Five One Labs Launches Crowdfunding Campaign for Startup Incubator in Iraq
Contributions Will Support Refugee Entrepreneurs; Contributions up to $50,000 to Be Matched by The Tent Foundation
ERBIL, Iraq, September 13, 2017 (Newswire.com) - Five One Labs, a startup incubator for refugee and conflict-affected entrepreneurs in the Kurdistan Region of Iraq, announced the launch of its 30-day crowdfunding campaign on Indiegogo. The campaign aims to raise $50,000 to support the launch of its first three-month incubator cohort in Erbil, which will begin in late October. All donations up to the $50,000 goal will be generously matched by the Tent Foundation.
Five One Labs aims to tackle two key obstacles that refugees face when displaced — the challenges experienced when seeking employment in a new country, and the short-term, live-saving nature of humanitarian aid, which makes it difficult to building sustainable, long-term solutions that enable displaced individuals to restart their lives.
Five One Labs co-founder Alice Bosley, who has been working with refugee and host community innovators in Iraq over the past year said, "Entrepreneurship is a critical tool that can help address the challenges of displacement. What entrepreneurs need more than anything is support, resources, and role models to take their ideas and help them grow into real businesses. Five One Labs is excited to help them turn these dreams into a reality."
Five One Labs' goal is to develop an inclusive network of refugee and host community entrepreneurs that have the support, skills, and connections to positively change their communities and countries. These entrepreneurs are provided with training, mentorship, community, and the opportunity to compete for seed funding over a three-month incubation program.
Peru, a Five One Labs entrepreneur launching a medicine delivery service in Erbil, describes her experience with the incubator. "Before I participated in the program, it was like a dream to imagine having my own business as a woman. I am so grateful to be part of the Five One Labs... It taught me not only to think differently but also to find solutions to the problems, create business models, prototypes, pitch, and succeed in my business."
The crowdfunding campaign will help raise the funds needed to support these talented and innovative entrepreneurs. With a successful campaign, Five One Labs will be able to provide the following: laptops and internet access for the entrepreneurs; a co-working space from where they can work daily; stipends for food, transportation and childcare; and seed funding to launch their businesses, among other things.
The Tent Foundation, an organization that seeks to mobilize the private sector to improve the lives and livelihoods of those who have been forcibly displaced from their countries, has generously offered to match all donations to the crowdfunding campaign up to $50,000.
For more information, please contact:
Director of Operations
Five One Labs
About The Tent Foundation
The Tent Foundation is an organization that seeks to mobilize the private sector to improve the lives and livelihoods of those who have been forcibly displaced from their countries. Visit the Tent Foundation website for more information.
About Five One Labs
Five One Labs is a startup incubator that empowers a new generation of refugee and conflict-affected entrepreneurs to create sustainable livelihoods. Five One Labs participants enter a three-month long incubation program that includes training, mentorship, an inclusive community, and the opportunity to compete for seed funding at the end of the program. Visit the Five One Labs website for more information.
Source: Five One Labs