The report was created for Kuwait Fund of SMEs, but I'm sure it can be used by any government considering to invest in startups and to help in establishing a healthy Startup Ecosystem.

1. How Should a Government
Invest in Startups?
(Report done for Kuwait Fund of SMEs)
Done by: Abdullah Alshalabi
Email: ashalabi7@gmail.com

2. Table
of
Content
1. The
purpose
of
the
report………………………………………………………..............
p2
2. Introduc<on……………………………………………………………………………………......
p3
3. Execu<ve
summary…..………………………………………………………………………….
p4
4. Common
misunderstandings………………………………………………………..……..
p5-­‐7
5. What
can
we
learn
from
previous
experiences?
………………………………….
p8
a. Chile……………………………………………………………………………………………..
p9-­‐14
b. Finland………………………………………………………………………………………….
p15-­‐20
6. The
new
law
of
Kuwait
Fund
of
Small
and
Medium
Size
Enterprises
……
p21
a. Goals
and
objec<ves…………………………………………………………………….
p21
b. Major
concerns…………………………………………………………………………….
p22-­‐25
c. Suggested
solu<ons……………………………………………………………………..
p26-­‐31
7. Roadmap……………………………………………………………………………………………..
p32
8. Global
brilliant
minds……………………………………………………………………………
p33
9. Local
and
regional
brilliant
minds…………………………………………………………
p34
10. Recommenda<on…………………………………………………………………………………
p35
ashalabi7@gmail.com
2

3. The
purpose
of
the
report
-­‐
The
new
law
is
a
right
step
in
the
right
direc7on,
however
it
needs
to
be
improved
and
executed
in
the
right
way
The
purpose
of
the
report
Last
month
Kuwait
approved
the
new
law
of
Kuwait
Fund
for
Small
and
Medium
size
Enterprises.
While
the
new
law
is
a
posi%ve
sign,
we
believe
that
its
going
to
fail
to
achieve
its
stated
goals
because
of
many
reasons
that
will
be
explained
in
this
report.
The
goal
of
this
report
is
to
raise
concern
of
some
major
drawbacks
of
the
new
law
and
to
share
some
of
key
leanings
from
other
countries
that
have
similar
previous
experiences.
Moreover,
the
report
includes
suggested
solu%ons
for
some
of
the
major
concerns
and
a
roadmap
to
show
how
our
vision
can
be
best
executed.
Disclosure:
The
team
that
worked
in
this
project
are
not
interested
or
expec4ng
any
compensa4on
for
submi:ng
this
report.
The
only
reason
that
drove
us
to
put
the
effort
to
write
this
report
is
to
help
Kuwait
to
move
forward
and
to
become
a
be@er
place
for
the
next
genera4on
and
for
everyone
living
in
it.
ashalabi7@gmail.com
3

4. Introduc7on
While
Kuwait
is
considered
a
rich
country,
it
is
obvious
that
this
wealth
will
not
sustain
and
there
will
come
a
<me
that
Kuwait
will
go
through
an
economic
disaster
if
it
doesn’t
act
wisely
soon.
The
new
Kuwait
Fund
for
Small
and
Medium
Size
Enterprises
(KFSM)
is
established
to
solve
the
following
problems:
1. Create
new
jobs
for
Kuwai<s
and
move
away
from
the
reliance
on
the
public
sector
as
a
major
employer
2. Create
a
healthy
Ecosystem
for
small
and
medium
size
businesses
3. Diversify
the
na<onal
revenue
source
(through
taxing
companies)
The
problem
is
clear
to
everyone,
however
the
solu<on
is
not
as
clear.
The
obvious
solu<on
is
to
push
people
to
create
their
own
companies
and
start
their
own
businesses
to
help
them
be
more
independent
and
less
reliant
on
government
support.
It’s
clear
that
the
persons
behind
the
law
are
aware
that
the
problem
is
not
with
availability
of
money.
They
know
that
the
problem
is
with
the
Ecosystem
and
the
environment
surrounding
the
small
businesses.
However,
the
solu<ons
men<oned
in
the
law
are
incomplete
and
falls
into
common
mistakes
that
other
countries
have
fallen
into
5-­‐10
years
ago.
ashalabi7@gmail.com
4

5. Execu7ve
summary
Common
Misunderstandings
Recommenda7on
 The
differences
between
Scalable
Startups
and
 No
direct
funding
small
businesses
 Divide
the
fund
into
4
separate
en<<es
 Startup
life
cycle
and
funding
rounds
 An
interna<onal
fund
manager
 Startups
are
not
a
small
version
of
large
 A_ract
interna<onal
skilled
labor
companies
 A
great
focus
on
alterna<ve
energy
startups
The
Chilean
Experience
 Startup
Chile
program
a_racted
320
startups
from
all
over
the
world
 With
only
US$12.8M
of
investments,
Chile
Road
Map
Startup
Ecosystem
is
developing
very
fast
 Chileans
s<ll
don’t
understand
the
difference
between
a
Small
Business
and
a
Scalable
Startup
The
Finnish
Experience
Major
Concerns
and
Suggested
Solu7ons
 The
government
was
very
generous
to
support
 Types
of
companies
 Lack
of
skilled
labor
entrepreneurship
during
the
last
2
decades,
 Funding
strategy
 University
role
however
it
s<ll
failed
 Selec<on
process
 Large
companies
role
 Direct
funding
was
one
of
Finland’s
major
 Direct
Funding
 Fund
manager
mistakes
 Lack
of
focus
in
a
specific
field
ashalabi7@gmail.com
5

6. Misunderstanding#1
–
Startups
are
all
the
same
KFSM
Fully
commi_ed
to
support
and
boost
entrepreneurship,
small
businesses
and
innova<on
Scalable
Startups:
Scalable
Startups
Small
Businesses
Small
Businesses:
-­‐ New
product
-­‐ Known
product/
-­‐ New
market
service
-­‐ Unknown
-­‐ Known
customer
customers
-­‐ Low
risk
-­‐ Seeking
to
create
a
-­‐ Want
to
keep
it
big
company
with
small
within
the
high
poten<al
of
Key
Characteris<cs
Key
Characteris<cs
family
growth
• Create
1,000s
of
jobs
• Create
10-­‐100
of
jobs
-­‐ Have
small
-­‐ Very
risky,
but
• AKract
interna7onal
talents
• AKract
cheap
labor
poten<al
to
grow
very
rewarding
• Revenue
>
US$100M
• Revenue
>
US$1M
• Change
the
world
to
a
beKer
place
• Want
to
feed
the
family
What
do
they
need?
(Ecosystem
elements)
What
do
they
need?
(Ecosystem
elements)
• Mentorship
and
advice
• Early
stage
investors
• Ini7al
investment
• Talent
and
skills
• Late
stage
investors
• Grants
and
Loans
• Educa7on
• Easier
regula7on
• Land
• incubators
• Global
network
• Regula7ons
that
support
their
products
ashalabi7@gmail.com
6

