Tag Archives: Competition

Being a Social Entrepreneur

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social impactWith the rising problems in the region, such as youth unemployment, the lack of social care services, and many others, we have been seeing an increase of civic responsible people wanting to remedy these issues with their communities. Social entrepreneurs are people who are not willing to watch the world around them deteriorate further and suffer. They see a problem and they want to fix it using business acumen to tackle the issues.

Not everyone can be a social entrepreneur. It’s tough and challenging and some difficult ‘Sophie’s Choice’ decisions have to be made along the way to make the business sustainable while achieving its mission. There are several things to consider before making the commitment to become a social entrepreneur.

What is the problem you want to solve?
You need to clearly articulate a problem and the solution to make it clear how your organization is part of the solution. Clearly state what the social challenge you want to solve is while developing your business plan, how you are planning to raise capital for it, and how you plan to implement your strategy. By knowing what is at the core of what you are trying to achieve, you could convince people to trust you and fund you, to leave better paying jobs to join your team, plus simplify engaging the public. By mastering this, you would manage to build the scale and sustainability of your idea for maximum social impact over time.

Is anyone else tackling the same problem?
Do your research. Chances are that someone else is already trying to tackle the same issue you have identified. Look into the approach that they are using. Consider if adding another group would help the cause or have the different groups compete over the same limited resources. Consider if your solution can support the others, rather than compete with them. If you still feel like your idea is better than the others, benefit from learning from their experiences in the field.

Consider your business model.
Many startups that focus on social impact tend to face unique challenges that other startups would not. Social enterprises have to continuously focus on profit and purpose. There are times when they are faced with decisions that pit profit against purpose. You need to consider the hard decisions you will have to make in such circumstances, for instance, would you compromise the social impact to make budget or tackle it so that you find other necessary cutbacks that will not harm your purpose? Generally, investors are focused on profits and growth and the business model needs to demonstrate that while remaining true to the mission. When looking for investors, find those who believe in the social mission and are passionate about it, so that when the time comes to make hard decisions, everyone on the team has the same values set.

Hire an entrepreneurial and flexible team.
You are a startup with limited resources. Having a team who think entrepreneurially, are capable of wearing different hats, and work flexible hours will pay off. Having a passionate team infused with an entrepreneurial spirit will jump shoot your startup leaps forward.

Be able to measure your social impact.
As a social enterprise you have to provide investors with financial projections and let them know how the business model contributes to solving an issue. Additionally, social enterprises have to constantly articulate to funders, supporters and the public the social impact of their solution. By articulating the number of lives impacted and accomplishments made through measurable and quantified indicators, you would help the enterprise to retain and grow its investment pool leading to maximizing the social impact.

Your readiness.
Starting a social enterprise is a demanding challenge that will affect your current life. You will have to invest long hours, battle challenges, constantly look for funding, and be persistent and patient until the impact is realized.

This list was not created to discourage anyone from being a social entrepreneur. If you have a great idea for solving a pressing issue, then society does need you. However, consider all of the above before you take that leap forward so that you do it right.

 

The Benefits of Entering a Startup Competition

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Entrepreneurs can achieve a lot by competing in startup competitions, even if they don’t win. A primary motivator for startups to enter competitions is usually the chance to acquire additional funding. However, the benefits of entering a competition, let alone winning, are myriad.

Validation:
Usually, the companies/organizations that host startup competitions are the foremost leaders in their fields. When you are selected by them to pitch at their competition, this adds to your reputation with a third-party validation.

Exposure:
The companies/organizations that host startup competitions usually tend to have a strong PR arm. It’s great publicity. If you win you will get a great amount of exposure and recognition, and even if you don’t win, your name will still get out there in the media. These competitions are designed to bring investors and entrepreneurs under one roof so you would also get your name out there to top industry names.

Networking:
As mentioned, the people who attend these competitions are seasoned investors, mentors, and entrepreneurs. It is a great way to meet them and expand your professional network locally and globally; you would also meet and interact with peers who have faced your current challenges. These relationships may be able to help you grow and develop your startup, gain investors, meet a mentor, and keep you in the loop on what’s happening in your field.

Feedback:
When pitching your idea to an audience, you gain the opportunity to receive valuable feedback from prospective investors and clients on your startup, providing you with knowledge on how you can adapt or develop your idea further.

If you have a startup and these benefits have enticed you to participate in a competition, apply to compete at the BDL Accelerate 2015 Early Stage Startup Competition before November 9th. You can read all about the additional benefits of competing and all the BDL Accelerate 2015 stats.

Deliver the Perfect Pitch

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In today’s competitive climate, entrepreneurs must stand out. Whether you are pitching to a large audience at a conference or to investors, it is crucial that you present the perfect pitch. Usually, you have less than 5 minutes to deliver a compelling pitch convincing potential investors, partners, and customers to select you.

