Thursday, May 23, 2024

The deadline for QSTP ELV8’s Applications is fast approaching

DOHA Qatar – The deadline to apply for the Qatar Science and Technology Park’s (QSTP) ELV8 program is approaching soon. Precisely, 16 October 2021 is the last date to apply for this amazing accelerator program. Hence, entrepreneurs are hereby encouraged to apply for it as this is a golden opportunity to introduce your startup into international markets.

“I highly encourage tech entrepreneurs in Qatar to apply and take advantage of this unique opportunity. As the next generation of leaders in technology, they will be playing a pivotal role in taking Qatar’s innovation to the international stage, while contributing robustly to the diversification of the country’s economy and enriching the local RDI ecosystem through knowledge exchange and local capacity building.” Says QSTP Executive Director, Yosouf Al-Salehi in this regard.

Yosouf Al-Salehi, QSTP Executive Director on QSTP ELV8 | Image Source: QSTP

Partners & Collaborations

QSTP, in collaboration with Plug and Play, the world’s biggest innovation platform, will propel the program. Apparently, the biggest challenges almost every tech-based startup faces is a lack of funding and limited reach out options. And QSTP’s ELV8 provides a solution to both these challenges. Once chosen for the program, the startup will not only receive investment from QSTP’s Tech Venture Fund but also have an opportunity to expand internationally.

The selection process

Primarily, QSTP ELV8 is an exciting 12-month business accelerator program that aims to introduce Qatar-based tech startups into international markets. Accordingly, the application process commenced on 19th September and will close on 16th October this year.

After detailed reviewing, processing, and screening sessions are complete, QSTP will shortlist 10 startups initially. Out of these 10, QSTP will then select two deserving startups for incubation at one of the Plug and Play’s 30 international accelerators. 

The Eligibility criteria

Nevertheless, one must check your eligibility for the program through these pointers before applying:

  • Qatar-based tech start-ups looking to expand into international markets.
  • Eligible startups which already have an existing product or service, and are able to demonstrate recent and significant growth in their customer/user base.
  • The program is available to startups that have previously secured funding from investors and are preparing to raise, or have already closed, their Series A round.
  • ELV8 participants will be required to maintain some of their business operations in Doha (ex. Product Development, sourcing human capital).

The incubation process

After the 31st of October, these startups will receive incubation for 12 months through the Plug and Play accelerator. During the first three months, startups will receive mentoring focusing on their growth. In contrast, the remaining nine months will aim to increase the customer base in the international market. However, the exact venue for the placement will be decided by the vertical industry of the startup itself.

What startups should expect from QSTP EVL8

The two selected startups will enjoy numerous benefits, including:

  • Start-ups will gain access to their next growth market, via funds received from QSTP’s Tech Venture Fund (TVF).
  • Start-ups will be embedded with other successful start-ups in an international Plug and Play accelerator that is best suited to support their specific industry vertical, with clear growth milestones that lead to a higher rate of success.
  • Start-ups will be given access to investors and customers in the international growth market in which they are incubated.
  • Start-ups will receive 12 months of coworking space with 3 months of enrollment in a Growth Hacking program.
  • Growth Hacking techniques are designed to accelerate growth by developing the skills needed for accelerated business, customer base and revenue growth (Sales and Marketing, Scalability – Product and Business Model, Legal, Financials).

Would you like your startup to be one of the lucky two? Apply now.

Summing up, QSTP’s ELV8 initiative provides a once-in-a-lifetime opportunity for any Qatari tech startup to realise its ambitions. As a result, no entrepreneur should pass up such a golden chance to try their luck. By the end of the month, you may be the lucky one travelling to Silicon Valley.

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To report any issue or error in the story, please email us editor [at] qatarstalk [dot] com.

Read more about Qatar’s Startup ecosystem and QSTP
Team QT
Team QT
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