Usama Fayyad, Ph.D. Emile Najib Cubeisy Managing Director of IV Holdings, Ambassador Karim Kawar, President of Kawar Group, Nashat T. Masri, Founder and Partner of Foursan Group, Hussam Khoury ex-President and co-founder of Maktoob Inc, Aiman Mazahreh President of STS, Walid Tahabsem, President & CEO, incorporated tech Group. Tarik I. Awad, Tarik I. Awad could be the Executive Director for the King Abdullah II Fund for Development (KAFD)
Just last year had been a point that is turning the technology and internet industry into the Arab globe whenever Yahoo acquired Maktoob, and so I might call it “The begin Year”. This present year our company is seeing more coders to finance and help startups in numerous countries that are arab.
In Jordan plus the Arab globe in basic you can find just a few company plan tournaments from businesses such Queen Rania Center for Entrepreneurship, ASTF, and MIT Arab Business strategy Competition.
Numerous bright business owners won the tournaments, but the majority of for the business plans stayed in the shelfs as no seed money ended up being available. To this end Dr. Usama Fayyad, Former Chief information Officer of Yahoo and present Chairman of Arab portal d1g told ArabCrunch today he’s establishing Oasis 500 to handle the space of seed and stage funding shortage that is early.
Oasis 500 is just a form of accelerator just like Y Combinator because it provides incubation and funding. Oasis 500 aims to push 500 startups in Jordan in five years and certainly will provide programs that are several with courses for entrepreneurs with a few ideas.
The courses includes business strategy development, advertising and product sales etc. and would continue for 4- 6 months.
In accordance with Usama working out system will begin around August with this year and certainly will have a quota of approximately 100 business owners for all rounds each year ( anyone by having a technology concept in accordance with Usama.)
During the end of each and every program Oasis 500 will select 10 tips to purchase with the average of 10,000 Jordanian Dinars per idea and offer incubation (workplaces) for a period of 2 months. In the event that startup is qualified you will have extra investment of a average of 50,000 USD.
Oasis 500 may also bring an umbrella for all your angel systems in Jordan to ensure that startups can more easily pitch to them. Therefore a capital that is additional can get from 100,000 to 500,000 USD based into the business or deal.
Usama told AC that Oasis 500 will likely be shutting its very first investment, of approximately 6 million USD in September in 2010.
In a few days more information concerning the Oasis system, that is behind it, their skills, requirements, etc. is going to be published once I interview Ussama in day or two once more.
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