In line with the university’s dedication to innovation and giving back to the community, the Fouad Makhzoumi Innovation Center (FMIC), the entrepreneurial arm of LAU, continued for the fourth year to support Lebanese startups in their journey to build sustainable, profitable and impactful businesses.

As part of the centennial edition of its SPARK program, FMIC hosted iDay, the final pitching event for this year’s cohort of entrepreneurs, at the Beirut campus on August 12, 2024, where 16 startups presented their businesses to the LAU investment committee, competing for a $10,000 prize to help them turn their products and services into thriving enterprises.

iDay marked the end of a five-month incubation program that began with a record of 107 startup applications. After multiple screenings, 31 teams advanced to a rigorous program featuring 14 expert training modules, including legal, marketing, finance and purpose-driven sales. From there, 20 startups reached Demo Day, and 16 finalists were selected to pitch to the investment committee.

“It is obvious that the selection process was driven by passion, intense competition and meticulous scrutiny,” said LAU President Michel E. Mawad, who headed the committee alongside institutional and industry veterans.

Committee members included Vice President for Business Development and Global Affairs Elie Badr, Chief Investment Officer of LAU David Grosner, Associate Provost for International Education and Programs Barbar Akle, Director of the Industrial Hub and Assistant Professor of Practice Ali Ammouri, Vice President of Finance Charles Abou Rjeily, Chief Operating Officer at Berytech Ramy Boujawdeh and Anghami Co-Founder Elie Habib.

“The SPARK program not only empowers entrepreneurs by addressing gaps in their expertise and opening networking opportunities with business leaders and LAU partners,” said FMIC Director Annie Seferian, “but it also helps them launch businesses that ultimately contribute to their communities.”

Among the pitching teams were students, alumni, staff and faculty who received tailored mentorship on how to gear their startups toward success. Using a new startup-targeted assessment tool, the jury evaluated the diverse projects, scaling them on innovation, sustainability and business model, among other key elements essential for startup success.

Exceptionally this year, on the occasion of the university’s 100th anniversary, 11 teams were declared winners instead of the customary five, each receiving $10,000. This investment mandates quarterly presentations of their growth and profitability, after which external auditors re-evaluate them for a potentially larger investment.

Winners of the Centennial Cohort Incubation are:

- Coducators SARL: A gamified learning method of skills, such as robotics and coding, to prepare the youth for the new tech-heavy job market.

-Food Phi: A range of food products that combines the benefits of sorghum and wheat, offering superior nutrition while using fewer resources.

-Honeylicious Treats: A natural honey powder serving as a healthier sugar alternative.

-Jibly World: An e-commerce platform that provides exclusive Lebanese products to global consumers.

-Muscle Engineer: Nutritious protein snacks that curb cravings and enhance metabolic and energetic performance.

-Netify: A networking application that uses Near Field Communication (NFC) technology and digital business cards to build a dynamic community and turn interactions into meaningful results.

-Parapharma: A digital platform that aggregates premium, expert-approved parapharmaceuticals, cosmetics and fitness essentials, providing personalized recommendations and health content.

-Rukun: A digital platform that connects clients with vetted freelance interior designers, offering customized and affordable design solutions tailored to individual tastes and lifestyles.

- Sourcing & Beyond: A tech integrated supply chain marketplace to allow collaboration between companies and reliable suppliers.

-Stir: Versatile drink capsules for coffee and cocktails that can be added to any base, without a machine.

- WaveTech: A compact and versatile machine that produces usable energy from sea and ocean waves.