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Article: Venture capitalist calls for more dynamism in region.
- Article from:
- Gulf News (United Arab Emirates)
- Article date:
- October 20, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Dubai: The legendary story of two graduate students who developed a set of algorithms that revolutionised web-based search, Google, actually took off when one enterprising individual put $100,000 into the project.
A member of the venture capitalist tribe yesterday asserted that those of his ilk would continue to be on the lookout for the next "fantastic idea that will radically change the world". Fred Korangy, chief executive of venture capital at New Enterprise East Investments (NEEI), was speaking at Gitex yesterday.
According to Korangy, the concept of venture capital was relatively new in the region since the focus was largely on private equity ...