Islamic Startup Boosts: Awards, Funding & Programs 💸
You’re a pioneer in the exciting, blossoming Islamic Startup ecosystem — which means you’re probably broke 😝
Ah the joys of being part of nascent industries!
Have no fear: if you can survive a few more years, I believe you’ll be reaping the rewards (inshallah this life & next) for establishing yourself as an essential business in what’s poised to be the next major global consumer market.
So how do you survive until then?
Fortunately there are a growing number of opportunities to help your Islamic startup get recognition, mentorship and even money — all of which can be pivotal to your success. We should know — LaunchGood has been fortunate enough to receive many of them ourselves, and each time it’s been a game changer!
The Islamic Economy Awards
Global Recognition (no cash), Dubai, lots of categories
One of my favorite awards in part because it is presented half the time at the Global Islamic Economy Summit (GIES), which is the go-to conference for Muslim entrepreneurs. Only half the time because GIES is every-other year, but even in an off year it’s a total honor! (we won it in an off year, 2014).
Another great thing: there are so many categories almost anyone is eligible!
Categories: Money and Finance, Media, Food and Health, Waqf and Endowments, SME Development (i.e. startups), Islamic Economy Knowledge Infrastructure, Islamic Arts, Hospitality and Tourism, 2017 Lifetime Achievement Award
Process: Very straight forward, just 1 written application online. No excuses!
Deadline: August 1, 2018
Tip: Don’t quit! If you don’t win at first, keep applying!
BONUS: you get to meet really cool people in the other wins. I got to have lunch with a hero of mine, Yusuf Islam (aka Cat Stevens)!
EFICA: Ethical Finance Innovation Challenge & Awards
$100,000 Grand Prize ($20,000 Runner Up x2), Abu Dhabi, FinTech only
Wow! Talk about putting your money where your mouth is, Abu Dhabi Islamic Bank is really a pioneer in the Islamic Economy and the $140,000 in total prizes which is easily the most anyone is offering. One downside: it’s only for…
Category: FinTech
Process: Given the big prize, there are more steps to this award. First you submit an online application. If you pass that stage, they fly you to Abu Dhabi as 1 of 6 semi-finalists to privately present to a panel of judges. Of those, 3 are selected as finalists and flown back again in October to present live on stage in front of a large audience and then the audience votes for the winner!
High pressure? You betcha! I got an upset stomach right before my pitch — yikes! But it was totally worth it. We ended up winning the $100k and it was a major turning point for LaunchGood; it enabled us to really invest into our technology and grow from $10 million raised to $50 million raised in less than 2 years. 🙏🏼 you EFICA!
Deadline: TBD
Tip: Go all out! We got a 3D animated video made for it, I practiced our pitch over 50 times, we even redesigned the initial application. It’s $100k after all!
Entrepreneur Showcase, American Muslim Consumer Conference (AMCC)
$10,000 Prize, USA, Any global startup
AMCC will always hold a special place in our hearts, and not just because of how awesome its founding team is; it was the first time we pitched LaunchGood to a large audience — and won to boot! (shoutout to coach Sadiq!).
The first time I applied to AMCC we were rejected. I was pretty upset (b/c I’m uber competitive), but really it was a blessing in disguise; we hadn’t yet launched LaunchGood, so it would’ve been theoretical and a total failure, plus there was no prize money.
The next year we had proven ourselves: over $1 million raised. And now there was a real sponsor and prize money, $10k, which represented a 30% boost in our company revenue to date!
Categories: E-commerce, Islamic/Ethical Finance, Muslim Lifestyle or Fashion, Technology: Mobile/ Cloud Computing/Big Data, New/Social Media
Process: There are 3 rounds: First you submit a simple application; if approved, you moved to Round 2 and submit a full presentation + financial pro-forma + up to 3 phone interviews (watch out for Hoda, she’s tough!). If you make it past that congrats — you’re a finalist! Round 3 is an on-stage pitch with the audience choosing the winner.
