AUC Venture Lab
In 2013, AUC launched AUC Venture Lab (V-Lab) which is the first university-based incubator in Egypt. It incubates early-stage and growth-stage startups that are chosen through a selection process that judges the novelty of the idea, the team’s track record and cohesion, scalability and potential for commercialization, as well as the team’s tenacity and commitment to success. Once selected, the startups benefit from training sessions, mentors, student internships and their presence at the AUC School of Business. They also play an active role in the AUC community and Egypt, sharing their entrepreneurial experience with students, faculty members, mentors and investors, as well as a global alumni network.
AUC V-Lab enables startups to capitalize on AUC’s world-class facilities and knowledge base, connecting innovative startups with AUC’s alumni network and fostering a thriving ecosystem of innovation, education and business. In 2014, AUC V-Lab has been selected among the top five most promising university incubators in Africa by Sweden-based UBI-Index.
AUC Venture Lab requirements
After the idea stage and before completing the market strategy, startups should:
- Have a clear business plan
- Have or be working on a prototype/pilot/proof of concept
- Have innovative approach to solving/filling an existing demand, i.e. should not be a copy cat of any existing business in Egypt
- Have a team of founders, with at least one working full time
- Funding of LE 20,000
- Business training sessions
- Networking events
- Access to AUC faculty members
- Access to AUC students
- Access to AUC facilities