The Information Technology Industry Development Agency (ITIDA) and its affiliate Technology Innovation and Entrepreneurship Center (TIEC) have participated in the 7th edition of “Techni Summit 2021”, a platform for a group of initiatives that support tech and tech-enabled startups around the Mediterranean region, held at the Bibliotheca Alexandrina.
During the opening session of the summit, Tarek Al-Qadi, the founder of Techne Summit, moderated a fireside chat with ITIDA CEO Amr Mahfouz about “Enhancing investment Appeal in Egypt Tech Startup”.
Mahfouz said that Egyptian startups have succeeded in attracting investments valued at $400m during 2021, reflecting the increasing confidence and appeal of investors in the solutions of Egyptian entrepreneurs and their technological innovations.
He stated that the Ministry of Communications and Information Technology and its affiliates will continue to support and foster innovation-based entrepreneurship and strongly support startup companies, as we’re seeking to establish a digital innovation hub in each governorate where all forms of support and specialized training are available in addition to emerging technologies labs, embedded systems, electronic design, business incubators, and co-working spaces for startups.
Mahfouz indicated that the number of trainees in technological fields has doubled this year, as the agency has trained and graduated more than 65,000 through “Egypt Future Work is Digital” better known as EgyFWD initiative, in the most in-demand technology tracks in the labor market, including data analysis, website development, and digital marketing.
To boost the startup’s ecosystem and attract more global VCs to Egypt, ITIDA’s CEO indicated that the agency brings global matchmaking events between investors with startup founders, as well as supporting them in international exhibitions such as “WebSummit” in Portugal and “CES” in Las Vegas to help them promote their innovations and tech solutions and enhance their capability of creating partnerships and penetrate foreign markets.
Mahfouz affirmed that ITIDA seeks to define and put solutions to the challenges and obstacles facing startup companies, whether in the establishment phase or that impede the injection of investments into these companies, without the need to resort to legislative amendments and that in cooperation with a working group that includes representatives from several governmental and private agencies. Mahfouz added that entrepreneurs should establish their companies as joint-stock companies, which is better than the limited liability company option.
Mahfouz added that ITIDA has formulated a five-year strategy in cooperation with a global consulting firm that aims to enhance Egypt’s regional and international position, by encouraging and attracting more investment funds, VCs in the Egyptian market, and helping local startups to scale both locally and globally.
Several governmental and private agencies also participated in the summit, including Egypt Post, the Chamber of Information Technology, the Digital Economy and Technology General Division – DETGD, the German Cooperation for International Development (GIZ), Fawry, Roche, Hivos, Adventures, Sanad Investment Fund, Egypt Ventures, Zoho, Inertia, Novartis, and JTC.