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.
Related news
-
News
Second Cohort of Libya Startup Incubator Sees Surge in Derna Entrepreneurs
-
News
The EU, SPARK, UNIDO, and Expertise France set a vision for a green economy in the Southern Mediterranean region through the“Green Forward” initiative
As part of the IGNITE conference in Amman, Expertise France, SPARK, UNIDO, and the European Union introduced the Green Forward…
-
Report
2023 Annual Report
The Annual Report provides comprehensive information on SPARK’s activities throughout the preceding year. Published with the approval of the Supervisory…
-
News
Igniting entrepreneurship: SPARK inaugurates first incubator in Al-Bayda
SPARK has inaugurated Silphium Labs, the first business incubator in Al-Bayda, Libya, in partnership with Omar Al-Mokhtar University. Part of…
-
News
Libya’s devastating floods, one year on
-
News
Clicks to Progress: Celebrating Libyan Youth’s Role in Digital Transformation
In a vibrant display of creativity and innovation, Over 100 Libyan youth gathered in Benghazi for “Clicks to Progress,” an…
-
News
Ten startups win a total of 100,000 Euros in seed funding at Asarya Startup Competition
-
News
Highlights from the “Start Your Own Business” seminar at the University of Benghazi
On 27 July 2024, the University of Benghazi hosted a seminar on entrepreneurship, organised by SPARK and the university’s Business…
-
Event
IGNITE North Africa: Here’s what you missed
Today’s IGNITE North Africa conference, organised by SPARK in collaboration with the European Union and Dutch Ministry of Foreign Affairs,…
-
2022 Annual Report
-
SPARK’s Statement on devastating floods in Libya
-
Building business resilience and creating hundreds of jobs in Libya: Tadamon
-
IGNITE Conference: September 13, 2022