QBIC Launches Second Lean Startup Program for Entrepreneurs

Doha, October 19 (QNA) - The Qatar Business Incubation Center (QBIC) has launched its second wave of the 10-week LeanStartup Program for entrepreneurs in Qatar. 55 participants from 34 startups have been selected to take part in this wave of the Program. 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 QBICs 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. Applicants for the LeanStartup Program were selected to participate based on the strength of their business idea and the goal of QBICs LeanStartup Program is to coach these entrepreneurs how to turn their business ideas into reality. Over the next 10 weeks, participants will spend the majority of their time using the Lean methodology and support of QBIC coaching to test the market viability of their product or service by talking to customers, partners and competitors. Unlike conventional approaches, the entrepreneurs only start to develop a prototype product after customer validation. At the end of the Program, entrepreneurs will have their business ideas validated with customers, developed a prototype that customers need, and finish by pitching their new startup businesses to judges and potential investors. QBIC CEO Aysha Al Mudahka said: "We welcome our latest entrepreneurs to QBIC and wish them luck over the next 10 weeks in the LeanStartup Program. Whether their business idea is ultimately successful or not, all the participants will gain valuable experience and knowledge about how to successfully start a company in less than 10 weeks and without the need of a business plan." "QBIC's Lean Startup Program has already achieved notable successes earlier this year and we hope that with QBIC's support, a number of this wave's participants will develop into the next generation of successful entrepreneurs and business managers in Qatar" she added. Qatar Development Bank CEO and QBIC Chairman Abdulaziz Bin Nasser Al Khalifa said: "QBIC supports entrepreneurs to overcome the challenges they face when starting their own business by providing them with hands on best practices in the entrepreneurial field. The second wave of the LeanStartup Program following the success of the first wave removes a significant hurdle to entrepreneurs by focusing on customer validation first, instead of the need to prepare theoretical business plans." Social Development Center Executive Director Amal Al Mannai said: "Entrepreneurship is a key part of economic diversification and through its LeanStartup Program, QBIC is playing an active role in supporting more startups in Qatar." (QNA)