news - FMO supports young entrepreneurs in the MENA region: USD 150,000 for winner Hult Prize Jordan


FMO supports young entrepreneurs in the MENA region: USD 150,000 for winner Hult Prize Jordan

May 8, 2018

Last Saturday (May 5th), MASSIF Fund manager Jeroen Harteveld represented FMO at the national finals of the Hult Prize Jordan. Seven finalists teams from 17 Jordanian universities took part in the competition at the King Hussein Business Park in Amman, hoping to seize USD 150,000 in seed funding for their innovative business case. This year’s challenge: 'Harnessing the Power of Energy to Transform the Lives of 10 Million People'.

In his opening speech Harteveld underlined the importance of supporting young entrepreneurs: "It’s not easy to find a job. An alternative to it is to have your own business. The Hult Prize is a spark that brings change towards building a better world. Together we can make a difference."

Winning idea: Thermal energy formula by team Here For Heat

After the seven Jordanian finalists pitched their business cases in front of the international jury, Jeroen Harteveld announced the winner of the national competition. Team Here For Heat was awarded the USD 150,000 prize (provided by FMO MASSIF) to further develop their pharmaceutical heating formula.

"The idea behind our project is to serve the health sector in producing a safe pharmaceutical formula that generates thermal energy inside the human body in order to combat cold weather and increase the feeling of warmth," says pharmacy student at the University of Petra Ramah Abu Safieh. The students note that the formula is made "only from natural plant extractions and is alcohol free." The idea originates from the team’s experience as volunteers working in the Jordanian refugee camps, where they saw many refugees suffering in cold weather, even leading to deaths.

"We are so proud of what we have accomplished, and we are even fuller of enthusiasm for the next stages of the competition," said Abu Safieh, after her and her teammates Shaden Thwieb, Duha Ghazi and Murad Balqar were awarded the prize.

About the Hult Prize Foundation

The Hult Prize is the world’s largest engine for the creation and launch of market based, SDG aligned, sustainable and impact centered start-ups emerging from universities. It brings together students from around the world to solve global issues. The Program starts in a number of countries (including Jordan) with a national competition. The winners go to the 7-week Hult Prize business incubator in the UK and can win the USD 1,000,000 prize in September, awarded by Bill Clinton at the UN headquarters in New York.

More information on the event

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