Qatar Business Incubation Center: Searching for the next QAR 100 Million Companies
Based in Doha, the Qatar Business Incubation Center (QBIC) is a joint project between Qatar Development Bank and the Social Development Center. The aim? To be the the disruptor to change the mindset of the country and help it become agile and competitive in the world market. With their wealth of experience they’re hoping to develop the next QAR 100 million companies in Qatar!
QBIC’s flagship initiative – the LeanStartup programme – runs across 10 weeks and aims to provide entrepreneurs with real world, hands on experience and knowledge on how to successfully transform a business idea into a thriving startup. The LeanScaleup programme in the other hand covers how to grow an existing startup and provides guidance so ensure success in the local market.
The full incubation programme takes place across two years and the process follows the lifestyle of an entrepreneur from start to finish. Through incubating, developing, connecting and investing, entrepreneurs are supported to start and grow companies. They also have access to office space and financing services for two years and QBIC can offer a seed fund of up to QAR 300,000 in return for equity shares.
So far there’s been 218 LeanStartup graduates and 61 companies have been incubated across a spectrum of industries. A recent partnership with the Qatar Tourism Authority has lead to a specialised incubator called QBIC Tourism which will enable entrepreneurs to develop products and services to enhance the Qatar tourism experience.
QBIC, as well as the government, see entrepreneurs as the future of Qatari business success and economic growth. By helping young tech-savvy entrepreneurs with innovative, technology-related ideas QBIC is playing a large part in developing the local private sector, and of course is contributing to the 2030 vision.