MENA-OECD ENTERPRISE FINANCING NETWORK “Linking Innovative Entrepreneurs with Investors” by Charles Kovacs Vice Chairman, Committee on Non-Member Economies, BIAC Dubai, UAE 21 March 2007

THE INVESTORS Rapid growth of private equity, hedge funds venture capital, private investors Less risk averse than traditional investment funds, mutual funds Appearance of funds and institutions specialising in developing countries; some even in high risk countries, BUT Number of investment proposals always exceeds available fundsand expert personnel of investors

WHAT DO INVESTORS LIKE TO AID THE INVESTMENT DECISION PROCESS? Good presentations = comparative advantage Presentations should be short, clear, neat, and focused - Demonstrate commitment - Business plans should be austere, and include clearly visible assumptions - Use language of investor - Provide detailed background and back-up data for presentation

THE FUTURE Entrepreneurs are the most effective agents of growth,development, and modernisation Entrepreneurs need a business-friendly environment, and capital; the former is essential for the latter High risk countries will continue to attract only a very small share of available investment, foreign or domestic Refocusing of foreign aid to leverage private investment, especially in SME and entrepreneurial firms to speed economic growth and progress