Beirut, April 12, 2016 – Speed@BDD officially launched its second acceleration program, on Monday April 11, 2016, at Junkyard, Mar Mikhael, in the presence of investors, key startup ecosystem players, and media representatives. The launch event revealed the seven selected startups joining Batch II of the 3-month acceleration program, which kicked off on April 7, 2016.
After a successful first acceleration cycle, which concluded with the Demo Day event on January 13, 2016, Speed@BDD began the thorough selection process of its second batch of startups. The entrepreneurs’ profiles and experiences were carefully reviewed and a big number of them interviewed to assess their technology ideas and products. Focusing on quality rather than quantity, only seven startups were recruited for Speed@BDD’s intensive program.
The seven startups that joined the second acceleration, which started on April 7, will each be receiving a $30,000 cash injection, in addition to free hosting, product and business development, accounting and legal services, and mentorship. Workshops and talks will be delivered by local and international coaches with various backgrounds and expertise.
During the welcome note of the launch event, Mr. Sami Abou Saab, CEO of Speed@BDD, reflected back on the achievements of Batch I startups and shared the acceleration goals for Batch II startups: “Our 6 graduating startups gained a lot of traction during the acceleration and following Demo Day. 4 of them are currently in serious talks with local and international investors, with offers at hand ranging up to 20 times their valuation before entering Speed@BDD. We have set our goals for Batch II even higher and the seven selected teams look very promising already. We worked very hard using a multi-step recruitment process to make sure we choose the most capable entrepreneurs for the second acceleration. Learning from the first cycle, we fine-tuned our 3-month program to provide the startups with the biggest value and prepare them to follow the trail of Next Automated Robots and RationalPixels to Silicon Valley. Speed@BDD is continuously partnering and working with key players in Lebanon and abroad to create the right environment and channels for the Lebanese startup ecosystem, encouraging local talent to jump onboard the entrepreneurship wagon”.
The second acceleration cycle will conclude on July 7 and will be followed by a Demo Day event around mid-July, 2016.