TEC : Founding an Entrepreneurial Ecosystem

March 24th, 2018 | News | No comments yet

Breakfast is often described as the most important meal of the day, but for many people (myself included), my first sip of coffee is what makes or breaks my day. As caffeine addicts, we all have our differences on black, cream, milk, sugar, hot or iced. But we can all agree on high-quality coffee beans.

The best coffee beans come from different parts of the world, Latin Amer- ica and other countries in Africa are well known for their high quality coffee beans. But when I say Africa I’m not talking about Ethiopian or Kenyan coffee beans, I’m talking Rwandan.

Though you can smell the signs of Rwanda’s entrepreneurial-revolution across the aisles of the world’s largest retail stores being handpicked off the shelves by jittery consumers, Rwanda’s evolution didn’t happen overnight. Like current day Libya, the civil war has turned Rwanda apart. In Au- gust 1993, the Rwandan population and institutions had been demised by genocide. Now, according to the World Bank List Rwanda is ranked 11th worldwide in the ease of opening a new business.

Entrepreneurship is the most sure way of development and its mostly stimulated when the natural resources are limited, requiring people to be more creative. Rwanda’s strategy in building their entrepreneurship ecosys- tem post the genocide years was to identify local skills and industries then scale up and develop them.

With the world heading to more cleaner energy resources, Libya’s need to build an economy away from the oil industry has never been more de- manding. In identifying what industries we can develop, we can change our current economical scene away fr. But still, no matter where you live, owning your own business is tough. Without the guidelines and experience, achiev- ing success can be challenging.

A place’s community and culture can have a significant impact on the en- trepreneurship process. To embed a culture of innovation and creativity, you need to establish a entrepreneur-friendly atmosphere that supports unique ideas and skill. A full circle that enables you to change your world.

By definition, the entrepreneurial ecosystem is a network of elements that have an interest in there being more entrepreneurs and startups. Tatweer En- trepreneurship Campus (TEC) is lying the foundations of an entrepreneurial ecosystem, that will bring together like minded people under one establish- ment. TEC is a culture of transformation; providing mentoring investments and a co-working environment that gives entrepreneurs the option of ex- changing ideas while maintaining a wide network of connections, bringing more value to people running businesses. Also by proposing to the gov- ernment alternative strategies, TEC aims to eliminate administrative and legal hassles of opening a business, where new businesses in crucial phases of their life cycle will have clearer and simpler regulation. An ecosystem isn’t complete without a co-working space, TEC commissioned the establishing of TEC co-working space that is already under instruction at Tatweer Research headwaters, and is expected to launch Mid January, 2018.

The objective of fostering an entrepreneurship ecosystem depends on the different elements shaping it. For public officials, job creation and tax rev- enues. For entrepreneurs and investors, wealth creation. For the public, may be better product quality and services. For the ecosystem to be self- sustaining, all of these elements must benefit, that is the core value of estab- lishing one.

For Libya to build and sustain this environment, TEC will have to foster new cultural norms that will shift the Libyan economy toward innovation and entrepreneurship. TEC isn’t just an incubator, its a strategy that will create jobs, train and prepare Libyan youth for tomorrow’s technological market and ultimately stimulate sustainable economical growth.

By Hajer Elmahdi

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