InnoVest Group to Establish Network of Technology Incubators in Middle East and Eurasia Region - Press Release
Washington D.C., USA (July 9, 2024) – Many entrepreneurs, academics and technical experts in Middle East, Eurasia and developing countries are faced with the challenges of sustaining and maintaining their Small and Medium Size Enterprises (SMEs), due to a lack of capital, technical and management assistance and business education and training.
In light of these challenges, InnoVest Group is planning to establish a network of technology business incubators in Middle East and Eurasia region to minimize the risk of failure among small technology enterprises, thereby providing an environment in which SMEs can flourish. These incubators are called International SME Incubator (ISI) House.
The failure rate among start-up business is normally very high and so when they are on their own without these kinds of integrated support services, they often experience implementation problems which many are unable to address successfully and fail in the first couple of years.
Mr. David Dastvar, Managing Partner of the InnoVest Group – a technology investment and management group based in Washington, D.C., USA - is the lead executive to establish "ISI House" operation in Middle East and Eurasia region. Mr. Dastvar said, "The idea of a technology business incubator is to enable small start-up businesses to get the required support in their early stages. The ISI House will also support SMEs with their business growth needs. The ISI House will provide certain common services to the occupants, like access to venture fund, marketing, infrastructure, accounting, secretarial, security, and general support services. The ISI House will play Venture Capital (VC) and Angel Investor role with the SMEs in the region.
While the concept of a small business incubator is nothing new in countries such as the United States, in the Middle East and Eurasia the concept is still fairly new.
The ISI House is not intended to be government managed. The project will cooperate closely with government ministries, universities and R&D centers of excellence. Mr. Dastvar indicated that the ISI House will be university and TechnoPark based and will reflect the skills, resources, interests and aspirations of the country and region that serves. The ISI House will be demand driven, rather than supply driven.
Mr. Dastvar explains that as soon as the project is finalized, the appropriate Ministries, universities, business groups, and TechnoParks in the subject countries will be invited and consulted with regards to starting up the ISI House.
Dr. Nazemi, Managing Director of InnoVest Group explains that, "the idea of ISI House came out of the thinking that the Universities needed to be actively addressing the issue of increasing innovation and technology in response to the economic shift from the natural resource based to more knowledge based services. It is out of this idea that the ISI House was born".
The ISI House is a business incubator aimed at enabling the development of Small to Medium size Enterprises (SMEs) and our focus is on technology related businesses. We also connect the start-up businesses to the sources of the venture capital, as this is one of the major challenges that young entrepreneurs face," she adds.
"We are happy to be a part of the process of entrepreneurial development in Middle East and Eurasia. It truly is a golden opportunity as it is a step in the right direction," she said.
InnoVest Group will be cooperating with organizations such as local universities, national academy of sciences, National Science Foundations, US technology firms, and local industries to make the ISI House content rich.
For more information, please contact:
InnoVest Group
8200 Greensboro Drive MC900
McLean, Virginia 22102 - USA
Tel: 1 + 703-250-0399
Fax: 1 + 703-250-0981
Email: [email protected]
