CAIRO – 28 August 2019: For almost 10 years, Egypt has made a dramatic leap in a number of fast-expanding startups and an amazing set of supporting institutions and communities.
In 2018, Egypt was ranked the fastest growing startup ecosystem in the Middle East and North Africa and the second largest after UAE, according to a report by start-up platform MAGNiTT.
During these years, Egypt’s flourishing entrepreneurship scene has been receiving support from governmental entities and private institutions which aid entrepreneurs to reach their maximum potential by offering fund opportunities and mentorship.
Having known about these governmental and private institutions that provide help and support to startups, Egyptian young people were encouraged to start their own projects, especially in light of the lack of employment opportunities and law wages.
Egypt successfully established many incubators, providing a stepping stone for local entrepreneurs. Bedaya, TIEC – Technology Innovation and Entrepreneurship Center, and Fekretak Sherketak are the top incubators founded by the government, offering funding for new innovative ideas.
TIEC – Technology Innovation and Entrepreneurship Center
Running throughout Upper Egypt and the Delta as well as in its headquarters in Cairo, TIEC is a government entity that specializes in incubating information and communication technology (ICT) startups as part of the governmental plan to develop Egypt’s ICT sector.
Since its establishment in 2010, TIEC offers fund of up to LE 120,000 (US$7,237) without a share or equity in the company. Its incubation period is 1 year.
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