30 September 2015
Doha: Qatar Business Incubation Center (QBIC) and the Al Jazeera Media Network (AJMN) have signed a Memorandum of Understanding (MoU) for the creation of a Corporate Incubator for Media and Technology businesses, said a statement yesterday.
The MoU aims to build on the parties' successful work in entrepreneurship and digital media through collaborative innovation and knowledge sharing.
As one of the world's largest and most innovative media brands, Al Jazeera's Innovation and Incubation team will provide strategic media expertise to companies working within QBIC.
As one of the Middle East and North Africa (Mena) region's biggest mixed-use business incubator, QBIC will provide new business expertise to strategic digital projects for AJMN, allowing technological innovations to be assessed for new business opportunities and startup companies given the necessary support to grow into global market leaders.
Through this partnership, QBIC and AJMN will collaborate to support a number of potential startups in QBIC's LeanStartup Program. In addition, the partnership will include coaching, mentorship and a wide range of support services. QBIC will also provide connections to its partners and affiliates, such as Qatar Development Bank for financing support. Al Jazeera will also provide access to its innovative hubs in Doha and San Francisco to assist in building a relationship between Silicon Valley and Qatar based companies.
Abdulaziz bin Nasser Al Khalifa, CEO of Qatar Development Bank (QDB) and Chairman of QBIC, said: "The MoU with AJMN will help develop media related ideas into reality startups."
He said: "QBIC's mission is to create the next generation of QR100m companies, and we believe that the exciting research being carried out by Al Jazeera Media Network holds great potential for entrepreneurial development. We have a strong record in turning LeanStartup ideas into incubated companies and will be looking to increase the number of Media companies in Qatar through this collaboration."
Dr Yaser Bishr, ED of Al Jazeera Media Network, added: "As a leading media hub in the region, we are investing heavily in research and innovation to shape digital media globally. This strategic relationship with QBIC will help us seed feasible businesses in the nascent media economy and allow Al Jazeera to play an active role in Qatar's efforts to build knowledge-based economy."
QBIC empowers committed entrepreneurs to start and grow companies by incubating, developing, connecting and investing, and QBIC is dedicated to the long-term success of entrepreneurs. QBIC is founded by two of the leading entrepreneurship institutes in Qatar: QDB, and the Social Development Center. With a mission to develop the next QR100m companies in Qatar, QBIC is closely aligned with the Qatar National Vision 2030 by encouraging a strong and diversified private sector.
© The Peninsula 2015