7. Misunderstanding#2
–
You
can
es7mate
how
much
funding
a
startup
needs
from
day
one!!
Of
course
not
Amount
of
Funding
When
a
startup
raises
money
it
<es
the
amount
of
money
being
raised
with
<me,
number
of
new
employees
and
other
related
costs.
A
startup
should
raise
a
round
for
a
period
of
<me
between
12-­‐18
months.
The
other
variables
(No.
of
new
employees
and
other
costs)
are
highly
unpredictable
and
dependable
on
the
performance
of
the
startup.
Moreover,
the
idea
will
most
probably
change
drama<cally
during
the
startup
life
and
will
end-­‐up
being
something
completely
different
than
the
ini<al
idea.
Ques%ons
-­‐ In
which
stage
the
government
is
willing
to
fund?
-­‐ When
is
the
Gov.
willing
to
pull
the
plug
from
Growing
Stage
US$300M
zombie
companies?
• Most
of
the
money
is
-­‐ What
is
the
<me
period
for
the
funding
round?
spent
in
acquiring
Private
Equity
Series
C,D
new
customers
Late
stage
VCs
Building
Stage
• Building
the
team
to
run
the
business
US$10M
• The
funding
is
spent
in
Angel
group
building
the
product
to
Early
stage
VCs
Series
A,
B
be
able
to
support
a
bigger
base
of
Searching
stage
customers/users
US$100K
• Customer
discovery
Angel
investors
• Changing
and
Incubators
Seed
stage
modifying
idea,
Family
and
friends
product
and
business
Bootstrapping
model
Time
US$20K
3-­‐6
months
18-­‐
24
months
3-­‐5
years
7

8. A
Startup
is
not
a
smaller
version
of
large
companies
Large
companies
Startup
Large
companies
are
organiza7ons
with
proven
Startups
are
temporary
organiza7on
designed
to
business
model
search
for
repeatable
and
scalable
business
model.
Known
Unknown
• Customers
segments
• Customer
needs
• Customers
segments
• Customer
needs
• Business
Model
• Market
size
• Business
Model
• Market
size
• Market
environment
• Market
environment
Ready
to
execute
S7ll
need
to
learn
before
star7ng
execu7on
Use
Business
Plan
Don’t
use
Business
Plans
Business
plans
are
execu<on
plans.
In
a
In
a
startup
everything
is
based
on
assump<ons.
business
plan
we
assume
that
we
know
our
Startups
change
and
pivot
many
<mes
during
its
life
<me,
following
an
execu<on
plan
(Business
Plan)
that
customers,
their
needs,
the
market
size
and
was
built
before
even
star<ng
the
company
is
like
everything
else
and
this
is
how
we
are
going
commu<ng
suicide.
Business
plans
is
a
good
exercise
to
make
money.
It
includes
the
steps
that
to
visit
all
parts
of
the
project,
however
a
person
we
need
to
follow
to
generate
the
5
years
should
know
that
he
will
need
to
change
it
frequently
financial
projec<ons.
Once
agreed
is
hard
to
during
the
life
of
the
project.
This
lead
to
the
crea<on
be
modified
or
changed
of
the
Business
Model
Canvas.
Business
Model
Canvas
ashalabi7@gmail.com

9. What
can
we
learn
from
previous
experiences
and
other
countries?
• During
the
last
10
years
many
countries
realized
that
suppor<ng
small
business
and
new
startups
is
the
best
way
to
create
jobs
and
have
a
sustainable
economy
and
living
condi<ons.
In
this
report
we
only
focus
in
three
countries
that
have
some
similari<es
with
Kuwait
in
terms
of:
-­‐
Popula<on
-­‐
GDP
per
capita
-­‐
Level
of
support
from
government
-­‐ Life
style
and
work
culture
-­‐
Government
plans
to
support
new
startups
• The
two
countries
that
will
be
covered
in
this
report
are
Chile
and
Finland
Finland
Popula<on
=
5.3M
GDP
per
capita
=
$36,230
Chile
Kuwait
Popula<on
=
17M
Popula<on
=
3M
GDP
per
capita
=
$17,000
GDP
per
capita
=
$41,000
ashalabi7@gmail.com
9

10. Chile
A
brief
about
Chile
 Chile
is
considered
the
wealthiest
and
safest
country
in
South
America
 Chile
has
a
diversified
GDP,
however
natural
resources
such
as
Copper,
Agriculture
and
fishery
represent
more
than
30%
of
their
na<onal
GDP
 Chile
established
a
Cornfo
to
boost
entrepreneurship
more
than
70
years
ago,
however
the
results
were
modest
un<l
Startup
Chile
is
established
2
years
ago
 Other
interna<onal
organiza<ons
helped
to
play
a
major
role
to
increase
the
entrepreneurship
ac<vity
such
as
Endeavor
ashalabi7@gmail.com
10

11. Chile
–
CORFO
Chile
Established:
1939
Team:
Board
members:
6
(Chairmen
is
the
Minister
of
Commerce)
No.
of
Employees:
38
Goal:
Encourage
entrepreneurship
and
innova<on
to
improve
produc<vity
in
Chile
and
it’s
global
posi<on
in
compe<<veness
Program
descrip7on:
Provide
financing
for
startups
and
small
businesses
to
start
or
grow
their
businesses
through
different
types
of
tools
and
funds
(both
debt
and
equity).
It
also
organizes
compe<<ons
and
provides
the
winners
with
up
to
70%
funding.
Compe<<ons
covers
many
sectors
and
vary
from
producing
movies
to
energy
projects.
Results:
-­‐ More
than
16,000
transac<ons
are
guaranteed
during
the
period
from
1st
of
Jan
to
end
of
March
2012,
helping
mostly
small
businesses
and
farmers
working
in
the
agriculture
sector
-­‐ More
than
40
different
programs
and
compe<<ons
to
boost
technology
and
innova<on
in
different
fields
such
as
business
innova<on
compe<<on,
packaging
compe<<on
and
R&D
compe<<on.
ashalabi7@gmail.com
11

