The country that has led the world in promoting entrepreneurship has also done the most to plug itself into global markets. The Israeli government’s venture-capital fund, which was founded in 1992 with $100m of public money, was designed to attract foreign venture capital and, just as importantly, expertise. The government let foreigners decide what to invest in, and then stumped up a hefty share of the money required. Foreign venture capital poured into the country, high-tech companies boomed, domestic venture capitalists learned from their foreign counterparts and the government felt able to sell off the fund after just five years.
Schumpeter: Fish out of water | The Economist
One shining example of promoting private enterprise. Interesting enough in Kuwait we have a similar concept in the National Technology Enterprises Company (NTEC) which was founded and funded through Kuwait Investment Authority (KIA) in 2002 with KD 100 m in capital. I am not so sure it has done much so far.
3 comments:
KD100 mil with 7 years and this is the first time i hear about such organization!!!
Damn, I think it takes less than 7 years for fully operate a nuclear power plant!!
Very interesting blog and progressive thoughts. Regarding entrepreneurship in Kuwait. In short, Kuwait is anti-entrepreneurial. If you probe the startup exhibits that sprung in the past year or so, you will find half of them are cup-cakes and chocolates, then some un-commercial clothes, and a photographer here and there with no true substance. No money will suffice for the current Regulations, Educational System that breed non-creative non-motivated youth.
To re-inforce what I stated. The Technology Entrepreneurship Center takes exactly 53 WEEKS!! to transform a submitted idea into an Established company!!
http://www.technologyec.com/process.html
We need a true meeting place that is non-governmental between young people with ideas, people that are willing to give business advice, and interested firms and individuals that are willing to invest. This should be created from a private initiative.
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