Kindisoft and PyramidTech win the first Arab Universities Technology Business Plan Competition organized by ASTF and Intel Corporation
- United Arab Emirates: Tuesday, October 17 - 2006 at 11:38
- PRESS RELEASE
Kindisoft, A Jordanian team from Princess Sumaya University for Technology, has won the first regional Technology Business Plan Competition for Arab Universities.
The competition was organized by the Arab Science and Technology Foundation and sponsored by Intel Corporation to promote the commercialization of technology innovations that promise significant positive impact on industry and society.
The second award went to PyramidTech, an Egyptian team from American University in Cairo (AUC). PyramidTech's idea is to develop low-cost three-dimensional (3D) range cameras targeting both the automatic guided vehicles (AGV) and ground vehicles markets. The combined market size is at least $800 million.
Third award went to OpenTechnologies from Birzeit University, Palestine. OpenTechnologies is a start-up based on the open source hardware concept and its adoption of a new generation of computer platforms based on configurable computing. The platform provides high performance and a low cost system suitable for research and educational institutes users, especially in the developing countries.
"Such competitions provide a challenge for young entrepreneurs and academics to innovate and to excel in technology. ASTF strongly supports such activities which lead eventually to providing upgraded products or services, and helping in easing out the bottleneck of future job opportunities," said Dr. Abdalla A. Alnajjar, President of Arab Science and Technology Foundation.
Commenting on Intel's involvement, Bassem Nassir, Higher Education Manager, Intel Middle East, Turkey and Africa confirmed that Intel was committed to educating the youth and further enhancing their entrepreneurial skills as this will translate into long-term benefits for the community. "Entrepreneurship is a key part of our Intel Digital Transformation Initiative, launched last year with the mandate of developing a more competitive IT workforce capable of driving innovation and economic growth in the region,"
The five finalists chosen from across the Arab world, namely Egypt, Jordan and Palestine presented business plans that exemplified the true spirit of innovation and forward thinking. The winners were selected based on the innovation and the market potential of the technology.
"This competition gave us a unique opportunity for financial support and business exposure that will be a major success factor and an important motive to achieve our goals," Said Ammar Mardawi, CEO of Kindisoft, first winner of Arab Universities Technology Business Plan Competition. "ASTF's outstanding organization made the dream come true and the experience a memory to cherish."
"ASTF and Intel are breaking new grounds by initiating the first technology business plan competition for the academic community in the Arab world. I believe that this kind of competition will lead to directing the attention of researchers in the Arab world to the potential of commercializing their innovative efforts." Said Dr. Ahmed Abou-Auf, CEO of PyramidTech, the second winner in the Pan-Arab Competition.
Kindisoft and PyramidTech will be sponsored by Intel to participate in Intel + UC Berkeley Entrepreneurship Challenge at the University of California, Berkeley, USA, Oct. 24-26, 2006.
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