Five One Labs Hosts Third Demo Day for Local Entrepreneurs
This Demo Day is funded through a partnership with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH and The International Organization for Migration
February 10, 2020 - Sulaimani, Iraq - Five One Labs, a start-up incubator for Iraqi and Syrian entrepreneurs in the Kurdistan Region of Iraq, held its third Demo Day on Saturday, February 8 in their coworking space, The Lab:Suli in Sulaimani, Iraq. During the event, 250K USD was awarded as grants across 10 of the tech-focused startups that pitched.
These entrepreneurs are participants in Five One Labs’ incubator program, which is an intensive, full-time three-month program that helps individuals with scalable tech ideas launch and grow their businesses. Five One Labs’ Demo Days are opportunities for these entrepreneurs to share their business ideas with the community, local investors, and grant providers. This week’s event was the second Demo Day Five One Labs has hosted in this location, and the third they have held since their founding in 2017.
“This Demo Day was an opportunity to celebrate the progress these entrepreneurs have made to date, and we are excited for how this grant funding will enable them to start their next chapter,” said Co-Founder and Executive Director, Alice Bosley. “We are thrilled to see how these entrepreneurs grow their businesses, and look forward to seeing these businesses spur growth in the startup community in Iraq.”
The startups awarded grant funding are all focused on bringing innovation to their community through technology, but they range in size and industry. Examples of companies awarded funding include:
Bina, an application that connects engineers, skilled workers and clients through an online marketplace.
Dyalog AI, a social media monitoring tool that uses artificial intelligence to understand Kurdish, Arabic and Farsi
And SuliBB, an online platform that connects beauty professionals with customers in Sulaimani.
"I couldn’t have gotten to this point without Five One Labs. It was an unforgettable experience that has shifted my life,” said Ranoo Hiwa, the entrepreneur behind Bina. “I have learned that the key to success in every business is to passionate about it, and I will carry that passion as I continue to grow my business"
Five One Labs’ partner, the International Organization for Migration (IOM) has awarded these funds, and they will lead the process working with the entrepreneurs awarded grants to set milestones for their businesses, creating a template for success as the companies grow.
This Demo Day is part of a larger partnership between Five One Labs and IOM, as they unite to provide young entrepreneurs and innovators funding and capacity to build their businesses through the combined skills and resources of several leading organizations.
About Five One Labs
Five One Labs is a startup incubator in the Kurdistan Region of Iraq (KRI) that provides diverse entrepreneurs with training, mentorship, connections and funding to launch scalable businesses. Our vision is to develop a network of entrepreneurs and innovators who have the support, skills, and connections to positively change their communities.