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Libya’s private sector Tadawul Financial Group (TFG) launched its first entrepreneurship incubator, branded the “Innovation Garden”. The project comes within the Libya Startup project funded by the European Union and with the participation of the French NGO Supernovae and the Dutch NGO Spark.
Speaking exclusively to Libya Herald, TFG Innovation Garden Project Director, Najlaa Al-Masallati, said the project involves supporting Libyan entrepreneurs with creative ideas and entrepreneurial projects through training workshops and linking them with investors and project development experts.
Al-Masallati emphasized that several creative projects were selected out of 26 projects. These will be trained and qualified for their projects, which are concerned with the field of information technology, until their innovative ideas mature, so that they are equipped to engage in actual work and obtain the necessary financing to launch and achieve financial returns.
Libya Startup project
Innovation Garden, Al-Masallati explained, is part of the activities of the Libya Startup project which seeks to push for the creation of a dynamic, innovative and sustainable business environment for startups in Libya in the long term. It aims to provide ideas for developing emerging entrepreneurship, providing alternatives to employment in the public sector, and developing the spirit of entrepreneurship among Libyan youth.
Away from public employment and dependence on the government
For his part, businessman and TFG shareholder, Husni Bey, told Libya Herald that this initiative comes in order to support creative ideas and entrepreneurial projects and encourage Libyan youth to start their own projects away from the complexities of public employment and dependence on the government.
Youth learn about risk and the private sector
Bey sees the Innovation Garden Incubator as a distinguished project to support young people and create a suitable climate for them through which they learn about the risks that will direct the implementation of their ideas, including starting to work within the private sector.
The three stages of the incubator
He pointed out the three stages implemented through the incubator, starting from the incubator, during which the project that conforms to the conditions is selected to the next stage. The second stage is training and qualification within the business accelerator, then the empowerment stage, which is the search for the necessary financing for the project.
Government should create an encouraging climate for youth
Bey believes that the government should create an encouraging climate for young people. Today we have 4 projects out of 26 projects, and 4 various projects were chosen as a start for the official opening of the incubator. It is certain that later many projects that stem from among young people who are capable of creativity, innovation, excellence, and very hard work will be incubated.
