Oracle creates entrepreneurs club

Oracle has set up an online community aimed at linking entrepreneurs with venture capitalists.

Called Oracle VentureNetwork the initiative provides resources such as access to finance-related and business plan preparation services, and links companies with investment firms for potential first round funding.

Chief marketing officer Mark Jarvis said: "If you have an idea, you need to create a business plan and get across to the right people in order to turn that idea into something viable. That's what VentureNetwork is for."

Other services include operations and management services, such as legal and human resource functions, and online programmes to help entrepreneurs manage their day-to-day business operations.

The network, which will be funded by Oracle's $400m annual marketing budget, is separate to the company's $500m Venture Fund which was set up to invest in new companies developing technologies based on Oracle products.

VentureNetwork is an offshoot of a pilot programme that debuted in Europe last spring. The pilot portal already serves around 3000 entrepreneurs and startups and has received about 1800 business plans since its inception. The service will be extended to 10 other European countries, as well as to the US, Brazil, China, Hong Kong, Taiwan and The Philippines.

Austin Ventures, Draper Atlantic and Redleaf Group are among the consultancies that have agreed to review business plans, and a further 50 companies, ranging from venture capitalists, consultants and public relation agencies, will also participant in the network.