SMEs need the support of accelerators and incubators

A study published recently by Fransabank Group underlined the importance of business incubators and accelerators in backing startups and small and medium sized enterprises (SMEs), showing that nearly 90% of economically active projects and companies are startups and SMEs. This means, according to the study, that such entities constitute the backbone of the social and economic growth and development in the country. The study also pointed to several challenges currently facing the sector in terms of the business environment in Lebanon, access to markets and finance, the need for advanced and modern technologies and for a larger number of business incubators and accelerators that provide adequate support services at all levels. The Fransabank study maintained that such incubators are crucial in propping up growth, sustainability and success of SMEs and startups as they serve as a launching platform offering significant resources and services during their startup stages. Such services include rent-a-desk, mentoring and coaching, technical support, legal and management consulting, development of marketable products, in addition to access to markets, finance and service providers. The above study named 9 leading business incubators and accelerators in Lebanon, notably, Berytech, BIAT, South BIC, ALT City, UK Lebanon Tech Hub, SpeeD @ BDD, FLAT 6 LABS, SMART ESA and BADER. (Al Mustaqbal, December 6, 2017)

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