DOHA: The Qatar Business Incubation Center (QBIC), a joint initiative of Qatar Development Bank (QDB) and Social Development Center (SDC), successfully concluded its “LeanStartup Programme” with entrepreneurs pitching to judges and investors during a “Demo Day”, according the a press statement.
The Demo Day marks the end of the 8-week long LeanStartup Programme for 44 entrepreneurs in Qatar with 27 start-up business ideas. For a period of two months, the entrepreneurs tested the market viability of their intended product or service by talking to customers, partners and suppliers to validate their ideas.
QBIC’s localised LeanStartup methodology uses the Business Model Canvas. This does not require a business plan, and instead uses a Customer Development Process that encourages a hands-on learning experience. It also utilizes Qatari startup business cases as challenging exercises, as opposed to theoretical business cases.
At the event, QDB’s CEO and QBIC Chairman Abdulaziz bin Nasser Al Khalifa said: “We, at QBIC, are very pleased with the success of the second wave of entrepreneurs who have completed our Lean Startup Programme. Their achievements represent an encouraging trend, continuing from the success of last year’s intake and demonstrating the strength of our unique programme.”
During Demo Day, 10 entrepreneurs with the best-developed prototypes pitched their ideas to QBIC judges and potential investors, who then selected the best five pitches to be incubated at QBIC. The main selection criterion was based on each idea’s customer validation and traction attainment.
The Peninsula
