The business network in Lebanon is largely depending on SME’s and startups representing 90% of the economic fabric. Fransabank made recommendations for the incubator to comply with international standards.
A great incubator has to develop startups’ skills. For that, it needs to implement entrepreneur services, expertise, network, office space and tools to succeed. To stimulate technological advancement, the incubator has to develop juridical and technical assistance to open the startups to the market. For Fransabank, startups have a huge economic potential in Lebanon to create skilled jobs in a country affected by 6% unemployment rate (official statistics in 2016).
The report books 9 incubators: BeryTech, BIAT, South BIC, Alt City, Speed, BDD, Fab 6 Labs, Bader, Smart Esa and the UK Lebanon Teck Hub after underlining that some of them seem to be into financial difficulties. Advice and partnerships with university or scientific centre are crucial to last over time. The royalties system allow the incubator to get money from a technological invention event though the creator is settled away. Ecological awareness from entrepreneurs could also play a role in the product sustainability and funding.
In the report, Fransabank advice the entrepreneurs to be involved in the incubator to help other startuppers. On a marketing point of view, those kinds of initiatives are spreading a good picture to the incubator and to startups.
Concerning the Lebanese State, the Fransabank report notified a lack of administrative procedures facility. To boost the ecosystem, the bank advice public services to offer better opportunities to startups for remaining in Lebanon including remove all the administrative barriers to create and innovate.
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