First of all, developing the perfect presentation is essential:
Introduction:
On your first slide you should only have your logo. This is when you will introduce yourself and any essential team members.
Problem Statement:
Start your pitch with the problem statement, tell it in a story, state how big the problem is, back it up with numbers.
Solution Statement:
The solution to the problem you mentioned is your product/service. This is where you tell the audience the name of your product/service, and summarize your business in a clear, concise and compelling manner in a maximum of 2 to 3 sentences. These are your key messages. Explain how your product/service solves the problem.
How it works:
Now that you have introduced the solution, explain how it works. Is it an app? A webpage? How do they select the product/service? Do they pay for it? If so, how? Have users already used your product/service? If so, what were the positive feedbacks? This is the part where you can show off your prototype, show progress you have made, and how your team handled any challenges or pressure.
Facts:
Interview customers or conduct surveys beforehand. This is where you can insert facts on satisfied customers, with possible quotes.
How money is made:
What is your business model? How do you generate revenue?
The market:
Who is your customer base? How large is the market? Do you have competitors? Who are they and how are you better than them?
Marketing:
This is where you state your market-entry strategy entailing how you will reach out to early adopters, acquire and expand customers, etc.
Financials:
Only state key numbers: The initial investment your business needs to start, your pricing strategy, break-even forecast, etc.
End with a big bang:
Summarize with these points: that you have identified a problem, you have created and developed a solution to that problem, that you have a clear and winning market-entry strategy and the amount you need to start.

Additional tips:
– Don’t procrastinate to create your presentation.
– Don’t overload with content since it could overwhelm your audience.
– Practice your presentation until you are comfortable with it and perfect your delivery style.
– Understand your audience before you step on stage.
– When delivering your presentation, make sure your posture is comfortable and controlled.
– Use hand gestures effectively to enhance your presentation.
– Try not to stand behind a podium while delivering so that you are not separated from the audience.
– Make eye contact with the audience.
– Don’t glue your face to your notes.

Don’t forget that this may be your only chance to pitch your startup so don’t procrastinate in developing your presentation and be prepared. Good luck!

Idea Stage Startup Competition Deadline Extended!

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Due to the overwhelming response we have received from interested participants in the Idea Stage Startup Competition, we have decided to extend the deadline to apply. The new dates are as follows:

Application deadline: November 1st
Announcing Selected Applicants: November 2nd
Weekly workshops: November 3rd until November 27th
Final Pitch and Awards: At BDL Accelerate 2015 on December 11th

About Idea Stage Startup Competition:
Aspiring to educate and inspire youth, Banque du Liban is hosting an Idea Stage Startup workshop series and competition themed Reimagining Lebanon. Inspired by youth driving change in Lebanon, the series of design-thinking workshops offered by SETT, a think tank focused on enabling emerging startup companies, is going to empower applicants with the entrepreneurial skills to develop solutions for a better Lebanon.

Reimagining Lebanon will feature a series of weekly workshops over the span of 5 weeks. Applicants will be assembled into 8 teams of 3 with diverse but complementary backgrounds, to develop a startup idea to address a problem that will be assigned to them. The participating teams will pitch their ideas to a panel of judges in front of an audience during Banque du Liban Accelerate 2015 for the chance to win 5,000 USD. To be eligible, one may be of any age and background with the will to learn new methods of thought and passionately wants to create an impact in their community.

Applications for the Idea Stage Startup Competition are currently open until November 1st and the teams will be selected on November 2ndth. The selected teams will have to attend one workshop per week for 3 hours.

This is an opportunity that anyone can take and learn innovative skills.

To learn more about this rare opportunity and participate in this experience, click here 

 

What to expect at BDL Accelerate 2015

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The theme for BDL Accelerate 2015 being “Emerging Startup Ecosystems,” Lebanon’s 2nd international startup conference will be bringing together influential stakeholders from startup ecosystems from 9 key cities – London, Istanbul, New York, Tehran, Berlin, Cairo, Singapore, Madrid, and Beirut. An exceptional set of startups, venture capitalists, accelerators, policy makers, and more will represent the 9 ecosystems that will each have its own pavilion to showcase its institutions.

There will be 2 stages at the conference, one of which will be dedicated to panels, keynotes, and fireside chats as a space for 100 influential speakers from over 30 countries to share their best practices, discuss the challenges they faced during the developing stages of their ecosystems, and exchange their knowledge. The aim of the valuable engagement and knowledge shared on this stage will be a great stepping stone for the Lebanese ecosystem to thrive through learning from the trials and errors of other ecosystems.

The second stage will be dedicated to the startup pitches as part of the two competitions BDL Accelerate 2015 is hosting dedicated for idea stage startups and early stage startups. The aim of these competitions is to educate and provide tools to aspiring entrepreneurs and to assist them in succeeding, as well as to find the best startup in the local scene.

Applications for the Idea Stage Startup Competition are currently open until (updated) November 1. Once teams are selected, successful applicants will be notified to partake in a series of weekly workshops over the span of 5 weeks, around the “Reimagine Lebanon” theme. The workshops are offered by SETT, a think tank focused on enabling emerging startup ecosystems, empowering youth with the entrepreneurial skills to develop solutions for a better Lebanon. The participating teams will pitch their ideas to a panel of judges in front of an audience during Banque du Liban Accelerate 2015 for the chance to win 5,000 USD. To be eligible, one may be of any age and background with the will to learn new methods of thought and passionately wants to create an impact in their community.

The 2nd competition, the Early Stage Startup Competition, features a pitch competition for early stage startups. The deadline for applying for this competition is November 9th, from which the selected startups will pitch at Banque du Liban Accelerate 2015 for a chance to win 10,000 USD in cash, and the opportunity to win a trip to a top tier international startup competition.