Umniah’s The Tank Kicks Off Third Season with 23 New Startups
July 11, 2021 – Amman, Jordan: Umniah’s business incubator, The Tank has announced that it has selected 23 new startups to take part in the third wave of its business incubation program, a move that is in line with its continuous efforts to stimulate and support the entrepreneurial ecosystem in the Kingdom. The 23 companies, which each met and exceeded a rigorous set of criteria, were chosen from over 100 applications received after the launch announcement in March, with 50 of them qualifying for the second phase that took place in May.
During the second phase of the selection process, qualifying startups were asked to present the technical pitch for their companies to a distinguished panel of judges, which included Professor of Entrepreneurship at the American University of Beirut Dr. Alain Daou, Queen Rania Center for Entrepreneurship Director Mohammad Obeidat, Umniah Director of Communications Wajeeha Al-Husseini, Al-Ahliyya Amman University Assistant to the President Dr. Anas Al-Saud, Ministry of Digital Economy and Entrepreneurship Director of the Digital Business Sector Raed Madanat, and innovation and business development Consultant Ziad Masri. The panel focused on the evaluation of each startup based on product and market fit, revenue models, potential for growth and sustainability, the founding team and technical readiness.
According to a statement released by The Tank, 40 start-ups moved on to the third stage, which involved personal interviews conducted by a team from Umniah that gauged the personal qualities of applicants in terms of commitment, passion, and discipline in order to qualify them for the final stage, which required the presentation of a business pitch. Thirty startups were evaluated based on elements including product suitability, business model, revenue model and financial figures, scalability, and growth potential, in addition to evaluating the company's competitive advantage.
During the final stage, the jury was made up Umniah Director of Communications Wajeeha Al-Husseini, Founder and CEO of Impact MENA Farhan Kalaldeh, and Managing Partner at Propeller Tambi Jalouqa. The 23 startups that made it past all stages are SpaceDeco, TachyHealth, Heliotaics, FanniJo, Bloom, 7asaleh, Engegesoft, Scholascope, Saleem, Ejarkom, Cookiesbis, Mental Math Kids, Bunni Coffee Roaster, Medlinic, AB Solutions, SmartWheels, ITS, Mishmash, Jafar Shop, Jothings, Martha Edu, Tarmeem, Ezlancing.
The 23 startups accepted into the incubation program’s third wave will receive an integrated series of services that include individual counseling and mentorship, access to workshops and training courses, access to financing, financial and legal consultations, business development and marketing training, the opportunity to network with investors and financing institutions, as well as office space, access to international conferences, the facilitation of professional licensing and tax and customs exemptions. In addition, The Tank will conduct quarterly evaluations of each startup to ensure that the companies are on track to achieving their goals.
During the first two waves of the incubation program, 47 entrepreneurs and startups received in-person and virtual incubation services, with the total number of beneficiaries exceeding 7,000 through over 150 annual events. Since its inception, The Tank has partnered with both local and international organizations in order to support the entrepreneurial ecosystem in the Kingdom by allowing innovative startups the opportunity to participate in global and local competitions, as well as hosting workshops on innovation and entrepreneurship for high school and university students.