In an effort to recognise the private sector’s resilience and creativity in dealing with the coronavirus pandemic, Qatar Development Bank (QDB) has announced that applications are now open for its ‘Resilient Award.’
As the economic impact of COVID-19 prolongs and businesses fish for new innovative models to stay afloat, QDB has opened its doors for private sector companies to apply for its brand new “Resilient Award.”
The award aims to recognise the best small and medium-sized enterprises [SME] in Qatar and to highlight the many creative ways taken by private companies to successfully overcome the huge economic challenges of recent months.
“Through this award, QDB aims to introduce to the entrepreneurial community in Qatar, SMEs that have dealt and are still dealing successfully with the COVID-19, and honour the companies that managed to overcome the challenges,” said Abdulaziz Nasser Al Khalifa, CEO of QDB.
Since early 2020, companies in Qatar like many around the world have had to think outside of the box and come up with new creative strategies to stop them from going bankrupt and to adapt to the post-COVID world.
Some of these creative ways have included transforming the way businesses connect with their customers virtually, overcoming lockdowns which saw shops being forced to close and instead delivering goods to people’s doorsteps and coming up with new ‘work-from-home’ methods.
In order to accurately determine the best candidate for the award, all applicants will be evaluated based on a number of categories, including business strategies adopted during the pandemic, creative measures taken, financial and resources management, business excellence, adaptability, risk management, and sustainability.
First place will be awarded with a 75,000 QR prize, two other cash prizes will be given to businesses who come in second and third place respectively.
In order to be eligible, candidates must have been operating for a minimum of 3 years, have valid company registration certificate, and qualify as an SME as per the official Qatar SME definition
The awards ceremony will be held in November during the Qatar Entrepreneurship Conference (ROWAD).