Tag Archives: startup

Riad Salameh – BDL

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Riad Salameh
Governor of Banque du Liban

Riad Salameh graduated with a degree in Economics from the American University of Beirut. He has been the Governor of Banque du Liban (BDL) for 22 years. He was appointed in1993 and then reappointed for three consecutive terms in 1999, 2005, and 2011. In this capacity, he chairs the BDL Central Council, the Higher Banking Commission, the AML/CFT Special Investigation Commission, the Open Market and Investment Committees, and the Capital Markets Authority. Moreover, he is a member of the Board of Governors at the International Monetary Fund (IMF) and the Arab Monetary Fund (AMF). Prior to becoming Governor, he had an extensive career in Merrill Lynch Beirut and then in Paris, where he was the VP and Financial Advisor at Merrill Lynch.

It is with Governor Salameh’s leadership and his belief that the knowledge economy should become one of the pillars of Lebanon’s economy, along with his confidence in Lebanon’s human talent, that BDL issued BDL Circular 331 to encourage Lebanese banks to invest in this sector.

As governor of Banque du Liban, Governor Salameh has maintained economic stability despite all the political and military turmoil Lebanon has faced since 1993, as well as numerous global economic crises. His achievements have been recognized locally and globally. He has received numerous awards and accolades throughout the years including Central Banker of the Year 2009 by The Banker Magazine, the 2006 Euromoney Award as the best Central Bank Governor in the World, the 2005 Euromoney Award for Emerging Markets as the Best Central Bank Governor in the Middle East, and several more Euromoney Awards.

To read Governor Riad Salameh’s  opening speech at BDL Accelerate 2014 click here and/or watch the opening ceremony:

What is a Startup?

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We’ve been asked a number of times to explain and define what a startup is. What criteria make up a startup? If you search the Internet for an answer, you will find several opinions and discussions on how to define a startup company.

The questions being asked are if the age of the company defines a startup, the number of employees it has, its management structure, or the revenue it generates. Is it all the above combined?

Let us take a look at an example:

Uber is a company that has been around for 6 years, is valued at over $50 billion, operates in approximately 60 countries and has tens of thousands of employees worldwide. Is it still classified as a startup company? If you ask Uber, they would say yes. Many would argue otherwise based on the number of years it has been around and its value. However, others would argue that it still is classified as a startup since it still is growing rapidly, while discovering the services to offer and its customers.

Many startup founders believe that startups are not defined by metrics but that it’s a state of mind and culture that classifies a company as a startup. What does that mean? Well, when people join a startup company, they decide to sacrifice stability in exchange for the potential to grow tremendously and for the excitement of being a part of something that is making an instantaneous impact on the world.

A startup does not have to be tech-oriented but one thing everyone agrees on is its ability to grow. A startup company is designed to scale very quickly unconstrained by geography and this is a quality that startups have that differentiates them from small businesses. Hence, a little fashion boutique in one town is not considered a startup. Another characteristic everyone agrees on to classify a company as a startup is that success is not guaranteed and there is a constant risk in investing in the company.

In conclusion, we would define startups as high-risk innovative business ideas created to solve an issue, which could either result in massive success or failure.

 

Lebanon as a Gateway into the Middle East

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middle eastLebanon is a country that is renowned for its excellent educational institutions, for its creative and design sector, its financial institutions, as well as its engineering sector. It’s a country filled with highly talented individuals who are entrepreneurial by nature.

In recent years, we’ve seen a rise in many dedicated organizations that have been working hard to promote and nurture innovative business leading the startup ecosystem to develop.

Lebanon is not only geographically ideally located as a gateway to the Arab world, Africa, and Europe but it also has very strong links to countries such as France, London and a few GCC countries. This benefits Lebanon since it is able to provide startup companies with global access to capital and investors.

The crucial support of BDL Circular 331, a policy that requires banks to invest up to 3% of their deposits into Lebanon’s startup ecosystem, resulted in a US $500 million fund to be invested into startups over the next 5 years. The Lebanese startup ecosystem has been thriving and has great potential to become the startup world’s gateway into the Middle East as well as the launch pad for Arab tech companies.

*Source: The National

 

The Bright Future of Lebanon’s Startup Ecosystem – with faster Internet.

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On the second day of BDL Accelerate 2014, the halls were buzzing and the audience was cheering. During the panel, Lebanon’s Ecosystem, the controversial topic of the current slow Internet connection in Lebanon popped up and the discussion got heated. It was apparent that members of the panel and the audience were all frustrated by the snail-paced Internet connection available in the country.

As Mike Butcher points out in this article, “The current average Internet speed in Lebanon is 3.11 Mbps, far lower than the Gulf countries such as the United Arab Emirates, which enjoys an average 27.9 Mbps.” He also adds that simply doubling the bandwidth would improve Lebanon’s GDP by 0.6 percent. Then why has this not been done? Politics. Due to political reasons and gains, OGERO has been obstructing the development of Lebanon’s Internet Economy. All policies similar to this one hinder the development of the country’s economy, including the startup ecosystem.

In his article, Butcher goes on to highlight many of the positive aspects of the Lebanese Startup Ecosystem that he witnessed during BDL Accelerate 2014 including new support initiatives, the promising investment scene, clusters, Human talent, successful entrepreneurs, upcoming startups, and accelerators and startup events.

Butcher concluded that Lebanon’s startup ecosystem has potential to develop and that hopefully the country’s politicians will realize the requirement of decent internet access.

 

Be a Part of BDL Accelerate 2015!

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BDL Accelerate 2015 is right around the corner! If you want to get in on the action and be a part of it, now is the time to apply!

Here are the multiple ways you can be a part of BDL Accelerate 2015:

Be a speaker at BDL Accelerate 2015
Our aim is to bring the most relevant, interesting, inspiring, and educational stories to the conference. We’re looking for aspiring leaders whose experiences will impact others. You will have the opportunity to share your experience, insight, failures, successes, and the challenges you faced in order to support and benefit the startup ecosystem.

The 3,000 attendees are entrepreneurs, including 100 startups from around the globe, and 100 VCs, angels, and investors with over US $250 million to deploy. We are seeking talks aimed at all segments of our audience.

If you have a startup experience to share, we encourage you to apply now.

Give a Workshop at BDL Accelerate 2015
During the 2-day international startup conference, 2 spaces will be dedicated solely to hosting a series of third-party workshops. We are looking for experienced people who can provide hands-on workshops relevant to the startup ecosystem that would benefit our 3,000 attendees. Our audience includes entrepreneurs, including 100 startups from around the globe, and 100 VCs, angels, and investors. Topics may range from idea generation, to business funding & development, to marketing and branding, and more.

If you are interested in hosting a workshop, apply here.

Exhibit at BDL Accelerate 2015
Get your product or service noticed by 3,000 entrepreneurs, investors, and professionals from over 30 countries around the world.

Attendees of BDL Accelerate 2015 will see 100 startup exhibitors including international support institutions.

The exhibit pavilions are a key part of our attendees’ BDL Accelerate experience. You will get to display your product or services to enthusiasts, discuss with them, and network with investors and seasoned entrepreneurs. Attendees are encouraged to visit the pavilions throughout the 2-day event. The pavilions are strategically placed in areas that would increase traffic directly to your booth.

For additional information and to apply, click here.