Incubator launched at Rafik Hariri University

The Maria Goeppert Mayer Incubator (MGMI) will be launched today at the Rafik Hariri University (RHU) in Mechref.

MGMI is the result of cooperation between local partners and German Embassy to transfer hi-tech knowledge to local startups. It will link local technology ideas with German knowhow.

Ayman Chehade, initiator of the project and Director of the MGMI, said that the incubator will be affiliating with the Innovation Center, which is a German governmental institution that aims to enhance startups in Germany.

Entrepreneurs at the incubator will benefit from the laboratories available at RHU to experiment with their projects. Participants will also have access to consultation from the RHU academic team. Another office location will be set at a later stage in down town.

Startups can register on MGMI’s platform, and a committee of academics and businessmen will assess ideas.

The incubator will be seeking to finance startups through venture capital funds benefitting from Central Bank’s circular 331, and private investors. Chehade said that expected investment tickets would range between $200,000 and $2 million.

A startup can open a branch in Germany if the required technology is unavailable locally. Incubation periods and break-even analysis will be decided by specialized committees. Office facilities will be free of charge during the incubation period.

Reported by Samer Rasbey