitates a market presence of more than two years and a capability to demonstrate unique organizational traits of innovation; the Best Scale-up Business Award demands the best emerging company have more than five years of operation and a clear growth plan to build on its successes.
The Best Exporter Award requires companies to have a successful track record in regional and international trade over a set number of years and the Local Market Self-sufficiency Award stipulates that companies exhibit that their products actually cover the critical needs of the local market.