Posted on September 26, 2019

Qatar Business Incubation Center (QBIC), a division of Qatar Development Bank (QDB), has kicked-off the 13th wave of its redesigned LeanStartup Program (LSP) this week.

QBIC’s LSP is one of the most successful programs of its kind within the MENA region. The 13th wave of the program was redesigned to best fit the needs of entrepreneurs that are in the early stages of product or service development. The program attracts hundreds of applicants in each wave and has produced over 450 graduates to date. From over 400 impressive applications for the 13th wave, more than 70 startups were chosen for the program, represented by the most promising entrepreneurs in Qatar.

Commenting on the occasion, Hamad Al-Qahtani, General Manager of QBIC, said: “I would like to welcome the new wave of LSP, and I hope they take full advantage of their 10-week journey of hard work and persistence. We have redesigned our flagship program to better suit the needs of local startups, and to provide them with an opportunity to connect with potential investors to help them raise crucial funding. We always look forward to working with aspiring entrepreneurs and empowering them to turn their business ideas into reality, & possibly becoming the next Qatari success story.”

He added: “QBIC aims, with the support of QDB, to support the private sector and contribute to building a prosperous future for a diversified, knowledge-based economy. We cannot achieve this without the most important element: the commitment of local entrepreneurs, their innovative minds and ideas and, most importantly, their creativity.”

Entrepreneurs are required to pass through several vetting stages before securing a seat in the program. Selected startups are the ones that display the greatest potential for innovation and are the most suitable for the competitive Qatari marketspace. During the 10-week program, entrepreneurs must develop their business ideas and build prototypes (MVPs) in preparation for selection Day. The best startups will pitch their ideas to an esteemed selection committee. Shortlisted startups will also get the opportunity to pitch their businesses to potential investors during QBIC’s Investor Series.

The incubated startups will receive funding and exclusive access to various investment opportunities. Furthermore, they will receive office space, continuous coaching and the opportunity to accelerate the growth of their business. The program focuses on empowering entrepreneurs and providing them with the tools, hands-on experience and know-how to successfully bring their business ideas to life, which is at the core of QBIC’s mission of developing the next wave of pioneering entrepreneurs and startups in Qatar.