RealTime IT News

First Tuesday Venture Vehicle Arrives in South Africa

An international forum for Internet enthusiasts, Web entrepeneurs and venture capitalists known as First Tuesday this week held its first meeting on the African continent.

The First Tuesday concept was brought to South Africa through the efforts of the E-mail Corp. and is being sponsored by Braitec, the technology equity fund of Brait SA, Oracle On-line Sales, TribeOne, AquaOnline and Johnnic e-Ventures. The first meeting took place yesterday in Johannesburg.

The forum holds meetings, as the name would suggest, on the first Tuesday of every month bringing together parties to establish contacts, trade ideas and create an environment for investment.

The organisation, started in London two years ago, now has over 25,000 members in 25 countries across the globe.

E-mail Corp. Managing Director Mike Wright said he believes this forum is the correct vehicle to promote interest in Internet business.

"First Tuesday has been successful worldwide in exposing opportunities in internet business to potential investors." he commented.

Wright explained that an informal gathering such as this goes a long way toward demystifying the role of the Internet enterpreneur and the investor, providing a relaxed opportunity for discussion.

"In SA, the need [for a forum linking the two parties] is crucial as investment has been slow. Despite great talent within the country, investors are wary of Internet opportunities," he added.

Wright notes that the response from the local industry has been outstanding, with over 80 confirmations of attendance within a week.