Identifier
Created
Classification
Origin
06BEIRUT455
2006-02-16 08:15:00
UNCLASSIFIED
Embassy Beirut
Cable title:  

MGLE01: GOL AND YOUNG BUSINESS LEADERS LAUNCH

Tags:  ECON EINV EFIN LE 
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DE RUEHLB #0455 0470815
ZNR UUUUU ZZH
P 160815Z FEB 06
FM AMEMBASSY BEIRUT
TO RUEHC/SECSTATE WASHDC PRIORITY 2034
INFO RUEHEE/ARAB LEAGUE COLLECTIVE PRIORITY
RUCNMEM/EU MEMBER STATES COLLECTIVE PRIORITY
RHMFIUU/CDR USCENTCOM MACDILL AFB FL PRIORITY
RUEAIIA/CIA WASHDC PRIORITY
RUCPDOC/DEPT OF COMMERCE WASHDC PRIORITY
RUEATRS/DEPT OF TREASURY WASHDC PRIORITY
RHEHNSC/NSC WASHDC PRIORITY
UNCLAS BEIRUT 000455 

SIPDIS

SIPDIS

STATE PASS USTR,
NSC FOR ABRAMS/DORAN/WERNER/SINGH

E.O. 12958: N/A
TAGS: ECON EINV EFIN LE
SUBJECT: MGLE01: GOL AND YOUNG BUSINESS LEADERS LAUNCH
ENTREPRENEURSHIP PROGRAM


UNCLAS BEIRUT 000455

SIPDIS

SIPDIS

STATE PASS USTR,
NSC FOR ABRAMS/DORAN/WERNER/SINGH

E.O. 12958: N/A
TAGS: ECON EINV EFIN LE
SUBJECT: MGLE01: GOL AND YOUNG BUSINESS LEADERS LAUNCH
ENTREPRENEURSHIP PROGRAM



1. On February 10, Econoff attended a working dinner at the
Grand Serail for the launching of "Bader" (literally the
beginning of the day in Arabic, refers to a "start-up"
company),a partnership between the private sector and the
GOL to encourage entrepreneurship. In attendance were about
fifty businessmen, including several successful young
Lebanese entrepreneurs, PM Siniora, Finance Minister Azour,
and Minister of Economy and Trade Haddad. They listened to a
series of presentations focused on creating a "culture of
entrepreneurship" among Lebanese students and recent
graduates.


2. Bader's objective, according to founding members, is to
create jobs and opportunities for the young generation of
Lebanese through a renewed entrepreneurial spirit. The group
has noticed that many recent Lebanese graduates who would
normally be qualified entrepreneurial candidates choose to
work abroad, and qualified graduates who stay in Lebanon
choose to work in large corporations, consulting firms, or
banks. Key issues raised in Bader's preliminary action plan
include: raising awareness of entrepreneurship by having a
road show of high profile executives at leading universities
and launching a media campaign to show the incentives and
tools available in Lebanon to start a new business, creating
an entrepreneurship center at a local university, supporting
a USD 50,000 business plan competition modeled on a similar
competition at the Massachusetts Institute of Technology
(MIT) Entrepreneurship Center, and creating a new Venture
Capital fund.


3. Founding members were tasked with the job of creating a
vision and action plan, promoting entrepreneurship through a
TV and press campaign, eventually serving on a jury for the
business plan competition, and raising funds for the Venture
Capital fund and media campaign. The Venture Capital fund
would be managed by Kafalat, a Lebanese financial company
owned partially by banks and the Lebanese equivalent of the
FDIC that provides financing for small and medium sized
enterprises. The group had already received pledges of more
than USD 200,000 towards "Bader" from the businessmen present
in the room.


FELTMAN