AMMAN - Oasis500 Fund secured a $1 million investment from TIMAR Ventures, a Turkey-based venture capital fund, to be used in assisting IT entrepreneurs to establish their own enterprises.
"The investment is important because it recognises Jordan's entrepreneurial culture which warrants investing in," Oasis500 Executive Chairman Usama Fayyad said during a press conference that was held on Sunday.
Commenting on the investment, economist Yusuf Mansur yesterday said: "It is good for TIMAR Ventures as it realised the potential in Jordan," lamenting Jordanians for their weak investments in this sector and in others.
TIMAR Ventures Chairman Paul Doany said both Turkey's and Jordan's IT sectors enjoy government support and that was one of the reasons which encouraged the Turkish-based venture to invest in Jordan.
"We are trying to open and share our resources, networks and know-how," founding partner and managing director of TIMAR Ventures, Mehtap Mae Ozkan, said yesterday, emphasising the importance of cooperation between both sides.
Besides cash assistance to entrepreneurs, Oasis500 provides training and follow-up to make sure businesses keep afoot in the market, Fayyad explained.
In return for its assistance, the company acquires a 10 per cent share or more in a newly launched business, he said.
"I hope that a Jordanian entrepreneur receives a fair share for his ideas, creativity and entrepreneurship and retains the majority of his business. I hope that finance does not trump the entrepreneurship and creativity of a Jordanian entrepreneur," Mansur told The Jordan Times.
Oasis500 initial plan is to secure $6 million in funding in order to finance IT, digital media and mobile start-up enterprises and help acquire a share in the business market.
© Jordan Times 2011
