Sunday, November 15, 2009

How to Promote Entrepreneurship

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.


Anonymous said...

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!!

Alaa Halawi said...

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.

Alaa Halawi said...

To re-inforce what I stated. The Technology Entrepreneurship Center takes exactly 53 WEEKS!! to transform a submitted idea into an Established company!!

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.