EIP partnership with ‘Flat6labs’
Entrepreneurship and Innovation Program Establishes Partnership with Flat6Labs Initiative
In coordination with lead partners such as Sawari Ventures, the American Chamber of Commerce and other prominent institutions, AUC’s Entrepreneurship and Innovation Program has served as Egypt's representative in the Global Entrepreneurship Program, where AUC’s School of Business signed a partnership agreement with Sawari ventures to launch the Flat6Labs incubator.
The incubator serves as a pilot for a business and entrepreneurial project, to demonstrate a real-life application. On a quarterly basis, Flat6Labs hosts various teams over the course of three months to enhance their entrepreneurial talent and develop their business potential. Three cycles have been successfully completed.
The initiative aims to mentor suitable candidates in order to successfully direct them with their business plans and endeavors for successful implementation in the future.
Through the entrepreneurship development program, the initiative enhances participants’ knowledge and skills in investment, marketing finance, product design, legal procedures, networking and any other attributes pertaining to rounding a successful entrepreneur and entrepreneurial know-how.
The incubator provides a collaborative environment for participants, which helps them overcome business challenges, encouraging them to implement their proposed business ideas. Supported and endorsed by capital firms, highly renowned companies and academic institutions, the aim is to continuously invest in people with plausible visionary ideas in the Middle East.
Potential participants apply via the Flat6Labs Web site, after which a filtration process begins. Teams are provided with seed funding to help them develop and define their product, as well as construct an effective business plan.
By converting a theoretical conception into a fundable Flat6Labs project, with the support of the School of Business, this accelerated program serves as an incubator to help accommodate its participants and transform them into successful entrepreneurs.
Upon graduation, a simulation is held, whereby participants present their business plans to potential investors and high-level individuals from well-known business communities and institutions. Furthermore, according to an agreement between AUC’s School of Business and Sawari Ventures, a signed partnership enables entrepreneurs to gain full access to faculty members at the School of Business, who will assist them in fully developing and completing their business plans. Additionally, Sawari Ventures will cater to winning entrepreneurs with the necessary funds and workspace.
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