C3 Social Impact Accelerator program helps ME startups

As global industry came to an almost complete halt over the past couple of months, many startups in the region have bravely and creatively turned around the way they do business to stay afloat and, in some cases, even thrive and grow.

A few of them are the 2019 graduates of the C3 Social Impact Accelerator Programme powered by HSBC. The program helps startups to receive the tools they need to thrive in the global economy, including guidance on raising funds and how to manage their governance practices. Such cases include:

• Chefaa, last year’s winner, the Egyptian based e-health startup is now fulfilling triple the number of orders it used to get before the Covid-19 lockdown was imposed.

• InnoTech, an Omani based 3D printing EdTech startup, has completely pivoted operations by utilising its 3D printing capabilities to manufacture medical equipment, to ensure the country is well equipped as international supply chains are disrupted.

• MyU, a Kuwait based e-learning startup, supported schools and educational institutions to continue teaching online, making the process easier on teachers, students, and parents.

This year’s edition of the program – which is now open – has attracted over 600 applicants from eight countries in the Middle East, North Africa and Turkey (MENAT). Twenty-four finalists have been carefully shortlisted following a proven, rigorous selection process by the evaluators from HSBC, Bain & Company, and C3.

As per the program’s qualifying criteria, all the selected startups are contributing significantly to the UN Sustainable Development Goals, are revenue generating, and are profitable or have a clear profitability path.

Due to the COVID-19 pandemic and the imposed travel bans and restrictions on hosting events, C3 and HSBC have decided to turn the originally planned one-week program in Dubai, into a four-week online format, with board meeting simulations and the final pitch competition scheduled to run in August.

Commenting on the challenges and opportunities of running the event online, Medea Nocentini, Co-founder and CEO of C3, said: “COVID-19 is pushing us to accelerate plans we had for quite some time to further boost the effectiveness of our program. Hosting lectures and workshops online over a longer period of time will provide our entrepreneurs with increased expert accessibility and give them a chance to better absorb critical learning material.”

The customized lectures and interactive online sessions of the program are delivered by international trainers, tackling topics such as Theory of Change, social impact measurement, and pitching to impact investors, over four weeks.

Sabrin Rahman, Regional Head of Corporate Sustainability, HSBC, MENAT, said: “We have given the online structure a lot of thought to ensure that the entrepreneurs get all the benefits they were hoping for from the program, from engaging and insightful training, to networking with impact investors and likeminded entrepreneurs. We learnt a lot from last year’s program and are confident that the second edition of C3 will deliver an even better experience for our entrepreneurs.”

Roger Winfield, Chief Executive Officer of HSBC in Kuwait, said: “We are proud of our partnership with the C3 Social Impact Accelerator. This program really helps entrepreneurs maximize their social and environmental impact on the community, and I am delighted that Kuwait’s MyU from last year’s edition is supporting the education sector during this time. I look forward to seeing the 2020 winning startups at the final event in August.”

Thanks to C3’s partnership with Bain & Company and Al Tamimi & Company, the pitch competition winners will also benefit from mentoring sessions where they receive one-onone tailored pro-bono support. Also, C3’s partnership with CNN Arabic will create further opportunity to raise awareness of the program.