The UK Lebanon Tech Hub aims to fuel further growth in “Lebanon’s ecosystem”, whereby it has come out with The Nucleus.
The Nucleus is “a venture building programme” which has been created with the purpose of utilising tech ideas as well as “minimal viable products” to turn them into solutions that can be marketed. Moreover, it also begins by providing financial support offer.
During the launch of The Nucleus, the UK Lebanon Tech Hub’s Chairman, Nicolas Sehnaoui made an announcement, whereby revealing that the Central Bank of Lebanon will provide funds for the UK Lebanon Tech Hub. The amount will be “US$3.2 million”. However, simultaneously another fund has been pledged by the U.K. embassy whereby totalling the funds to “$6.4 million”.
As many as hundred seventy six applications were submitted in total. However, only thirty seven among them were chosen from outside Lebanon, while twenty start-ups were selected to take part in the “product development workshop” which lasted for seven days. Following the week’s workshop, another final selection was made, whereby six start-ups names were chosen to be part of the “full three-month acceleration program” of The Nucleus.
The selected six start-ups would be getting an investment fund of “$20,000 in cash” and worth “$30,000” of services, while they have to return with a “5% equity stake”. Furthermore, it has been reported that in the three months’ of course, start-ups will be taken through workshops on “finance, legal structures, raising funds, marketing and sales, as well access to office space, legal and auditing services support and HR services”. In fact, once the programme ends, the alumni, start-ups will still be eligible for help in the form of partnership facilitation besides “potential investments”.
Here are the six selected start-ups, as mentioned by Entrepreneur Staff:
• DOX: An energy startup offering predictive maintenance algorithm to monitor the performance of drones.
• HANDISS: A platform for engineer and architect freelancers in the construction sector.
• IMAGINEME: An online publishing platform utilizing augmented reality to create personalized children’s book.
• JALEESA: A tech-driven platform connecting parents with verified caregivers.
• LGALX: A platform offering legal answers and services using AI and blockchain tech.
• NOTIFER: An app aiming to boost your memory and productivity with actionable reminders.