The Jordan Times

  • Subject : Startup funding initiative extends application deadline to August 26
  • Date : 22-Aug-2012
  • Text :

    22 Aug 2012 11:05 PM

    by Mohammad Ghazal |

    AMMAN — Science and technology business ventures in Jordan and the Arab world have until the end of this month to submit applications for an initiative that provides startups with up to $1 million in financing.

    One of the organizers of the "Commercialisation Tour" initiative said on Saturday that the deadline for applications had been extended from July 31 until August 26 to allow more start-ups in the initiative’s five target countries to apply.

    Talal Abu-Ghazaleh, chairman and CEO of Talal Abu-Ghazaleh Organisation (TAG-Org), told The Jordan Times in an e-mail Saturday that since June, the initiative has received 22 applications from Egypt, 21 from Jordan, 14 from Palestine, four from Lebanon and two from Saudi Arabia, for a total of 63.

    Applicants will compete for investments ranging from $100,000 to $1 million from regional investors.

    Judges from the selected states will be in charge of evaluating the applications and selecting 10 from each country.

    The 50 winning ventures will be announced in early October, after which they will have the chance to meet with investors from their countries and the region who are ready to invest in their projects.

    The initiative is implemented in cooperation between the Economic and Social Council of West Asia (ESCWA), El Hassan Business Park, TAG-Org and the Licensing Executives Society-Arab Countries.

    According to ESCWA, the initiative will be launched again in 2013 to cover other Arab states.

    Small- and medium-sized enterprises in Jordan, Lebanon and Egypt contribute about 50 per cent to each country’s gross domestic product and create about 60 per cent of all jobs, according to figures from ESCWA.