26/08/2024
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26/08/2024
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Waleed Al-Khashti, Dakhil Al-Dakhil, and Haya Al-Mana at the press conference
Zain, Zain Ventures, and Rasameel officials with ZGI alumni and entrepreneurs
Kuwait City, August 25: Zain has announced the launch of an all-new edition of its leading tech startup accelerator program, Zain Great Idea (ZGI). This year, the program is delivered in strategic partnership with Rasameel Investment Company, and continues its decade-long mission of opening doors to sustainable growth and investment opportunities for entrepreneurs and innovators in Kuwait.
The launch of this year’s initiative was announced at Zain's headquarters in Shuwaikh, attended by Waleed Al-Khashti, Chief Corporate Affairs and Relations Officer of Zain Kuwait; Dakhil Al-Dakhil, CEO of Rasameel Investment Company; and Haya Al-Mana, Innovation and Entrepreneurship Expert at Zain Kuwait, along with a number of entrepreneurs and representatives from the local entrepreneurship community.
Waleed Al-Khashti commented: "For more than 14 years, Zain Great Idea has been a unique success story, establishing itself as one of the most impactful business accelerators locally and regionally. It has provided numerous opportunities for hundreds of ambitious entrepreneurs and startups, connecting many with leading tech companies and organizations in places like Silicon Valley, to gain first-hand experience."
Al-Khashti added, "Through this program, we aim to empower Kuwait’s tech startup ecosystem and foster an innovation-driven environment that creates tangible economic and social impact. This step also translates Zain's strategic plans as a business that seeks promising opportunities for diversification and sustainable growth in a highly competitive market. Additionally, Zain may acquire shares in the ZGI startups to boost their potential and commercialization drive."
Al-Khashti continued, "This year, Zain Ventures, the venture capital arm of Zain Group, will explore investing in the tech startups participating in ZGI, particularly those whose operations align with our strategic directions. These include fintech, digital innovations, and e-services.”
He further stated, "Many of the startups that participated in previous editions of ZGI have successfully raised millions of dollars in investments, enabling them to enter the market and offer their services to a broad range of clients across various sectors. In addition, several have expanded to neighboring regional markets, achieving remarkable successes that we are proud of. Today, many of these ZGI alumni return as partners and consultants in the latest edition of the program to share the experiences they have gained in the business world with the newcomers."
Dakhil Al-Dakhil, CEO of Rasameel Investment Company, affirmed the company's interest in supporting startups in the Kuwaiti market and around the world to grow their operations and profitability, as well as in supporting entrepreneurs and helping them enhance their investments performance across levels. He added that this support reflects the significant importance of partnerships between companies across different sectors to achieve common goals.
He mentioned that Rasameel Investment Company is also working on implementing several digital initiatives, noting the launch of the myRasameel platform in a refined form that aligns with technological advancements. This aligns with the company's strategy to digitize its operations to achieve optimal operational performance in all the markets in which it operates.
He also pointed out that the company has recently worked on supporting several startups to share in their success and expand their services and markets, including BNCHR+, Baims, and Mushtari, which are three companies that participated in previous cycles of the ZGI program and benefited from the program's acceleration process.
Al-Dakhil praised Zain's efforts in continuing the Zain Great Idea accelerator program, which helps young entrepreneurs and innovators to learn about the latest digital developments to utilize them in their startups.
‘Ecosystem Enabler of the Year’ award
Last year, ZGI was recognized with the E-Business Award as the ‘Ecosystem Enabler of the Year’ from the prestigious Entrepreneur Middle East magazine. The program was awarded during an awards ceremony in Dubai acknowledging the Zain’s ever-growing endeavors in accelerating the regional tech startups ecosystem and empowering entrepreneurs in Kuwait and the region.
Registration and Bootcamp
Aspiring entrepreneurs can now register for ZGI 2024 at zaingreatidea.com. The program is open to anyone with an ambitious idea, project in its early stages, or startup operating in the market. Sectors of interest include fintech, e-commerce, AI, digital solutions, edtech, and more. The deadline for applications is September 21.
