ECO Workshop on Venture Capital Systems
Tehran, January 9-11, 2007
ECO Workshop on Venture Capital Systems was held on 9-11 January 2007 in Tehran hosted by the Islamic Republic of Iran Small Industries & Industrial Parks Organization (ISIPO). Delegates from Afghanistan, Azerbaijan, Iran, Kyrgyz, Pakistan, Turkey, Uzbekistan and ECO Secretariat attended.
The workshop was inaugurated by H.E. Mr. Mohammad Reza Notash, Deputy Minister and CEO of Iran Small Industries & Industrial Parks Organization (ISIPO) .He highlighted the importance and utilization of venture capital for new technology activities and emphasized the establishment of ECO Fund for that purpose.
The workshop deliberated on “Introduction to concept, history and types of venture capital and its importance and economic cooperation “The main principles of venture capital, its motivation and incentive were discussed at length. The workshop also considered “ Necessary Infrastructures for VC Development, and its key elements such as: well- established legal system, a supportive but non-interventionist government, a stable regulatory system, a free labor market, a non-punitive tax regime, a strong R&D culture and a vibrant IPO market.
The delegates formed four groups. Each group discussed different issues of venture capital and drew up concrete recommendations. These pertained mainly to having a VC community for all ECO countries, the government should provide the legal infrastructure to protect, and support the VC process. The Workshop approved the recommendations.