Qatar Business Incubation Center (QBIC), which is owned by Qatar Development Bank (QDB), announces the winners of its ninth wave of the LeanStartup Program (LSP) at a momentous Demo Day. 11 startups, out of the record breaking 100+ that were chosen to join LSP 9, pitched to a panel of judges, investors and key partners on the 9th of December at the QBIC Campus with QNB sponsoring this flagship event for the 2nd time this year.
QBIC’s most recent outreach campaign – calling on budding Qatari entrepreneurs to take part in diversifying their country’s economy – reached out to the nationalism within the Qatari population and ended up greatly contributing to the record number of startups accepted to join LSP 9.
Throughout the 10-week program, entrepreneurs worked diligently on developing their ideas and building prototypes in preparation for Demo Day using the Business Model Canvas as part of the ‘lean’ methodology. After giving their all, 7 out of the 11 startups who pitched at Demo Day were chosen to be incubated– which is another record breaker for QBIC – and will be receiving mentoring services, office space and most importantly financial support to start turning their ideas into viable businesses.
Demo Day 9 showcased business ideas from the fields of education, marketing, F&B, and ICT. Additionally, startup ideas in the field of tourism fell under the specialized QBIC Tourism incubator, guided by Qatar Tourism Authority, whereas ideas in the area of technology were assigned to the specialized Digital and Beyond incubator, powered by Ooredoo Qatar. Moreover, a number of startups from the South Korean Incubator Kstartups, one of QBIC’s partner organizations, participated in Demo Day 9 and pitched their business ideas to the audience. The Korean startups also networked throughout the day with key members of the local entrepreneurial ecosystem in hopes of developing mutually beneficial partnerships.
Qatar Development Bank CEO and QBIC Chairman Abdulaziz Bin Nasser Al Khalifa commented on this occasion saying: “This Demo Day is a very special one for QBIC. Following the campaign we launched during the summer, we were extremely proud of the results; the increased interest from our fellow aspiring Qatari entrepreneurs was inspiring, and we ended up accepting the largest number of startups to our LSP. Today we witness these aspirations come to life and we could not be more pleased with their incredible achievements.”
Aysha Al Mudahka, QBIC’s CEO said: “Today is a celebration of nationalism. We called upon all promising Qatari entrepreneurs to step up and work towards growing and developing their country’s economy – and today, here they are, proudly showcasing their hard work and demonstrating their perseverance. I can definitely say that we’re well on our way to developing a strong private sector, achieving self-sufficiency and contributing to the goals set by His Highness for the Qatar National Vision 2030.”
Mr. Yousef Mahmoud Al-Neama, GM Group Corporate and Institution Banking, commented on the occasion saying: ‘’We are pleased to be the Gold sponsor of this important event. This sponsorship comes due to our Group’s keenness on nurturing and supporting the creative ideas of our national businessmen and businesswomen who contribute to the development of our national economy and building a brighter future for our beloved Qatar in line with the 2030 Qatar Vision. The sponsorship aims to empower Qatari entrepreneurs and SME owners, who are the driving force of our future economic development, by providing them through this event with a unique opportunity to exchange new ideas and experience regarding the successful activation of projects. QNB, once again, affirms its commitment to offering all the required support to entrepreneurs in our beloved State of Qatar to help them succeed.”
Incubated companies will be expected to complete a three-month probation period, where they will be setting milestones that ensure the business idea fulfils QBIC’s requirements to undergo a successful launch. They will then activate their startups and introduce their products and services to the local market while continuing to evolve & grow within QBIC for two years.