Bader Launches the Second Edition of the Startup Cup Business Competition

For the second year in a row, Bader has announced the launch of its Startup Cup Business Competition, a worldwide program started by Kauffman Foundation and adopted by Bader in its Lebanese version, with the support of Bank Audi, a press release said on Wednesday.

The Bader Startup Cup is a locally driven business model competition that serves as an ideal platform for entrepreneurs to launch their ideas into the marketplace.

Expressing Bader’s leading role in encouraging new businesses and Bank Audi’ belief in its mission, Mr. Marc Audi, General Manager – Country Manager Lebanon – Bank Audi sal, said: “BADER has become renowned for the seriousness of its achievements, especially to the benefit of the Lebanese youth.

"This commitment to support young entrepreneurs is perfectly in line with Bank Audi’s dedication to empowering young generations and helping them grow beyond their potential. This is why we are always pleased to join in any effort to provide the youth with the best possible future.”

He added: “I am confident that our five-year cooperation agreement with BADER will materialize in the growth of a considerable number of startups which will be able to operate with a greater potential.”

At the heart of this competition is an extensive coaching and training program led by well established Lebanese business leaders who will act as coaches and mentors to each of the 12 semi-finalists, supporting them in studying the strengths and weaknesses of their companies and offering them guidance to overcome possible challenges while building their sustainable business models.

Mentors will also play a crucial role in facilitating entrepreneurs’ access to finance by linking them to their business network of micro-finance institutions and banks.

Through the different phases of the competition, entrepreneurs will get the chance to test their business model assumptions, challenge their plan, go to the marketplace, and connect with their future potential customers.

Only 7 contestants who have designed their business models will reach the final stage of the competition, which consists in pitching their ideas to a distinguished panel of renowned business figures. The judges will select the 3 winners of the competition during the Global Entrepreneurship Week based on 3 main criteria: a high level of innovation, high scalability with greater chances of success then failure, and the ability to generate new job opportunities in Lebanon.

Mr. Robert Fadel, President of Bader, wished good luck to all the 2014 applicants, stating: "After a highly successful 2013 competition, we look forward to the 2014 edition of the Startup Cup.” He added: “Bader is proud to work with its partners on helping exceptional Lebanese entrepreneurs maximize their chances of achieving investment and business success”.