Silatech backs crowd funding seminar
Cairo, December 26, 2013
Doha-based Silatech sponsored a key seminar on crowd funding in Cairo recently, aimed at unlocking new sources of investment capital for Egyptian entrepreneurs.
Silatech is a regional social initiative that promotes large-scale job creation, entrepreneurship, access to capital and markets, and the participation and engagement of young people in economic and social development in the Arab world.
More than 70 entrepreneurs were addressed by Egyptian and international experts at the seminar titled ‘Crowd funding: Sparking Entrepreneurial Growth.’
Jason Best, principal at Crowdfund Capital Advisors, gave an overview of the principles, benefits and potential difficulties involved in crowd funding.
Through equity crowd funding, which has grown exponentially in recent years, small investors fund a company by purchasing small amounts of equity, typically via the Internet, he explained.
Bringing an Egyptian crowd funding perspective to the workshop, Adel Boseli, co-founder and managing partner of the Egyptian crowd funding network Shekra, explained how Shekra reached out to young entrepreneurs and provided them with the opportunity to pitch their ideas to the network.
Ramakant Vempati of Silatech spoke on how crowd funding can be used to promote ‘smart giving,’ offering more transparency, connection and choice for charitable giving to promote micro-entrepreneurs in the Arab world.
According to Silatech Egypt country representative Amr El Abd, one of the biggest obstacles to unlocking entrepreneurship in Egypt, as well as the wider Arab world, is funding for startups.
“While crowdfunding is not the only answer, it certainly provides an innovative and potentially game-changing opportunity for Arab entrepreneurs,” he said. - TradeArabia News Service