Egypt, MENA’s Powerhouse of Innovation:
Owing to its young, dynamic and tech-savvy population, Egypt is brimming with new opportunities and tech-driven businesses. Many Egyptian tech/tech-enabled startups continue to play a key role in transforming the country into a digital economy. As a locomotive for growth, startups are offering world-class solutions to today’s complex and unprecedented challenges. Egypt’s distinctive competency is skilled young talents, equipped with emerging technologies like AI, IOT, Big Data and Robotics. They are always looking to advocate new business models that can drive innovation and excellence in both the local and international markets.
Egypt Startups: A Fast-Growing Ecosystem:
Egypt sets a new high in Venture Capital funding despite closing lesser deals in 2022. VC funding in Egypt maintained its growing path for the fifth consecutive year, rising by 3% to $517M in 2022, without reporting any MEGA deals. Stripping the impact of the MEGA deal in 2021, VC funding in the country grew by an annual 36%. The number of deals contracted by 3% to stand at 160. Download Magnitt Egypt Venture Investment Report 2022 to learn more about Egypt’s ecosystem: Report
Cairo startup ecosystem, valued at USD 8.3 bn, is the 3rd MENA ecosystem in talent and experience, and among the top 20 global ecosystems in affordable talent. (The Global Startup Ecosystem Report 2023).
Egypt was recognized to have the largest number of registered startups in the MENA, with 33% share of the total number of startups in the region. (Wamda’s report) .
In 2016, the Government of Egypt (GoE) embarked on a plan to establish new 6 science and technology parks across tier 2 cities. Tech parks encompass a collaborative ecosystem of government entities, ICT companies, research and academia, and entrepreneurs. Four parks are currently in operation.
The Ministry of Communications and Information Technology, MCIT, established CREATIVA Innovation Hubs together with public universities. Hubs reside inside the universities campuses with external access to support students as well as start-ups to meetup, innovate, access resources, and develop digital transformation solutions.
ITIDA’s Technology Innovation & Entrepreneurship Center:
ITIDA’s Technology Innovation & Entrepreneurship Center (TIEC) acts as a catalyst to the entrepreneurial ecosystems. TIEC provides end-to-end support, starting from raising awareness in universities and ideation camps through pre-incubation/incubation programs (providing office spaces, seed funding, mentoring, networking, etc.) to market penetration and linkages with international/regional VCs. TIEC unique programs include:
In 2017, the UNDP selected Egypt to accomodate its regional UN Technology Innovation Lab for Africa (UNTIL). The lab, hosted in TIEC, aims at developing innovative technology solutions to challenges in Africa for achieving the Sustainable Development Goals, SDGs.
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