Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Building a venture capitalist network to promote entrepreneurship
Published in Daily News Egypt on 05 - 11 - 2009

CAIRO: To promote entrepreneurial activity, Egypt needs to work on developing a risk-taking culture as well as access to capital, said an expert at a venture capital conference Wednesday.
Victor Hwang, co-founder and managing director of T2 Venture Capital, also stressed the importance of building ideas, interaction with world markets as well as investing in top talent.
Endeavor Egypt hosted an event titled "Building a Thriving Venture Ecosystem: A Round Table for Entrepreneurs, Venture Capitalists and Angel Investors, bringing together leaders in Egyptian business to build a network of support and mentorship for the country's most promising entrepreneurs.
Ahmed Ezzat, managing director of Endeavor Egypt, moderated the discussion, which featured Hwang, who is also a Kaufman Fellow.
Those in attendance represented the "top talent and expertise component, bringing together a diverse range of potential mentors, from investment bank EFG-Hermes to the Institute for International Education.
Ideavelopers, the dedicated venture capital subsidiary of EFG-Hermes Private Equity and one of the region's first companies dedicated to venture development services, was represented by CEO Ahmed Gomaa, Hany Al-Sonbaty and Tarek Assaad, all of whom expressed interest in Endeavor's goal of "transforming emerging countries by establishing high-impact entrepreneurship as the leading force for sustainable development.
All those in attendance appeared enthusiastic. Many criticized the notion that Egypt is an environment that does not produce entrepreneurs, clarifying that other factors produce an environment that often "kills off potential innovators.
"If a potential entrepreneur manages to overcome the hurdle of the Egyptian education system, he might be killed off by bureaucracy. If he survives bureaucracy, he might be killed off by lack of funds, explained Hussein El-Sheikh from Proseed Venture Capital.
He asked Hwang to provide an idea of how much Egyptians ought to be able to expect from the government in terms of support, based on other countries' experiences.
Ezzat cautioned that companies mired in bureaucratic constraints would achieve more success by presenting their prepared plans to government agencies and thus pressuring them to change outdated policies, rather than waiting for the policies to change on their own.
Mohamed El-Hawary from Andalucia Financial Consultancy asked Hwang to compare the state of the Egyptian legal framework, in terms of its conduciveness to business, to the United States. Jokes rang out around the table that compared to the level of development in the US, (which Hwang pointed out is by no means 100 percent business-friendly), Egypt's legal framework is maybe 15 percent developed.
Yet the attitude remained optimistic as participants voiced their support, although Sameh Makram Ebeid warned against trying to construct a formula for creativity.
Hwang emphasized the importance of diaspora businesses, such as those begun by Egyptians abroad, in spotting regional niches and capitalizing on them.
"There is money to be made in fixing regional disparities. I would invest in training young people to go after opportunities for pan Arab businesses, Hwang stated, citing the example of a young entrepreneur in Palestine who developed software to convert legal texts in Arabic, including Sharia, to electronic format.
Ezzat pointed out that "in other contexts around the globe, we have seen time and again that once development begins to occur, it occurs fast regardless of previous generalizations about the culture's conduciveness, or lack thereof, to innovation. Hwang agreed, pointing out the importance of an environment in which failure is acceptable.
"American venture capitalist John Dor says that he only ever invests in entrepreneurs that have already failed. They are the most motivated to succeed, Hwang laughed.
Ahmad Gomaa from Ideavelopers and Amr Rezk from EFG-Hermes each asked Ezzat for marching orders, wanting to know what those assembled could do to assist Endeavor's mission. Rezk asked particularly for a consolidated statement with which to approach other potential mentors, investors and supporters, as the necessity of entrepreneurship to economic development is not always universally acknowledged.
As Endeavor Egypt says in its statement, "there is no word for 'entrepreneurship' in Arabic.
As Egypt's first non-profit dedicated exclusively to the business sector, Endeavor has already received support from many of Egypt's top businesspeople, its board includes Hassan Al-Sayed Abdalla (vice chairman of Arab African Bank), Elijah Bassily (CEO of Virgitech), Khaled Bichara (Group COO, Orascom Telecom Holding), Tarek Mansour (country senior partner, PricewaterhouseCoopers), Hythem El-Nazer (TA Associates), and is headed by chairman Naguib Sawiris (CEO Orascom Telecom Holding).
Endeavor launched as a global initiative in 1997, founded by Linda Rottenberg and operates in developing economies around the world. Founded in 2007, Endeavor Egypt already partners with entrepreneurs Nadia and Hind Wassef from Diwan, Fatma Ghaly from Azza Fahmy Jewelry and Khaled Ismail from SySDSoft.
Endeavor Egypt will host its inaugural International Selection Panel in March 2010.


Clic here to read the story from its source.