“The newly opened 2,500-sqft business incubator in Beirut will be followed by an identical facility in Cambridge, MA that is meant for enterprises focusing on technology,” said Mr. Chreim, Managing Director.
The incubators will be funded by SCAS and will be managed Samir Chreim, a serial entrepreneur and the founder of over 12 startups. “For many years SCAS Inc. and EGNYT have helped match angel investors and funds and angel with emerging projects. We believe that formalizing and systematizing this relationship will not only boost the number of graduating startups, but will also help us build on what we accomplished over the past 9 years.”
“Having a footprint in two countries not only help us leverage economies of scale, but will also boost cooperation and will help bridge a major gap in technology know-how faced by startups in Middle Eastern countries, and in particular, in Lebanon,” Mr. Chreim added: “Take digital marketing as an example, a key success factor that plays as the determinant for a successful startup. This expertise is almost non-existent in Lebanon. By drawing on the expertise of the Boston location, we can local Beirut startups overcome these challenges.”
Benefits go both ways. For example, Cambridge-based incubator also stands to benefit from having access to a Beirut-based location. “In the age of Unicorns, technology expertise is in high demand and expensive to come by in the US. Therefore, having a Beirut location, US-based startups can benefit by having access to low-cost by hiring or outsourcing to Beirut where labor is cheaper,” said Mr. Chreim.
Beyond seed-stage funding, graduating startups stand to benefit from SCAS services in getting early-stage funding and private equity. SCAS provides startups with investments directly or indirectly by matching them with investors.