entrepreneur

A workshop on the MedGeneration programme was held yesterday at the Chamber of Commerce, Industry and Agriculture for Beirut and Mount Lebanon. The event was attended by a delegation of 12 Lebanese business people working in Europe. This programme which is implemented by the Chamber with EU funding includes Lebanon, Jordan and Palestine and seeks to link local initiatives with successful established businesses owned by major Lebanese business people in Europe so as to learn from their experiences in leading these initiatives to success.
The member of the Chamber, Naji Mounther, noted that the Chamber is striving through this programme to mobilize resources abroad to support young talents through strengthening linkages between emerging companies in Lebanon and well established companies owned by Lebanese business people abroad.  This will cultivate a culture of entrepreneurship as well as productivity with the creation of companies that are able to innovate and compete.  The programme’s director, Hadi al Assad, spoke about the objectives of the programme and the progress done so far.  To be noted that a delegation of Lebanese business people used this opportunity to tour the Ministries of Economy and Foreign Affairs as well as IDAL, Berytech, and Kafalat and met with a number of presidents of economic institutions.
Source: Al-Diyar 10 December 2014

AUB held a round table last Tuesday to discuss the findings of a study prepared by the World Bank on the employment potential of the Middle East and North Africa. The round table was organised in the presence of economists from the World Bank and the former Minister of Economy and Trade, Nicolas Na7has, as well as professors from AUB. The study’s findings showed that micro-startups & firms, less than 5 years old and with less than five employees, accounted for 177 percent of aggregate net job creation and generated about 66,000 jobs in Lebanon between 2005 and 2010. The second largest number of jobs (12,000) was created by young large firms with 200-999 employees. The study recommended that the MENA region must reform policies so as not to allow few firms to dominate the most lucrative sectors of the economy, and in an attempt to promote equal opportunities for all entrepreneurs.
Marc Schiffbauer, a senior economist at the World Bank argued that there should be an understanding of the factors holding back new firms from entering the Lebanese market, explaining that startups have the capacity to create the number of jobs needed in Lebanon but red tape and restrictions curbing foreign direct investments must be removed since they are hindering the establishment of such firms. For his part, Ibrahim Osman, associate dean and business professor at AUB, emphasized the importance of the information and communications technology sector in creating employment. He noted that globally ICT employment has grown with top firms hiring more than 14 million people worldwide in 2011, an average increase of 6 percent from 2010.
Source: The Daily Star 3 December 2014

The global entrepreneurship summit kicked off in Morocco last week using the slogan of "Harnessing the Power of Technology for Innovation and Entrepreneurship".  The event recorded the participation of numerous decision makers and business people who met with 3000 young entrepreneurs and students from over 50 countries to exchange experiences on how to develop and support small and medium enterprises.  The issue of women business entrepreneurship was very much discussed during the first day of the summit with emphasis on Morocco, Africa and the rest of the world.  In fact, women representation at the summit was quite visible and encouraged by the organizers who ensured that business women and other stakeholders were present to exchange ideas about best practices as well as highlight success stories at the international level.  The summit also produced recommendations for tangible actions to strengthen women’s position in the world of business.
Within the same vein, the US vice-president Joseph Biden noted in his opening speech during the event that the US will allocate USD 1 billion to support project in the private sectors in many countries and that is throughout the coming three years with emphasis on women and youth.  Biden also launched a new initiative for virtual exchanges between US youth and their counterparts in the MENA region.  This initiative seeks to strengthen youth capacities to address local and international challenges through raising their competitiveness.
Source: Al-Nahar 24 November 2014