12. Chile
–
CORFO
Chile
Advantages:
• Helps
to
increase
the
produc<vity
and
the
growth
of
small
businesses
• Helps
in
crea<ng
jobs
• Bootstrap
R&D
and
innova<on
ac<vity
Challenges:
• Didn’t
succeed
in
establishing
mul<
billion
companies
that
can
expands
globally
and
create
a
huge
number
of
jobs
• Most
of
the
business
benefi<ng
from
the
program
are
small
and
family
businesses.
The
owners
of
these
type
of
businesses
don’t
have
the
vision
to
grow
beyond
his/her
local
region
• The
challenges
men<oned
above
led
to
the
crea<on
of
Startup
Chile
ashalabi7@gmail.com
12

13. Chile
–
Startup
Chile
Established:
2010
Team:
Board
members:
8
(4
global,
4
locals)
(2
from
Stanford
University,
1
from
HP)
No.
of
Employees:
16
Goal:
To
convert
Chile
into
the
defini<ve
innova<on
and
entrepreneurial
hub
of
La<n
America
by
a_rac<ng
the
world’s
best
and
brightest
entrepreneurs
to
bootstrap
their
startups
in
Chile,
and
create
the
next
US$1
billion
company.
Program
descrip7on:
Provide
US$40,000
of
equity-­‐free
seed
capital
(no
shares
or
equity
is
given,
nothing),
and
a
temporary
1-­‐year
visa
to
develop
their
projects
for
six
months,
along
with
access
to
the
most
important
social
and
capital
networks
in
the
country.
Results:
-­‐ 320
Startups
benefited
from
the
program
un<l
the
end
of
2011
-­‐ 630
apx.
Is
the
number
of
people
that
benefited
from
the
program
-­‐ Startup
teams
that
represent
36
countries
around
the
world
(US$40,000/team)
-­‐ Money
spent
on
the
startups
=
US$12.8M
-­‐ Total
funds
raised
by
some
of
the
startups
=
US$5M
(outside
investors)
-­‐ More
than
20%
of
startups
in
the
program
are
local
startups
ashalabi7@gmail.com
13

14. Chile
–
Startup
Chile
Advantages:
• Encourage
local
Chilean
people
to
become
entrepreneurs
• Interna<onal
teams
are
contribu<ng
to
build
a
first
class
Startup
eco-­‐system
• The
increased
a_en<on
from
global
entrepreneurs,
media
and
investors
was
a
wakeup
call
to
all
Chileans
that
they
are
capable
to
change
the
status
quo
and
become
the
leading
des<na<on
of
innova<on
in
South
America
• A_racted
many
speakers
and
brilliant
minds
around
the
world
to
help
achieve
the
new
Chilean
dream
• A_racted
back
some
of
the
local
talents
that
migrated
to
pursue
their
dreams
in
other
parts
of
the
world
Challenges:
• Startups
from
abroad
usually
leave
aoer
they
spend
the
6
months
required
• The
success
of
the
program
in
recent
years
doesn’t
guaranty
success
in
future
years
if
Chile
doesn’t
have
a
compe<<ve
advantage
other
than
giving
up
money
for
free
ashalabi7@gmail.com
14

15. Chile
Analysis
What
can
we
learn
from
Chile
experience?
The
Good:
-­‐ Even
small
programs
with
small
budgets
can
have
big
impact
on
the
entrepreneurship
community
-­‐ Having
interna<onal
teams
helped
to
contribute
in
shaping
a
high
quality
startup
ecosystem
The
Bad:
(Analysis
by
Steve
Blank
aoer
visi<ng
Chile
late
2011)
-­‐ Small
Business
versus
Scalable
Startup:
there’s
confusion
in
both
the
Government
and
Universi<es
about
the
difference
between
small
business
entrepreneurship
(startups
designed
to
be
family
businesses,)
scalable
startup
entrepreneurship
(startups
designed
from
day
one
to
scale
big
inside
Chile
and
then
expand
globally)
-­‐ There
is
no
focus
in
a
specific
field:
Entrepreneurship
and
innova<on
in
what
field?
Where
will
Chile
establish
technical
and
innova<ve
leadership?
Is
the
only
way
they
will
a_ract
talent
by
paying
entrepreneurs
to
come
to
the
country?
Or
will
students
and
entrepreneurs
come
to
Chile
because
it
is
one
of
the
best
places
in
the
world
for
innova<on
in
certain
specific
industries
(pick
your
favorite
–
alterna<ve
energy?
materials
science?
food
science?
-­‐ Lack
of
connec%on
with
big
enterprises
-­‐ Lack
of
Venture
Capital
and
Angel
investors
ashalabi7@gmail.com
15

16. Finland
A
brief
about
Finland
 Finland
is
ranked
no.
21
in
terms
of
GDP
per
capita;
higher
than
UK,
France
and
Japan
 Finland
is
considered
one
of
the
most
ac<ve
countries
in
terms
technology
and
innova<on.
Regardless
of
it’s
small
popula<on,
Finland
is
the
home
of
Nokia
and
some
other
successful
companies
such
as
MySQL,
Linux
and
Rovio
(the
famous
game
maker
of
Angry
Birds)
 Finland
has
one
of
the
best
educa<on
systems
in
the
world
 Finland
entrepreneurship
scene
is
fairly
ac<ve
and
consists
of
many
organiza<ons
and
companies
supported
by
a
mix
of
public
and
private
en<<es.
The
main
drivers
of
the
startup
eco-­‐system
are
shown
below:
Government
Funding
Venture
Capital
Universi7es
Startup
Accelerators
ashalabi7@gmail.com
16

