Startups and accelerators have become a trendy topic in Beirut's burgeoning tech community and now a new initiative has launched to give an added boost.
Speed@BDD, an initiative launched by Bader, Berytech Fund II, IM Capital, Lebanon for Entrepreneurs (LFE), and MEVP Impact, is Lebanon's first ecosystem-backed tech startup accelerator.
Teams of entrepreneurs participating in the initiative will benefit not only from the expertise of knowledgeable experts but also receive $30,000 in cash, free hosting, product development, business development, accounting services, legal services and mentorship. In return, Speed@BDD will take 10 percent in equity.
"We are proud to announce the launch of Speed@BDD, which will be producing the MENA region’s next high-growth businesses, particularly in the software, digital, and Web/mobile industries," said Sami Abou Saab, CEO of Speed@BDD.
"Our goal is to create an elite and top-notch startup community that attracts the best talent, the savvy investors, and the international attention to lead the development of the ecosystem in Lebanon. I believe that the local entrepreneurs have been waiting for this to happen from a long time and this is the opportunity to give them the right vehicle to develop their ideas and startups into the next big thing."
Abou Saab, who holds an MBA from Berkeley in California and formerly worked for Microsoft, sees Lebanon as a prime location for startup growth due to the high quality of education and the willingness of investors to support new initiatives.
"I have seen many successful individuals [from Lebanon] thrive on the global scene, both at Berkeley and at Microsoft," he told StepFeed.
"As for the technology sector, despite many hurdles in the country, Lebanon and the Lebanese have led its development in the MENA region, and the Information and Communications Technology sector has been one of the pillars of success for the private sector."
He emphasized the positive support of the broader Lebanese business and technology community.
"The Lebanese businessmen, entrepreneurs, and investors, have always shown their willingness and commitment to give back, and I have never been disappointed when reaching out for support."
Having successfully worked for Microsoft in Seattle, Abou Saab is ready to help give some of that positive energy and support back to Lebanon.
"Part of my job and Speed@BDD’s mission is to bring that support back home and make sure the startup community gets the best out of it."
The ongoing accelerator program will admit two batches of startups per year. From each batch, the top two will be selected to benefit from further acceleration support in Silicon Valley.