Business & Money | Tuesday 31 May, 2016 4:29 am |

SABIC announced the winners of its Innovation Award – a new competition with a prize fund of SR10 million that is fostering innovation in Saudi Arabia – at the official opening of SABIC’s Home of Innovation facility in Riyadh last May 25.

The announcement comes at a time when Saudi Arabia has initiated Vision 2030 which seeks to transform the Kingdom away from oil-dependency. The Innovation Award supports the Vision and encourages exceptional talent in Saudi Arabia. Yousef Al-Benyan, SABIC acting Vice Chairman and CEO, has stressed this support in recent media comments.

The funding initiative has tapped entrepreneurial ideas in Saudi Arabia, attracting 598 innovative entries related to plastics and polymers.

The winners are Asma Al-Othman for her entry on “Development of polymeric responsive material for detection of peroxides and improvised explosives,” Nada Al-Abbas for “Cancer smart test,” Rana Al-Mohalbadi for “Smart gas cylinder,” and Dr. Samir Mekid for “Plastic/polymer-based nervous materials.”

“Saudi Arabia has never held a competition like this before, and the response was tremendous,” said Awadh Al-Maker, SABIC Executive Vice President, Technology & Innovation. “We had received many ideas that could be developed into businesses and create jobs and economic growth. After careful evaluation, we recognized the ideas with the most potential.”

The SABIC Innovation Award has two categories: the SABIC Ideas Award, which is for fresh ideas, and the SABIC Growth Fund, for existing solutions that are ready for investment. The Ideas Award received 540 entries and the Growth Fund 58.
Participants were diverse, with 57 percent male and 43 percent female; and young, with 81 percent aged between 18 and 40. Many of the ideas were submitted by students after a successful roadshow to raise awareness of the competition at universities throughout the Kingdom.

The Innovation Award was open to any citizen, legal resident or business in Saudi Arabia. The competition is for “smart plastics”, which change state in response to the external environment. From concept to production, the ideas can be at any stage of development, giving anyone interested in plastics an opportunity to win a fantastic prize.

The prize fund will be distributed between the two categories, with more funding available for further development if needed. Successful ideas could benefit from a long-term collaboration with SABIC, including expert advice and some of the world’s best facilities.

Examples of smart plastics include a strip on food packaging that indicates when the food has expired, a child’s toy that changes color in the bath if the temperature is too hot, and a window that can be dimmed for privacy by passing an electric current through it. The applications of smart plastics are virtually endless.

“For the Ideas Award, you didn’t need a PhD in research, extensive lab experience, or your own plastics business – you just needed a love of innovation and the ability to think outside the box,” said Dr. Fahd Al-Sherehy, General Manager, SABIC T&I Global Centers. “We evaluated the strength of the ideas and their potential. SABIC will provide the facilities and expertise to bring the best ideas to life and provide investment to get solutions with commercial potential to the market.

“The Growth Fund is for ideas that have reached a more advanced stage.

Maybe they are plastics that have been developed or tested in a university laboratory or a new product that needs funding to move to the next stage. From novice to professional, the SABIC Ideas Award has something for everyone. It’s encouraging creativity throughout the Kingdom.”