The Technology Innovation and Entrepreneurship Center (TIEC) of the Information Technology Industry Development Agency (ITIDA) announces the launch of a new round of its “Start IT” Incubation Program.
The program aims to support entrepreneurs, whether teams or startups, who have a business plan and a prototype, to a unique incubation opportunity at one of TIEC's incubator centers. The program provides winners with financial support of EGP60k, over three installments based on milestones achievements.
Additionally, the program provides in-kind services worth EGP120k, such as consultancy services, software, hardware and marketing support. The program also offers cloud computing services provided by international companies such as Amazon and Microsoft.
Start IT also provides working spaces for incubated teams at one of its locations, in Smart Village or Assuit University. The program also provides incubated teams with technical and business consulting and mentoring sessions. It also gives incubated teams the opportunity to participate in local and international exhibitions and events.
Additionally, the program hosts a select number of experts and consultants specialized in the fields of work of startups enrolled in the program, and provides an opportunity for networking between the enrolled startups, investors and VCs.
The program provides two modes of incubation: The virtual incubation, including all program services, without providing a start-up workspace. The second mode is the comprehensive incubation, including all program services, in addition to providing a work space at one of TIEC's headquarters in Smart Village and Assiut University Center.
Applications are open all year round through www.tiec.gov.eg/startit. Every three months, the submitted applications are evaluated, and an invitation for pitching is sent to the preliminary accepted teams. Accepted teams and startups are incubated for a full year of support and services offered by the program.
It’s worth noting that the startup ecosystem in Egypt is witnessing unprecedented growth amid the widespread entrepreneurial culture. Egypt is distinguished from other MENA countries in terms of the percentage of foreign investments in startups, which reached 77%, mirroring the confidence of foreign investors and global venture capital funds in the local entrepreneurship environment and the technology startups in Egypt.
Start IT is a quarterly nationwide business plan competition, targeting entrepreneurs with ICT-related prototype and proof of concept, who work on turning their ideas into startups.
