Berytech, the ecosystem for entrepreneurs, has launched ‘Innovation Factory: From Research to Market’, a 6-month acceleration program revolving around Technology Transfer and allowing 8 teams to develop their research or technology innovation in any sector into practical and commercially viable products and applications.
The program will give candidates international exposure with access to local and global markets, business to business networks, and a pool of seasoned experts, mentors, and investors.
The program consists of a 3-day bootcamp, a 3-month acceleration phase, a demo day, and a 3-month incubation phase with potential grant prizes for 2 winning teams. It is funded by the European Union under THE NEXT SOCIETY initiative and organized in Lebanon by Berytech and Anima. The applications are open online till April 2, 2019.
The acceleration program is open to researchers, postgraduates, innovators, engineers and technicians who want to turn their research project or technology into a successful business.
“By joining the Innovation Factory Program, candidates will accelerate the process, create their startup, get international exposure, and access markets, business opportunities and funding networks, all in less than 6 months,” explained Krystel Khalil, Director of Programs at Berytech.
8 selected projects will have the chance to attend the 3-day intensive bootcamp led by local and international experts. The Bootcamp’s program will focus on teamwork, networking, mentoring sessions, learning, applied knowledge, and exchange of expertise. It will aim at helping the candidates explore market, funding, commercialization and business opportunities and develop a valid business model for their innovation.
During the 3-month acceleration phase, the teams will be granted access to several group working sessions with the Berytech team and expert coaches. The teams will also have the opportunity to develop a customized business model, validate their business model in the market, develop a go-to-market strategy, and investment deck.
The Demo Day
The 8 teams will be showcasing their innovations during a public Demo Day in June 2019 where they will be pitching in front of an audience of partners, industry players, experts and investors with jury feedback. Market-oriented matchmaking meetings will also take place between the teams and different investors, industry leaders and experts. 2 projects will be selected to be incubated with Berytech with potential access to a financial cash prize.
The Incubation Phase with Berytech
The 2 winning teams will be granted follow-up personal working meetings for each team and technical assistance sessions with Berytech Business Support and Development Team to develop their business plan and be ready to meet with investors.
The Innovation Factory is open for technology-based innovations in any sector with a proof of concept that is locally developed with the potential for scalability. The innovation must address major industrial, societal and environmental challenges, and it must be transferable with no Intellectual Property issues.
The project should be close to the commercialization and market application phase. Applicants will be evaluated based on the strength of the application, including technology innovation assessment, the economic viability of the project, the team expertise and the motivation.
Technology Transfer and Innovation Goals for Lebanon
Berytech had previously organized, in October 2018, a 3-day Technology Transfer Bootcamp: From Research to Innovation, through THE NEXT SOCIETY program funded by the European Union focusing on water, food and energy sectors. 25 people, forming 14 teams, labored through the intensive training with the aim of understanding the different business aspects of turning their innovative researches into high-potential, successful startups.
“What Berytech is doing by organizing and hosting these bootcamps, is changing the perception of research, moving it from behind closed doors to the public arena, where it can be valued and commercialized,” concluded Krystel Khalil.