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UT’s Global Commercialization Group Launching New Program in Kuwait

The University of Texas at Austin – IC²  Institute’s Global Commercialization Group (GCG) with National Technology Enterprises Company (NTEC) in Kuwait are jointly deploying and developing the Global Bridge Initiative (GBI) in Kuwait City. The project is a 4-year program funded through various Kuwaiti Government Institutions and companies with offset obligations in the country. The first year will be partially funded by the  Thales Group of France. The focus of the first year is to accelerate the development of Kuwait’s knowledge economy and establish a high tech center at NTEC that will be the catalyst for both domestic and regional wealth creation.

The key to regional prosperity is the strategic combination of technology, entrepreneurship, and education. The proposed program will promote new venture creation and will use technology commercialization and entrepreneurship as the engine for economic growth. Kuwait’s  anticipated recognition as a high technology innovation  hub and a Gulf Region business gateway depends on an investment in human and business capital that will provide the necessary infrastructure and talent to entice investment.

GBI utilizes a disciplined, accountable methodology to deliver measurable objectives. These include:

1. Identification of Kuwaiti innovation with global commercial potential

2. Transfer of Global & U.S. technologies into Kuwait/MENA region for the formation of new enterprises

3. Identification of Kuwaiti entrepreneurs to lead new businesses based on foreign technology

4. Training of Kuwaiti entrepreneurs for global commercialization of technology

5. Establishment of three technology commercialization centers in key sectors: Energy, Biotechnology and Information and Communication Technology (ICT)

6. Connections to international capital and know-how networks

7. Generation of business agreements between foreign and GBI Program participants that can lead to future international business and technology transfer agreements

8. Knowledge transfer of technology commercialization methodologies and entrepreneurship education to local partners. This will bring sustainability to the region beyond the duration of the programThese objectives will in turn increase opportunities for technology-based businesses to thrive in Kuwait, be competitive in global markets and attract investments. The GBI program is unique because it combines the transfer of expertise related to the growth and development allowing for selfsustainability as well as proactive business development in international markets.

The official launch date of the Global Bridge Initiative is scheduled for January 26, 2011 in Kuwait City.

About UT- IC² Institute’s Global Commercialization Group (GCG)

IC² Institute at The University of Texas at Austin has devoted more than thirty years to establishing itself as a leader in research, understanding and application of technology commercialization and technology-based venture creation. The IC² Institute’s Global Commercialization Group (GCG) creates programs and implements IC²’s lessons learned and best practices for international clients with a strategy to focus on technology commercialization and technology based venture creation to drive economic growth. GCG simultaneously generates real results while transferring knowhow to its clients so that they can sustain a system for wealth creation. This is done through the identification and development of the client’s most commercially viable technologies; the creation, incubation and acceleration of technology-based, high-growth, globallycompetitive ventures; and the establishment of innovation systems and centers of knowledge. For more information, visit www.ic2.utexas.edu/global.

About The National Technology Enterprises Company (NTEC)

The National Technology Enterprises Company (NTEC) was established, in November of 2002 and operational in late 2004, by the Kuwait Council of Ministers as a fully owned subsidiary of the Kuwait Investment Authority (KIA). Capitalized initially at 100 Million Kuwaiti Dinars (Approximately 350 Million U.S. Dollars), with a paid up capital of 45 Million Kuwaiti Dinars. NTEC was created to play a vital role in servicing major stakeholders in Kuwait with their technology needs. For more information, visit www.ntec.com.kw.
About Thales
Thales is a global technology leader for the Defense & Security and the Aerospace & Transport markets. In 2009, the company generated revenues of $18 billion (12.9 billion Euros) with 68,000 employees in 50 countries. With its 22,500 engineers and researchers, Thales has a unique capability to design, develop and deploy equipment, systems and services that meet the most complex security requirements. Thales has an exceptional international footprint, with operations around the world working with customers as local partners. For more information, visit www.thalesgroup.com.