As we stand on the cusp of a new era in Libya’s economic development, the Euro-Libyan Trade Center (ELTC) proudly announces its endorsement of the groundbreaking Deraya Entrepreneurship Initiative. This pioneering program marks a watershed moment for entrepreneurship in Libya, catalyzing job creation and fostering inventive enterprises. Deraya is not merely an initiative; it’s a promise of a prosperous future, offering a profound transformation for Libyan entrepreneurship. As we delve deeper into this exciting journey, prepare to witness a powerful narrative of innovation, resilience, and an unyielding vision of progress.
Confronting Obstacles with Innovative Solutions
As is often the case in emerging markets, young entrepreneurs in Libya face an array of challenges. These include barriers to accessing markets, constraints in obtaining necessary financial resources, and the intricate process of navigating the country’s complex regulatory and administrative systems. Recognizing these obstacles, the Deraya initiative was specifically developed to alleviate these hardships. By providing the essential knowledge and tools needed, this program is empowering entrepreneurs to transform innovative ideas into successful business ventures.
Synergizing for Sustainable Change
The Deraya initiative is not an isolated project; it’s the result of a committed collaborative effort between multiple key players. Spearheaded by the Ministry of Local Government (MoLG), United Nations Development Programme (UNDP), the European Union (EU), and the African Development Bank (AfDB), this synergy manifests a shared vision and dedication to nurturing a vibrant entrepreneurial ecosystem in Libya. This collaboration also represents a practical and strategic approach to economic development, involving local and international entities that bring to the table diverse perspectives and resources.
Prioritizing Youth and Vulnerable Groups
The Deraya initiative targets the youth and vulnerable groups, prioritizing individuals aged between 18 and 35. The decision to target this specific demographic is intentional and strategic. Young people bring to the entrepreneurial scene fresh ideas, adaptive mindsets, and transformative energy that are vital for economic revitalization. Furthermore, by focusing on vulnerable groups, the program directly addresses socio-economic disparities, promoting an inclusive approach to entrepreneurship that maximizes opportunities for all.
Deraya Entrepreneurship’s Multi-City Approach
With the aim of nurturing entrepreneurship across Libya, the initiative includes startup weekends hosted in various cities, including Tripoli, Benghazi, Sebha, and Derna. This multi-city approach ensures that the program reaches a diverse pool of potential entrepreneurs, thereby maximizing its impact. It also encourages a sense of healthy competition, culminating in a pitch contest that serves to reward innovation and business acumen with essential financial support.
Building the Infrastructure for Sustainable Entrepreneurship
As part of the strategy to ensure the long-term sustainability of the initiative, entrepreneurs will be connected with newly established municipal business incubators. These incubators, set up in collaboration with MoLG and UNDP, provide the necessary technical support for startups to thrive. The incubators represent a valuable resource for budding entrepreneurs, offering mentorship, networking opportunities, and access to resources that might otherwise be out of reach.
The Key to Libya’s Economic Prosperity
EU Ambassador Mr. José Sabadell and Mr. Mohamed El Azizi, Regional Director for North Africa at the African Development Bank, both emphasized the central role that young entrepreneurs play in driving Libya’s economic prosperity. They are the lifeblood of a diversified Libyan economy, a robust private sector, and the creation of new jobs. They embody the promise of economic diversification, embodying the transformative potential of entrepreneurship.
Harnessing the Power of a Consortium
To facilitate the successful implementation and execution of the Deraya initiative, it draws upon the expertise of a powerful consortium, composed of Flat6Labs, Tatweer Research, and MAZAM. These organisations bring their extensive experience and specialised knowledge to the table, having helped young entrepreneurs in the Middle East and Africa to launch successful ventures. This collaboration enhances the initiative, enriching it with the diverse competencies and resources of its partner institutions.
Moreover, at the heart of the Deraya initiative is a profound commitment to the future economic prosperity of Libya. This future is envisaged to be driven by young entrepreneurs with forward-looking ideas that promise to bring economic diversification and employment opportunities. The initiative, therefore, represents a step towards the realization of this vision.
An Ambitious Step Forward
As the ELTC celebrates the launch of the Deraya initiative, we do so with anticipation and confidence in its potential to transform the entrepreneurial landscape of Libya. This groundbreaking initiative stands as a testament to the collaborative efforts of national and international entities, united in their resolve to stimulate economic growth and empower the next generation of Libyan entrepreneurs. While this is just the beginning of our journey, we are enthusiastic about the direction we are headed, anticipating the many successes and achievements that lie ahead.