Egypt’s Information Technology Industry Development Agency (ITIDA) and venture capital firm Flat6Labs have announced the launch of the InvestIT programme, a groundbreaking initiative to empower early-stage Egyptian tech startups by providing essential resources and access to a network of local and international investors. The programme, aimed at tech startups in the seed or pre-Series A stages, seeks to equip entrepreneurs with the tools and support necessary to scale their businesses, enhance investment readiness, and compete on a global level.
Established by ITIDA’s Technology Innovation and Entrepreneurship Center (TIEC), the InvestIT programme will run in two structured phases to ensure comprehensive support. The initial phase will involve tailored training sessions, hands-on workshops, and advisory meetings to prepare startups for investment. These sessions will help startups improve their foundational capabilities by focusing on business documentation, data room setup, and crafting compelling investment pitches. Following this, the second phase will connect these startups with both local and international investors, providing valuable networking opportunities that are crucial for scaling and securing funding.
The programme will support 12 selected startups over a period of six to eight months, guiding them through the stages of investment preparedness. By targeting startups that have already demonstrated growth potential, ITIDA and Flat6Labs aim to amplify the impact of these tech businesses on Egypt’s economy. Qualified startups must be at the seed or pre-Series A stages, have a scalable product or service, and have been operational for at least two years prior to the programme’s start.
Dr. Amr Talaat, Egypt’s Minister of Communications and Information Technology, emphasized the programme’s alignment with the government’s commitment to fostering a vibrant tech ecosystem in Egypt. “The Egyptian government is steadfast in its dedication to cultivating a thriving tech startup ecosystem. By establishing Digital Egypt innovation hubs and investing in advanced digital infrastructure, we are creating opportunities for innovators across the country to transform their ideas into successful ventures,” Talaat stated. “Through InvestIT, we are not only attracting global incubators but also building essential bridges between startups and investors. This positions Egypt among the top three countries in the Middle East and Africa for tech startup investments.”
Flat6Labs, a leader in early-stage financing in the MENA region, sees the InvestIT programme as a natural extension of its commitment to the entrepreneurial ecosystem. Hany El Sonbaty, founder and chairman of Flat6Labs, shared his enthusiasm for the partnership, stating, “This programme is about more than just preparing startups for investment; it’s about equipping them with the tools and connections to truly scale and make a lasting impact. By joining forces with ITIDA and TIEC, we’re building a robust ecosystem where startups can become game-changers in Egypt’s tech landscape.”
Read also: FlutterBytes Conference 2024: Advancing Flutter’s Role in Africa’s Tech Landscape.
The programme reflects the broader vision of ITIDA, founded in 2004 under the Egyptian Ministry of Communications and Information Technology, to position Egypt as a regional hub for digital innovation. ITIDA’s TIEC, which oversees the initiative, has been instrumental in supporting entrepreneurs significantly through programs that foster innovation and business development. In line with this mission, InvestIT will help eligible startups develop robust operational models, access invaluable mentorship, and leverage Egypt’s expanding digital infrastructure to grow their market presence.
Furthermore, through the collaboration with Flat6Labs, the InvestIT programme also promises to deepen the capacity of Egypt’s tech sector by providing startups access to an extensive network of industry experts and investors who bring insights from diverse markets. This partnership is expected to streamline investment flows into Egypt’s tech startups, which contribute significantly to the country’s digital economy.
By reinforcing ITIDA’s commitment to the tech industry and leveraging Flat6Labs’ expertise in early-stage investment, the InvestIT programme aims to transform Egypt’s entrepreneurial landscape and drive economic growth through technology. As the programme prepares to launch, Egyptian startups looking to gain traction and secure investment are encouraged to apply and join this pioneering effort to strengthen Egypt’s position in the global tech ecosystem.