17. Finland
–
Government
Organiza7ons
Established:
Established:
Established:
1983
1999
1967
Annual
Budget:
Annual
Budget:
Annual
Budget:
Around
EU500M
More
than
EU500M
More
than
EU500M
Team:
Team:
Team:
7
board
members
11
board
members
Undisclosed
400
employees
Undisclosed
no.
of
employees
Goal:
Regions:
Goal:
We
are
forward
thinking
and
an<cipate
Finland,
Beijing,
Silicon
Valley,
Tokyo
Finnvera
strengthens
the
opera<ng
poten<al
social
change
and
its
effect
on
people.
Our
and
Brussels
and
compe<<veness
of
Finnish
enterprises
ac<vi<es
promote
new
opera<ng
models
Goal:
Program
descrip7on:
and
s<mulate
business
that
aims
at
Tekes
works
with
the
top
innova<ve
Offering
loans,
domes<c
guarantees,
venture
sustainable
well-­‐being.
companies
and
research
units
in
capital
investments,
export
credit
guarantees
Program
descrip7on:
Finland.
Every
year,
Tekes
finances
and
other
services
associated
with
the
financing
Invests
in
Venture
Capital
funds
locally
and
some
1,500
business
research
and
of
exports.
globally.
Currently
invested
in
more
than
40
development
projects,
and
almost
600
Results:
VC
funds,
mostly
to
help
Finnish
startups
to
public
research
projects
at
universi<es,
Domes<c
Financing
€
3.0
billion
grow
and
expand
globally.
research
ins<tutes
and
polytechnics.
Export
Financing
€
10,4
billion
Results:
Program
descrip7on:
Sitra
is
the
oldest
organiza<on
in
Finland
Tekes
offers
businesses
a
low-­‐interest
that
was
established
to
boost
innova<on
loan
or
a
grant,
depending
on
the
and
entrepreneurship.
Its
investments
and
distance
to
the
market
and
on
the
ac<vi<es
through
the
last
40
years
are
nature
of
the
proposed
project.
enormous
and
is
spread
into
many
other
Results:
sub-­‐organiza<ons.
The
organiza<on
In
2011
Tekes
made
funding
decisions
currently
reports
directly
to
the
Finnish
regarding
1,928
projects,
which
resulted
parliament.
in
total
investment
of
610
million
euros
www.tekes.fi
www.finnvera.fi
www.sitra.fi
ashalabi7@gmail.com
17

18. Finland
–
Incubators
Established:
Established:
2005
2009
Established:
Goal:
Goal:
2010
Seeking
opportuni<es
from
Finland
has
many
promising
start-­‐ups
with
lots
of
Goal:
discon<nui<es
in
the
way
we
use
poten<al.
Yet
very
few
of
them
ever
reach
We
push
the
selected
startups
develop
to
natural
resources.
interna<onal
scale.
We
want
to
change
that.
a
stage
where
they’re
ready
to
take
over
Benefits
of
the
program:
Benefits
of
the
program:
the
interna<onal
markets.
Crea<ng
success
stories
by
combining
Helps
entrepreneurs
realize
their
dreams
by
Benefits
of
the
program:
capital,
technology
&
sector
know-­‐how
making
seed
investments
and
par<cipa<ng
in
the
Incuba<on,
coaching
and
hopefully
and
access
to
key
players
in
the
opera<onal
running
of
the
company
–
whether
funding
cleantech
sector,
globally
strategy
and
customer
development,
go-­‐to-­‐ Funding:
Project
Funding:
market
execu<on
or
globaliza<on.
They
help
startups
to
secure
funding
aoer
1-­‐2
Million
Euros
Project
Funding:
the
program.
They
only
provide
1,500
Program
dura7on:
Depends
on
project
Euros
during
the
program
No
specific
dura<on
50K-­‐750K
Euros
Program
dura7on:
Requirements:
Program
dura7on:
6
weeks
Providing
capital
and
support
for
None
Requirements:
ventures
with
significant
global
Requirements:
Startups
should
be
from
Northern
Europe,
poten<al.
We
look
for
entrepreneurs
An
idea
with
poten<al
to
disrupt
exis<ng
Bal<cs
or
Russia
with
the
ability
and
will
to
build
a
global
businesses
Results:
success
story.
Target
market
is
big
and
growing
70
startups
benefited
from
the
progrma
Results:
Studied
the
customer’s
needs
really
well
Team:
Invested
in
9
companies
working
in
the
Results:
5
full-­‐<me
employees
cleantech
industry
Investment
in
16
companies
20
coaches
Team:
Team:
3
employees
4
execu<ve
employees
www.cleaninvest.com
www.
gorillaventures.fi
ww.newentures.com
ashalabi7@gmail.com
18

19. Finland
–
Aalto
University
Ecosystem
Startup
Sauna
is
an
incubator
funded
by
Aalto
university
and
takes
Aalto
Venture
Garage
as
its
base.
Startup
Sauna
serves
as
the
main
incubator
of
Aalto
students,
however
teams
and
startups
are
not
restricted
to
be
from
Aalto
university
neither
are
supposed
to
be
from
Finland.
Aalto
Entrepreneurship
Society
gathers
the
most
Startup
Sauna
talented
students
and
(Incubator)
researchers
to
create
more
startups
and
build
interna<onal
Aalto
Aalto
Center
for
connec<ons
in
and
around
Aalto
University
in
Helsinki,
Finland.
University
Entrepreneurship
Aaltoes
organizes
lots
of
events
Aalto
and
gathers
every
week.
The
Entrepreneurship
main
two
programs
are
the
10
Society
weeks
Summer
of
Startups
(Students
society)
program
and
the
interna<onal
exchange
programs
Aalto
Center
for
Entrepreneurship
(ACE)
offers
innova<on,
commercializa<on,
and
start-­‐up
services
for
Aalto
University
researchers,
students
and
other
stakeholders.
The
center
serves
as
a
bridge
between
the
academic
and
real
life
entrepreneurship
scene.
The
main
goal
of
the
center
is
to
push
graduate
students
to
become
entrepreneurs.
ashalabi7@gmail.com
19

20. Finland’s
analysis
What
can
we
learn
from
Finland’s
experience?
The
Finland
government
realized
that
they
failed
to
build
a
first
class
startup
ecosystem
because
they
realized
that
even
aoer
more
than
20
years
of
government
support
for
innova<on
and
startups,
they
failed
to
produce
not
even
one
successful
global
company.
Below
are
some
of
the
major
reason
of
Finland’s
failure:
-­‐ Public
direct
funding:
The
government
tracked
it’s
performance
by
measuring
the
number
of
companies
funded
every
year.
But,
it’s
not
about
quan7ty,
it’s
about
quality.
The
government
gave
money
like
crazy,
most
companies
created
are
lifestyle
companies
that
don’t
become
large
companies
at
the
end
and
don’t
actually
create
any
jobs.
Its
nice
to
give
everyone
a
chance,
but
that
wasn’t
what
the
whole
system
was
built
for
-­‐ Risk
aversion:
Risk
aversion
autude
leads
to
accep<ng
businesses
that
have
a
high
possibility
to
survive,
but
that
do
not
have
a
high
poten<al
to
become
large
companies
that
change
the
world.
Lack
of
interna%onal
skills:
Lack
of
global
business
competence
and
serial
entrepreneurs.
Talented
people
only
work
in
big
companies.
-­‐ No
viable
VC
industry:
Lack
of
real
venture
capital
ac<vity.
Most
of
the
ac<vity
is
derived
by
public
funding.
-­‐ Lack
of
business
competences:
Lack
of
business
competence
that
help
companies
to
grow
globally
and
a_ract
global
investors
and
interna<onal
talent.
-­‐ Finland
didn’t
consider
the
globally
exis%ng
systems
to
learn
from
their
experiences
ashalabi7@gmail.com
20

