Arcoten Launches 9 week virtual venture acceleration program for Arabia: Arcoten Accelerate
Arcoten Holdings , the pan-arab focused entrepreneurship development and venture foundry , has announced the launch of Arcoten Accelerate , the virtual venture acceleration program. The program was adapted and based on Steve Blank’s customer development based startup model. A model around founders – early on – getting out of the building to validate business models by engaging with customers before investing time and money to build their full product and service offering. Unlike what startups are used to in the investment scene in the region, Arcoten Accelerate reduces the risk by not asking founders to build a 50 page plan or seek investment before helping them discover a repeatable and scalable business model, specially as the standard rate of failure is 9 out of 10 startups fail worldwide and VC invest in only 2% of the startups globally.
Arcoten Accelerate is a 9 week Acceleration program aiming to turn an idea into a validated scalable and repeatable business model, with the option of enrolling in an extended 9 month version of the program, where completing the product and service offering and building the venture is all done during the program.
The program targets all entrepreneurs residing in any ِrab country, with the convenience of not having to relocate as the program activities take place online. Program fees are 1,500 USD for 9 weeks – full and partial scholarships are available – Arcoten Accelerate gets no Equity during the 9 week acceleration period, where each cohort of max 6 ventures receives a weekly 1.5 hours of group work and a weekly 1/2 an hour of mandatory one-to-one coaching , in addition to open office hours with cohort theme specific mentors , and around 60,000 USD worth of perks per venture.
There are no application deadlines to miss, as the program application committee meets on weekly basis to approve applications submitted via the program website : http://www.arcoten.com/#5
Founding Partner at Arcoten Holdings Rami Al-Karmi said “Ot gives me great pleasure to announce launching Arcoten Accelerate as an online virtual acceleration program after successfully applying it across different arabic countries in an offline manner . Our real hope is to be able to identify startups who complete the program, and that we can help scale and add value in addition to investing up to 100,000 USD , in return of an equity stake and joining the arcoten family.