The National Fund for Small and Medium Enterprises (SMEs) Development has signed an MOU with the American Techstars network, according to which the latter will found and manage a SMEs incubator here.
Techstars is a leading world network for establishing SMEs incubators for ambitious entrepreneurs in technology, Fund Executive Chairman Mohammad Al-Zuhair told KUNA Tuesday night during the signing ceremony.
He added that negotiations with Techstars over the would-be incubator lasted for months to reach the MOU, noting that the incubator would operate under the Fund umbrella.
The American network will bring specialists to train Kuwaiti entrepreneurs, Al-Zuhair said. In addition, the incubator will be "special and exclusive" in the Middle East and the North Africa (MENA) region for three years.
The negotiations also selected the best 10 enterprises for the incubator, to be supported to reach a world level.
According to Al-Zuhair, Techstars had received attractive offers from other countries in the region, but it favored Kuwait where the network's criteria in terms of institutional work and rule of the law thrive.