21. Finland’s
analysis
Suggested
solu%ons
for
Finland’s
situa%on
(by
Steve
Blank
2011
and
VICTA
2007)
-­‐ Indirect
funding:
The
government
should
stop
funding
startups
directly
and
should
instead
fund
global
incubators
and
VC’s
that
can
then
start
funding
Finnish
startups
based
on
commercial
and
market
driven
criteria's.
-­‐ Remove
lifestyle
(such
as
restaurants,
fashion
store..etc)
companies
from
the
equa%on:
Lifestyle
companies
are
not
growth
companies,
they
will
not
create
jobs
or
add
value
to
the
society.
This
type
companies
should
be
removed
or
separated
from
the
startup
ecosystem.
These
companies
are
sucking
resources
(<me
and
money)
and
distrac<ng
the
government
performance
measurement
indicators.
-­‐ AOract
global
talents:
Transform
the
Finnish
early-­‐stage
startup
ecosystem
to
support
the
infusion
of
talent
from
the
leading
global
talent.
Laws,
regula<ons
and
tax
incen<ves
should
all
be
fixed
to
support
this
goal.
-­‐ Fix
government
strategy:
The
government
should
shio
it’s
strategy
from
just
helping
Finnish
people
to
start
their
own
business
to
crea<ng
mul<
million
companies.
The
vision
should
be
driven
to:
generate
more
jobs,
a_ract
foreign
investments,
create
global
successful
companies,
and
a_ract
interna<onal
talents.
-­‐ Fix
culture
and
aPtude
challenges:
The
government
should
have
a
plan
for
a
campaign
to
change
the
an<
entrepreneurial
culture.
Challenges
such
as
“Money
takes
care
of
problems”,
Risk
vs
Reward
and
Failure
vs
Success,
this
mentality
should
be
changed
through
educa<ng
the
young
genera<on
and
through
some
awareness
campaigns.
-­‐ Fix
incubators
structure:
Currently
most
incubators
are
owned
by
the
government.
Incubators
should
op<mally
be
owned
by
4
shareholders:
a
local
VC,
a
global
VC,
the
government
and
a
local
university.
Also
the
manager
of
the
incubator
should
be
either
a
serial
entrepreneur
or
from
a
VC
background.
The
incubator
manager
should
also
have
direct
or
indirect
share
in
the
companies
being
accepted
in
the
program.
Moreover,
the
incubator
should
not
accept
more
than
20
companies
per
year.
ashalabi7@gmail.com
21

22. Kuwait
Fund
of
Small
&
Medium
Size
Enterprises
(KFSME)
Goals
&
Objec7ves
Goals
and
Objec7ves
stated
in
the
law:
-­‐ Create
more
jobs
-­‐ Diversify
na<onal
income
resources
-­‐ Reduce
number
of
Kuwai<s
working
in
the
public
sector
and
resolve
the
problem
of
fake
unemployment
While
the
goals
stated
in
the
law
makes
sense,
they
lack
the
clarity
of
answering
the
ques<on
“How?”
-­‐ How
are
we
going
to
create
more
jobs?
By
crea7ng
high
growth
companies
that
generates
millions
of
dollars
and
compete
globally
-­‐ How
are
we
going
to
diversify
our
income?
By
crea7ng
high
growth
companies
that
generates
millions
of
dollars
and
compete
globally
-­‐ How
are
we
going
to
reduce
the
number
of
Kuwai4s
working
in
the
public
sector?
By
crea7ng
high
growth
companies
that
generates
millions
of
dollars
and
compete
globally
Our
goal
should
be
clear
and
simple:
“Create
high
growth
companies
that
generates
millions
of
dollars
and
compete
globally”
Any
company
that
doesn’t
fall
within
this
goal,
should
be
removed
or
separated.
Otherwise,
it
will
distract
and
suck
our
resources
without
any
real
return.
ashalabi7@gmail.com
22

23. KFSME
-­‐
Major
Concerns
Types
of
companies
The
fund
is
heading
to
in
the
direc<on
of
funding
all
types
of
companies.
However,
not
all
of
companies
will
lead
the
fund
to
reach
it
goals.
The
fund
should
focus
only
in
funding
companies
that
have
the
poten<al
to
1
become
global
companies
that
generate
mul<
million
dollars
and
can
employ
thousands
of
people.
Restaurants,
fashion
stores
and
mechanical
garages
will
not
employ
thousands
of
people
and
will
not
create
millions
of
dollars
for
Kuwait
government.
What
type
of
companies
the
fund
is
going
to
support?
Why?
Funding
strategy
Technology
startups
don’t
need
much
funding
in
their
ini<al
stages.
The
co-­‐founders
just
need
to
cover
their
personal
expenses
and
some
of
the
development
costs
(
a
programmer
and
a
designer).
This
means
to
test
the
ini<al
idea
they
just
need
around
US$20,000
–
US$100,000.
This
is
the
global
standard
and
any
more
than
that
is
a
waste
of
money.
The
funding
should
be
in
stages,
first
stage
(Seed
Stage)
should
be
small
(US$20K
–
US$100K)
and
the
second
stage
should
be
larger.
This
structure
is
the
standard
that
is
being
used
globally,
and
is
as
the
following:
2
• Seed
Stage
–
(US$20K
–
US$100K)
-­‐
(Investors:
family
&
friends,
incubators,
angel
investors,
early
VCs)
• Series
A
&
Series
B
–
(US$250K
–
US$50M)
–
((Investors:
Angel
group,
Early
stage
VCs)
• Series
C,D
–
(US$50M
–
US$500M)
–
(Investors:
Late
stage
VCs,
Private
Equity)
In
which
stage
the
government
is
going
to
invest?
How
many
rounds
the
government
is
going
to
par7cipate
in?
What
does
sweat
equity
means
to
the
government?
Why
should
an
entrepreneur
share
to
pay
the
capital
if
at
he
just
need
to
cover
his/her
co-­‐founders
salaries?
Does
the
government
s7ll
need
to
own
80%
in
a
project
funded
by
US$50,000?
ashalabi7@gmail.com
23

