There is a worldwide trend and a rush of entrepreneurial spirit pushing people from all walks of life to start their own businesses, especially in the technology sector.
But does this work for us here in Lebanon?
The answer is yes.
Right now, Banque du Liban (BDL) leads in the tech entrepreneurship sector in the region, and many other companies are following suit, heavily investing in the tech startup scene of Lebanon. Slowly, but surely, they have created a fertile foundation for many aspiring entrepreneurs to grow their companies and make money in Lebanon. A lot of it.
Here are 5 reasons why you should create your tech startup in Lebanon.
1 - Sturdy Backing
Lebanon is not going to let its tech sector end as a pipe dream. BDL alone has set aside over 500 million dollars in funds, grants and investments, to transform Lebanon into a nation of tech startups. Let that sink in for a moment. Five. Hundred. Million.
Large banks and businesses aren’t the only ones heavily investing in the development of tech startups. Start up organizations that help aspiring entrepreneurs are growing year after year. These organizations specialize in helping startups with every step of the way, from idea to first sale.
In record time, Lebanon has become a massive network and entrepreneur community that hosts over 300 startups. Like-minded individuals and companies look to each other for support, meeting at dozens of yearly events where they recruit needed talent or get answers to their entrepreneurial questions.
This kind of environment isn’t found anywhere else in the region and it is vital for growth and innovation.
3 - You will be at the forefront of a growing movement
Creating your own startup or joining one is not crazy talk. It’s not a pipe dream. It’s not wishful thinking. It is realistic and you have the entire tech sector vouching for the viability of these endeavors.
More traditional sectors might trudge along but the digital tech scene in Lebanon has had a rapid growth of approximately 8% in the last few years. Compared to traditional sectors, this is a huge difference and highlights the bright future of tech in the country.
What are you waiting for? Better join the movement now and be at the forefront of something truly booming.
4 - Nonexistent barrier to entry
So what’s stopping you? Or in other words, what is your barrier to entry?
Money? The maximum cost of launching a startup business in Lebanon is as low as $1000, the lowest it has ever been. And, all the equipment you need for a tech startup is a laptop and freely available software.
Knowledge? We live in an age of technology. Anything technical you might be lacking is easily accessible through online tutorials, free or for a low-cost investment. For entrepreneurial help, see #2.
Yeah, but what about them money to run? For running costs, you only need to consider your Internet connection and if you need to raise additional financing to grow, well… see #2.
5 - Speaking of Internet…
Finally and perhaps most importantly is Internet speed. A rapid Internet connection can save a young startup hundreds or thousands in cash while undoubtedly offering huge boosts to productivity. Let’s face it, Internet is the lifeblood of a tech company.
Lebanon might not be renowned for its Internet speed, but this is all about to change. As big banks and private investors are pouring their efforts in tech (see #1), Lebanon has committed itself to improving Internet speeds all over the country and things are moving fast. Pun intended.
There’s only one thing standing between you and your startup: the courage to start. Being in Lebanon right now is the greatest chance you could have hoped for and there is no time like now.