The Middle East region has seen a rise of business accelerator and incubator programs over the past few years and Beirut has been no exception. Thursday, the UK Lebanon Tech Hub, a partnership between the United Kingdom and the Lebanon's Central Bank, opened its doors. Part of the bank's Circular 331 initiative, the tech hub hopes to boost Lebanese startups.
Speaking at the opening, the British ambassador to Lebanon, Tom Fletcher, pretended he had forgotten his speech and asked if anyone in the audience could help with that. A drone – Lebanese-built of course – then flew from the back of the audience carrying his speech notes to the podium. In his speech, Fletcher encouraged Lebanon to embark on a revolution of innovation.
The accelerator's flagship program will work with 45 applicants to build growth plans to develop the startups' operations internationally. The top 15 applicants will go on to complete a 10-month program in London, which will provide them with networking opportunities, help them find the right talent, and aid in developing international partnerships.
Central Bank Governor Riad Salameh said that the knowledge sector will "play a major role in the future of the country. It will be as important in the future as the financial sector, and maybe one day, the gas and oil sector," according to The Daily Star .
“All these sectors are going to give leverage to the traditional sector. They are going to allow us to be more competitive and create a sector that is not subject to ... political risks and also the security risks.”
Located in the Beirut Digital District, the new tech hub will also offer workshops and masters classes. Additionally, the marketing and communication branch will work actively to promote Lebanese startups and entrepreneurs in the international market.