臺灣博碩士論文加值系統

In more recent years, Gulf countries such as Kuwait, Qatar and the UAE have become a hub for foreign investment and have seen a significant rise in entrepreneurship. However, because of the existence of petroleum and the higher living standards people enjoy in these countries, the notion of entrepreneurship and how it is funded is motivated by different factors from that of the West. This paper focuses on the different types of venture capital, the cross-country functions of venture capital, and how venture capital is practiced differently in the US and Western markets with an emphasis on Middle Eastern and Gulf markets. It also provides a comprehensive comparison of the trends and challenges of venture capital across the West and the Gulf, and a brief overview of the selection criteria and the investment and selection process. The emergence of several new VC institutions such as IV Holdings, Riyada Enterprise Development, Saffar and numerous other firms has spawned new research and literature on VC investment in the Middle East, and this paper’s purpose is to explore how it differs or is similar to that of the West.

ABSTRACT
CHAPTER 1: INTRODUCTION ................................................................................ 2
1.1 SIGNIFICANCE OF STUDY ............................................................................... 4
1.2 LIMITATIONS OF STUDY ................................................................................. 5
1.3 THESIS STATEMENT & MOTIVATION .......................................................... 5
1.4 OBJECTIVES ........................................................................................................ 6
CHAPTER 2: WESTERN AND GLOBAL VENTURE CAPITAL .......................... 7
2.1 STRUCTURAL DIFFERENCES ACROSS THE WEST .................................... 7
2.2 ANGEL INVESTOR’S BEHAVIOR IN THE US & EUROPE ......................... 10
2.3 SELECTION CRITERIA .................................................................................... 11
2.4 FACTORS AFFECTING VENTURE CAPITALIST’S WILLINGNESS TO INVEST IN THE WEST ........................................................................................... 12
CHAPTER 3: VENTURE CAPITAL IN THE MIDDLE EAST AND GCC ........... 15
3.1 MENA VC AND ENTREPRENEUR’S BEHAVIOR ........................................ 15
3.2 VC TRENDS AND CHALLENGES IN THE MENA ....................................... 17
3.3 SHARI’A COMPLIANCE .................................................................................. 20
3.4 MENA VC OPPORTUNITIES ........................................................................... 20
3.5 MENA VC INVESTMENT PROCESS & SELECTION CRITERIA ............... 23
CHAPTER 4: EXIT STRATEGIES .......................................................................... 26
CHAPTER 5: CONCLUSION AND RECOMMENDATIONS ............................... 28
RECOMMENDATIONS........................................................................................... 29
REFERENCES .......................................................................................................... 32
APPENDIX I: ADVICE FROM MENA VCS .......................................................... 34

1. A Guide to Venture Capital in the Middle East and North Africa (2010) [online] Available at: http://www.mevp.com/files/Guide-to-Venture-Capital-in-the-Middle-East-and-North-Africa.pdf [Accessed: 20 Mar 2013].
2. A. Jeng, L. and C. Wells, P. (2000) The determinants of venture capital funding: evidence across countries.
3. Belmont, J. (2011) The road to ‘High-Impact’ entrepreneurship in the Middle East – Entrepreneurship Center | Endeavor Global. [online] Available at: http://www.endeavor.org/blog/the-road-to-high-impact-entrepreneurship-in-the-middle-east/ [Accessed: 20 Mar 2013].
4. Gompers, P. and Lerner, J (1998). What drives venture capital fund raising?
5. Harry, D. et al (1991) Calls on high technology: Japanese exploration of venture capital investments in the United States.
6. Harvard Business Review (2010) How Venture Capital Works. [online] Available at: https://notes.utk.edu/units/biz/macc/MAccCal.nsf/0/36abe202e19e223e852571370060c1a7/$FILE/Venture_Capital_Overview.pdf [Accessed: 20 Mar 2013].
7. J. Cummings, D. and G. Macintosh, J. (2003) A cross-country comparison of full and partial venture capital exits.
8. Lerner, Josh. (1995). Venture capitalists and the oversight of private firms. The Journal of Finance, 1, 301-318.
9. Ooghe, H. et al (1991). Growth patterns of the European venture capital industry.
10. Monger, R. et al. (2008) Determinants of Venture Capital Activity in the UAE: Implications for Economic Development . [e-book] http://www.aud.edu/sba/files/RMonger_MRawashdeh_MAlAzzam_Paper.pdf.
11. Pruthi, W. et al. (2005) International venture capital research: From cross-country comparisons to crossing borders.
12. TresVista Financial Services (2013) Angel and Venture Capital Investing in MENA vs. Developed Countries. [online] Available at: http://static.wamda.com/web/uploads/resources/White_Paper_-_Angel_and_Venture_Capital_Investing_in_MENA_vs._Developed_Countries.pdf [Accessed: 20 Mar 2013].
33
13. MENA PRIVATE EQUITY ASSOCIATION (2013) Venture Capital Legal Documentation in the Middle East and North Africa . [e-book] http://static.wamda.com/web/uploads/resources/vc-legal-doc-report-eng.pdf.