Berytech announced the results of this year’s incubation awards during its annual Christmas Gala dinner which took place on December 16th 2009 at the Library in the presence of over 200 guests. Mr. Bachir Al Kai, holder of the project Hikai, a patented Facebook application game, scored the highest result in the evaluation process and won the Incubation Award.

Three runner-up projects, URBN, Bey3a and E3lam also won incubation and various cash prizes from Berytech.

Al Kai who received a trophy during the Gala Dinner, thanked Berytech for this recognition. “Berytech has restored my confidence in this country and the merit system, he said, adding, I am honored to have won this prize through a rigorous and transparent process”.

The “Incubation Awards” which are designed to encourage entrepreneurship and startup creation, while stimulating innovation and promoting the incubation concept attracted over 40 candidates from country and the Region looking to start up in Lebanon. In the second stage of the process, 12 projects out of 40 were shortlisted, thanks to their innovative and technological dimensions. Stage II candidates had the opportunity to defend their business case in front of mixed panels composed of business practitioners, university professors, field experts as well as Berytech advisors. They received direct feedback regarding the merits as well as weakness of their projects, which would allow them to refine their business model going forward.
Final selection was based on a number of considerations including the innovative aspect of the project as well as the quality of team and the relevance of the business model.

Besides winning varying cash prizes that will be injected in business development, all four projects will benefit as well from an all-expense paid incubation and hosting program for 6 months within the incubator of Berytech.. They will also be eligible for equity financing from the Berytech Fund, once they complete the due diligence process successfully and demonstrate the appropriate qualifications. In addition, winners will benefit from personalized guidance, counseling and training, leading to the successful development of their projects into startups.