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February 2 2012
Akoun Starts with a Step, ADCED Starts with Phase Three
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Abu Dhabi Council for Economic Development continues the journey towards entrepreneurship development among Abu Dhabi’s youth population
- Phase III to be implemented under the theme “From Concept to Creation”
- Workshops will be practical, focusing on the day-to-day requirements for establishing a business in Abu Dhabi
- The Business Idea Competition to focus on unearthing innovative and creative ideas
- Campaign partners include: Khalifa Fund for enterprise Development; Abu Dhabi Chamber of Commerce & Industry; Western Regional Development Council and twofour54
Abu Dhabi, February 2012 - The Abu Dhabi Council for Economic Development (ADCED) has launched the third phase of the Akoun campaign which is contributing to nurturing and developing the culture of entrepreneurship amongst young UAE Nationals in the Emirate of Abu Dhabi. The first workshop will start in HCT Madinat Zayed.
In collaboration with Khalifa Fund for Enterprise Development, Abu Dhabi Chamber of Commerce and Industry, Western Region Development Council and TwoFour54 initiated Akoun in 2009 to open new doors to the young Emirati’s who have entrepreneurial potential. Akoun exposes university students to successful, young Emirati entrepreneurs who share their stories to inspire and motivate students to unleash their entrepreneurial spirit and create their own jobs. At the same time, students are provided with the information from government agencies that support them in launching their businesses. “The Akoun awareness campaign has proved across the last two years that it has a positive effect on students and the number of students who participated in the competition or attended the workshop has increased, as they get a wider understanding of the entrepreneurship world and this provides them with a platform to achieve their dreams in the near future. This is aligned with goals of the Abu Dhabi Economic Vision 2030 which seeks to develop a diversified and broadened economic base and expand the enterprise base of the economy,” said Mr. Fahad Al Raqbani, Director Manager of ADCED.
Workshop Programme
Under the theme of ‘From Concept to Creation’, phase III continues to build on the solid foundation of the previous two campaigns in which ADCED conducted more than 20 workshops attended by over 2,000 students. The workshops which will be held in the three geographic regions of the emirate – Abu Dhabi city, Al Ain and Al Gharbia, serve the dual purpose of awakening the entrepreneurial spirit within participants while providing them with crucial information that they need to get a business started. Thus, the Akoun team will take participants through the practical, day-to-day steps required for starting up a business: market study, the business plan and administrative & regulatory requirements such as registration of trade name, licenses, utilities, and tenancy agreements.
ADCED will continue working with Emirati entrepreneurs who have supported previous campaigns as well as new faces such as Khaled Al Ameri and his partners Hamad Al Hammadi, Faisal Al Hammadi and Amina Taher of the newly opened “Slices”. They will be guided by Akoun workshop Facilitator, Ali Alsaloom, renowned UAE cultural ambassador and founder of the widely known “Ask Ali” brand in sharing their reality in starting their businesses, the challenges they faced and how they succeeded. This aspect of the workshop is particularly important as highlighted by a participant in a workshop in Al Gharbia points out : “ I believe one of the successful aspects of the Akoun workshops is having real entrepreneurs share their experience because people do not believe in a cause unless they touch and feel the experiences of others.”
Akoun Business Idea Competition
After the students get inspired and motivated by the speakers at the workshops, they have the opportunity to participate in Akoun Competition which seeks to find and support new entrepreneurial talent. Students will be asked to submit a business proposal which will then be judged and evaluated by a panel of representatives from Akoun’s partners. Three winners will be chosen from Abu Dhabi city; Al Ain and Al Gharbia and will receive the following:
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1st prize: AED 50,000
- 2nd prize: AED 30,000
- 3rd prize: AED 20,000
Further support (financial and non-financial) will also be provided to those who meet the criteria set by Khalifa Fund, whilst all competition applicants will receive detailed feedback and recommendations on their submission. The closing date for the competition is April 30th, 2012, and the winners will be announced at the Akoun Awards 2012 ceremony to be held in June 2012.
Akoun’s Multiplier effect
The success of the Akoun campaign can be seen not only from the increased numbers who attend the workshops and enter the competition, but is also demonstrated in three projects: the formation of the Zayed University Entrepreneurship club and a course on Emirati entrepreneurs taught by one of Akoun’s entrepreneurs, Omar Al Busaidy, founder & CEO of Connections M.E. Omar Said: “I believe that in order to sustain Akoun’s objectives of nurturing the entrepreneurship spirit amongst the Emirati youth, more support and attention is needed and therefore we set up the ZUEC as well as began interactive weekly sessions that highlight the grassroots of Entrepreneurship which has proven to be very successful.”, ADCED is collaborating with Zayed University & INSEAD business school to produce a series of case studies of Emirati entrepreneurs that will be used as teaching materials for universities.
Additional information on Akoun, the workshops and Akoun competition can be found on the dedicated website, http://www.akoun.ae |
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