Deadline: TBD
Tip: Really listen to your coach! We were paired with Sadiq Shariff, very humble but incredibly insightful
Halal Innovation Digital
Accelerator Program, Up to $450,000 in investment, Kuala Lumpur
This is new to me, but very intriguing. Note: you HAVE to give up equity to be part of it. I also have inquired further about who exactly are the mentors and what experience they have in Startups & the Islamic Economy. Stay tuned!
From them:
- *Up to USD70,000 SEED FUNDING (KPI Driven Funding Structure)
- *Up to USD350,000 POST-HID FUNDING
- *Fully sponsored 22-weeks training programme in Kuala Lumpur, Malaysia valued at USD150,000 per startup
- A green lane access for Halal Certifications endorsed by JAKIM, the world most trustworthy and sought after certificate source by more than 40 countries worldwide.
- An exclusive Silicon Valley syllabus that is customised to each startup needs.
- World-class mentoring from prominent mentors, return flights*, accommodation for program duration*, work space, and relationship building with key stakeholders
- Two (2) regional field trips to exhibit & network in the ecosystem
- Regional media coverage dedicated to each startup
Who Can Join Us?
- Regional startups with innovative solutions in the Halal Sector / Shariah Compliance Sector (Product or Non-Product based)
- Innovative Digital/non-Digital solutions for the Halal industry and Shariah Compliant Products; Food, Pharmaceuticals, Cosmetics, Health Products, Toiletries and Medical Devices, and also service sector components such as Logistics, Marketing, Print and Electronic, Packaging, Branding and Financing.
- Startup in Seed, Pre-Series A & Series A
- Startup must be making revenue (Being Audited & Profit-Making are optional)
- A startup with MVP (Minimum Viable Product)
- Startup valuation of RM3,000,000
- With existing customer-based in home country or other countries
- Able to commit to a 22-weeks training & classes in Kuala Lumpur, Malaysia
Where is it?
- Kuala Lumpur, Malaysia
When is it?
- 6th August — 22th December 2018
How many participants (per Startup)
- Between 2–3 pax per startup
- Co-founders (Operations / Finance
- Technology
- Marketing
Deadline to apply: July 15, 2018
Startup Pilot Program by Zileej & Peter Gould
A guided product design process and startup mentorship from people who really know what they’re doing.
Zileej co-founders Peter Gould, Ridwan Ansarullah & Mawlid Benmansour are three of the few people who have truly built a thriving company for the Islamic Economy. Their first product ranges Salam Sisters and 5Pillars involved comprehensive design and development including manufacturing, distribution and marketing across the Muslim world.
Peter says, “the journey taking an initial idea to completed product on shelves across the world is incredibly challenging, but wonderfully rewarding.”
In fact, it’s inspired Peter and his team to develop a unique consulting offering and mentoring program to help other Islamic startups learn from their journey to rapidly accelerate the process. Click here
Islamic Creative Economy Competition
$X Prize (TBD), Dubai, Creative Startups
Technically still to-be-announced, there will be a new competition in Dubai this fall similar to Creative Business Cup in Denmark. It will be INVITE ONLY
I’m not allowed to say more publicly, but if you’d like to learn more and be nominated shoot me a message.
Innovation 4 Impact
$20,000 Prize, Dubai, Lots of categories
Innovation 4 Impact is brought to us by Dubai Silicon Oasis and Thomson Reuters in collaboration with AMCC — a powerhouse of collaboration! It follows the same structure and format and if you’re applying for AMCC you should definitely also apply for this.
Stay tuned for more info!
Tawfiq!
If there’s anything more we can do, even personal mentorship, don’t hesitate to reach out. We don’t charge for it, because we’ve been blessed by incredible mentors who never asked for a dime (thanks Shahed & Bob!) — and they’ve shown us the best entrepreneurship is a generous type. (although I may pressure you to join Friday Givers 😉)
And check back in on this — the opportunities are always changing, and I’ll try to update this post with the latest and greatest!
Got more?
Let us know what we missed! Drop a comment 👇 and we’ll add it in 👍
Wasalam,
Chris
