The Qatar Business Incubation Center (QBIC), founded by Qatar Development Bank (QDB) and Social Development Center (SDC), announces Demo Day, which is a graduation event for QBIC’s 8-week LeanStartup Program entrepreneurs. 44 entrepreneurs from 27 start-ups are taking part in the Program and the top 10 entrepreneurs will be selected to pitch to judges and investors at the Demo Day. The event will conclude next week on Tuesday 9 December.
QBIC’s LeanStartup Program provides entrepreneurs with a real hands-on learning experience of how to successfully start a company. Running twice a year in Spring and Autumn, the Program is based on QBIC’s flagship Lean methodology. While traditional textbook approaches require entrepreneurs to submit a business plan and feasibility study, QBIC by contrast requires no business plan as part of a rapid, lower cost and simplified approach.
Qatar Development Bank CEO and QBIC Chairman Abdulaziz Bin Nasser Al Khalifa said: "We are very happy with the success of the Program for the second time. Today we are witnessing the graduation of the second batch of entrepreneurs who have undergone the LeanStartup Program experience that stresses importance of verifying a business idea or product by engaging with the customers before investing time conducting a business plan.”
“Entrepreneurs from the LeanStartup Program have successfully experienced making real revenue while selling their refined ideas. We are proud of the entrepreneurs and we will continue to support them and others like them through QBIC’s services in all ways possible,” he added. Applicants for the LeanStartup Program were selected to participate based on the strength of their business idea and the goal of QBIC’s LeanStartup Program is to coach these entrepreneurs how to turn their business ideas into reality.
Over the course of 8 weeks, the LeanStartup Program entrepreneurs spent the majority of their time using the Program’s methodology to test the market viability of their product or service by talking to customers, partners and competitors to validate their ideas. Aysha Al Mudahka (pictured) QBIC CEO said: “The LeanStartup Program is unique to QBIC and focuses on customer validation through testing ideas in target markets, which allows entrepreneurs the opportunity to generate initial revenues. Some entrepreneurs from the second wave of the Program started generating solid revenues throughout the 8 weeks.” Entrepreneurs who successfully pitch at the Demo Day are subsequently invited to incubate their businesses at QBIC and receive office space, seed investment and expert mentoring support.
Amal Al Shammari, founder of Embrace Doha, one of QBIC’s incubatees from the last Demo Day, featuring entrepreneurs from the first wave of the LeanStartup Program said: “The LeanStartup Program was an intense learning experience for me professionally and personally. It also taught me the art of pitching a business idea and this was tested under pressure at the Demo Day. I’m grateful for all the support and coaching I received from QBIC that lead to my success at the Demo Day and my spot at QBIC as an incubatee company.” Demo Day is taking place at QBIC, located in the new industrial area. For registration, visit qbic.eventbrite.com and come support the entrepreneurs pitch their refined business ideas for their first real public debut.