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Silicon Valley High Tech Incubator and Global Business Development Center Form Alliance to Grow Small and Medium Technology Businesses
SAN JOSE, Calif. --(Business Wire)-- Dec. 7, 2004 -- The Enterprise Network (TEN) and the Institute for International Business Development (IIBD) Will Leverage Global Reach to Bring Jobs to Silicon Valley
The Enterprise Network of Silicon Valley (TEN) and the Institute for International Business Development (IIDB) today announced an alliance to advance technology and innovation, create business opportunities for entrepreneurs and small and medium businesses (SMB) working in high technology and other fields, and contribute to the growth of the economy of San Jose, California and the United States.
The IIBD will work with TEN and the Greater San Jose Hispanic Chamber of Commerce (GSJHCC) to develop joint programs to establish a nurturing environment for entrepreneurs and SMBs from the U.S., Latin America and other regions by providing incubator facilities, educational and marketing services, networking and contact opportunities, and access to low cost financing and venture capital.
"At TEN we are excited about working with the IIBD to increase our technology incubation efforts globally," said Dr. William Musgrave, President and CEO of TEN. "TEN's alliance with the IIBD is an excellent complement to the relationship that we recently established with the Mexican government, under which 12 Mexican technology companies will be in residence at a Mexican accelerator in TEN's Sobrato Center for Innovation in South San Jose."
The Institute for International Business Development (IIBD) is a new nonprofit California corporation whose mission is to promote and encourage the advancement of Hispanic and other minority businesses by providing the guidance, education and support required to compete in the global market, and facilitating the contribution of businesses of Latin America and other world regions to the growth of the economy of San Jose. It helps SMBs benefit from free trade agreements with the US, such as NAFTA, CAFTA and regional free trade zones such as the Mercosur and the Pacto Andino.
"San Jose is the natural gateway for technology companies that have discovered the advantage of competing in the largest economy of the world," said Daniel Tkach, CEO of the IIBD. "The concentration of educational and research institutions and technology companies of all sizes, and the opportunities to access venture capital, make Silicon Valley the best place to start for entrepreneurs and SMBs. Latin American companies used to think Miami first for conducting business in the US, but a key mission of the IIBD is to make them understand the advantages of conducting business in technologically advanced and Hispanic-friendly San Jose."
The Greater San Jose Hispanic Chamber of Commerce (GSJHCC) is the IIBD parent institution. It is a non profit service organization that has been organized to serve the needs of Latino and other minority businesses by focusing on business development through training and access to capital for an upstart of a business or business expansion. The GSJHCC works with other international Chambers of Commerce in order to promote trade.
On November 14, 2004 an Official U.S. Trade Delegation from the Greater San Jose Hispanic Chamber of Commerce departed to Peru, Chile and El Salvador with information on how to successfully establish companies in Silicon Valley via the TEN incubator.
"We will be contacting prospective companies in Peru, Chile, El Salvador and Colombia to consider making the transition to San Jose as residents of the incubator, and with our benefit package we can expect them to be with us soon," said Carlos Figueroa, President and CEO of the GSJHCC. "We fully expect that by working together, TEN and the IIBD will create high paying jobs for San Jose at no cost to the taxpayers."
As part of the TEN/IIBD alliance, the IIBD offices are now located in the new TEN 72,000 sq. ft. Sobrato Center for Innovation in the Edenvale Technology Park in South San Jose. The center has the capability to support high-tech entrepreneurs in nanotechnology, biotechnology, and IT.
"TEN's vision to establish the international alliances with organizations in such countries as Israel, China, Japan, Denmark, and in Latin America, provides an excellent synergy with the mission of the IIBD," Musgrave concluded.
About TEN
TEN was founded by Joint Venture Silicon Valley in 1993 to support seed stage startup companies. Located in San Jose and Santa Clara, California, TEN has incubated more than 350 companies, of which more than 60 have graduated to achieve market success based on the start they received at TEN. Of the 60, 24 had successful financial exits, including two through IPOs (eBay, iPrint) and 22 through mergers and acquisitions. Approximately $600 million in venture capital has been raised by companies incubated at TEN, close to $25 billion in market capitalization has been created by graduate companies, and thousands of jobs have been created in Silicon Valley by TEN graduate companies.
Through an anticipated $2 million grant from the Economic Development Administration and assistance from corporate sponsors, foundations, and private donors, TEN is developing the TEN's Sobrato Center for Innovation in South San Jose facility to support the next wave of innovation in Silicon Valley that many believe will be driven by the convergence of nanotechnology, biotechnology, and information technology. Entrepreneurs, investors, advisors, service providers, R&D organizations, and corporate sponsors interested in becoming involved at TEN can contact Grace Griffin, TEN's Director of Entrepreneur Support at grace@tensv.org or visit www.tensv.org for additional information.
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