Five One Labs Launches New Business Support Program in Iraq in Partnership with the World Bank Group
The new Business Backing Program will provide business development services to promote startup and MSMEs growth and create inclusive employment opportunities for Iraq.
Erbil, Iraq., June 14, 2024, The World Bank Group and Five One Labs, an international startup incubator with operations in the Kurdistan region of Iraq, are partnering to spearhead initiatives supporting forcibly displaced related startups and micro, small, and medium-sized enterprises (MSMEs) in Iraq. This collaboration is part of the World Bank Group’s Private Sector for Refugees (PS4R) initiative, which builds upon a successful program in Jordan, Lebanon, Yemen, Djibouti and now in Iraq.
Through this partnership, Five One Labs will deliver a range of essential services to bolster the entrepreneurial ecosystem for forcibly displaced populations (FDP) and MSMEs, which continue to be underserved despite existing initiatives. This program leverages PS4R’s tools and framework and will offer business development services, B2B linkages, capacity building, policy advocacy, and job matching. The Business Backing Program aims to expand the network and linkages of 100 impressive businesses across Iraq.
Supported businesses will receive:
Tailored business development services,
Business-to-business (B2B) connections to foster growth and collaboration, and
Job matching opportunities for 100 job seekers, focusing on forcibly displaced individuals, host communities, and women to employment opportunities.
As explained by the PS4R team, “Economic integration of FDPs and host communities can contribute to local and global economic growth and result in a "win-win" situation. The private and financial sectors have the potential to play a significant role in supporting FDPs by employing them, procuring from them, and/or investing in FDP-related businesses.”
Other activities to be carried out throughout 2024 include enhancing the capabilities of local sector associations and business intermediaries, raising awareness of policy constraints faced by these businesses, proposing actionable solutions to key institutions, and strengthening global partnerships by promoting public-private dialogue through roundtables and collaborative efforts.
As part of Five One Labs’ ethos of enacting positive change in the entrepreneurial ecosystem across Iraq, including Kurdistan Region, Five One Labs will work closely with the World Bank Group’s PS4R team to build off their mutual experience in supporting entrepreneurs, MSMEs, and the investment climate.
"Five One Labs is honored to partner with the World Bank Group's PS4R initiative given alignment in a joint mission to elevate more vulnerable populations in Iraq through self-employment and other employment opportunities.” said Alice Bosley, Executive Director and Co-Founder of Five One Labs. “We are passionate about supporting entrepreneurs and business growth, and are looking forward to implementing this much needed business advisory program to promote better economic integration for FDPs and MSMEs.”
This initiative will be led by key members of the Five One Labs team members, including Shwan Qaradaghi, Managing Director of Iraq: Programs, Savo Bakhtyar, Managing Director of Iraq: Ecosystem Growth, and Manager at Five One Invest, Azza Yehia.
About Five One Labs
Five One Labs is an international startup incubator that helps talented entrepreneurs from diverse communities launch their startups. Through our innovative multi-lingual programming, we provide intensive training, mentorship, funding, and advisory support to scalable startups looking to launch or grow their businesses.
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About the Private Sector for Refugees Platform (PS4R) World Bank (WB) Initiative
The Private Sector for Refugees Platform (PS4R) is a World Bank (WB) initiative that seeks to increase the role of the private sector in the economic empowerment of forcibly displaced populations (FDPs) and host communities. PS4R shifts the paradigm from supporting FDPs through humanitarian aid to enhancing the focus on taking a business-centered approach via private sector and financial sector development. PS4R integrates its methodology and tools within WB lending and non-lending projects and is active at both the country, regional, and global level.