Lacking regulation or access to licensing, fintech in Lebanon proves challenging. While there are fintech-adjacent paths entrepreneurs can pursue, these require partnering with licensed entities, such as banks and financial institutions, which are limited in the number of partnerships they can undertake. Other countries in the region have opened up regulation and created regulatory testing…
Houmal Technology Park
Houmal Technology Park (HTP) can be an example of tech manufacture and fruitful entrepreneurialism. Export orientation of tech companies can be realized independently from the Lebanese entrepreneurship ecosystem that relies on Circular 331. First-mover disadvantages of pioneering tech companies need to be compensated by state and municipal partners for creation of productive clusters. Risks pertaining…
Technology and agriculture meet in Agrytech
There is a need for innovation and R&D in the agro-industry sector in Lebanon and the region. Agrytech, a program by Berytech focusing on innovations in agriculture, was created to address this need. It has four major pillars including an accelerator program and an agri-food innovation cluster. Agrytech was promoted to university students and graduates…
Entrepreneurship in times of systemic change
October 2019 events have hallmarks of systemic shocks. Risks are unfathomable and early economic impact evaluations are necessarily inadequate. The future may depend on extraordinary courage, discipline, and daring visions. Entrepreneurship has the potential to be a key ingredient in building national prosperity. These are times when a discussion of entrepreneurship—Executive’s traditional focus in the…
Lebanese delivery apps eye growth in grocery e-commerce
In 2019, it seems almost any consumer good can be delivered to your door in Lebanon through a quick phone call, WhatsApp, or click online. E-commerce has been available in Lebanon since at least 2000, when the Buy Lebanese website went live in November that year. In the MENA region, the e-commerce market reached $8.3…
VCs call for more updates to regulations and legislation to attract foreign investment
It has been six years since Banque du Liban (BDL), Lebanon’s central bank, announced Circular 331, designed to boost investment in the knowledge economy. Now entrepreneurs seeking seed-stage funding, and those operating VC funds in the country tell Executive that while more capital is available for startups seeking follow-on funding, seed or early stage funding…
Profiles of two facilities management companies in Lebanon
Buildings do not run themselves. Lights must be changed, air conditioner units must be fixed, accounts kept in order, invoices sent, and so on. The list is long and tedious, and, in some cases, outsourced to a facilities management company. Facilities management is not just about lights and air conditioner units, however, it also encompasses…
Lebanese edtech startups carve a place alongside traditional teaching
Lebanese startups focusing on education technology (edtech) have tapped into the idea that as education changes, they have a role to play in preparing the next generation for the 21st century workplace. Educators seeking to prepare children for the jobs of the future, those that rely more on coding, robotics, AI, and programming—and depend less…
Shared mobility apps provide more options, but may fuel congestion
Beirut suffers from heavy congestion and a lack of proper public transportation that causes commuters to be stuck in traffic for long periods of time and fuels CO2 emissions. The likes of shared mobility apps like Carpolo, Loop, and Careem give some Lebanese residents more options for getting around while seeking to reduce congestion and…
StartechEUS to provide funds and mentorship
Fintech—financial technology— is a buzzword in the entrepreneurship sphere and a fast-growing segment of the financial services industry globally and in the MENA region. In 2018, the fintech sector saw $36.6 billion invested worldwide, a 329 percent increase over a five-year period, according to UK-based non-profit Innovative Finance. Lebanon is no exception—in 2015 the country…