International A new VC firm announces $100 mn fund for Middle East, Asia, US

The Fenox Global Fund IV will seek to invest in information technology startups - including Internet, computer hardware and software, communications, and healthcare technology.

DUBAI: A new venture fund 'Fenox Global Fund IV' seeks to invest US $ 100 million in the US, Asia and the Middle East.

The fund has been established by Fenox Venture Capital, a global investment firm headquartered in Silicon Valley, in partnership with Innovation 360, a leading innovation consultancy based in Dubai, UAE.

The investment would be undertaken in seed, Series A and pre-IPO funding, according to a report.

Fenox's current investment portfolio includes those in Dream Link Entertainment (DLE), the largest animation company of its kind in Japan that recently executed anIPO on the Tokyo Stock Exchange, and Lark, a wearable technology company whose products are now sold at Apple stores around the world.

Now open to investors in the Middle East, the Fenox Global Fund IV will seek to invest in information technology startups - including Internet, computer hardware and software, and communications - as well as startups in the area of healthcare technology and clean tech.

The fund strategy is to invest in a mix of start-ups in need of seed and Series A funding in the Middle East, pre-IPO companies from Asia, and seed and Series A start-ups in the US - particularly Silicon Valley.

"We are breaking new ground in the Middle East with the Fenox Global Fund IV. I know of no other time that aSilicon Valley VC has used capital from Middle East investors to promote entrepreneurship in the local region," Brent Traidman, General Partner at Fenox, said.

Kamal Hassan, Fenox General Partner and president of Innovation 360, said: "Fenox sees the huge opportunity for growth in the MENA (Middle East and North Africa) region, and so we are offering funding and expertise to a few best-in-class regional startups who we believe will provide significant long-term gain.

"However, by also investing in more mature companies from Silicon Valley and Asia, the fund will diversify the investors' portfolio and create a greater return for investors," said Hassan.

Fenox has a track record of investing in global businesses from around the world, having managed funds that focus on entrepreneurial development in South Korea, Singapore, Japan, Indonesia and China.

Zoomaal : a crowdfunding platform for Arabia

Zoomaal brings crowdfunding revolution to Arabia. Crowdfunding has taken the world by storm, giving people a new way of choosing which products they want to see developed. Its also a new way to fund projects from thousands of people who simply want to see ideas come to life. Worldwide crowdfunding is collecting over 250 million US dollars per year. It brought to the world projects like Pebble Watch, UAE's Infenitec, and over 10% of Sundance movies this year were produced through Crowdfunding. We will also see the future of videogames through crowdfunding in the form of the virtual reality device “Oculus Rift” and the budget open game console “OUYA”. Here is a chance for Arabs to choose and shape the future too Zoomaal crowdfunding platform allows inventors and creatives of Arabia to showcase their projects and raise funds from individuals. Users on the site can pledge as little as $5 each. With many people wanting a project and pledging, the money to get the project up and running won't be a problem. Zoomaal will focus mainly on Arabia and will offer a donation-based model where projects will have to offer gifts to their donors, not to be confused with crowdsourced equity investment. Zoomaal focuses on projects, rather than startups looking for funding. As there are many students and entrepreneurs that do not necessarily have business and entrepreneurial skills that attract investors and sponsors, but rather a great idea or project that many need and are willing to support. To view Zoomaal's website, visit the link: www.zoomaal.com “Zoomaal is not a clone of Kickstarter or Indiegogo, but rather a platform that aims to support and grow the creative culture in the Middle East. Zoomaal connects the creative Arab youth with supporters around the world, in Arabia and expatriates in the US, UK, and Canada”, Abdallah Absi says, CEO of Zoomaal. "We are excited to be working together with other investors in the region and founder Abdullah Absi to bring crowdfunding to Arabia. Our region has a long history of nurturing inventions and discoveries. Zoomaal is not just about funding projects, but it is a platform that will allow people all over to support inventions and discoveries - giving them a practical way to grow this culture of innovation.", Rashid AlBallaa says, CEO of N2V. More about N2V: N2V is one of the largest Internet holding groups in Arabia, focused on value creation through building and investing in Arabic consumer web & mobile ventures (e-commerce, Arabic content, social media, games, mobile apps), with over 200 employees spread in offices around different Arab countries (Saudi, UAE, Jordan, Egypt, Bahrain) and the USA. More about Abdallah Absi: Abdallah Absi is a young serial and social entrepreneur that aims at raising new generations of Arab entrepreneurs. He is the CEO of Zoomaal and the President of the Entrepreneurship Club NGO in Lebanon. Abdallah has won various awards in entrepreneurship and computer science. You can add him on LinkedIn: http://lb.linkedin.com/in/abdabsi 5

