Working to Grow Lebanon’s Economy through Enabling Entrepreneurs
I recently wrote about the visit of Lebanese entrepreneurs to the US to learn more about how we support the growth of entrepreneurs on the local level. Many of them have met Tony Fadell, the Lebanese-American who is credited as co-creator of the I-Pod, I-Phone, and Nest, and believe that they can only benefit from more interactions with overseas Lebanese. One of the participants, Hani Mawlawi, provided me with information on a program that may be of interest to overseas Lebanese who want to provide concrete encouragement to young people working to advance Lebanon’s economic growth.
Lebanon Science and Technology Park (LSTP) provides support to entrepreneurs to transform their innovative ideas/R&D science or technology projects into successful businesses, creating more job opportunities, and promoting the country’s economic development. Although currently targeting the north of Lebanon, it has aspirations to take its work throughout the country. In order to do this, it is necessary to recruit international donors and specialized agencies as partners who can bring their experiences and resources in support of LSTP projects.
In orders to reach the minimal size and development to become a viable entity, entrepreneurs must rely on an entrepreneurship ecosystem that includes access to technology infrastructure, financing, mentoring, skilled human resources, business and market strategic planning, and testing, marketing, and distribution of the final product or service. In Lebanon, boosting and enabling this ecosystem has been a focus of a number of programs within universities, government agencies, and international donors.
LSTP is collaborating with the UK Lebanon Tech Hub (UKLTH) to make the ecosystem a reality. UKLTH is a joint initiative spearheaded by the Lebanese Central Bank (BDL) and the British Government with a mission of creating jobs and sustainable economic wealth in Lebanon. Since its inception, the UKLTH has supported 77 startups locally, helped 7 enter the UK market and scaled up 3 into the Middle East and North Africa (MENA) regional market through Dubai. It is reported that 1257 jobs have been created in the process and the cohort startups are collectively valued at $206 million. Another competitive round to identify new candidates for the program has just closed and there are high expectations that the project will successfully continue to advance entrepreneurship in Lebanon.
At the current time, the UKLTH’s programs include:
The Nucleus: Early stage venture-building program focused on product development.
The International Research Centre (IRC): Funds and manages applied research projects between Lebanese universities/startups and international partners.
The Scale-Up Program: Aimed at internationalizing and expanding MENA based startups into global markets.
GEM: The Global Entrepreneurship Monitor is the world’s foremost study of entrepreneurship that looks at the entrepreneurial behavior and attitudes of individuals alongside the national context and how it impacts entrepreneurship.
The UKLTH wants to hear from overseas Lebanese with an interest in promoting technologies and applications from Lebanon to the world. So if you’re a tech person or someone who markets and distributes technology devices and applications, contact them and see how together you can make a better world for Lebanese entrepreneurs!