Young Libyan Entrepreneurs Pitch Business Ideas
On July 7th, the Benghazi Entrepreneurship Centre, a project implemented by SPARK and funded by UK Aid, finalized its first Business Plan Competition implemented in cooperation with the Committee to Support Women Participation in Decision Making.
After a 10 days of training on Business Skills Training conducted by SPARK local trainers, participants were trained on business planning and management, of which 20 pre-selected participants developed their full business plan. Submitted business ideas included vocational training centres, mobile application, food catering service, a sewing workshop and a health centre.
As part of the evaluation process, the participants pitched their business concepts to an independent Jury Committee composed of three business specialists. The jury members selected the best business startups, based on, among others, business feasibility and its capacity to create job opportunities for Libyan youth. The 15 winners were awarded their prizes during an awarding ceremony attended by SPARK Libya stakeholders, which included a SPARK BST course, SPARK business coaching vouchers and business registration’s costs. Some of the winning businesses are a taxi service for women, elders and special needs within Benghazi, garment production and a t-shirt printing shop and gift boxes production. The Competition winners will be supported by the BEC staff and SPARK local trainers in establishing their businesses through business coaching and regular follow up.
As one participant put it, “A Business Plan Competition, let alone entrepreneurship, is a new concept that Libyans are unfamiliar with. It is very nice to see new initiatives take place in Benghazi.” The Benghazi Entrepreneurship Centre (BEC) project aims to support SME Startups and growth in Eastern Libya by offering Business Skills Training to beneficiaries selected through a competitive model (Business Plan Competitions). The project equally aims to unlock domestic investment capital by engaging banks and other financial institutions in the project and commit them to provide investment finance to BPC winners.