Country Report

This report recommends 20 countries in 5 regions for the Global Horizon Fund. The next step is to identify specific regions, industry clusters, and special economic zones within each country for special targeting.3 FiltersAll countries (with the exception of African selections) adhere to macro and micro economic criteria,and basic levels of investor protections. For each country, bulleted points highlight specific strengths and key advantages for GHF.

Exit Strategies

Opportunities will vary by country and region. While an IPO is the preferred method of exit for both VC and entrepreneur, it is now a potential downstream reality in less than half our recommended countries (China, Malaysia, Philippines, Russia, Turkey, Brazil, Mexico, South Africa). Listing on major foreign exchanges is always a possibility. Sales to strategic investors (either individuals or multinational corporations) or selling shares to owners is a more realistic method exit in most countries. Again, the next step is to analyze more concrete options by country.

Country Recommendations

African Horizon Fund: Ghana, Kenya, South Africa, Uganda

American Horizon Fund: Brazil, Chile, Mexico, Panama, Peru

Asian Horizon Fund: China, India, Malaysia, Thailand

Eastern European Horizon Fund: Croatia, Romania, Russia, Slovakia, Slovenia

MidEast Horizon Fund: Egypt, Jordan, Turkey, Morocco


Developing Countries Ranked by Global Competitiveness (6 KB text file)


SOURCES: Global Competitiveness Report, Global Entrepreneurship Monitor, IMD World Competitive Yearbook, World Bank World Development Indicators, Michael Milken Institute, On the Frontier (Michael Fairbanks), SSgA Emerging Markets (George Houget), Economist Intelligence Unit Country Reports, U.S. Department of Commerce Country Commercial Reports, U.S. Department of State, UNCTAD, Wall Street Journal, Financial Times, Money Matters Institute, National Bureau of Economic Research, Governance Matters II, S&P/IFC Emerging Markets, MSCI Emerging Markets Index, Moody’s International, ChangSha Consulting