February 1, 2014

Libyan Business Plan Competition: A Win Win Situation

Monday, January 27th the winners of 2 Business Plan Competitions in Libya were awarded 10,000 LYD, with runners-up receiving 1,000 LYD to use towards business coaching, mentoring and registration of their startup.

Targeted at university students, recent graduates and ex-combatants, the Business Plan Competitions took place between November 4th through December 30th, 2013.  In total 101 business ideas were submitted, of which 50 participants were selected to participate in a 10 day SPARK Business Skills Training that focused on financial and human resources management, sales and marketing, product and
service development and business plan writing.

Participant feedback was positive with one stating, “… from the very first day, I learned how to translate my idea into a professional plan, that was thanks not only to the trainers, but to the BEC team.”  The BEC team distributed flyers and conducted small information sessions about the competitions at the Libyan International Medical University and Benghazi University.  3 additional information sessions were conducted, with flyers and posters being disseminated around the city; included in the campaign a Memorandum of Understanding was signed between Heya Shabab and the Libyan Debate Club, 2 organisations that target Libyan youth.

One participant stated, “I was unsure of participating in this competition, but after the first day of training, even if I don’t win the prize, I won knowledge and friends.”  Participants from the training undoubtedly went home with a positive and valuable experience.

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