LebNet - one of the 3 diaspora organizations behind LFE - has launched its Mentorship Program for Lebanese tech start-ups, with Instabeat as its first beneficiary.
Instabeat is one of the companies on the LFE focus list. The start-ups on this focus list are carefully selected by LFE after multiple meetings and deep-dive discussions to determine their eligibility along dimensions such as team quality, innovation, global reach, market size, customer traction, growth potential, and founders' openness to feedback.
The Lebnet Mentorship Program was designed at the beginning of this year in collaboration with LFE, and reflects the commitment of the diaspora to Lebanese entrepreneurs. Local companies on the LFE focus list are eligible for consideration for Lebnet's mentorship program. Once in the program, companies benefit from extensive coaching by Lebnet experts in Silicon Valley, who work with the founders to develop and follow up on an action plan that addresses the start-ups' needs. More companies from LFE's focus list will be proposed for the Lebnet Mentorship Program over the next months as the program ramps up.
Below are some relevant sections from Lebnet's most recent newsletter:
- Why: The LebNet Mentorship Program is initiated by LebNet as part of our mission of leveraging the commitment of the diaspora to Lebanese entrepreneurs, by mentoring high-tech professionals and executives of Lebanese descent, and connecting with Lebanese start-ups in the tech sector.
- What: It is a two-tier program through which LebNet adopts a company according to a defined "Selection Process". The first tier is called the Coaching Program, and the second tier is called the Sponsorship Program. This program is open to Lebanese start-ups and global start-ups founded by Lebanese entrepreneurs.
- What's New: Lebnet is proud to introduce the first beneficiary of its LebNet mentorship program: Instabeat. To this effect, an advisory committee has been formed that includes Fouad Tamer, George Abizeid, Imad Jabbour, and is chaired by Najib Khoury-Haddad.
I came for 2 weeks to the US for the testing of the device, and took advantage of my stay there to initiate the mentorship program. I first met with a small group to discuss my start-up more in detail and to get ready to meet the Board, then I met with the LebNet Board members and explained my business in detail, and through their exhaustive questions we were able to identify my direct needs, and then I met with a smaller group that has experience in what I needed (marketing, online, financial, manufacturing) in order to draft an action plan and determine the next steps. I found it amazing how much members are willing and want to help, and they have been super accessible, and we,ve tackled some big questions like warehousing, supply chain, shipping, quality and manufacturing. It was very helpful, and I know I have a board of advisors to report to with my progress and reach out whenever I need anything.