Last year, the Dubai government announced the ambitious DIC project, which so far has attracted combined investment commitments of $250 million from major international players, including some companies from India. The subject of co-operation between India and the Dubai emirate in information technology figured during the visits of Andhra Pradesh Chief Minister Chandrababu Naidu and Union Minister of State for Commerce and Industry Omar Abdullah here earlier this year. A DIC team also visited Bangalore and Hyderabad recently.

Announcing the e-business initiative, DIC chairman Mohammed Al Gergawi said the competition was designed to attract the best ideas. "We believe there are a lot of good e-business ideas and plans in our part of the world. Entrepreneurs unfortunately find it difficult to execute these ideas. Through this challenge we will rectify this shortcoming," he said.

The winning entrepreneurs would have access to the best business incubation services at DIC and the opportunity to present their ideas to leading international and regional venture capitalists. Business plan summaries will be evaluated by DIC at the first stage. Around 125 innovative ideas will be shortlisted.

At this stage, the entrepreneurs will be then asked to submit business plans, which will undergo detailed evaluation by DIC, sponsor organisations and experts. The focus will be on those business plans with revenue models that can be executed from Dubai. Finally, winners will be chosen from a shortlist of 20 to 25 business plans and will be flown to Dubai, where they will attend a two-day coaching workshop with e-business experts, who will help tighten up their business plans. These teams will then have an opportunity to present and discuss their ideas with leading international and regional venture capitalists at a one-day forum, enabling their business plans to get support.

The venture capitalists will make a final shortlist of ten plans to be presented to an international jury, which will select the three most viable ones.