24. KFSME
-­‐
Major
Concerns
Selec7on
process
Ideas
cannot
be
converted
to
successful
companies
without
having
a
great
entrepreneur
behind
them.
The
management
team
is
the
single
most
important
element
of
having
a
successful
startup.
Having
a
great
idea
will
take
you
no
where
if
its
not
managed
by
a
capable
team.
Selec<ng
projects
should
not
be
based
on
Business
plans
and
numbers
in
papers,
it
should
be
about
people.
If
a
person
or
a
team
have
what
it
take
to
create
a
successful
company
then
he
should
be
accepted
even
if
his
idea
is
not
as
good
as
others.
The
process
3
of
accep<ng
companies
based
on
people
sounds
so
subjec<ve
and
unfair,
but
if
you
did
a
research
with
global
VCs
and
global
incubators
you’ll
find
that
all
of
them
invest
in
teams
and
persons
not
in
ideas.
This
skill
is
developed
with
<me
and
experience.
How
much
emphases
are
put
in
the
co-­‐founders
team?
Did
the
law
considered
diversity
The
law
is
trying
to
invest
in
companies
that
are
financially
feasible,
however
great
companies
start
as
crazy
ideas
with
very
high
risk
and
low
probability
of
success?
Is
the
government
willing
to
take
high
risks
to
get
the
high
reward?
Or
will
it
only
invest
in
safe
projects
that
have
low
risk
and
low
return?
Direct
funding
The
government
should
not
invest
directly
in
startups.
When
the
government
invest
in
companies,
it
doesn’t
really
care
if
the
company
will
become
a
US$1
billion
dollar
company
or
not.
They
don’t
invests
based
on
commercial
bases,
even
if
they
say
they
will.
Instead
the
fund
should
fund
incubators
and
VC’s,
that
way
they
4
will
invest
indirectly
in
startups
and
only
based
on
commercial
and
market
driven
principals.
Does
the
government
have
a
clear
vision
how
to
pull
it-­‐self
out
from
the
system
to
leave
everything
for
the
private
sector?
Does
the
government
provide
the
added
value
that
a
regular
VC
firm
brings
to
entrepreneurs?
Are
they
aware
that
they
can
actually
harm
more
than
help
the
startups
if
they
invest
directly
on
them?
ashalabi7@gmail.com
24

25. KFSME
-­‐
Major
Concerns
Lack
of
skilled
labor
There
is
a
lack
of
skilled
labor
in
Kuwait.
It’s
hard
to
find
the
required
talented
people
to
create
great
innova<on
products.
Many
companies
in
Kuwait
end-­‐up
outsourcing
there
key
ac<vi<es
to
India
and
other
countries.
However,
to
build
a
sustainable
and
a
healthy
ecosystem,
these
talented
skills
should
be
available
5
in
the
market
to
help
companies
to
produce
high
level
products
that
can
compete
in
global
markets
Does
the
fund
have
a
plan
in
how
to
aKract
skilled
labor?
Do
the
current
laws
and
regula7ons
help
in
aKrac7ng
talented
people?
Is
there
any
reason
for
skilled
people
to
move
to
Kuwait?
University
role
Universi<es
are
the
biggest
place
to
produce
passionate
and
innova<ve
entrepreneurs.
However,
Kuwait
university
is
not
being
ac<ve
enough
to
support
these
students
to
become
successful
entrepreneurs.
6
Is
universi7es
preparing
students
to
become
entrepreneurs?
What
is
the
university
role
in
the
startup
ecosystem?
How
can
we
integrate
universi7es
to
this
new
ecosystem?
Large
companies
role
Kuwait
has
some
huge
companies
that
can
contribute
to
the
startup
ecosystem.
Companies
such
as
Zain,
NBK
and
KPC
are
leading
companies
in
their
field
and
they
have
a
good
amount
of
skilled
employees
and
7
advanced
technologies
that
can
benefit
the
startup
ecosystem.
Is
the
fund
willing
to
corporate
with
these
large
companies?
Does
the
fund
realize
the
value
that
can
be
extract
from
these
companies?
Does
the
fund
have
a
clear
plan
in
how
to
integrate
and
mo7vate
companies
to
be
part
of
its
vision?
ashalabi7@gmail.com
25

26. KFSME
-­‐
Major
Concerns
Lack
of
focus
in
specific
field
If
Kuwait
wants
to
be
one
of
the
leading
startup
hubs
in
the
region,
then
it
should
have
a
key
differen<a<on
factor
than
other
startup
hubs.
Kuwait
have
two
well
established
sectors:
energy
and
finance.
Kuwait
should
have
one
major
focus
field
of
innova<on
that
will
a_ract
global
companies
and
global
talents.
Money
by
itself
8
is
not
enough
to
build
a
global
des<na<on
for
innova<on.
Does
Kuwait
want
to
be
a
global
startup
hub
or
just
a
friendly
place
for
locals
to
start
small
businesses?
Is
the
government
aware
of
some
of
the
strength
points
that
can
be
currently
used
to
create
a
bright
future?
Fund
manager
The
fund
manager
should
be
an
experienced
entrepreneur
with
a
successful
track
record.
The
manager
should
have
a
previous
experience
in
raising
money
and
building
a
successful
business.
Kuwait
doesn’t
have
9
much
of
experienced
entrepreneurs
that
can
run
the
fund.
What
are
the
key
characteris7cs
of
the
fund
manager?
Did
the
government
consider
recrui7ng
a
non-­‐
Kuwai7
fund
manager?
Does
the
government
understands
the
full
implica7on
of
recrui7ng
an
incapable
fund
manager?
ashalabi7@gmail.com
26

