Iraq’s Ecosystem

28/11/2017

Saving A Dying Revolution

Since the word “startup” was introduced into the Iraqi scene (early 2012), young talents have been thriving to come up with new ideas and build new businesses to evolve the Iraqi private sector and build a government-free independent ecosystem. Many international and regional companies/organizations arrived on to the scene and held dozens of workshops and implemented training camps and events that helped nurture the entrepreneurial culture within the youth, teaching it to think outside-the-box. And while the young kids were taking all the fun, a big player was forgotten about. In any startup culture, the finance sector is a main player, and Iraq is known for its corrupt financial system.  As a result, no one can depend on finding a decent opportunity for his/her business to be funded. Further, there are no incubators and business accelerators to help startups. Everyone thought that there are people with big money who are ready to invest once an opportunity arises. Such assumptions were wrong and are affecting the growing ecosystem. Many successful startups have emerged in the last 2-3 years, which are looking for  investors who will help to grow and expand their businesses; however, the shock is that “there is no one […]