TechnoPark, the science and technology facilitator of Economic Zones World has become an affiliate member of the World Business Angels Association (WBAA), the Brussels based international community of business angel networks and leaders.

The WBAA, launched at the Dubai Institute of Technology SMEs Forum held this year, was set up for the promotion of innovation and entrepreneurship through the financing of high growth start-up companies with the support of Business Angels worldwide.

“Because Business Angels invest their own money into companies, unlike venture capitalists, our affiliation with WBAA offers tremendous opportunities for promising start-up companies who may not have any other sources of capital in this market, in light of the high risk associated with new ventures,' said Hamad Al Hashemi, managing director of Dubai Institute of Technology -TechnoPark.

'We hope to learn and benefit from the organisation's knowledge and expertise in the realm of seed capital investing. The objective is to exchange ideas, know-how, global best practices and develop common projects beyond our reach.'

'As the only full-fledged functional technology business incubator in the Arab World, TechnoPark is well positioned to nurture young businesses by providing the right infrastructure, facilities and synergies required to encourage their growth and development, ' Al Hashimim added.

Business Angels or 'Angel Investors' as they are often referred to are affluent and experienced individuals, who provide capital for a business start-up, usually in exchange for convertible debt or ownership equity. Angels take a keen interest in the enterprises they invest in, often extending them consulting services, commercial support or even putting them in touch with suppliers, clients, and customers. A growing number of angel investors have organised themselves into groups or networks to share research, and to pool their investment capital.

The WBAA's founding members who met in Dubai recently are the Arab Business Angels Network (ABAN) United Arab Emirates, Angel Capital Association (ACA); British Business Angels Association-UK (BBAA); Center for Business Angel Research (CBAR) China; Indian Angel Network (IAN) India; Red Espanola de Business Angels (ESBAN) Spain; Australian Angels Investors Association (AAAI) Australia; Southern Angels, Chile; Italian Business Angels Association (IBAN) Italy; and the France Angels.-TradeArabia News Service