Two KSA startups headed to Get in the Ring regional competition
Get in the Ring combines the excitement of a boxing match with
the mentorship and networking opportunities of a startup pitch
contest. (Images via GITR)
Startups Vanoman
and Myndplay prevailed in
the light- and middleweight classes at
Get in the Ring (GITR) pitch contest in Riyadh, on December
7.
Vanoman links local shipping and transportation services with
customers. Myndplay creates software and hardware for a
mind-controlled video platform.
Similar to a boxing match, GITR grouped startups into ‘weight’
classes, determined by valuation and size, to duke it out against
each other in the ring. But instead of using their fists,
entrepreneurs pitch their companies. The four finalists took home
a total of $7,500 in prize money.
GITR originated in the
Netherlands in 2012 with the aim of increasing networking and
access to investors for startups. The event is now held in
over 64
countries. The Riyadh event attracted over 300 visitors
including entrepreneurs, investors, and tech geeks.
The jury deliberates.
How it went down
Co-organized by STC and its new startup incubator
InspireU, GITR Riyadh kicked off with several rounds of pitch
training followed by investor practice sessions for 20 startups.
This gave entrepreneurs early feedback and guidance, and allowed
them to network with fellow entrepreneurs, angel investors and VCs,
something the event organizers believe is unique to GITR.
Following the training, participating startups were assessed for
their achievements, financial proposition, business model, and
market to select the best four startups to get into the ring and
compete for the title of champion, and last year’s
winner Sawerly delivered
a keynote speech and offered some advice for participants.
Later, startups competed with their pitches in front of a jury
for the title of champion and a ticket to the regional finals.
Entrepreneurs pitching their startup.
Jury and winner selection
While delivering their pitches, the moderator and the jury
scrutinized the startups to better understand their core value
proposition and market.
Jurors said they were impressed by startups’ performance, level
of attendance and reception of the event by the community.
The jury included Thamer Elrayes, digital innovation Director at
STC; Riyadh Alruwais, partner at STC Ventures; Mohammed Fitaihi,
chairman at Oqal Western Province; and Christos Mastoras, founder
and managing partner at Iliad Partners.
“I liked the way the competition was organized having two
startups pitching in same time and competing with each other in the
ring,” Alruwais said.
This, he believed, has helped him notice potential in different
startups.
Mastoras believes the event raised awareness of entrepreneurship
in Saudi Arabia.
“Its [GITR] unique format provided an entertaining and
challenging forum for startups to compete, be challenged and do
their best to prove they were the most promising,” he said.
Enthusiasm was
unmistakable.
Participating startups
Startups participating in the event varied with their market
focus with international-focused startups like Nibink, an online
book publishing platform, and other Saudi-focused startups like
MapNumbers, a startup offering an online addressing system to
facilitate locating places of interest, a solution to a problem for
locals.
“I really had a unique experience. It was a long day, but every
second was useful,” said Vanoman CEO Fadi Almaghrabi. He met
interested investors and potential customers for his startup, and
is eager to compete in the upcoming regional challenge.
“It was an honor to be given the national title and a real
test,” said Myndplay founder Tre Azam winner of the middleweight
class. “As a tech company working in brain health we feared it
would have been difficult to get our message across to the judges
and audience in such a short time.”
The coaching he received beforehand helped him articulate key
points to the judges, Azam said.
Runner ups included Maharah and Fix Tag, the latter a
women-owned service for fixing phones led by Aljawharah
Alqahtani.
The Saudi startup scene’s growth is fueled by governmental
support, numerous incubators, and an high internet penetration rate
of over
63 percent. Today there is more VC
support for Saudi entrepreneurs, and the startup community has
produced some success stories like Dokkan Afkar which
received investment
from Mobily Ventures earlier this year.
And within this growing ecosystem, GITR aims to help
entrepreneurs meet investors, corporates, experts, and mentors.
Cofounder and chairman of Get in the Ring Foundation Erwin
Koenraads believes the event to be an opportunity for startups to
get out of their
comfort zone and tap into an international network of startups
and investors, and have fun in the process.
Next steps
With
the regional final coming about on February
15, startups from Qatar, Lebanon, Palestine,
Egypt, Bahrain, Jordan, and UAE will be traveling to Riyadh to
compete and the Saudi winners for the title of regional champion.
The startups which prevail will go to the international finals in
Colombia later in 2016.
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