27. Suggested
Solu7ons
for
the
types
of
companies
being
funded
The
fund
should
divide
its
opera7ons
into
4
separate
Funds:
1-­‐
Scalable
Startups
Fund:
This
en<ty
is
specialized
to
support
companies
that
have
high
poten<al
for
growth
and
to
become
large
companies.
The
fund
should
denote
50%
of
its
resources
(Money,
human
resources…etc)
to
this
type
of
companies,
since
these
companies
will
most
probably
create
most
of
the
jobs
in
the
market
and
will
generate
most
of
the
revenue.
2-­‐
Small
and
Medium
Size
Businesses
Fund:
this
en<ty
is
focused
in
providing
financial
help
to
small
and
lifestyle
companies.
Fashion
stores,
restaurants
and
small
grocery
shops
are
all
considered
small
businesses.
These
types
of
businesses
require
some
financial
support
and
some
land
space.
The
fund
should
provide
only
15%
of
its
resources
to
this
type
of
companies.
3-­‐
Industrial
Projects
Fund:
Factories
and
heavy
industrial
driven
projects
fall
into
this
category.
There
needs
and
type
of
support
is
different
than
other
businesses.
The
Industrial
Bank
is
specialized
to
help
this
sector,
however
the
fund
could
also
contribute
to
help
in
crea<ng
a
be_er
environment
for
industrial
projects.
Fund
should
provide
15%
of
its
resources
to
support
this
type
of
projects.
4-­‐
Research
and
Development
Fund:
The
Fund
should
establish
a
separate
en<ty
to
support
research
and
development
studies
done
by
individuals
and
teams
working
in
Universi<es,
research
centers
or
private
companies.
These
research
studies
should
be
funded
to
boost
innova<on
and
also
to
help
them
to
convert
their
inven<ons
and
findings
into
real
products
that
can
be
sold
in
the
market
to
real
customers.
The
fund
should
provide
around
20%
of
its
resources
to
support
this
part.
50%
of
resources
20%
of
resources
KFSME
15%
of
resources
15%
of
resources
Scalable
Startups
Small
and
medium
Industrial
R&D
Fund
Fund
size
businesses
Fund
projects
Fund
ashalabi7@gmail.com
27

28. Suggested
Solu7ons
–
The
funding
structure
suggested
below
solves
many
problems
related
to
selec7on
process,
funding
strategy
and
direct
funding
KFSME
–
Scalable
Startups
10
Global
and
5
Global
Early
3
Global
Late
local
Incubators
stage
VCs
Stage
VCs
Structure
Structure
Structure
• Support
each
incubator
with
a
loan
• Support
each
VC
with
a
loan
of
US • Support
each
incubator
with
a
loan
of
US$25M.
This
loan
should
be
$50M.
This
loan
should
be
returned
of
US$50M.
This
loan
should
be
returned
within
a
period
of
8-­‐10
yrs
within
a
period
of
8-­‐10
yrs
returned
within
a
period
of
8-­‐10
yrs
• Covers
50%
of
incubator
opera<onal
• Covers
50%
of
VCs
opera<onal
• Covers
50%
of
VCs
opera<onal
expenses
for
first
3
years
offices
in
Kuwait
up
<ll
3
yrs
offices
in
Kuwait
up
<ll
3
yrs
• The
incubator
can
incubate
up
to
• VCs
should
employ
at
least
2
full
• VCs
should
employ
at
least
2
full
50%
of
foreign
companies,
but
they
<me
Kuwai<
employees
<me
Kuwai<
employees
should
all
agree
to
move
and
to
have
• The
VCs
can
invest
up
<ll
50%
of
its
• The
VCs
can
invest
up
<ll
50%
of
its
their
HQ
in
Kuwait
capital
in
regional
opportuni<es
capital
in
regional
opportuni<es
Benefits
Benefits
Benefits
• Selec<on
of
startups
is
based
solely
• Selec<on
of
opportuni<es
is
based
• This
stage
of
financing
is
necessary
on
commercial
bases
solely
on
commercial
bases
for
startups
to
grow
interna<onally.
• Incubators
have
higher
incen<ves
to
• Global
VCs
add
much
value
to
Global
VCs
can
provide
global
push
startups
to
the
limits
startups
in
terms
of
interna<onal
network
and
guidance
for
possible
exposure
and
business
competences
exit
strategies.
ashalabi7@gmail.com
28

29. Suggested
solu7on
for
the
lack
of
skilled
labor
problem
1-­‐
Regula7on
Easing
The
government
should
be
serious
in
lowering
the
barriers
for
skilled
labor
to
work
or
to
start
a
company
in
Kuwait.
Also
the
government
should
consider
lowering
tax
burdens
and
any
other
difficul<es
associated
with
foreign
investments
in
Kuwait,
The
current
situa<on
is
a
complete
disaster
and
no
smart
person
will
consider
moving
to
Kuwait.
These
regula<ons
should
be
all
changed
to
make
it
easier
for
both
Kuwai<
and
non
Kuwai<
startups
to
a_ract
global
skills
and
for
foreign
capital
to
invest
in
2-­‐
Global
offices
Opening
global
offices
in
key
ci<es
to
serve
three
main
goals:
1-­‐
Find
skilled
labor
and
help
them
find
jobs
in
Kuwait
2-­‐
Serve
as
a
bridge
between
global
startups
and
startups
that
wants
to
enter
MENA
region
3-­‐
Help
and
convince
interna<onal
startups
to
apply
for
incubators
based
in
Kuwait.
Bucharest
Beirut
Amman
Silicon
Mumbai
London
Beijing
Valley
ashalabi7@gmail.com
29

30. Suggested
solu7ons
on
how
to
engage
universi7es
and
large
companies
in
the
ecosystem
Universi<es
own
5%-­‐10%
in
Educa7on
Source
of
innova7on
incubators
Entrepreneurship
track
Research
and
studies
Fresh
graduates
Global
network
and
partnerships
Gradua7on
Projects
Talks
and
seminars
Large
companies
can
add
much
Universi%es
are
the
biggest
source
of
value
to
the
ecosystem
if
they
innova<on
and
talent.
Moreover,
universi<es
are
integrated
in
the
right
way.
are
the
best
place
to
educate
the
public
and
University
incubators
to
change
some
common
mispercep<on
and
Large
companies
wants
to
be
up-­‐to-­‐date
with
the
latest
cultural
autudes
such
as
Success
vs
Failure
technologies.
Being
part
of
the
Large
and
Risk
vs
Reward.
The
university’s
incubators
and
latest
role
is
central
to
the
startup
Companies
ecosystem
and
it
should
be
directly
development
in
terms
of
technology
and
startup
linked
to
the
work
of
scene
gives
them
a
incubators
since
they
can
add
compe<<ve
Source
of
talent
Real
experience
much
more
value
working
advantage
together.
Closer
to
market
Experienced
employees
Closer
look
to
market
needs
Interna7onal
talents
Real
world
working
environment
Professors
from
different
fields
Companies
own
Technical
support
5%-­‐10%
in
incubators
ashalabi7@gmail.com
30

