Will Your Startup Be the Next Surpluss?
London Business School is calling for entrepreneurs across the MENA region to participate in its MENA Startup Competition 2024, which is open for entries until September 14. This competition, now in its third year, is specifically looking for startups that not only use cutting-edge technologies but also focus on providing sustainable solutions aligned with the region's economic goals.
The competition is led by LBS alumni and students from the Entrepreneurship Clubs and is sponsored by the School’s Institute of Entrepreneurship and Private Capital (IEPC). AstroLabs, a leading business expansion platform in the Gulf, is returning as a key partner for the second year. The Center of Digital Entrepreneurship (CODE), part of Saudi Arabia's Ministry of Communications and Information Technology (MCIT), is also supporting the event.
LBS has broadened the scope of this competition beyond its London-based Incubator program to assist and elevate the growing community of entrepreneurs in the MENA region. According to Jane Khedair, Executive Director of IEPC, the MENA region is an innovation hub full of talent and ambition. She believes that empowering innovation here will unlock limitless potential, and this competition offers entrepreneurs access to resources that can help build a future driven by creativity, resilience, and opportunity.
The competition is a standout event for startups in the region, offering education, training, and mentorship to the winning teams. Entrepreneurs will also have the opportunity to connect with local venture capitalists and investors, potentially raising funds and gaining exposure to a high-profile panel of experts.
IEPC has a long history of supporting new ventures—over 150 have been launched through its Incubator Programme, raising more than £150 million (728 million AED) in seed capital. The MENA Startup Competition is designed to complement this growing ecosystem of companies, government agencies, and financial services that nurture the region's talented entrepreneurs.
Apart from monetary rewards, participants benefit from increased media exposure, access to the global LBS network, and the potential to secure financial backing from venture capitalists. Last year's winner, The Surpluss, a B2B platform for industrial asset exchange, received a support package valued at US$80,000 (294,000 AED). The Surpluss helps convert underutilised resources into value and is assisting companies in the UAE to take transformative climate action by reducing their emissions by 2030. Cairo-based fintech Zeal and UAE-based retail ERP provider Hulexo were the runners-up.
Rana Hajirasouli, founder of The Surpluss, shared that winning the competition was a "game changer" for her startup. The mentorship and feedback helped refine their strategy and pitch, ultimately boosting their success. The competition also introduced her to other amazing founders and connected her with industry leaders, which opened new opportunities both in MENA and abroad. She highly recommends the competition to entrepreneurs in the region, emphasising that it's a great way to elevate a startup.
