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Qatar tribune

Tribune News Network

Doha

Qatar Business Incubation Center (QBIC), a Qatar Development Bank (QDB) incubator and one of the largest business incubators in the MENA region, concluded the 16th wave of the Lean Startup Program (LSP), and graduated the participants of the 4th wave of the Lean Coach Program (LCP), with a Selection Day event that featured the top-performing venture. Selection Day is considered a culmination of the efforts dedicated by emerging local startups and entrepreneurs, aiming to benefit from QBIC’s incubation support.

The number of applicants for this year’s LSP amounted to 374, of which 65 startups qualified for the program. Out of these, 15 startups made it to the Selection Day, and pitched their innovative business ideas. The selection process came to an end with 11 of this wave’s startups being chosen for incubation at QBIC. Two of the selected startups emerged from Ooredoo’s Digital & Beyond Incubator, which is operated by QBIC.

This year, the participating cohort showed tremendous potential, even before the programme started; over half of the participants had a minimum viable product (MVP), or a defined business model. The wave also included 11 winners from the most recent QBIC Hackathon, some of which made it all the way to Selection Day.

The startups in this wave operated in various fields, namely EduTech, e-commerce, software-as-a-service (SaaS), enterprise-to-enterprise project solutions, and SportsTech.

As for the LCP, the number of applicants amounted to 307, of which 21 were accepted. This wave graduated 12 certified coaches, ready to provide support that caters to budding entrepreneurs and their growth needs.

During Selection Day, the companies chosen by the committee received an investment of QR250,000, in addition to the benefits of one-year incubation with QBIC, including: mentorship and training, office space, access to the various programs, funding, and networking opportunities, while the coaches who successfully completed the LCP obtained QBIC-accredited certificates.

QDB Executive Director of Advisory and Incubation Ibrahim Abdulaziz Al Mannai said, “We are very proud of the business ideas brought forth by this wave’s entrepreneurs, who have shown remarkable commitment. The support we provide at QBIC to entrepreneurs and their startup ventures does not stop here; it rather continues through several incubation programs and support services throughout different stages of their journey, helping us contribute further to the diversification of the local economy.”

QBIC supports entrepreneurship in Qatar through several programs that cater to all growth stages of a company. It also provides a number of specialised programmes to promote economic diversification, through various partnerships, such as the partnership with Ooredoo in Digital & Beyond, which seeks to boost the number of tech-focused startups in Qatar.

Moreover, the specialized programs include the QBIC Hackathon, which supports and provides solutions for digital transformation, manufacturing industries, and sports technology, to name a few. Additionally, QBIC offers a range of specialized lean programs for entrepreneurs to start and grow their businesses.

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22/11/2022
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