MIT Enterprise Forum Arab Startup Competition - 3 Tracks

http://www.mitefarab.org/2013/10/mit-enterprise-forum-arab-startup-competition/ The MIT Enterprise Forum Pan Arab has a proven record in promoting MIT-style entrepreneurship by organizing each year the MIT Enterprise Forum Arab Startup Competition, in partnership with Abdul Latif Jameel Community Initiatives, targeting 21 countries of the Arab region and bringing in more than 4,000 applications a year. The competition has trained over 900 entrepreneurs and has helped start more than 200 knowledge-based and technology-driven companies in Yemen, Jordan, Lebanon, Saudi Arabia, UAE, Tunisia and others. The website is now open for applicants. Do you have a new business idea, a startup or a growing company that you want to take to the next level? Apply now: www.mitarabcompetition.com IDEAS Track For entrepreneurs with just ideas looking to take them to the next level See the questions for the Ideas Track here. Eligibility Criteria for the Ideas track You can apply as an individual or part of a team provided that at least one member is an Arab national The business idea should be implemented in one of the Arab world countries Your idea can be in any sector (Creative industries, Construction/Engineering/ Education/ Environment/Food and Agro Business/Health and Healthcare/Entertainment/ICT/Services, etc.) No registration; No prototype; No funding; No sales The new Rolling Application System Website opens on October 28th and closes by the time the 50 semi-finalist teams are selected You are strongly encouraged to apply REAL EARLY to make the most out of the rolling process A higher chance to get selected if you apply early We are looking for a total of 50 semi-finalists for the ideas and startups tracks, so these slots get filled up quickly as we judge and qualify applicants especially that the judges evaluate applications as they come in, instead of waiting to review all applications concurrently A Second Chance to Apply: With a rolling process, applications will be reviewed as soon as they are submitted. You are likely to hear back from us within 3 weeks (instead of the usual 3 months from previous years), giving you another chance to adjust your entries and reapply. Grading Round 1 Judges evaluate applications as they come in Each application will be reviewed by 3 judges based on innovation, scalability, and positive social impact. Applications receiving an average grade above 70/100 shall qualify to the next round Selection Criteria Innovation: Creativity and improvement of existing solutions and/or business processes with respect to current competitors or comparables. Within this definition, innovation does not necessarily mean technology. Scalability: A business idea should not be limited to a local market. At a minimum, a nationwide market should be targeted. Preferably, the business could easily be replicated regionally or globally as the company expands. Impact: This innovative business idea has the potential to become a landmark company in the region and make an impact on the region’s economy or perceived competitiveness. Semi-finalists will be automatically assigned a local coach to work closely with them in view of achieving the deliverables set for each track prior to attending the 3-day workshop. Deliverables for the Ideas Track Developing a working prototype Securing at least one client Forming a team and selecting board of advisors Submitting an executive summary Workshop: March 2014 Following ~4 months of preparations and working toward achieving common deliverables, the 50 semi-finalists of the Ideas & Startups tracks will sit for a 3-day training covering topics such as business planning, sales, finance, marketing, elevator pitching, presentation skills, etc. Finalist Teams At the workshop, Round 2 judges will choose out the finalists teams from the Ideas & Startups Tracks 50 semi-finalists and qualify them for the final round of oral presentations Final Round Oral Presentations: March 2014 On day 3 of the workshop, the participants from the ideas and startups tracks will have to pitch in front of a judging panel. Names of the Final Jury members will be announced in due time. Final Award Ceremony The winning teams are then announced during a Final Award Ceremony on March 27th, 2014 —————————————————————————————————————- STARTUPS Track For startups with a working prototype, ideally with some user traction and some sales See the questions for the Startups Track here. Eligibility Criteria for the Startups track At least three team members (at least one of the members should be Arab national) The startup should be registered in one of the Arab world countries Your idea can be in any sector (Creative industries, Construction/Engineering/ Education/ Environment/Food and Agro Business/Health and Healthcare/Entertainment/ICT/Services, etc.) Working Prototype ready, ideally with some user traction and some sales The new Rolling Application System Website opens on October 28th and closes by the time the 50 semi-finalist teams from the Ideas & Startups tracks are selected You are strongly encouraged to apply REAL EARLY to make the most out of the rolling process A higher chance to get selected if you apply early We are looking for a total of 50 semi-finalists for the ideas and startups tracks, so these slots get filled up quickly as we judge and qualify applicants especially that the judges evaluate applications as they come in, instead of waiting to review all applications concurrently A Second Chance to Apply: With a rolling process, applications will be reviewed as soon as they are submitted. You are likely to hear back from us within 3 weeks (instead of the usual 3 months from previous years), giving you another chance to adjust your entries and reapply. Grading Round 1 Judges evaluate applications as they come in Each application will be reviewed by 3 judges based on innovation, scalability, and positive social impact. Applications receiving an average grade above 70/100 shall qualify to the next round Semi-finalists will be automatically assigned a local coach to work closely with them in view of achieving the following deliverables set for each track prior to attending the 3-day workshop Selection Criteria Innovation: Creativity and improvement of existing solutions and/or business processes with respect to current competitors or comparables. Within this definition, innovation does not necessarily mean technology. Scalability: A business idea should not be limited to a local market. At a minimum, a nationwide market should be targeted. Preferably, the business could easily be replicated regionally or globally as the company expands. Impact: This innovative business idea has the potential to become a landmark company in the region and make an impact on the region’s economy or perceived competitiveness. Deliverables for the Startups Track Deliverables of the IDEAS track should all be met, plus Submitting a 10-15 page business plan Getting ready to pitch for VCs Workshop: March 2014 Following ~4 months of preparations and working toward achieving common deliverables, the 50 semi-finalists of the Ideas & Startups tracks will sit for a 3-day training covering topics such as business planning, sales, finance, marketing, elevator pitching, presentation skills, etc. Finalist Teams At the workshop, Round 2 judges will choose out the finalist teams from the Ideas & Startups Tracks 50 semi-finalists and qualify them for the final round of oral presentations Final Round Oral Presentations: March 2014 On day 3 of the workshop, the participants from the ideas and startups tracks will have to pitch in front of a judging panel. Names of the Final Jury members will be announced in due time. Final Award Ceremony The winning teams are then announced during a Final Award Ceremony at the end of Day 3. ——————————————————————————————————————— Global Track For established companies seeking Silicon Valley exposure and funding from international VCs See the questions for the Global Track here. Eligibility Criteria for the Global track At least 3 out of the 4 below requirements MUST be met: 1. Legally registered company, ideally with 2 years in operations. 2. Raised at least one round of funding (through an accredited Angel Investor or a VC firm) 3. Has global reach or presence. 4. Generates at least $500K/year in revenues. Mandatory: Provide a recommendation letter from one of our trusted partners: Abdul Latif Jameel Community Initiatives,Techwadi, Wamda, Flat6Labs, Endeavor, and Oasis500. Selection Process Submitted applications will be screened; the shortlisted candidates will be interviewed. 30 Finalists will be selected from the region and will be granted the opportunity to go on a 3-day Silicon Valley conference and roadshow during April 2014. Silicon Valley Conference and Roadshow, April 2014 Day One: Workshop with top entrepreneurs Discussing the latest insights and trends in the tech and digital worlds with industry leaders Hands-on training on key topics; scaling operations across regions, sales, hiring new staff, in-bound marketing, fundraising, etc. One-to-one coaching sessions with experts in their fields Day Two: Touring Key Locations: Google HQ office tour, Facebook Campus, Apple and Airbnb offices. Visiting other entrepreneurship hubs: hacker and coworking spaces, tech shops, 500 startups, TechStars and meeting up with key people there. Day Three: Speed dating with: a)Top VCs b) A-Level Mentors Conference followed by pitching event and dinner.

