Masdar Institute launches BP scholarship programme
Abu Dhabi, March 13, 2014
The Institute Center for Innovation and Entrepreneurship (iInnovation) at Masdar Institute of Science and Technology has launched the BP Innovation Scholarship programme.
The programme is a two-year, fully-funded merit-based scholarship to be awarded to graduate students in any one of Masdar Institute’s engineering concentrations.
The BP Innovation Scholars will develop a business plan for a new sustainable technology business based either on their own ideas or ideas they adopt at the institute. When possible, they will be encouraged to take part in the forming of a startup company before graduation.
Based on review of the business plan, a grant or other financial support toward the cost of forming a new company may be awarded by the institute.
The scholarships are funded in part under the new $7 million collaborative innovation agreement that Masdar Institute and BP signed earlier this year. It includes full tuition, housing, living expenses, insurance, travel costs and certain patenting expenses.
The first two scholarships under the new programme are expected to be awarded in September. The deadline for submitting applications for students entering this September is May 31.
The details of the programme were announced during an Open House organised by iInnovation in conjunction with BP to mark the launch of the iInnovation Lab (iLab). The lab provides faculty and students with facilities, training, mentorship and other resources to explore the commercial potential of their research.
Held at the Masdar Institute campus, the Open House attracted a large number of innovators, angel investors, finance sector professionals and other stakeholders in the innovation and entrepreneurship ecosystem. Dr. Issam Dairanieh, Managing Director, BP Ventures, and Dr. Katherine T. Moortgat, former Partner, Mohr Davidow Ventures, spoke at the event.
Dr Issam Dairanieh, managing director of BP Ventures, said: “This is an opportunity for BP to bring to Abu Dhabi its expertise and resources in creating pockets of innovation and in developing human capital. Our goal is to help to commercialise locally-developed technologies and to contribute to Abu Dhabi’s objective to build a diverse and sustainable economy.
Dr Fred Moavenzadeh, president, Masdar Institute, said: “This initiative from BP further strengthens our collaboration for developing new entrepreneurs with the right project concepts and the commitment to succeed. The continuing support of the UAE leadership helps us to launch new programmes through our partners and we hope the BP Innovation Scholarship will help encourage enthusiastic students to fulfill their entrepreneurial dreams.”
The scholoarships will be awarded to applicants with outstanding academic records who demonstrate initiative and creativity. Successful applicants will possess superior quantitative and analytical capabilities that prepare them for the Institute’s rigorous engineering programme, he added. - TradeArabia News Service