Beirut-based UK Lebanon Tech Hub is launching The Nucleus, an accelerator program that is aimed at helping idea- and early-stage Lebanese startups build marketable products within three months.
Early-stage firms can submit applications until May 27.
According to a statement, the program tries to address the two major challenges faced by entrepreneurs aiming to start a business—the need for specific business or technical expertise, and professional guidance to transform the idea into an actual product.
The new program aims to address these problems—the accelerator would give startups funding worth $50,000 in cash and mentoring services for up to 5% equity.
Besides offering free office space for startups, the UK Lebanon Tech Hub will also offer advisory teams dedicated to focus on the startups’ business models, commercialization, legalities and potential for investment
The startups can also avail the help of a tech team devoted to working hand-in-hand with early-stage firms to turn their ideas into a marketable product.
In addition, the accelerator will arrange product development workshops and training modules focused on business and technical needs.
It will also arrange monthly meetings where key performance indicators (KPIs) will be discussed.
The accelerator’s marketing and communication team will also work actively to promote Lebanese startups and entrepreneurs in the international market.
From the initial set of applications, ax expert panel will select around 30 startups. These 30 firms will then take part in a week-long product development workshop based on which 10 finalists will be chosen.
The top 10 startups will then be allowed to participate in the three-month program.
Located in the Beirut Digital District, the UK Lebanon Tech Hub was launched on in May 2015 as a partnership between the United Kingdom and the Lebanon’s Central Bank.
It is part of Central Bank’s Circular 331 initiative that is aimed at building scalable Lebanese startups.