Forty young entrepreneurs compete to bring their ideas to life

In partnership with IOM (International Organization for Migration) and MSelect (provider of recruitment and staffing solutions), Five One Labs conducted a two-day intensive training for young entrepreneurs from Iraqi Kurdistan and Syria from 4-5 May in the city of Erbil.

Five One Labs is a start-up incubator that helps refugees and conflict-affected entrepreneurs launch and grow their businesses in the Middle East.
Participants worked on developing a business model, learned about interviewing potential customers, identified challenges and got help finding solutions, and finally presented a prototype of their ideas in front of a panel of expert judges.

The training, funded by the US Department of State, attracted more than 90 applicants with a range of projects such as a taxi-hailing app, fashion web platforms, 3D media, medical support, virtual reality event management and connecting pharmacies to patients through phone applications or websites. Only 40 participants were chosen to participate in the training based on the themes and projects presented in the application process.

The young entrepreneurs worked together in 10 to 15 teams for two days in order to finalize their projects by the end of the second day and present them to a panel of experts in small business development and entrepreneurship.

Virtual Teacher, a virtual reality educational application, won the first place with their idea of an application where refugees and internally displaced people (IDPs) will be able to learn the local language as if they were sitting in an actual classroom. The second place went to the “On time, Under Budget” project – an online platform that connects organisations and companies with freelance designers or coding experts.
The winning team received access to a co-working space at MSelect for one month, USD 150 in funding to help develop their business, and an international mentor to help them plan the final execution of their project. They will also be given the chance to apply for a USD 1000 as a grant to bring their project to reality.

Local youth empowerment and business development NGOs in Iraq are focusing on encouraging young entrepreneurs and financing small businesses in order to empower local communities and improve their standard of living. Such activities provide an alternative to migration, which in many cases leads to youth risking their lives by taking illegal routes and dealing with smugglers to leave the country.
Five One labs will continue providing this type of training all over the country. The next one in Erbil will be conducted in mid-September 2018.

Photo caption: Participants/Entrepreneurs from Five One lab training, 5th of May 2018

TMP – 21/05/2018