Al Hayat newspaper published the day before yesterday a report on the joint working spaces in Lebanon which provide youth entrepreneurs a starting point in their businesses.  According to the report, at a time when the idea of business pioneering appears risky in Lebanon and especially with the absence of state support for small and medium enterprises, this may gradually change through initiatives committed to the concept of entrepreneurship and based on the idea of creating joint spaces.  Such spaces are specialized for youth entrepreneurs for whom they secure basic services and offices at a nominal fee in addition to advice and guidance via continuous workshops.  These spaces also provide opportunities to meet business people and key pioneers in the field in addition to exchanging knowledge and experience amongst small projects holders thus enabling them to find solutions to improve their businesses.
The report highlighted two successful initiatives in Beirut notably Coworking 961 launched by Bader.  This initiative is located on Sursock Street and hosts a number of projects.  It provides youth with the opportunity to set up their own businesses which strengthens their productivity and professional capacity.  Other special initiatives which have spun out of the Forum are the Se77ati (My health) and Unusa (Femininity) websites which have become highly competitive on the net.  The founder of both sites, Elsa Aoun, noted that the Coworking 961 provided a big opportunity to the team and allowed them to grow and develop.  The second example is AltCity which is located in the Hamra district and hosts a number of youth pioneer talents including the Fade In project created by cinematography specialist Nadia Tabbara who produces films and writes scenarios and who noted that AltCity helped her realize her ambition not only through providing an ideal space but also through the support of the team from whom she learns a lot.
Source: Al-Hayat 17 November 2014

Massachusetts for Technology honored Aya Bdeir and Fadel Adib amongst 35 promising pioneers who are less than 35 years of age.  Bdeir studied Computer Engineering and Sociology at the American University of Beirut and set up a few years ago in New York the “Little Bits” Company, which produces educational electronic games for children which are inspired by Lego and are also magnetic and easy to use as it allows kids to build electronic robots.  Bdeir is a strong supporter of the use of technology to facilitate education and creation, and her toys are sold in 70 countries. Bdeir is also a media graduate from MIT and has been recently chosen amongst 100 people who are the most creative in the business sector.  Popular Mechanics magazine also selected her as one of 25 people who are recreating the American dream and CNN designated her company amongst the 10 most important emerging businesses.

Source: Al-Mustaqbal 22 August 2014

The Bader Group announced yesterday the launch of the second edition of its contest for emerging companies and youth entrepreneurs with financial support from Audi Bank.  The competition comprises an intensive training and counseling programme run by Lebanese business leaders who will act as coaches for the 12 competing candidates in the semi finals.  The coaches will provide technical support, an analysis of strengths and weaknesses, provision of necessary advice for overcoming possible obstacles whilst developing prototypes of their sustainable projects.  Only seven candidates will be selected for the finals and will be asked to present their projects to the jury who will select three winners based on their level of innovation, the chances of success of the project and its potential in creating new jobs.
The CEO of Audi Bank, Mark Audi, expressed his trust in the collaboration with Bader over the next 5 years.  He noted that this will increase the number of projects which will generate employments.  The President of Bader, Robert Fadel, wished the best to all the candidates in 2014.  He also expressed Bader’s pride to work with its partners in order to help exceptional entrepreneurs in increasing their chances to invest and succeed in their projects.
Source: Al-Mustaqbal, Al-Nahar, Al-Safir 3 June 2014

In collaboration with Berytech and the WE initiative of Fransabank, OIF announced that it will start receiving nominations for the grant award for the setting up of small enterprises.  The award which is now in its third year, seeks to support francophone businesswomen and motivate them to start businesses through a grant of 13500 Euros provided that the business idea is new and innovative and implementable in a maximum of three years and presented in French.  Those wishing to submit a project proposal must be university degree holders and preferably members of the OFI and should be residing in Lebanon during the implementation period. The deadline for receiving applications is June 30, 2104.
For more information on conditions for submission, please refer to the following link: Berytech

Endeavour Lebanon organized a round table yesterday to discuss management of human capital in small and medium enterprises in Lebanon, which highlighted the problem of poor usage of local talents by Lebanese companies compared to international companies.  The round table begun with a definition of human capital management which entails three main abilities, namely: ability to attract talents, to make use of talents, and capacity to develop talents.
The assistant manager of Weber Shandwick, Farah Bashasha, discussed the weakness of Lebanon’s performance at the level of international competitiveness in human capital as Lebanon scores a modest regional classification and a low 103 scoring globally, and this according to the reports of the international economic forum for 2013-2014. For their part, Jordan ranked 63d with Qatar and UAE ranking 13 and 19th respectively based on the same source.  According to the speaker who quoted the study done by Endeavour Insight, Lebanon’s competitiveness classification remains low despite the fact that the country enjoys some of the best educational and business administration institutions.  However, Lebanon witnessed a downfall at the level of other competitiveness requirements namely: ICT and general infrastructure, the efficiency of the job market, modest innovation in business in more generally the mismatch between skills acquired by university graduates and the requirements of the job market.  The administrative director of Endeavour Lebanon, Tarek Al-Saadi pointed out to continuing problem of brain drain and the absence of any corrective measures or public policies thus allowing foreign companies to use Lebanese talents whilst local companies are late in realizing their needs for human resources.
Source: Al-Nahar 11 February 2014

