Zain Answers ArabCrunch Questions About its Startup Incubator, Q&A with CEO of Zain LEVANT Abdul Malek Jaber.
As a followup to our last post about Zain’s Jordan launching Ibda3 a startup incubator Dr. Abdul Malik Al Jaber CEO of Zain Levant Region along with Reem also from Zain were kind to answer via email our questions and provide more information about the program:
AC: What type of support you provide the startups? funding? resources what type?Do you provide office space?
Abdul Malik Al Jaber: We provide office space, that is fully equipped with all required hardware for content industry. We also provide resources in the relevant area for the incubated project; technical, marketing, legal, HR, etc.
We provide seed funding as well as per the project.
AC: what happens after the startup is launched? what do you take in exchange for all the offering you offer?
Abdul Malik Al Jaber: “The projects that are selected, go through a process of pre-incubation and then incubation and then graduation.
We have a VC (Venture Capital) fund that is attached to the incubator. The VC works like any other VC fund, which means we invest in some projects and we take shares. Such project are registered in the form of a limited liability company and the VC takes a stake based on the project and the amounts that will be invested.”
Reem Al-Odwan from Zain added this followup:
1- for now this program is launched only in Jordan, we are looking to launch it in other countries that F.U.N is already established there in cooperation with Zain Jordan and Zain Group.
2- we are not going to limit the funding per project to a certain amount. The funding will be fair to make the project succeed.
3- our percent will also depend on the kind of project and the period of incubation, it will be around 35-50%.
4- the VC fund so far is 100,000 JD.