Dubai, United Arab Emirates: The Surpluss, world’s first B2B platform for industrial asset exchange, has won the London Business School (LBS) MENA Startup Competition 2023 at the AstroLabs Academy Campus in Dubai last night.
The Surpluss is an innovative enterprise offering cross industrial collaboration that aims to convert under-utilised resources into value. With a growing customer base in the UK, Denmark, and the UAE, the company is set to assist 500 companies in the UAE alone within the next year to take transformative climate action to halve their emissions by 2030.
Sharif El-Badawi, judge, and the CEO of Dubai Future District Fund commended The Surpluss for their ingenuity and said, “As venture capitalists and investors, what piques our interest are out-of-the-box and novel business ideations that provide exclusive solutions across the board. Our enthusiasm lies in fostering and elevating such startups, as they are the ones to bring real change to the entrepreneurial frontier in the region. The Surpluss platform has the potential to revolutionise the way we think about and manage industrial waste. It is especially timely given the upcoming COP28 in the UAE, which will focus on accelerating sustainable solutions. We eagerly await to see what The Surpluss has in store and look forward to witnessing all the participants ascend to exceptional levels of success.”
Rana Hajirasouli the founder of The Surpluss said winning the competition, now in its second year, would open new doors for the business. “The Surpluss was created as an answer to the climate change challenges that businesses face. Winning this competition in the Year of Sustainability resonates our purpose louder. This distinguished award will greatly improve our recognition across the UAE and MENA region, helping us to attract new and exciting opportunities, and deepen the strength of our network,” she said.
Zeal, a Cairo based fintech company, and Hulexo, a UAE based retail ERP system provider were the competition runners-up.
The 2023 LBS MENA Startup Competition builds on the event’s growing reputation as a dynamic platform for fostering innovation in MENA. Supported by the esteemed LBS Institute of Entrepreneurship and Private Capital (IEPC), the competition has solidified its position as a crucial link connecting aspiring entrepreneurs with venture capitalists and investors throughout the region. It represents a distinctive opportunity for founders to catapult their startups to greater success, secure essential financial support, expand their market reach, and receive valuable media visibility.
This year’s competition attracted more than 90 applications and saw ten seed-stage startup finalists present their pitches to a panel of distinguished judges.
From sponsorship packages and awards generously offered by Innobayt, AWS Activate, Floward and community partner AstroLabs, to an impressive cash sponsorship of $USD10,000 from BNK Holding KSCC, a privately held shareholding company headquartered in the State of Kuwait, this year’s event attracted considerable backing. Other forms of invaluable support included immersive workshops hosted by respected businesses such as Spark! Studios, ADG Legal, Bambucorn, and Khwarizmi Ventures.
Bader Al-Kharafi, Founder of BNK Holding & Vice Chairman & Group CEO of Zain Group, said: “This competition continues to showcase the remarkable entrepreneurial talent in the MENA region, reaffirming our belief in the potential for innovation and growth in this dynamic ecosystem. Witnessing the creativity and dedication of these startups has been inspiring, and I am excited to see their continued progress. BNK Holding remains committed to supporting emerging businesses and the London Business School MENA Startup Competition, and this competition aligns perfectly with our mission to foster entrepreneurship. Congratulations to all the winners, and may your success serve as an inspiration to others. We look forward to witnessing your continued growth and innovation in the years to come.”
London Business School’s IEPC is a key backer of the competition, offering access to education, training and business, and the alumni network that it has produced and continues to support.
In total the entire package of support is valued at a total of $USD80,000.
Speaking at the event, LBS Dean François Ortalo-Magné, said: “On behalf of LBS and the School’s Institute of Entrepreneurship and Private Capital, my heartfelt congratulations to the winners. The School very much looks forward to hearing more about the continued success and future endeavours of these businesses. What heartens me about the LBS MENA Startup Competition is the participation from across the region in this competition, and the support the School, its local alumni community and the IEPC is giving to the region’s entrepreneurial ecosystem. We are witnessing, right across MENA, the development of an ecosystem that allows for the fast flow of talent, information, and resources that helps entrepreneurs quickly find what they need at each stage of growth.”
