Lebanon-based FabricAid is not just yet another startup looking to make a name for itself in the thriving entrepreneurial ecosystem in the Middle East. The company, while profit-based, has its root anchored in the noble cause of providing the underprivileged section of the society with quality clothing choices at affordable prices.
Last week marked an important milestone for FabricAid as the company won the first edition of the “Get in the Ring Beirut” startup competition on April 28, 2018. The competition was held on the last day of the SmartEx exhibition at the Forum de Beyrouth.
Get in the Ring is a competition open for startups across the world. The premise of the event is very simple, yet unique and exciting. The participating startups enter a ring in pairs where they battle one-on-one by pitching their businesses. Each dual comprises multiple rounds focused on the team, finances, and business model.
The participants also receive mentoring, pitch training, as well as the opportunity to meet investors, potential partners, and clients along the way.
The first edition of the competition saw participation by 5,000 contestants from all over the world. The finalists were shortlisted based on their performance in the 130 preliminary rounds. The regional winners in the competition will now travel to Portugal for the last leg of the competition where the winner will be announced.
While FabricAid emerged the winner in the Lebanon chapter of the competition, two other startups also drew much appreciation from the jury panel and the audience at large. These include first runner-up Spike, a health-tech startup, and Sidelick, the second runner-up, that specializes in connecting pet owners with nearby pet lovers.