the MIT Enterprise Forum of the Pan Arab Region

Founded in 2005, the MIT Enterprise Forum of the Pan Arab Region is one of the 28 worldwide chapters of the MIT Enterprise Forum Global, an avid promoter of entrepreneurship and innovation worldwide. The MIT Enterprise Forum- Pan Arab has a proven record in promoting MIT-style entrepreneurship by organizing each year the MIT Enterprise Forum Arab Startup Competition (www.mitarabcompetition.com), in partnership with Abdul Latif Jameel Community Initiatives, targeting 21 countries of the Arab region, bringing in more than 5,000 applications a year and engaging entrepreneurs in mentorship and networking.

Catalysing social enterprises in the UAE

While the concept of 'social enterprise' is relatively nascent in the Middle East, the UAE has played a particularly significant role in supporting it, not only by hosting various platforms that support networking and sharing best practice but also driving forward the discussion on enabling environments. Research indicates that social entrepreneurs need support from multiple sectors if they are to be successful including the government, private and even education sectors. Governments play a particularly important role by providing a suitable enabling environment. Collaboration from the private sector is also vital because social entrepreneurs borrow so much from the principles of successful businesses. And, even the education sector serves a purpose by providing incubators, academic programmes and research. Ultimately, it takes an entire ecosystem of players to construct a viable environment for the successful growth of social entrepreneurship. In order to build and enhance this eco-system in the UAE, the centre for responsible business at the Dubai Chamber of Commerce and the Industry (DCCI) is working closely with Al Ahli Holding Group. Speaking at the recent Emirates Foundation Philanthropy in Transition Summit, Lina Hourani, the CSR Division Director of Al Ahli Group announced the launch of an online platform for social entrepreneurs to be activated in 2014, as part of the ongoing activities of the Al Ahli-driven Social Enterprise Task Group (SETG). Speaking at the event, Hourani explained that the initiative provides an opportunity for conventional entrepreneurs in the UAE to connect and be inspired to start a social enterprise. The platform will provide comprehensive guidance and support to any budding social entrepreneurs and explain how to about establishing a successful entity. The SETG is building not merely a website, but an interactive digital space through which to empower organisations in the social enterprise ecosystem while providing them with support services. Based on its users' interaction with the platform, the SETG will also present key findings related to the state of social enterprises in the UAE. In addition, the platform will unite organisational stakeholders together to aligned support mechanisms across the country and promote stronger advocacy. Establishing social enterprises is even more challenging than establishing a successful conventional enterprise, with a need to focus on building strong governance and operational systems that can achieve a realistic balance between their social outcomes on the ground and their efficiency as a business. Many summit participants noted that while this sector is growing rapidly in the UAE there is still a strong need to share ideas, best practice and create an enabling environment that promotes innovation and creativity. Hourani noted: "Social entrepreneurship is needed for both economic and social development as it creates new jobs and sources of income, while at the same time encouraging innovation. It can also bring new unconventional products and services to market that can contribute to solving societal problems such as illiteracy, health and poverty." Believing in the power of partnership, the SETG has united actors from government, academia and business in the belief that collaboration is key. Feeding the educational and research inputs into this platform will be the American Universities of Beirut and Dubai who have both agreed to share their research and knowledge on social entrepreneurship. The DCCI has also brought on board additional partners including CCC, Intercoil, Desert Group, DP World, du, Majid Al Futtaim, PepsiCo and Emirates Foundation. During her speech at the summit, Hourani called upon relevant stakeholders for to support the platform through sponsorship, technical delivery (for example as media partners) or by providing content through speakers and relevant material. "Social enterprise is a powerful tool for entrepreneurship in the region," she noted, adding that "it can amplify the development of sustainable breakthroughs for social and environmental problems without having to rely on charity or public funding. Catalysing social enterprises in the UAE will provide unique social value and we believe this platform is well positioned to help."

