Entrepreneurs face many challenges in today's competitive startup environment. Still, funding is considered one of the most difficult ones they encounter. The situation is no different when it comes to Libyan entrepreneurs; securing early-stage financing for their projects is particularly hard in Libya; the investment concept is not a widespread practice among business people. As a result, there isn't a big pool of investors for the entrepreneurs to pitch their projects to.
In addition to the lack of investment culture, entrepreneurs themselves are not yet ready to attract investors. They lack concrete arguments, precise financial and business indicators for presenting their business to investors who view the startups as just another source of profitability and income in the long run.
And because of this, a need has emerged to create a sustainable Libyan Business Angels Network (LBAN). The objective is to raise awareness and train a team of experts/leaders in the ecosystem to manage the network and facilitate meetings with investors to understand better how to work with Startups.
The goal is also to strengthen the capacity of entrepreneurs who own profitable businesses capable of raising funds, with a strong emphasis on finance / KPIs to help them become investment-ready.
The network's managing team has been receiving technical assistance from Business Angels Europe (BAE), which is the European Confederation of Angel Investing, representing the European Business Angels' Federations and Trade associations in Europe. BAE brings together the most active and developed countries operating in the angel market in Europe. It speaks for over 300 BA networks comprising more than 40,000 European Angels who collectively invest over at least €3 billion in the European economy every year.
Following the training, an online kickoff meeting of the network took place on the 8th of March 2021, with the attendance of more than 20 potential investors and businessmen/women interested in the topic; during the meeting, the LBAN team introduced the network, its goals and planned activities, the attendees showed great enthusiasm to be part of it.
Mr Antonis Tasmoulis /Representative of the Delegation of the European Union to Libya, was also among the attendees; he expressed his pleasure with this kickoff and emphasised the continuous support of the EU to diversify the Libyan economy and support the private sector.
The LBAN network comes within the activities of the EU4PSL project, implemented by Expertise France and funded by the EU to support the private sector in Libya.