San Francisco, CA, May 06, 2010 --(PR.com
)-- Global Technology and Innovation Partners (GTIP) is a Silicon Valley-based venture capital fund focused on promoting innovation and entrepreneurship in Egypt, Jordan, Lebanon, Malaysia, and Turkey. The GTIP team is led by a group of experienced investors and serial entrepreneurs, who have managed over $1.5 billion in international venture capital across 14 funds, co-founded or chaired over 30 companies, and created market value in excess of $25 billion.
GTIP was established following President Obama’s “A New Beginning” speech at Cairo University, with the goal of leveraging the culture and experience of Silicon Valley into emerging markets across the Middle East North Africa and Southeast Asia (MENASA) region.
GTIP-focus countries do not have a shortage of entrepreneurs. What is lacking is a suitable ecosystem of entrepreneurship and innovation. GTIP will build on local infrastructure to cultivate this ecosystem and recreate the success and vibrancy of Silicon Valley across the region. GTIP will provide an infrastructure for entrepreneurship: availability of seed and early stage venture capital, linkage to sophisticated mentorship, access to global distribution channels, and targeted Silicon Valley expertise in implementing transparent governance and corporate controls.
The cornerstone of GTIP’s strategy is establishing PlugandPlayTechCenter (PnP) incubators across the region as a focal point for the local entrepreneurial ecosystem, recreating Silicon Valley in each target country. PnP is the world’s most successful incubator, with 500+ startups accelerated and $750 million capital raised. The GTIP PnP will be the center of a region-wide support structure: entrepreneurs will freely exchange ideas between one another; mentors will share their knowledge, experience, and lessons; and venture capitalists will have access to a high-value source of deal flow. Each PnP will have resident corporate partners, venture capitalists, banks, and other investors – these groups enrich the incubator ecosystem as clients, suppliers, financiers, or partners, but also reap benefits themselves from their proximity to a source of high-quality start-ups.
As a Venture Capital fund, GTIP will invest in all company stages, supporting promising startups from creation to maturity. GTIP will deploy $250 million of capital in four market sectors, each exceeding $1 trillion: 1) Information and Communication Technology (ICT); 2) Alternative Energy and Green Technology; 3) Healthcare; and 4) Mobile Applications. All companies will be supported by world-class mentorship from successful executives and entrepreneurs as well as the expertise of GTIP.
GTIP has enlisted the help of governments and development initiatives to launch the PnP incubators with maximum impact: the Egypt Ministry of CIT and the Jordan Ministry of ICT will sponsor the first GTIP PnP incubators to be launched on October 10th, 2010. In addition, GTIP has partnered with the United States government to facilitate local connections, establish cross-border partnerships, and accelerate the development of entrepreneurship throughout the region. GTIP’s partnership with the United States was announced by Secretary of State Hillary Clinton during the 2010 Presidential Summit on Entrepreneurship in Washington DC.
The GTIP managing directors are Dr. Ossama Hassanein, Senior Managing Director of Newbury Ventures; Saeed Amidi, founder and CEO of PlugandPlayTechCenter; Raouf Abdel Messih, technology pioneer and Chairman of Technoram Holdings; and Dr. Bruce Bauer, founder and Senior Managing Director of Newbury Ventures.
For more information: http://gtip.newburyventures.com
About Newbury Ventures
Newbury Ventures is a Silicon-Valley based partnership founded in 1992 with offices in Silicon Valley, California and Paris, France. Newbury partners have managed over $1 billion of international venture capital, focused on investments in information technology, communications, security, and healthcare. We take an active, hands-on approach to investing and work collaboratively with entrepreneurs to build exciting, successful, sustainable businesses.
Located in the heart of Silicon Valley, PlugandPlayTechCenter.com is a community of over 280 technology startup companies in the areas of Web 2.0, software (SaaS), systems, semiconductor and telecomm verticals. Since its inception in January 2006 the center has helped 500+ startups raise in excess of $750 million in venture funding. The start-up companies have created a cumulative value of $2 billion and continue to shape the technology landscape of tomorrow.