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ITIDA enhances entrepreneurship and startup ecosystem in Egypt

ITIDA enhances entrepreneurship and startup ecosystem in Egypt

ArabFinance: The Information Technology Industry Development Agency (ITIDA) has participated in the “Towards Creating an Enabling Environment for Venture Capital and Start-ups in Egypt” symposium, jointly arranged by USAID, The American Chamber of Commerce in Egypt (AmCham) and ITIDA, according to an emailed statement by ITIDA on July 29th.

The symposium aims at empowering and scaling up the thriving startup business environment in Egypt by shedding light on the best practices and the governance of venture capital.

The symposium was inaugurated by Amr Mahfouz, ITIDA’s CEO, Leslie Reed, Mission Director of USAID Egypt, and Hossam Osman, ITIDA’s VP, Hermann Thiel, Chief of Party of the Economic Governance Activity, and Tarek Tawfik - President of AmCham Egypt.

“Entrepreneurship has become the key engine in different economies for the investments it attracts and the jobs opportunities it creates,” Mahfouz commented.

“This year, we are foreseeing a significant growth rate in the number of investments and number of deals on the Egyptian startups where they have already collected 26% of deals in the MENA region, amounting to nearly USD194m in the first half of 2021,” Mahfouz stated. 

The Egyptian startups had recorded the highest venture investment of $190 million, up 30% Year on Year (YoY) in 2020, with a CAGR of 100% from 2015-2020.

Several prominent startups and local and international VCs have also attended the symposium including, Flat6Labs, Algebra Ventures, 500 startups, Shorooq, FinBi, and Nile Capital, in addition to some entrepreneurs and tech startup founders.

International VCs represent 32% of all investors supporting Egyptian startups in 2020, compared to 21% in UAE and 18% in KSA.

According to MAGNiTT, the number of VCs in Egypt more than doubled in the last 3 years and is expected to furtherly double in terms of investments and the number of deals. The total funding deals grew by 30% YoY in Egypt, higher than the 13% growth in venture investment recorded across the entire MENA region. 

“Egypt didn't get this far by luck as the government has been giving unprecedented support to further boost the Startup ecosystem and help its youth kickstart their technology and innovation-driven entrepreneurship and accelerate their growth; capitalizing on many advantages and the right mix of strengths the country enjoys”, Mahfouz noted.

However, ITIDA is working on a five-year strategy; in collaboration with USAID and a global consultancy firm, that aims at taking the Egyptian startup and entrepreneurship ecosystem to a more advanced stage from where it currently stands especially in policy and regulations domains and finance capital, market penetration elements.

The Egyptian startup and entrepreneurial ecosystem continues to grow and evolve dramatically attracting strong momentum both regionally and globally and making the most Arab populous country a global contender in the technology startups scene.

 

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