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Fourth International Forum on investing in Technology hailed as success |
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4/19/2006 9:18:06 AM |
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 The Fourth International Forum on Investing in Technology, premier liaisoning platform that aims to engage the fledgling Arab Venture Capital (VC) industry in the region's economic and technological development has been brought to a successful close after productive discussions, debates and tie-ups between technopreneurs and venture capital funds.
The two day forum organised by the Arab Science and Technology Foundation (ASTF), a UAE based, independent, non-governmental and non-profit organisation established to promote the development of science, technology and entrepreneurship in the Arab world, was held under the patronage of His Highness Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah, the Crown Prince of Kuwait.
The “Developing an Arab Venture Capital Industry” forum announced the winners of the inaugural "Arab Technology Business Plan Competition", instituted by the ASTF. The first prize went to Astroleap, which had submitted a business plan to stream location sensitive data to mobile devices. Astroleap’s content will allow users to download and redeem coupons and promotions, check for friends in near proximity while travelling and dispatch emails and invitations. Astroleap will be awarded a minimum investment of US$ 50,000 in their business plan.
“We are very proud to have secured first place in competition where all submissions were very strong. The competition spurred us to create a comprehensive and detailed plan that will no doubt help the company in the future as we turn ideas to reality. The forum was an excellent chance to meet and network with entrepreneurs, investors and seed capitalists. We believe that there should be further competitions, as such initiatives will catalyze idea generation and we look forward to ASTF’s support and guidance in developing our ideas further,” said Basil S. Qubain, Astroleap’s Operations Manager.
WadiMobile UAE secured the second place with its mobile applications platform, while
Hakaya Technology’s concept for new software development tools gave them the last spot in the winner’s circle. As second and third places winners, WadiMobile and Hakaya Technology will be eligible for investment capital from the Arab Technology Ventures Seed Capital Fund.
The Forum hosted presentations from a panel of world-class speakers, including Jim Morrison, founder & CEO, i-mate™, in a series of seminars
Commenting on the forum’s success, Dr. Abdalla Abdelaziz Alnajjar, President, ASTF, said, “The objective of the forum was primarily to engage the venture capital industry in providing entrepreneurial leadership for technology related industries. We have been highly successful in our endeavours, and a number of promising ideas and innovative concepts have been discussed over the course of the past few days. I am certain that the Forum’s initiatives will create a ripple effect in coming months and years as participants seek to pursue their ideas to fruition.”
The forum was co-sponsored by the National Technology Enterprises Company (NTEC), Intel Corporation, Abdul Latif Jameel Co Ltd (ALJ), and the Islamic Development Bank (IDB). The next Forum will be in February at Dubai.
The competition was supported by a diverse regional network of partners such as the National Technology Enterprises from Kuwait, Princess Sumaya National Entrepreneurship Competition and Young Entrepreneurs Association in Jordan, Technology Development Fund Business Plan Competition and IDEAVELOPERS in Egypt, Syrian Young Entrepreneurs Association in Syria, United Nations Industrial Development Organization (UNIDO) from Bahrain, Fonds Sindibad from Morocco, and de l'Institut Arabe des Chefs d'Entreprises from Tunisia.
ASTF was formed in 2000 as an initiative by 400 Arab scientists and the support of the Ruler of Sharjah, H.H. Sheikh Sultan Al Qassimi. ASTF's mission is to promote science and technology in the Arab world, and today it boasts a network of more than 3000 scientists residing in Middle East, Europe and USA, and working in a wide spectrum of disciplines. As a result of its dedicated efforts, ASTF has been acknowledged as an international and regional development organization -- like UNESCO, UNDP, TWAS, KFAS, KACST, and others -- as a driving force in bridging the technology gap in the region.
ASTF programs include, among other things, a wide array of activities to encourage more investments in technology. It supports technology startups through strategic, financial, and marketing advice and by seeking for them financial and strategic partners. It also organizes the "Investing in Technology Forum", which is held twice a year in different cities around the Arab world. ASTF also supports various initiatives to set up venture capital funds focused on the Arab world, and assists large Arab corporations to expand their technological capabilities.
Over the past few years, ASTF has had several successes in providing funding for projects in IT, communication, water desalination, engineering, and pharmaceuticals. It has always outlined to investors the high returns realized from technology investments, which may exceed 50% per year. It minimizes the investor's risk by conducting extensive technical and financial feasibility for the projects it sponsors, and supports investors in overcoming financial, managerial, and technical problems through its international network of members.
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