31. Suggested
solu7ons
–
A
great
focus
in
Alterna7ve
energy
startups
Kuwait
is
like
a
large
oil
company.
While
Kuwait
might
be
able
to
produce
oil
for
more
than
70
years
ahead,
there
is
a
big
possibility
that
oil
will
not
be
the
major
resource
for
energy
any
<me
soon.
The
world
is
in
a
con<nues
search
for
an
alterna<ve
source
of
energy,
mostly
driven
by
natural
resources.
During
the
last
60-­‐70
years
it
accumulated
a
lot
of
experience
in
the
energy
sector.
This
experience
should
not
be
wasted,
as
a
ma_er
of
fact
it
should
be
leveraged
to
build
our
future.
Alterna<ve
energies
have
been
always
a
threat
to
oil
prices
and
to
our
na<onal
income.
However,
major
oil
companies
such
as
Shell
and
Exon
realized
this
threat
and
already
took
ac<on
and
started
inves<ng
in
this
field
to
prepare
themselves
for
the
future.
Similar
steps
should
be
taken
by
Kuwait’s
government
to
prevent
a
disaster
from
happening.
Our
sugges<on
is
to
focus
big
part
of
the
fund
in
suppor<ng
startups
focused
on
the
energy
sector
and
in
finding
alterna<ve
sources
of
energy.
We
also
suggest
that
the
fund
creates
a
separate
en<ty
or
a
separate
department
focused
only
on
alterna<ve
energy
projects
and
providing
them
with
their
needs.
The
support
should
extend
beyond
the
local
market
and
should
cover
the
whole
scope
of
innova<ons
happening
around
the
world.
Kuwait
should
be
the
place
for
anyone
that
wants
to
start
his
alterna<ve
energy
project.
Kuwait
should
provide
funding,
space,
facili<es,
talent
and
labs
that
entrepreneurs
needs
to
test
and
build
their
projects.
ashalabi7@gmail.com
31

32. Suggested
solu7on
on
who
should
be
the
fund
Manager?
The
fund
manager
should
have
a
previous
experience
in
going
through
the
process
of
establishing
a
company,
hiring
employees,
raising
money,
building
a
product
and
dealing
with
the
government.
The
fund
manager
should’ve
went
through
the
pain
of
star<ng
a
company
and
all
of
the
difficul<es
and
hurdles
associated
with
it.
Moreover,
the
fund
manager
should
have
a
previous
experience
in
star<ng
a
company
in
a
well
developed
ecosystem
(such
as
the
US
or
UK).
A
Kuwai<
person
with
this
characteris<cs
is
hard
to
find
and
the
only
person
that
we
believe
have
similar
quali<es
is
Mr.
Naif
Al-­‐Mutawa.
We
believe
that
having
an
experienced
serial
entrepreneur
is
more
important
than
being
Kuwai<,
we
believe
filling
the
manager
posi<on
with
an
experienced
interna<onal
serial
entrepreneur
is
for
the
best
interest
of
the
fund
and
Kuwait
as
a
whole.
Started
more
than
one
Started
a
scalable
startup
company
Raised
several
rounds
of
Fund
One
of
his
startups
resides
in
funding
Manager
a
well
developed
ecosystem
Dealt
with
incubators
and
Have
a
global
network
VCs
ashalabi7@gmail.com
32

33. Roadmap
–
Unfinished
part
Year
1-­‐3
Year
4-­‐5
Year
5-­‐10
Year
11-­‐14
Year
15-­‐20
ashalabi7@gmail.com
33

34. Five
star
board
members
that
can
take
Kuwait
to
the
top
Steve
Blank
is
the
guru
of
entrepreneurship.
Vinod
Khosla
is
the
guru
of
green
and
alterna7ve
He
helped
several
governments
on
how
to
fix
energy.
His
venture
company,
Khosla
Ventures,
there
entrepreneurial
ecosystems.
His
last
invested
in
more
than
44
companies
in
the
visits
was
to
Chile
and
Finland,
and
he
is
Cleantech
industry.
He
is
considered
one
of
the
Steve
Blank
currently
working
with
the
US
government
in
Vinod
Khosla
few
believers
in
green
energy,
since
many
other
a
project
called
Startup
America.
VC’s
abandoned
this
type
of
investments
because
Professor
at:
of
its
long-­‐term
return.
-­‐ Stanford
University
-­‐ Khosla
is
one
of
the
co-­‐
-­‐ Berkeley
University
founders
of
Sun
Microsystems
-­‐ Colombia
University
Brad
Feld
is
the
guru
of
building
startup
and
its
first
CEO
Two
Books:
communi7es.
Brad
Feld
turned
his
small
-­‐ One
of
his
famous
sayings
-­‐ Four
Steps
to
the
Epiphany
city
Boulder,
CU
from
a
beau<ful
small
city
“Freedom
to
fail
is
key
-­‐ The
Startup
Owner
Manual
near
Denver
to
a
factory
that
produce
ingredient
in
success
Brad
Feld
successful
startups.
He
is
considered
one
the
best
VCs
in
the
world
and
also
he
is
part
one
of
the
most
successful
incubators
in
He
is
the
guru
of
He
is
the
guru
of
the
world
TechStars.
He
is
currently
wri<ng
a
book
in
the
VC
industry
product
how
to
build
Startup
Communi<es
that
will
be
and
one
of
the
development
and
released
in
Sep
2012.
partners
at
Union
the
person
who
Fred
Wilson
Square
ventures
Eric
Ries
invented
the
famous
“Lean
Startup”
methodology.
Eric
Ries
denoted
his
en<re
In
addi<on
to
his
smart
investment
decisions
(Twi_er,
life
to
spread
the
idea
of
Lean
Startup.
This
new
Zynga..etc)
he
is
a
person
that
loves
to
give
back
to
the
methodology
changed
the
way
how
entrepreneurs
and
startup
community.
His
blog
avc.com
is
the
most
read
blogs
organiza<ons
building
a
new
product
or
a
new
business.
in
the
startup
world
and
where
the
most
insight
full
His
method
is
reduced
cost,
<me
and
possibility
of
failure
discussions
happen.
Fred
Wilson
also
helped
NY
to
become
and
proved
to
be
successful
in
all
types
of
businesses.
one
of
the
most
vibrant
ci<es
in
the
US
in
terms
of
the
Currently
he
works
as
an
advisor
with
all
types
of
en<<es.
startup
ac<vity.
ashalabi7@gmail.com
34