QBIC LEAN STARTUP WINNERS ANNOUNCED
Successful entrepreneurs pitched to judges and investors at Demo Day
Doha, Qatar 9 December: The Qatar Business Incubation Center (QBIC), founded by Qatar Development Bank (QDB) and Social Development Center (SDC), successfully concluded its LeanStartup Program with entrepreneurs pitching to judges and investors during a “Demo Day”.
The Demo Day marks the end of the 8-week long LeanStartup Program for 44 entrepreneurs in Qatar with 27 start-up business ideas. For a period of two months, the entrepreneurs tested the market viability of their intended product or service by talking to customers, partners and suppliers to validate their ideas. QBIC’s localized LeanStartup methodology uses the Business Model Canvas. This does not require a business plan, and instead uses a Customer Development Process that encourages a hands-on learning experience. It also utilizes Qatari startup business cases as challenging exercises, as opposed to theoretical business cases.
At the event, Qatar Development Bank CEO and QBIC Chairman Abdulaziz Bin Nasser Al Khalifa said: "We, at QBIC, are very pleased with the success of the second wave of entrepreneurs who have completed our Lean Startup Program. Their achievements represent an encouraging trend, continuing from the success of last year’s intake and demonstrating the strength of our unique program. We are proud of the high-level pilot projects that were exhibited, which reflect the drive and ambition of our young entrepreneurs, as they gear up to become part of Qatar’s wider national development.
Our continued commitment to QBIC and our support of Qatari entrepreneurs not only lies in providing them with a physical space to operate, but also the knowledge to succeed. Support is offered in an integrated manner through our incubation model, to serve our entrepreneurs’ best interests in creating successful start-ups.
He added: “Qatar Development Bank champions entrepreneurship and the private sector, as we understand the significant role played by entrepreneurs in creating a diverse and knowledge-based economy. It is our duty to strengthen the efforts of local entrepreneurs and provide all means of support to assist their projects, recognising that through this we will be contributing to the wider development of Qatar."
During Demo Day, 10 entrepreneurs with the best-developed prototypes pitched their ideas to QBIC judges and potential investors, and all 10 received incubation and funding. Those 10 companies are:
The best startups covered a wide variety of industries including automotive, real estate and ICT. The incubatees will receive smart financing, coaching and mentoring, office space, and networking opportunities from QBIC.
The 5 new QBIC incubatees are expected to complete a three-month milestone upon which their progress is evaluated to ensure they are fulfilling requirements to undergo a successful launch. This includes undertaking a follow-up customer validation assessment.
The entrepreneurs who convinced the judging panel at the Demo Day of their business ideas are now set to become QBIC incubatees.
Aysha Al Mudahka QBIC CEO said: “We are very excited that 10 business ideas made it as far as the Demo Day after 8 weeks in the LeanStartup Program. With hard work and action-oriented teaching and coaching from QBIC, we hope that some of these ideas can develop over time to become the next QAR 100 million companies in Qatar.”
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