The Innovative Startups and SMEs Fund (ISSF), which is working on Jordan’s entrepreneurial ecosystem, has made a strategic investment of $5 million in the Global Ventures Fund III. It should also be noted that the ISSF has a significant impact on enabling Jordanian startups and developing a healthy ecosystem for them.
The ISSF and Globa Ventures
Being Jordan’s largest investment fund of its kind, the ISSF presents a vital role in the development of early-stage startups and SMEs. With a clear mission focused on nurturing innovation and economic development, the ISSF also looks for ways to support local people who wish to start their businesses. Based in London, Global Ventures is a top venture capital company that targets growth-stage companies in the Middle East and Africa. Their mandate from the ISSF is clear: support Jordanian entrepreneurs and add to the nation’s burgeoning startup ecosystem.
Strategic Partnership
The ISSF and Global Ventures’ vision is that Jordanian talent and skills are well-positioned to solve regional issues and capture worldwide opportunities. Through the partnership, they want to establish a mutual environment of innovation and sustainable employment opportunities. Global Ventures has also shown its commitment to the Jordanian ecosystem through previous funds wherein they have invested in several Jordanian start-ups. This new investment is proof positive of their continued dedication to the area.
Jordan’s Entrepreneurial Landscape
Jordan has a colorful startup culture, with hundreds of running startups. These new-wave companies play a very important role in the country’s private sector in terms of GDP and employment. SMEs and startups contribute to more than 50% of the private sector’s Gross Domestic Product and provide 60% of new employment positions in Jordan. They are also critical in supporting economic development and growth and hence should be supported.
Global Stage and Economic Growth
For Jordanian entrepreneurs, this investment offers the necessary resources, guidance, and connections that will help their startups become players in the international market. Overall, Global Ventures’ experience will be crucial in the creation and growth of these ventures. As the startups grow, they offer employment opportunities, advance technologies, and contribute to the Jordanian economy.
Criteria ISSF use to evaluate startup applications
The Innovative Startups and SMEs Fund (ISSF) considers the following factors when assessing the eligibility of startups. It evaluates the passion, dedication, and capabilities of the startup and its management teams. The ISSF seeks out new developments that could fill existing market needs or solve existing problems. They take into account the opportunities that this startup will bring in terms of fit and growth. Originally, ISSF strives to ensure that there is a healthy pipeline of investment-ready young firms. Upon selection, the ISSF then assesses the performance of incubators and accelerators to ascertain that the provided goals are being met satisfactorily.
Support ISSF provides beyond funding
The Innovative Startups and SMEs Fund (ISSF) is broader than just a funding mechanism that supports Jordanian startups. The ISSF helps startups gain access to mentors, industry specialists, and other successful founders. These mentors dispense advice, professional opinions, and prescriptions to assist the startups in overcoming these problems. They provide training courses, seminars, and skill-enhancing activities. Such activities add value to founders by developing and improving their competencies in strategic management, marketing, financing, and technology.
The ISSF connects people through networking, conferences, and meetings in the industry. People and businesses can find potential business partners, investors or collaborators. They assist young companies in looking for relevant markets within the country or other countries. This entails conducting market research, trade fairs, and introduction to potential customers or business partners. Adhering to legal and regulatory frameworks as well as compliance is a challenging task. The ISSF helps startups comprehend legal issues, protection, and licensing.
Conclusion
The Global Ventures Fund III investment made by the ISSF shows a strong promise towards the Jordanian entrepreneurial spirit. Combined, both goals strive to support and facilitate the development of local startups, spurring innovation and sustainable development.
