Al Mudahka says that QBIC is in the process of anticipating some MOU agreements and partnerships with relevant and supporting establishments. For instance, during March of this year the Qatar Tourism Authority (QTA) and QDB announced the establishment of the Tourism Incubation Zone at QBIC. “We also have Al Sraiya Group as an investment partner,” adds Al Mudahka. Interested applicants to QBIC are not required to submit business plans or carry out feasibility studies; instead, they must to take part in their 10-week flagship program called LeanStartup. The LeanStartup Program is based on the strength of their business idea, and most importantly, on the dedication of the entrepreneur and the team behind the idea. Once the 10-week program concludes, participants pitch their ideas to a panel of judges and potential investors who then select the most
successful pitches for incubation at QBIC. In order to be eligible to apply to the QBIC program, the applicant must be a resident of Qatar. In addition, they must have at least one of the founding members as an active Qatari partner, since QBIC is intended to support Qatari entrepreneurs. The LeanStartup Program is an entrepreneurial program, which provides real world, hands-on, learning experience on how to successfully start a business. By using the streamlined Customer Development Process (customer validation technique), rather than a prema-
ture business plan. “The LeanStartup Program is based on the Business Model Canvas, a visual chart with elements describing the firm’s value propositions, infrastructure, customers, and finances. In this program we are using local Qatari startup business cases as well as challenging exercises.” As of 2015, QBIC has a total of 24 incubated companies, out of which 19 are startups and five industrial workshops. “By the end of the year, we are planning to incubate a total of 40.” However, since QBIC’s launch, 25 startups have been incubated, although some had to leave since they did not deliver on the requirements and agreed >>>
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“The LeanStartup Program is based on the Business Model Canvas, a visual chart with elements describing the firm’s value propositions, infrastructure, customers, and finances. In this program we are using local Qatari start-up business cases as well as challenging exercises.”
QBIC building
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