Three Companies Incubated by The Tank Take Home Prizes at the Second National Forum for Youth Entrepreneurs
August 9, 2020 – Amman, Jordan: As part of Umniah’s strongly held belief in the importance entrepreneurship and supporting the Kingdom’s business environment, The Tank, Umniah’s business incubator, participated in the Second National Forum for Youth Entrepreneurs
The forum, which carried the slogan “Our Youth is the Backbone of Our Economy,” was held to discuss the repercussions of the global coronavirus pandemic that has created a number of challenges in vital sectors such as healthcare, tourism, agriculture and food security. Dialogue at the forum revolved around ways that entrepreneurial youth can uncover innovative ideas and solutions that contribute to the realization of effective solutions to the challenges that have arisen as a result of the pandemic.
On the sidelines of the forum, The Tank participated in a competition that included 309 companies, 12 of which moved on to the qualifying rounds, with six teams from the health, tourism and agriculture industries winning the top spots. Three companies incubated by The Tank ranked in first and second places in the health and agricultural division, with first place in the health division going to Fitely, an electronic platform that aims to promote healthy lifestyles, while SOLVillon, a start-up focused on the treatment of waste water, also came in first place in the agricultural division, and IVVEST, an electronic platform that funds individuals in various agricultural fields, won the second-place prize in the agricultural division.
During the forum, The Tank’s Entrepreneurship and Innovation Supervisor Noor Abu Jbara held a virtual workshop on the best way to build a commercial business model, a critical step in the planning stage of any project that allows the young company to test ideal plans of action and models in order to guarantee a successful launch.
Abu Jbara also presented details of how to build a business, tips on how to craft an effective business model, and also gave a comprehensive description of all the parts of a commercial business, with a particular focus on the business model canvas, offering as examples models of successful local and international commercial businesses.
To be eligible to participate in the forum, projects had to meet a certain number of criteria set by the Ministry of Youth, including a presenting a clear work plan, being a team project, as well as have the ability to achieve financial revenues to guarantee sustainability, create work opportunities, solve problems, contribute to the development of the economy and be implementable.