To attract venture capital, CAIN wants more innovation
Currently, the venture-capitalist group that works with the Cayman Islands Investment Bureau, the Cayman Angel Investor Network (CAIN), has approved just one business proposal seeking investment.
The 12-member group was founded 2 years ago in order to aid Caymanian entrepreneurs. The group represents various sectors and provides an alternative source of funding to entrepreneurial ventures that operating in Cayman.
CAIN has reviewed many proposals, however, most of them have lacked the qualifications required by CAIN.
According to CAIN chairman Winston Connolly, the Cayman Angel Investor Network expects to see more proposals using technology like the Internet or taking advantage of Cayman’s tax-free status, or expanding on such services as independent directorships and corporate administration.