Successful entrepreneurs pitched to variety of judges and investors at Demo Day
Doha, Qatar 19 May: The Qatar Business Incubation Center (QBIC), founded by Qatar Development Bank (QDB) and Social Development Center (SDC), successfully concluded its third LeanStartup Program with entrepreneurs pitching to judges and investors during a "Demo Day".
The panel of judges and potential investors included representatives of QBIC, QDB, SDC, as well as QNB and Shell, who were the official sponsors of the event.
The Demo Day marks the end of the 10-week long LeanStartup Program for 40 entrepreneurs in Qatar with 27 start-up business ideas. Throughout the Program, entrepreneurs tested the market viability of their intended product or service by talking to customers, partners and suppliers to validate their ideas.
At the event, Qatar Development Bank CEO and QBIC Chairman Abdulaziz Bin Nasser Al Khalifa said: "We are pleased with the success of the third LeanStartup Program's entrepreneurs. Their achievement represents an encouraging trend and continues to demonstrate the strength of our unique Program, which produces a wide range of projects reflecting Qatar's wider national development."
He added: "It is our duty to strengthen the efforts of Qatari entrepreneurs and provide all means of support to assist their ventures, recognizing that through doing so, we will be contributing to Qatar National Vision 2030."
QBIC's localized LeanStartup methodology does not require a business plan; instead it uses a Customer Development Process that encourages validating business idea with as many potential customers as possible at the very early stage. It is a hands-on learning experience and also utilizes local startup business cases as challenging exercises that entrepreneurs can relate to, as opposed to theoretical business ones.
Aysha Al Mudahka QBIC CEO said: "We are excited that 13 business ideas made it as far as the Demo Day after 10 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 part of the next QAR 100 million companies in Qatar."
The best startups covered a wide variety of industries including retail, technology, ICT and fashion. The newly selected incubatees will receive smart financing, coaching and mentoring, office space, and networking opportunities from QBIC.
QNB's Group Chief Executive Officer, Ali Ahmed Al-Kuwari, said: "We at QNB are pleased to sponsor this event that encourages our youth to harness their energy and intellect to help develop our beloved Qatar and contribute to our country's 2030 national vision. We wish them success in their future endeavors and are pleased to offer them our support as Qatar's largest bank and 'One of the World's Strongest Banks.'"
Only the startups with the best-developed prototypes pitched during Demo Day, and only 7 out of 13 were offered incubation at QBIC. The main selection criterion was based on each idea's customer validation, traction attainment and the team behind the project. The 11 entrepreneurs are now set to become QBIC incubatees.
The 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.
Bader Al-Jaidah, Director of 'TAFAWOQ', Qatar Shell's Project Management Centre of Excellence said "Qatar Shell recognises that cultivating entrepreneurship begins by investing in young minds, therefore, we are delighted to sponsor the 'LeanStartup Program', which aims to foster the new generation of emerging entrepreneurs in Qatar. It is particularly pleasing to see so many young people in Qatar have a passion for entrepreneurship, and I am truly impressed with the creative business ideas many of them have presented today."
"By helping increase the number of young Qataris aspiring to become entrepreneurs, Qatar Shell is contributing and supporting the human and economic pillars of the Qatar National Vision 2030," he added.
-Ends-
For media enquiries, please contact Farah Najjar at:
T: +974 441 731 08
M: +974 661 119 14
farah@forbes-associates.com
About QBIC:
Qatar Business Incubation Center (QBIC) is the largest mixed-use business incubator in the MENA region. QBIC was founded by two of Qatar's leading government institutions supporting local entrepreneurs: Qatar Development Bank (QDB) and the Social Development Center (SDC). QBIC's goal is to develop the next QAR 100 Million companies in Qatar. QBIC empowers entrepreneurs to start and grow companies by incubating, developing, connecting and investing.
One of QBIC's flagship initiatives is LeanStartup, turning innovative ideas into startup businesses. LeanStartup is a ten-week entrepreneurial program that provides real world, hands-on learning experience on how to successfully start a company.
© Press Release 2015
