More than one third of tech entrepreneurs consider regulatory framework to be main obstacle

Economic Research | Lebanon This Week | Lebanon This Week 530 | More than one third of tech entrepreneurs consider regulatory framework to be main obstacle | Lebanon | Byblos Bank

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More than one third of tech entrepreneurs consider regulatory framework to be main obstacle

A survey of founders, co-founders and partners of 90 technology and digital startups in Lebanon shows that 36% of surveyed respondents consider the regulatory framework in Lebanon to be the most significant obstacle for tech entrepreneurs. Also, 26% of startups believe that identifying local talent is the main challenge they face, followed by securing funding (18% of surveyed participants), the availability of infrastructure and the lack of support (12% of respondents each), and attracting customers (10% of startups). ArabNet, a hub for Arab digital professionals and entrepreneurs, conducted the survey between November 2017 and January 2018

In parallel, 32% of surveyed startups considered the availability of support services to be the key strength of the tech entrepreneurial ecosystem in Lebanon, while 21% of startups believed that attracting new customers in Lebanon is the key strength of entrepreneurs. Support services include mentorship, workspace, legal & accounting advice, technical assistance, and networking. Also, the survey noted that the majority of startups that are looking to raise equity funding referred to angel investors, while the majority of startups that aimed to raise non-equity funding used their personal savings.
 
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Byblos Bank S.A.L., Byblos Bank Headquarters, Elias Sarkis Ave., Ashrafieh, Beirut

List of Banks No.39, CRB:14150, BDL Authorization No. 11/231 Dated 14 May 2005

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