TIV works with Arthur D. Little to conduct a Prefeasibility Assessment on developing a Kuwait Innovation Center (KIC)
As part of a national strategy to revolutionize the state of technology in Kuwait, TIV was asked by Arthur D. Little (ADL), a global preeminent consulting firm, to support a Prefeasibility Assessment towards developing a “Kuwait Innovation Center.” This engagement was largely influenced by TIV’s track record of success in the Middle East & North Africa (MENA Region). This includes past success of a consulting assignment from the Organization for Economic Cooperation and Development (OECD), in which TIV conducted a National Innovation Ecosystem Assessment for Kuwait.
The Prefeasibility Assessment described multiple facets of the current Kuwait Innovation System, what design of an Innovation Center would entail, and ultimately delineated the benefits that such a hub for research, entrepreneurship and invention could produce. As laid out by ADL and TIV, the goal for the Kuwait Innovation Center (KIC) would be to construct a one-stop shop that would serve mainly as a triage for innovative ideas and direct the development of potential start-ups at any stage of the company lifecycle. TIV leveraged its expertise in venture capital investing and entrepreneurship to establish a framework for start-ups, from the critical first steps that must be taken in their nascency, towards a path of profitability and potential IPO.
To support these initiatives, key success factors in benchmarking were identified, including mechanisms to attract foreign talent to kick-start the local start-up scene, insulation of innovation support activities from public sector bureaucracy and policy making, in addition to collaboration with corporate partners, entrepreneurs and future KIC alumni. The team also established the basis for cultivating a national innovation strategy, proposing the development of a National Innovation, Science and Technology body.
Additional project activities included an identification of key issues in the current Kuwaiti Innovation System and how the KIC could participate in providing solutions. For example, on the issue of deficits in the research system, we suggested how KIC could incorporate KSIR, KU and SAC as stakeholders, making use of testing, and metrology while fostering technical infrastructure capabilities in Kuwait. Regarding restrictions in National Fund Innovation Financing to Kuwaiti equity holders, we proposed improving access to private sector financing and relaxing regulations for non-Kuwaiti entrepreneurs