Egyptian start-ups attract $ 400 million in investments in 2021: CEO of ITIDA – Tech – Business
Mahfouz made his comments during his participation in the seventh edition of Techne Summit 2021, a platform for a group of initiatives that support tech and tech startups in the Mediterranean region, held at the Bibliotheca Alexandrina.
ITIDA and its subsidiary the Center for Technological Innovation and Entrepreneurship (TIEC) are participating in the event.
Mahfouz said the Ministry of Communications and Information Technology and its affiliates will continue to support and foster innovation-based entrepreneurship and strongly support start-ups with the aim of establishing a hub of digital innovation in each governorate where all forms of support and specialized training are available. in addition to emerging technology labs, embedded systems, electronics design and business incubators. and coworking spaces for startups.
Mahfouz also indicated that the number of interns in technological fields doubled in 2021, as ITIDA has trained and graduated more than 65,000 thanks to the initiative Egypt Future Work is Digital (EgyFWD), in the most technological fields. demanded in the job market, including data analysis, website development and digital marketing.
To boost the startup ecosystem and attract more global venture capital (VC) to Egypt, Mahfouz noted that ITIDA brings together startup founders with global investor matchmaking events, as well as supports them in international exhibitions such as WebSummit in Portugal and CES in Las Vegas to help them promote their innovations and technological solutions and strengthen their capacity to create partnerships and penetrate foreign markets.
Mahfouz affirmed that ITIDA seeks to define and develop solutions to the challenges and obstacles that start-up companies face, whether in the creation phase or those which hinder the injection of investments in these companies. These solutions, he said, do not need legislative amendments and can be developed in cooperation with a working group that includes representatives from several government and private agencies. Mahfouz added that entrepreneurs should establish their businesses as a joint stock company, which is preferable to the limited liability company option.
He added that ITIDA has formulated a five-year strategy in cooperation with a global consulting firm that aims to strengthen Egypt’s regional and international position by encouraging and attracting more investment and venture capital on the Egyptian market, and help local startups grow both locally and globally. .
Several government and private agencies are participating in the summit, including ITIDA, Egyptian Post, Chamber of Information Technology, General Division of Digital Economy and Technology (DETGD), German Cooperation for International Development (GIZ), Fawry and Roche Healthcare, Hivos, Adventures, Sanad Investment Fund, Egypt Ventures, Zoho, Inertia, Novartis and JTC.