Incubating businesses in Benghazi: New startup support builds Libyan entrepreneurship ecosystem
The Libya Start-up! project, funded by the European Union (EU) and implemented in collaboration with SPARK and Super Novae, seeks to foster an ecosystem to empower aspiring entrepreneurs to with the essential know-how to turn innovative ideas into flourishing startups by partnering with private sector actors, regulatory authorities and government institutions.
SPARK, in partnership with ASARYA Consulting and Training, recently launched the new Asarya Business Incubator in Benghazi, Libya; a space for young Libyan entrepreneurs to unleash their potential through a comprehensive incubation system that offers a wide range of opportunities tailored to their startup development needs, including capacity-building trainings, access to finance, networking with investors, decision-makers and entrepreneurial stakeholders.
Attending the launch of the incubator, Federica Petrucci, Deputy Head of Cooperation at the EU Delegation in Libya, said: “Libya Start-up! is particularly relevant for the EU and for Libya as it is intended to support the emergence of a dynamic, innovative and sustainable startup ecosystem, by defining specific mechanisms for long-term engagement, multiplication and continuous support to SMEs, business initiatives and young aspiring entrepreneurs.”
The incubator has attracted an impressive response, with over 380 entrepreneurs vying for the chance to benefit from six months of intensive training and personalised mentoring sessions. The vast majority of applicants are young people and 44% are women. The startups represent a wide array of business sectors, including education, agriculture, culinary, e-commerce, health, marketing and more.
As the young startups embark on their entrepreneurial journeys, they are guided through the ideation and capacity-building stage, followed by two months of mentoring. Finally culminating in a startup pitch competition where the winning entrepreneurs will receive startup capital, financed by the EU, to further develop, grow and take their business ideas to the next level.
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