The Central Bank organised last week a workshop entitled “Capitalization of merging enterprises in the knowledge economy” following the newly issued decree 331 related to startup businesses.  The Chair of Central Bank, Riad Salameh, noted that the knowledge economy is becoming a key sector for the future as it contributes to the creation of new companies and consequently of new work opportunities in Lebanon.  It also contributes to improving competitiveness which is critical in overcoming negative performance of the economy especially its high debt ratio and large public deficit.  Salameh also noted that the Central Bank will be covering 75% of the investment by private banks in investment funds or in companies active in the knowledge economy.
The Minister of State, Marwan Kheireddine, noted for his part that decree 331 will actively contribute to developing and supporting start up as well as small and medium companies which are involved in the knowledge economy through providing capital funds so that they can increase and improve their production.  He also stressed that the growth of these companies will contribute to strengthening the money market.  The Minister of Communication, Nicolas Sa7hnawi, pointed out to a number of new digital initiatives, namely Beirut Angels which provided capital to three startup companies namely it3arraf, eTobb and Presella and an ICT incubator that Altcity will be launching in the first quarter of 2014.
The head of the Association of Banks in Lebanon, Francois Bassil, clarified in his address that decree 331 will allow banks and financial institutions to invest up to 3% of its own funds in startup companies and in business incubators in the knowledge economy sector.  He noted that the aim of the Central Bank is to promote the creation of new and promising start up companies so that they become SAL, which will contribute to increasing national wealth and providing job opportunities as well as strengthening the financial market.
Source: http://newspaper.annahar.com/article/93438-%D8%B3%D9%84%D8%A7%D9%85%D8%A9-%D9%84%D8%A8%D9%86%D8%A7%D9%86-%D9%85%D9%86-%D8%A7%D9%84%D8%AF%D9%88%D9%84-%D8%A7%D9%84%D9%82%D8%A7%D8%AF%D8%B1%D8%A9-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D8%A8%D9%82%D8%AF%D8%B1%D8%A7%D8%AA%D9%87-%D8%A7%D9%84%D8%B0%D8%A7%D8%AA%D9%8A%D8%A9">Al-Nahar, Al-Safir 23 December 2013

The Blessing Foundation organised on November 30th in collaboration with the Women Empowerment Initiative (WE) of the BLC bank the second edition of its annual workshop on mentoring and communication with the participation of 60 women entrepreneurs.  The event took place within the framework of the mentoring programme implemented by the organization with funding from the US organisation Vital Voices which brings together entrepreneurs from all parts of the world and introduces them to business mentors listed in Fortune and which includes a rundown of the best US Fortune 500 companies.  The programme enabled this year the participation of pioneer women from various industrial sectors such as design, finance, law, pharmacy and fashion.
The Executive Director of the Blessing Foundation, Ms, Rima Kuteish el Husseini, highlighted in her speech the importance of competent business women in mentoring emerging women entrepreneurs in Lebanon.  She added that the concept of mentoring and counseling needs to flourish in Lebanon and so as to attract more women into the business community.  For her part, Nancy Stephan, from the US embassy gave a presentation on communication and networking, whilst the president of the Strategic Development and Financial Management department at the BLC bank, Tania Moussallem, introduced the Women Empowerment Initiative and the importance of creating opportunities for small and medium enterprises in order to empower women socially and economically.
The workshop has contributed to the starting up and to the development of new relations between trainees and mentors.  After a brief exchange session, women trainees chose their preferred mentors with whom they carry out the Vital Voices Mentoring Walk which stands as the backbone of the annual Blessing Foundation’s mentoring and counseling programme.
Source: Al-Nahar 18 December 2013