Changelabs, a regional impact-centered startup accelerator, has launched a two-track accelerator program in Jordan supporting local social entrepreneurs across multiple industries including fintech, agritech, healthtech, edtech, and more. It will support 10-15 impact-centered startups founded by Jordanian entrepreneurs with up to $70k of funding each and extensive mentorship.
- The Fintech Track, sponsored by Sanad Entrepreneurship Academy, is designed to support startups tackling financial inclusion, mobile payments, micro-loans, ticketing platforms, and serving the largely unbanked local population.
- The Impact Track, sponsored by FMO, will support high impact startups as they tackle pressing social problems in profitable ways.
Also running in partnership with Amazon (AWS), Madfoo3atkom, Cairo Amman Bank, and BIG by Orange, the accelerator will offer unparalleled access to the resources the startups need to pilot, launch, acquire customers, build partnerships, and raise Seed-stage funding. ‘Graduating’ companies will then be funneled into the ecosystem, creating a ripple effect that enriches all.
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Karim Samra, Co-Founder at Changelabs commented, “One of the biggest challenges in Jordan is developing a consistent and robust pipeline of new startups to fuel the ecosystem’s growth and success - Changelabs is working with local, regional, and global partners to bring its award-winning programs to the country and help young entrepreneurs, in all areas and of all ages, bring their ideas to market."
Even though Jordan’s population is largely digitally connected, with 90 percent of its households having a smartphone and, 89 percent having an internet subscription, the population remains largely unbanked. Accordingly, Changelabs’ fintech track will identify, recruit, train, and fund the best startups in the ecosystem that will leverage this opportunity and address this market gap.
The training modules will be held online by industry experts and coaches, covering relevant topics such as team dynamics, value proposition, customer acquisition, commercialization, market positioning, and milestone planning. Upon completing the program, top startups will be funded, receiving up to $25K of Amazon Web Services credits and $1K in cash to deploy towards their MVP/Prototype.
Jamal Khayyat, Changelabs Co-Founder and Managing Partner said, “Today, more than ever, entrepreneurship is becoming one of the most sought out ways to turn MENA's challenges into profitable opportunities. Our first Cohort in Jordan is set to help the local startups do just that".
Changelabs has been turning ideas into startups, with programs in Lebanon, Jordan, Iraq, and Egypt engaging MENA’s youth and bringing them back into the conversation. Their programs have helped support and scale launch exciting startups such as Youspital, Presto, Protienea, OTO Courses, Askova, Seavo, Hospitalia, and Praxilabs.
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