TEC launches Business Unit targeting entrepreneurs in North Lebanon

The following are six forms of support TEC’s Business Empowerment Unit offers to its program participants
by Maysaa Ajjan

7 July 2020 | 19:03

Source: by Annahar

  • by Maysaa Ajjan
  • Source: Annahar
  • Last update: 7 July 2020 | 19:03

The Tripoli Entrepreneurs Club (TEC) team. (Photo Courtesy of Tripoli Entrepreneurs Club)

Tripoli Entrepreneurs Club (TEC), the leading entrepreneurial hub in the North of Lebanon, has decided to expand its services to include a new business empowerment unit for startups that are looking to scale.

“We decided that now is the right time to make such a decision because, given the latest updates that happened in the Lebanese market, there’s no better time for startups in Lebanon to start scaling into new markets abroad,” Fadi Mikati, cofounder and Managing Partner of TEC told Annahar.

The following are six forms of support TEC’s Business Empowerment Unit offers to its program participants:

1. Access to Funding

Funding is crucial for a startup’s growth, which is why the business unit will be giving each startup a grant with a value between $2,000 to $10,000 along with exclusive access to grant opportunities from their network of angel investors.

2. Access to Markets

This service helps startups set sail across the Mediterranean sea by providing them with access to local and regional markets through TEC’s Startup Corridor (a market access service). This will include broadening the digital footprint of startups by providing them with social media support and featuring them in TEC’s online videos, newsletters, and not to mention their biggest annual event, Tripoli Startup Forum.

3. Access to HR

Building the right team is crucial for the success of the startup, which is why TEC’s BE-Unit helps entrepreneurs build a team with the right skill set by giving them the first pick of their Rainmakers Program graduates. The Rainmakers Program is an empowerment program that matches senior university students and fresh graduates with startups in the North after providing them with essential training.

4. Optimizing Operations

Startups will have full access to TEC’s internal dashboard, along with personal training and maintenance. This will allow them to administer relationships and operations with their suppliers, clients, team members, as well as track their sales and KPIs.

5. Legal, Accounting Services, & Government Relations

Getting paperwork processed in Lebanon is a big headache, which is why TEC’s legal and accounting clinics are ready to assist its business unit participants with any matters related to company incorporation, contracts, organizing relationships with governmental entities, as well as Tax & NSSF declaration.

6. Risk Mitigation & Resilience

What about the current crisis? TEC’s priority will be to prevent participating businesses from experiencing any serious damage from the current crisis. The business empowerment unit will focus on mitigating the risks arising from the economic crisis by building resilient business models to help its startups survive and maintain their operations.

Who can apply for the BE-Unit? It's worth mentioning that to be eligible for this program, the business must be scalable, based in North Lebanon, and operational for at least one year. However, for early-stage businesses still in their idea or prototype stage, they would be better off applying for TEC’s Startup Seeds program, which was launched in 2016. The Startup Seeds program consists of five main phases: A five-day Bootcamp and mentorship process that includes developing a business plan, a prototype, an investors pitch and follow up business support. The winners of the program receive a financial grant to help launch their idea.

TEC was founded in 2013, graduating over 50 startups from its Startup Seeds program, including Clean2O, a startup that has recently received a $200,000 seed fund and Joona, who has also received $100,000 worth of funding last year.

If you’re interested in applying for TEC’s Business Empowerment Unit, you can visit: https://bit.ly/BEUsignupform

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