22 November 2024, Fri |
9:27 PM
Ollang, a tech startup, was named the winner of the inaugural London Business School MENA Startup Competition 2022. The competition, sponsored by global behemoths Amazon Web Services Activate, Strategy&, a member of the PWC network, and regional telecommunications powerhouse Zain, marks the first time the London Business School has brought its highly successful entrepreneurship model to the Middle East.
Ollang from Turkey, a provider of end-to-end human powered AI localisation through video and audio subtitles and dubbing, and runner-up Vaqat from the UAE, an online platform for companies outsourcing intern support, were announced during the finals held last week in Dubai at the DIFC campus. The prestigious judging panel was comprised of Roger Rabbat of Strategy&, Manya Pamnani of Dubai Cultiv8, part of Dubai Economy, Jane Khedair, Executive Director of the Institute of Entrepreneurship and Private Capital, Philipp Pabst of Dubai Future District Fund, and Haya AlMana, currently heading Innovation & Entrepreneurship at Zain Kuwait.
London Business School is a powerful hub for its global network of alumni entrepreneurs, and it is leading the charge for entrepreneurs. Its highly successful London-based Incubator has supported and developed over 100 new ventures, assisting them in raising an impressive £100 million in seed capital; and, according to Business Leader, the School’s alumni raised nearly $4 billion in funding for their businesses last year.
Commenting after the final, one of the competition judges, Jane Khedair, Executive Director of London Business School’s Institute of Entrepreneurship and Private Capital (IEPC) said: This competition has exceeded our expectations and we look forward to expanding our involvement in the startup community in the Middle East in the near future. The innovation and entrepreneurship on display was truly inspiring. Tech startup Ollang, were worthy winners, though I have no doubt many of the finalists will go on to great success with their ventures. I very much hope that this competition can provide the platform for LBS’ next unicorn business and develop the entrepreneurs of today and tomorrow.”
Six London Business School alumni-founded companies have achieved unicorn status (being valued at more than $1 billion), including Livspace, whose CEO Anuj Srivastava spoke at the final in Dubai.
The London Business School model provides mentorship to startups and access to VCs and has a proven track record of success. Over 93% early-stage companies supported by the London Business School programme over the last 5 years go on to sustained business success.
Ollang, the winning startup provides end-to-end human powered AI localisation through subtitles and dubbing for video and audio globalisation teams, changing the way people communicate. It merges human intelligence with the AI automation power and brings out a technology that it calls: Ollang Augmented Intelligence.
On winning the event, Ebru Yildirim, Founder of Ollang said: “It is a huge honour to be announced as the winner of the inaugural London Business School MENA Startup Competition 2022. The finalists we participated alongside brought incredible ideas and innovation to the competition. We are extremely grateful to be recognised in this prestigious event and to take away the coveted prize. The opportunity provided by the school, the Entrepreneurship Club and Institute of Entrepreneurship and Private Capital is fantastic for startups, helping inspire new entrepreneurs in the region. We are excited for what this achievement means to us as a business, and as we now strive to go to the next level and continue to grow.”
Ollang receives a $15,000 cash prize, with runner-up Vaqat receiving $5,000. Aside from that, the competition allows startups to gain traction for their businesses, reach a larger audience, gain financial investment with access to VCs, gain exposure to the London Business School global network, and increase their media exposure.