After the registration period ends, participants who meet the criteria will be invited to a special orientation session to introduce them to the program's plan, objectives, and stages, as well as the schedule for workshops, mentoring sessions, and discussions during a bootcamp, which is one of the program's key stages.
The bootcamp is a significant phase of ZGI, lasting three weeks and providing participants with a wealth of information and essential skills for the success of any tech company. This is done through interactive workshops, training programs, one-on-one mentoring sessions, and discussions with founders and executives, all aimed at sharing experiences and helping participants find the best opportunities for growth.
The camp’s content is delivered by a group of trainers, specialists, and experts from leading local, regional, and global academic institutions, including the Massachusetts Institute of Technology (MIT) from the U.S., IE Business School from Spain, Noor Coaching, and the Applied Innovation Institute, a non-profit thinktank from Silicon Valley focused on accelerating innovation and empowering entrepreneurs.
Architech Solutions, the Kuwait-based technology consultancy firm, is also joining ZGI as a partner this year, helping participating startups with various needs like technology consulting, online business strategy, product development, digital marketing, user experience consulting, and more throughout the program’s phases. Architech Solutions’ will help provide solutions for designing, developing, and delivering cutting-edge software and mobile applications.
International Accelerator in Silicon Valley
Following the bootcamp, participants will apply the knowledge and skills they have gained to finalize their projects and pitch to a judging panel at the Super Saturday event. The panel includes executives and experts from Rasameel Investment Company and other local investment funds.
The panel will evaluate participants' pitches, selecting finalists who will advance to the next stage—the international accelerator program in Palo Alto, California, specifically in Silicon Valley, the global center of innovation, technology, and entrepreneurship.
This stage in ZGI is offered in collaboration with Vibranium VC, a Silicon Valley-based venture capital firm specializing in startup investments, offers an invaluable opportunity for finalists to learn about business dynamics first-hand in the heart of Silicon Valley.
Participants will attend workshops, connect with startup founders, visit major accelerators and tech companies, pitch their ideas to investment funds, build relationships, and gain a deep understanding of the global entrepreneurship ecosystem.
The program will include field visits and insightful talks in collaboration with major tech companies and prestigious universities and accelerators in Silicon Valley, including Amazon, Nvidia, Stanford University, UC Berkeley, and 500 Startups, and more.
The international accelerator program covers key topics including understanding the Silicon Valley ecosystem, leveraging disruptive technologies like AI, marketing and sales strategies, financial planning, attracting investors, market expansion, team building, human resources management, and how to pitch startups to investors for funding opportunities.
Connecting with investors
After returning from Silicon Valley, Zain will organize the ZGI Demo Day, the final and most crucial stage of the program, where finalists will present their development and expansion plans and share their strategic visions for growth with a group of investment fund executives and potential business partners from local and regional companies that Zain will invite to connect with and learn about the startups.
During the event, Zain will provide each participant the opportunity to connect with representatives from investment funds and business partners, introducing them to the story of each startup, their regional expansion plans, strategic visions, and how each entrepreneur plans to make their company profitable and sustainable to meet the market's needs locally and regionally.
Zain Ventures
A key pillar of Zain Group’s ‘4Sight’ strategy, Zain Ventures was established to complement the existing investment portfolio of Zain Group and open the door to future investment opportunities in the venture capital, fintech and tech world, focusing on digital innovations in the fast-growing e-services and entrepreneurial startup ecosystem.
Investing in the world of venture capital provides Zain with a vast range of opportunities to diversify and expand its reach across the ecosystem. Over the years, Zain has expanded its relationship with regional and international venture capital funds supporting their portfolio companies whenever appropriate.
Zain has also continued its active engagement in direct strategic investments in a variety of promising startups from the region and further afield, offering them support on multiple fronts including a wide geographical reach and a progressive customer base for growth opportunities.
