Beirut, February 20, 2017: Under the patronage and presence of HE Prime Minister Saad Al Hariri, MIC Ventures was launched, a Telco fund to invest in ICT Startups as part of the initiative introduced IDAL Business Support Unit to improve the business environment and boost innovation in Lebanon. The event took place on February 19th, 2018 at the Grand Serail, under the presence of HE Minister of Telecommunications Jamal Jarrah, during which touch, the leading mobile telecommunications and data operator in Lebanon, managed by Zain Group, will serve as a strategic partner for those startups.
MIC Ventures is set to raise a pool of funds and collaborate with expertise from the Lebanese mobile operators to invest in early and mid-level technology startups, while focusing on ICT Startups and other knowledge based sectors. The venture will then identify and asses project deliverables and innovative breakthrough technologies, meant to offset the decreasing revenues from traditional voice and data services. touch will further provide these companies and entrepreneurs with an incubator working space, logistics, and technical support.
touch Chief Executive Officer Emre Gurkan said, “As mobile operators, it is fundamental to innovate in order to remain relevant and explore new opportunities to differentiate ourselves, making it vital to our future prosperity. We are excited to be a part of this fund to invest in promising Lebanese entrepreneurs dedicated to building Lebanon’s and the region’s best technology companies, and we aim to leverage the development of these start-ups in several ways, which include bringing unique and life-enriching digital products and services to our customers.”
The digital revolution has profoundly transformed the telecom landscape. The industry has merged into a bigger ecosystem that includes connectivity, content, and a variety of other digital services. Innovative digital players have been very successful in capitalizing and adapting during this rapid change as well as gaining opportunities from mobile operators efficiently.
As part of their strategic pillars, mobile operators widely invest in startups to accelerate innovation, enrich their content, and strengthen economic growth.
Falling under the Zain Digital Frontier and Innovation (ZDFI) that is charged with focusing on areas of innovation, Zain Group has been efficiently active in the corporate venturing space by investing in four venture capital funds. Those include MEVP, WAMDA, Earlybird, and Colle Capital Partners.
In its aim to becoming a regional innovation trendsetter, Zain will focus on areas of innovation within the digital services, corporate venturing, and smart cities.
About touch
touch is the leading mobile operator in Lebanon, managed by Zain Group, the pioneering mobile and data services operator in the Middle East and Africa. In the last thirteen years of operations under Zain’s management, touch has had many success stories, providing cutting-edge services and technology to its consumers.
Drawing from Zain’s regional expertise providing telecommunication and mobile data services to 50 million users, touch has devised and adopted a consumer-centric strategy. touch’s range of services and its 3.9G and 4.5G coverage of all Lebanese territories has allowed it to gain a 54% wireless telecommunication market share in Lebanon. touch employs specialized and competent Lebanese personnel that aims to provide the latest in telecommunication services and products to the local community to help it grow in a more sustainable way.
touch, with the backing of Zain and its cooperation with the Lebanese Ministry of Telecommunications, dedicates all its resources to keeping up with the latest in telecom and mobile data. It offers a 24/7 call center service to cater to the need of its customers for uninterrupted connection.
touch values the local community, perceiving it as a major partner; its mission and vision reflect a dedication to humanitarian, social, and cultural causes, as well as creativity and innovation, which it considers integral to advancing its social responsibility program.
For more, please visit www.touch.com.lb; www.facebook.com/touchlebanon; www.twitter.com/touchlebanon www.instagram.com/touchlebanon; www.youtube.com/touchlebanon; www.linkedin.com/company/touch-lebanon