Kuwait Foundation for the Advancement of Sciences (KFAS) and Kuwait National Fund for SMEs Development signed a memorandum of understanding on Saturday on working together toward fostering young Kuwaiti entrepreneurs or inventors with marketable business ventures or inventions. Signing the memo on behalf of KFAS, its director Dr. Adnan Shihab-Eldin noted that his organization had piled up a backlog of some 250 patent applications waiting to be developed and turned into products or inventions, a press statement by the Fund indicated. The statement added that he said signing the memo would enable the patents in question to be financed by the Fund, either partially or totally.
He praised the memo for being a sincere attempt at bringing various state-sponsored agencies, institutions, and foundations to consecrate their efforts at fostering Kuwaitis with creative ideas that could be turned into marketable products. In that regard, he noted KFAS's close association with the Sabah Al-Ahmad Center for Giftedness and Creativity. On the other hand, singing the memo on behalf of the Fund was its Chairman Dr. Mohammad Al-Zuhair who said that both KFAS and the Fund would work together on promoting small and medium size enterprises (SMEs.) He said the Fund was ready to finance no less than 80 percent of an SME project provided it would not go over KD 500,000.
However if a Kuwaiti entrepreneur or inventor seeking to market their projects could not afford the remaining 20 percent of financing, the Fund will undertake the full financing of the project or invention. In his turn director of the Center for Giftedness Dr. Omar Al-Bannay said the signed memo today would allow numerous young Kuwaitis interested in starting a small or medium size business or creating an invention to get the necessary financing for their projects to be eventually marketed locally or perhaps even beyond that