By Sami Zaptia.
London, 3 April 2021:
The Libyan Business Angels Network (LBAN) was launched last month, the European Union For the Private Sector in Libya (EU4PSL) reports
It comes within the activities of the EU4PSL project, implemented by Expertise France and funded by the EU to support the private sector in Libya.
The EU4PSL reports that entrepreneurs face many challenges in today’s competitive Startup environment, with funding considered one of the most difficult hurdles they encounter.
Securing early-stage financing for projects in Libya is particularly hard with the investment concept still not a widespread practice among businesspeople. As a result, a big pool of Libyan investors for entrepreneurs to pitch their projects to still does not exist.
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.
As a result, a need has emerged to create a sustainable Libyan Business Angels Network. 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, which the EU4PSL reported 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.