Arab League moves to support Arab entrepreneurs with forum in Cairo

by Hanan Solayman, March 30, 2014 In an unprecedented move to support entrepreneurs, the Arab League has hosted the first forum for Arab Entrepreneurs and Innovative Ideas, held in Cairo from February 18 to 20. The forum aimed at gathering Arab investors and entrepreneurs to close deals reflecting the recent changes the Arab world has witnessing in an attempt to support the Arab economy. The Arab Youth Council for Integrated Development held the forum with the theme of ‘Prospects for Economic Integration for Arab Entrepreneurs and Innovators’. The forum is set to become an annual event, and will be held in Saudi Arabia next year. The forum resulted in the Saudi Prince Mohammed Bin Fahd Foundation for Human Development (PMFHD) undertaking the establishment of a national fund for youth projects, an Arab youth observatory, and an Arab non-profit organization for youth investment management. The forum emphasized the importance of improving the investment climate in the Arab region, facilitating youth participation, establishing an information bank for ideas and initiatives in the Arab world, and organizing annual exhibitions that showcase ideas and innovations from Arab youth. The forum also sought to isolate strategies for building the capacities of young Arab innovations and inventors, and using the media to market and introduce Arab ideas. Twenty-four Arabs pitched their ideas before the attendees on the second day. Most of them came from Egypt, followed by Jordan, Saudi Arabia, Algeria, Yemen, Morocco, and Sudan. Their ideas included an auto-parts washing machine, a project for the establishment of smart cities, an integrated transportation system (magnetic levitation transportation means), housing (small-space apartments with multi-use furniture), alternative approaches to education, and an advanced mobile hospital model presented by engineer Khaled Thabet from Al Mawred. Ahmed El Khawly also presented preneur-masr.com, a website for Egyptian entrepreneurs specialized in entrepreneurship and SMEs, incubated by the Egyptian Ministry of Investment’s Bedaya Startup Academy. Other than the pitch session, the forum was dominated by formal discussions and conversations given that most of the speakers were government officials. This format may have failed to most efficiently engage the broad base of Arab entrepreneurs who are perhaps more capable of making a difference in their societies. Their participation in such an event would be important so as to prove as positive examples for would-be entrepreneurs. Entrepreneurs in attendance had mixed reactions to the forum’s usefulness. The forum was an excellent opportunity for entrepreneurs to pitch their ideas to investors, and a great chance for networking, said Karem Sayed, founder of shglnafsk.com, an initiative that helps users learn that the internet can be used for more than just recreation. Mohammed Al Anwar, however, a scientist at the Fayoum University who discovered a fertilizer that can increase crop yields at no additional cost, disagreed with Sayed, not having sensed any increased connection between entrepreneurs and investors. He asked: “Innovators heard each other, but who will help them implement their ideas?” He would have preferred for the private sector to have a larger and more diverse presence at the forum. El Khawly said that the forum could have taken advantage of the presence of Arab officials and private institutions to discuss obstacles that entrepreneurs face, followed by a discussion of possible solutions by engaging the private sector and steering away from governments. Communication during the event was, instead, he said, unilateral. Further, the event wasn’t advertised widely enough, which limited attendance in both numbers as well as diversity. Future events may be more useful if the organizers are able to learn their lessons from this first forum; the event has potential though, and we look forward to next year’s version in Saudi. -- Hanan Solayman is a freelance journalist and founder of El Mandara, a local news portal in Egypt. She studied Entrepreneurial Journalism at the City University of New York. You can connect with her via e-mail at hanan@mandaraonline.com or on Twitter @hananzaz.

Kramer: Entrepreneurship, startups help to bring gender equality in Middle East

Middle-Eastern women are showing the world two things: that they can perform as well as men as entrepreneurs and that they are capable of far more than being victims of institutionalized sexism. In 2013, a new product called Instabeat hit the market. Often called the “Google Glass of goggles,” Instabeat attaches to the goggles of a swimmer and monitors the wearer’s heart rate in real time. It’s on par with the likes of Nike and Fitbit’s wearable fitness technology, but Instabeat came from the mind of Hind Hobeika, a female entrepreneur operating out of Lebanon. And she’s not alone— the Economist speculated in a July 13 article that a sparkling 35 percent of those starting their own internet-based businesses in the Middle East are women, contrasting with a sad-looking 21 percent average for females in the rest of employment in that region. With the emirate of Dubai leading the way, Arab entrepreneurs (of both genders) have a chance to develop their ideas, acquire funding and launch businesses — many of which are internet-based — in a turbulent environment that could use some problem-solving. The Economist called it a “startup-spring.” Women of the Middle East getting to participate in this tech boom is a wonderful and terrifically exciting sight to see, and it isn’t an isolated event. Women across the Middle East are finding it much easier to participate in the digital age because they can stay at home and start a business from their computer, an occurrence that was unprecedented in a society where men have always been holding all the cards. One company named the Oasis 500, is helping develop digital startups in Jordan, with a surprising amount being from women. The Wall Street Journal reported on April 12, 2012 that, “while 25 percent of applications to its program come from women, 40 percent of those accepted are female.” So they are involved in business at a lower rate than men but are showing that they are potentially even more innovative. While it is encouraging to see these trends develop, it’s disheartening that it took so long. Middle East Voices, a news website, showed in an April 17 article that “Arab women outperform men even in the hard sciences,” even as college graduate rates between the two genders remain equal. The truth is that even though times are changing, Middle Eastern governments have remained largely the same in many ways. Their outdated laws subjugate females, allow for harassment and domestic violence and bar women from many of the liberties that men possess. But any sort of progress can change things quickly. The widespread success of women in the Middle East will be an accomplishment in itself one day, but its role as an allegory for the empowerment of women all around the globe will be even more crucial. If governments in developing countries set their women free, they will be accessing untapped seas of talent and potential that could transform the world. While there is plenty of optimism for the future of gender equality in the Middle East, a long road still lies ahead. But if the resilience and courage Arab women have shown thus far is any indication of what they will do in the future, then the future looks bright. Phil Kramer is a freshman advertising and marketing management major. His column appears weekly. You can reach him at pwkramer@syr.edu and on Twitter at @PhilipWKramer