DUBAI, Feb 21 (Reuters) - Entrepreneurs in the United
Arab Emirates could win up to 2 million dirhams ($544,500)in a
new reality television series launched by a telecoms operator to
nurture small business.
The reality show, inspired by popular U.S. and British shows
"The Apprentice" and "Dragon's Den", will be broadcast across
the Gulf Arab region later this year.
"The Entrepreneur" will see hopefuls judged by a panel of
four executives on the viability of their ventures in an
eight-episode series slated to air on Dubai One television over
the summer.
"There are a lot of people with great ideas and they have
the passion and the drive, but it always stops at the funding,"
said Hala Badri, vice president for brand and communications at
telecoms operator du which estimates there are about
200,000 small- to medium-sized enterprises in the UAE.
"We feel this will help bring angel investors into the
region, elevate the economy and make the UAE a destination for
ideas."
Badri said on Tuesday that if the programme is successful,
it may become an annual event. Deadline for applications is
March 31 and is restricted to UAE residents who have a valid
business licence.
The high cost of licences -- the cheapest is $6,000 -- could
deter potential participants on the show.
"There's a lot of talk about the cost of licences, but
anywhere else in the world, there's something similar," said
on-screen judge Nisreen Shocair, president of Virgin Megastore
in the Middle East. "It would be in the form of taxes or higher
rents, so you will never be able to establish a business at zero
cost."
Applications will be whittled down to 10 finalists who will
appear on the English-language reality show. The final four will
be set a series of tasks over the last four episodes to show
their marketing, retail and leadership skills and the viability
of their business plan.
The winner will get 1 million dirhams and up to another 1
million dirhams in support services over the next year,
including advertising, office space, telecoms services and
mentoring. Second and third place finishers will also get
business support help as consolation prizes.
($1 = 3.6730 UAE dirhams)
(Editing by Amran Abocar)
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