The pounding heart of tech in the region
by Karim Hussein
Egypt has been buzzing with entrepreneurial activity in recent years with ever expanding new businesses and a rich set of supporting institutions and communities. Egypt offers some unique opportunities within the region driven by a large online consumer population, a highly competitive core technology talent pool, a large untapped opportunity in financial services for an under-banked population and rapidly expanding energy demands driving the need for clean technology.
Egypt’s entrepreneurial ecosystem enjoyed some early government support in the last 10 years through several government financed technology funds and government sponsored incubation programs. Since the 2011 revolution, these have been significantly augmented by a growing ecosystem of private startup events, accelerators, incubators, angel networks, venture capital funds and community enablers. There are now over 20 accelerators/incubators, two significant angel networks in Cairo and Alexandria, several local and regional VC funds (with over $70 million in committed capital in the last couple of years), regular startup events throughout the country and an annual regional and international startup summit bringing together emerging businesses, investors, support services and most importantly eager young talent looking for exceptional opportunities.