26 Nov 2017
The British Embassy in Cairo, IFC and Flat6Labs Unveil ‘StartEgypt’: a New National Startup Initiative
Cairo, Egypt: Wednesday 22nd 2017 – The British Ambassador to Egypt John Casson, in partnership with the International Finance Corporation (IFC), a member of the World Bank Group, announced today the launch of ‘StartEgypt’, a new entrepreneurship initiative powered by Flat6Labs and made possible by a grant of two million British pounds by the United Kingdom. ‘StartEgypt’ aims to inspire and support thousands of Egyptian entrepreneurs through a number of entrepreneurial support services, awareness activities and a unique incubation program.
The launch event held at the GrEEk Campus in Downtown Cairo brought together key members from The British Embassy in Cairo, IFC and Flat6Labs who unveiled the new initiative and its three themes of “Ideate”, “Build” and “Accelerate”. These three themes are all designed to form a comprehensive program that will support Egyptian entrepreneurs from their initial idea stages all the way through to developing and scaling market-ready business solutions or products.
“Three years in Egypt have taught me just how much talent and energy and potential Egypt’s youth have. It’s never been more important to support Egypt’s young people and give them opportunities to fulfil their potential and develop their country. So we are launching a EGP 50m initiative to find people with brilliant ideas for businesses that can create jobs and help solve social problems. With IFC and Flat6Labs we will to give Egypt’s young entrepreneurs the finance, the advice and the exposure to turn Egyptian ideas into international solution, and make them the champions of the future economy of Egypt” said John Casson, the British Ambassador to Egypt.
“This EGP 50 million initiative is a new pillar in the partnership UK is building with Egypt to inspire and empower young Egyptians play be leaders and champions in building an economy for all Egyptians and solve Egypt’s long-term challenges” added Casson.
“Egypt is full of passionate, technically savvy young entrepreneurs whose ideas could shape the future of the country,” said Walid Labadi, IFC Country Manager in Egypt, Libya and Yemen. “With help from the United Kingdom and Flat6Labs, Start Egypt will provide not only the financial support entrepreneurs need to get their ideas off the ground, but also the hands-on experience that is crucial to growing a start-up.”
It was announced that the ‘StartEgypt’ initiative will start by touring Egypt over the next few months to offer Egyptian entrepreneurs a variety of activities and workshops including startup competitions, hackathons, ideation sessions, workshops, impact research and video documentary series. Following the roadshow, ‘StartEgypt’ will provide a 6-month incubation period during which entrepreneurs will be engaged in a uniquely designed training program to turn their initial business ideas into more advanced and market-ready businesses, as well as mentorship and coaching services that complement their stage of development. The last stage will empower entrepreneurs who work within social impact sectors under Flat6Labs Cairo’s accelerator program with grants of up to $25,000 per company.
“Today’s announcement is an exciting and important step ahead as it harnesses the enterprising passion of Egyptian youth and helps transform it into market-ready businesses” said Ramez El-Serafy, CEO at Flat6Labs. “We are thrilled to be partnering with the British Embassy in Cairo and the IFC in order to create further support and growth opportunities for Egyptian youth” added El-Serafy.
StartEgypt is now accepting applications from entrepreneurs applying to receive its support and join its incubation program on (www.startegypt.com)
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