First public incubator initiative launching soon

Co-funded by Ministries of Telecoms and Finance

The Ministry of Telecommunications (MoT) and the Ministry of Finance (MoF) are planning to launch a business incubator, the first such public initiative. The project will be co-funded by the two ministries through a $12.8 million fund.

An incubator nurtures a business through its startup phase by offering it a hosting space, training, mentorship, and access to finance. Incubators target startups and business ideas often launched by fresh graduates or young entrepreneurs.

Maroun Chammas, Chairman of Berytech, the leading local incubation park since 2000, said the initiative bears positive prospects. “Berytech will seriously consider managing the incubator if the opportunity arises,” he said.

The public incubator will be a technology and innovation park for the purpose of supporting fresh graduates in the field of telecommunications, software development, and applications’ creation. The incubator will be a not-for-profit establishment, and will be independent from both ministries and the Government.

Gaby Deek, former President of the Professional Computer Association (PCA) and general manager at Omnisystem, said Lebanese youth are starting to increasingly value entrepreneurship and are eager to manage their own business. “That is why incubators are a real must for a society,” he said.