The full list of finalists participating in this year’s completion included the following startups:
AHAD, a cyber security company based in UAE; Arab Therapy, a wellness company based in Jordan; Caena, a startup fundraising marketplace based in UAE; DUDI, a wellbeing company based in UAE; Hulexo, a retail Point of Service providing company based in UAE; Innotech, a 3D construction company based in Oman; Organic Waste Management Solutions, a food waste management company based in the Kingdom of Saudi Arabia; Playbook, a media and women career empowerment platform based in the Kingdom of Bahrain; The Surpluss, an industrial asset exchange platform based in the UAE; and Zeal, a fintech and payment facilitation company based in Egypt.
About London Business School:
London Business School is one of the world’s leading business schools. London Business School’s academic strength and global outlook drives original and provocative business thinking. They challenge conventional wisdom, transform careers, and empower people to change the way the world does business. Renowned for teaching entrepreneurship since the late 90s, for the cultivation of startup ventures, and the promotion of innovation, London Business School is similarly well-known for its research insights into financial markets and its exceptional teaching of the key instruments that drive today’s financial sector.
About London Business School’s Institute of Entrepreneurship and Private Capital:
London Business School’s Institute of Entrepreneurship and Private Capital (IEPC) was forged from a union of the Institute of Innovation and Entrepreneurship and Private Equity at London Business School. The IEPC aims to further the School’s reputation as a global hub for venture creation and financing, and as an accelerant for enterprise growth. The IEPC supports the development of the entrepreneurial mindset and ideas that drive impact, create wealth and advance well-being while giving wider exposure to probing and insightful research into the crucially important aspects of today’s private capital markets, such as venture capital, growth and buyouts, and the entrepreneurial ecosystem.
About AstroLabs:
AstroLabs is an ecosystem builder that enables the growth of people, companies, and innovation capacities on a regional level. With 10 years of active building in MENA and a vibrant community across three coworking spaces in the UAE & KSA, AstroLabs is MENA’s trusted partner in solving the innovation challenges of tomorrow by navigating the entrepreneurial landscapes of today.
Partnering with key industry shapers, including governmental entities, corporates & enterprises, and the entrepreneurial ecosystem, AstroLabs designs and facilitates ecosystem transformations through business expansion and market entry operations, SME ecosystem building, digital upskilling, entrepreneurship, and innovation programs, as well as value-focused talent recruitment practices.
https://www.astrolabs.com
About Innobayt:
Innobayt was formed in 2017 with the sole aim of bringing quality software development services to customers around the globe. Innobayt have fortunately never had to look back since then. Its team of highly skilled engineers ensure we deliver high quality work to its customers. It strives to raise the bar of its own quality standards from one project to the next.
Innobayt processes and procedures are designed, keeping our customers interest at the centre, which has helped it grow leaps and bounds over the years. It is also proud to have built a strong team with the zeal to exceed customer expectations on all levels.
https://innobaytsolutions.com/
About AWS Activate:
Launched in 2006, Amazon Web Services (AWS) began exposing key infrastructure services to businesses in the form of web services – now widely known as cloud computing. The ultimate benefit of cloud computing, and AWS, is the ability to leverage a new business model and turn capital infrastructure expenses into variable costs. Businesses no longer need to plan and procure servers and other IT resources weeks or months in advance. Using AWS, businesses can take advantage of Amazon’s expertise and economies of scale to access resources when their business needs them, delivering results faster and at a lower cost.
AWS Activate works with hundreds of accelerators, angel investors, seed/venture capital firms, and startup enabling organizations across the world to provide startups with free AWS credits, technical support, training, resources, and more. These exclusive benefits are designed to help startups quickly get started on AWS and grow their business.
https://aws.amazon.com/startups
About Floward:
Founded in 2017, Floward is an online flowers and gifting company; it prides itself in creating a seamless experience for its customers and making sending flowers and gifts as enjoyable as receiving them.
Floward sources its flowers daily from the best growers and farmers around the world to create one of a kind stunning arrangements and plants that fit every occasion. They also partner with local and international brands to offer a wide range of gifts including chocolate, perfumes, cakes and more, coupled with its arrangements to create the perfect gift.
Operating in 36 cities in nine countries across the MENA region and UK, Floward guarantees same-day delivery across the board through its own refrigerated fleet to ensure arrangements arrive fresh to the customer.
https://www.floward.co
