Tag Archives: Lebanese Ecosystem

Rebranding Lebanon: The Media

Written by

In a country such as Lebanon that has suffered from decades of instability and troubled civic finances, rebranding is of essence. Since Banque du Liban introduced Circular 331, the Lebanese startup ecosystem has been thriving and the world has been recognizing the country’s attempt to foster innovation and development.

BDL Accelerate 2015 themed, ‘Emerging Startup Ecosystems,’ will gather entrepreneurs, investors, and support institutions from key emerging markets across 5 continents under one roof. So far, the organizers have received over 3500 registration requests from around 50 countries to attend the conference. The success of BDL Accelerate 2014 in establishing Lebanon as an international startup hub has created a global buzz attracting a considerable increase in the number of international applicants to BDL Accelerate 2015.

The change in the Lebanese global reputation is happening and although the process to erase stereotypes may be difficult, they are taking place and the country is signaling change. Everyone has a role in rebranding a nation, but mass media, both traditional and social media, play a major role by promoting all the positive aspects. As the media are observing the impact and benefits of the local startup scene, they have been more enticed to communicate it to their audiences.

Below is a sample of the media outlets who are sponsoring and partnering with BDL Accelerate 2015:

MIT Technology Review Arab Edition, regionally renowned for providing intelligent and serious journalism on technology, will promote innovation through Arab figures at BDL Accelerate 2015. They will be providing regional readers with success stories in the Arab world by exploring and understanding their new technologies and their impact.

In the spirit of finding the next generation of entrepreneurs, the BDL Accelerate 2015 team has been visiting all major universities in Lebanon to inspire youth to join the startup movement and attend the conference. NRJ Radio, Aghani, and Nostalgie have been tagging along to spread the word further and farther. High school students are also encouraged to attend, with a couple of schools already scheduling class trips for their senior students.

BDL Accelerate 2015 has also secured a long list of local and regional media partners:
Al Hadeel, Al Morakeb Al Mali, Al Massira, Al Hasnaa Magazine, Al Bank Wal Mustathmer,Al Bayan, Al Kifah Al Arabi, Joumhouriya, Assafir Daily, Al Sharq, Al Markazia, Tree Ad, Lebanon Daily Star, The Gate, iloubnan, Ekarouna, Focus Magazine, L’Orient Le Jour, Le Commerce Du Levant, Leader Press, FaceLook, Naharnet, National News Agency,  Aalamoki,  Al Markaziya, El Nashra, Al Liwaa,  Ad Diyar, Today’s Outlook, T3 Middle East, Iktissad Wa Aamal, Sinna Iktisad, Beiruting, Lebtivity, Bread on Butter, LiveLoveBeirut, NABD, Techrasa, International New York Times,  Inspirational Unlimited eMagazine.

The Rise in Lebanon’s Startup Ecosystem in 2015

Written by

Recognizing the importance of remodeling the country’s economy into a knowledge-based one, Banque du Liban’s (BDL) aims to provide funding and support for startups. BDL’s monumental initiative, BDL Circular 331, has played a substantial role in instigating Lebanon’s start up ecosystem, which has been thriving since BDL Accelerate 2014. The momentum has been evident across all stages of the start up ecosystem with the rise of more start up companies, dedicated investors, accelerators, enablers, and more.

During 2015, due to BDL’s initiative, BDL Circular 331, we have witnessed the rise of 3 new VC firms: Leap Ventures, Y Ventures, and Saned Ventures who aim to nurture early stage startups. Also attributed to BDL Circular 331, 6 new funds were established and larger funds than the previous years have been created. For instance, Berytech and MEVP have each created a $50 million venture capital fund, whilst Leap Ventures introduced a $71 million venture capital fund, in addition to other funds that have been springing.

At BDL Accelerate 2014, former UK Ambassador, Tom Fletcher, announced the launch of a new accelerator, UK-Lebanon Tech Hub, which has since been operating. Flat6Labs announce that they will be establishing a startup accelerator in Lebanon aiming to accelerate 100 budding startup companies within the next 5 years. Speed, also a startup accelerator, has started accepting applications for its first round.

We also observed the emergence of co-working spaces, innovation labs, and entrepreneurship programs providing the infrastructure for creative new ideas to flourish and develop into successful new businesses: AltCity’s Startup Bootcamp will accelerate 100 start ups per year; Le Wagon, a 9-week coding bootcamp; Fab lab, a digital fabrication laboratory that also offers workshops and research support.

Additionally, 2 institutions have been founded to create links with other startup ecosystems: UK-Lebanon Tech Hub and Startup Megaphone. UKLTH creates bridges between the local startups and the ecosystem in London. Startup Megaphone organizes international events and activities in key cities to showcase startups, investors and support institutions from Lebanon.

The Start Up event series was launched with a boom in The Plaza in New York City earlier this year; it was followed by another event in Singapore during the F1 Grand Prix. Both events brought together Lebanese entrepreneurs and investors from around the world with high profile start up ecosystem stakeholders. The interactions resulted in knowledge exchange, relationship building and partnership formation.

There have been two success stories recently that prove that it is possible to found your startup, scale it and eventually exit in Lebanon. Japan’s Cookpad acquired local startup, Shahiya, who had originally accepted a $500,000 funding from MEVP, for a reported $13.5 million. The other exit was to a French company, when Webedia acquired the digital media company, Diwanee.

Rasheed El Tayeb, Vice President at Booz Allen Hamilton added, “I believe that the next Alibaba or Google will come from the Middle East. Consumption of digital content per capita is among the highest in the world in parts of the MENA region. As our youngsters move from being tech savvy consumers to becoming producers, tech companies will increasingly emerge from this region.”

As seen in other emerging ecosystems, successful startups tend to give rise to multiple additional successful startups reinforcing the growth of the ecosystem. The Lebanese startup ecosystem has only started emerging and its future looks bright especially with the increase in amount of funding from $50 million to $200 million within one year.