UK is committing £1 million to support start-ups in Egypt
CAIRO, Egypt, December 19, 2016/The commitment is a show of confidence in both the vibrant start-up scene in Egypt, as well as the number of existing enterprises already tackling social challenges. Many of these have already been on display at this year’s RISEUP summit, which HMA John Casson was excited to be speak at last week and expressed his enthusiasm to join as a speaker, and which the UK recognises as a leading gathering of the start-up community in the Middle East. It also recognises the importance of small businesses in creating economic opportunities and jobs.
The UK funding will invite proposals from entrepreneurs who can demonstrate that their idea is both commercially viable, but also of wider benefit to society. Examples of social impact would be that it helps create jobs, gives opportunities to women, supports deprived regions, or improves access to or delivery of public services (health and education in particular). The final selection will be in the form of a competition with winners selected by an independent panel of experts.
Successful entrepreneurs will benefit from funding, technical advice as well as access to an international network of entrepreneurs. We invite others already engaged in this work in Egypt (angel investors in particular) to propose how we might work together on this important initiative.
British Ambassador, John Casson said at the RISEUP summit: “I challenge all of the start up community present today at the RISEUP summit, to bring the same energy to solving Egypt’s social challenges as they already bring to pursuing their business dreams.”
Distributed by APO on behalf of British Embassy Cairo.