Intensive Venture Building Programme wants to turn ambitious ideas into marketable products in just three months.
Lebanon is fast building a reputation as an entrepreneurial tech hub offering huge opportunities to investors. A report last year by the UK Lebanon Tech Hub (UKLTH) outlined the country’s ambition to become the tech gateway to the Middle East and laid out a blueprint to create 25,000 new ICT jobs and a US $7 billion boost to GDP by 2025. As part of this they have also launched a new intensive venture building programme called Nucleus.
“Lebanon’s young people are among the most educated and resourceful in the world. They fuel the great ideas that The Nucleus can turn into real products and services which will transform our world for the better. At the same time, a growing MENA market for high tech solutions across a range of sectors, a successful diaspora spread across the world, and a strong banking sector provides a potent mix to grow the jobs of the future,” says Nicholas Sehnaoui, Chairman of the UK Lebanon Tech Hub.
Speaking at the launch event at the Beirut Digital District, Hugo Shorter, British Ambassador to Lebanon, said such initiatives played a crucial role in turbo charging the development of the knowledge economy: “With today’s launching of The Nucleus cycle, we witness once again how ambitious entrepreneurs build businesses and technologies, how dynamic teams turn ideas and concepts into marketable products in a record time.”
This ambitious accelerator aims to take start-ups from idea stage to having an MVP (Minimum Viable Product) in just twelve short weeks. It might sound like a tall order, but 176 companies from Lebanon’s thriving technology scene applied to take part. From those, 20 went on to a week-long series of product development workshops where the applicants were further narrowed down to six finalists.The Nucleus accelerator will take start-ups from idea to MVP in 12 weeks Click To Tweet
Those six startups will now benefit from an investment of US$20,000 in cash and US$30,000 in services in return to a stake of up to five percent equity in their business. The services include access to C-level executives and technology teams to help develop the product’s core technology, as well as a host of practical workshops on finance, legal structures, organisational culture, raising capital, pitching, marketing and sales. The entrepreneurs will also have access to office space, support with Legal and Auditing services for company registrations in addition to HR management as part of the services they will benefit from. Upon product completion, UKLTH will continue to support all the startups by helping them tap into their international networks, garnering partnerships and helping them to raise potential investment from investors.
— Alice Bonasio (@alicebonasio) June 29, 2017
Also published on Medium.