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Viewing cable 06BEIRUT455, MGLE01: GOL AND YOUNG BUSINESS LEADERS LAUNCH

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Reference ID Created Released Classification Origin
06BEIRUT455 2006-02-16 08:15 2011-08-24 16:30 UNCLASSIFIED Embassy Beirut
VZCZCXRO9197
PP RUEHAG RUEHBC RUEHDE RUEHDF RUEHIK RUEHKUK RUEHLZ RUEHMOS
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 
 
 
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