Egypt’s ICT Minister Attends Launch of ‘InvestIT’ Program in Partnership with ITIDA, Flat6Labs Cairo, Egypt

Cairo, Egypt – November 4th, 2024 — The Minister of Communications and Information Technology in Egypt, Dr. Amr Talaat, has attended the launch of “InvestIT,” a program aimed at supporting tech startups. The program is a joint effort by the Technology Innovation and Entrepreneurship Center (TIEC) of the Information Technology Industry Development Agency (ITIDA) and Flat6Labs, the prominent seed and early-stage venture capital firm in the MEA region.

InvestIT is an innovative investment-readiness support program that supports ICT-enabled startups at the seed or pre-series A stages from various governorates across Egypt. The program is designed to empower startups to finalize investment deals successfully. By fostering a supportive ecosystem, InvestIT helps startups navigate the complex landscape of investment and growth.
The program is implemented in two phases. First is the Preparation Phase, which involves qualifying startups through training, one-on-one coaching, essential tools, and resources. The second is Investor Engagement, where startups are connected with potential investors.

In his remarks, the ICT Minister highlighted the government’s commitment to fostering a supportive environment for tech startups and entrepreneurs. He outlined several initiatives aimed at skill development for entrepreneurs, attracting global incubators and accelerators, connecting startups with investors, and establishing Creativa Innovation Hubs across the country. Such efforts are aimed at helping entrepreneurs transform innovative ideas into successful businesses.

Talaat also emphasized efforts to facilitate startup registration and simplify post-establishment processes, along with significant investments in digital infrastructure. Additionally, he noted that Egypt ranks among the top three countries in the Middle East and Africa in terms of venture capital attraction.

ITIDA CEO Ahmed Elzaher expressed his enthusiasm for collaborating with Flat6Labs as part of the Agency’s commitment to enhancing and accelerating the growth of Egyptian startups. He emphasized the importance of creating a supportive ecosystem that boosts startups’ global competitiveness. Elzaher noted that the InvestIT program is part of ITIDA strategy to assist entrepreneurs at every stage, from initial idea development to growth and expansion into international markets.

For his part, Founder and Chairman of Flat6Labs Hany Al Sonbaty emphasized his company’s ongoing support for innovative Egyptian entrepreneurs, a commitment that dates back to 2011. He explained that InvestIT is designed not only to prepare startups for investment but also to equip them with essential tools and a network of connections to help them expand their businesses. Al Sonbaty reaffirmed Flat6Labs’ dedication to fostering a vibrant business environment through collaboration with ITIDA and TIEC, aiming to empower startups and enable them to create a meaningful impact in the Egyptian IT landscape.

The program implementation contracts were signed by Elzaher and Al Sonbaty, with the presence of Flat6Labs Founder Ahmed El Alfi, CIO Dina El Shenoufy, and officials from MCIT and TIEC.

InvestIT will support 12 startups through a six to eight-week program that helps startups develop investment-related strategies and pitch their businesses to investors. Upon completion of the program, the startups will have the opportunity to connect with potential investors, with continuous support and guidance from the program team.

The program is open to ICT-enabled startups at the seed or pre-series A stages, with a launched product or service. Startups must be operational in Egypt for at least two years before the program’s starting date, with the founding team consisting of two or more members.

For applications, kindly click here.

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