Hyundai Launch Startup Competition for the Second Year Running

Lynn Bizri, Aug 04 2016

This year, Hyundai is planning to take their Startup Competition up a notch with a dedicated TV program on LBCI and 25 finalists who will be competing for total cash prizes amounting to $50,000. To be eligible, applicants had to fall under the following categories: enterprise and big data field, educational and learning sector, social media innovations, hardware (with preference for startups within the automotive industry) or the finance technology industry (also known as Fintech). Based on their value proposition, innovation, competitive advantage, market potential and business model, Hyundai have selected 25 startups to undergo a series of trainings and workshops by the Speed@BDD accelerator program for a month.

Total cash prize of $50,000 up for grabs

The trainings in the mentorship program will touch on different topics such as gaining revenue, marketing, product distribution and TV pitching and will help prepare the startups for pitching their innovative ideas to the panel of judges. The TV program, which will consist of five 45-minute episodes and airs in October, will feature 5 startups per episode, each of which will be given 3 minutes to pitch their ideas, followed by 5 minutes of Q&A with the panel of judges. One winner will then be chosen at the end of each episode and given $10,000 from Century Motor Company (CMC), Hyundai’s distributor in Lebanon.

More than 150 applicants in 2015

The Hyundai Startup Competition, launched last year in collaboration with Arabnet, rewards innovation in the tech/ digital sectors­­ by mentoring and financially supporting startups that could grow into prosperous businesses. In 2015, an impressive total of 150 startups applied to the competition, with 20 finalists and 4 runner-ups being chosen to attend a series of workshops at the ArabNet offices as part of the final phase. The mentorship program included one-on-one sessions for each startup as well as 5 workshops and finalists ranged from online marketplaces, professional platforms, and integrated systems to apps and hardware solutions. At the end of the competition, LifeLab BioDesign, DayCare Channel, and Pathfinder were chosen as the winners of the competition and were awarded with prizes of $15,000, $10,000, and $5,000 respectively. 

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